Analysis Of Toni Morrison s Beloved - 943 Words

It is within human nature to fear that which we do not understand. In Toni Morrison’s Beloved, this idea is explored through the lens of racial discrimination. In this passage, Morrison uses animal imagery as a means to criticize the whites’ dehumanization and subsequent fear of the blacks. With a focus on this inherent, primal fear, this section stresses the novel’s theme of the â€Å"Other† and reinforces the existence of racial prejudice. While this piece of the narrative emphasizes that this â€Å"othering† strips the blacks of human identity, it also brings to the forefront the idea that through this cruel evaluation of the blacks, the whites only degrade themselves. This reinforces the novel’s idea that anywhere slavery exists, each individual suffers a loss of compassion and humanity. In this passage, Morrison utilizes animal imagery to emphasize the dehumanization of the blacks at the hands of the whites: they are viewed as something dangerous, savage, and wholly other. First, the blacks are depicted specifically as â€Å"screaming swinging baboons† (Morrison, 234). Baboons are known for their extremely feral, aggressive, and violent nature: by relating the blacks to these animals, Morrison is suggesting that they, too, are seen as vicious and uncivilized. Furthermore, by describing the baboons as â€Å"screaming† and â€Å"swinging†, she utilizes powerful sensory detail to augment the wild nature of the animals. Through this imagery, it is suggested that the blacks are unsophisticated:Show MoreRelatedAnalysis Of Morrison s Beloved, By Toni Morrison Essay941 Words   |  4 PagesMorrison and Twain each present freed slave mothers as self-sacrificing. Each woman s traumatic experiences as slaves create a deep fear of her children s enslaveme nt. In Morrison s Beloved, Sethe is so distressed by her past; she murders her child to save her from slavery. Morrison uses Sethe s drastic sacrifice to comment on slavery s psychological effects. Meanwhile, Twain s Pudd n Head Wilson portrays Roxy as a sacrificial mother to create sympathy for black people. From a culturalRead MoreAnalysis Of Toni Morrison s Beloved1458 Words   |  6 Pagesinequality between races, classes, and genders. Toni Morrison’s novel Beloved is a story that truly shows how oppressive slavery was during the setting of the book. Similarly to the inequality faced during the time of slavery, while Morrison was writing the her novel the issue of women’s equality was present, and being fought for. Morrison, through Beloved, is able to show the world her views on inequality, and how it is still present in life today. Morrison is African American, she was born into a familyRead MoreAnalysis Of Toni Morrison s Beloved1615 Words   |  7 PagesIn her novel Beloved, Toni Morrison utilizes a circular narrative to emphasize the similarities, or lack thereof, between her characters. In Philip Page’s article, â€Å"Circularity in Toni Morrison’s Beloved,† he writes, â€Å"The plot is developed through repetition and variation of one or more core-images in overlapping waves... And it is developed through... the spiraling reiteration of larger, mythical acts such as birth, death, rebirth, quest-journeys, and the formation and disintegration of families†Read MoreAnalysis Of Toni Morrison s Beloved1200 Words   |  5 Pages â€Å"We’ve all got both light and dark inside of us. What matters is the part we choose to act on (Sirius Black) †. Toni Morrison’s novel Beloved dedicates her novel to the 60 million and more exposed to the darkness within the people set out to hurt them. The novel depicts how cruelty leads ex-slaves to make irrational decisions and shape the people they are at the end . The cruelty inflicted on one including but not limited to slavery causes a chain reaction of hatred, pain and suffering and theRead MoreAnalysis Of Toni Morrison s Beloved1547 Words   |  7 PagesToni Morrison’s Beloved extends beyond a description of individuals held captive by their past through the exploration of human responses to slavery. The manipulation of language and its controlled absence reinforces the mental enslavement that persists after individuals are freed from physical bondage. It is when language is amplified into song that an individual or community may free themselves from the constraints of mental enslavement, therefore enabling their ability to claim ownership of themselvesRead MoreAnalysis Of Toni Morrison s Beloved1323 Words   |  6 PagesToni Morrison’s Beloved is a masterwork of fiction that allows the reader to have many different experiences based on the novels that you pair the book with. When you read Beloved in a modernist light you get a story with slightly different themes then if you read it through a feminist lens. It is a credit to Morrison that her thoughtfully crafted piece of art is able to stand on it own in so many varying ideas. One of the lens that doesn’t get discussed enough is the lens of African AmericanRead MoreAnalysis Of Toni Morrison s Beloved1200 Words   |  5 Pagesâ€Å"We’ve all got both light and dark inside of us. What matters is the part we choose to act on (Sirius Black) †. Toni Morrison’s novel Beloved dedicates her novel to the 60 million and more exposed to the darkness within the people set out to hurt the m. The novel depicts how cruelty leads ex-slaves to make irrational decisions and shape the people they are at the end . The cruelty inflicted on one including but not limited to slavery causes a chain reaction of hatred, pain and suffering and the cycleRead MoreAnalysis Of Toni Morrison s Beloved871 Words   |  4 Pagesvery important motif in both Morrison and Faulkner’s stories. In Beloved, the reader is presented with a sad and depressed portrait of Sethe. Her life seems dark and bleak. However, once Beloved enters into her life, the reader sees an apparent shift in Sethe as a character. She begins to see color again, and it is Beloved who brings about this sudden transformation (Beloved, 65). And in the end, after Beloved has left, Sethe states, â€Å"She was my best thing† (321). Beloved was her redeeming quality,Read MoreAnalysis Of Toni Morrison s Beloved 702 Words   |  3 PagesWilliams 2 period Book by: Toni Morrison Book Titled: Beloved Beloved is about a lady they call Sethe who lives in Bluestone with her daughter Denver and her mother in law Baby Suggs. Fifteen years before the story starts, Sethe kills her baby because she was trying to keep her kids from being brought into slavery. The community knew about her killing her baby and judges her. Her sons Buglar and Howard left fifth teen years before the book started. After Baby Sugg s died, Denver and Sethe are aloneRead MoreAnalysis Of Toni Morrison s Beloved 1310 Words   |  6 Pages Mommy Issues: A â€Å"Beloved† Response Essay Late in 1987, after being inspired by a fellow story of a female fugitive slave, Toni Morrison pens a novel about a runaway slave and her children. Although Morrison’s â€Å"Beloved† quickly became a best-seller, and even has a movie adaption, it still left the audience with many unanswered questions. This novel not only gave a voice to those who were often silenced in the male stories of slavery, but it also perfectly exemplified the relationship was between

The Renaissance And Romanticism During The 19th Century

The Renaissance and Romanticism were periods of history in which literature changed the mindset of the people. The Renaissance occurred in Britain during the late fifteenth century to the early seventeenth century, and was a response to the Medieval Age. There was a spike in learning during the Renaissance, because of the invention of the printing press and the return of classical Greek and Roman literature. The Romantic period occurred during the late eighteenth century, as a response to the Enlightenment. The Romantics believed in the importance of the imagination and turned away from logical thinking. The Renaissance and the Romantic periods are similar, because they focus on individuality and occur as a rebellion to the previous†¦show more content†¦During the Renaissance, many believed they were making a leap towards perfection(†¦). This idea of perfection came from the Greek search for excellence (page 4, PDF). Some major figures in British literature during this time period were William Shakespeare, John Milton, John Donne, and Ben Johnson(†¦). William Shakespeare had a large influence on literature(†¦). He was considered one of the greatest and most famous poets of his time(†¦). John Milton was a major figure during the Renaissance(†¦). He was also considered one of the greatest poets of the English language(†¦). His most popular work is Paradise Lost, about? which he wrote during the Renaissance(†¦). Ben Johnson is known for writing satires(†¦). His most famous works are Volpone, â€Å"On My First Son†, and â€Å"Song: To Celia† (†¦). â€Å"On My First Son† was written after the tragic death of his 7-year-old son(†¦). The major works produced during this time are Paradise Lost by John Milton, The Faerie Queene by Edmund Spenser, Romeo and Juliet by William Shakespeare, Macbeth by William Shakespeare, and the translation of Homer’s Iliad and Odyssey(â € ¦). The Romantic period began during the late eighteenth century and continued until the mid nineteenth century(†¦). It began in England and Germany, which some scholars find odd, because neither country spoke a romantic language (public.wsu). William Wordsworth and SamuelShow MoreRelatedOutline of Movements in Art813 Words   |  4 PagesWestern perspective (14 ed., Vol. II, p. 562). Boston, MA: Wadsworth, Cengage Learning. II. Impressionism (began around the late 19th century) a. Impressionism, both in content and in style, was an art of industrialized, urbanized Paris, a reaction to the sometimes brutal and chaotic transformation of French life that occurred during the latter half of the 19th century (Kleiner, 2014). b. Artwork significant to the movement * Monet, C. (1877). â€Å"Saint Lazare Train Station† [oil on canvasRead MoreThe American Renaissance Essay1648 Words   |  7 PagesIn America, the American Renaissance was the period in 1835-1880 in which United States literature came of age as an expression of a national spirit. Literature became one of the most historically significant effects that occurred throughout the time period of the American Renaissance. The American Renaissance is also characterized by renewed national self-confidence new ideas and technologies. Politically and economically, this era coincides with the Gilded Age and the New Imperialism. By the endRead MoreRollercoaster of Arts and Architecture Brought About by Napolean Bonaparte1083 Words   |  5 Pagesof Napoleon Bonaparte. Soon enough art would become a way for people, (even those without high-level education) to express themselves. The new styles of architecture and visual arts that Napoleon introduced in France sparked new eras of art l ike Romanticism that he used to make himself popular; it caused Napoleon to be noticed, not just because of his military conquests, but also because of his artistic vision and innovation. The rule of Napoleon Bonaparte was spectacular because of his elaborateRead MoreBaroque And The Baroque Era732 Words   |  3 PagesWestern perspective (14 ed., Vol. II, p. 570). Boston, MA: Wadsworth, Cengage Learning. II. Impressionism (began around the late 19th century) A. Impressionism, both in content and in style, was an art of developed, urbanized Paris, a reaction to the sometimes brutal and chaotic transformation of French life that occurred during the latter half of the 19th century (Hubbard,2001). B. Artwork significant to the movement ïÆ' ¼ Monet, C. (1877). â€Å"Saint Lazare Train Station† [oil on canvas 2’ 5  ¾ xRead MoreArt Movements From 17th 20th Century1453 Words   |  6 Pages17th-20th Century Art plays important part of mankind throughout our whole existences. During each period of time art has its own movements; the art style of the tendency in art committed by group of artists with common philosophy during a restricted period of time. Throughout the 17th to 20th centuries there are hundreds art movements that contribute to human purposes. Baroque Art, Romanticism, Art Nouveau, Dadaism, and Art Deco are some of the popular art movements during the 17th – 20th century. TheRead MoreCharacteristics of Drama1660 Words   |  7 PagesHistory of Drama Ancient Drama The origins of Western drama can be traced to the celebratory music of 6th-century BC Attica, the Greek region centered on Athens. Although accounts of this period are inadequate, it appears that the poet Thespis developed a new musical form in which he impersonated a single character and engaged a chorus of singer-dancers in dialogue. As the first composer and soloist in this new form, which came to be known as tragedy, Thespis can be considered both the first dramatistRead MoreA Grand Chain Of Rebellion First Beginning Of The Renaissance Era2674 Words   |  11 Pagesa grand chain of rebellion first started in the Renaissance era. Renaissance era covers the 300 years from 1400 to 1699 and is characterized by a revival of Classical scholarship, wisdom and values. European culture was reborn in the 15th century after a long dormant period in the Middle Ages that extended from the fall of the Roman Empire until the beginning of the 14th century. In addition to the revival of Classical scholarship, the Renaissance period also experienced cultural, scientific andRead MoreThe Characteristics Of Classicalism And Romanticism In The Renaissance979 Words   |  4 Pagesthinkers, the Renaissance brought the rebirth of classical philosophy and literature. During the 18th century, Renaissance thinkers began to resonate with their early Greek and Roman counterparts, valuing reason and order. However, in the early 19th century a new intellectual movement would surface as antithesis to the Classicism––revival of classical texts––of the 1700s. What Romantic thinkers valued, Classic thinkers rejec ted. Placing emphasis on notions like imagination and nature, Romanticism soughtRead MoreMadam Odalisque and Lady Olympia1168 Words   |  5 Pagessubject of human body and nudity has always been a topic that artists have taken into consideration when painting, depending on the time period that they were living in and style that they were working in. By looking at the history of art through the 19th century, it is very clear that this subject was by far the most important and most consistent topic throughout this specific time period. Other subject matters such as still life, everyday life, landscapes, biblical and mythical stories and etc at someRead MoreThe Renaissance And The Renaissance796 Words   |  4 PagesThe transition from the middle ages to the renaissance drastically changed art, culture, and the common worldview. The middle ages were viewed in a negative connotation as far as art and music goes. It was a religious time, focusing on God above all else unlike the rena issance. The renaissance brought about works of Michelangelo, Da Vinci, and Raphael. It brought about an appreciation of humanism and secularism along with the renewal of the ancient Greeks and Romans. Causes of a shift from focusing

Should Managements’ primary goal is shareholders’ wealth maximization Free Essays

string(59) " this view are Merton Miller and Franco Modigliani \(MM\)\." I. INTRODUCTION Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders. We will write a custom essay sample on Should Managements’ primary goal is shareholders’ wealth maximization? or any similar topic only for you Order Now When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business, or it can be paid to the shareholders as a dividend. Dividend policy has been an issue of interest in financial literature since Joint Stock Companies came into existence. Dividends are commonly defined as the distribution of earnings (past or present) in real assets among the shareholders of the firm in proportion to their ownership. [15] Dividend policy connotes to the payout policy, which managers pursue in deciding the size and pattern of cash distribution to shareholders over time. Managements’ primary goal is shareholders’ wealth maximization, which translates into maximizing the value of the company as measured by the price of the company’s common stock. This goal can be achieved by giving the shareholders a â€Å"fair† payment on their investments. However, the impact of firm’s dividend policy on shareholders wealth is still unresolved. THEORIES OF DIVIDEND POLICY: DIVIDEND IRRELEVANCE THEORY DIVIDEND RELEVANCE THEORY DIVIDEND IRRELEVACE THEORY: The dividend irrelevance theory is based on the premise that a firm’s dividend policy is independent of the value of its share price and that the dividend decision is a passive residual. The value of the firm is determined by its investment and financing decisions within an optimal capital structure, and not by its dividend decision. A common dividend policy should be able to serve all firms because the dividend policy is irrelevant in determining firm value. Modigliani and miller pointed out that investors who are rational, in the sense that they always make the choice but maximise their utility, are indifferent to receiving capital gains or dividend on their shares. From the perspective of maximising the shareholder utility is that a company maximises its market value by adopting an optimal investment policy. Such a policy is represented by a company which invests in all projects that yield a positive net present value and hence maximises the net present value of the company as a whole. A company with insufficient internal funds can raise funds on the capital market, allowing it to finance all projects. Hence, according to Modigliani and Miller, the investment decision is divorced from the dividend decision. A company’s choice of dividend policy, given its investment policy, is really a choice of financing strategy. ARGUMENTS FOR DIVIDEND IRRELEVANCE: The residual theory outlined above suggests that if the firm cannot invest further to earn in excess of its cost of capital, it should distribute the earnings to its shareholders. MM argue that the firm’s value is determined by the investment policy and that the split between dividends and funds to be reinvested does not affect this value, under the assumptions explained. This argument is also supported by Miller, Black and Scholes. This party raised the following question: If companies could increase their share price by distributing more or less cash dividends, why have they not already done so? ‘This brings us to the real world scenario with wrinkles of imperfection in its capital markets, a far cry from the understanding of a perfect capital market. The clientele of firms, in this context referring to persons with money to invest, come in all varieties of preferences, some with low-payout and others with high-payout demands. MM argue therefore that changes in dividend policies from low-to-high payouts, for example, should not have a bearing on the market value of the shares, but rather on the clientele that the firm will attract. Looking at this from the other end, Miller, Black and Scholes argue that if all clienteles are satisfied, their demands for high or low payouts will have no effect on prices of shares.12 In the real markets, studies have however shown that large changes in dividends do affect share prices.13 However MM’s counter-argument to this is that the effects on the prices are attributable to the informational content of dividends with respect t o future earnings rather than to the dividend itself. The shift in the clienteles questing to satisfy their preferences is what may cause prices to change. This characteristic allows firms to avoid having to identify the indifference curves of individual shareholders when establishing their investment policies. There is a strong consistency between the MM views and those of the ‘dividend irrelevance’ proponents, and the ‘residual theory’ discussed above. DIVIDEND RELEVANCE THEORY: A theory put forth by Miller and Modigliani that, in a perfect world, the value of a firm is unaffected by the distribution of dividends and is determined solely by the earning power and risk of its assets. Dividend relevance theory, that current dividend payments reduce investor uncertainty and ultimately result in a higher value for the firm’s shares. In perfect capital markets, in the absence of taxes and transaction costs, dividend policy is irrelevant in the sense that it cannot affect shareholder value. The effect of any dividend policy can be offset by management adjusting the sale of new stock or by investors adjusting their dividend stream through stock purchases or sales. This theory was proposed by Myron J. Gordon and John Lintner. Dividend relevance theory suggests that investors are generally risk averse and would rather have dividends today (â€Å"bird-in-the-hand†) than possible share appreciation and dividends tomorrow. Dividend relevance theory proposes that dividend policy affect the share price. Therefore, according to this theory, optimal dividend policy should be determined which will ensure maximization of the wealth of the shareholders. Empirical studies do not support this theory. However, actions of market participants tend to suggest that there is some connection between dividend policy and share price. The dividend irrelevance theory holds that dividend policy has no effect on either the price of a firm’s stock or its cost of capital. The principal proponents of this view are Merton Miller and Franco Modigliani (MM). You read "Should Managements’ primary goal is shareholders’ wealth maximization?" in category "Essay examples" They prove their position in a theoretical sense, but only under strict assumptions, some of which are clearly not true in the real world. Thus, when dividends are raised, this is viewed by investors as recognition by man-agreement of future earnings increases. Therefore, if a firm’s stock price increases with a dividend increase, the reason may not be investor preference for dividends, but expectations of higher future earnings. Conversely, a dividend reduction may signal that management is forecasting poor earnings in the future. The clientele effect is the attraction of companies with specific dividend policies to those investors whose needs are best served by those policies. Thus, companies with high dividends will have a clientele of investors with low marginal tax rates and strong desires for current income. Similarly, companies with low dividends will attract a clientele with little need for current income, and who often have high marginal tax rates. ARGUMENTS FOR DIVIDEND RELEVANCE: The dividend controversy over so many years of debate, has resulted in two extreme groups apart from the above discussed ‘middle-of-the-roaders’. A conservative group, the Rightists, believe that higher dividend payouts will result in an increase in the value of the firm. The Leftists on the other hand believe that a high dividend will decrease the firm’s value. A common belief in the business and investment communities is that earnings paid out as dividends should be allotted a much higher multiplier in evaluating shares than that to undistributed earnings.14 The Rightist group argue that there seems to be a natural clientele for high-payout shares because dividends are regarded as ‘spendable’ income whereas capital gains are additions to capital. Myron J Gordon and John Lintner suggested in the early sixties15 that investors see current dividends as less risky than future dividends or capital gains. Their proposition came to be known as the ‘b ird in the hand’ argument, and suggested that the lower uncertainty attached to dividends received will result in a lower Discount factor applied to the firm’s earnings resulting in a higher stock value. That said, shareholders may realise capital gains by selling stocks, whenever they Feel they have not received enough returns by way of dividends. However there Still remains much sympathy with the argument that investors prefer higher Dividends. One reason may be because mature companies may have plenty of free cash flow but few profitable investment opportunities. Another major departure from the perfect market scenario is the effect of taxes which, together with other imperfections is likely to interfere seriously with the hypothesis of dividend irrelevancy. If dividends are taxed more heavily than capital gains16, then it is more advantageous to transmute dividends into capital gains. It is a growing practice that when companies make large one-off distributions to shareholders, they do so by repurchasing stocks. However this cannot be done frequently because the tax authorities may identify the scheme, deem the distribution as a dividend and tax it accordingly with the higher rates. Another argument put forward by the ‘Leftist’ group is that taxes on dividends have to be paid immediately whereas capital gains tax can be deferred until shares are actually sold. Apart from the distinction between income and capital gains, there is also the effect of differential rates of personal income tax and also the possibility that a company may have shareholders, both private and corporate, who are taxed under different tax regimes. Dividend payment has negative impact on shareholders wealth: [arguments for and against] The main impact on the firm’s dividend policy on its value is an unresolved issue. Miller and Modigliani demonstrate that, the absent imperfections, dividend policy should not affect the shareholders wealth. Dividend irrelevance is also supported by the empirical work of Black and Scholes leading to an argument in the MM paper, Black and Scholes shows the ability of firms to adjust dividends to appeal to tax included investors and argue that this supply effect may account for their finding of no relationship between dividends and stock returns. FACTORS AFFECTING THE DIVIDEND POLICY OF A COMPANY: Stability of Earnings: The nature of business has an important bearing on the dividend policy. Industrial units having stability of earnings may formulate a more consistent dividend policy than those having an uneven flow of incomes because they can predict easily their savings and earnings. Usually, enterprises dealing in necessities suffer less from oscillating earnings than those dealing in luxuries or fancy goods. Age of corporation: Age of the corporation counts much in deciding the dividend policy. A newly established company may require much of its earnings for expansion and plant improvement and may adopt a rigid dividend policy while, on the other hand, an older company can formulate a clear cut and more consistent policy regarding dividend. Liquidity of Funds: Availability of cash and sound financial position is also an important factor in dividend decisions. A dividend represents a cash outflow, the greater the funds and the liquidity of the firm the better the ability to pay dividend. The liquidity of a firm depends very much on the investment and financial decisions of the firm which in turn determines the rate of expansion and the manner of financing. If cash position is weak, stock dividend will be distributed and if cash position is good, company can distribute the cash dividend. Extent of share Distribution: Nature of ownership also affects the dividend decisions. A closely held company is likely to get the assent of the shareholders for the suspension of dividend or for following a conservative dividend policy. On the other hand, a company having a good number of shareholders widely distributed and forming low or medium income group, would face a great difficulty in securing such assent because they will emphasise to distribute higher dividend. Trade Cycles: Business cycles also exercise influence upon dividend Policy. Dividend policy is adjusted according to the business oscillations. During the boom, prudent management creates food reserves for contingencies which follow the inflationary period. Higher rates of dividend can be used as a tool for marketing the securities in an otherwise depressed market. The financial solvency can be proved and maintained by the companies in dull years if the adequate reserves have been built up. Government Policies: The earnings capacity of the enterprise is widely affected by the change in fiscal, industrial, labour, control and other government policies. Sometimes government restricts the distribution of dividend beyond a certain percentage in a particular industry or in all spheres of business activity as was done in emergency. The dividend policy has to be modified or formulated accordingly in those enterprises. Taxation Policy: High taxation reduces the earnings of the companies and consequently the rate of dividend is lowered down. Sometimes government levies dividend-tax of distribution of dividend beyond a certain limit. It also affects the capital formation. N India, dividends beyond 10 % of paid-up capital are subject to dividend tax at 7.5 %. Legal Requirements: In deciding on the dividend, the directors take the legal requirements too into consideration. In order to protect the interests of creditors an outsiders, the companies Act 1956 prescribes certain guidelines in respect of the distribution and payment of dividend. Moreover, a company is required to provide for depreciation on its fixed and tangible assets before declaring dividend on shares. It proposes that Dividend should not be distributed out of capita, in any case. Likewise, contractual obligation should also be fulfilled, for example, payment of dividend on preference shares in priority over ordinary dividend. Past dividend Rates: While formulating the Dividend Policy, the directors must keep in mind the dividend paid in past years. The current rate should be around the average past rat. If it has been abnormally increased the shares will be subjected to speculation. In a new concern, the company should consider the dividend policy of the rival organisation. Ability to Borrow: Well established and large firms have better access to the capital market than the new Companies and may borrow funds from the external sources if there arises any need. Such Companies may have a better dividend pay-out ratio. Whereas smaller firms have to depend on their internal sources and therefore they will have to built up good reserves by reducing the dividend pay out ratio for meeting any obligation requiring heavy funds. Policy of Control: Policy of control is another determining factor is so far as dividends are concerned. If the directors want to have control on company, they would not like to add new shareholders and therefore, declare a dividend at low rate. Because by adding new shareholders they fear dilution of control and diversion of policies and programmes of the existing management. So they prefer to meet the needs through retained earing. If the directors do not bother about the control of affairs they will follow a liberal dividend policy. Thus control is an influencing factor in framing the dividend policy. Repayments of Loan: A company having loan indebtedness are vowed to a high rate of retention earnings, unless one other arrangements are made for the redemption of debt on maturity. It will naturally lower down the rate of dividend. Sometimes, the lenders (mostly institutional lenders) put restrictions on the dividend distribution still such time their loan is outstanding. Formal loan contracts generally provide a certain standard of liquidity and solvency to be maintained. Management is bound to hour such restrictions and to limit the rate of dividend payout. Time for Payment of Dividend: When should the dividend be paid is another consideration. Payment of dividend means outflow of cash. It is, therefore, desirable to distribute dividend at a time when is least needed by the company because there are peak times as well as lean periods of expenditure. Wise management should plan the payment of dividend in such a manner that there is no cash outflow at a time when the undertaking is already in need of urgent finances. Regularity and stability in Dividend Payment: Dividends should be paid regularly because each investor is interested in the regular payment of dividend. The management should, in spite of regular payment of dividend, consider that the rate of dividend should be all the most constant. For this purpose sometimes companies maintain dividend equalization Fund. CONCLUSION: It seems that there is no conclusion set in stone on the dividend irrelevancy controversy. Since the formulation of the MM proposition in 1961, financial economists have been arguing about whether dividends have any effect on the long-term market value of the firm. The irrelevant dividend theory based on the works of M and M, states that the value of the firm is not affected by its dividend policy and is therefore irrelevant in the determination of ordinary share price.The relevant dividend theory is based on behavioural dividend models and states that under real life market conditions, the value of the firm is affect. The relevant dividend theory is based on behavioural dividend models and states that under real life market conditions, the value of the firm is affected by its dividend policy and is therefore relevant in the determination of ordinary share price. Under market imperfections such as taxes, transaction cost and imperfect information, firms tend to adopt a stable and consistent dividend policy because firms perceive a dividend policy to be important to shareholders . This chapter dealt with analysing responses based on managements’ views on dividend payments and the effect on firm value. Because the dividend policy is a natural consequence of dividend theory being applied, the conclusions to the study are categorised under the dividend policies, namely,the managed dividend policy, a consequence of the relevant dividend theory and the residual dividend policy, a consequence of the irrelevant dividend theory. BIBLOGRAPHY: Miller, M. and Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. Journal of Business, 34, 411?433. ADAMS, P.D., WYATT, S.B., WALKER, M.C. (2007). Dividends, Dividend Policy and Option Valuation: A New Perspective. Journal of Business Finance and Accounting, Vol 21, No 7, September. Baker, H.K. (1999), â€Å"Dividend Policy issues in regulated and unregulated firms: a managerial perspective†, Managerial Finance, Vol.25 No.6, pp.1-19. Frankfurter, M, George and Wood Bob ,G ( 2003), â€Å"Dividend Policy Theory and Practice†, Academic Press. Lease, C,.Ronald John Kose (August 2001),†Dividend Policy: Its Impact on Firm Value†, Financial management Association Survey and synthesis series, Harvard Business School Press. Miller, M.H. and Modigliani, F. (1961), ‘‘Dividend policy, growth, and the valuation of shares’’,Journal of Business, Vol. 34, pp. 411-33 Anand Manoj(2001), â€Å"Factors influencing dividend policy decisions of Corporate India†, ICFAI Journal Of Applied Finance,2004 ,Vol.X ,No.2 Watson Denzil ( 2004), â€Å"Dividend policy’’, Corporate Finance – principles and practice. How to cite Should Managements’ primary goal is shareholders’ wealth maximization?, Essay examples

Music History Through the Middle Ages free essay sample

Music has evolved too many different forms that we recognize today. We trace this development throughout time. Beginning in the middle ages, we have seen advancement from the Gregorian chant all the way to the Jazz of the 20th century. The current events, politics, religion, technology and composers can shape musical eras during time. Here I will look at the middle ages, renaissance, baroque, classical, romantic and twentieth century periods. I hope that a better understanding can be reached to why, when, where and who are the reasons for musical evolution. Middle Ages Beginning with fall of Rome In AAA. The flirts half of this millennium Is referred to as the dark ages. In society, all power flowed from the king with the approval of the Roman Catholic Church and its bishops. This is what we know as church and state. The dark ages or an encompassed of the middle ages by history, gave to many early development In western music. Polyphony. Which combines two or more simultaneous melodic lines, is a perfect example of this. Because polyphony required to be written to indicate precise rhythm and pitch, a new notational system was designed. Lifestyle In the middle Ages centered on the church.All levels of society choose religious life. This was not easy for patrons, some orders required vows of poverty. Discipline was evident among the church. A typical day began at 2:00 or 3:00 a. M. With the celebration of daily services, reading of lessons, and the singing of psalms. Probably one of the most notable themes of the middle ages was sacred music, shaped In part by Greek, Hebrew, and Syrian Influences. Religious pieces known as a Gregorian chant were popular. These consist of a single-line melody and monophonic texture lacking harmony and counterpoint.The Mass, a enactment of the sacrifice of Christ, is the most solemn ritual of the Roman Catholic Church. Hake dies, from the Mass for Easter Day, serves as a fine example of Gregorian chant used during this period. Minstrels now began to emerge as a class of musicians who wandered among the courts and towns. Some of these minstrels juggled, showed tricks, and introduced animals, along with the normal singing and dancing. This type of music that accompanied dinner and after-dinner entertainment Is secular. Secular music became an Integral part of medieval court life. Renaissance The renaissance began in 1450 and lasted to 1600.It marks the passing of European society too more secular one. The Renaissance is dated to onset the fall of Constantinople to the Turks In 1453. In the world, the age saw many explorers In search of a faster trade route to china, which led to the discovery of North America. Musicians in the Renaissance society are now professionals and were supported by the church, city and state as well as the royal and aristocratic courts. The rise of the merchant class brought new fans to music professionals. With the advent of cheaper printing, music books became available and affordable making musical literacy paraded dramatically.The musical style of the renaissance can be noted in the vocal 1 OFF chapel style, which is music without instrumental accompaniment. Polyphony in renaissance style was based on continuous imitation. This offered many possibilities such as scants firms. Sacred music played a prominent part in ritual of the church. Motets and hymns became a part of Mass. The motet became a sacred form with a single Latin text. Motets in praise of the Virgin Mary were extremely popular because of the many religious groups devoted to Marina worship.Joaquin Desired, a popular aster of the motet and influencer of many composers, composed more than a hundred motets and numerous secular pieces. Baroque rhea Baroque period stretched across half of European history. It began shortly before 1600 and ended with the death of Bach in 1750. During this time, there were Change and adventure. Conquest in the New World gave the middle class wealth and power and increased the struggle with the aristocracy. Absolute monarch dominated this era. Louis XIV is a prime of example of taking money from the people and using it to build a marvelous palace while commoners starved to death.Despite this poverty, Keeper, Galileo Copernicus and Descartes emerged as prominent contributors to the world in physics, astronomy and mathematics. Protestants were centered in England, Scandinavia, and Holland and north German cities. Catholic held two dynasties, the French Bourbons and the Austrian- Spanish Hapsburg who fought each other as much as they fought the Protestants. Eventfully the Hapsburg Empire was broken in the sasss. The Baroque introduced new harmonic structures. The system none as Basso continuo required two instruments for the accompaniment.Major-minor tonality came the most powerful force in music. Each chord assumed in function to the key center. Composers used this with equal temperament to increase the range of harmonic possibilities. Music style during the Baroque era had a rhythmic freedom that became more desirous. Continuous melody was now a part of music and incorporated the use of dissonance. Composers used these for emotional intensity and color. They also used a contrast between a soft passage and a loud one to show terraced-dynamics. A virtuoso musician was needed now more than ever because of composers rutting music that is more complicated.Opera utilized a virtuoso know as the castrato to sing in soprano or alto because he was castrated. Part of being a virtuoso required improvisation. Singers and players added their own embellishments to hat was written to show off. This gave many creative contributions to the work. The practice became very widespread throughout Baroque music. During this period, many prominent performers emerged. Johann Sebastian Bach, probably the most prominent was born in Germany. Bach wrote two hundred or so church cantatas. These cantatas typically have five to eight movements and the first, sat and middle, are usually choral numbers.George Frederic Handel took part in this period composing many oratorios or choral dramas. Handel is probably best known for his piece Messiah which premiered in 1742. Classical rhea classical era began in the middle of the sasss and followed up by the Romantic period. During this time rulers like Louis XV and Frederick the Great controlled regions In the west. Before the end of the eighteenth century, the French Revolution philanthropically alignment in Europe. The industrial revolution aided to many advances in science and brought forth more money for countries. The American Revolution broke out in the east at this time.The Viennese School was a place where composers like Haydn, Mozart and thieving practiced. They brought many elements to classical style like diatonic harmony that is based on the seven tones of the major and minor scale. These masters used this harmony for its directness and feeling of being rooted in the key. Strong rhythms that move at a steady tempo gave a rhythmic regularity and signature to the Classical spirit and were all seen through the school. Several styles aroused popularity to the classical period. Chamber music or music or a small ensemble was essential to the Classical era.The masters established a true chamber music style, which came across friendly. The string quartet became the most influential chamber music genre of the period. String quartet has a four- line texture that was ideal for composers. In general structures, it follows the same movement scheme of the sonata cycle. Wolfgang Amadeus Mozart was an outstanding pianists and composer of the time. His symphonies had a richness of orchestration, a freedom in part writing and a depth of emotion. Mozart also enjoyed opera. He wrote in three styles: opera buffo, pear series, and single. Mozart had many famous pieces including Nine Klein Machinists.Joseph Haydn, another prominent composer of the period, can best be associated Ninth the symphony. He had angular themes that promoted mitotic development. He expanded the orchestras size and resource through greater emphasis on the brass, clarinets, and percussion instruments. Ludwig van Beethoven introduced compositions that fell into three periods. His nine symphonies have universal appeal. He enjoyed the concertos to combine touristy with symphonic structure. Despite the loss of hearing later in life, Beethoven made many contributions and will be know for pieces like his Fifth symphony, and Pathetic.Romantic rhea Romantic era began fully in the second quarter of the nineteenth century. The after affects of the French Revolution and American Revolution shaped new society. Free enterprise and liberty were prominent influences on a new movement. The music of this period reflected the profound changes that were taking place. The Industrial Revolution brought with it many new instruments that enable changes. Composers like Wagner and Tchaikovsky wrote melodies for the horns that had been unplayable before. More instruments gave to the development of the orchestra Inch increased in size.This gave more off range and increased expressiveness of all composers. The romantic style let loose to a sing-able melody, expressive harmony, and expanded forms. The sing-able melody gave pieces a lyrical quality, which made compositions transferable into popular songs. High emotions and expression was made relevant in the harmony. Symphonies were now more drawn out which gave them more time to play out. Several composers brought together many pieces of the Romantic period. Franz soother to form a song cycle. Schubert shows this in Reeling which was a through- composed lied. Robert Schumann can better be associated the song cycle. His composition A Poets Love, No. 8 was arguably his most famous song cycle. Giuseppe Verdi brought even more to choral and dramatic music of the nineteenth century. His early works middle and final works were mostly operas, totaling twenty- eight. Twentieth Century rhea Twentieth century began with new nationalism thinking. The music scene finally began to catch up in America. Charles Ivies and Aaron Copeland set a musical radiation that was part of campground revival meetings, minstrel shows, old-time band concerts, and western frontiers.With our nationalistic thinking, we put a focus on the U. S. Marine Band conducted by John Philip Souse. Blues and Jazz with ragtime began to become popular. Composers like Scott Joplin became known as the king of ragtime Joplin was one of the first black Americans to gain importance as a composer. His ragtime rhythm was originally a piano style with marked syncopated melodies. Louis Armstrong became to represent the blues. During the sasss musicians like Armstrong traveled the country spreading their new sound. Armstrong became an important person in the development of early Jazz styles.Improvisation was his thing and he was very good at it. Armstrong also introduced scat singing to the Jazz world by accident during a recording. Musical theater became an important development to the 20th century. This type of comic opera depended on romantic plots, appealing melodies, choruses and comedy. Composers like George Gershwin, Richard Rodgers, and Stephen Shoeshine brought the genre to new level of sophistication. They composed masterpieces like Porgy and Bess, South Pacific, and Sweeney Todd respectively. Leonard Bernstein was a famous conductor, educator, and pianist of this time.