Funny Quotes From Famous People

Interesting Quotes From Famous People It is astonishing how a few people realize when and how to be amusing. Maybe it is their shining mind, easygoing air, or burning comments that made them broadly amusing. Or then again maybe, its the subjects they decided to remark upon. In the event that you can discover something significant to state about fundamental human feelings and shortfalls vanity, pretentiousness, love, fascination, corporate greed, and even desire in a gnawing yet clever way, your words are probably going to mix feelings in your audience members or perusers and be recollected. So it is with the statements from the acclaimed individuals on this rundown. The statements spoke to beneath are a diverse blend of entertainers, creators, dramatists, and even a notable existential rationalist. Life and Success Charles Schulz My life has no reason, no course, no point, no importance, but Im glad. I cannot make sense of it. What am I doing well? J. P. Getty â€Å"My equation for progress is rise early, work late, and strike oil.† Reba McEntire To prevail throughout everyday life, you need three things: a wishbone, a spine, and an entertaining bone. James A. Garfield Man can't live by bread alone; he should have nutty spread. Falsehoods and Self-Deprecation Thomas Sowell It takes impressive information just to understand the degree of your own numbness. Oscar Wilde I am smart to such an extent that occasionally I dont comprehend a solitary expression of what I am stating. Mel Brooks I have consistently been my very own colossal admirer work. Im one of the most entertaining and most engaging scholars I know. S.E. Hinton I lie to myself constantly. Be that as it may, I never trust me. Abraham Lincoln No man has an adequate memory to be an effective liar. Imprint Twain Get your realities first, at that point you can misshape them however you see fit. Put-down Groucho Marx I always remember a face, yet for your situation, Ill be happy to make an exemption. W. C. Fields I once went through a year in Philadelphia, I think it was on a Sunday. George Bernard Shaw He who can does-he who can't, instructs. Love and Attraction Jay Leno [Putting his arms around British character and food writer Nigella Lawson] My significant other is going to execute me. In any case, you resemble my significant other, so that is OK! Jerry Seinfeld Where lipstick is concerned, the significant thing isn't shading, however to acknowledge Gods last word on where your lips end. George Bernard Shaw Moving is an opposite articulation of an even want. Ambrose Bierce Love: A brief craziness reparable by marriage. Sen. Ted Kennedy Shes a superb, brilliant individual, and were looking to an upbeat and great night-ah, life. Madness Cary Grant Madness runs in my family. It for all intents and purposes runs. Oscar Levant Roses are red, violets are blue, Im schizophrenic, as am I. Maturing, Happiness, and Health Luis Bunuel Age is something that doesnt matter except if you are a cheddar. George Burns Joy is having a huge, cherishing, mindful, affectionate family in another city. Imprint Twain The best way to keep your wellbeing is to eat what you dont need, drink what you dont like, and do what youd rather not. Cash Pablo Picasso Id like to live like a helpless man-just with bunches of cash. Legislative issues Imprint Twain Peruser, assume you were a bonehead. What's more, assume you were an individual from Congress. In any case, I rehash myself. Sen. Weave Dole Our expectation won't be to make gridlock. Goodness, with the exception of perhaps every now and then. TV Groucho Marx I discover TV very teaching. Each time someone turns on the set, I go into the other room and read a book. Random Jim Carrey Behind each incredible man is a lady feigning exacerbation. Henny Youngman In the event that youre going to accomplish something today around evening time that youll be upset for tomorrow first thing, rest late. Steve Martin A day without daylight resembles, you know, night. Josh Billings Each man has his indiscretions and regularly they are the most intriguing thing he has. Anthony Burgess Chuckle and the world snickers with you, wheeze and you rest alone. W. H. Auden We are for the most part here on earth to help other people; what in heaven's name the others are here for I dont know.

Dr. Mary Edwards Walker, Civil War Surgeon

Dr. Mary Edwards Walker, Civil War Surgeon Mary Edwards Walker was an eccentric lady. She was a defender of womens rights and dress change particularly the wearing of Bloomers which didnt appreciate wide cash until theâ sport of bicyclingâ became well known. In 1855 she got one of the most punctual female doctors upon graduation from Syracuse Medical College. She wedded Albert Miller, a kindred understudy, in a service that did exclude a guarantee to comply; she didn't take his name, and to her wedding wore pants and a dress-coat. Neither the marriage nor their joint clinical practice kept going long. Toward the beginning of the Civil War, Dr. Mary E. Walker chipped in with the Union Army and received mens garments. She was from the outset not permitted to fill in as a doctor, yet as a medical attendant and as a covert operative. She at last won a commission as a military specialist in the Army of the Cumberland, 1862. While treating regular citizens, she was taken prisoner by the Confederates and was detained for four months until she was discharged in a detainee trade. Her official assistance record peruses: Dr. Mary E. Walker (1832 - 1919) Rank and association: Contract Acting Assistant Surgeon (non military personnel), U. S. Armed force. Places and dates: Battle of Bull Run, July 21, 1861 Patent Office Hospital, Washington, D.C., October 1861 Following Battle of Chickamauga, Chattanooga, Tennessee September 1863 Prisoner of War, Richmond, Virginia, April 10, 1864 - August 12, 1864 Battle of Atlanta, September 1864. Entered administration at: Louisville, Kentucky Born: 26 November 1832, Oswego County, N.Y. In 1866, the London Anglo-American Times composed this of her: Her bizarre undertakings, exciting encounters, significant administrations and grand accomplishments surpass whatever cutting edge sentiment or fiction has produced.... She has been probably the best advocate of her sex and of humankind. After the Civil War, she worked essentially as an essayist and teacher, normally seeming wearing a keeps an eye on suit and top cap. Dr. Mary E. Walker was granted a Congressional Medal of Honor for her Civil War administration, in a request marked by President Andrew Johnson on November 11, 1865. When, in 1917, the legislature renounced 900 such awards, and requested Walkers decoration back, she would not return it and wore it until her demise two years after the fact. In 1977 President Jimmy Carter reestablished her award after death, making her the main lady to hold a Congressional Medal of Honor. Early Years Dr. Mary Walker was conceived in Oswego, New York. Her mom was Vesta Whitcom and her dad was Alvah Walker, both initially from Massachusetts and slipped from early Plymouth pilgrims who had first moved to Syracuse in a secured cart and afterward to Oswego. Mary was the fifth of five little girls at her introduction to the world. also, another sister and a sibling would be brought into the world after her.  Alvah Walker was prepared as a craftsman who, in Oswego, was sinking into a ranchers life. Oswego was where many became abolitionists including neighbor Gerrit Smith and supporters of womens rights. The womens rights show of 1848 was held in upstate New York. The Walkers upheld the developing abolitionism, and furthermore such developments as wellbeing change and temperance.â The rationalist speaker Robert Ingersoll was Vestas cousin.  Mary and her kin were raised strictly, however dismissing the evangelism of the time and not partner with any group. Everybody in the family buckled down on the ranch, and were encircled by numerous books which the kids were urged to peruse. The Walker family served to establish a school on their property, and Marys more seasoned sisters were educators at the school. Youthful Mary got engaged with the developing womens rights development. She may likewise have initially met Frederick Douglass when he talked in her old neighborhood. She likewise created, from perusing clinical books which she read in her home, the possibility that she could be a physician.â She read for a year at Falley Seminary in Fulton, New York, a school which remembered courses for technical studies and wellbeing.  She moved to Minetto, New York, to accept a situation as an instructor, sparing to take a crack at clinical school. Her family had likewise been engaged with dress change as one part of womens rights, maintaining a strategic distance from the tight garments for ladies that confined development, and rather supporting for all the more free garments.  As an educator, she adjusted her own apparel to be looser in the waste, shorter in the skirt, and with pants underneath. In 1853 she joined up with Syracuse Medical College, six years after Elizabeth Blackwells clinical instruction. This school was a piece of a development towards varied medication, another piece of the wellbeing change development and imagined as a more fair way to deal with medication than the customary allopathic clinical preparing.  Her training included customary talks and furthermore interning with an accomplished and authorized doctor. She graduated as a Doctor of Medicine in 1855, qualified as both a clinical specialist and as a specialist. Marriage and Early Career She wedded a kindred understudy, Albert Miller, in 1955, subsequent to knowing him from their investigations.  The abolitionist and Unitarian Rev. Samuel J. May played out the marriage, which prohibited the word comply. The marriage was declared in neighborhood papers, however in The Lily,â the dress change periodical of Amelia Bloomer. Mary Walker and Albert Mmiller opened a clinical practice together. By the late 1850s she got dynamic in the womens rights development, concentrating on dress change. Some key testimonial supporters including Susan B. Anthony, Elizabeth Cady Stanton, and Lucy Stone embraced the new style incorporating shorter skirts with pants worn underneath. However, the assaults and scorn about attire from the press and open started to, in the assessment of some testimonial activists, occupy from womens rights.  Many returned to conventional dress, however Mary Walker kept on pushing for progressively agreeable, more secure apparel. Out of her activism, Mary Walker included first composition and afterward addressing to her expert life. She composed and talked about sensitive issues including premature birth and pregnancy outside of marriage. She even composed an article on ladies warriors. Battling for a Divorce In 1859, Mary Walker found that her better half was associated with an extramarital issue.  She requested a separation, he proposed that rather, she likewise discover issues outside their marriage. She sought after a separation, which likewise implied that she attempted to build up a clinical vocation without him, regardless of the noteworthy social shame of separation even among those ladies working for womens rights.  Divorce laws of the time made a separation troublesome without the assent of the two gatherings. Infidelity was justification for a separation, and Mary Walker had amassed proof of numerous illicit relationships incorporating one that brought about a youngster, and another where her significant other had tempted a lady persistent.  When she despite everything couldn't get a separation in New York following nine years, and realizing that considerably after the giving of a separation there was a multi year holding up period until it got last, she left her clinical , composing, and talk vocations in New York and moved to Iowa, where separation was not all that difficult.â Iowa In Iowa, she was from the start unfit to persuade individuals that she was, at the youthful age of 27, qualified as a doctor or instructor.  After taking a crack at school to contemplate German, she found they didn't have a German educator. She took an interest in a discussion, and was ousted for partaking.  She found that New York state would not acknowledge an out of state separate, so she came back to that state. War At the point when Mary Walker came back to New York in 1859, war was not too far off. At the point when the war broke out, she chose to do battle, however not as a medical caretaker, which was the activity the military was selecting for, yet as a doctor. Known for:â among the most punctual lady doctors; first lady to win the Medal of Honor; Civil War administration including commission as a military specialist; dressing in mens attire Dates: November 26, 1832 - February 21, 1919 Print Bibliography Harris, Sharon M. ​Dr. Mary Walker, An American Radical, 1832 - 1919â . 2009.Synder, Charles McCool. Dr. Mary Walker: The Little Lady in Pants.â 1974.â Progressively About Mary Walker: Profession: PhysicianAlso known as: Dr. Mary Walker, Dr. Mary E. Walker, Mary E. Walker, Mary Edwards WalkerOrganizational Affiliations: Union ArmyPlaces: New York, United StatesPeriod: nineteenth century

Free Essays on Harry Potter

Harry Potter And Sorcerer Stone By Rowling Harry Potter and the Sorcerer's Stone by J.K. Rowling is a kids' novel about a little youngster, Harry Potter, and his undertakings at Hogwarts, a school for wizards and witches. The epic is loaded up with diverting stories of energizing capers in and around the school. There are numerous characters in the novel, and they don't generally manage everything well. They ridicule one another and judge each other by a specific arrangement of guidelines. A portion of these gauges incorporate riches, knowledge, family and athletic capacity. These are on the whole shallow methods of making a decision about individuals. Being a kids' writer, Rowling gives her perusers other, increasingly significant methods of sorting others through less obvious techniques. These genuine qualities that she underscores are making a decision about others by their character and heart. The bogus qualities by which kids judge each other are progressively outright in the novel since they are outlined through discuss ion rather than activities. The primary ways that they judge each other are: money related status, family foundation (Muggle or wizard), house alliance, knowledge and athletic capacity. Pretty much every character has some great qualities and some terrible qualities in the novel. By showing the characters with deficiencies, Rowling makes them increasingly reasonable and credible. The principal shallow worth used to quantify the status of a character is cash. Similarly as in reality, a few people have more cash than others. One character that is by all accounts off in the wizard world is Draco Malfoy. He has the entirety of the most current and most pleasant books and school supplies on the main day. His owl is of the most delightful variety. At the point when the understudies get mail at dinners, Malfoy oftentimes gets bundles of treats from his family and he isn't modest about it. He is a serious difference to Ron Weasley and his family. Ron originates from a poor family. All that he carries to class with him is by all accounts a leftover. Ron says, you never ge... Free Essays on Harry Potter Free Essays on Harry Potter Harry Potter And the Chamber of Secrets By Matt Carlson Harry comes back from Hagwarts back to the Dursley’s home for another horrendous summer. He returns home on his birthday and no one even recalls. Harry needs to remain upstairs throughout the night since Uncle Vernon is having business visitors over for an evening gathering. At that point, all of a sudden, a house mythical person named Dobby sneaks into Harry’s room and is getting crazy in light of the fact that he’s so eager to meet Harry. He discloses to Harry that he should not return to Hogwarts in light of the fact that something awful will occur there. Harry gets steamed for one thing since he is excessively boisterous, and for another in light of the fact that he has been halting Harry’s mail. Dobby reveals to Harry he can have them on the off chance that he vows not to go to Hogwarts. Harry just gets madder thus Dobby takes off ground floor directly in the center of the evening gathering. Dobby getaways and Uncle Vernon turns out to be so furious w ith Harry that he secures him up his room. That night Ron, and his two siblings, acted the hero in a flying vehicle that their father assembled. They got back to an irate mother who didn’t realize they took the vehicle. The Weasley young men get shouted at while Harry is treated with the up most regard. The following day Harry and the Weasleys all went out on the town to shop for the new coming year at Hogwarts. While shopping, Harry chances upon Gilderoy Lockhart, a sort of wizard VIP. Lockhart immediately perceives Harry and they have pictures taken together. A few days after the fact they were preparing to return Hogwarts on the train through the train station. Harry and Ron were the last ones to experience and afterward out of nowhere, crash! They didn’t endure. It was strong. So Ron and Harry choose to take the flying vehicle to Hogwarts. They make it there and collide with a tree called a Whomping Willow. This sort of tree can move and cause harm which was actual ly what occurred. They vehicle got away scarcely before it was totally squashed. Harry and Ron scarcely made it out... Free Essays on Harry Potter 1) My first book I read over the late spring was Harry Potter and the Sorcerer’s Stone, which was composed by J.K. Rowling. The Copyright date of the book is 1998 and the book contains 309 pages. 2) Harry Potter and the Sorcerer’s Stone is about a kid named Harry Potter who discovered he was a wizard who as a child depleted the forces of the most risky wizard Voldemort. Potter was sent to a wizardry school named Hogwarts, where he examined enchantment. There unusual things happened to him and he understood that somebody needed to uncover of him. Toward the finish of the story he discovers that one of his educators Mr. Quirrel was really imparting his body to the shrewd wizard Voldemort in which nobody has gotten notification from since Harry was a child. Harry discovered that Voldemort was searching for the Sorcerer’s Stone, which is a stone that permits wizards to have limitless forces. Harry winds up controlling his educator in a cell room, which contains the stone until the school’s ace Dumbledore stops Quirrel. Voldemort winds up getting away however by and by Harry vanquished him. 3) The essentialness of the title Harry Potter and the Sorcerer’s Stone is that the book is about Harry Potter and Harry finds out about a stone which makes Wizards more remarkable than you can envision. Harry winds up halting the insidious wizard Voldemort in taking the stone. 4) My early introduction of Harry Potter was that he was a little youngster who got nothing in his life yet somehow or another he was unique. He got nothing since he lived with his auntie and uncle who realized that he was a wizard and they repudiated him. They never through birthday celebrations for him or even gave him a room, he just stayed in bed a little organizer. 5) Harry changed from numerous points of view over the span of the story. Most importantly in the start of the story Harry didn’t realize that he was a wizard and that he had extraordinary forces. He grew up parcel during the story and turned out to be increasingly courageous and full grown. 6) I refer to from... Free Essays on Harry Potter Harry Potter And Sorcerer Stone By Rowling Harry Potter and the Sorcerer's Stone by J.K. Rowling is a youngsters' novel about a little fellow, Harry Potter, and his experiences at Hogwarts, a school for wizards and witches. The epic is loaded up with diverting stories of energizing capers in and around the school. There are numerous characters in the novel, and they don't generally manage everything well. They ridicule one another and judge each other by a specific arrangement of norms. A portion of these gauges incorporate riches, knowledge, family and athletic capacity. These are altogether shallow methods of making a decision about individuals. Being a kids' writer, Rowling gives her perusers other, progressively significant methods of ordering others through less evident strategies. These genuine qualities that she underlines are making a decision about others by their character and heart. The bogus qualities by which youngsters judge each other are increasingly obtrusive in the novel since they are represented through di scussion rather than activities. The principle ways that they judge each other are: monetary status, family foundation (Muggle or wizard), house connection, insight and athletic capacity. Pretty much every character has some great qualities and some terrible qualities in the novel. By showing the characters with shortcomings, Rowling makes them progressively sensible and conceivable. The principal shallow worth used to quantify the status of a character is cash. Similarly as in reality, a few people have more cash than others. One character that is by all accounts off in the wizard world is Draco Malfoy. He has the entirety of the freshest and most pleasant books and school supplies on the principal day. His owl is of the most delightful variety. At the point when the understudies get mail at dinners, Malfoy as often as possible gets bundles of treats from his family and he isn't unassuming about it. He is a significant difference to Ron Weasley and his family. Ron originates from a poor family. All that he carries to class with him is by all accounts a leftover. Ron says, you never ge... Free Essays on Harry Potter Harry Potter and the Sorcerer’s Stone, composed by J. K. Rowling, is a cutting edge dream whose title alone brings the expectation of enchantment. The spread representation and the section headings, just as the delineations toward the start of every part, will cause the peruser to envision energy and interest. The size of the print and the length of the book appear to esteem the age go for this book is mid evaluation school to middle school, yet individuals of any age appreciate it. The initial page closes with one sentence that will leave the peruser hanging tight for more and envisioning an unprecedented story. Harry Potter and the Sorcerer’s Stone recounts to an extraordinary story that youngsters particularly will appreciate in light of the fact that there is so much activity and the plot is unique and extraordinary. This story isn't reasonable yet it is conceivable and sound. The plot in this story goes in legitimate request and rules out speculating in light of the fact that the creator gives all that could possibly be needed groundwork for the occasions to come. The story all in all has circumstances and logical results and this makes the story more clear. There is a recognizable peak in this story and it happens when Harry gets some answers concerning the Sorcerer’s Stone and the occasions that lead up to the peak make it very energizing. Over all the plot in this story is unfathomably very much developed. Harry Potter and the Sorcerer’s Stone happens outside of London in current occasions. The time is demonstrated by the utilization of present day innovations, (for example, vehicles, toasters, and TVs) yet time is by all accounts twisted to add components to the story that make it all the more fascinating (for instance, antiquated outfits are worn to all inclusive schools). The setting makes the story all the more fascinating to the peruser and it likewise influences the characters by putting them into an entire unexpected world in comparison to that we are utilized to. This story has widespread impli

Relationship Between Corporate Governance Score And Firm Performance - Free Essay Example

Limited liability company structure is the most preferred structure for a large business. In this structure, a large number of investors provide the risk capital. They are called shareholders, the deemed owners of the company. They delegate the power to manage the company to board of directors. The board delegates the same to managers while retaining its role to monitor and control the executive management. Shareholders are viewed as the principal and the manager as their agents and this relationship is described as à ¢Ã¢â€š ¬Ã‹Å"principal-agent relationshipà ¢Ã¢â€š ¬Ã¢â€ž ¢. The shareholders, of a widely held firm, practically do not have any control on the managers. They are only informed of the financial results on a periodical basis while the managers controls the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ assets. This structure provides an opportunity to the managers to expropriate shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ wealth and misappropriate the funds by way of transfer of money as loans to his own companies, or sale of the company assets to themselves at a lesser price or pay themselves more perks. The divergence of interest between the owners and the managers, due to the separation of ownership from control, results in the agency costs. It is not just separation of ownership and control that gives rise to the agency problem between shareholders and managers; but also the atomistic or diffused nature of corporate ownership, which is characterized by a large number of small shareholders. In such ownership structure, there is no incentive for any one owner to monitor corporate management, because the individual owner would bear the entire monitoring costs, yet all shareholders would enjoy the benefits. Thus, both the magnitude and nature of agency problems are directly related to ownership structures. The fundamental theoretical basis of corporate governance is agency costs. The core of corporate governance is designing and putting in place disclosures, monitoring, oversight and corrective systems that can align the objectives of the shareholders and managers as closely as possible and hence, minimize agency costs. It deals with conducting the affairs of a company such that there is fairness to all stakeholders and that its actions benefit the greatest number of stakeholders. There are two kinds of mechanisms to overcome the agency problem and hence, improve corporate governance viz., the internal control mechanisms and the external control mechanisms. Internal control mechanisms are internal to the functioning of a company and broadly consist of the board composition, the board size, the leadership structure and the managerial compensation. External control mechanisms are the mechanisms that are external to the functioning of the firm over which the firm has no control. An increasingly important external control mechanism affecting governance worldwide is the emergence of institutional investors as equity owners. Although the role that the institutional investors can play in the corporate governance system of a company is a controversial question and a subject of continuing debate. While some believe that the institutional investors must interfere in the corporate governance system of a company, others believe that these investors have other investment objectives to follow. The group of observers who believe that institutional investors need not play a role in the corporate governance system of a company, argue that the investment objectives and the compensation system in the institutional investing companies often discourage their active participation in the corporate governance system of the companies. Institutional investors are answerable to their investors the way the companies (in which they have invested) are answerable to their shareholders. And the shareholders do invest their funds with the institutional investors expecting higher returns. The primary responsibility of the institutional investors is therefore to invest the money of the investors in companies, which are expected to generate the maximum possible return rather than in companies with good corporate governance records. While the other group strongly believes that if t he corporate governance system in the companies has to succeed then the institutional investors must play an active role in the entire process. By virtue of their large stockholdings, they have the opportunity, resources, and ability to monitor, discipline and influence managers, which can force them to focus more on corporate performance and less on self-serving behavior. Most of the reports on corporate governance have also emphasized the role that the institutional investors have to play in the entire system. Given the increasing presence of institutional investors in financial markets, it is not surprising that they have become more active in their role as shareholders. Activism by institutional investors has been both private and public, with the public activism being most visible in many countries. The role of institutional investors is visualized in two perspectives, the corporate governance and the firm performance. 7.2 Objectives of Study In light of the above discussion, the present study attempts to achieve the following objectives: To construct the corporate governance score To establish relationship between institutional holdings and corporate governance score To establish relationship between institutional holdings and firm performance To establish relationship between corporate governance score and firm performance In order to achieve the objectives stated above, the present study conceptualized the following null hypotheses for the validation of positive relationship between institutional holdings, corporate governance and firm performance 7.3 Hypotheses: H01: Institutional/its components Holdings and Corporate Governance score are very closely related in a manner as to depict a positive relationship between the two H02: Corporate Governance Score and Institutional/its components Holdings are also very closely related in a manner as to depict positive relationship between the two H03: Institutional/its components Holdings and various measures of firm performance are very closely related in a manner as to depict positive relationship between the two H04: Corporate Governance Score and various measures of firm performance are very closely related in a manner as to depict positive relationship between the two 7.4 The Sample Design and Data: To achieve the above objectives, a sample of 200 companies has been taken. The present study is based on the secondary data. It covers a period of five financial years from 1st April 2004 to 31st March 2008. Institutional holdings are further segregated into three constituents. The mutual funds being the first one. The second constituent includes various public and private sector banks, all the developmental financial institutions (like IFCI, ICICI, IDBI, SFC) and insurance companies like the LIC, GIC, and their subsidiaries. The last constituent comprise of foreign institutional investors. Data has been collected on the institutional holdings in total as well as on different constituents of institutional holdings from nseindia.com. The secondary data regarding annual reports to construct the corporate governance score have been collected from respective company websites and sebiedifar.com. . The firm performance measures have been divided into two categories, one being the account ing measures while others are based on market returns. The accounting return measures include (%) return on networth, (%) return on capital employed, Profit After Tax, (%) Return on Assets, Net Profit Margin and Earning Per Share. Whereas, market return based measures include Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q, (%) Risk Adjusted Excess Return and (%) Dividend Yield. Data for the study period on financial performance measures have been collected from Prowess Database. 7.5 Statistical Tools: Simple linear regression analysis has been used as a statistical tool to investigate the relationship between different variables. An attempt has been made to ascertain the causal effect of one variable upon another. Data has been assembled on the variables of interest and employed regression to estimate the quantitative effect of the causal variables upon the variable that they influence. The study also typically assesses the à ¢Ã¢â€š ¬Ã…“statistical significanceà ¢Ã¢â€š ¬? at 5 percent level of the estimated relationships, that is, the degree of confidence that the true relationship is close to the estimated relationship. Section A 7.6 Construction of Corporate Governance Score Review of Literature Some researchers have used board characteristics as an effective measure of corporate governance as Hermalin and Weisbach (1998, 2003) have used board independence, Bhagat, Carey and Elson (1999) have used stock ownership of board members and Brickley, Coles and Jarrell (1997) have used the occupation of Chairman and CEO positions by the same or two different individuals. Whereas, Gompers, Ishii and Metrick (2003) have constructed a governance measure comprising of an equally weighted index of 24 corporate governance provisions compiled by the Investor Responsibility Research Center (IRRC), such as, poison pills, golden parachutes, classified boards, cumulative voting, and supermajority rules to approve mergers. Bebchuk, Cohen and Ferrell (BCF, 2004) created an à ¢Ã¢â€š ¬Ã…“entrenchment indexà ¢Ã¢â€š ¬? comprising of six provisions à ¢Ã¢â€š ¬Ã¢â‚¬Å" four provisions that limit Shareholder rights and two that make potential hostile takeovers more difficult. While the above noted studies use IRRC data, Brown and Caylor (2004) used Institutional Shareholder Services (ISS) data to create their governance index. This index considered 51corporate governance features encompassing eight corporate governance categories: audit, board of directors, charter/bylaws, director education, executive and director compensation, ownership, progressive practices, and state of incorporation. In the present study, Corporate Governance Score has been developed on the basis of key characteristics of Standard and Poorà ¢Ã¢â€š ¬Ã¢â€ž ¢s Transparency and Disclosure Benchmark. Standard and Poorà ¢Ã¢â€š ¬Ã¢â€ž ¢s provides a range of corporate governance analyses and services, the crux of which is the Corporate Governance Score. Corporate Governance Scores are based on an assessment of the qualitative aspects of corporate governance practices of a company. Information has been collected on the attributes from the latest available annual reports of sample companies. The methodology , with 98 questions in three categories and 12 sub-categories, is designed to balance the conflicting requirements of the range of issues analyzed and the tractability of the analysis. Transparency and Disclosure is evaluated by searching company annual reports for the 98 possible attributes broadly divided into the following three broad categories: Ownership structure and investor rights (28 attributes) Financial transparency and information disclosure (35 attributes) Board and management structure and process (35 attributes) Resume Various researchers have considered alternate measures of corporate governance. Some of them have used single measure, while others have used the multiple measures in the form of indices. In the present study, Corporate Governance Score has been developed on the basis of key characteristics of Standard and Poorà ¢Ã¢â€š ¬Ã¢â€ž ¢s Transparency and Disclosure Benchmark because two broad instruments that reduce agency costs and hence improve corporate governance are financial and non-financial disclosures and independent oversight of management. Improving the quality of financial and non-financial disclosures not only ensures corporate transparency among a wide group of investors, analysts and the informed intelligentsia, but also persuades companies to minimize value-destroying deviant behavior. This is precisely why law insists that companies prepare their audited annual accounts, and that these be provided to all shareholders is deposited with the Registrar of Companies. This is al so why a good deal of effort in global corporate governance reform has been directed to improve the quality and frequency of disclosures. Section B Relationship between Institutional Holdings and Corporate Governance: Review of Literature Coombes and Watson (2000) on the basis of a survey of more than 200 institutional investors with investments across the world showed that governance is a significant factor in their investment decision. McCahery, Sautner and Starks (2009) have relied on the survey data to investigate governance preference of 118 institutional investors in U.S. and Netherlands. The study found that the majority of institutions that responded to the survey take into account firm governance in portfolio weighting decisions and are willing to engage in activities that can improve the governance of their portfolio firms. Chung, Firth, and Kim (2002) hypothesized that there will be less opportunistic earnings management in firms with more institutional investor ownership because the institutions will either put pressure on the firms to adopt better accounting policies. Hartzell and Starks (2003) provided empirical evidence suggesting institutional investors serve a monitoring role with regard to executiv e compensation contracts. One implication of these results, consistent with the theoretical literature regarding the role of the large shareholder, is that institutions have greater influence when they have larger proportional stakes in firms. . Denis and Denis (1994) found no evidence to suggest that there is any relationship between institutional holdings and corporate governance. They stated that if companies that create shareholders wealth are the ones with poor corporate governance practices, and then one really cannot blame the institutional investors for having invested in such companies. For, after all, a fund manager will be evaluated on the basis of stock returns he creates for the unit holders and not on the basis of the corporate governance records of the company he invests the money in. If however, one finds that companies with poor corporate governance practices are the ones, which have consistently destroyed shareholders wealth, then the contention that the institu tional investors need not look at corporate governance records cannot be justified. David and Kochhar (1996) provided empirical evidence regarding impact of institutional investors on firm behaviour and performance is mixed and that no definite conclusions can be drawn. They argued that various institutional obstacles, such as barriers stemming from business relationships, the regulatory environment and information processing limitations, might prevent institutional investors from effectively exercising their corporate governance function. Almazan, Hartzell and Starks (2003) provided evidence both theoretical and empirical that the monitoring influence of institutional investors on executive compensation can depend on the current or prospective business relation between the institution and the corporation. They concluded that the monitoring influence of institutions is associated more with potentially active institutions (investment companies and pension fund managers who would b e less sensitive to pressure from corporate management due to lack of potential business relations) than with potentially passive institutions (banks and insurance companies who would be more pressure-sensitive). Davis and Kim (2006) found that mutual funds with conflicts of interest (based on management of pension assets) more often vote with management in general. On the other hand, mutual funds have more incentive and power to oppose management in firms in which they have a larger stake. Marsh (1997) has argued that short-term performance measurement does work against the active monitoring by institutional investors. The performance of fund managers is evaluated over a shorter time period. Hence, they act under tremendous pressure to beat some index. So, when they find a case of bad governance, they find it economical to sell the stock rather than interfere in the functioning of the company and incur monitoring costs. Ashraf and Jayaman (2007) examined mutual fundsà ¢Ã¢â€š ¬Ã ¢â€ž ¢ trading behavior after the release of voting records. The study found that funds that support shareholder proposals reduce holdings after the release of voting records. Since the time of releasing voting records could be very far from the shareholder meeting date, mutual fundsà ¢Ã¢â€š ¬Ã¢â€ž ¢ trading behavior after the release of voting records may be unrelated to the votes cast in the meeting. Aggarwal, Klapper and Wysocki (2003) found that U.S. mutual funds tend to invest greater amounts in countries with stronger shareholder rights and legal frameworks (controlling for the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s economic development). In addition, within the countries, the mutual funds also discriminate on the basis of governance in that they allocate more of their assets to firms with better corporate governance structures. Payne, Millar, and Glezen (1996) focussed on banks as one type of institutional investor that would be expected to have business relations with the firmà ¢Ã¢ ‚ ¬Ã¢â€ž ¢s in which they invest. They examined interlocking directorships and income-related relationships, and noticed that when such relations exist; banks tend to vote in favor of management anti-takeover amendment proposals. When such relations donà ¢Ã¢â€š ¬Ã¢â€ž ¢t exist, banks tend to vote against the management proposals. Brickley, Lease and Smith (1988) found evidence supporting the hypothesis that firms with greater holdings by pressure-sensitive shareholders (banks and insurance companies) have more proxy votes cast in favor of managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s recommendations. Moreover, firms with greater holdings by pressure-insensitive shareholders (pension funds and mutual funds) have more proxy votes against managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s recommendations. The authors differentiated between the different types of institutional investors, noting the difference between pressure-sensitive and pressure-insensitive institutional shareholders and arguing that pressure-sensiti ve institutions are more likely to à ¢Ã¢â€š ¬Ã…“go alongà ¢Ã¢â€š ¬? with management decisions. Dahlquist et al. (2003) analyzed foreign ownership and firm characteristics for the Swedish market. The study found that foreigners have greater presence in large firms, firms paying low dividends and in firms with large cash holdings. Haw, Hu, Hwang and Wu (2004) found that firm level factors cause information asymmetry problems to FII. It found evidence that US investment is lower in firms where managers do not have effective control. Foreign investment in firms that appear to engage in more earnings management is lower in countries with poor information framework. Choe, Kho, Stulz (2005) found that US investors do indeed hold fewer shares in firms with ownership structures that are more conducive to expropriation by controlling insiders. In companies where insiders are dominating information access and availability to the shareholders will be limited. With less information, forei gn investors face an adverse selection problem. So they under invest in such stocks. Leuz, Lins, and Warnock (2008) found that foreign institutional investors prefer to invest in firms with better governance practices. In the present study, the analysis has been conducted in three perspectives: Dynamics of institutional holdings and its composition (2) Relationship between Institutional Holdings (explanatory variable) and the Corporate Governance Score (dependent variable) (3) Relationship between the Corporate Governance Score (explanatory variable) and Institutional Holdings (dependent variable) The major findings of the present study on the above aspects are summarized as under: The results outputs of the first segment depict that the institutional investors have increased their proportional holdings in the companies over the years. The number of sampled companies with higher institutional holdings has increased where as the number of companies with lower proportions of institutional holdings has decreased over the study period. Hence, institutional holdings have shown an increasing trend of investment in the sampled companies over the study period. As far as the dynamics of components of institutional investors is concerned, no specific trend is obse rved in investments of mutual funds. On the other hand Banks, Financial Institutions and Insurance Companies have shown declining trends of investments over the same period. Where as, foreign institutional investors have shown the increasing trends of investments in line with institutional holdings. The results outputs pertaining to the analysis of relationship between institutional holdings and corporate governance state that the larger proportions of institutional holdings have higher corporate governance scores in sampled companies and the smaller proportions of institutional holdings have lower governance scores in the sampled companies over the study period. Thus, very strong and positive relationship is established between institutional holdings and corporate governance. Hence, H01 is accepted. The results outputs of the section analyzing the relationship between corporate governance score and institutional holdings describe that the companies with higher governance scores have larger proportions of investments from institutional investors than the companies with lower governance scores. Therefore, very strong and positive relationship also exists between corporate governance score and institutional holdings. Hence, H02 is accepted. The inference can be drawn that institutional holdings pre-empts good corporate governance still at other times, good corporate governance endues institutional investment in the firm. The results outputs pertaining to the analysis of relationship between mutual funds and corporate governance reveal out that smaller proportions of mutual funds holdings have higher governance score in the sampled companies and larger proportions of mutual funds holdings have lower governance scores in the sampled companies over the study period. Therefore, weak relationship exists between mutual funds holdings and corporate governance score. Hence, H01 is rejected. Alternatively, the results outputs pertaining to the analysis of relations hip between corporate governance and components of institutional holdings reveal out that the companies with lower governance scores have larger proportions of mutual funds holdings to the companies with higher governance scores over the study period. Hence, weak relationship also exists between corporate governance score and mutual funds holdings. Hence, H02 is rejected. It can be inferred from the above outcomes that mutual funds companies do not observe good governance practices in companies and simultaneously, good governed companies also do not attract higher mutual funds investments. The results outputs as to the relationship between Banks, FIs and ICs and corporate governance depict that larger proportions of Banks, Financial Institutions and Insurance Companies holdings have higher governance score and smaller proportions of holdings have lower governance score in the sampled companies over the study period. Therefore, very strong and positive relationship is established between Banks, Financial Institutions and Insurance Companies holdings and corporate governance score. Hence, H01 is accepted. Similarly, the sampled companies with higher governance scores have larger proportions of Banks, FIs and ICs holdings to the companies with lower governance scores. Thus, very strong and positive relationship also exists between corporate governance score and Banks, FIs and ICs holdings. Hence, H02 is also accepted. The inference can be drawn on the basis of above results that Banks, FIs and ICs consider governance practices in companies while taking investment decision and alternatively, good governed companies also attract these investments. The results outputs pertaining to the relationship between FII holdings and corporate governance reveal out that the companies in which FIIs have larger proportions of holdings have higher governance score to the companies in which FIIs have smaller proportions of holdings. Therefore, very strong and positive relati onship is observed between FII holdings and corporate governance score. Hence, H01 is accepted. Likewise, the sampled companies with higher governance scores have also larger proportions of Foreign Institutional Investors holdings. Thus, very strong and positive relationship also exists between corporate governance score and FII holdings. Hence, H02 is accepted. It can be inferred on the basis of above result that foreign institutional investors prefer to invest in firms with better governance practices and their investment do improve the governance practices in the companies. Resume The theoretical and empirical literature provides mixed evidence as to the relationship between institutional holdings and corporate governance. Some of the studies put forth the evidence that corporate governance is the significant factor for institutional investment decision and their significant investment improve the governance practices in companies, while the other studies state otherwise. Where as the research findings of the present study further validate, support and enrich the literature on positive association between institutional holdings and corporate governance. Likewise, the studies provide inconclusive evidence as to the relationship between mutual funds holdings and corporate governance. But the findings of present study state that neither the mutual funds care about the governance practices of companies or their presence improve them. Similarly, the empirical literature provides indeterminate evidence on the relationship between Banks, FIs and ICs and corporat e governance. But the findings of present study observe very strong and positive relationship between the two. The empirical studies observe consistent results as to foreign institutional investors invest in better-governed companies but lacks evidence that their significant presence result in better governance. The findings of present study indicate that FIIs do not care for the corporate governance only, rather their higher stake ensure better governance too. Section C 7.8 Relationship between Institutional Holdings and Firm Performance: Review of Literature Pound (1988) explored the influence of institutional ownerships on firm performance and proposed three hypotheses on the relation between institutional shareholders and firm performance: efficient-monitoring hypothesis, conflict-of-interest hypothesis, and strategic-alignment hypothesis. The efficient-monitoring hypothesis says that institutional investors have greater expertise and can monitor management at lower cost than the small atomistic shareholders. Consequently, this argument predicts a positive relationship between institutional shareholding and firm performance. Holderness and Sheehan (1988) found that for a sample of 114 US firms controlled by a majority shareholder with more than 50% of shares, both Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q and accounting profits are significantly lower for firms with individual majority owners than for firms with corporate majority owners. McConnell and Servaes (1990) found a strong positive relationship between the value of the firm and the fractio n of shares held by institutional investors. They found that performance increases significantly with institutional ownership. Majumdar and Nagarajan (1994) found that levels of institutional investment are positively related to the current performance levels of firms. However, a less-stronger, though positive, effect is established between changes in performance levels and changes in institutional ownership. The results are based on a study investigating U.S. institutional investors investment strategy. Han and Suk (1998) found (for a sample of US firms) that stock returns are positively related to ownership by institutional investors, thus implying that these corporate owners are actively involved in the monitoring of incumbent management. Douma, Rejie and Kabir (2006) investigated the impact of foreign institutional investment on the performance of emerging market firms and found that there is positive effect of foreign ownership on firm performance. They also found impact of foreign investment on the business group affiliation of firms. Investor protection is poor in case of firms with controlling shareholders who have ability to expropriate assets. The block shareholders affect the value of the firm and influence the private benefits they receive from the firm. Companies with such shareholders find it expensive to raise external funds. Studies examining the relationship between institutional holdings and firm performance in different countries (mainly OECD countries) have produced mixed results. Chaganti and Damanpour (1991) and Lowenstein (1991) find little evidence that institutional ownership is correlated with firm performance. Seifert, Gonenc and Wright (2005) study does not find a consistent relationship across countries. They conclude that their inconsistent results may reflect the fact that the influence of institutional investors on firm performance is location specific. The above studies generally consider institutional investors as a mono lithic group. However, Shleifer and Vishnyà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1986) as well as Poundà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1988) theorizations and later empirical examinations by McConnell and Servaes (1990) suggest that shareholders are differentiable and pursue different agendas. Jensen and Merkling (1976) also show that equity ownerships by different groups have different effects on the firm performance. Agrawal and Knoeber (1996), Karpoff et al. (1996), Duggal and Miller (1999) and Faccio and Lasfer (2000) find no such significant relation between institutional holdings and firm performance. In the present study, the analysis has been conducted in two perspectives: Institutional Holdings and Firm performance (b) Constituents of institutional holdings and Firm performance The major findings of the present study on the above aspects are summarized as under: The results outputs of the first segment indicate that there is no conclusive evidence as to larger proportions of institutional holdings in sampled companies have higher average return on networth or average net profit margin and smaller proportions of institutional holdings in sampled companies have lower average return on networth or average net profit margin over the study period. To the contrary, strong and positive relationship is observed between institutional holdings and return on capital employed as well as institutional holdings and earning per share. As the average return on capital employed and average earning per share are higher in the sampled companies with higher proportions of institutional holdings and lower in the sampled companies with lower proportions of insti tutional holdings over the study period. Therefore, it is stated that institutional holdings and two accounting returns (return on capital employed and earning per share) are significantly correlated where as institutional holdings and other two accounting returns (return on networth and net profit margin) are not related. Hence, there is no clear evidence that institutional holdings and accounting returns are related. Likewise, strong and positive relationship is observed between institutional holdings and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q. But on the other hand, weak relationship is observed between institutional holdings and risk adjusted excess return. Therefore, institutional holdings and one market-based return are significantly correlated while the institutional holdings and another market-based return are not. Thus, the findings depict contradictory results as to the relationship between institutional holdings and market-based return too. In nutshell, strong and positive relatio nship has been observed between institutional holdings and only three (return on capital employed, earning per share and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q) out of six measures of financial performance. Hence, the results are mixed as to establish the relationship between institutional holdings and firm performance. The results outputs of the second section exhibit that there is no relationship between mutual funds holdings and none of the accounting or market-based return. Hence, mutual funds holdings and firm performance are not related at all. Results outputs pertaining to the analysis of relationship between Banks, FIs and ICs holdings and firm performance come out with the similar findings. There has not been found strong and positive relationship between the above holdings and any of the returns except for earning per share. The findings as to the relationship between FII holdings and firm performance are consistent with the other components as FII holdings do not observe strong an d positive relation with none but one of the performance measures. Hence, there is no relation between components of institutional holdings and firm performance. Resume Various studies have focused on different aspects/levels of ownership and their effects on firm performance. Similarly, different performance measures have also been taken as some of them have considered accounting measures but others, stock market indicators. As a result, various arguments have been put forward both in support and against the notion of the effects of ownership structure on the firm performance. While some researchers denied the direct correlation between ownership structure and firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ economic performance while the others argued that there exists such a relationship for certain. Amongst those who establish such causality, some provide evidence that there is a negative relationship, while others plead a positive relationship between the two. The present study focused on shareholdings of institutional investors as whole and also of its different components. Various accounting returns and market-based returns performance measures have been conside red. The findings of present study are indeterminate as to the relationship between institutional holdings and firm performance but strongly plead a negative relationship between constituents of institutional holdings and firm performance. Relationship between Corporate Governance and Firm Performance: Review of Literature Lipton and Lorsch (1992) found that limiting board size improves firm performance because the benefits by larger boards of increased monitoring are outweighed by the poorer communication and decision-making of larger groups. Eisenberg et al. (1998) found negative correlation between board size and profitability when using sample of small and midsize Finnish firms, which suggests that board-size effects can exist even when there is less separation of ownership and control in these smaller firms. Vafeas (1999) found that the annual number of board meeting increases following share price declines and operating performance of firms improves following years of increased board meetings. This suggests meeting frequency is an important dimension of an effective board. Core, Holthausen and Larcker (1999) observed that CEO compensation is lower when the CEO and board chair positions are separate. It is further shown that firms are more valuable when the CEO and board chair positions are s eparate. Fich and Shivdasani (2004) based on Fortune 1000 firms, asserted that firms with director stock option plans have higher market to book ratios, higher profitability (as proxied by operating return on assets, return on sales and asset turnover), and they document a positive stock market reaction when firms announce stock option plans for their directors. Gompers et al. (2003) examined the ways in which shareholder rights vary across firms. They constructed a à ¢Ã¢â€š ¬Ã‹Å"Governance Indexà ¢Ã¢â€š ¬Ã¢â€ž ¢ to proxy for the level of shareholder rights in approximately 1500 large firms during the 1990s. They found that firms with stronger shareholder rights had higher firm value, higher profits, higher sales growth, lower capital expenditures, and made fewer corporate acquisitions. Brown, Robinson and Caylor (2004) created a broad measure of corporate governance, Gov-Score. Gov-Score is related to operating performance, valuation, and shareholder payout for 2,327 firms, and found that better-governed firms are relatively more profitable, more valuable, and pay out more cash to their shareholders. All the eight categories underlying Gov-Score are most highly associated with firm performance. It is evidenced that good governance, as measured using executive and director compensation, is most highly associated with good performance. Bhagat and Bolton (2007) contributed to the literature as the consistent estimation of the relationship between corporate governance and performance, by taking into account the inter-relationships among corporate governance, corporate performance, corporate capital structure, and corporate ownership structure. The study found that better governance as measured by the GIM and BCF indices, stock ownership of board members, and CEO-Chair separation is significantly positively correlated with better contemporaneous and subsequent operating performance. Board independence is negatively correlated with contemporaneous and subse quent operating performance. Klein (1998) studied whether the existence and staffing of board committees affects the firm performance. She found little evidence that monitoring committees-audit, compensation, and nominating committees, usually dominated by independent directors-affect performance, regardless of how they are staffed. Bhagat and Black (1997) undertook the first large sample study (957 large public US corporations), with long time-horizon (1983-95), of whether the proportion of independent or inside directors affect firm performance and found no consistent evidence that the proportion of independent directors affects future firm performance, across a wide variety of stock price and accounting measures of performance. Dalton et al. (1998) showed that board composition had virtually no effect on firm performance, and that there was no relationship between leadership structure (CEO/Chairman) and firm performance. Ellstand and Johnson (1999) indicated that board comp osition-whether measured by proportion of inside directors, affiliated directors or interdependent directors-is unrelated to corporate financial performance. The results are invariant when moderated by firm size. Moreover, these results are invariant when moderated by the nature of performance indicators, that is, accounting returns (for e.g. return on equity, return on investment, return on assets) as compared to market returns (a series of measures all based on share value). Bhagat and Black (2002) found no linkage between the proportion of outsider directors and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q, return on assets, asset turnover and stock returns. In the present study, the analysis has been conducted in two perspectives: i) Corporate Governance Score and accounting measures of firm performance ii) Corporate Governance Score and market-based return measures of firm performance The major findings of the present study on the above aspects are summarized as under: The results outputs of first segment state that the sampled companies with lower governance scores have higher average return on networth and with higher governance scores have lower average return on networth in most of the years of study period. Hence, corporate governance score and return on networth are not correlated. Similarly, corporate governance score and net profit margin are also not related. Likewise, no relationship is evident between corporate governance score and earning per share. The average earning per share is higher in the sampled companies with lower governance scores and lower in the sampled companies with higher governance scores. To the contrary, strong and positive relationship is observed between corporate g overnance score and return on capital employed. The average return on capital employed is higher for the sampled companies with higher average corporate governance scores and lower for the sampled companies with lower average corporate governance scores over the study period. Similarly, the average profit after tax is also higher for the sample companies with higher average corporate governance scores and lower for the sample companies with lower average corporate governance scores. Hence, there also exists very strong and positive relationship between corporate governance score and profit after tax. The research findings observe the same strong and positive relationship between corporate governance score and return on assets as well. In nutshell, it is found that corporate governance score and three accounting return measures (return on capital employed, profit after tax and return on assets) are correlated whereas corporate governance scores and the other three accounting return m easures (return on networth, net profit margin and earning per share) are not related. Thus, the findings are mixed as to establish the relationship between corporate governance scores and accounting return measures of firm performance. The result outputs of the second section are rather more inconclusive as to the relationship between corporate governance and firm performance. Strong and positive relationship is observed between corporate governance score and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q. Hence, the companies with greater governance scores have higher Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q and the companies with lower governance scores have lower Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q. But on the other hand, weak relationship is observed between corporate governance score and dividend yield inferring that companies with higher governance scores do not always have higher dividend yield and the companies with lower governance scores do not always have lower dividend yield. No relationship has been observed between corporate governance score and risk adjusted excess return as well. The results outputs show that sampled companies with lower governance scores have higher risk adjusted risk return to the returns of sampled companies with lower governance scores. Thus corporate governance score and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q are related where as corporate governance score and dividend yield as well as risk adjusted excess return are not related. Hence, the findings of results outputs are mixed as to establish the relationship between corporate governance scores and market-based return measures of firm performance. Resume The empirical studies have considered limited board size, frequent board meeting, independent board committees and CEO compensation as the proxies of corporate governance where as others constructed governance index or score comprising of comprehensive measures. Similarly, various measures of firm performance has been considered as proxied by Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q, market to book ratios, operating return on assets, return on sales and asset turnover, sales growth, accounting returns (for e.g. return on equity, return on investment, return on assets) and market returns (a series of measures all based on share value). The literature on the relationship between corporate governance and firm performance provide mixed and inconclusive evidence as some studies observed strong relationship between the two variables and the others lack that evidence. The present study constructed corporate governance score on the basis of key characteristics of Standard and Poorà ¢Ã¢â€š ¬Ã¢â€ž ¢s Transparency and Disclosure Benchmark. Proxies for firm performance consist of accounting return and market-based return measures. The findings convey the mixed results as strong and positive relationship is observed between governance score and some of the accounting and market-based return measures (return on capital employed, profit after tax, return on assets and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s q) where as no relationship is observed between governance score and other measures (return on networth, net profit margin, earning per share, risk adjusted excess return and dividend yield). Hence, the results fail to achieve the objective of establishing relationship between corporate governance and firm performance. ********

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The Effects Of Light Pollution On Human And Wildlife...

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ADHD In Children And Art Therapy Essay Example For Students

ADHD In Children And Art Therapy Essay The essential features of this disorder are developmentally inappropriate degrees of inattention, impulsiveness, and hyperactivity. People with the disorder generally display some disturbance in each of these areas, but to varying degrees. Manifestations of the disorder usually appear in most situations, including at home, in school, at work, and in social situations, but to varying degrees. Some people, however, show signs of the disorder in only one setting, such as at home or at school. Symptoms typically worsen in situations requiring sustained attention, such as listening to a teacher in a classroom, attending meetings, or doing class assignments or chores at home. Signs of the disorder may be minimal or absent when the person is receiving frequent reinforcement or very strict control, or is in a novel setting or a one-to-one situation (e. g. , being examined in the clinicians office, or interacting with a videogame. ) Impulsiveness is often demonstrated by blurting out answers to questions before they are completed, making comments out of turn, failing to await ones turn in group tasks, failing to heed directions fully before beginning to respond to assignments, interrupting the teacher during a lesson, and interrupting or talking to other children during quiet work periods. Hyperactivity may be evidenced by difficulty remaining seated, excessive jumping about, running in classroom, fidgeting, manipulating objects, and twisting and wiggling in ones seat. At home, inattention may be displayed in failure to follow through on others requests and instructions and in frequent shifts from one uncompleted activity to another. Problems with impulsiveness are often expressed by interrupting or intruding on other family members and by accident-prone behavior, such as grabbing a hot pan from the stove or carelessly knocking over a pitcher. Hyperactivity may be evidenced by an inability to remain seated when expected to do so and by excessively noisy activities. When children play games with their friends, it is difficult for them to follow the rules of the games or to listen to other children. Impulsiveness is frequently demonstrated by not being able to await ones turn in games, interrupting, grabbing objects (not with malevolent intent), and engaging in potentially dangerous activities without considering the possible consequences, e. g. , riding a skateboard over extremely rough terrain. Hyperactivity may be shown by excessive talking and by an inability to play quietly and to regulate ones activity to conform to the demands of the game. Age-specific features. In preschool children, the most prominent features are generally signs of gross motor over-activity, such as excessive running or climbing. The child is often described as being on the go and always having his motor running. You can observe inattention by watching those children shifting frequently from one activity to another. They say that, in older children and adolescents, the most prominent features tend to be excessive fidgeting and restlessness. In adolescents, impulsiveness is often displayed in social activities, such as initiating a diverting activity on the spur of the moment instead of attending to a previous commitment (e. g. joy riding instead of doing homework, or partying, daring games etc. ) Associated features vary as a function of age, and include low self-esteem, mood lability, low frustration tolerance, and temper outbursts. Academic underachievement is characteristic of most children with this disorder. Non-localized, soft, neurological signs and motor-perceptual dysfunctions (e. g. , poor eye-hand coordination) may be present. Age at onset. In approximately half of the cases, onset of the disorder is before age four. Frequently the disorder is not recognized until the child enters school. Impairment. Some impairment in social and school functioning is common. Complications. School failure is the major complication. Predisposing factors. Central nervous system abnormalities, such as the presence of neurotoxins, cerebral palsy, epilepsy, and other neurological disorders, are thought to be predisposing factors. Disorganized or chaotic environments and child abuse or neglect may be predisposing factors in some cases. Prevalence. .u935f2d70cd75267e3aa67e307c1c4a6f , .u935f2d70cd75267e3aa67e307c1c4a6f .postImageUrl , .u935f2d70cd75267e3aa67e307c1c4a6f .centered-text-area { min-height: 80px; position: relative; } .u935f2d70cd75267e3aa67e307c1c4a6f , .u935f2d70cd75267e3aa67e307c1c4a6f:hover , .u935f2d70cd75267e3aa67e307c1c4a6f:visited , .u935f2d70cd75267e3aa67e307c1c4a6f:active { border:0!important; } .u935f2d70cd75267e3aa67e307c1c4a6f .clearfix:after { content: ""; display: table; clear: both; } .u935f2d70cd75267e3aa67e307c1c4a6f { 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; } .u935f2d70cd75267e3aa67e307c1c4a6f:active , .u935f2d70cd75267e3aa67e307c1c4a6f:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u935f2d70cd75267e3aa67e307c1c4a6f .centered-text-area { width: 100%; position: relative ; } .u935f2d70cd75267e3aa67e307c1c4a6f .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u935f2d70cd75267e3aa67e307c1c4a6f .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u935f2d70cd75267e3aa67e307c1c4a6f .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; } .u935f2d70cd75267e3aa67e307c1c4a6f:hover .ctaButton { background-color: #34495E!important; } .u935f2d70cd75267e3aa67e307c1c4a6f .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u935f2d70cd75267e3aa67e307c1c4a6f .u935f2d70cd75267e3aa67e307c1c4a6f-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u935f2d70cd75267e3aa67e307c1c4a6f:after { content: ""; display: block; clear: both; } READ: child development EssayThe disorder is common; it may occur in as many as 3% of children. Course. In the majority of cases manifestations of the disorder persist throughout childhood. Oppositional Defiant Disorder often develops later in childhood in those with ADHD. Studies have indicated that the following features predict a poor course: coexisting Conduct Disorder, low IQ, and severe mental disorder in the patients. Familial pattern. The disorder is believed to be more common in first-degree biologic relatives of people with the disorder than in the general population. Among family members, the following disorders are thought to be overrepresented: Specific Developmental Disorders, Alcohol Dependence or Abuse, Conduct Disorder, and Antisocial Personality Disorder. Here are the diagnostic criteria for 314. 01 Attention-deficit Hyperactivity Disorder. It says that a criterion is met only if the behavior is considerably more frequent than that of most people of the same mental age, which I find somewhat challenging, since it seems to imply that one is normal if one acts like most people.