Sunday, May 24, 2020
Pip in Charles Dickens Great Expectations Essay - 1473 Words
Pip in Charles Dickens Great Expectations Great Expectations, written by Charles Dickens and set in mid-late Victorian era; is about a boy named Philip Pirrip, better known as Pip and his great expectations. As a child he lived with his sister and brother in-law Joe. Luck brings him to the aid of a convict, and to the house of a wealthy society lady. After many encounters with her in Satis house, he seeks a life as a gentleman. A Victorian society gentleman is a man of high social status, and is expected to be wealthy, well educated, come from a wealthy background, and have enough money not to work. This is all Pips perception of what the precepts of being a gentleman are. Drummle sets a good example of this forâ⬠¦show more contentâ⬠¦Affluence is unimportant for a moral gentleman; the importance is how you treat and respect others. Victorian gentlemen seems to be more about themselves or rather what is around themselves, like wealth; moral gentlemen are more about their inner qualities, personality and the way they behave. The expectations of a moral gentleman are more naturally come by; the society gentleman gains unnatural qualities; so what Im trying to say is the moral gentleman comes from within a person, a person who becomes a society gentleman is selfish because he wishes to gain. The arrogant behaviour seems to come naturally for a society gentleman, or for a person who is in contact with one. Herbert and his father Matthew fit some of both precepts, they are well-educated, quite wealthy, work for their living, and have friends. Herbert is caring, devoted the day to attending to me, he tends Pips wounds, and Pip describes him as kindest of nurses. Herbert is also a moral gentleman; Pip took his time in realising that he should have copied his example instead of Drummles. Before Pip went to London he had been to, a wealthy society lady, Miss Havishams house many time, he met a girl named Estella who called him coarse and common, this is the starting point to Pips intensions of being a gentleman. Pip tells Biddy he wants to be a gentleman because of Estella I want to be a gentleman on her account.Show MoreRelated Pip in Charles Dickens Great Expectations3985 Words à |à 16 PagesPip in Charles Dickens Great Expectations After reading the compelling ââ¬ËGreat Expectationsââ¬â¢ by the famous writer Charles Dickens, I can gather that it is based upon his own psychological insight to life. He makes connections in relation to a specific character or event in the storyline, which were critical in his own expectations. Also Dickens moulds his selection of characters very well into the desired settings heââ¬â¢d created, that matched what he knew only too well throughout his childhoodRead MoreEssay Sympathy for Pip in Great Expectations by Charles Dickens997 Words à |à 4 PagesSympathy for Pip in Great Expectations by Charles Dickens For the past half term, in English, we have been spending our lessons on a novel by Charles Dickens called Great Expectations We have been concentrating on the opening Chapters as well as to understand the novel. Great Expectations is based on a boy called Pip. Pip is an orphan who lives with his cruel sister and husband Joe Smith whos a blacksmith. He is poor and lonely as his siblings unfortunately died. Read More Sympathy for Pip in Great Expectations by Charles Dickens Essay2049 Words à |à 9 PagesSympathy for Pip in Great Expectations by Charles Dickens problems with format à Great Expectations is a novel in which each character is a subject of either sympathy or scorn.à Charles Dickens implies through his use of guilt and suffering that Pip is a subject of sympathy.à Frazier Russell wrote that in Great Expectations the protagonist (through his suffering and disappointment), learns to accept his station in life.(à Also through Pips suffering comes the sympathy the reader feelsRead MoreCharacter Analysis in Pip in Charles Dickensà ´ Great Expectations1542 Words à |à 7 PagesGraduate, or the next new celebrity. But, these expectations can begin to define a person if he believes he has to conform to societys expectations. In Charles Dickens novel Great Expectations, young Pip feels the pressure from society and his love, Estella, to become a gentleman. By attempting to rise in his social class Pip then abandons his previous good morals and his family members when he moves to London. Each character has aspirations for Pip which he believes he must fulfill in order toRead MoreThe Relationship Between Pip and Abel Magwitch in Charles Dickens Great Expectations1125 Words à |à 5 PagesThe Relationship Between Pip and Abel Magwitch in Charles Dickens Great Expectations In this essay, I am to observe the changes in the relationship between Pip and the convict Abel MagwitchRead MorePip in Charles Dickens Great Expectations and Jem and Scout in Harper Lees To Kill a Mockingbird1381 Words à |à 6 PagesBoth Pip in Charles Dickens Great Expectations and Jem and Scout in Harper Lees To Kill a Mockingbird have deep fears in early childhood. How do the authors create these fears and vulnerabilities? Charles Dickens Great Expectations and Harper Lees To Kill a Mockingbird are two very different books. Great Expectations tells the story of a young boy growing up in Kent at the beginning of the 19th century, and To Kill a Mocking Bird centres around two children growing up in AmericaRead MoreGreat Expectations: Prose Study Coursework How Did Charles Dickens Create Sympathy for Pip in the Opening Chapter of Great Expectation?1161 Words à |à 5 PagesGreat expectations: Prose study coursework How did Charles Dickens create sympathy for Pip in the opening chapter of great expectation? In this essay Iââ¬â¢m going to be writing about a Charles Dickens book called ââ¬ËGreat Expectationsââ¬â¢ and how he successfully makes the reader feel sorry for the main character in the book named Pip; a young orphan, alone in a graveyard and how bad his life is or how bad its going to get. Dickens makes the reader feel sorry for Pip because we find out that, apart fromRead MoreGreat Expectations and a Christmas Carol: a True Gentleman Essay1430 Words à |à 6 PagesGreat Expectations and A Christmas Carol: A True Gentleman According to Dictionary.com, a gentleman is a civilized, educated, sensitive, or well-mannered man. However, by Victorian definition, a gentleman was, perhaps most importantly, a rich man. ââ¬Å"Charles Dickensâ⬠¦was an author of relatively humble origins who desired passionately to be recognized as a gentleman, and insisted, in consequence, upon the essential dignity of his occupationâ⬠(Victorian Web). In Great Expectations he portrays Pip, aRead More Attitudes toward Victorian Society in Great Expectations by Charles Dickens1156 Words à |à 5 PagesGreat Expectations Explore some of the ways in which Dickensââ¬â¢ attitudes to Victorian society are presented in the opening chapter of Great Expectations. For this essay I will be focusing on the opening chapters of Great Expectations, a novel written by Charles Dickens. I am going to consider the Victorian society at the time and dickensââ¬â¢ use of language to express themes, settings and characters. Charles Dickens wrote this story in the Victorian times. Hence we seem to think what ââ¬Ëdoes heRead MoreCharles Dickens Great Expectations943 Words à |à 4 Pagesmuch as in Great Expectations. In many ways the narrator/protagonist Pip is Charles Dickens in body and mind. While there are many differences between the story and Charles Dickens life there remains one constant. This constant is the way Pip as the narrator feels, because these feelings are Dickens s own feelings about the life he lead. Since Great Expectations was written towards end of Charles Dickens life, he was wiser and able to make out the mistakes and regrets of his life, and Pip experiences
Wednesday, May 13, 2020
The Article On Cyber Crime Laws - 772 Words
I read the article What Makes cyber crime laws so difficult to enforces by Deb Shinder of the Tech Republic . The article talks about why it is so hard to control cyber crime and enforce laws that will help prevent and protect people from cyber crime. The article starts about talking about how at first when the internet got mainstream it was not regulated at all, but over the coming years we have passed law that regulate things that you can do on the internet. Even though we have these laws that are not working in protecting people against cyber crime, it even states in the article that ââ¬Å"It can be frustrating for the victims of such crimes, when the perpetrators are never brought to justiceâ⬠. The article goes into different subdivision on what they believe is causing the laws to not be effective. It split into judicial issues, Anonymity and identity, Nature of the evidence. The first problem is with the judicial system, the article talks about all the different branch es and how the go on in dealing with crime cases, and how it is specialized to a certain kind of crime. How if they want to do a investigation on a cyber crime then they will have to get a jurisdiction. The one problem is to get jurisdiction they have to found out where the crime took places and it states ââ¬Å"A law enforcement agency or court has jurisdiction only over crimes that take place in the geographic location where that agency or court has authority.â⬠Since laws are different inShow MoreRelatedCybercrime715 Words à |à 3 PagesCyber Crime Submitted by [Name of Researcher] Name of Discipline [Area of Study] Name of Institution Logo of Institution 9 January 2012 Cyber crime is the downside of the proliferation of the internet and the World Wide Web. As businesses and commerce transactions have moved online as software and websites are the medium through which funds are exchanged, cyber theft has taken alarming proportions. Initially the fear with a hacked computer meant that someones internet time would be stolenRead MoreCyber Security : A New Form Of Crime1594 Words à |à 7 Pages Cyber Security is considered to be one of the hot topics in modern era. It is a national security challenge that the United States and other countries face today. Cyber Security is an important factor to be considered if one is to be able to protect oneself from malicious people and software from the internet. While the Internet has been providing immense opportunities to individuals, organizations, and nations in diverse areas, at the same time it has also given birth to a new form of crime ââ¬â cybercrimeRead MoreShould Government Implement Laws For Cyber Crime?977 Words à |à 4 Pagesââ¬Å"Should Government implement laws to prevent cyber crimeâ⬠Today is the era of technology and globalisation, as it connects the whole world together but also opens new ways to crime. Cyber crime is the result of negative use of technology. Cyber crime refers to a crime which is committed through internet or computer. Cyber crime is of differenr types like stealing of money or information, piracy, electronic vendalism that is destroying or changing the electronic information. Cyber terrorism which threatensRead MoreThe Complexities of Prosecuting Cyber Crime Essay650 Words à |à 3 PagesCyber crime and traditional crime have similar identifiable traits when criminal activity is the outcome. The goal of any criminal is to cause harm, threat steal, extortion, to name a few with intent to harm the public good. Local and state law prosecutes traditional crimes through the state attorney. The prosecutor represents the people(entity) of the state. The defendant or the entity charged must prove to the state, by reasonable doubt, their innocentââ¬â¢s of the charges. IndividualsRead MoreThe Achievement And Success Of Cyber Crimes1124 Words à |à 5 PagesSuccess in Cybercrime Cyber crimes refer to crimes committed against computers, computer networks of the information stored in computers (Bronk, 2008). In the past, the main problem that law enforcement officers have faced with regard to cyber crimes has had to do with the jurisdiction. With the prominence of the internet as a means communication and computers are a means of accessing information, cyber crimes have become prevalent. However, given the realisation that cyber crimes can be committed byRead MoreArticle Review : Closing The Cyber Gap1052 Words à |à 5 PagesARTICLE REVIEW: Closing the Cyber Gap: Integrating cross-government cyber capabilities to support the DHS cyber security mission, written by Edward W. Lowery. Introduction: The author of this article is Edward W. Lowery, who is apart of the U.S Secret Service. His job title is ââ¬Å"Assistant Director of the Office of Trainingâ⬠as of February 2015. Mr. Lowery was appointed Special Agent in charge of the Secret Serviceââ¬â¢s Criminal Investigative Division (CID). Before taking this position, Edward LoweryRead MoreThe Issue Of Cyber Crimes Essay1673 Words à |à 7 Pagesis one of the main issues on account of cyber crimes because of the extremely inclusive nature of the cyber crimes. With the constantly developing arm of the internet the territorial concept appears to vanish. New Methods for resolution of dispute should offer route to the traditional techniques. Accordingly, the Information Technology Act, 2000 is quiet on these issues. In spite of the fact that S. 75 accommodates extra territorial operations of this law, yet they could be significant just whenRead MoreCyber Crimes on the Internet1117 Words à |à 5 Pagesalso comes with it a whole new set of crimes, such as stalking, hacking, cyber bullying, identity theft, and crimes of a sexual nature. The internet has opened up a whole new door for crime, it has also made it easier for crimes to be committed. This is why I think that there should be stricter laws against cyber bullying because no one deserves the treatment that kids like Amanda Todd got. One of the most talked about Cyber crimes is cyber bullying. Cyber bullying is done through the computerRead MoreWhy Bank Robberies Have Increased Since 1994919 Words à |à 4 PagesI found an article that conducted a study to find why bank robberies have increased since 1994. The focus of the study was focused to the Chicago Police Department and the Chicago Office of the Federal Bureau of Investigations (FBI) where the use of statistics of bank robbers, interviewing bank robbers, and determining what kind of security measures and security equipment was been used, the gathering of the information was used to gain insight into bank robbery (Carrol Loch, (1997). The studyRead MoreCyber Crime And The Security Of Public And Private Sector1470 Words à |à 6 PagesThese online criminal activities are known as Cybercrime. The briefing paper is an attempt to discover different areas of cyber crime, and its implication in today s world . The paper focuses on the growing range of cyber crimes to the security of public and private sector, its types and how to mitigate the risk of cyber crime. The term Cybercrime is used to refer to any crime that is conducted with the help of computer or network. Internet was not designed to be secure. Information technology provides
Wednesday, May 6, 2020
Panama Canalââ¬â¢s Legacy in American History Free Essays
string(96) " French started the canal; they experienced financial problems with getting the canal finished\." Assuredly the Panama Canal, If you didnââ¬â¢t know already, was one of the most economic and socialized marvels of its time. It was, at first, attempted by the French in the late 1800s, but they were unable to carry out the canal because of financial problems. Not only that, but yellow fever and malaria flooded the campgrounds with the aid of mosquitoes, which made the workforce unbalanced (Avery). We will write a custom essay sample on Panama Canalââ¬â¢s Legacy in American History or any similar topic only for you Order Now Then in 1904, the Americans were to take over under the leadership and guidance of President Theodore Roosevelt. Even then Americans had a difficult time with construction. Moreover, with the canal built, itââ¬â¢s more sufficient then sailing around the tip of South America. Even today, the canal is used several times a day to bring benefits to the U. S. The French Admittedly, the French owned the Panama Canal before the U. S. Therefore, they were entitled to its construction under the leadership of Ferdinand de Lesseps, who worked on the Suez Canal in earlier years (Avery). Either Nicaragua or Panama would be the location for this engineered creation. Nicaragua was intentionally the first location for the canal (Jones) until one of the French leaders, one day, received a letter in the mail. As usual, the letter had a postage stamp on it (Avery). From there, Panama was then chosen to become the passageway, for the stamp showed Nicaraguaââ¬â¢s terrain with erupting volcanoes, in which they didnââ¬â¢t want that to destroy their plans (Avery). From there, Engineers were sent to survey the area (Avery). Since the area was owned to the Columbian court, they had to persuade them to grant permission to build the canal (Jones). Finally, they were given permission to precede with their construction plans (Avery). Ferdinand De Lesseps. The man in control, Ferdinand de Lesseps, was an older man who was completely vain from his earlier success in the Suez Canal (Avery). To him, the Panama Canal would be no different. Clearly, he believed that the Panama Canal would be done quicker than the Suez, but was mistaken for in Panama consisted of nothing but mountains and rocky soil (Avery). In Egypt, it was only sand. His idea of the canal was that it would become a sea leveled canal, like the Suez and be parallel to the Panama Railroad that was built by the Americans earlier in the 1800s (Avery). With Him, a man named General Stephen Turr, who was a close Hungarian companion of de Lesseps, decided to help him in the canal (Avery). With Turr, the canal would be two thirds of the way done from the Rio Grande to the city of Colon, but it would be a take time and many lives, for Panama was infested with monstrous diseases that could kill men within forty eight hours. Disease Yellow Fever and Malaria roamed the French and, of course, American construction sites. Stegomya faciata was the species of mosquito that carried these diseases from one person to the next (Easmon). Thousands of men died from these diseases that, at first, seemed like a case of influenza because your body would be using a vast amount of substance to rid the infection (Easmon). Pursuing this further, it would worsen to a more serious case of the disease. Yellow fever is intellectually known as virus that has been transmitted from primates to humans through mosquitoes (Easmon). When the mosquito bit into the primate, it would then become permanently infected with the disease and ends up developing in the mosquitoes salivary glands to be spread to other organisms, which in this case, humans (Easmon). When bitten, the virus would travel into the bloodstream to make its way into the liver, kidneys, or blood vessels to incubate through time period of three to sixteen days before symptoms would occur (Easmon). Symptoms included headache, diarrhea, vomiting and anorexia. Soon after the body would recover for a time period of twenty four hours before it became more serious (Easmon). During this time the body would experience anemia (yellowing of the skin), liver inflammation, and jaundice, in other words, yellowing of the eyes (Easmon). Hence the reason it was given that name yellow fever (Easmon). The kidneys would become infected as well and cause the person to bleed from the nose, mouth and stomach (Easmon). What was interesting, though, was that the West Indian Negroes, which worked on the canal, were somehow immune to yellow fever, but they severely suffered from malaria (Avery). Malaria, on the other hand, was far off more deadly then Yellow fever for it consisted of parasites (Malaria). An engineer once quoted ââ¬Å"If we could control malaria, I would be less anxious about other diseases. If we cannot control malaria, our mortality is going to very heavyâ⬠(American Canal Construction). Consequently, these infections developed in mosquito salivary glands as well and reproduce in the liver (Malaria). Above all, this incubation period could last for months to a year at a time (Malaria). When the parasites leave the liver they reenter the bloodstream where they are able to infect red blood cells to reproduce once again until the cell bursts (Malaria). As a result, it caused anemia and jaundice from the lack of blood cells (Malaria). Other symptoms include seizures, confusion, coma and death (Malaria). Thus, the French were not able to keep up with the rapid growth of infected patients. They had only a few nurses in the infirmary that where nuns and it didnââ¬â¢t benefit them at all since they were untrained, which lost even more lives (Avery). For example, the nurses would leave in the evening without giving any other care to the patients, which could have prevented the deaths of several lives if was brought up (Avery). Victims of disease were actually contained in screened cases with buckets of water to prevent insects from crawling up the beds (Avery). This created a breeding ground for mosquitoes (Avery). Later on, when the Americans took over they prevented this by oiling cesspools and canisters, fumigating Panama City, and ridding stagnant waters (American Canal Construction). Financial Problems Eight years after the French started the canal; they experienced financial problems with getting the canal finished. You read "Panama Canalââ¬â¢s Legacy in American History" in category "Papers" Ferdinand De Lesseps proceeded to travel back to France to attempt to find loans (Jones). He soon found out that France could not afford the vast amount he was asking for, which was around three million francs. The country could only pay eight percent of that amount (Jones). Engineers gathered together to calculate and survey the canal to discuss the completion of it and decided that it could not be done (Avery). Finally, in 1889, the French abandoned the Canal project pay back loans (Avery). In the final analysis, they were only able to finish two fifths of the canal (Avery). Most of the money that they used went to camp rent and maintenance, supplies, property and medical necessities, but non advised buying and those who stole money for possession greatly affected the outcome(Avery). One anonymous member of the French once quoted that ââ¬Å"one part expended on the canal work, one third wasted, and one third stolenâ⬠. They left the canal up to America to finish the job and in 1894 the Americans had taken full control over the canal with Theodore Rooseveltââ¬â¢s leadership and power (Avery) President Theodoreââ¬â¢s Impact President Roosevelt was first elected into office in 1901 (This Great Enterprise). For him, the canal could be easily used for military and economic power(This Great Enterprise). To peruse this even farther, he started negotiating Columbia for the possession for the canal. He offered forty million dollars to gain their permission to finish the canal, but Columbia refused (Buschini). Roosevelt became enraged with their decision, but Roosevelt knew that Panama was preparing to revolt against Columbia and decided to join them (Buschini). He then quoted ââ¬Å"I was prepared to at once to occupy the Isthmus anyhow and proceed to dig the canal, but I deemed it likely that there would be a revolution in Panama soonâ⬠(Buschini). He then sent marines and gunboats to gain control over the canal and successfully forced Columbia to accept his request and grant Panamaââ¬â¢s Independence (This Great Enterprise). In conclusion, the Panamanians and Roosevelt negotiated the Hay Bureau Varilly Treaty (Jones) that would trade U. S. military power for the independence of Panama and entitle the U. S. construction for the Panama Canal (This Great Enterprise). Many Americans didnââ¬â¢t approve of Rooseveltââ¬â¢s act against Columbia for the reason that they believed it was deemed unconstitutional, but Theodore Roosevelt Resumed his work and announced that ââ¬Å"I took the Isthmus, started the canal, and then left congressââ¬ânot to debate the canal, but to debate meâ⬠¦ While the debate goes on, the canal does to; and they are welcome to debate me as long as they wish, provided that we can go on with the canalâ⬠(Buschini). As Americans Built the Canal, they found several warehouses containing Machinery and supplies (Avery). Several Machines were found under water as well and allowed Americans to use them for spare parts (Avery). Also locomotives, cranes and other machinery were used to get the Panama Canal under way (Avery). Steam shovels were used instead of ladder dredges and Dump cars were loaded with soil to be shipped out of the area on the Panama Railroad (Avery). The Plan for America was to make the sea level canal into a lock canal with the depth of twenty nine and a half feet and ninety eight feet wide(Avery). Finally in 1914, the Panama Canal was able to open under the presidency of Woodrow Wilson (This Great Enterprise). To make sure there was no tension between the Columbian court and America, he negotiated a treaty paying Columbia twenty five million dollars to dissolve any potential conflicts (This Great Enterprise). Later on in 1978, President Jimmy Carter created a treaty to be ratified by the Senate that the Panama Canal would be given back to the people of panama to own and manage by the year 2000(This great Enterprise). The Canalââ¬â¢s Effect on the U. S. Indeed, the Panama Canalââ¬â¢s legacy brought several economic and social benefits for the U. S. In the U. S. it would create several more jobs to aid the canalââ¬â¢s shipment process and contain inflation for the hassle of transporting goods and by traveling around South America (Panama Canal). Since prices would decrease on imported goods, the American people would gain more money to spend on other necessities. In return, this would boost Americaââ¬â¢s economy through spending. The only consequences that resulted from this achievement was that it cost America three hundred and fifty two million dollars to complete the canal in addition to several acres of tropical forests were destroyed, people were driven from their homes and several lives were lost through disease and natural causes (Panama Canal). Socially, this canal would allow military alliances stronger between America and other countries and showed its importance through foreign intervention. To pursue these even farther, treaties were also created through the canalââ¬â¢s construction that brought America and other countries together as well (Panama Canal). Conclusion All in all, it has taken the Panama Canal about four decades to be completed. Through the Frenchââ¬â¢s financial problems to Americaââ¬â¢s success in 1920, several hardships were created and overcome. Americaââ¬â¢s success would never have been accomplished if it wasnââ¬â¢t the determination of President Theodore Roosevelt and his revolt against Columbia. Even though the French were unsuccessful to complete the canal, they still have the right to know that they aided the Americans by leaving assets for repair, spare parts, and aving the U. S. thousands of dollars in medical centers, cabins, tools and supplies. Several lives were lost as well through Panamaââ¬â¢s horrific diseases and other factors such as landslides, but itââ¬â¢s social and economic impact on America greatly affected its economy and alliances through military aid and trades. Through the twentieth century, the legacy of the panama was one of the most social and economic investments of its time and will always and forever be a part of Americaââ¬â¢s success. How to cite Panama Canalââ¬â¢s Legacy in American History, Papers
Monday, May 4, 2020
Corporate Finance Ansell Limited
Question: Discuss about theCorporate Finance for Ansell Limited. Answer: Introduction: The study mainly helps in depicting the overall share value of Ansell Limited by effectively evaluating its dividend for 7 years. In addition, the study effectively detects the overall dividend history of Ansell Limited for the past five years. Furthermore, the novice effective depicts the announcements date of final report in the study from which relative return of the company could be effectively calculated. In addition, the same day return of the ASX indices SP ASX 100 is also calculated to determine the excess return that is provided by the company on the announcement days. Lastly, the novice to understand the concept of dividend policy, information support, and signalling theories conducts an effective discussion with the relevant findings. Step 1: Determining Final Dividend History of Ansell Limited for Seven Years Balance Date Dividend Type Cent Per Share dollar per share percentage change 30/06/2016 Final 30.96 0.3096 -0.23% 30/06/2015 Final 31.19 0.3119 9.19% 30/06/2014 Final 22.00 0.22 0.00% 30/06/2013 Final 22.00 0.22 1.50% 30/06/2012 Final 20.50 0.205 1.50% 30/06/2011 Final 19.00 0.19 1.50% 30/06/2010 Final 17.50 0.175 1.50% 30/06/2009 Final 16.00 0.16 0.50% Step 2: Determining the Announcements Date Conducted by Ansell Limited for Seven Years Announcement date 15-Aug-16 10-Aug-15 18-Aug-14 20-Aug-13 14-Aug-12 15-Aug-11 23-Aug-10 17-Aug-09 Step 3: Calculating the Three-Day Return Earned by Ansell Limited: Ansell Limited Date Closing price Return 12-Aug-16 19.14 0.0095 15-Aug-16 22.53 0.1771 16-Aug-16 21.99 -0.0240 7-Aug-15 23.32 -0.0034 10-Aug-15 19.64 -0.1578 11-Aug-15 20.35 0.0362 15-Aug-14 17.5 -0.0028 18-Aug-14 18.25 0.0429 19-Aug-14 18.19 -0.0033 19-Aug-13 16.65 0.0085 20-Aug-13 17.23 0.0348 21-Aug-13 17.33 0.0058 13-Aug-12 12.25 -0.0065 14-Aug-12 12.64 0.0318 15-Aug-12 13.05 0.0324 12-Aug-11 11.46 0.0035 15-Aug-11 11.93 0.0410 16-Aug-11 12.02 0.0075 20-Aug-10 10.95 -0.015 23-Aug-10 11.24 0.0265 24-Aug-10 11.4 0.0142 14-Aug-09 7.91 -0.019 17-Aug-09 7.94 0.0038 18-Aug-09 8.67 0.0919 Calculating the Market Return for the Corresponding Period: ASX Market Date Closing price Return 12-Aug-16 4558.9 0.0036 15-Aug-16 4567.78 0.00195 16-Aug-16 4561.03 -0.0015 7-Aug-15 4572.54 -0.0247 10-Aug-15 4601.42 0.00632 11-Aug-15 4569.22 -0.007 15-Aug-14 4625.9 0.00317 18-Aug-14 4643.7 0.00385 19-Aug-14 4672.35 0.00617 19-Aug-13 4231.77 -0.001 20-Aug-13 4204.4 -0.0065 21-Aug-13 4221.92 0.00417 13-Aug-12 3516.09 0.00115 14-Aug-12 3522.83 0.00192 15-Aug-12 3512.72 -0.0029 12-Aug-11 3401.13 0.00759 15-Aug-11 3489.87 0.02609 16-Aug-11 3460.05 -0.0085 20-Aug-10 3621.38 -0.0101 23-Aug-10 3618.98 -0.0007 24-Aug-10 3579.51 -0.0109 14-Aug-09 3653.1 0.00567 17-Aug-09 3592.3 -0.0166 18-Aug-09 3589.3 -0.0008 Calculating the Excess Return: Excess return Date ANN return (A) ASX return (B) Excess Return [C=(A-B)] 12-Aug-16 0.949367% 0.359709% 0.589658% 15-Aug-16 17.711599% 0.194784% 17.516815% 16-Aug-16 -2.396804% -0.147774% -2.544578% 7-Aug-15 -0.341880% -2.474950% -2.816830% 10-Aug-15 -15.780446% 0.631596% -15.148850% 11-Aug-15 3.615071% -0.699784% 2.915287% 15-Aug-14 -0.284900% 0.317049% -0.032148% 18-Aug-14 4.285714% 0.384790% 3.900924% 19-Aug-14 -0.328767% 0.616965% -0.288198% 19-Aug-13 0.847971% -0.103867% 0.744104% 20-Aug-13 3.483483% -0.646774% 2.836709% 21-Aug-13 0.580383% 0.416706% 0.163677% 13-Aug-12 -0.648824% 0.115318% -0.533506% 14-Aug-12 3.183673% 0.191690% 2.991983% 15-Aug-12 3.243671% -0.286985% 2.956686% 12-Aug-11 0.350263% 0.759295% -0.409032% 15-Aug-11 4.101222% 2.609133% 1.492089% 16-Aug-11 0.754401% -0.854473% -0.100072% 20-Aug-10 -1.528777% -1.012188% -0.516589% 23-Aug-10 2.648402% -0.066273% 2.582129% 24-Aug-10 1.423488% -1.090639% 0.332849% 14-Aug-09 -1.861042% 0.567103% -1.293940% 17-Aug-09 0.379267% -1.664340% -1.285073% 18-Aug-09 9.193955% -0.083512% 9.110443% Step 4: Discussing the Finding with Relevant Theory of Dividend Policy, Information Content, and Signalling Elements: According to the relevant calculations conducted in the above table, the excess return generated by Ansell Limited during the announcements data is effectively calculated. In addition, the effect of announcement on the share price of Ansell could be effective depicted from the overall daily returns. Some researchers mentioned that some investors after the effective announcements are able to detect the financial position of the company and make adequate investment decisions[1]. On the other hand, other researchers criticises that major investors mainly use technical analysis to determine the future return that might be generated by a particular investment. In addition, the major price movement on the announcement date of Ansell limited could be seen from the above tables. Moreover, the announcements of the final annual report mainly help in depicting the increase in demand of shares, which in turn raised the share price of the company. In this context, researchers mentioned that improving financial performance and rising divided policy mainly helps investors to make adequate investment in the company[2]. Furthermore, in comparison to the return generated by ASX and Ansell, it could be seen that Ansell in the announcement days have generated excess return compared to the Australian Index. In addition, it is also seen that in the year 2009, 2010, and 2013 the ASX market mainly provided negative return, while the Ansell limited provided exponentially higher return. Dividend Policy Theory: As per the dividend policy theory, the investors mainly use the overall dividends provided by the company to determine its share price. The dividend Gordon growth model and Walter Model are mainly identified as the relevant dividend theory, which are used by investors to detect the future price movement of the company. Some researchers mentioned that change in dividend percentage are used by investors to predict the future price of the shares, which in turn helps in making adequate investment decisions[3]. The percentage change in dividends and return generated by the company is mainly adequate, which in turn increases the overall profitability. Thus, it could be evaluated that Gordon growth model in more relevant to detect the price movement of Ansell limited as the dividend of the company is not fixed and relatively changes in 2014, 2015 and 2016. Information Content: The information content is mainly an effective tool, which is used by the companies to promote their share price. In addition, as per the information content effect, any news, or announcements provided by the company mainly have affect on its share price. Moreover, the share price movement of Ansell Limited is evaluated in the above tables, which mainly helps in stating the huge return generated by the company in the announcements date. Thus, the effect of the overall information content could be seen in the price movement of the company. In addition, adverse news might reduce the share price and positive news might improve the overall share price of the company. Some researchers stated that companies effectively build up expectations of the investors before the financial announcements, which in turn help in boosting their share price[4]. On the contrary, other researchers argued that companies using the information content strategy are able to reduce the negative impact from reduced performance. Signalling Elements: The investors to determine the future prospects that could be provided by the company mainly use the signalling elements. In addition, the theory is only relevant if the company increases the dividends each year, which in turn help in depicting its financial competency. Moreover, the dividend of Ansell limited has mainly risen from 2009 to 2015, which effectively supports the signalling element theory. In addition, according to the signalling element theory the share price of Ansell limited has mainly seen spike during the annual announcements. Researchers stated that investors to determine the future prospects of the company mainly use dividend-signalling theory. However, other researchers argued that signalling theory loses its friction if the company pays high dividend despite the financial loss incurred during the year[5]. Conclusion: The overall study mainly helps in identifying the spike in share price of Ansell Limited after each final announcement. In addition, the novice effectively calculates the overall excess return attained by Ansell limited one day before, during, and after the announcements conducted by the company. Moreover, the study effectively depicts the relevant discounts model, which could be used by investors to make adequate investment decisions. In addition, the novice also links the relevant theories like dividend policy relevance, information content and signalling elements with the return provided by Ansell limited during the announcements. Reference and Bibliography: "Modified Dividend Discount Model" (2015) 03Review Pub Administration Manag Agosto, Arianna and Enrico Moretto, "Variance Matters (In Stochastic Dividend Discount Models)" (2014) 11Annals of Finance Berk, Jonathan B and Peter M DeMarzo,Corporate Finance(Pearson, 2014) Goldstein, Itay and Dirk Hackbarth, "Corporate Finance Theory: Introduction To Special Issue" (2014) 29Journal of Corporate Finance Hillier, David,Corporate Finance(McGraw-Hill, 2013) Kimyagarov, Gabriel and Anil Shivdasani, "Managing Pension Risks: A Corporate Finance Perspective" (2013) 25Journal of Applied Corporate Finance
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