Reviewing The Psychological Effects Of Teenage Pregnancy Psychology Essay

Reviewing The Psychological Effects Of Teenage Pregnancy Psychology Essay On my journey to find a piece of art for my term paper, I was excited because this was the first time I had gone to the Museum of Modern Art (MOMA) and I felt it was going to be a experience to last a lifetime. I wanted to pick a painting that was attractive but rather in depth. As I walked through MOMA, I had seen several paintings that I can choose but I decided to check one more floor and came across, Girl before a Mirror illustrated by Pablo Picasso (1932). This piece of art was rather fascinating and interesting due to the image of a young pregnant woman possibly viewing herself from past to future. After this, many ideas came to mind, such as the problem we have with teenage pregnancy and how pregnancy can affect a sense of identity, self-esteem, social relationship and education To me, Girl before a Mirror painted in the year 1932, shows a young pregnant girl confronting herself in a mirror. As the girl looks in the mirror one can see both her as a young pregnant girl and as a mature woman who will be soon transforming into a mother. This clearly symbolizes moments of sacrificing the image of one self, which may cause a significant loss of a sense of identity. On the left side of the mirror, there is a reflection of a young girl who is confused and worried. Her face is youthful looking, eyes round and narrow, and her pregnant body is developing rapidly. On the right side of the mirror, one can see a supernatural x-ray of the girls soul, her future, and her fate. Her face appears darkened, eyes round and hollow, and her pregnant body is twisted, as she looks older and more anxious. Pablo Picasso was born in Marlage, in the Southern Spain, on October 25, 1881.Was Pablo Picasso a famous painter? Yes, A naturally gifted draftsman, Born into an artistic family it is said that Pablo could draw before he could talk. (Mason, P.5) Picasso father was a painter and art teacher who taught and encouraged him. Picasso an attractive and unpredictable artist mastered realist early in his life, then moved to classical paintings and on to abstract painting. Impressionism was a name given to a group of artist including Picasso as he tried to evoke a scene by using quick brushstrokes. This was the breaking up of colors into bright dots. In fact, Picasso interest only included what the emotions of a painting would convey. Even though, he died on April 8, 1973, Picasso was one of few artists to be appreciated and celebrated during his lifetime. Girl before a Mirror, a masterpiece of color and design indicated Picasso was also capable of succeeding Surrealist. Surrealist included work that was inspired by dreams and imagination. The interest was realm of fantasy rather than reality. Picasso posed a golden-haired young woman, which is a portrait of his new love, the twenty-year-old Marie- Therese. She considers her reflection, a dark distorted and altogether sinister. The Byzantine richness of the patterned background and the continuous moving lines of the ovoid shapes reinforced a modern revival of the ancient; however, the exact meaning of the painting remains enigmatic. (Jacobus Wheler, P.300) Using this as my inspiration, I decided to examine the factors involved in teenage pregnancy, especially some of the psychological factors implicated in becoming pregnant at an early age. Furthermore, I will attempt to identify issues related to self-esteem, identity, and self-worth among young mothers and how these factors play a r ole in their psychological adjustments to motherhood. Teenage pregnancy is very common all over the world but, the United States have the highest pregnancy and births among adolescents. (Coley Lansdale, 1998, P.153) Teenagers who reside in communities with higher rates of poverty and raised in poverty by single parents are more prone to teenage parenthood. There are also large differences among teenagers of different racial and ethnic groups. According to literature review done by Coley and Lansdale, (1998), studies show that white teens have lower rates of teenage births than Hispanics and African Americans (P.152). As more African Americans become more upwardly mobile, the rates of teenage pregnancy appear to decline. For example, in the last two decades, the rates of teenage pregnancy among African Americans have decreased, while the rates among Latino populations have increased. Pregnancy is a major life transition requiring changes, challenges, and adaptation of many kinds. According to researchers, parenthood continuous demands and responsibilities leaves little or no time for most teen concern; such as, peer relations, dating, academics and career choices. (Coley Lansdale, 1998, P.155) F or instance, the image of the young girl in Girl before a Mirror expresses the psychological effect of teenage pregnancy, which is the loss of identity resulting in the consequences of developing low self-esteem. Sense of Identity Identity refers to the sense of ones self or a unique character over a period of time. A strong sense of self is dependent on early relationships, gender differences and support that allow adolescents to develop their own unique identity. The teenage years can be full of turmoil and changes that can have a detrimental affect on girls. According to the literature review done by Coley Lansdale, (1998) studies show that teenagers faced with setting and determining their sense of identity on their own while learning independence from their parents(P.155). This simply indicates that while learning to cope with changes, they must also be concerned with self-image. At this stage many teenagers try to find out: (1) who they are; (2) what they are about, their interest and personalities; and (3) where they are going, in order to discover their place in life. Negative thoughts about ones body can interfere with the development of other attributes. As one look at the young girl portrayed in th e painting, one can notice her pregnant body appearing twisted, perhaps reflecting some elements of her identity being threatened. The dramatic physical changes that happen during teenage pregnancy- such as, weight gain, breast enlargement and swollen of the body, generally makes a pregnant teen feel anything but, at home in ones body. Body image is a prime concern during adolescent years and is only part of a persons identity. In most cases the lack of physical attractiveness affects social relationships and the way one perceive oneself innermost , ones sincerity, intelligence and personality. Adolescents are also confronted with career choices, romantic entanglements and responsibilities that are new experiences in which they make decisions or adjustments to attain their own identity or success. Meanwhile, they are entering a new phase of role requirements creating a turning point of new directions for changes and adaptations; such as the plan to have a baby, pregnancy, childbirth , and care for the baby. According to researchers, earlier findings show that parenting is one of the womans key development tasks and considered to be an important part of an individual current and expected future identities. (Aro, Nurmi, Halmesmaki, 2000 P.180) In other words, because humans are essentially social beings, we are most concerned about how we fit in and measure up. Self- Esteem Low self-esteem among young mothers lead to many problems while they suffer from lack of confidence and hopelessness. Self- esteem refers to self-worth, self-respect, and how one regards or feels about one self. Simply, its ones feeling about various convictions of one self as a capable, competent person who have worth. A feeling of worth means having self-respect, which comes as a result of living up to ones own standard of values. Its how much one value oneself, how important one thinks he or she is, how one see one self and how one feel about ones accomplishments. The symptoms of low self -esteem vary for every teen. Some teens may feel constant tiredness, melancholy, sleep problems and lack of concentration. These symptoms if not noticed can lead to acute depression or various emotional and physical disorders. In fact, most teenage girls who are pregnant find it hard to face reality; that they are worthy and an important person who deserves to feel good every day in their lives a nd one of the factors which maybe keeping them from enjoying the gift of becoming a mother is their self-confidence and self-respect. Social Relationship During adolescents, relationships are very important and they need to be provided with supportive roles. According to researchers, partners may also be at risk for interpersonal problems while experiencing psychological problems connected to adolescent pregnancy. (Moore and Florsheim, 2001, P.101) This emphasizes that expectant adolescent may experience inter-personal difficulties between motherhood and their partners. The interpersonal and social functioning is important simply because parenting is fundamentally a social process. The emotional adjustment to losing a chapter in life can be difficult to make. Among young mothers who desperately want to be a mom will have to adapt to the change in their social relationship. Most parents would have to give up going to parties and dreaming about their futures. Indeed, once these opportunities are missed, they maybe gone for good. This includes having no free time to see friends. It is important to study expectant adolescent couples preci sely because their relationships appear to be at high risk for dysfunction and dissolution which indicates that many teenage mothers and their partners break right up before or shortly after giving birth. (Moore Florsheim, 2001, P.102) One of the reasons for this maybe young mothers are faced with the loss of social relationship while missing out on childhood and arduous and engaging in tedious unpleasant responsibilities of parenthood. Motherhood put tremendous demand upon the time, energy, emotions, and demands on teens, for which they are not prepared. Surely, early parent hood is a response to limited social interactions and relationships, in those who choose to have children at a relatively young age. To sum up, young adolescents continue to exhibit deficits in social relationship disturbances. Education Career Choice Early parenthood also has an effect on adolescents education. The young mothers are forced to discontinue education after birth. This significantly decreases the individual chances for obtaining a general equivalency diploma (GED). According to researchers, studies have shown that if teenage mothers stay in school, they are almost likely to graduate from high school (73%) as their non-parent peers (77%). (Coley Lansdale, P.155, 1998) However, a GED may result in a lower return of future earnings than future earnings with a high-school diploma. The young mothers who lack education are limited to a handful of career choices since jobs require at least a high-school diploma or some college experience. On the other hand, dropping out of high- school is a strong risk factor for early pregnancy and few will return back to school and possibly graduating. This problem causes a concern to the mother as well as the developing baby because of limitations of education and limitations of income. The consequences of education attainment direct a major concern of poverty. Those families with childhood poverty are likely to receive welfare funding during their life course. Overall, 53% of welfare funding is spent on families formed by teenage birth (Coley Lansdale, 1998, P.153). This brings us back to the young girl who is who is more likely to face education attainment and poverty as a result of pregnancy. According to researchers, the perceived cost of early motherhood is from life experiences linked to poverty including isolation of school, unemployment and unmarried parenthood and lack of education and career opportunities. (Coley Lansdale, 1998, P.153) Conclusion Teenage pregnancy is a problem that continuously occurs in the United States and other countries, despite the pregnancy reduction programs that are available. In fact, among the teenagers who become parents; also, lack knowledge of the consequences that may occur from their irresponsible sexual behavior. However, Pablo Picasso; painting Girl before a Mirror (1932) was very inspiring for me to learn more about the social, psychological, and economic factors involved in getting pregnant. Economics play an important role in teenage pregnancy and is a major concern. Mainly poor income and education leave an individual at risk of remaining in poverty. The social factors that contribute include social relationships as well as peer relationships that may be dysfunctional with the chance of ending before and after birth. In the meanwhile, studies clearly suggest that pregnancy fully requires a psychological adaptation on the physical and mental health which appears to influence the health of the developing baby. On the other hand, it is not only one factor that is responsible for the reason why many teenagers are pregnant and becoming pregnant. I believe that more research should be dedicated to what can be used to stop teenage pregnancy and information about some programs that have been tried out and examined for its effectiveness. There is also a need to encourage the use of contraceptions so that many teenagers wont contract H.I.V, A.I.D.S, and sexual transmitted diseases.

Product Life Cycle of Nutri-Grain Essay

* The brand was first introduced in the United States in 1991 for a breakfast cereal bars consisting of fruit filling covered in a crust without added sugar. * There were four varieties initially (rye, corn, barley and wheat); later these were reduced to corn and wheat * There are various Nutri-Grain Bars made from the breakfast cereal bonded together, available in the markets where the cereal is available. The bars became popular in the 1990s as an â€Å"on-the-go† food. * In the United States the Nutri-Grain Bar name is used for the soft golden baked crust breakfast bars made with wheat, whole-grain, and oats. Product Development Nutri-Grain was developed in 1980 by Kellogg’s Company which was already successful in making cereal that people enjoyed. Kellogg’s wanted to produce a on to go cereal breakfast bar that was healthy and was filling. Introduction Nutri-Grain was launched in 1997 and was instantly a hit among the middle class population who had little time to spare and need food on the go. It gained almost 50% of share of the growing cereal bar market in just two years. In just 1997 they had sold about 4,000 tons of cereal bars. In 1997 they made of a soft crust with a fruit filling inside. They were popular amongst both adults and children. Nutri-Grain was advertised on T.V, magazines and newspapers Growth During the growth stage, Nutri- Grains sales climbed rapidly as more people overseas became aware of the product. The product became very popular in Great Britain, Australia and New Zealand. The growth and profit was short lived as sales started to die out. The product looked like it was going into decline without even going into the maturity stage. The growth stage lasted for a year in 1999 Maturity In 2000 Kellogg’s decided to increase profits and bring back the sales that they were starting to lose. They introduced a new type of cereal bar called Twists which were essentially 2 small soft bakes with different flavors twisted into one bar. This worked because the sales rose again, this lasted for about for another year

Bhopal Gas Tragedy and Its Ethical Issues Essay

SUMMARY Bhopal Gas Tragedy was a gas leak incident in India, considered one of the world’s worst industrial catastrophes. It occurred on the night of the last year of 1984 at the Bhopal Union Carbide Corporation (Union Carbide India Limited – UCIL) pesticide plant in Bhopal, Madhya Pradesh, India. A leak of methyl isocyanides gas and other chemicals from the plant resulted in the exposure of hundreds of thousands of people. It also causes environmental issues such as pollution of soil and water. The gas leak in India was caused by bad maintenance and failure of several safety systems to cut off the expenses. HISTORY Bhopal is a city in central India with population of 800,000 people in 1984. At that time, home to the largest mosque in India, Bhopal was a major railway junction. Its main industries consisted of manufacturing heavy electrical equipment, weaving and printing cotton cloth, and milling flour. In 1969, American Union Carbide Corporation, a company headquartered in Danbury, Connecticut, reached an agreement with the Indian government for the construction of a Union Carbide plant in Bhopal. Union Carbide would hold a 51 percent interest in the plant through its share of ownership of an Indian subsidiary of American Union Carbide. The agreement was seen as a win–win situation. India would have the plant and its jobs as well as the production of produce pesticides, a product needed badly by Indian farmers in order to increase agricultural productivity. In addition, Union Carbide also agreed that it would use local managers, who would be provided with the necessary skills and management training so that the plant would be truly locally operated. The plant used methyl isocyanides (MIC) gas as part of the production process for the pesticides. MIC is highly toxic and reacts strongly with other agents, including water. Operation of a plant with MIC processes requires detailed monitoring as well as security processes to prevent sabotage. While the plant began operations with high hopes, by 1980 the relationships were strained because the plant was not profitable. Union Carbide had asked the Indian government for permission to close the plant but the government felt the products from the plant as well as the jobs were needed for the Indian economy. Sometime in the early morning hours of December 3, 1984, MIC stored in a tank at the Bhopal plant came in contact with water, and the result was a boiling effect in the tank. The back-up safety systems at the plant, including cooling components for the tanks, did not work. The result was the toxic mixture began to leak and workers at the plant felt a burning sensation in their eyes. The boiling of the water and MIC caused the safety valves on the tank to explode. Following the explosion, the white smoke from the lethal mixture escaped through a smoke stack and began to spread across the area to the city of Bhopal. As the gas spread, it wove its way through the shanty towns that were located near the plant. The occupants of these shanty towns were Bhopal’s poorest. As the gas floated through these makeshift neighborhoods, 3,500 lives were lost and 200,000 were injured. The injuries included blindness, burns, and lesions in the respiratory system. The initial deaths and injuries were followed by long-term health effects. Of the women who were pregnant and exposed to the MIC, one-fourth either miscarried or had babies with birth defects. Children developed chronic respiratory problems. Smaller children who survived the toxic gas were sick for months and, weak from a lack of nutrition and ongoing illnesses, also died. MIC also produced strange boils on the bodies of many residents, boils that could not be healed. The problem of tuberculosis in the area was exacerbated by the lung injuries caused by the leaking MIC. In the year following the accident, the Indian government spent $40 million on food and health care for the Bhopal victims. Warren M. Anderson, Union Carbide’s chairman of the board at the time of the accident, pledged that he would devote the remainder of his career to solving the problems that resulted from the accident. However, by the end of the first year, Mr. Anderson told Business Week, â€Å"I overreacted. Maybe they, early on, thought we’d give the store away. [Now] we’re in litigation mode. I’m not going to roll over and play dead.† Following the accident, Union Carbide’s stock fell 16 points and it became, in the go-go 80s, a takeover target. When GAF Corporation made an offer, Union Carbide incurred $3.3 billion in debt in order to buy 56 percent of its own stock to avert a takeover. Through 1992, Union Carbide remained in a defensive mode as it coped with litigation, takeover attempts, and the actions of the Indian government in seeking to charge officers, including Anderson, with crimes. U.S. lawyers brought suit in the United States against Union Carbide on behalf of hundreds of Bhopal victims, but the case was dismissed because the court lacked jurisdiction over the victims as well as the plant. Union Carbide did settle the case with the Indian government for a payment of $470 million. There were 592,635 claims filed by Bhopal victims. The victims received, on average, about $1,000 each. The ordinary payment from the Indian government, as when a government bus harms an individual, is $130 to $700, depending upon the level of the injury. Individual awards were based on earning capacity, so, for example, widows of the Bhopal accident received $7,000. The Indian government also pursued criminal charges, including against Mr. Anderson. Lawyers for the company and Mr. Anderson continued to fight the charges, largely on the basis that the court had no jurisdiction over Mr. Anderson. However, to be on the safe side, Mr. Anderson did not return to India because of his fear of an arrest. In May 1992, the Indian government seized the plant and its assets and announced the sale of its 50 percent interest in the plant. When the sale occurred and Union Carbide received its share of the proceeds, it contributed $17 million to the Indian government for purposes of constructing a hospital near Bhopal. The plant now makes dry-cell batteries. Following the accident, Union Carbide reduced its workforce by 90 percent. Because of the share purchase, Union Carbide had a debt-to-equity ratio of 80 percent. In addition, the Union Carbide brand was affected by the accident and the company could not seem to gain traction. Dow Chemical would acquire the company in 1999 for $11.6 billion. In 2008, a study revealed that pesticide residues in the water supply for the area surrounding the plant were at levels above permissible ones. There are about 425 tons of wastes buried near the former plant. Advocates continue to appear at Dow shareholder meetings in order to demand clean-up. Dow’s response is, â€Å"As there was never any ownership, there are no responsibility and no liability—for the Bhopal tragedy or its aftermath.† ETHICAL ISSUES In Bhopal Union Carbide Corporation, a one of subsidiaries of Union Carbide Corporation has so many failures in working condition issues such as bad maintenance of the machinery, lack of safety and environmental standard to save money, and also had not concern of the natural environment. Sadly the case was dismissed because the court lacked jurisdiction over the victims as well as the plant. The insufficiency of scientific knowledge is inseparable from the inadequacy of justice. In 1999, Dow Chemical acquired Bhopal Union Carbide Corporation and as publicly owned corporation, the company is unable to accept any responsibility for the Bhopal catastrophe due to share price. Then the government of India sold the company’s assets to construct hospitals near Bhopal to take care the victims. There is dilemmatic problem for Bhopal Union Carbide Corporation, since they knew that the business was not profitable but the Government asked it to run  to support Indian farmers’ productivity and also Indian Economy through the plant. Because of that dilemma, The Bhopal Union Carbide Corporation disregard the Environmental Responsibility to save the money by ignored the work condition issues and keep the business run. KEY PARTIES TO UNETHICAL ISSUES There are four key parties occurred to Bhopal Gas Tragedy. There are: 1.Environments. The ring one which impacted by the tragedy is environment around the pesticide plant. The ring one consists of: (1) civilizations around the pesticide plant – Shanty Towns, and (2) Ecosystems – such as trees, water, and soil. 2.Government of India. The one who is control the environmental issues for industries and business. Government of India responsible to makes the policies to compromise between business and environment safety. 3.Bhopal Union Carbide Corporation (UCIL). The one of subsidiaries of Union Carbide Corporation, who had a business of pesticide plant in India – Bhopal with Indian Management, was responsible because of unfriendly environmental business or we could say that they are not pay attention to Corporate Social Responsibility (CSR). 4.Union Carbide Corporation. (UCC) The Parent Corporation of Bhopal Union Carbide Corporation. The chairman is the one who is most responsible of the Bhopal Gas Catastrophe. The chairman name is Anderson, he arranged with the government of India to build the pesticide plant. CONTRIBUTING FACTORS TO UNETHICAL ISSUES Attempts to reduce expenses affected the Bhopal Union Carbide Corporation’s (UCIL) employees and their conditions, they did several things below: 1.Less stringent quality control and thus looser safety rules; 2.Less training in controlled the factory. It means the employee didn’t exactly know what to do and what not to do; 3.Promotions were halted. It seriously affecting the employee morale and driving the skilled employee finding another job/factory. 4.Workers were forced to use English Manuals Book, while only a few of the employee had a grasp of the language. Because of that situation, UCIL affecting several situations such as: 1.The MIC tank alarms had not worked for four years.   2.There was only one manual back-up system, compared to a four-stage system used in the United States. 3.The flare tower and several vent gas scrubbers had been out of service for five months before the disaster. Only one gas scrubber was operating: it could not treat such a large amount of MIC with sodium hydroxide (caustic soda), which would have brought the concentration down to a safe level. The flare tower could only handle a quarter of the gas that leaked in 1984, and moreover it was out of order at the time of the incident. 4.To reduce energy costs, the refrigeration system was idle. The MIC was kept at 20 degrees Celsius, not the 4.5 degrees advised by the manual. 5.The steam boiler, intended to clean the pipes, was out of action for unknown reasons. 6.Slip-blind plates that would have prevented water from pipes being cleaned from leaking into the MIC tanks through faulty valves were not installed. Their installation had been omitted from the cleaning checklist. 7.The water pressure was too weak to spray the escaping gases from the stack. They could not spray high enough to reduce the concentration of escaping gas. 8.According to the operators, the MIC tank pressure gauge had been malfunctioning for roughly a week. Other tanks were used, rather than repairing the gauge. The build-up in temperature and pressure is believed to have affected the magnitude of the gas release. UCC investigation studies have disputed this hypothesis. 9.Carbon steel valves were used at the factory, even though they corrode when exposed to acid. 10.UCC admitted in their own investigation report that most of the safety systems were not functioning on the night of December 3, 1984. 11.The design of the MIC plant, following government guidelines, was â€Å"Indianized† by UCIL engineers to maximize the use of indigenous materials and products. Mumbai-based Humphreys and Glasgow Consultants PVT. Ltd. were the main  consultants, Larsen & Toubro fabricated the MIC storage tanks, and Taylor of India Ltd. provided the instrumentation. Besides that, there were also serious communication problems and management gaps between Union Carbide Corporation and its Indian operation. OPTIONS TO FINISH THE UNETHICAL ISSUES Anderson at the very start should have a feasibility study and environmental study for build up Bhopal Union Carbide Corporation, pesticide plant in India, to calculate the requirement of the plants related to India’s demand of pesticide and environment safety. If the plant is already built and it’s not profitable, Anderson should have closed the plant. But because of the Government demand to support the Indian Economy, Anderson should have to negotiate the government of India to take the plant as India’s state-owned company. So basically, all of the operational requirement will be the problems of India’s Government. Since Bhopal Gas Tragedy was already happened in India, there are few options to take the unethical issues done: 1.Union Carbide Corporations’ Chairman, Anderson, have to solve all of the problems causes by Bhopal Carbide Corporation’s Operation mistakes. It may take a lot of money to gather consultant and built infrastructure to help the victims such as Rehabilitation Center, Hospital, and also the compensation since the disaster begins would shut down the economics around the plant. 2.Anderson can also ask the India’s Government to contribute in solving all of the problems causes by Bhopal Carbide Corporation’s Operation mistakes since the Government of India was asked of helps to support Indian Economy and didn’t have regulation for Safety of Industrial policies. 3.Anderson use Point 2 plus ask the international media to regain his name due to the bad Indian management which â€Å"Indianized† U.S. Industrial safety  to environment. FREQUENTLY ASKED QUESTIONS 1.Should the Bhopal plant have been operated using U.S. safety and environmental standards? As a company operating outside the country, American Union Carbide Corporation should apply a U.S. safety and environmental standards because country where they operate (India) has not implemented a safety and environmental standard. The company should apply with the more strictly standard. In 1973, the Indian parliament had passed the Foreign Exchange Regulation Act (FERA), which aimed to increase state control over foreign business ventures. The act reduced the amount of equity that a foreign corporation could provide to any given project, in order to dilute foreign ownership of Indian-based firms. The bill also strongly encouraged the transfer of proprietary production technology to Indian firms, rather than just the formulation and sale of products, so that it could lay the groundwork for eventually nationalizing such technologies. In the case of the Bhopal plant however, UCC wanted to retain control of both the project and the technologies they had invented. While FERA did not allow foreign corporations to be the majority stakeholder in a project, an exception was made for UCC on the grounds that it was bringing in â€Å"special technology.† In order to retain their 50.9 percent stake in the undertaking, UCC cut the cost of construction from $28 million to $20 million dollars, primarily by using substandard technology and cheaper materials. Although UCC claims that its plant in Bhopal was built to the same safety specifications as its American facilities, when it was finally constructed there were at least eleven significant differences in safety and maintenance policies between the Bhopal factory and its sister facility in Institute, West Virginia. For example, the West Virginia plant had an emergency plan,  computer monitoring, and used inert chloroform for cooling their MIC tanks. Bhopal had no emergency plan, no computer monitoring, and used brine, a substance that may dangerously react with MIC, for its cooling system. The Union Carbide Karamchari Sangh (Workers’ Union), a union of Bhopal workers that formed in the early 1980s, recognized the dangers at the factory but their agitation for safer conditions produced no changes. 2.What would the U.S. policy be on the shanty towns? 3.Should the case have been moved to the United States for recover? Since Anderson is American, and the 51% shares of UCIL was owned by UCC in U.S. (categorized as Foreign Direct Investment), it should have been an U.S. – India issues to recover. With U.S. recovery helps, it will create a good relationship between U.S. and India. And probably the industry owned by U.S. citizen will trusted more by Indian. 4.List all of the costs of the accident to Union Carbide. It is estimated 100,000 to 200,000 people have permanent injuries. Reported symptoms are eye problems, respiratory difficulties, immune and neurological disorders, cardiac failure secondary to lung injury, female reproductive difficulties and birth defects among children born to affected women. The Indian Government and UCC deny permanent injuries were caused by MIC or the other gases. The gas cloud was composed mainly of materials denser than the surrounding air, stayed close to the ground and spread outwards through the surrounding community. The initial effects of exposure were coughing, vomiting, severe eye irritation and a feeling of suffocation. People awakened by these symptoms fled away from the plant. Those who ran inhaled more than those who had a vehicle to ride. Owing to their height, children and other people of shorter stature inhaled higher concentrations. Many people were trampled trying to escape. A total of 36 wards were marked by the authorities as being â€Å"gas affected†, affecting a population of 520,000. Of these, 200,000 were below 15 years of age, and 3,000 were pregnant women. In 1991, 3,928 deaths had been certified. Independent organizations recorded 8,000 dead in the first days. Other estimations vary between 10,000 and 30,000. Another 100,000 to 200,000 people are estimated to have permanent injuries of different degrees.

Examining The Relationship Between Stock Prices And Dividend Payments Finance Essay - Free Essay Example

Sample details Pages: 5 Words: 1380 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? This research investigates whether there exists a relationship between share prices and dividend payments of world stock indices during January 1977 to December 2009 time period. Majority of financial books point out that in a well functioning capital market these two variables should be related (Brealey and Meyers 1986); the present value of the share should be equal to the dividend stream discounted by the return earned on securities of a comparable risk.footnote Furthermore stock market studies indicate that share prices increase respond to dividend news; dividend increases tend to be associated with share price increases while dividend cuts are usually associated with share price falls (Petit,1972; Ahrony and Sway, 1980). Don’t waste time! Our writers will create an original "Examining The Relationship Between Stock Prices And Dividend Payments Finance Essay" essay for you Create order In determining whether stock prices and dividends are co integrated, a large amount of empirical research have used co integration techniques . This research paper investigates if a long run relationship exists between share price and dividend of 11 global market indices. Talk about world stock indices Using the above empirical framework, this research will test Ho: No long run relationship between stock prices and dividends H1 : Long run relationship. As per outline estimation method,research wil fail to reject the null if is non ststionary and reject null if it is stationary . In case of rejection of the null hypothesis we can conclude that there exists a long run relationship between hare price and their dividend payments. The use of the cointegration technique has become widely used to test present value models for stock prices. According to this model, stock prices are fundamentally determined by the discounted value of their future dividends, which derive their value from future expected earning (Campbell, Lo Mackinlay, 1997) . LITERATURE REVIEW 3. METHODOLOGY 4. DATA DESCRIPTION AND COUNTRY INFORMATION There are eight countries with their major stock indices included in this sample, of which there are 5 European countries and their major stock index (United Kingdom FTSE100, Belgium BEL 20, Netherlands AEX Index, Spain IBEX 35 and Germany DAX 30), one Asian country and its stock index (Hong Kong Hang Seng Index) and two countries from the Americas, namely United States of America and its 4 stock indices (SP 500, DJIA 30, NASDAQ 100 and SP 100), the other country being Canada with its stock index ( SP/ TSX 60). Other world stock indices according to the Datastream database in August 2010 where considered for this research, but because Datastream did not have complete dividend payments , only 11 world stock indices which had complete stock price information and dividend data were considered for the study. We analyse the monthly data for 2 variables, the stock price index (Pt) and Dividend payments (Dt) taken from DataStream, with each index having a varying time period or time range. This sample of data is biased towards developed countries, since with stock indices, dividend data can be easily acquired to study the long run relationship between stock prices and dividends by analysing the worlds major stock indices, other than just analysing one index or stock. For each stock index, the annual stock price and dividend payment information was obtained from DataStream, The stock price indices and dividends were deflated by the consumer price index (CPI) and this data was then analysed to determine if a long run relationship exists between real stock prices and real stock dividends using the PANEL COINTEGRATION methodology for a panel data set. each index has a varying sample period as shown in table 1 below:- The countries and their respective stock market indices in the sample were selected primarily on the basis of data availability, in terms stock prices and dividend payments Table 1 shows: ÂÂ   DATA INFORMATION ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   ÂÂ   Continent Country Stock Index Sample Range Period (Years) America USA SP 500 January 1977 December 2007 30 Years ÂÂ   ÂÂ   DJIA 30 March 1978 December 2007 29 Years ÂÂ   ÂÂ   NASDAQ 100 October 1985 -December 2007 22 Years ÂÂ   ÂÂ   SP 100 April 1999 December 2009 10 Years Europe UK FTSE 100 January 1986 December 2007 21 Years Europe BELGIUM BEL 20 May 1991 December 2009 18 Years N.America CANADA SP/TSX60 February 2002 December 2009 7 Years Europe NETHERLANDS AEX INDEX February 1992 December 2007 15 Years Europe SPAIN IBEX 35 December1990 December 2007 17 Years Asia HONG KONG HANGSENG December 1986 December 2007 21 Years Europe GERMANY DAX 30 November 1990 December 2007 17 Years Table .1 provides summary information for the stock price index , the empirical analysis focuses on the stock indices mentioned above. REFERENCES [1] Ahrony,J and I . Sway (1980),Quartely dividend and earnings announcements and stockholders returns : an empirical analysis, Journal of Finance, Vol.35,pp1-12 [1] Brealey,R, . A and S.C.Meyers (1986), Principles of Corporate Finance, McGraw Hill, London. [2] Bong Soo Lee, Co-movements of earnings, dividends and stock prices. [3] Campbell, J. Y, and R. Shiller (1987) Cointegration and tests of present value models, Journal of Political Economy, Vol. 95, pp. 1062 1088. [4] Campbell, J. Y and Shiller (1988) Stock Prices, earnings and expected dividends, Journal of Finance, 43, 661 676. [5] Campbell, J. Y and Shiller (1989) The dividend ratio model and small sample bias: a Monte Carlo study, Economics Letters, Vol.29, pp.325-331. [6] Campbell JY, Lo AW, Mackinlay AC (1997) , The econometrics of financial markets, Princeton University Press , Princeton. [ ] Engle, Robert and Granger, C, W. J., (1987), Cointegration and Error Correction: Representation, Estimation, and Testing. Econometrics, 55, 251 276. [7] Kao, C.(1999) Spurious regression and residual based tests for Cointegration in panel data. Journal of Econometrics, 90, 1-44. [8] Kwiatkowski D, Phillips PCB, Schmidt P, Shin Y (1992), Testing the null hypothesis of stationary against the alternative of a unit root: How sure are we that economic time series have a unit root? Journal of Econometrics 54:159 178. [9] K.S., M.H.Pesaran, and Y. Shin (1997) Testing for unit roots in heterogeneous panels, mimeo, University of Cambridge, December 1997. [10] Levin, A. and C.F. Lin (1992) Unit root tests in Panel data: asymptotic and finite sample properties, mimeo, University of California, San Diego, May 1992. [11] Levin, A. and C.F. Lin (1993) Unit root tests in Panel data: asymptotic and finite sample properties, mimeo, University of California, San Diego, December 1993. [12] Levin, A., Lin C.F. and Chu J. (2002), Unit root in panel data: Asymptotic and finite sample Properties , Journal of Econometrics, 108 (1), 1-24. [13] MacDonald, R. and D.M. Power (1995) Stock prices, dividends and retentions, Journal of Empirical Finance, Vol.2 pp. 135-151. [14] MacDonald, R. and I.W. Marsh (1997) A forward premium puzzle and the power of the panel, mimeo, University of Strathclyde. [15] MacKinnon, J.G (1991) Critical Values for Cointegration tests, In Long -run Economic Relationships, R.F. Engle and C.W.J. Granger (eds.), Oxford University Press: Oxford. [ ] Maddala, G.S. and S. Wu (1999). Comparative Study of Unit root Tests with Panel Data and a N [16] Pascal Mazodier (1979) Review of the Econometrics of Panel Data , Economic Journal 89, 999-1001 [17] Pedroni, P. (1995) Panel Cointegration: asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis , Indiana University Working Paper, Number 95-013, June. [18] Pedroni, P. (1996) Fully modified OLS for heterogeneous cointegrated panels and the case of purchasing power parity , Indiana University Working Paper Number 96-020. [19] Pesaran, M. H. and Smith, R. (1995), estimating long -run relationships from dynamic heterogeneous panels. Journal of Econometrics, 68, 79- 113. [20] Petit, R.R . (1972) Dividend announcements,security performance and capital market efficiency, Journal of Finance, Vol.27 , pp. 993 -1007. [20] Phillips, P.C.B and S.Ouliaris (1986) Testing for Cointegration, Yale University Discussion Paper Number 809. [21] R. Engle and C.W.J. Granger (1991), Long run economic relations: Readings in Cointegration, Oxford University Press. [22] Shiller, R. (1981) Do stock prices move too much to be justified by subsequent changes in dividend? American Economics Review, Vol. 71, pp. 421 436. [23] Sheng, S. L. and Chang, U. C . 2000 Testing the Existence of Speculative Bubbles in Stock Price of Financial Industry . Journal of Industry Economics ,106, 109-143. Fig .2 . This shows the line graph representation of the closing stock prices of the DJIA index. It shows that from 1994 the prices of the DJIA index stocks have been steadily rising, showing a continuous trend in the year 2000. Fig.3 Fig.3 . This shows the histogram representation of the closing stock prices of the DJIA index, it shows the mean 7329.240, kurtosis 1.563437 and the Jarque Bera test 152.5889. Returns of the DJIA INDEX. Fig.4 Fig. 4 shows the line graph, showing stationarity in the returns of the DJIA index .