Joyce’s novel Essay Example for Free

Joyce’s novel Essay The novels Mrs. Dalloway and A Portrait of the Artist as a Young Man, written by Virginia Woolf and James Joyce respectively, are tales of persons who are challenged by the society in which they live. The roles traditionally handed down to men and women become elements of restraint for many of the characters within the stories. While convention dictates the actions that the characters should perform, the readers get the impression that the authors are in opposition to these traditions. Throughout the day spent with Mrs. Dalloway and her friends, situations arise in which characters become critical of others’ choices in a way that depicts the ideas of the narrator or author. Likewise, in the experiences of Stephen Dedalus and the other characters of Joyce’s novel, one finds that they often desire to perform actions alien to the stereotypical roles of their genders. In these novels, therefore, we find that there is no apparent desire within characters for males or females to inherit traditional gendered roles. In fact, we discover a desire to occupy a multi-gendered identity. This is important because it gestures at an identity separate from societal construction of gender. Hermione Lee relates that Virginia Woolf sought a â€Å"combination of sensibility and tenacity† in her work (xvii). This suggests a similar mixing of feminine and masculine qualities with which she imbues several of her characters in Mrs. Dalloway. Clarissa Dalloway has become a woman who ostensibly fits perfectly within the role societally configured for her gender. She is the wife of a statesman and the mother of a beautiful daughter. She throws fine parties and does the traditional female jobs of overseeing the servants, visiting the sick, and other things. Yet, Woolf appears immediately to intimate to the reader the undesirability of all this tradition to Clarissa herself, as she is seen at the outset of the novel going on an errand that should normally have been reserved for her servants. Her desire for independence is asserted in the first sentence, â€Å"Mrs. Dalloway said she would buy the flowers herself (Woolf 1). Though this rebellion is a small one and is buried in the guise of â€Å"womanly† work (going to buy flowers), the commercial aspect of it places her in the position of a business person, just as the errand frees her from the confines of the home. On this walk she thinks of Peter Walsh, a man with whom she once shared her passions for literature and freedom. Her thoughts and desires break through conventions that dictate the subservience of women. She considers marriage in a way that seems alien to its constitution, as she imbues her role in it with the type of independence that one does not usually find in the traditional view of marriage. She explains that her decision against marrying Peter was made because â€Å"In marriage a little licence, a little independence there must be between people living together day in day out in the same house; which Richard gave her, and she him† (Woolf 5). This demonstrates the extent to which she desires not to be subsumed by her husband as women often are in marriages. Continuing, she thinks, â€Å"When it came to that scene in the little garden by the fountain, she had to break with him [Peter] or they would have been destroyed, both of them ruined, she was convinced† (6). This tells what she considers her life would have been like with Peter. She seeks to add a portion of masculinity to her role by keeping something of herself and continuing to show herself to the world—a right that is usually granted without reservation to married men, but tacitly withheld from women of that time. Clarissa continues to demonstrate her inner tendencies to throw off the traditional gender role and to fulfill her political and occupational dreams. During that time in England, women’s occupations were limited to household-related chores. She considers other women who had lived non-traditional lives, and longs to have her life to live again so she could make different choices. The first of those choices would have granted her an occupation that would defy her gender. The narrator assures us that Clarissa Dalloway â€Å"would have been, like Lady Bexborough, slow and stately; rather large; interested in politics like a man; with a country house; very dignified, very sincere† (Woolf 8). The use of the phrase â€Å"like a man† is telling, in that it highlights the extent to which Mrs. Dalloway longs to be released from the confines of her sex. She wants to be endowed with the possibilities that attend a man. Also telling is her desire to be â€Å"very sincere† (8). Sincerity is not a trait that has been traditionally accorded to women, as they were encouraged to keep their thoughts to themselves (or perhaps not to have any at all). Therefore, a woman with any ideas or opinions can be considered to have been somewhat forced into insincerity by their very act of subordination to the will of their husband and in their pretence at never having anything to say beyond remarks about the running of the household. Clarissa’s urge to speak sincerely demonstrates her desire to combine traditionally masculine qualities with her feminine ones.

Cognitive Traditions and Communities in Technological Change :: Technology Essays

Cognitive Traditions and Communities in Technological Change ABSTRACT: Many efforts have been made to discover some paradigm-like changes in mathematics, the social sciences, arts, history, etc. Gary Gutting forcefully criticizes the tendency of over-constraining the original conception that mostly led to insignificant analogies. But some applications may fall between correct isomorphic utilization and insignificant analogizing. The paradigm conception of technological change emerged in the early 1980's. This paper shows how fruitful the analogy has been for developing the idea of technological 'paradigms.' But a technological paradigm shows decisive differences which concern the values (which are not only cognitive ones) of technologies, the hierarchical systemic communities, the partly different nature of crises (through 'presumptive anomalies,' by Constant), and the necessarily integrated nature of technological knowledge leading to successful artifacts linked to goal-oriented research. Technological-paradigms-thinking became an established part of evolutionary economics also. According to this, paradigms rival conceptions that show further changes in comparison to the original Kuhnian approach. I conclude by discussing the nature of scientific change from the viewpoint of technological paradigms. Following Kuhn's seminal work paradigms were claimed to be discovered in many scientific fields including sociology, economics, psychology, mathematics, even literature, arts and history. It is well known that Kuhn himself was astonished to see that, for him unexpected, escalation. Garry Gutting rightly emphasized 198O that most of the applications of the paradigm conception led to nowhere but to insignificant, relatively trivial analogies, to assertions that "supertheories" exist. (1) But some application may have overcome trivial analogies. The story of technological "paradigms" is one case for this. The trial to apply the paradigm conception to technological change came 1O-15 years later then the applications to other fields. (2) In an important case study for history of technology (published 198O), E. W. Constant II set up a general model for technological change. (3) In this model technological change is represented by knowledge change and put into an evolutionary epistemology perspective, overtaken from D. Campbell. Constant exploits philosophy of science, mainly Kuhn's paradigm conception. He finds a community structure in technological practice, traditions of practice, normal technology with its puzzle solving character and technological changes initiated by recognizing two types of failure. He claims that, from time to time, technological changes are technological revolutions. "We define a technological paradigm as an accepted mode of technical operation. . . . It is the conventional system as defined and accepted by a relevant community of technological practitioners.

Long Term Financing Paper Final

Running head: Long-Term Financing Long-Term Financing University of Phoenix Online Introduction to Finance and Accounting MMPBL-503 James R. Sullivan November 3, 2008 Long-Term Financing An established company is considering expanding its operations, and to achieve their business objectives, the company will require additional long-term capital financing. Long-term financing involves debt or equity instruments with greater than one-year maturities, and the cost of this long-term capital can be calculated using either the Capital Asset Pricing (CAPM) or Discounted Cash Flows (DCFM) Model. The organization will have to compare and contrast the Capital Asset Pricing Model with the Discounted Cash Flows Model. The skill of comparing and contrasting financial options will help evaluate and organize the debt/equity mix and dividend policy. The organization must then decide what type of long-term finance alternatives will most likely benefit. Capital Asset Pricing Model and the Discounted Cash Flows Model Capital Asset Pricing Model is a linear relationship between returns on individual stocks and stock market returns over time (Block & Hirt, 2005). One use of CAPM is to analyze the performance of mutual funds and other portfolios (CAPM, 2008). Although, more than one formula exists for the CAPM, the most common is referred to as the market risk premium model presented below (Block & Hirt, 2005): r = Rf + beta (Km – Rf) Where: r is the expected return rate on a security Rf = the risk free rate of return (cash) B = beta coefficient, or historical volatility of common stock relative to market index Km = is the return rate of the appropriate asset class The market risk premium formula assumes that the rate of return or premium demanded by investors is directly proportional to the perceived risk associated with the common stock. Beta measures the volatility of the security relative to the asset class. The equation is saying that investors require higher levels of expected returns to compensate them for higher expected risk. This formula can be thought as predicting a security’s behavior as a function of beta: CAPM says that if a person knows a security’s beta then they know the value of (r) that investors expect it to have (see graph below) (CAPM, 2008). [pic] More volatile stocks will have a beta coefficient greater than 1. 0, whereas less volatile stocks will have a beta less than 1. 0. If the risk free rate of return (Rf) and average market return (Km) are considered fixed, then the required rate of return for company stock can be calculated for the required rate of return. As an example, if the market risk premium (Km – Rf) is 6% and a risk free rate of return (Rf) is 4%, then the required rate of return would equal 10% for B = 1 and 16% for B = 2. The Discounted Cash Flow Model (DCFM) is another standard way of determining the cost of equity. It assumes that a firm’s current stock price is equal to the present (discounted) value of all expected future dividends from the investment (Utility Regulation, 2008). Modern financial theory contends that the price of a firm’s stock is the present value of the future cash flows discounted at an appropriate interest rate (Freeman & Gagne, 1992). To calculate the current stock value, calculate the present value of future dividends and growth in the value of the stock at some future date. The discount rate used for this present value calculation is the weighted average cost of capital for the firm. Both the CAPM and DCF models involve applying data from a single or group of companies, to evaluate the current stock value of a single company. CAPM is more objective and complicated, and requires more calculation and data from the market. DCF is more subjective and simplified. One such DCF assumption is that future dividends will grow forever at a constant rate. Since this assumption is not always true, the DCF method gives a more qualitative estimate of the cost of capital. Limitations of CAPM includes, model uncertainty, it is difficult to know for sure if the use of the model is theoretically correct. Input uncertainty, is another limitation, it is difficult to estimate the appropriate risk premiums accurately (CAPM limitations, 2008). Limitations of the DCF model include miss growth options, options to expand and options to redirect (DCFM, 2008). Debt/Equity Mix Debt/equity mix is a financing strategy used by companies to help fund the business or other investments. Most companies use a combination of both in order to ensure stability and to keep long-term cost down. Debt is the borrowing of money from other lenders such as finance companies and banks. â€Å"Corporate debt has increased dramatically in the last three decades. † (Block & Hirt, pg. 468) Other forms of debt include issuing bonds and leasing. Debt has become a common item on balance sheet for many companies, including those just starting out. Debt financing allows companies to finance without having to sell stock or bring in more partners. The major benefit for debt financing, unlike with equity financing, the owner retains full ownership of their business. Bringing in more partners or stockholders in a company causes the loss of primary ownership and possibly the loss of the reason the company was created. Equity is another form of financing. Equity is also used by large and small companies. Equity is financed by other people. With equity financing the initial owner/borrower has a greater risk of losing their company to the partners that have become involved. On the other hand the borrower in an equity finance loan has flexibility on repayment terms and the form of repayment (ie. cash, stock, bonds or services). However, most major corporations have a mixture of debt and equity with making sure they do not have to much leverage in either one. The formula for figuring out what a company’s debt-equity ratio is: (Block & Hirt) Debt/Equity Ratio = Total Liabilities Shareholders’ Equity Dividend Policy A company’s dividend policy is up to the company and the profits that are made. If the company is just starting out they may not want to pay dividends to their stockholders. A beginning company may want to reinvest any earnings that are made in order to help the company expand. â€Å"In choosing either to pay a dividend to stockholders or to reinvest the funds in the company, management’s first consideration is whether the firm will be able to earn a higher return for the stockholders† (Block & Hirt, pg. 547). When deciding on a dividend policy the stockholders preference must be considered. The stockholder may or may not want to receive dividends and may only have concern with the value of their investment at relinquishment time. If expanding a business the dividends that are normally sent out will possibly be lower to help cover the cost of expanding. The expansion may also cause the dividends to increase. Some investors care about he future earnings and the increase that may occur because of the expansion and earnings increase. Characteristics and Costs of Debt and Equity Instruments The purchasers of equity instruments have the rights to vote on issues, gain ownership and future earnings of the business. Examples of equity instruments are common stock, preferred stock and retained earnings. Ask Dr Econ, 2008) Common stock is a form of equity instruments, advantages are the common stockholders will share in the company’s profitability, does not have to repay investment, dividends, and the votes can influence management. The disadvantages of common stock, the vote may dilute the management’s interest in the corporation’s growth, and the non-management stockholders can increase in the vot ing power, and the maximum risk falls on the investor. (Raymond, 2002) The cost of common equity is important as â€Å"the ultimate ownership of the firm resides in common stock† (Block & Hirt, 2005). The cost of issuing new common stock is expressed as: Kn = D1 / (Po – F) + g D1 = First year common dividend, Po = Price of common stock, F = Flotation selling costs, g = Constant growth rate in earnings (Block & Hirt, 2005) Preferred stock is another form of equity instruments, advantages are stocks offers stipulated dividend on an annual or semi-annual basis, preference rights over common stock and dividend payments and liquidating distributions. The dividends can accrue at a certain rate and paid on a cumulative basis. The disadvantage â€Å"includes a subordination of dividends to be paid on common stock and limitations on the use of corporate fund to the extent that pre-established dividend payments. † (Raymond, 2002) The cost of issuing new preferred stock is: Kp = Dp ( Pp – F) Where Dp = Preferred dividend, Pp = price of preferred stock, and F = Flotation selling costs. (Block & Hirt, 2005) Retained earnings are equivalent to â€Å"past and present earnings of the firm minus previously distributed dividends† (Block & Hirt, 2005). In order to convince shareholders that earnings will equal larger dividends and equity later, it is important to calculate the present value of projected future cash flow. The equation for cost of retained earnings is equivalent to the cost of existing common stock Ke = D1 / Po + g This can be used to reacquire outstanding treasury stock at market price. The cost of retained earnings does not include the flotation or sales cost associated with new issues of common or preferred stock. (Block & Hirt, 2005) Debt instruments are requires a fixed payment with interest, examples are bonds, government or corporation and mortgages. Ask Dr Econ, 2008) Bondholders do not gain ownership, paid before other expenses, less risky and not entitle to future profits in the business. (Raymond, 2002). Disadvantages include potential restrictions on operations, limitations on the use of working capital† (Raymond, 2002). Bond financing includes the zero-coupon rate bond and the floating rate bond. T he cost of debt is measured by the after-tax cost of debt and must be calculated as follows: Kd = Yield (1 – t) where Yield = yield to maturity and t = tax rate The yield to maturity of a bond is dependent on a number of variables: annual interest payment, principal payment, bond price and years to maturity. The yield to maturity for a bond can be calculated using a bond table, or using the equation below: Y' = annual interest payment + (principal payment – bond price) / years to maturity) (Block & Hirt, 2005) Evaluation of Long-Term Financing Alternatives Organizations have several opportunities for  alternative long-term financing to help the organization expand and grow, raise capital depleted by inflation and to supplement insufficient funds generated internally by the organization. Debts for organizations have risen over the past three decades. Organizations are faced with the task of continuing to raise capital to cover the organization’s debts. Organizations can use bonds, stocks, leasing and other options as options for long-term financing Bonds Most large organizations use corporate bonds for long-term financing. â€Å"The bond agreement specifies such basic items as the par value, the coupon rate, and the maturity date† (Block & Hirt, 2005). The initial value of a bond is the bond’s par value or face value. The interest rate on the bond is the coupon rate. The fluctuation of interest rates in the market affect the coupon rate of the bond after the bond has been issued. The ending date in which repayment of the principal of the bond is due is the maturity date. The bond agreement or indenture is the legal document that covers the bond from issuance to repayment. Organizations can put up a secured bond offering such as a mortgage agreement, where specific assets are promised to bondholders should they default on the bond or choose an unsecured, or debenture bond offering which doesn’t specify a specific asset. Stocks Common stock is on way an organization can secure long-term equity financing. Common stock is issued at a price per share to relatives, friends and investors. The funds are used by the organization to help the organization grow. The organization can issued to stockholders as dividends to show a payback on the capital investment. The remaining funds after the organization pays out dividends become retained earnings for the organization and are reinvested back into the organization. Individuals who have ownership in the organization can hold preferred stock. Preferred stock holders are repaid first should the organization file for bankruptcy. Leasing Organizations can lease assets instead of financing them. Leasing can give an organization that is short on funds or is not credit worthy enough to borrow funds a way to obtain assets. Leasing an asset is generally more expensive than purchasing the asset. By leasing assets, the organization reduces cash outflow so they can use those funds for other ventures. Organizations can lease assets such as furniture, equipment and land. The organization can choose a Capital Lease agreement where the organization purchases the asset at the end of the lease period. Organizations in a higher tax bracket can take advantage of a depreciation write-off tax advantage by purchasing an asset and leasing the asset to another organization in a lower tax bracket. Other Alternatives Organizations can use Factoring to borrow capital. The factor generally charges higher interest rates than banks. Factors generally review credit history, but the organization may still be able to borrow due to the quality of the organization’s collateral rather than their project projections. Conclusion Expanding a company can be a big step and many plans must be laid out and consider before the final decision can be made. Cost is the biggest factor that must be considered when expanding. The second factor to consider is who or how the cost is going to be covered. Most companies consider there finance options. Financing option that should be considered include taking on more debt, issuing bonds, and selling stock. With these options the interest rate, the selling price of the stock and how much of the company they would like to give up all must be considered when choosing an option. The better option would be to do a mix of all of the financing options to keep the balance sheet leveled, and the company in good financial standing. References Ask Dr Econ. (2008) † Federal Reserve Bank of San Francisco:What are the differences between debt and equity markets? † Retrieved October 31, 2008 from http://www. frbsf. org/education/activities/drecon/answerxml. cfm? selectedurl=/2005/0510. html Block, S. B. , & Hirt, G. A. , (2005). Foundations of Financial Management (11th ed. ). New York: McGraw-Hill. Capital Asset Pricing Model, (2008). Retrieved October 31, 2008, from http://www. moneychimp. com/glossary/capm/htm. Capital Asset Pricing Model

The Battle of the Seelow Heights in World War II

The Battle of the Seelow Heights was fought April 16-19, 1945, during World War II (1939-1945). Part of the larger Battle of the Oder-Neisse, the fighting saw Soviet forces attempting to capture Seelow Heights to the east of Berlin. Known as the Gates of Berlin, the heights were assaulted by Marshal Georgy Zhukovs 1st Belorussian Front. Lasting three days, the battle saw extremely bitter fighting as German troops sought to defend their capital. The German position was finally shattered on April 19, opening the road to Berlin. Background Since fighting began on the Eastern Front in June 1941, German and Soviet forces were engaged across the width of the Soviet Union. Having halted the enemy at Moscow, the Soviets were able to slowly push the Germans west aided by key victories at Stalingrad and Kursk. Driving across Poland, the Soviets entered into Germany and began planning for an offensive against Berlin in early 1945. In late March, Marshal Georgy Zhukov, commander of the 1st Belorussian Front, traveled to Moscow to discuss the operation with Soviet leader Joseph Stalin. Also present was Marshal Ivan Konev, commander of the 1st Ukrainian Front, whose men were positioned to Zhukovs south. Rivals, both men presented their prospective plans to Stalin for the capture of Berlin. Listening to both marshals, Stalin elected to back Zhukovs plan which called for an assault against the Seelow Heights from the Soviet bridgehead over the Oder River. Though he supported Zhukov, he informed Konev that 1st Ukrainian Front should be ready to strike against Berlin from the south should the 1st Belorussian Front become bogged down around the heights. With the fall of Kà ¶nigsberg on April 9, Zhukov was able to rapidly redeploy his command to a narrow front opposite the heights. This corresponded with Konev shifting the bulk of his men north to a position along the Neisse River. To support his build up in the bridgehead, Zhukov constructed 23 bridges over the Oder and operated 40 ferries. By mid-April, he had assembled 41 divisions, 2,655 tanks, 8,983 guns, and 1,401 rocket launchers in the bridgehead. German Preparations As Soviet forces massed, the defense of the Seelow Heights fell to Army Group Vistula. Led by Colonel-General Gotthard Heinrici, this formation consisted of Lieutenant General Hasso von Manteuffels 3rd Panzer Army to the north and Lieutenant General Theodor Busses 9th Army in the south. Though a sizable command, the bulk of Heinricis units were badly under strength or composed of large numbers of Volksturm militia. Colonel-General Gotthard Heinrici. Public Domain A brilliant defensive tactician, Heinrici immediately began fortifying the heights as well as constructed three defensive lines to defend the area. The second of these was located on the heights and featured a variety of heavy anti-tank weapons. To further impede a Soviet advance, he directed his engineers to open dams further up the Oder to turn the already soft floodplain between the heights and the river into a swamp. To the south, Heinricis right joined with Field Marshal Ferdinand Schà ¶rners Army Group Center. Schà ¶rners left was opposed by Konevs front. Battle of Seelow Heights Conflict: World War IIDates: April 16-19, 1945Armies Commanders:Soviet UnionMarshal Georgy Zhukovapproximately 1,000,000 menGermanyColonel-General  Gotthard Heinrici112,143 menCasualties:Soviets: approximately 30,000-33,000 killedGermans: approximately 12,000 killed The Soviets Attack At 3:00 AM on April 16, Zhukov commenced a massive bombardment of the German positions using artillery and Katyusha rockets. The bulk of this struck the first German defensive line in front of the heights. Unknown to Zhukov, Heinrici had anticipated the bombardment and had withdrawn the bulk of his men back to the second line on the heights. Surging forward a short time later, Soviet forces began moving across the inundated Oderbruch Valley. The swampy terrain, canals, and other obstructions in the valley badly impeded the advance and the Soviets soon began to take heavy losses from German anti-tank guns on the heights. With the attack bogging down, General Vasily Chuikov, commanding the 8th Guards Army, attempted to push his artillery forward to better support his men near the heights. Soviet artillery during the Battle of Seelow Heights, April 1945. Bundesarchiv, Bild 183-E0406-0022-012 / CC-BY-SA 3.0 With his plan unraveling, Zhukov learned that Konevs attack to the south was having success against Schà ¶rner. Concerned that Konev might reach Berlin first, Zhukov ordered his reserves to move forward and enter the battle in the hope that added numbers would bring a breakthrough. This order was issued without consulting Chuikov and soon the roads were jammed with 8th Guards artillery and the advancing reserves. The resulting confusion and intermixing of units led to a loss of command and control. As a result, Zhukovs men ended the first day of battle without achieving their goal of taking the heights. Reporting the failure to Stalin, Zhukov learned that the Soviet leader had directed Konev to turn north towards Berlin. Grinding Through the Defenses During the night, Soviet artillery successfully moved forward. Opening with a massive barrage on the morning of April 17, it signaled another Soviet advance against the heights. Pressing forward throughout the day, Zhukovs men began to make some headway against the German defenders. Clinging to their position, Heinrici and Busse were able to hold until nightfall but were aware that they could not maintain the heights without reinforcements. Though parts of two SS Panzer divisions were released, they would not reach Seelow in time. The German position at the Seelow Heights was further compromised by Konevs advance to the south. Attacking again on April 18, the Soviets began to push through the German lines, though at a heavy price. By nightfall, Zhukovs men had reached the final line of German defenses. Also, Soviet forces were beginning to bypass the heights to the north. Combined with Konevs advance, this action threatened to envelop the Heinricis position. Charging forward on April 19, the Soviets overwhelmed the last German defensive line. With their position shattered, German forces began retreating west towards Berlin. With the road open, Zhukov began a rapid advance on Berlin. Aftermath In the fighting at the Battle of the Seelow Heights, the Soviets sustained over 30,000 killed as well as lost 743 tanks and self-propelled guns. German losses numbered around 12,000 killed. Though a heroic stand, the defeat effectively eliminated the last organized German defenses between the Soviets and Berlin. Moving west, Zhukov and Konev encircled the German capital on April 23 and the former began the final battle for the city. Falling on May 2, World War II in Europe ended five days later.