Analysis Of The Film Three Sovereigns For Sarah - 1003 Words

In the year 1692 many people were killed during the Salem Witch Trials. The movie Three Sovereigns for Sarah, is about Sarah Cloyce. She wanted to testify for her sisters who were killed by citizens of Salem because they thought they were witches. In the movie Sarah Cloyce had to go through much pain and suffering. The movie had a unique way of telling about the deaths, religion, and people during the Salem witch trials. The main thing that occurred in the movie was death. Nineteen people were hung and a man was pressed to death. Rebecca and Mary were the two main characters who were accused and murdered. Rebecca was Sarah’s sister and was the first to be accused of being a witch. Later on they realized Rebecca was not guilty at all so†¦show more content†¦In the year 1692, everyone went to church. They called themselves â€Å"Christians†, and this made them people of faith. The church of Salem needed to find a new reverend so they got Samuel Parris. Samuel Parris was a main part of this whole thing. He wanted to keep his job and to do that he had to execute many people in the process. After they got their new reverend, the accusations for witches began to form. Most people must have been very naive to believe in the girls accusations. It was odd that when these girls arrived that’s when witches started to become known. When a person was accused they were able to say that they were a witch so that they could keep their lives. The many people who were killed died for their religion. If a person gave in to the accusations that would mean they had very little faith and would be cast aside by the citizens of Salem. When you were accused of being a witch, you had to recite the Lord’s Prayer word for word in order to be free from harm. This did not happen to Sarah. When Sarah was fully done with no errors, Abigail said that Sarah was just listening to the black man that was around her. The black man represented the devil. They also said the devil was in the form of a yellow bird that would sit on top of a witch. After all the accusations, many people stopped coming to the church because they were afraid that they were going to be accused of being a witch. There were many people of importance in theShow MoreRelatedAnalysis Of The Film Three Sovereigns For Sarah1005 Words   |  5 Pages After watching the film â€Å"Three Sovereigns For Sarah†, I understand more about the Salem witch hunts and trials. The central reason for the witch craze was a falsehood taken too far. The actions of three girls and one woman cost twenty innocent people their lives, and countless others to suffer in less than adequate prison conditions. For instance, the madness was started by Abigail Williams, niece to one Samuel Parris. She accused the family slave, Tituba, of being a witch. Upon hearing theseRead MoreMacbeth9435 Words   |  38 Pagesof Scotland before he succeeded to the English throne in 1603. James was a patron of Shakespeare’s acting company, and of all the plays Shakespeare wrote during James’s reign,  Macbeth  most clearly reflects the playwright’s relationship with the sovereign. Macbeth  is Shakespeare’s shortest tragedy, and tells the story of a brave Scottish general named  Macbeth  who receives a prophecy from a trio of witches that one day he will become King of Scotland. Consumed by ambition and spurred to action byRead MoreMarketing and E-commerce Business65852 Words   |  264 PagesWe believe that in order for business and technology students to really understand e-commerce, they must understand the relationships among e-commerce business concerns, Internet technology, and the social and legal context of e-commerce. These three themes permeate all aspects of e-commerce, and therefore, in each chapter, we present material that explores the business, technological, and social aspects of that chapter’s main topic. Given the continued growth and diffusion of e-commerce, allRead MoreManagement Course: Mba−10 General Management215330 Words   |  862 Pagesmass-production techniques. The next change in management thinking about car assembly occurred in Japan when Ohno Taiichi, a Toyota production engineer, pioneered the development of lean manufacturing in the 1960s after touring the U.S. plants of the Big Three car companies. The management philosophy behind lean manufacturing is to continuously ï ¬ nd methods to improve the efï ¬ ciency of the production process in order to reduce costs, increase quality, and reduce car assembly time. Lean production is based

Nhcc Essay Samples - a Quick Outline

Nhcc Essay Samples - a Quick Outline The War Against Nhcc Essay Samples State your principal argument explicitly. The principal concept inside your general essay will likely be your thesis assertion. Your arguments also has to be original and not cliche that everybody already knows about. You should start your introduction with an overall statement about this issue, and end the paragraph with your thesis statement. Topic sentences clearly state the intention of the paragraph. Any sentence that isn't furthering my thesis is distracting from it and should be taken off. The Fundamentals of Nhcc Essay Samples Revealed Students shouldn't have to wear uniforms. They should not have to wear school uniforms because they limit students' ability to express their individuality. Students and teachers can buy balanced lunch and drinks aside from alcohol, that allows them to feel nice and study much better. The true life is the one which has our death during its head. Having found the side that you're standing for, you want to be sure you fully grasp the viewpoint of the opposite side. You will see people with more money indulging in dangerous activities attempting to fill the void t hey can't explain. The remainder of the paragraph should argue the most important point. Women in the film are unwavering and prepared to provide their precious aid in a dire circumstance. There's no correct or single approach to start writing. The second time, you can discover that you're able to elaborate on your answers. It is essential for writers to preview their key points in the specific order they will be developed. What You Should Do to Find Out About Nhcc Essay Samples Before You're Left Behind The introductory paragraph is perhaps the most crucial paragraph in the essay as it's the initial and possibly last opportunity to generate an effect on the reader. All of the chief points ought to be concisely mentioned in the preview. Before writing down the facts and examples that you're likely to tackle, you ought to be well informed, first of all, about your topic. Before concluding the essay, it is critical to summarise with a strong emphasis on the subject. On the opposing side, acquiring a list of good persuasive essay topics is inadequate. Before writing any form of academic paper, it is very important to choose the subject, and the persuasive essay isn't the exception. When you select a topic for your persuasive essay, make sure it's something you genuinely care about. Nhcc Essay Samples Ideas In consensus, a huge section of the stock exchange analysts and traders appear to believe that the CEO has an immediate effect on the operation of the business. Persuasive Essay Conclusion So, the overall public is made to experience the embarrassment of a newspaper that is centered on the profit rather than tradition. While attempting to know how to compose a persuasive essay step-by-step, students forget about another crucial activity. Our fashion creates an exceptional statement. The Foolproof Nhcc Essay Samples Strategy Medicine, partic ularly, is among the spheres that's changing in a manner that puts a premium on communication skills (Back et al. 2009). Physical wellness is valuable, obviously. Students might have to program every motion that acquire and don't have free of cost time for her or his non-public lifespan. Making the completion of private finance coursework a requirement for graduation would guarantee that young individuals are at least aware of the fundamentals of keeping a financial stability. If you would like to find high excellent research and thesis papers in time and for a sensible price, you should probably attempt using EssaySupply.com. In summary, business will likely need to pay a steep price for shorter work weeks. Be attentive when selecting the company that you can trust. Your paragraphs do not connect one another's meaning and the whole thought of your essay might be incomprehensible. In nearly all high schools, your capability of writing this kind of essay is going to be evalua ted in class. The simplest approach to learn the form of an essay is to realize the writer's point of view. If you are searching for top essay writing companies, try out the mentioned above. Persuasive writing can be challenging, especially whenever you're made to face with a close-minded audience. Students have to compose essays based on the teacher's instructions or their preferred style in writing. Today the important difficulty in resumes might be the correct critical phrases and phrases that'll be challenging to google. As soon as it's wise to demonstrate some diversity, overusing vocabulary is never advisable. There are lots of free examples of appropriate formatting. To structure an essay, you have to simply comply with the aforementioned format.

Solution Of Global Warming Essay Example For Students

Solution Of Global Warming Essay Global WarmingGlobal warming is an increase in the earths temperature due to fossil fuels, industry, and agricultural processes caused by human, natural, and other gas emissions. (Melissa Phillips). This results in an increased emission of greenhouse gases. (Caroline Quatman). Short-wave solar radiation sinks into the Earths atmosphere and warms its surface; while longwave infrared radiation emitted by earths surface is absorbed, and then re-emitted by trace gases. (Brent C. Willhoite) Climate changes occur in our earths atmosphere due to a buildup of greenhouse gases. Greenhouse gases can occur naturally as well as a result of human activities. (Melissa Phillips). Problems can occur when higher concentrations of greenhouse gases are present in our atmosphere because they have enhanced our earths heat trapping capability. (Anne Rector). There are many misconceptions about global warming. Some believe that pollution causes global warming, but the fact is global warming is the result of burning fossil fuels, coal, and oil that release carbon dioxide. Another misconception is nuclear power causes climate change. Nuclear power actually reduces emissions of carbon dioxide when used in place of coal. Some believe that global warming means that it will become warmer all over. The name is misleading because in some places, it will actually become colder. The majority of scientists believe global warming is a process underway and that it is human-induced. (Misty Thompson). The greenhouse gases are carbon dioxide, methane, and nitrous oxide. These gases occur naturally. The Earth uses those gases to warm its surface. (Misty Thompson). Carbon dioxide is released into the atmosphere when solid waste, fossil fuels, wood, and wood products are burned. Each greenhouse gas absorbs heat differently. If natural gases did not occur, the temperatures would be 91.4 degrees cooler than the current temperatures. These gases trap heat and cause the greenhouse effect, rising global temperatures.(Heidi Sterrett). Human activities add to the levels of these gasses, causing more problems. The burning of solid waste, fossil fuels, and wood products are major causes. Automobiles, heat from homes and businesses, and factories are responsible for about 80% of todays carbon dioxide emissions, 25% of methane, and 20% of the nitrous oxide emissions. The increase in agriculture, deforestation, landfills, industrial production, and mining contribute a significant share of emissions too The gases released into the atmosphere are tracked by emission inventories. An emission inventory counts the amount of air pollutants discharged into the atmosphere. These emission inventories are used by many organizations. NASA and meteorologists also use them.(Heidi Sterrett). The Centers for Disease Control have been involved in studying global warmings effect on human health. Global warming is a danger to a humans health. Its affect on climate can adversely affect humans. Plagues have been attributed to global warming. An increase in temperature can result in a longer life cycle for diseases or the agents spreading them. Living in a warm area makes egg production a quicker process. Global warming will lead to more precipitation, which enables infectious diseases to be more easily contracted and spread. Effects of global warming on human health might not be immediately detected. (Symone Salisbury). Birds are a species that will be affected by a change in the climate. Global warming might result in birds finding a more permanent home in northern areas in the Northern Hemisphere. The ecosystems of fish will be affected by global warming in a variety of ways. The chemical composition of water could be changed. (Symone Salisbury). Fish may migrate to different areas. Other animals could be affected also due to changes in climate and habitat. (Misty Thompson). Nature will be affected in many ways also. In Spain, more than 2.2 million acres of forest have burned since 1994, due to increasingly warm temperatures. .ue3d6d72ef8697cfb1b9a59ea5d481f5c , .ue3d6d72ef8697cfb1b9a59ea5d481f5c .postImageUrl , .ue3d6d72ef8697cfb1b9a59ea5d481f5c .centered-text-area { min-height: 80px; position: relative; } .ue3d6d72ef8697cfb1b9a59ea5d481f5c , .ue3d6d72ef8697cfb1b9a59ea5d481f5c:hover , .ue3d6d72ef8697cfb1b9a59ea5d481f5c:visited , .ue3d6d72ef8697cfb1b9a59ea5d481f5c:active { border:0!important; } .ue3d6d72ef8697cfb1b9a59ea5d481f5c .clearfix:after { content: ""; display: table; clear: both; } .ue3d6d72ef8697cfb1b9a59ea5d481f5c { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ue3d6d72ef8697cfb1b9a59ea5d481f5c:active , .ue3d6d72ef8697cfb1b9a59ea5d481f5c:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ue3d6d72ef8697cfb1b9a59ea5d481f5c .centered-text-area { width: 100%; position: relative ; } .ue3d6d72ef8697cfb1b9a59ea5d481f5c .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ue3d6d72ef8697cfb1b9a59ea5d481f5c .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ue3d6d72ef8697cfb1b9a59ea5d481f5c .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ue3d6d72ef8697cfb1b9a59ea5d481f5c:hover .ctaButton { background-color: #34495E!important; } .ue3d6d72ef8697cfb1b9a59ea5d481f5c .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ue3d6d72ef8697cfb1b9a59ea5d481f5c .ue3d6d72ef8697cfb1b9a59ea5d481f5c-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ue3d6d72ef8697cfb1b9a59ea5d481f5c:after { content: ""; display: block; clear: both; } READ: Aluminium Essay Temperatures recorded in Tibet are at an excessive high and length. Rising seas in Bermuda and reported high sea level rises in Hawaii are attributed to global warming. When temperatures are on the increase, the tides and waves get higher. Additionally, the temperatures in the oceans create saltier waters, and this erodes beach lines and vegetation along shores. Global warming can affect our future ability to obtain food. As climates change, plants and animals will change, leading to a change in the eating

Michael Jordan Essays (1054 words) - Michael Jordan,

Michael Jordan Who Influenced Michael Jordan to Become the Player and Person He is Today? Well everyone has they're own opinion about Michael Jordan, but one thing is certain, he is a phenomenal athlete with a unique combination of grace, power, artistry and the improvisational ability. He is not only the top player of his Era, but is quite possibly the best player to wear the uniform of a NBA team. He is the most recognizable athlete in the world and is believed to be the best there ever was, is, or ever will be. (NBA.com) A person to this magnitude has obviously a success, being able to have a family of his own and, knowing that there are thousands of people looking up to him, and being many people's idol. To be able to stand the pressure of being a national symbol of greatness, you have to have a driving force. This driving force has been known to be the edge a lot of people have needed to make it over. Michael Jordan's family helped him to fight and become one of the most influential, successful, and professional sports figures ever. Body Michael Jeffrey Jordan was born on February 17, 1963, in Brooklyn, NY, to a proud Deloris and James Jordan. (Nba.com; BioLife.com) Now this very first point may seem like no big deal but it's something in itself. Jordan almost wasn't born. In 1963, when Deloris was carrying Mike her mother died unexpectedly causing her to fall into a deep depression and stress period. Fearing a miscarriage the family doctor ordered her to bed rest. (Greene 12; NBA.com) "I Davis 3 always said that Michael's birth was like a sign. I lost my mother while I was carrying Michael, and he was my godsend. Michael was the happiness he sent me after a very sad time in my life." ?Deloris (qtd. In Halberstam 48) "The near miscarriage was very bad." ?James (qtd. in Halberstam 49) Michael the Jordan's 4th child lived in a pretty much average house, which was on the lower end of the economic pool. When Mike was 2 he had a really close brush with death. James (Mike's father) was outside tuning up his car at his parents house. The ground was still soaked from the earlier downpour. Two extension cords let him stretch a lamp from the kitchen outlet to under the hood of his car. During his labor he saw something out of the corner of his eye. Mike had escaped his playpen and, was on his way to make it a father- son- project. James ran towards him bit it was too late. Mike walked right into the junction of the wires and began playing with them. A sudden surge of current sent him flying back about 3 feet, where he landed in too much shock to cry. (Greats of the Game.com; BioLife.com) James put a net up in the backyard and the boys played all the time. Michael's older brother Larry always beat him. Growing up Mike's favorite sport was baseball, and he was quite good too! He was the MVP of Dixie League and received a scholarship to Mickey Owen Baseball Camp. Michael got better at basketball and, decided to try out for the Varsity Laney High Basketball Team but, wasn't good enough as a sophomore. Jordan, as a sophomore, played on JV and, averaged 27.8 PPG. Jordan after junior year was Davis 4 invited to play at the 5-star Camp where colleges recruited. MJ won 10 trophies including 2 MVP's. The University of North Carolina recruited Jordan. Dean Smith the winningest coach in NCAA basketball history coached Mike. (Greene 52; Halberstam 27, BioLife.com) Most people thought that Mike would come and sit the bench. They were startled when they found out he was a season opener starter. (NBA.com) Mike had a great time playing for UNC, and his nest move was to become eligible for the NBA draft. Mike was 3rd pick behind Hakeem Olajuwon (Houston) and Sam Bowie (Portland) (GreatsoftheGame.com) MJ of course, was drafted by the Chicago Bulls. He was playing there and doing well. Bringing home all types of titles, championships, and MVP's. Then suddenly everything changed. On July 23, 1993, James Jordan was taking a rest in his car, when he woke up and saw a gun pointed to his head. He was shot in what was called a random robbery. JORDAN LOST HIS BEST FRIEND! Later on October 6, of that same year, Jordan shocked friends and fans by announcing his

Economics - Case Study on Costco (2010)

Economics - Case Study on Costco (2010) Costco - let the grocery wars beginAuthor: John RolfeApril 16, 2010THE arrival of retailer Costco in Sydney is going to push down the price of shopping. And you won't even have to be a customer to benefit.As UNSW associate professor and competition expert Frank Zumbo said yesterday: "I have no doubt that once these Costcos are in full swing you will see significant pricing pressure on Coles and Woolworths."Premier Kristina Keneally yesterday confirmed a report in The Daily Telegraph that planning authorities had set aside the objections of Westfield and others, allowing Costco to build its first Sydney store, on Parramatta Rd at Auburn.The store should open next year along with a new intersection to cope with the expected traffic.Ultimately the US giant hopes to have five Sydney sites and maybe one in Canberra. It believes getting the OK for the first store will make it easier to get consent for the rest.costco entranceWestfield and other mall operators strenuously objected to Costc o's $60 million Auburn proposal.Professor Zumbo said Costco "would suck customers into Auburn, away from other shopping centres".The cornerstone tenants of those malls are Woolworths and Coles.In other markets Costco has been able to undercut competitors similar to Woolworths and Coles by as much as 25 per cent.Costco's cost of doing business is about 10 per cent of revenue while Woolworths' is 20 per cent.A price comparison yesterday by The Daily Telegraph showed Costco's first Australian store, at Docklands in Melbourne, was selling Vegemite for nearly 20 per cent less than Coles and 10 per cent cheaper than Woolworths.Coca-Cola was 44 per cent less than at Coles and 32 per cent less than the Fresh Food People.Cold Power laundry powder...

Top 10 LinkedIn Overused Buzzwords 2012

Top 10 LinkedIn Overused Buzzwords 2012 It’s that time of year again†¦ the â€Å"Lists† season! The first one I’d like to share with you is the list of overused professional buzzwords from LinkedIn. These words give a nice glimpse into what words you might be overusing on your resume as well. The most overused words vary by country; according to LinkedIn, the Swiss boast primarily about being â€Å"analytical† while India’s natives assert themselves as â€Å"effective† (just as they did last year); Spaniards claim they are â€Å"specialized† while Brazilians declare they are â€Å"experimental.† Looking for â€Å"motivated† professionals? Try Malaysia, Saudi Arabia, South Africa, United Arab Emirates and the U.K. In the United States, the Top 10 Overused Buzzwords in LinkedIn Profiles are as follows: 1. Creative 2. Organizational 3. Effective (no change from last year!) 4. Motivated 5. Extensive Experience (the #1 overused buzzword in 2010 and a phrase that sets me on edge!) 6. Track Record 7. Innovative 8. Responsible (making an appearance for the first time in LinkedIn’s top 10 list) 9. Analytical (also listed for the first time) 10. Problem Solving The two words that got knocked off the list are â€Å"dynamic† and â€Å"communication skills.† Perhaps people got the point that too many people were claiming to be dynamic, and that communication skills are most aptly demonstrated through actual communication. What would it take for you to scrub your LinkedIn profile clean of overused and overrated buzzwords? I provided specific suggestions for the top three (creative, organizational and effective) in my 2011 article on most overused LinkedIn buzzwords. Sometimes you really do need to be â€Å"creative† to succeed in presenting yourself in a unique way. The Essay Expert’s writers can work with you to write a profile that stands out from the rest of the world’s. For details on our services see LinkedIn Profile Writing Services. You can also contact us through our Web Form. We look forward to giving you that extra edge on LinkedIn! Category:Archived ArticlesBy Brenda BernsteinDecember 10, 2012

Strategies to Reduce Global Greenhouse Gas Emissions Research Paper

Strategies to Reduce Global Greenhouse Gas Emissions - Research Paper Example   Such policies set by developed and developing nations that are members of the Intergovernmental Panel on Climate Change (IPCC) have been fundamental in articulating measures to reduce global greenhouse gas emissions. The UK, for instance, initiated its 2010 to 2015 policy on greenhouse gas emissions (Committee on Climate Change, 2015). The U.S has policies aimed at reducing the level of emission of greenhouse gasses in the atmosphere (Center on Budget and Policy Priorities, 2013). EPA proposed emission standards to be recognized by states (ALEC, 2014; Utech, 2014). President Obama’s action plan on climate change also articulate measures to reduce carbon emission levels (US Climate Action Network, 2014). Besides, similar policies in other IPCC member countries have been instrumental in articulating measures to reduce global greenhouse gas emissions. Globally, UNEP launched a framework for reducing greenhouse gas emissions by 2020 (UNEP, 2011). The WMO, in coordination with UNEP, initiated the IPCC in 1988 with the mandate to regulate global warming. Under the panel, member countries work on a global policy strategy to reduce climate change and manage its influence following the agreements drafted at Lima, Peru. The draft by the nations stipulates that developing and developed countries would be responsible for fighting against global warming under different circumstances (Nordhaus, 2011). However, policies set by IPCC member countries have not proved as viable strategies to combat climate change.   

Organisational Decision Making Essay Example | Topics and Well Written Essays - 5000 words

Organisational Decision Making - Essay Example The major constituents of a business organization are analysed in the light of the Cadbury case study to justify the aforementioned argument. Human Resource: The staff members of the organization or the human resource of the organization is deemed as the pillar for an organization's sustainability both at operational and strategic levels as argued by Richard Lynch (2003)ii. This is also because of the fact that the human resource is the indispensable asset for an organization. Hence, the inability of an organization to effectively manage the human resource not only to improve their performance but also address their concerns is the primary reason for an organization's failure or financial loss in the target market as argued by Derek Torrington and Laura Hall (2003)iii. From the video, it is clear that the organization was initially one of the preferred places to work by many in the British general public. The strive of the organization to generate more revenue since 1966 was the major factor that influenced the Human Resource of the organization. ... The view on the company under consideration reveals that the effectiveness of the organization was mainly because of its rather 'unusual' method of people management, which not only had direct contact of the senior management with the operational staff but also enabled a sense of responsibility and team working amongst the staff members. The arguments of Kathy Ball - one of the employees of the organization who worked in the company for over forty years in the video justifies the aforementioned. The arguments on the team working and the contact with the management team that was emphasised by Kathy Ball are the critical elements that contribute to the motivation of the staff members. This is the critical element for a strategic growth in the organization as argued by Janice E Carrillo and Cheryl Gaimon (2004)iv. From the Cadbury case study video it is clear that the changes implemented in the organization for the purpose of increasing the revenue through the procedural approach to management and strict portfolios proposed by Mckinsey and Company were the major hurdles for the organization's growth. This is evident from the opinion of not only the ex-staff members but also by Adrian Cadbury the then managing director of the organization. Alongside it is also clear that the company's approach to increasing profits through cutting costs involved with the subsidies provided to the staff members is another critical area where the human resource or the workforce was de-motivated due to organization decision-making. Although the withdrawal of the subsidies are justifiable with the soaring costs in the market, the introduction of middle managers in the team as an approach to streamlining the operations in the organization

Poetry and Ozymandias Heart Essay Example for Free

Poetry and Ozymandias Heart Essay How life goes on: the analyzing of diction and imagery in â€Å" Ozymandias† The poem â€Å"Ozymandias† by Percy Bysshe Shelley is about a traveler telling the speaker about a statue in the desert. This statue is half sunk in the sand and the traveler explains that the â€Å"sneer of cold command† on the statue’s face shows that the sculptor understood the passions of the statue’s subject. This man sneered at the people who were not as powerful as him, but he fed his people because of something in his heart. The Traveler goes on and says that on the pedestal of the statue, it is written, â€Å"My name is Ozymandias’, king of kings: / Look on my works, ye Mighty, and despair!† But when you look all around the statue for the â€Å"works† there is nothing but sand and a bare desert. In this poem, Percy Bysshe Shelley creates the image of destroyed sculptures to show that nature destroys all and his choice of diction is quite interesting. The diction in this poem creates a strong sense of imagery. The notable diction is combined with alliteration to create even more powerful imagery, such as the â€Å"Sneer of col command†. Ozymandias’-â€Å"ozy† meaning air and â€Å"mandias† meaning King/God, is a sonnet, a fourteen lined poem metered in iambic pentameter. Percy Bysshe Shelley uses words such as, Trunk-less- torso is gone, visage- another name for face, and colossal- which is an allusion of the colossus of roads. He uses this choice of diction to interest the reader furthermore by being more descriptive and letting the readers imagination go wild. The poem Ozymandias has two voices. The first is the speaker, who tells the entire poem. The other is the traveler, who tells the main speaker about the poem. The speaker tells us the traveler is from an antique land,† which is a metaphor for the old age of his country. Antiques are valued mainly for their age and are almost always not modern. The traveler is described as well-traveled, knowledgeab le, and wise. The Traveler’s whole speech is about a statue that he once saw in the middle of a desert. He tells us that the â€Å"trunk† of the statue is gone; The head of the statue lies in the sand at the feet of the legs and the expression on the face is still visible. There is a lot of death in this poem. The figure represented in the statue is dead, along with the civilization to which it once belonged. The Traveler says that the lip is â€Å"wrinkled†, but he says this is not because of old age but it is the â€Å"sneer of cold command†. This leaves the reader with an impression that Ozymandias’ was a cold ruler and had no trouble giving orders. In this  octave though it is suggests that the stone is â€Å"lifeless†, but on it is some â€Å"passions†. The reader, most likely imagines that these passions are greed, conceit, and other passions that are appropriate to a harsh, power-loving ruler. These same passions are said by the traveler to â€Å"survive† the â€Å"hand that mocked them,† which would be the sculptor, and the â€Å"heart that fed† them, which is Ozymandias’.The poem is consistent to a single metaphor: the shattered, ruined statue in the desert wasteland, but another metaphor is â€Å"the heart that fed†. Ozymandias’ heart â€Å"fed† these passions. The heart seemed to be compared to a powerful figure and the passions seemed more like an animal the master throws some food to, but I think the sense is more that Ozymandias’ heart fed on the passions. When you look at it like this, Ozymandias’ heart becomes a killer and the passions his prey. It seems obvious then that the passions kept the heart alive and beating, the passions are sustenance to the heart. The passions don’t seem to be suggested to be bad, but Ozymandias’ feeding on these passions of greed and conceit resulted in evil, the same evil we see on the statue’s face. His image of the broken sculpture shows how things change over time and that human beings and materialistic values are seasonal and are bound to end. They are all prone to be affected by the laws of time.

Opposing the Death Penalty Essay -- Against Capital Punishment Essays

Opposing the Death Penalty Capital punishment is the infliction of the death penalty on a person convicted of a crime. Executing convicted felons has been one of the most widely practiced forms of criminal punishment in the United States. However, this highly controversial form of punishment is not carried out in all of the states in the nation. Currently, the states that do not practice the death penalty are: Alaska, Hawaii, Iowa, Kansas, Maine, Massachusetts, Michigan, Minnesota, New Jersey, North Dakota, Rhode Island, West Virginia and Wisconsin. Even for the states that do enforce the death penalty, it has been a topic of debate for many years. In this paper, I will review the major issues related to capital punishment with an emphasis on opposition to it. There are two groups who argue over the decision to take a person's life as a punishment for a crime. There are many points of discussion including whether or not it is a fitting and reasonable punishment, whether or not it acts as a deterrent to crime and whether or not it is morally neutral or morally wrong. These two classes of people can be grouped together as the 'retentionists', and the 'abolitionists' (Americana 596). For the retentionists, the main reasons they are in support of the death penalty are to take revenge and to punish. Their main worry is the protection of society from dangerous criminals. The retentionists have some good ideas, but they are still very wrong. The abolitionists view the death penalty as morally and legally wrong. Further, they argue that it does not act as a deterrent for crime, it is irreversible and could be used on an innocent person, it is more expensive than imprisonment, and that those who are con... ...iego: Greenhaven Press, Inc., 1997 ?Capital Punishment.? Encyclopedia Americana. 1990 ed. Draper, Thomas. Capital Punishment. New York: H.W. Wilson, 1985. Gibeaut, John. ?Death penalty a lively issue.? Aug 2002: 70-74. Criminal Justice Periodicals Proquest. Roesch Library, Dayton. 18 October 2002. Leone, Bruno. ?Does Capital Punishment Deter Crime San Diego: Greenhaven Press, Inc., 1998 McMillon, Rhonda. ?Seeking a fair penalty.? Sep 2002: 70-72. Criminal Justice Periodicals Proquest. Roesch Library, Dayton. 18 October 2002. Mitchell, Hayley. The Death Penalty. San Diego: Greenhaven Press, Inc., 2001 Nathanson, Stephen. An Eye For and Eye? Oxford: Rowman & Littlefield Publishers, Inc., 2001 Pohier, Jacques. ?The Death Penalty and Torture.? New York:Seabury Press, 1979

Guy de Maupassant’s “The Necklace”

This story is not only extremely ironic but it also has so much depth and symbolism involved. â€Å"The Necklace† begins by focusing on a woman that has no ability to accept her situation. She is overly materialistic to a point that is almost annoying. â€Å"She suffered constantly, feeling herself destined for all delicacies and luxuries†. At first she even seems like a spoiled women who is downright unrealistic. Guy De’ Maupassant is very clear in expressing how dissatisfied she is with her existing life, and how she believes that she is practically royalty yet unfortunately dealt the wrong hand. She was one of those pretty and charming women, born, as if by an error of destiny into a family of clerks and copyists†. At first, the opinion of her is casted in a negative light. However, it is not until reading the entire story that we realize that Mathilde Loisel is in fact just like any other woman today. By the end of the story we realize that not only the moral of her character increases but so does her strength. In the beginning of the story, Maupaussant focuses tremendously on painting a perfect picture of exactly how upset Mathilde is with her life. He also focuses on the fact that Mathilde is not content with her husband at all. The way she speaks to him comes off very distasteful and leaves a sour feeling. Yet, not until we analyze further do we realize that her husband is as just as weak a character as herself. When he brings home the invitation to the ball her reaction is heart wrenching; â€Å"She looked at him angrily and stated impatiently, what do you want me to wear to go there? † Here we see what’s important to her. Not the kind thought and invitation to the ball, but how she’s going to appear to the others there and what she’s going to wear. This, in my opinion is the first clue to how selfish this character truly initially is. Eventually we see the story unfold as we learn after her husband gives her all of his savings for a dress, she is still not satisfied and wants to borrow a diamond necklace to add to the outfit. Once at the ball, she’s able to finally even if only temporary, she is able to live in her fantasy world she’s imagined so much. She bathes in the high life while her husband falls asleep. Eventually we see him bring her back to her painful reality when he says its time to leave. But what we realize is even more painful is when Mathilde realizes the necklace is gone. Panic and chaos ensue, and her husband runs out in the middle of the night to retrace their steps. After searching all night, the necklace has vanished and Mathilde and her husband are left with no choice but to use everything they have to buy a replacement. Ironic that this necklace was of that much importance to her that she had to have it along with a dress she couldn’t even afford, and after she lived in her fantasy world for some time, she loses the necklace along with anything else they had. Because of her need for the necklace and insistence on the piece, they now have nothing. This is where we see Mathilde’s character begin to grow and gain so much strength as she is forced to become a tough woman and live the truly hard life. Now her original life doesn’t seem so bad. Then the story’s classic twist is revealed and we realize that the necklace was none other than costume jewelry and the Loisel’s pain was all in vain. Then this is where we begin to ask ourselves if it really all was done in vain in fact or if this adverse experience actually improved her character and was meant to happen for that purpose alone. And personally I believe this experience in fact totally improved her character for the good.

Biodegradation of Hydrocarbons from Crude Oil by Pseudomonas Putida

Biodegradation of Hydrocarbons from Crude Oil by Pseudomonas putida A Project done under the guidance of Dr. K. Bharathi Department of Biotechnology. Submitted to the faculty Of Department of Biotechnology National Institute Of Technology, Warangal (A. P) Submitted By Febin P. Nalpady, Anzal Rahman, Shruti Sharma, Sindhuja Nandiraju, Giraboina Kranthi Kumar NATIONAL INSTITUTE OF TECHNOLOGY WARANGAL (A. P) (DEEMED UNIVERSITY) 2010-2011 DEPARTMENT OF BIOTECHNOLOGY NATIONAL INSTITUTE OF TECHNOLOGY, WARANGAL (A. P) CERTIFICATE This is to certify that the project entitled â€Å"†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. † carried out by †¦.. , bearing roll no. †¦. ,, final year B. Tech, Biotechnology, during academic year 2010-2011, is a bonafide work submitted to the National Institute of Technology, Warangal in partial fulfillment of the requirements for the requirements for the award of the Degree of Bachelor of Technology. Guide : Dr. K Bharathi Dept. of Biotechnology NIT Warangal ACKNOWLEDGEMENT With great pleasure and deep sense of gratitude, we take this opportunity to express our sense of indebtedness to Dr. K Bharathi, our project guide for accepting us under her good self to carry out this project work, and providing us his invaluable guidance and constant encouragement at each and every step throughout the progress of this project. To be sincere it was an inextinguishable treasure of pleasure for us to work under her excellent guidance. I would also like to thank the faculty of our department,Dr. P Sreenivasa Rao, Mr. Onkara Perumal and Mr. K. Narasimhulu. They were a pillar of strength for us and encouraged us to do our best. Name Roll no Table of Contents 1. Abstract 2. Introduction 2. 1 Bioremediation 2. 2 The conventional techniques of remediation 2. 3 Advantages of Bioremediation 2. 4 Microbes that are useful for bioremediation 3. Review of literature 3. 1 Microbial degradation 3. 2 Biodegradation of petroleum hydrocarbons 3. 3 Factors affecting Degradation 3. 4 Mechanism of Petroleum Hydrocarbon Degradation 4. Brief outline of the project work 5. Materials and Methods 5. 1 Preparation Of Nutrient Broth 5. 2 Preparation of Nutrient Agar Slants from the Bacterial Strain 5. Preparation of SubCultures of Bacterial Strain 5. 4 Centrifugation of Crude Oil 5. 5 Subculturing Of Petri Plates with oil 5. 6 Biodegradation Studies 5. 7 Gravimetric Analysis 6. Results 6. 1 Growth Analysis of Pseudomonas Putida 6. 2 Gravimetric Analysis 7. Discussion 8. References 1. ABSTRACT Oil spills have become a serious problem with the ever-increasing re source exploitation, transportation, storage, and accidental leakage of oil. Several techniques, including physical, chemical, and biological methods, are used to recover spilled oil from the environment. Bioremediation is a promising option for remediation since it is effective and economic in removing oil with less undue environmental damages. However, it is a relatively slow process and the degree of success depends on a number of factors. These factors include the existence of a microbial population capable of degrading the pollutants, the availability of contaminants to the microbial population and the environment factors are type of soil, temperature, pH, the presence of oxygen and nutrients. This project aims to study the degradation extent of the pseudomonas putida on oil. The microbial strain used is procured from NCL pune. 2. Introduction In quantitative terms, crude oil is one of the most important organic pollutants in marine environment and it has been estimated that worldwide somewhere between 1. 7- 8. 8? 106 tons of petroleum hydrocarbons impact marine waters and estuaries annually. Reports have been appearing since last three decades on the biodegradability of crude oil by bacteria which can use hydrocarbons as source of carbon and energy. A way to mitigate the effects of oil spills is bioremediation. 2. 1 Bioremediation It is a process by which chemical substances are degraded by bacteria and other microorganisms. The use of these microorganisms has been successfully applied for the treatment of waste and wastewater in controlled systems. Several research studies have recently been performed to investigate the use of bioremediation for oil-spill cleanup in seawater, freshwater and terrestrial areas. The technique has been found to have a potential for broad applications in terrestrial and freshwater environments for treating soils and sediments contaminated with oil and other substances, as well as for coastal environments impacted by oil spills. Water is a more sensitive medium than soil and requires different remediation techniques. Spills to surface water are easier to clean up than spills to groundwater, for obvious reasons. It is not only much harder to see the extent of the contamination, but also to remove the source of the contamination as, for example, a leaking underground storage tank. 2. 2. The conventional techniques of remediation . The conventional techniques used for remediation have been to dig up contaminated soil and remove it to a landfill, or to cap and contain the contaminated areas of a site. The methods have some drawbacks. The first method simply moves the contamination elsewhere and may create significant risks in the excavation, handling, and transport of hazardous material. Additionally, it is very difficult and increasingly expensive to find new landfill sites for the final disposal of the material. A better approach than these traditional methods is to completely destroy the pollutants if possible, or at least to transform them to innocuous substances. Some technologies that have been used are high-temperature incineration and various types of chemical decomposition (e. g. , base-catalyzed dechlorination, UV oxidation). They can be very effective at reducing levels of a range of contaminants, but have several drawbacks, principally their technological complexity, the cost for small-scale application, and the lack of public acceptance, especially for incineration that may increase the exposure to contaminants for both the workers at the site and nearby residents. . 3 Advantages of Bioremediation Bioremediation is an option that offers the possibility to destroy or render harmless various contaminants using natural biological activity. As such, it uses relatively low-cost, low-technology techniques and can often be carried out on site. It will not always be suitable, however, as the range of contaminants on which it is effective is limited, the timescales involved are relatively long, and the residual contaminant levels achievable ma y not always be appropriate. Although the methodologies employed are not technically complex, considerable experience and expertise may be required to design and implement a successful bioremediation program, due to the need to thoroughly assess a site for suitability and to optimize conditions to achieve a satisfactory result. Because bioremediation seems to be a good alternative to conventional clean-up technologies research in this field, especially in the United States, rapidly increasing. Bioremediation has been used at a number of sites worldwide, including Europe, with varying degrees of success. Techniques are improving as greater knowledge and experience are gained, and there is no doubt that bioremediation has great potential for dealing with certain types of site contamination. Unfortunately, the principles, techniques, advantages, and disadvantages of bioremediation are not widely known or understood, especially among those who will have to deal directly with bioremediation proposals, such as site owners and regulators. 2. 4 Microbes that are useful for bioremediation The biodegradation of petroleum in the marine environment is carried out largely by diverse bacterial populations, including various Pseudomonas species. The hydrocarbon-biodegrading populations are widely distributed in the world’s oceans; surveys of marine bacteria indicate that hydrocarbon-degrading microorganisms are ubiquitously distributed in the marine environment. Generally, in pristine environments, the hydrocarbon-degrading bacteria comprise < 1% of the total bacterial population. These bacteria presumably utilize hydrocarbons that are naturally produced by plants, algae, and other living organisms. They also utilize other substrates, such as carbohydrates and proteins. When an nvironment is contaminated with petroleum, the proportion of hydrocarbon-degrading microorganisms increases rapidly. In particular, in marine environments contaminated with hydrocarbons, there is an increase in the proportion of bacterial populations with plasmids containing genes for hydrocarbon utilization. The proportion of hydrocarbon-degrading bacterial populations in hydrocarbon-contaminated marine environments often exceed 10% of the tot al bacterial population 3. Review of Literature 3. 1 Biodegradation of petroleum hydrocarbons Biodegradation of petroleum hydrocarbons is a complex process that depends on the nature and on the amount of the hydrocarbons present. Petroleum hydrocarbons can be divided into four classes: the saturates, the aromatics, the asphaltenes (phenols, fatty acids, ketones, esters, and porphyrins), and the resins (pyridines, quinolines, carbazoles, sulfoxides, and amides) [R. R. Colwell, J. D. Walker, and J. J. Cooney, â€Å"Ecological aspects of microbial degradation of petroleum in the marine environment,]. Di? erent factors in? uencing hydrocarbon degradation have been reported by Cooney et al. One of the important factors that limit biodegradation of oil pollutants in the environment is their limited availability to microorganisms. Petroleum hydrocarbon compounds bind to soil components, and they are difficult to be removed or degraded [S. Barathi and N. Vasudevan], â€Å"Utilization of petroleum hydrocarbons by Pseudomonas ? uorescens isolated from a petroleum-contaminated soil]. Hydrocarbons di? er in their susceptibility to microbial attack. The susceptibility of hydrocarbons to microbial degradation can be generally ranked as follows: linear alkanes > branched alkanes > small aromatics > cyclic alkanes [J. J. Perry, â€Å"Microbial metabolism of cyclic alkanes,† in Petroleum Microbiology]. Some compounds, such as the high molecular weight polycyclic aromatic hydrocarbons (PAHs), may not be degraded at all. 3. 2 Microbial degradation Microbial degradation is the major and ultimate natural mechanism by which one can cleanup the petroleum hydrocarbon pollutants from the environment [1-3] The recognition of biodegraded petroleum-derived aromatic hydrocarbons in marine sediments was reported by[ Jones et al]. They studied the extensive biodegradation o alkyl aromatics in marine sediments which occurred prior to detectable biodegradation of n-alkane pro? e of the crude oil and the microorganisms, namely, Arthrobacter, Burkholderia, Mycobacterium, Pseudomonas, Sphingomonas, and Rhodococcus were found to be involved for alkylaromatic degradation. Microbial degradation of petroleum hydrocarbons in a polluted tropical stream in Lagos, Nigeria was reported by Adebusoye et al. Nine bacterial s trains, namely, Pseudomonas ? uorescens, P. aeruginosa, Bacillus subtilis, Bacillus sp. , Alcaligenes sp. , Acinetobacter lwo? ,Flavobacteriumsp. , Micrococcus roseus, and Corynebacterium sp. were isolated from the polluted stream which could degrade crude oil. Hydrocarbons in the environment are biodegraded primarily by bacteria, yeast, and fungi. The reported e? ciency of biodegradation ranged from 6% to 82% for soil fungi, 0. 13% to 50% for soil bacteria, and 0. 003% to 100% [6] for marine bacteria. Many scientists reported that mixed populations with overall broad enzymatic capacities are required to degrade complex mixtures of hydrocarbons such as crude oil in soil, fresh water, and marine environments [8]. Bacteria are the most active agents in petroleum degradation, and they work as primary degraders of spilled oil in environment [7]. Several bacteria are even known to feed exclusively on hydrocarbons [9]. Floodgate [36] listed 25 genera of hydrocarbon degrading bacteria and 25 genera of hydrocarbon degrading fungi which were isolated from marine environment. A similar compilation by Bartha and Bossert [6] included 22 genera of bacteria and 31 genera of fungi. In earlier days, the extent to which bacteria, yeast, and ? lamentous fungi participate in the biodegradation of petroleum hydrocarbons was the subject of limited study, but appeared to be a function of the ecosystem and local environmental conditions [7]. Crude petroleum oil from petroleum contaminated soil from North East India was reported by Das and Mukherjee . Acinetobacter sp. Was found to be capable of utilizing n-alkanes of chain length C10–C40 as a sole source of carbon [6]. Bacterial genera, namely, Gordonia, Brevibacterium, Aeromicrobium, Dietzia, Burkholderia, and Mycobacterium isolated from petroleum contaminated soil proved to be the potential organisms for hydrocarbon degradation [9]. The degradation of poly- aromatic hydrocarbons by Sphingomonas was reported by Daugulis and McCracken . Fungal genera, namely, Amorphoteca, Neosartorya, Talaromyces, and Graphium and yeast genera, namely, Candida, Yarrowia, and Pichia were isolated from petroleum contaminated soil and proved to be the potential organisms for hydrocarbon degradation [ Singh et al. ] also reported a group of terrestrial fungi, namely, Aspergillus, Cephalosporium, and Pencillium which were also found to be the potential degrader of crude oil hydrocarbons. The yeast species, namely, Candida lipolytica, Rhodotorula mucilaginosa, Geotrichum sp, and Trichosporon mucoides isolated from contaminated water were noted to degrade petroleum compounds [5]. Though algae and protozoa are the important members of the microbial community in both aquatic and terrestrial ecosystems, reports are scanty regarding their involvement in hydrocarbon biodegradation. [Walker et al. ] isolated an alga, Prototheca zop? which was capable of utilizing crudeoil and a mixed hydrocarbon substrate and exhibited extensive degradation of n-alkanes and isoalkanes as well a aromatic hydrocarbons. Cerniglia et al. observed tha nine cyanobacteria, ? ve green algae, one red alga, one brown alga, and two diatoms could oxidize naphthalene. Protozoa by contrast, had not been shown to utilize hydrocarbons. 3. 3 Factors affecting Degradation A number of limiting factors have been recognized to a? ect the biodegradation of petroleum hydrocarbons, many of which have been discussed by Brusseau. The composition and inherent biodegradability of the petroleum hydrocarbon pollutant is the ? rst and foremost important consideration when the suitability of a remediation approach is to be assessed. Among physical factors, temperature plays an important role in biodegradation of hydrocarbons by directly a? ecting the chemistry of the pollutants as well as a? cting the physiology and diversity of the microbial ? ora. Atlas [4] found that at low temperatures, the viscosity of the oil increased, while the volatility of the toxic low molecular weight hydrocarbons were reduced, delaying the onset of biodegradation. Temperature also a? ects the solubility of hydrocarbons [8]. Although hydrocarbon biodegradation can occur over a wide range of temperatures, the rate of biodegradation generally decreases with the decreasing temperature. shows that highest degradation rates that generally occur in the range 30–40? C in soil environments, 20–30? Cin some freshwater environments and 15–20? C in marine environments . Venosa and Zhu [11] reported thatambient temperature of the environment a? ected both the properties of spilled oil and the activity of the microorganisms. Signi? cant biodegradation of hydrocarbons have been reported in psychrophilic environments in temperate regions. Nutrients are very important ingredients for successful biodegradation of hydrocarbon pollutants especially nitrogen, phosphorus, and in some cases iron [8]. Some of these nutrients could become limiting factor thus a? ecting the biodegradation processes. Atlas [11] reported that when a major oil spill occurred in marine and freshwater environments, the supply of carbon was signi? cantly increased and the availability of nitrogen and phosphorus generally became the limiting factor for oil degradation. In marine environments, it was found to be more pronounced due to low levels of nitrogen and phosphorous in seawater [10]. Freshwater wetlands are typically considered to be nutrient de? cient due to heavy demands of nutrients by the plants. Therefore, additions of nutrients were necessary to enhance the biodegradation of oil pollutant. On the other hand, excessive nutrient concentrations can also inhibit the biodegradation activity [11]. Several authors have reported the negative e? ects of high NPK levels on the biodegradation of hydrocarbons especially on aromatics [10]. The e? ectiveness of fertilizers for the crude oil bioremediation in subarctic intertidal sediments was studied by Pelletier et al. . Use of poultry manure as organic fertilizer in contaminated soil was also reported , and biodegradation was found to be enhanced in the presence of poultry manure alone. Maki et al. eported that photo-oxidation increased the biodegradability of petroleum hydrocarbon by increasing its bioavailability and thus enhancing microbial activities. 3. 4 Mechanism of Petroleum Hydrocarbon Degradation The most rapid and complete degradation of the majority of organic pollutants is brought about under aerobic conditions. Figure 2 shows the main principle of aerobic degradation of hydrocarbons [11]. The initial intracellular at tack of organic pollutants is an oxidative process and the activation as well as incorporation of oxygen is the enzymatic key reaction catalyzed by oxygenases and peroxidases. Peripheral degradation pathways convert organic pollutants step by step into intermediates of the central intermediary metabolism, for example, the tricarboxylic acid cycle. Biosynthesis of cell biomass occurs from the central precursor metabolites, for example, acetyl-CoA, succinate, pyruvate. Sugars required for various biosyntheses and growth are synthesized by gluconeogenesis. The degradation of petroleum hydrocarbons can be mediated by speci? c enzyme system. Figure 3 shows the initial attack on xenobiotics by oxygenases. Other mechanisms involved are (1) attachment of microbial cells to the substrates and (2) production of biosurfactants [12]. The uptake mechanism linked to the attachment of cell to oil droplet is still unknown but production of biosurfactants has been well studied. 4. Brief outline of the project work: 1. Procurement of oil Samples. 2. Procurement of Pseudomonas putida strain. 3. Sub-culturing the microbe in nutrient rich media for checking viability.. 4. Culturing microbes on a mineral salt media containing only crude oil as a carbon source. 5. Biodegradation studies. 6. Gravimetric analysis 5. Materials and Methods Soil Samples – Samples(500g) contaminated with oil used for hydrocarbons utilizing microorganisms, were collected from Nhava Sheva port in Mumbai(where a recent oil spill has took place). Crude Oil – Crude Oil is procured from an Oil production site of ONGC. Bacterial Strain – Pseudomonas Putida PS-I strain procured from NCL Pune. 5. 1 Preparation Of Nutrient Broth For preparation of nutrient agar, malt extract, yeast extract, Potassium dihydrogen phosphate and dextrose is required. Malt extract and yeast extract is generally used as a nutritious agent. Potassium dihydrogen phosphate i. . KH2PO4 is used as a buffering agent to maintain the pH. Dextrose is generally used as a carbon source because dextrose inhibits the growth of other micro-organisms. AUTOCLAVE is a device to sterilize equipment and supplies by subjecting them to high pressure steam at 121 ° C or more. Machines in this category largely operate by utilizing pressurized steam and superheated water. To sterilize culture media, rubber material, gowns, dressing, gloves etc. are used. It is particularly useful for materials which cannot withstand the higher temperature of hot air oven. CHEMICALS REQUIRED:- For 1000ml, Malt extract — 10 gm Beef Extract — 4 gm K2HPO4 — 1 gm Magnesium sulphate — 1 gm Sodium Chloride — 0. 5 gm pH — 7. 0 Agar — 15% PROCEDURE:- For preparation of 100ml of nutrient broth, around 100ml of double distilled water was taken in a conical flask. Malt extract, yeast extract, KH2PO4 and dextrose was weighed as per the composition mentioned above and added to the conical flask. The conical flasks are to be shaken so well so that all the chemicals should dissolve. pH was checked using pH meter and adjusted to 7. 0 using NaOH and HCl. The volume was made to 100ml by adding double distilled water. The above solution i. e. nutrient agar along with the Petri-plates was autoclaved at 15 psi and 15 minutes. Now the solution was allowed to cool down to ready to pour condition. PRECAUTIONS:- The autoclave should be done at 15 psi and 15 min. The pH should be maintained at 7. 0. 5. 2 Preparation of Nutrient Agar Slants from the Bacterial Strain For the preparation of Slants, Flame the inoculating loop to redness by holding it pointed down into the flame, starting near the handle and then moving the loop into the flame. This technique sterilizes the loop and, if wet with a culture, heats up the loop without spattering bacteria into the air and onto the surrounding area. Let the loop cool a minute. A hot loop will damage the bacteria cells. Using the fingers of the â€Å"loop hand† remove the cap from the stock culture tube and flame the tube mouth. Do not set the tube top down on the table. Insert the cooled sterilized loop into the culture tube being careful to not touch the sides of the tube. Touch the loop to the culture. You need not scrape a visible amount from the culture. Hold the tube as horizontal as possible to preclude particles from the air settling into the tube But do watch out for any condensate in the bottom of slant cultures. Don't let this fluid wash across the face of the culture. Remove the loop being careful again to not touch the tube sides. Flame the tube mouth and replace the cap. Remove the cap of the broth tube. Flame the top. Remember to hold the top in your fingers. Insert the loop into the Slant tube filled with agar and shake to remove the bacteria. Withdraw the loop, flame the tube mouth and replace the cap. Resterilize the inoculating loop and place it on the table. Never place a contaminated loop on the table. If there is any liquid in the bottom of the slant tube avoid sticking the loop into this condensate. 5. 3 Preparation of SubCultures of Bacterial Strain The Nutrient Broth Cultures are inoculated with the bacterial strain from the nutrient agar slant as detailed below. PROCEDURE Light your Bunsen burner. In one hand hold both the Nutrient Broth culture to be inoculated and the nutrient slant agar. Loosen the tube caps. In your other hand hold the inoculating loop. Flame the inoculating loop to redness by holding it pointed down into the flame, starting near the handle and then moving the loop into the flame. This technique sterilizes the loop and, if wet with a culture, heats up the loop without spattering bacteria into the air and onto the surrounding area. Let the loop cool a minute. A hot loop will damage the bacteria cells. Using the fingers of the â€Å"loop hand† remove the cap from the stock culture tube and flame the tube mouth. Do not set the tube top down on the table. Insert the cooled sterilized loop into the slant tube being careful to not touch the sides of the tube. Touch the loop to the culture. You need not scrape a visible amount from the culture. Hold the tube as horizontal as possible to preclude particles from the air settling into the tube But do watch out for any condensate in the bottom of slant cultures. Don't let this fluid wash across the face of the culture. Remove the loop being careful again to not touch the tube sides. Flame the tube mouth and replace the cap. Remove the cap of the broth tube. Flame the top. Remember to hold the top in your fingers. Insert the loop into the broth and shake to remove the bacteria. Gently shake the broth culture. This inoculated broth culture is incubated at room temperature for 72 hours and the bacteria is allowed to grow in the broth medium. 5. 4 Centrifugation of Crude Oil Centrifugation is a process that involves the use of the centrifugal force for the separation of mixtures with a centrifuge, used in industry and in laboratory settings. More-dense components of the mixture migrate away from the axis of the centrifuge, while less-dense components of the mixture migrate towards the axis. The precipitate (pellet) gathers on the bottom of the tube. The remaining solution is properly called the â€Å"supernate† or â€Å"supernatant liquid† The Crude Oil is Centrufuged at a speed of 5000 rpm for a period of ten minutes. The Contaminants in the oil are collected at the bottom of the tube in the form of pellets. These pellets can be removed by filtration using a filter paper. Now the concentrates oil which is free from impurities is collected in a flask and gently shaken. Spectophotometric Analysis Optical density, measured in a spectrophotometer, can be used as a measure of the concentration of bacteria in a suspension. As visible light passes through a cell suspension the light is scattered. Greater scatter indicates that more bacteria or other material is present. The amount of light scatter can be measured in a spectrophotometer. Typically, when working with a particular type of cell, you would determine the optical density at a particular wavelength that correlates with the different phases of bacterial growth. Generally we will want to use cells that are in their mid-log phase of growth. Typically the OD600 is measured. 5. 5 Subculturing Of Petri Plates with oil % of crude oil is mixed with 100 ml of Nutrient broth medium. The 1. 5g of agar is added to the medium and Nutrient Agar(with 1% crude oil) is prepared. Now take 6 Petri dishes. Open one of the dishes. Take the nutrient agar to be added and Swab the agar, barely pressing, side to side on the entire surface. The dish is closed immediately after swabbing to prevent contamination. The dish is sealed with tape around the edges to prevent co ntamination. Repeat the same procedure for the other dishes. Put the dishes in an incubator for 4 days to allow some growth. 5. 6 Biodegradation Studies Laboratory Biodegradation studies were carried out under optimized conditions for assessing the biodegradation potential of the pseudomonas putida PS-I Strain. After the desired interval of time, the petriplates were taken out and the bacterial activities were stopped by adding 1% N HCl. For the extraction of crude oil from these plates, 50ml of culture broth was mixed with 50 ml of acetone : petroleum ether (1:1) in a single separating funnel and shaken vigorously to get a single emulsified layer and acetone was added then to it and shaken gently to break the emulsification which resulted in three layers. Top layer was a mixture of Petroleum ether crude oil and acetone. Clumping cells aere formed in the middle layer and the bottom layer contains acetone, water and biosurfactant in soluble form. The lower two layers were separated out while the top layer containing petroleum ether mixed with crude oil and acetone is taken out in a fresh beaker. The extracted oil is passed through anhydrous sodium sulphate in order to remove the moisture. The petroleum ether and acetone were evaporated on a water bath leaving us with the dry oil clump. 5. 7 Gravimetric Analysis Gravimetric analysis describes a set of methods in analytical chemistry for the quantitative determination of an analyte based on the mass of a solid. the analyte must first be converted to a solid by precipitation with an appropriate reagent. The precipitate can then be collected by filtration, washed, dried to remove traces of moisture from the solution, and weighed. The amount of analyte in the original sample can then be calculated from the mass of the precipitate and its chemical composition. Gravimetric analysis is performed on the dry oil clump collected after the water bath. It is done by weighing the quantity of residual oil left after biodegradation in a tared vial. The mass of this crucible is subtracted from the initial mass of the 1% of oil that is added in the petridishes giving the amount of oil that is degraded due to the biological avtivity of the pseudomonas putida strain. 6. Results 6. 1 Growth Analysis of Pseudomonas Putida: The culture which was obtained in test tube slants was further sub cultured in conical flasks in a LB medium and the growth analysis was done to check the viability of the culture obtained. The growth kinetics plot was obtained by measuring the O. D. y using a visible spectrophotometer and recording the reading at regular intervals. The Graph was then plotted. 6. 2 Gravimetric Analysis: Biodegradation studies were conducted for 15 days and gravimetric analysis was done after every five days. The biodegradation effect was seen from the 5th day onwards. Laboratory biodegradation studies on crude oil by Pseudomonas putida No . Of Days| Initial Concn| Final Concn| Difference| Degradation (%)| 5 days| 1. 431  ± . 57| 1. 325  ± . 46| 0. 106  ± . 11| 7. 4| 10 days| 1. 453  ± . 71| 1. 198  ± . 38| 0. 255  ± . 34| 17. 54| 15 days| 1. 398  ± . 68| 0. 936  ± . 31| 0. 62  ± . 28| 33. 04 | 7. Discussion It can be seen that the degradation percentage of oil has increased from mere 7. 41 in the first 5 days to a good 33. 04 percentage towards the 15th day, from this it is clearly understood that pseudomonas putida is an ideal organism for bioremediation programmes. Moreover this rate of degradation has been obtained under normal conditions without any aid from surfactants or fertilizers. Hence there is scope for achieving much greater rates by using the above mentioned methods of fertilizing or adding surfactants. 8. BIBLIOGRAPHY (1). U. S. Enviromental Protection Agency (1990). Interim Report, Oil Spill Bioremediation Project. U. S. Environmental Protection Agency, Office of Research and Development, Washington (2). T. Cairney. Contaminated Land, p. 4, Blackie, London (1993). (3). R. B. King, G. M. Long, J. K. Sheldon. Practical Environmental Bioremediation: The Field Guide, 2nd ed. , Lewis, Boca Raton, FL (1997). (4). Atlas, Ronald M. (1995). Petroleum Biodegradation and Oil Spill Bioremediation. Marine Pollution Bulletin 31, 178-182 (5) Hoff, Rebecca Z. (1993). Bioremediation: an overview of its development and use for oil spill cleanup. Marine Pollution Bulletin 29, 476-481. 6). Irwin, Patricia (1996). To clean up environmental spill, know your medium. Electrical World 37-40. (7). Swannell, Richard P. J. ; Lee, Kenneth; McDonagh, Madeleine (1996). Field Evaluations of Marine Oil Spill Bioremediation. Microbiological Reviews 60, 342-365 (8). Radwan, S. S. ; Sorkhoh, N. A. ; El-Nemr, I. M. ; El-Desouky, A. F. (1997). A feasibility study on seeding as a bio remediation practice for the oily Kuwaiti desert. Journal of Applied Microbiology 83, 353-358. (9). P. E. Flathman, D. Jerger, J. E. Exner. Bioremediation: Field Experience, Lewis, Boca Raton, FL (1993). 10). J. G. Mueller, C. E. Cerniglia, P. H. Pritchard. Bioremediation of Environments Contaminated by Polycyclic Aromatic Hydrocarbons. In Bioremediation: Principles and Applications, pp. 125–194, Cambridge University Press, Cambridge (1996). (11). P. J. S. Colberg and L. Y. Young. Anaerobic Degradation of Nonhalogenated Homocyclic Aromatic Compounds Coupled with Nitrate, Iron, or Sulfate Reduction. In Microbial Transformation and Degradation of Toxic Organic Chemicals, pp. 307–330, Wiley-Liss, New York (1995). (12). A. S. Allard and A. H. Neilson. Oil Eating Microbes 39, 253–285 (1997).

Battle of Grunwald (Tannenberg) 1410

Battle of Grunwald (Tannenberg) 1410 After nearly two centuries of crusading on the southern shore of the Baltic Sea, the Teutonic Knights had carved out a sizable state. Among their conquests was the key region of Samogitia which linked the Order with their branch to the north in Livonia. In 1409, a rebellion began in the region which was backed by the Grand Duchy of Lithuania. In response to this support, the Teutonic Grand Master Ulrich von Jungingen threatened to invade. This statement induced the Kingdom of Poland to join with Lithuania in opposing the Knights. On August 6, 1409, Jungingen declared war on both states and fighting began. After two months of fighting, a truce extending to June 24, 1410, was brokered and both sides withdrew to strengthen their forces. While the Knights sought foreign aid, King Wladislaw II Jagiello of Poland and Grand Duke Vytautus of Lithuania agreed upon a mutual strategy for the resumption of hostilities. Rather than invade separately as the Knights anticipated, they planned to unite their armies for a drive on the Knights capital at Marienburg (Malbork). They were aided in this plan when Vytautus made peace with Livonian Order. Moving to Battle Uniting at Czerwinsk in June 1410, the combined Polish-Lithuanian army moved north towards the border. To keep the Knights off balance, small attacks and raids were conducted away from the main line of advance. On July 9, the combined army crossed the border. Learning of the enemys approach, Jungingen raced east from Schwetz with his army and established a fortified line behind the Drewenz River. Reaching the Knights position, Jagiello called a council of war and elected to move east rather than make an attempt on the Knights lines. Marching towards Soldau, the combined army then attacked and burned Gligenburg. The Knights paralleled Jagiello and Vytautus advance, crossing the Drewenz near Là ¶bau and arriving between the villages of Grunwald, Tannenberg (StÄ™bark), and Ludwigsdorf. In this area on the morning of July 15, they encountered the forces of the combined army. Deploying on a northeast–southwest axis, Jagiello and Vytautus formed with the Polish heavy cavalry on the left, infantry in the center, and Lithuanian light cavalry on the right. Wishing to fight a defensive battle, Jungingen formed opposite and awaited attack. The Battle of Grunwald As the day progressed, the Polish-Lithuanian army stayed in place and made no indication that they intended to attack. Increasingly impatient, Jungingen dispatched messengers to chide the allied leaders and provoke them to action. Arriving in Jagiellos camp, they presented the two leaders with swords to aid them in the battle. Angered and insulted, Jagiello and Vytautus moved to open the battle. Pushing forward on the right, the Lithuanian cavalry, supported by Russian and Tartar auxiliaries, began an attack on the Teutonic forces. Though initially successful, they were soon pushed back by the Knights heavy cavalry. The retreat soon became a rout with the Lithuanians fleeing the field. This may have been the result of a misinterpreted false retreat conducted by the Tartars. A favored tactic, the sight of them intentionally retreating may have led to panic among the other ranks. Regardless, the Teutonic heavy cavalry broke formation and began a pursuit. As the battle flowed on the right, the remaining Polish-Lithuanian forces engaged the Teutonic Knights. Focusing their assault on the Polish right, the Knights began to gain the upper hand and forced Jagiello to commit his reserves to the fight. As the battle raged, Jagiellos headquarters was attacked and he was nearly killed. The battle began to turn in Jagiello and Vytautus favor when the Lithuanian troops that had fled rallied and began to return to the field. Striking the Knights in the flank and rear, they began to drive them back. In the course of the fighting, Jungingen was killed. Retreating, some of the Knights attempted a final defense at their camp near Grunwald. Despite using wagons as barricades, they were soon overrun and either killed or forced to surrender. Defeated, the surviving Knights fled the field. Aftermath In the fighting at Grunwald, the Teutonic Knights lost around 8,000 killed and 14,000 captured. Among the dead were many of the Orders key leaders. Polish-Lithuanian losses are estimated at around 4,000-5,000 killed and 8,000 wounded. The defeat at Grunwald effectively destroyed the Teutonic Knights field army and they were unable to oppose the enemys advance on Marienburg. While several of the Orders castles surrendered without a fight, others remained defiant. Reaching Marienburg, Jagiello and Vytautus laid siege on July 26. Lacking the necessary siege equipment and supplies, the Poles and Lithuanians were forced to break off the siege that September. Receiving foreign aid, the Knights were able to quickly recover most of their lost territory and fortresses. Defeated again that October at the Battle of Koronowo, they entered peace negotiations. These produced the Peace of Thorn in which they renounced claims to Dobrin Land and, temporarily, to Samogitia. In addition, they were saddled with a massive financial indemnity which crippled the Order. The defeat at Grunwald left a long-lasting humiliation that remained part of the Prussian identity until the German victory on the nearby ground at the Battle of Tannenberg in 1914. Selected Sources Teutonic Knights: Battle of GrunwaldBattle of Grunwald 1410

Holidays of Spanish-Speaking Countries

Holidays of Spanish-Speaking Countries If youre traveling to a Spanish-speaking area, one thing to consider is the countrys fiestas, holidays and other celebrations. On the positive side, you may get an opportunity for an upclose look at the countrys culture and a chance to participate in activities youll see nowhere else; on the other hand, with some of the more important holidays, businesses may be closed, public transportation may crowded and hotel rooms may be difficult to reserve. Spring Holidays Because of the Roman Catholic heritage, in nearly all the Spanish-speaking world la Semana Santa, or Holy Week, the week before Easter, is among the most widely celebrated of holidays. Specific days observed include el Domingo de Ramos, or Palm Sunday, a celebration of Jesus triumphal entry into Jerusalem before his death; el Jueves Santo, which commemorates la Última Cena de Jesà ºs (the Last Supper); el Viernes Santo, or Good Friday, marking the day of Jesus death; and the weeks climax, el Domingo de Pascua or la Pascua de Resurreccià ³n, or Easter, a celebration of Jesus Resurrection. The dates of la Semana Santa vary from year to year. Winter Holidays La Navidad, or Christmas, is also universally celebrated on December 25. Related days include la Nochebuena (Christmas Eve, December 24), el dà ­a de san Esteban (St. Stephens Day, honoring the man traditionally believed to be the first Christian martyr, on December 26), el dà ­a de san Juan Evangelista (St. Johns Day, on December 27), el dà ­a de los Santos Inocentes (Day of the Innocents, honoring the babies who, according to the Bible, were ordered slaughtered by King Herod, December 28) and el dà ­a de la Sagrada Familia (the Day of the Holy Family, observed the Sunday after Christmas), culminating in la Epifanà ­a (January 6, Epiphany, the 12th day of Christmas, marking the day los magos or Wise Men arrived to see the infant Jesus). In the middle of all this is el Aà ±o Nuevo, or New Years, which typically is celebrated beginning on el Nocheviejo, or New Years Eve. Independence Holidays Most Latin American countries also celebrate an Independence Day to mark the day of separation from Spain or, in a few cases, some other country. Among the dà ­as de la independencia are February 12 (Chile), Feb. 27 (Dominican Republic), May 24 (Ecuador), July 5 (Venezuela), July 9 (Argentina), July 20 (Colombia), July 28 (Peru), August 6 (Bolivia), August 10 (Ecuador), August 25 (Uruguay), September 15 (Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua), September 16 (Mexico) and November 28 (Panama). Spain, meanwhile, celebrates its Dà ­a de la Constitucià ³n (Constitution Day) on December 6. Other Days of Celebration: Dà ­a del Trabajo or Dà ­a del Trabajador - May Day or Labor Day is widely observed on May 1.Fiesta Nacional de Espaà ±a - This day, observed on October 12, marks the arrival of Christopher Columbus in the Americas. It also goes by other names, including la Fiesta de la Hispanidad. In Latin America, it is often known as el Dà ­a de la Raza.Cinco de Mayo - This Mexican celebration marking a victory in the Battle of Puebla has been exported to the United States, where it is more widely observed than in Mexico.Dà ­a de la Asuncià ³n - A day commemorating the Assumption of Mary is observed in some countries on August 15.Dà ­a de la Revolucià ³n - Mexico celebrates the start of the Mexican Revolution on the third Monday of November.Dà ­a de Todos Santos - All Saints Day is widely observed on November 1.

Sustainable marketing plan for Emirates Airline Essay

Sustainable marketing plan for Emirates Airline - Essay Example Emirates Airlines ensures that passengers have the best experience possible while flying, no matter in which class a passenger is flying. Currently, Emirates Airlines has 1,000 flights leaving Dubai every week to six continents and nearly 40% of airline traffic in the Dubai International Airport consists of flights by Emirates Airlines out of Terminal 3. It is also the largest world-wide operator of the Airbus A380. In continuing its growth in the global airline market, a new Airbus Hub will be opening soon to accommodate Emirates’ large fleet of Airbus planes. The Hub will contain shopping and dining areas, first class and business class lounges that lead right on to the planes, and a first-class hotel with both four-star and five-star rooms for overnight accommodations (Emirates Global, 2012). Fig. 1(Emirates Airbus Hub, 2012) In September 2012, Qantas of Australia signed an agreement with Emirates for joint use of the new hub in Dubai, thus opening up new markets for both c ompanies. As part of the agreement, Qantas now moves its current Airbus hub from Singapore to Dubai, providing world-class seamless traveling to all parts of the globe and include it frequent flyer benefits program. This also means far more traffic through the Dubai Hub, providing customers for its shops, restaurants and its world-class hotel, a huge bonus for travellers making very long journeys who would prefer to stay overnight at the hotel instead of just getting onto another plane. While neither airlines has equity in the other, there will be a sharing of benefits such as the network collaboration of coordinated scheduling of flights, ticket sales and a seamless transition from one airline to another for those travellers who need it ( Dubai Hub, 2012). Currently, the Airbus 380 planes are used by seven global airlines: Qantas, Emirates, Singapore Airlines, Air France, Lufthansa, Korean Airlines and China Southern (Waugh, 2012). The marketing plan goal: to align Qantas and Emira tes as major brands names in the Airbus airline industry; to create a buzz as offering the best benefits by flying with either airline; and to induce other Airbus 380 airlines to join in partnership with the Emirates Hub (3Bs). This also benefits passengers who receive special high-value benefits by flying through the Hub; promotes international flying on Airbus airplanes as the most valued way to go; and finally, brings in more profits through customer acquisition, Airbus acquisition to the Hub, and sustainable income with profits seen within the first two years of the program (3BL). Marketing Mix = 2000 Hub Customer Plan The marketing mix for customers in this plan consists of all first class and business class passengers who use the Airbus fleets of the two airlines currently signed to the new Emirates Hub. As part of the acquisition, retention and add-on selling process (ARA), the intention is for first-time Airbus Hub flyers to receive exceptional bonuses when flying through th e Dubai Hub for the first time. This first stage will include a free night at the hotel, based on the flying status of the customer, whether first class or business class. This is a major bonus because people will love the hotel once they have experienced its fine services and

E Essay Example | Topics and Well Written Essays - 1500 words

E - Essay Example What this means is that State A has the right to withhold State B’s ship and that â€Å"arrested vessels and their crews shall be promptly released upon the posting of reasonable bond or other security† (Part V). Therefore, State A believes that it has the right to keep the ship until State B comes up with $80,000,000 in reparations. This Convention also states that State A would have the right to pursue any legal avenues that it deems necessary in order to maintain its own sovereignty, which is threatened by another country taking resources from its sea. State B, on the other hand, disputes the fact that $80,000,000 is a reasonable amount of money to pay for this offence. Despite the fact that State B knew full well that it was breaking the law, since this is a clear violation of the Convention, State B also does not believe that the offence is severe enough to warrant the penalty that has been imposed. State A is now taking the case to the International Tribunal for t he Law of the Sea in order to have a verdict rendered. As both state should know, a state’s Exclusive Economic Zone usually expands a distance of 200 nautical miles from the state’s coast. While there are exceptions, such as when a two EEZs overlap, there is no reason to believe that this is the case in this particular situation. If an overlap had occurred, it would be up to the states to come to a solution before this happened, with the state that is closest to where the dispute took place usually having control over the region. The EEZ includes all marine life that is found within the zone, so any fish that State B caught were, in fact, the property of State A. Also, any samples that were taken from the subsoil in this dispute are also the property of State A. Because of this, State A was well within its rights to arrest the crew and impound the vessel. Despite this, the crew and vessel must be released promptly once an agreement on the financial security is reached.

Mentoring and Clinical Supervision in Nursing Practice Essay

Mentoring and Clinical Supervision in Nursing Practice - Essay Example The apparent gap between the scholarship, academy, knowledge, and learning can actually only be bridged by a constant supervision while rendering clinical activity and care by the mentors of the mentees Although there is a growing concern regarding the frustration related to today's nursing environment, an attitude change is enough to beget drastic changes in the status of healthcare nursing. This is the time of rapid and phenomenal changes in the pattern of healthcare delivery mainly due to advancement in technology and progressive development of the cult of increasing application of research to accomplish evidence-based care (Mills, J.E., Francis, K.L., and Bonner, A., 2005). Despite the problem apparently is crucial, the solution to issues in the nursing work environment and nursing practice parallels it since the nurses have the opportunity to use the power that already exists in the role of bedside nurses, and that role is that of mentoring that involves clinical supervision in implementing practice. Through mentoring, the nurses can continue to create common bond, feelings of acceptance, and a sense of loyalty within the profession (Browne-Ferrigno, T. and Muth, R., 2004). Mentoring and clinical supervision are critical in nursing. ... Despite the current hectic environment, nurses must make the time to mentor and supervise juniors (Yegdich, T., 2000). Taking the example of critical care nursing that involves sound knowledge of instruments, gadgets, medicines, and the physiology of life, one can easily assume that experienced critical care nurses have a knowledge base of vast clinical expertise, and in that clinical area, nothing happens outside evidence-based practice, and therefore, management of care of the patients is not possible without the wisdom and expertise acquired over time (Jenkins, E., Rafferty, M., and Parke, S., 2000). Impact on Knowledge: Nurses who are blessed with both knowledge and expertise mainly due to extended clinical experience would naturally be called for these leadership roles including mentoring and clinical supervision in professional development of junior nurses. They are in a position to offer continuing education, to provide opportunity for growth, to encourage certification among the mentees and the supervised, and ultimately in this way, to facilitate the opportunity for the new nurse to network with others in her area (Rafferty, M.A., 2000). The nurses do have the power and capability to make a difference, thus, not only in the lives of the patients and their families cared for but also to imbibe energy and interest in the practice environment with continued mentoring and clinical supervision of one nurse at a time. It demands a belief and love for the job and confidence that changes can be brought about in the environment of work involving the care of the patients by a process of progressive and d evelopmental nurturing of those who will

Institutional Holdings and Corporate Governance

Institutional Holdings and Corporate Governance CHAPTER IV As noted earlier, the need for corporate governance arises from the potential conflicts of interest among participants (stakeholders) in corporate structure. These are often referred as agency problems arise from two main sources. First, different participants have different goals and preferences. Second, the participants have imperfect information as to each others actions, knowledge and preferences. Berle and Means (1932) addressed these conflicts by examining the separation of ownership and control. They noted that this separation, in the absence of other corporate governance mechanisms, provide executives with the ability to act in their own self-interest rather than in the interest of shareholders. However, executives activities are potentially constrained by numerous factors that constitute and influence the governance of the corporations that they manage. These factors can be thought of as either internal control mechanisms (such as the board) or external control mechanisms (s uch as the market for corporate control). An increasingly important external control mechanism affecting governance worldwide is the emergence of institutional investors as equity owners. Although institutional investors are the predominant players in some countries financial markets and are therefore important in corporate governance, yet the ownership  structures and other governance characteristics differ across markets. These differences are attributable in part to legal and regulatory systems and in part to the manner in which the markets have evolved. These characteristics will continue to vary across countries, leading to differences in the role and influences of institutional investors in corporate governance. Previous researchers have shown that because of the costs involved, only large shareholders have the incentive to provide extensive monitoring of management. Whether institutions as large shareholders should, or will, provide such monitoring depends in part on the constraints to which they are subjected, their objectives, and their preferences for liquidity. Keeping the above into consideration, it is pertinent to examine the intricacies of institutional holdings in the governance matters of Indian corporates. Many a time, institutional holdings pre-empts good corporate governance still at other times, good corporate governance endues institutional investment in the firm. The ongoing debate as to the institutional holdings and the corporate governance is very live or interactive in the academics these days too. The results of earlier studies are inconclusive as to the deterministic value of the one or the other. In the present study, Corporate Governance Score index has been developed on the basis of key characteristics of Standard and Poors Transparency and Disclosure Benchmark to rate sampled firms in terms of corporate governance. The institutional holdings in terms of equity investment has been expressed in percentages to total investment and comparatively, in terms of the relative composition of the institutional equity investment. This chapter makes a detailed analysis of the dynamics of corporate governance and the institutional holdings in the following three perspectives: 4.1) Dynamics of institutional holdings and its composition 4.2) Relationship between Institutional Holdings (explanatory variable) and the Corporate Governance (dependent variable) 4.3) Relationship between the Corporate Governance (explanatory variable) and Institutional Holdings (dependent variable) The results obtained for the sampled in this regard are reported, in an analytical frame, here as under: 4.1.1) Status of Institutional Holdings: The results obtained for sampled companies as regard to the status of institutional holdings in the sampled companies during the study period 2004-08 are summarized in table no. 4.1 given below: Table 4.1 Institutional Holdings in the Sampled Companies Institutional Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 61 30.5 53 26.5 46 23.0 46 23.0 47 23.5 5-10 34 17.0 31 15.5 30 15.0 26 13.0 27 13.5 10-15 30 15.0 34 17.0 22 11.0 25 12.5 22 11.0 15-26 37 18.5 40 20.0 43 21.5 43 21.5 42 21.0 26-50 36 18.0 38 19.0 54 27.0 55 27.5 55 27.5 Above 50 02 1.0 04 2.0 05 2.5 05 2.5 07 3.5 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the present table reveals that the proportions of institutional holdings in the sampled companies have increased over the years. The numbers of companies with larger proportions of institutional holdings have been increasing and the numbers of companies with smaller proportions of holdings have been declining over the study period. As institutions have above 50 percent holdings in only 1 percent companies in 2004, where as in the last year of the study period, it increased to 3.5 percent. Similarly, institutions have holdings from 26 to 50 percent in 18 percent companies in 2004 that rises to 27.5 percent companies in 2008. The same trend follows for the companies in which institutions have holdings from 15 to 26 percent. The decreasing number of companies with relatively lower institutional holdings also validates it. As institutions have less than 5 percent stake in 30.5 percent companies in 2004, which reduced to only 23.5 percent companies in 2008. Similarly, institutions have holdings up to 10 percent in 17 percent companies that reduced to 13.5 percent in the last year of the study period. Thus, it is observed that institutional investors have been increasing their stake in the sampled companies over the study period. Hence, it is inferred that institutional investors have been consistently getting more interested in the sampled companies over the study period. 4.1.2 Constituents of Institutional Holdings: As noted earlier, Institutional holdings have been further classified into three categories i.e., Mutual Fund, (Banks, Financial Institutions and Insurance Companies) and Foreign Institutional Investors. The results obtained for the sampled companies as regard to the status of Mutual Funds holdings in relation to the total shareholdings and to the total institutional investors in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.2 given below: Table 4.2 (a) MF Holdings in Relation To Total Shareholdings Mutual Fund Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 140 70.0 143 71.5 117 58.5 113 56.5 119 59.5 5-10 42 21.0 34 17.0 52 26.0 54 27.0 41 20.5 10-15 14 7.0 14 7.0 22 11.0 23 11.5 29 14.5 15-20 03 1.5 07 3.5 07 3.5 07 3.5 07 3.5 Above 20 01 0.5 02 1.0 02 1.0 03 1.5 04 2.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.2 (b) MF Holdings in Relation to Total Institutional Holdings Mutual Funds Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 96 48.0 104 52.0 100 50.0 103 51.5 101 50.5 20-40 55 27.5 38 19.0 41 20.5 50 25.0 47 23.5 40-60 22 11.0 21 10.5 24 12.0 14 7.0 23 11.5 60-80 09 4.5 18 9.0 19 9.5 16 8.0 17 8.5 Above 80 18 9.0 19 9.5 16 8.0 17 8.5 12 6.0 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in part (a) of the present table depict that mutual funds have increased their proportions of shareholdings in relation to the total shareholdings over the study period. The number of sampled companies with higher proportions of mutual funds holdings has been increasing over the study period. Similarly, the number of sampled companies with lower proportions of mutual funds holdings has been decreasing over the same period. As mutual funds have more than 20 percent holdings in 0.5 percent companies in 2004, which increased to 2 percent companies at the end of the study period. Similarly, Mutual Funds have holdings to the extent of 20 percent only in 1.5 percent companies in 2004 that increased to 3.5 percent companies in 2008. It is also observed that there were only 14 companies in 2004 in which mutual funds holdings were from 10 to 15 percent, which increased to more than double at the end of the study period. It is also validated by the observations of the companies in which mutual funds have lower stake. There were 70 percent companies in which mutual funds had less than 5 percent holdings and the proportion of companies with such holdings reduced to 59.5 percent in 2008. Hence, it is inferred that mutual fund companies have become more interested in the sampled companies over the study period. The information inputs reported in part (b) of the present table reveal out that there is no consistency in the investment pattern of mutual funds in the sampled companies over the study period. Mutual fund holdings in relation to total institutional holdings have remained more or less between zero and 20 percent in about 50 percent companies. On an average in 23 percent companies, mutual funds hold 20 to 40 percent shares. Mutual Funds reduced their holdings in 20 to 40 percent category in sampled companies over the study period. Where as there has not been major change in the number of companies with 40 to 60 percent mutual fund holdings. On the other hand, mutual funds have increased their stake from 60 to 80 percent in sampled companies over the study period. There are 9 companies with such holdings, which increased to 17 companies in 2008. But the number of sampled companies with mutual funds holdings more than 80 percent has gone down over the study period. As in 2004, there ar e 9 percent companies that reduced to 6 percent at the end of the study period. Hence, no inference can be drawn about the investment behaviour of mutual funds in relation to the total institutional holdings in sampled companies over the study period. The results obtained for sampled companies as regard to the status of Banks, FIs and ICs holdings in relation to the total shareholdings and total institutional holdings in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.3 given below: Table 4.3 (a) Banks, FIs and ICs Holdings in Relation To Total Shareholdings Bank, FI and IC Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 127 63.5 135 67.5 142 71.0 139 69.5 141 70.5 5-10 36 18.0 28 14.0 27 13.5 34 17.0 29 14.5 10-15 19 9.5 24 12.0 19 9.5 18 9.0 18 9.0 15-20 09 4.5 08 4.0 07 3.5 04 2.0 08 4.0 Above 20 09 4.5 05 2.5 05 2.5 05 2.5 04 2.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.3 (b) Banks, FIs and ICs Holdings in Relation to Total Institutional Holdings Banks, FIs and ICs Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 70 35.0 90 45.0 103 51.5 99 49.5 99 49.5 20-40 34 17.0 34 17.0 41 20.5 41 20.5 34 17.0 40-60 29 14.5 30 15.0 16 8.0 23 11.5 37 18.5 60-80 21 10.5 13 6.5 17 8.5 15 7.5 08 4.0 Above 80 46 23.0 33 16.5 23 11.5 22 11.0 22 11.0 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the part (a) of the present table depicts that the proportions of Banks, Financial Institutions and Insurance Companies in the sampled companies have decreased over the years. The numbers of companies with lower proportions of these holdings have been increasing and the numbers of companies with higher proportions of holdings have been decreasing over the study period. As in 63.5 percent companies, Banks and others hold less than 5 percent shares in 2004 while in 2008, 70.5 percent companies have the same holdings reflecting that over the study period, the above category of institutional investors have shown less interest in the sampled companies. Similarly, Banks and others hold up to 10 percent of total shareholdings in 36 companies which reduced to 27 in the year 2006 and finally to 29 companies in the year 2008. Likewise, the number of companies with more than 20 percent holdings has reduced from 4.5 percent in 2004 to 2 percent in 2008. Thus, i t is observed that Banks, FIs and ICs have withdrawn their substantial holdings in some companies while number of companies with marginal holdings has increased. Hence, it is inferred that Banks, FIs and ICs are getting less interested in the sampled companies over the study period. The information inputs reported in the part (b) of the present table depict the results coherent with the results shown in part (a) as Banks, Financial Institutions and Insurance Companies have decreased their holdings in relation to total institutional holdings in the sampled companies over the study period as well. They have more than 80 percent holdings in 23 percent companies in 2004 but in the last year of the study period, it was just in 11 percent companies. Similarly, these investors had 60 to 80 percent holdings in 21 companies in 2004, but in 2008, the number of companies with such holdings reduced to only 8 companies. The same is validated by the proportional increase in the number of companies with relatively lower holdings. Banks and others held to the limit of 20 percent shares in 70 companies in 2004 and in 2008, the number of companies with such holdings rose to 99. These investors have shown more interest in increasing their holdings from 40 percent to 60 percent in the sampled companies over the study period as they had such holdings in 14.5 percent companies in 2004 that increased to 18.5 percent in the last year of the study period. Thus, it is observed that the above-mentioned investors are gradually reducing their stakes to the lower levels in proportion to total institutional holdings in the sampled companies over the study period. Hence, it is inferred that Banks, FIs and ICs have been loosing interest in the sampled companies. The results obtained for sampled companies as regard to the status of FII holdings in relation to the total shareholdings and to the total institutional investors in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.4 given below: Table 4.4 (a) FII Holdings in Relation To Total Shareholdings FII Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 133 66.5 114 57.0 103 51.5 100 50.0 92 46.0 5-10 29 14.5 30 15.0 24 12.0 24 12.0 36 18.0 10-15 17 8.5 22 11.0 23 11.5 23 11.5 26 13.0 15-20 09 4.5 13 6.5 15 7.5 25 12.5 18 9.0 20-26 12 6.0 21 10.5 35 17.5 28 14.0 28 14.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.4 (b) FII Holdings in Relation to Total Institutional Holdings FII Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 115 57.5 83 41.5 74 37.0 69 34.5 62 31.0 20-40 20 10.0 35 17.5 33 16.5 28 14.0 39 19.5 40-60 29 14.5 36 18.0 33 16.5 34 17.0 43 21.5 60-80 23 11.5 25 12.5 35 17.5 40 20.0 33 16.5 Above 80 13 6.5 21 10.5 25 12.5 29 14.5 23 11.5 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the part (a) of the present table reveals that the proportions of FII holdings in relation to total shareholdings in the sampled companies have increased over the years. The numbers of companies with higher proportions of FII holdings have been increasing and the numbers of companies with smaller proportions have been decreasing over the study period. As FIIs have 20 to 26 percent holdings in only 6 percent companies in 2004, where as in the last year of the study period, it increased to 14 percent. Similarly, FIIs have holdings from 15 to 20 percent in 9 companies in 2004 that got doubled to 18 companies in 2008. The same trend follows for the companies with FII holdings from 10 to 15 percent. FIIs had such holdings in 17 companies only in 2004 but in the last year of the study period, it increased to 26 companies. The decreasing number of companies with relatively lower FII holdings also validates it. In nutshell, the FIIs have been consistently i ncreasing their stake in relation to the total shareholdings in the sampled companies over the study period. Hence, it is inferred that institutional investors have been consistently getting more interested in the sampled companies over the study period. The information inputs reported in the part (b) of the present table also depict results consistent with the results shown for part (a). The proportion of FII holdings in relation to the institutional holdings in the sampled companies has also increased over the years. As institutions had above 80 percent holdings in only 6.5 percent companies in 2004, where as in the last year of the study period, it increased to 11.5 percent companies. Similarly, FIIs had holdings from 60 to 80 percent in 23 companies in 2004 that increased to 33 companies in 2008. The same trend follows for the companies with FII holdings from 40 to 60 percent. The decreasing number of companies with relatively lower FII holdings also validates it. As FIIs have less than 20 percent stake in 57.5 percent companies in 2004 which reduced to only 31 percent companies in 2008. Hence, it is inferred that FIIs have shown more interest in the sampled companies over the study period. Resume It can be observed from the result outputs of the first section that the institutional investors have increased their proportional holdings in the companies over the years. The number of sampled companies is consistently increasing with higher institutional holdings where as the number of companies are decreasing with lower proportions of institutional holdings. The mutual fund investors have also increased their holdings in relation to the total shareholdings over the study period. The number of companies with higher mutual fund holdings has been increasing over the years. Similarly, the number of companies with lower mutual fund holdings has been decreasing over the study period. But the results of observations of mutual fund holdings in relation to total institutional holdings state otherwise. Mutual funds have increased their proportions of holdings to the total shareholdings in the sampled companies over the study period but it is not so in relation to the total institutional ho ldings. Therefore, the investment pattern of mutual funds is not clear. Where as Banks, Financial Institutions and Insurance Companies have decreased their proportional holdings in the sampled companies over the study period. There has been decline in the number of sampled companies with higher proportion of the Banks, FIs and ICs holdings. Validating the same, the numbers of companies with lower proportion of above holdings have been increasing over the study period. The results are consistent for the proportion of Banks, FIs and ICs in relation to total institutional holdings as well. To the contrary, foreign institutional investors have increased their proportional holdings in the sampled companies over the years. The number of companies is increasing with higher FII holdings and the number of companies is decreasing with lower proportion of FII holdings. The results are similar in relation to the total institutional holdings as well. Hence, at the end of the section it is inferr ed on the basis of result outputs that institutional investors in total and foreign institutional investors are getting more interested in the sampled companies over the study period. Banks, financial institutions and insurance companies are getting less interested in the same companies over the study period. And the results are inconclusive for the mutual funds. 4.2.1 Status of Corporate Governance Score in Sampled Companies: The Corporate Governance status of sampled companies is depicted in table 4.5. Total sampled of 200 companies has been divided into four quartiles of 50 companies each. The first quartile shows the company codes with highest corporate governance scores with in the range of 58 to 76 with the average score of 62.5. The second quartile shows the company codes with higher corporate governance scores with in the range of 52 to 58 with the average score of 54.3. The third quartile shows the company codes with lower corporate governance scores with in the range of 46 to 52 with the average score of 48.7. The fourth quartile shows the company codes with lowest corporate governance scores with in the range of 26 to 46 with the average score of 40.04. Table 4.5 Status of Corporate Governance in Sampled Companies Sampled Companies Number of Companies Sampled Company (Code) Range Average Governance Score Q1 50 2,5,6,11,13,15,21,26,27,28,29,37,39, 41,42,47,48,53,56,68,69,71,72,75,76,7778,79,84,86,88,91,93,96,97,98,102, 104,106,119,124,132,135,147,171,173180,189,194,198 58-76 62.5 Q2 50 10,17,18,30,31,33,34,36,38,45,46,52, 54,55,57,58,60,61,62,63,64,65,80,85, 100,101,103,108,117,118,121,125, 134,142,149,150,156,160,167,170, 175,177,179,183,184,185,186,187, 190,197 52-58 54.3 Q3 50 1,3,4,9,14,16,19,20,23,40,43,44,50, 59,66,70,73,74,82,83,92,94,99,105, 107,109,110,113,115,120,123,123, 127,129,130,137,139,151,152,154, 155,162,163,165,169,182,188,192, 196,200 46-52 48.7 Q4 50 7,8,12,22,24,25,32,35,49,51,81,87, 89,90,95,111,112,114,116,122,126, 128,131,133,136,138,140,141,143, 144,145,146,148,153,157,158,159, 161,164,166,168,172,174,176,178, 181,191,193,195,199 26-46 40.04 4.2.2 Relationship between institutional holdings and corporate governance: The results obtained in this regard are reported in an analytical frame in table no. 4.6 as under: Part (a) of the present study table reveals out the (%) institutional holdings along with corporate governance score for the study period 2004-08. Part (b) of the table depicts the regression parameters as regard to institutional holdings and corporate governance score Table 4.6 (a) Institutional Holdings and Corporate Governance Institutional Holdings (%) Corporate Governance Score 2004 2005 2006 2007 2008 N Average N Average N Average N Average N Average 0-10 95 47.84 84 47.44 76 46.74 72 47.06 74 47.42 10-25 64 53.50 70 52.79 62 52.21 63 51.44 60 51.53 25-50 39 56.51 42 56.43 57 56.32 60 56.37 59 55.80 Above50 02 50.50 04 56.00 05 55.00 05 52.60 07 54.43 200 200 200 200 200 Table 4.6 (b) Institutional Holdings and Corporate Governance Institutional Holdings (%) Corporate Governance Score 2004 2005 2006 2007 2008 Constant 47.18 46.98 46.64 46.64 47.05 b Value 0.43 0.43 0.43 0.43 0.40 SE 0.84 0.86 0.91 0.91 0.91 R2 0.19 0.19 0.18 0.18 0.16 t-value 6.75* 6.73* 6.63* 6.63* 6.21* D/W 1.825 .825 1.868 1.84 1.78 Predictor: Institutional Holdings; Dependent Variable: Corporate Governance Score *Significant at 5 percent level The information inputs reported in part (a) of the present table reveals out that the larger proportions of institutional holdings (to the level of 50 percent) have higher corporate governance score in sampled companies over the study period. Similarly, the smaller proportions of institutional holdings have lower governance scores in the sampled companies over the study period. The sampled companies in which institutional holdings are from 25 to 50 percent have the average corporate governance score of 56.51 points in 2004, 56.32 points in 2006 and 55.80 points in 2008. These score points are highest in all the years. Where as lower governance scores are observed for lower proportions of institutional holdings. As the sampled companies in which institutional holdings are to the level of 10 percent have poor average governance scores. They are 47.84 score points in 2004, 46.74 score points in 2006 and 47.42 score points in 2008. Similarly, the sampled companies with 10 to 25 percent i nstitutional holdings have higher corporate governance scores than the companies with lower holdings and lower governance scores than the companies with higher institutional holdings over the study period. It can be inferred from the above results that there is very strong and positive relationship between institutional holdings and Corporate Governance. The statistical significance of these findings through regression analysis is reported in the part (b) of the present table. The parameters also validate the above inference, as the degree of dependence between two variables is higher over the study period. All the values are also considered significant (a=0.05) in terms of t-value over the study period. D/W value is near 2 in all the five years indicating the regression results are reliable. 4.2.3 Relationship between mutual funds holdings and corporate governance: The results obtained in this regard are reported in an analytical frame in table no. 4.7 as under: Part (a) of the present study table reveals out the (%) mutual funds holdings along with corporate governance score for the study period 2004-08. Part (b) of the table depicts the regression parameters as regard to mutual funds holdings and corporate governance score Table 4.7 (a) MF Holdings and Corporate Governance Mutual Fund Holdings Corporate Governance Score 2004 2005 2006 2007 2008 (%) N Average N Average N Average N Average N Average 0-5 140 50.5 143 51.0 117 50.9 113 50.6 119 50.3 5-10 42 51.8 34 50.9 52 52.0 54 52.5 41 53.6 10-15 14 55.2 14 54.2 22 51.4 23 Institutional Holdings and Corporate Governance Institutional Holdings and Corporate Governance CHAPTER IV As noted earlier, the need for corporate governance arises from the potential conflicts of interest among participants (stakeholders) in corporate structure. These are often referred as agency problems arise from two main sources. First, different participants have different goals and preferences. Second, the participants have imperfect information as to each others actions, knowledge and preferences. Berle and Means (1932) addressed these conflicts by examining the separation of ownership and control. They noted that this separation, in the absence of other corporate governance mechanisms, provide executives with the ability to act in their own self-interest rather than in the interest of shareholders. However, executives activities are potentially constrained by numerous factors that constitute and influence the governance of the corporations that they manage. These factors can be thought of as either internal control mechanisms (such as the board) or external control mechanisms (s uch as the market for corporate control). An increasingly important external control mechanism affecting governance worldwide is the emergence of institutional investors as equity owners. Although institutional investors are the predominant players in some countries financial markets and are therefore important in corporate governance, yet the ownership  structures and other governance characteristics differ across markets. These differences are attributable in part to legal and regulatory systems and in part to the manner in which the markets have evolved. These characteristics will continue to vary across countries, leading to differences in the role and influences of institutional investors in corporate governance. Previous researchers have shown that because of the costs involved, only large shareholders have the incentive to provide extensive monitoring of management. Whether institutions as large shareholders should, or will, provide such monitoring depends in part on the constraints to which they are subjected, their objectives, and their preferences for liquidity. Keeping the above into consideration, it is pertinent to examine the intricacies of institutional holdings in the governance matters of Indian corporates. Many a time, institutional holdings pre-empts good corporate governance still at other times, good corporate governance endues institutional investment in the firm. The ongoing debate as to the institutional holdings and the corporate governance is very live or interactive in the academics these days too. The results of earlier studies are inconclusive as to the deterministic value of the one or the other. In the present study, Corporate Governance Score index has been developed on the basis of key characteristics of Standard and Poors Transparency and Disclosure Benchmark to rate sampled firms in terms of corporate governance. The institutional holdings in terms of equity investment has been expressed in percentages to total investment and comparatively, in terms of the relative composition of the institutional equity investment. This chapter makes a detailed analysis of the dynamics of corporate governance and the institutional holdings in the following three perspectives: 4.1) Dynamics of institutional holdings and its composition 4.2) Relationship between Institutional Holdings (explanatory variable) and the Corporate Governance (dependent variable) 4.3) Relationship between the Corporate Governance (explanatory variable) and Institutional Holdings (dependent variable) The results obtained for the sampled in this regard are reported, in an analytical frame, here as under: 4.1.1) Status of Institutional Holdings: The results obtained for sampled companies as regard to the status of institutional holdings in the sampled companies during the study period 2004-08 are summarized in table no. 4.1 given below: Table 4.1 Institutional Holdings in the Sampled Companies Institutional Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 61 30.5 53 26.5 46 23.0 46 23.0 47 23.5 5-10 34 17.0 31 15.5 30 15.0 26 13.0 27 13.5 10-15 30 15.0 34 17.0 22 11.0 25 12.5 22 11.0 15-26 37 18.5 40 20.0 43 21.5 43 21.5 42 21.0 26-50 36 18.0 38 19.0 54 27.0 55 27.5 55 27.5 Above 50 02 1.0 04 2.0 05 2.5 05 2.5 07 3.5 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the present table reveals that the proportions of institutional holdings in the sampled companies have increased over the years. The numbers of companies with larger proportions of institutional holdings have been increasing and the numbers of companies with smaller proportions of holdings have been declining over the study period. As institutions have above 50 percent holdings in only 1 percent companies in 2004, where as in the last year of the study period, it increased to 3.5 percent. Similarly, institutions have holdings from 26 to 50 percent in 18 percent companies in 2004 that rises to 27.5 percent companies in 2008. The same trend follows for the companies in which institutions have holdings from 15 to 26 percent. The decreasing number of companies with relatively lower institutional holdings also validates it. As institutions have less than 5 percent stake in 30.5 percent companies in 2004, which reduced to only 23.5 percent companies in 2008. Similarly, institutions have holdings up to 10 percent in 17 percent companies that reduced to 13.5 percent in the last year of the study period. Thus, it is observed that institutional investors have been increasing their stake in the sampled companies over the study period. Hence, it is inferred that institutional investors have been consistently getting more interested in the sampled companies over the study period. 4.1.2 Constituents of Institutional Holdings: As noted earlier, Institutional holdings have been further classified into three categories i.e., Mutual Fund, (Banks, Financial Institutions and Insurance Companies) and Foreign Institutional Investors. The results obtained for the sampled companies as regard to the status of Mutual Funds holdings in relation to the total shareholdings and to the total institutional investors in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.2 given below: Table 4.2 (a) MF Holdings in Relation To Total Shareholdings Mutual Fund Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 140 70.0 143 71.5 117 58.5 113 56.5 119 59.5 5-10 42 21.0 34 17.0 52 26.0 54 27.0 41 20.5 10-15 14 7.0 14 7.0 22 11.0 23 11.5 29 14.5 15-20 03 1.5 07 3.5 07 3.5 07 3.5 07 3.5 Above 20 01 0.5 02 1.0 02 1.0 03 1.5 04 2.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.2 (b) MF Holdings in Relation to Total Institutional Holdings Mutual Funds Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 96 48.0 104 52.0 100 50.0 103 51.5 101 50.5 20-40 55 27.5 38 19.0 41 20.5 50 25.0 47 23.5 40-60 22 11.0 21 10.5 24 12.0 14 7.0 23 11.5 60-80 09 4.5 18 9.0 19 9.5 16 8.0 17 8.5 Above 80 18 9.0 19 9.5 16 8.0 17 8.5 12 6.0 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in part (a) of the present table depict that mutual funds have increased their proportions of shareholdings in relation to the total shareholdings over the study period. The number of sampled companies with higher proportions of mutual funds holdings has been increasing over the study period. Similarly, the number of sampled companies with lower proportions of mutual funds holdings has been decreasing over the same period. As mutual funds have more than 20 percent holdings in 0.5 percent companies in 2004, which increased to 2 percent companies at the end of the study period. Similarly, Mutual Funds have holdings to the extent of 20 percent only in 1.5 percent companies in 2004 that increased to 3.5 percent companies in 2008. It is also observed that there were only 14 companies in 2004 in which mutual funds holdings were from 10 to 15 percent, which increased to more than double at the end of the study period. It is also validated by the observations of the companies in which mutual funds have lower stake. There were 70 percent companies in which mutual funds had less than 5 percent holdings and the proportion of companies with such holdings reduced to 59.5 percent in 2008. Hence, it is inferred that mutual fund companies have become more interested in the sampled companies over the study period. The information inputs reported in part (b) of the present table reveal out that there is no consistency in the investment pattern of mutual funds in the sampled companies over the study period. Mutual fund holdings in relation to total institutional holdings have remained more or less between zero and 20 percent in about 50 percent companies. On an average in 23 percent companies, mutual funds hold 20 to 40 percent shares. Mutual Funds reduced their holdings in 20 to 40 percent category in sampled companies over the study period. Where as there has not been major change in the number of companies with 40 to 60 percent mutual fund holdings. On the other hand, mutual funds have increased their stake from 60 to 80 percent in sampled companies over the study period. There are 9 companies with such holdings, which increased to 17 companies in 2008. But the number of sampled companies with mutual funds holdings more than 80 percent has gone down over the study period. As in 2004, there ar e 9 percent companies that reduced to 6 percent at the end of the study period. Hence, no inference can be drawn about the investment behaviour of mutual funds in relation to the total institutional holdings in sampled companies over the study period. The results obtained for sampled companies as regard to the status of Banks, FIs and ICs holdings in relation to the total shareholdings and total institutional holdings in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.3 given below: Table 4.3 (a) Banks, FIs and ICs Holdings in Relation To Total Shareholdings Bank, FI and IC Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 127 63.5 135 67.5 142 71.0 139 69.5 141 70.5 5-10 36 18.0 28 14.0 27 13.5 34 17.0 29 14.5 10-15 19 9.5 24 12.0 19 9.5 18 9.0 18 9.0 15-20 09 4.5 08 4.0 07 3.5 04 2.0 08 4.0 Above 20 09 4.5 05 2.5 05 2.5 05 2.5 04 2.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.3 (b) Banks, FIs and ICs Holdings in Relation to Total Institutional Holdings Banks, FIs and ICs Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 70 35.0 90 45.0 103 51.5 99 49.5 99 49.5 20-40 34 17.0 34 17.0 41 20.5 41 20.5 34 17.0 40-60 29 14.5 30 15.0 16 8.0 23 11.5 37 18.5 60-80 21 10.5 13 6.5 17 8.5 15 7.5 08 4.0 Above 80 46 23.0 33 16.5 23 11.5 22 11.0 22 11.0 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the part (a) of the present table depicts that the proportions of Banks, Financial Institutions and Insurance Companies in the sampled companies have decreased over the years. The numbers of companies with lower proportions of these holdings have been increasing and the numbers of companies with higher proportions of holdings have been decreasing over the study period. As in 63.5 percent companies, Banks and others hold less than 5 percent shares in 2004 while in 2008, 70.5 percent companies have the same holdings reflecting that over the study period, the above category of institutional investors have shown less interest in the sampled companies. Similarly, Banks and others hold up to 10 percent of total shareholdings in 36 companies which reduced to 27 in the year 2006 and finally to 29 companies in the year 2008. Likewise, the number of companies with more than 20 percent holdings has reduced from 4.5 percent in 2004 to 2 percent in 2008. Thus, i t is observed that Banks, FIs and ICs have withdrawn their substantial holdings in some companies while number of companies with marginal holdings has increased. Hence, it is inferred that Banks, FIs and ICs are getting less interested in the sampled companies over the study period. The information inputs reported in the part (b) of the present table depict the results coherent with the results shown in part (a) as Banks, Financial Institutions and Insurance Companies have decreased their holdings in relation to total institutional holdings in the sampled companies over the study period as well. They have more than 80 percent holdings in 23 percent companies in 2004 but in the last year of the study period, it was just in 11 percent companies. Similarly, these investors had 60 to 80 percent holdings in 21 companies in 2004, but in 2008, the number of companies with such holdings reduced to only 8 companies. The same is validated by the proportional increase in the number of companies with relatively lower holdings. Banks and others held to the limit of 20 percent shares in 70 companies in 2004 and in 2008, the number of companies with such holdings rose to 99. These investors have shown more interest in increasing their holdings from 40 percent to 60 percent in the sampled companies over the study period as they had such holdings in 14.5 percent companies in 2004 that increased to 18.5 percent in the last year of the study period. Thus, it is observed that the above-mentioned investors are gradually reducing their stakes to the lower levels in proportion to total institutional holdings in the sampled companies over the study period. Hence, it is inferred that Banks, FIs and ICs have been loosing interest in the sampled companies. The results obtained for sampled companies as regard to the status of FII holdings in relation to the total shareholdings and to the total institutional investors in the sampled companies during the study period 2004-08 are summarized in part (a) and part (b) of the table no. 4.4 given below: Table 4.4 (a) FII Holdings in Relation To Total Shareholdings FII Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) Below 5 133 66.5 114 57.0 103 51.5 100 50.0 92 46.0 5-10 29 14.5 30 15.0 24 12.0 24 12.0 36 18.0 10-15 17 8.5 22 11.0 23 11.5 23 11.5 26 13.0 15-20 09 4.5 13 6.5 15 7.5 25 12.5 18 9.0 20-26 12 6.0 21 10.5 35 17.5 28 14.0 28 14.0 Total 200 100 200 100 200 100 200 100 200 100 Table 4.4 (b) FII Holdings in Relation to Total Institutional Holdings FII Holdings (%) Number of Companies 2004 N (%) 2005 N (%) 2006 N (%) 2007 N (%) 2008 N (%) 0-20 115 57.5 83 41.5 74 37.0 69 34.5 62 31.0 20-40 20 10.0 35 17.5 33 16.5 28 14.0 39 19.5 40-60 29 14.5 36 18.0 33 16.5 34 17.0 43 21.5 60-80 23 11.5 25 12.5 35 17.5 40 20.0 33 16.5 Above 80 13 6.5 21 10.5 25 12.5 29 14.5 23 11.5 Total 200 100 200 100 200 100 200 100 200 100 The information inputs reported in the part (a) of the present table reveals that the proportions of FII holdings in relation to total shareholdings in the sampled companies have increased over the years. The numbers of companies with higher proportions of FII holdings have been increasing and the numbers of companies with smaller proportions have been decreasing over the study period. As FIIs have 20 to 26 percent holdings in only 6 percent companies in 2004, where as in the last year of the study period, it increased to 14 percent. Similarly, FIIs have holdings from 15 to 20 percent in 9 companies in 2004 that got doubled to 18 companies in 2008. The same trend follows for the companies with FII holdings from 10 to 15 percent. FIIs had such holdings in 17 companies only in 2004 but in the last year of the study period, it increased to 26 companies. The decreasing number of companies with relatively lower FII holdings also validates it. In nutshell, the FIIs have been consistently i ncreasing their stake in relation to the total shareholdings in the sampled companies over the study period. Hence, it is inferred that institutional investors have been consistently getting more interested in the sampled companies over the study period. The information inputs reported in the part (b) of the present table also depict results consistent with the results shown for part (a). The proportion of FII holdings in relation to the institutional holdings in the sampled companies has also increased over the years. As institutions had above 80 percent holdings in only 6.5 percent companies in 2004, where as in the last year of the study period, it increased to 11.5 percent companies. Similarly, FIIs had holdings from 60 to 80 percent in 23 companies in 2004 that increased to 33 companies in 2008. The same trend follows for the companies with FII holdings from 40 to 60 percent. The decreasing number of companies with relatively lower FII holdings also validates it. As FIIs have less than 20 percent stake in 57.5 percent companies in 2004 which reduced to only 31 percent companies in 2008. Hence, it is inferred that FIIs have shown more interest in the sampled companies over the study period. Resume It can be observed from the result outputs of the first section that the institutional investors have increased their proportional holdings in the companies over the years. The number of sampled companies is consistently increasing with higher institutional holdings where as the number of companies are decreasing with lower proportions of institutional holdings. The mutual fund investors have also increased their holdings in relation to the total shareholdings over the study period. The number of companies with higher mutual fund holdings has been increasing over the years. Similarly, the number of companies with lower mutual fund holdings has been decreasing over the study period. But the results of observations of mutual fund holdings in relation to total institutional holdings state otherwise. Mutual funds have increased their proportions of holdings to the total shareholdings in the sampled companies over the study period but it is not so in relation to the total institutional ho ldings. Therefore, the investment pattern of mutual funds is not clear. Where as Banks, Financial Institutions and Insurance Companies have decreased their proportional holdings in the sampled companies over the study period. There has been decline in the number of sampled companies with higher proportion of the Banks, FIs and ICs holdings. Validating the same, the numbers of companies with lower proportion of above holdings have been increasing over the study period. The results are consistent for the proportion of Banks, FIs and ICs in relation to total institutional holdings as well. To the contrary, foreign institutional investors have increased their proportional holdings in the sampled companies over the years. The number of companies is increasing with higher FII holdings and the number of companies is decreasing with lower proportion of FII holdings. The results are similar in relation to the total institutional holdings as well. Hence, at the end of the section it is inferr ed on the basis of result outputs that institutional investors in total and foreign institutional investors are getting more interested in the sampled companies over the study period. Banks, financial institutions and insurance companies are getting less interested in the same companies over the study period. And the results are inconclusive for the mutual funds. 4.2.1 Status of Corporate Governance Score in Sampled Companies: The Corporate Governance status of sampled companies is depicted in table 4.5. Total sampled of 200 companies has been divided into four quartiles of 50 companies each. The first quartile shows the company codes with highest corporate governance scores with in the range of 58 to 76 with the average score of 62.5. The second quartile shows the company codes with higher corporate governance scores with in the range of 52 to 58 with the average score of 54.3. The third quartile shows the company codes with lower corporate governance scores with in the range of 46 to 52 with the average score of 48.7. The fourth quartile shows the company codes with lowest corporate governance scores with in the range of 26 to 46 with the average score of 40.04. Table 4.5 Status of Corporate Governance in Sampled Companies Sampled Companies Number of Companies Sampled Company (Code) Range Average Governance Score Q1 50 2,5,6,11,13,15,21,26,27,28,29,37,39, 41,42,47,48,53,56,68,69,71,72,75,76,7778,79,84,86,88,91,93,96,97,98,102, 104,106,119,124,132,135,147,171,173180,189,194,198 58-76 62.5 Q2 50 10,17,18,30,31,33,34,36,38,45,46,52, 54,55,57,58,60,61,62,63,64,65,80,85, 100,101,103,108,117,118,121,125, 134,142,149,150,156,160,167,170, 175,177,179,183,184,185,186,187, 190,197 52-58 54.3 Q3 50 1,3,4,9,14,16,19,20,23,40,43,44,50, 59,66,70,73,74,82,83,92,94,99,105, 107,109,110,113,115,120,123,123, 127,129,130,137,139,151,152,154, 155,162,163,165,169,182,188,192, 196,200 46-52 48.7 Q4 50 7,8,12,22,24,25,32,35,49,51,81,87, 89,90,95,111,112,114,116,122,126, 128,131,133,136,138,140,141,143, 144,145,146,148,153,157,158,159, 161,164,166,168,172,174,176,178, 181,191,193,195,199 26-46 40.04 4.2.2 Relationship between institutional holdings and corporate governance: The results obtained in this regard are reported in an analytical frame in table no. 4.6 as under: Part (a) of the present study table reveals out the (%) institutional holdings along with corporate governance score for the study period 2004-08. Part (b) of the table depicts the regression parameters as regard to institutional holdings and corporate governance score Table 4.6 (a) Institutional Holdings and Corporate Governance Institutional Holdings (%) Corporate Governance Score 2004 2005 2006 2007 2008 N Average N Average N Average N Average N Average 0-10 95 47.84 84 47.44 76 46.74 72 47.06 74 47.42 10-25 64 53.50 70 52.79 62 52.21 63 51.44 60 51.53 25-50 39 56.51 42 56.43 57 56.32 60 56.37 59 55.80 Above50 02 50.50 04 56.00 05 55.00 05 52.60 07 54.43 200 200 200 200 200 Table 4.6 (b) Institutional Holdings and Corporate Governance Institutional Holdings (%) Corporate Governance Score 2004 2005 2006 2007 2008 Constant 47.18 46.98 46.64 46.64 47.05 b Value 0.43 0.43 0.43 0.43 0.40 SE 0.84 0.86 0.91 0.91 0.91 R2 0.19 0.19 0.18 0.18 0.16 t-value 6.75* 6.73* 6.63* 6.63* 6.21* D/W 1.825 .825 1.868 1.84 1.78 Predictor: Institutional Holdings; Dependent Variable: Corporate Governance Score *Significant at 5 percent level The information inputs reported in part (a) of the present table reveals out that the larger proportions of institutional holdings (to the level of 50 percent) have higher corporate governance score in sampled companies over the study period. Similarly, the smaller proportions of institutional holdings have lower governance scores in the sampled companies over the study period. The sampled companies in which institutional holdings are from 25 to 50 percent have the average corporate governance score of 56.51 points in 2004, 56.32 points in 2006 and 55.80 points in 2008. These score points are highest in all the years. Where as lower governance scores are observed for lower proportions of institutional holdings. As the sampled companies in which institutional holdings are to the level of 10 percent have poor average governance scores. They are 47.84 score points in 2004, 46.74 score points in 2006 and 47.42 score points in 2008. Similarly, the sampled companies with 10 to 25 percent i nstitutional holdings have higher corporate governance scores than the companies with lower holdings and lower governance scores than the companies with higher institutional holdings over the study period. It can be inferred from the above results that there is very strong and positive relationship between institutional holdings and Corporate Governance. The statistical significance of these findings through regression analysis is reported in the part (b) of the present table. The parameters also validate the above inference, as the degree of dependence between two variables is higher over the study period. All the values are also considered significant (a=0.05) in terms of t-value over the study period. D/W value is near 2 in all the five years indicating the regression results are reliable. 4.2.3 Relationship between mutual funds holdings and corporate governance: The results obtained in this regard are reported in an analytical frame in table no. 4.7 as under: Part (a) of the present study table reveals out the (%) mutual funds holdings along with corporate governance score for the study period 2004-08. Part (b) of the table depicts the regression parameters as regard to mutual funds holdings and corporate governance score Table 4.7 (a) MF Holdings and Corporate Governance Mutual Fund Holdings Corporate Governance Score 2004 2005 2006 2007 2008 (%) N Average N Average N Average N Average N Average 0-5 140 50.5 143 51.0 117 50.9 113 50.6 119 50.3 5-10 42 51.8 34 50.9 52 52.0 54 52.5 41 53.6 10-15 14 55.2 14 54.2 22 51.4 23