Cool

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Despite the basic beliefs of those who are not Buddhist, Buddhism does not revolve solely around meditation. As a matter of fact, only bhikkus and bhikkunis actually meditate. The laity donate things such as food and money to the sangha, or monastic community to support the nuns and monks, and through this they attain merit, which adds to good karma (Seager, 18). When the religion spread to the United States though, Americans liked the idea of meditation, so this is the part of the religion that many took and altered so that it was almost a religion of its own. Zen Buddhism, a Japanese branch of the Mahayana , has become the popular form of Buddhism among convert Buddhists because of its use of meditation (Seager 0,1). Insight Therevada Buddhism is becoming popular for these same reasons. It is lay-oriented with teachers being laypersons themselves. Ruth Denison, one of the originators of Insight meditation, also added music and movement to a practice that traditionally involved seated meditation (Seager, 147).

Like ethnic and convert Buddhisms, Native American religions were also shaped by American culture. Unlike Buddhism; however, is the fact that the American culture was brought to Native Americans and forced upon them. The belief that Christians were to spread the word of Christ to every human being and convert each one, changed Native Americans tremendously. From voluntary boarding schools such as the one Catherine Brown attended in the east (Martin, 6) to Janitins forced coercion by Spanish Missionaries in the southwest (Martin, 6).

American culture has changed everything that originated in this country as well as everything that has been brought into this country in some way. In order for these things such as Buddhism to have survived this long in America, certain alterations were needed. They survived because in the American context things can change and will change to fit the needs of certain groups. Everything from the government to Christianity has shaped these other religions into what they are today.

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Guys

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Castilla la Mancha, is located at the very center of the Iberian peninsula, it is surrounded by a huge level area, although there are mountainous landscapes too. One of the most famous tourist location in the province is Toledo. It was once the capital of Spain and it is known for its many monuments from the Moorish, Mudejar, Gothic, and Renaissance Periods, it is also known for its famous swords. Another popular sightseeing attraction is Cuenca, or the "Enchanting Medieval City". This is known for its "Hanging Houses", the Gothic Cathedral and the Museum of Abstract Art. In Cuenca there are numerous amazing natural preserves, amongst them is Ciudad Encantada, the "enchanted city", where erosion had shaped the most peculiar forms. Ciudad Real is noticed by the history of Don Quijote who is said to have fought against the windmills at the nearby Campo de Criptana.

The province La Mancha is known for its recognized inhabitants. One of the most contemporary and popular of them is film director, Pedro Almodovar, who is fifty-one years of age. His most famous film is "Todo sobre mi madre" or in English "All About my Mother". The talented actress Penelope Cruz, who is seen around the world and is also from La Mancha. The tall-tale character known as Don Quijote has a famous route after him, although his creator wasn't born in this province, this character is not just famous in Spain but also in every other part of the world.

Castilla-La-Mancha was created by a statute of autonomy approved in 18. This province is governed by a regional parliament. there are 47 congressmen and woman from Castilla-La-Mancha. The province's economy is known all around Spain for its agriculture production, and cattle raising. The agricultural vicinity of this province is known for its classical farming techniques in dry areas of farmland, where they produce cereals, Vines, and olives. The Agrarian sector has a forest full of prosperity and makes many riches for this region of Spain.

Castilla-La-Mancha is a very beautiful and cultural province in Spain. It is known for its distinct foods and artistry because of the unique cultural history of this region. La-Mancha's cities are described as architectonical treasures with magnificent monuments. The province has a great economy and is home to many famous Spaniards. This is why Castilla-La-Mancha is recognized as one of the most unique and elegant provinces in Spain.

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Drugs are bad

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In a day in time where alcohol and tobacco products, although restricted by age, are available to millions, one has to wonder why there is such controversy about the proposal to legalize marijuana. Of course, there are many arguments or both sides of this hotly debated issue. Nonetheless, marijuana is no more harmful than alcohol and tobacco products and in some cases, marijuana has already proven to be medicinally helpful. Marijuana, a plant with many uses, should be legalized for crime deterrence, medicinal help and tax purposes.Marijuana is, in truth, no more harmful than currently sold alcohol and tobacco products. In the U.S. each year, millions and millions of dollars are spent on health care issues stemming from the use of alcohol and tobacco drugs Studies have indicated that the toxins in tobacco and that alcohol, perse, are addictive. Fighting addictions, added to the cost of fighting cancer, has skyrocketed the amount of money spent and the personal/ family angst suffered in this nation for decades. Studies do not, however, indicate that marijuana is a "gateway drug," one that causes addiction ("Legalization Report," Http//www.geocities.com/marinol.html). Perhaps the only reason that currently points to danger associated with marijuana has more to do with the fact that because it is not currently government regulated for the public use, marijuana does, occasionally, contain impurities that cause temporary nausea. Obviously, government control, perhaps under the FDA specifically, would guarantee a consistently pure product. Already, the FDA has that marijuana is helpful in treating nausea for cancer patients who are undergoing chemotherapy. In addition the FDA supports the research that shows marijuana's medicinal potential in treating glaucoma, a leading cause of blindness. Several studies have found that "smoking marijuana reduces intraocular pressure…the main [cause] of this disease" ("Legalization Report," Http//www.geocities.com…Glaucoma). How can a drug that the FDA endorses for purposes of healing and prevention be harmful that the general population needs to be prohibited from its pleasurable effects?Along with the medicinal purposes of marijuana, it will also help to reduce crime related offenses. Police enforcement will save billions of dollars a year. Because marijuana

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Mid-term Break Analysis

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Out staff of freelance writers includes over 120 experts proficient in Mid-term Break Analysis, therefore you can rest assured that your assignment will be handled by only top rated specialists. Order your Mid-term Break Analysis paper at affordable prices with cheap custom writing service! Mid- Term BreakA poem which I have recently read is "Mid term Break" by Seamus Heany. This poem told the story of someone's death, which in turn made the poem very sad to read. The poet conveyed the sadness using various techniques.The poem begins with the poet in the medical room of his boarding school, awaiting his neighbours to arrive to take him home. When he arrives home he sees his father is crying, this can only mean one thing, someone has died. There are also some friends and relatives in the house and he feels uncomfortable and a little embarrassed because grown men are shaking his hand. His mother has "cried all she can cry" and she takes his hand. The next day he looks at the body, near the end of the poem the poet reveals that he was killed by a car accident and right at the end we find the he was only four.The poet conveys his feelings of sadness about the desth of his little brother by his skilful use of word choice. An example of this is "cot" which emphasises how young he was and "a four foot box", to tell us just how small he really was. I think this works very well because it gives the reader a clear idea of what its really like.

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Another technique that the poet uses to convey his sadness is imagery. He uses words such as "snowdrops" which gives you an image of innocence and of new life. Another word he uses is "poppy" which conveys another image of red, of a violent death. This technique worked extremely well with me.The poet also uses the versification to convey his sadness by using three lines in each verse and then only one in the last "a four box a foot for every year". He cuts it short to reinforce the fact that his brother's life has also been cut short. I like the way he did this and I thought it was a good tribute to his late brother.In conclusion therefore "Mid-Term Break" by Seamus Heany is a poem which is structured very well and the poet uses, which I thought was excellent, word choice. He also created great imagery using words to convey his sadness. Another method he used to convey his great sadness was versification, which I thought, worked extremely well. In all I thought it was a very good poem from a great poet.

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Good prose is like a window pane. Orwell aimed to use simple, uncluttered prose so that readers could see through the systems and rhetoric to the truths he was presenting. Discuss.

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Animal Farm, the story which tells what happens when the animals on the farm drive out Mr Jones and attempt to run the farm themselves, was written by George Orwell at a time when there was much political discourse and uncertainty in Britain due to their ties with the Soviet Union. Orwell had a strong sense of right and wrong, and for this reason he became a sharp critic of both communism and socialism, and instead an advocate of freedom from oppression. Thus, Orwell's principal reason for writing Animal Farm was because, as he put it afterwards, "there was some lie I wanted to expose, some fact to which I wanted to draw attention". But his "initial concern was to get a hearing", to have his story heard. In order to ensure his ideas were presented successfully to his readers, Orwell used many means of conveying them effectively, through his use of language, the perspective of the narrative of Animal Farm, and also through the idea of this tale being a fictional "fairy story". All these things came together to produce for readers quite a clear picture of his beliefs and opinions at that point in time, and did so in such a way that was also able to be published.Orwell's use of language and the way he strings words together is probably the most effective of his mediums for communication. For example, in chapter three, the narrative tells us "It was also found that the stupider animals such as the sheep, hens and ducks, were unable to learn the Seven Commandments by heart". As shown in this excerpt, he uses words in the narrative and when most of the animals speak that are simple in order to make his story easily understood, and for this reason the story he presents is effective and doesn't appear to be the propaganda he confesses it is. Whereas the language he uses when the pigs speak is much more formal, uses larger words, and is much more colored and extravagant. This is made evident when Napoleon states, "A bird's wing is an organ of propulsion and not of manipulation", also in chapter three. As demonstrated by these two examples, it is quite evident that Orwell had a strong sense of who his characters were and what sorts of personalities they each had, and this was reflected in the different styles in which he wrote the dialogue of each.The story is told from the point of view of the common animals of Animal Farm, although it refers to them in the third person plural as "they". This, coupled with the fact that Orwell does not appear conspicuously as either a narrator or major character, has the effect of him appearing to merely be an observer commenting on what he sees. This gives readers the impression that the "anonymous narrator" of the story has no individual opinions or biases which may effect the story being told, which in turn makes the sorts of ideas Orwell is presenting clearer to readers, but in such a way that they aren't really aware of being presented with someone else's viewpoint and criticisms of political issues.The concept of Animal Farm being called a "fairy story" by Orwell also had great significance at the time of writing. This is because, although Orwell wanted to write about the quite serious themes of the corruption of ideals in totalitarian regimes, the dangers of a naïve and ignorant working class, society's tendency towards a social hierarchy, and the nature of propaganda and its importance in the abuse of power, he also wanted to get his story published and read. Consequently, he needed to disguise his opinions and the criticism of the Russian Revolution he was making. He did this by writing his views in the form of a "fairy story", a tale that uses a narrative on one level to present a moral and view of the world on another level, and by doing this he was able to devise both a form of writing and a form of politics which was then allowed to be published and circulated to a greater audience. And it is obvious that Orwell's idea of writing an allegory instead of a factual story to present his views was quite an effective means of allowing many to read his writing and to be able to appreciate and take on board the views he was presenting without him appearing to be preaching to them.

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In conclusion, I have found that I very much agree with Orwell's statement "good prose is like a window pane." I believe Orwell saw his writing as being a vehicle through which to communicate his political beliefs at the time, and I agree with the view that he aimed to write in clear, uncluttered prose so that people could see through the structure and rhetoric to the truth that he was writing. I am of the belief that he was extremely successful in achieving this aim, and doing so in such a way that both captivated his audience and stirred in them emotions they may not have been expecting to feel.

Please note that this sample paper on Good prose is like a window pane. Orwell aimed to use simple, uncluttered prose so that readers could see through the systems and rhetoric to the truths he was presenting. Discuss. is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Good prose is like a window pane. Orwell aimed to use simple, uncluttered prose so that readers could see through the systems and rhetoric to the truths he was presenting. Discuss., we are here to assist you. Your cheap research papers on Good prose is like a window pane. Orwell aimed to use simple, uncluttered prose so that readers could see through the systems and rhetoric to the truths he was presenting. Discuss. will be written from scratch, so you do not have to worry about its originality.

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THE RELATIONSHIP BETWEEN FINANCIAL DISTRESS ANDTHE STOCKHOLDER-BONDHOLDER CONFLICT

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AbstractThis study documents the extent of the different forms of restructuring undertaken by financially distressed firms before a Chapter 11 filing. The study focuses on the following question Does financial distress cause agency problems?, which is based on the analysis of financial statement ratios. Further analysis shows that the success or failure of financial restructuring before bankruptcy is a function of the assets. Due to time limitations, and considering the complexity of the ZETA model, this study is based in the Altman (188) considerations.The relationship between financial distress and the stockholder-bondholder conflictIntroduction

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Financing policy by firms requires managers to identify ways of funding new investment. The managers may exercise three main choices use retained earnings, borrow through debt instruments, or issue new shares. Thus, financing policy, capital structure and firm ownership are all strongly linked in explaining how economic agents form and modify their asset-acquisition behavior through firms and capital markets, and thereby influence their incomes and returns to asset holdings, whether in the form of direct remuneration, capital gains or dividends (Prasad, Green and Murinde, 001). A particular firm wishes to finance projects in excess of the firm's internal resources. The firm has two options to issue equity or debt. If the firm issues equity, the shareholder's fractional interest within the firm decreases. This increases the incentives for a shareholder to undertake excessive perk consumption since the costs to the owner of such activities have been lowered as a result of a reduction in his fractional interest. Such costs include; i) the monitoring expenses of the principal (the equity holders); ii) the bonding expenses of the agent (the manager); and iii) the money value of the reduction in welfare experienced by the principal due to the divergence between the agent's decisions and those that maximize the welfare or the principal. In the presence of efficient markets, which incorporate expectations, external investors anticipate such actions by the shareholder of the firm (James, 1). Accordingly, the price of new equity is discounted to take into account the monitoring costs of external shareholders. Under these circumstances, the shareholder would prefer to finance new projects using debt rather than equity. Issuing debt to finance investment also incurs agency costs. These arise as a result of the conflict of interest between external lenders and the shareholder. The issue of debt increases the shareholder's incentive to invest in high-risk projects, which, if successful, offers high returns, which accrue exclusively to the shareholder but at the same time, increase the likelihood of failure. If the projects fail, the shareholder exposure is limited to the value of his equity holdings. Bondholders, on the other hand, do not share the profits of success, but will share in the costs of a bankruptcy they are incurring extra risk without additional expected returns. As the amount of debt increases, bondholders will demand a higher premium to compensate them for the increased probability of failure. Thus, the agency costs of debt include the opportunity costs caused by the impact of debt on the investment decisions of the firm; the monitoring and the bond expenditures by both the bondholders and the shareholder; and the costs associated with bankruptcy and reorganization (Hunsaker, 1).In this study, the relationship between the financial distress and shareholder-bondholder conflict are analyzed, by considering the assets restructuring as a way to reduce the financial distress.Literature ReviewAgency costs associated with equity are at a maximum when the shareholder share of equity is zero, and stockholder wholly owns the firm. These costs fall to zero as the shareholder equity share rises to 100%. Similarly, the agency costs of debt are at a maximum when all external funds are obtained from debt. As the level of debt falls, agency costs are reduced first, because the amount of wealth that can be reallocated away from bondholders falls; and second, since the fraction of equity held by the shareholder is being reduced, the shareholder share of any reallocation also falls.When a firm is close to bankruptcy, shareholders have no incentive to inject new capital into value-increasing projects since the returns of such a venture will accrue mainly to bondholders. The larger the debt level of the firm, the less the incentive to invest in value-increasing projects.The conflict between shareholders and managers takes several distinct forms. The first, (Jensen and Meckling, 176) is that managers prefer to have greater perquisite levels and lower effort levels, provided that they do not have to pay for these through lower wages or by a lower market value of their personal equity holdings. A second arises because managers may prefer short-term projects, which produce early results and enhance their reputation quickly, rather than more profitable long-term projects (Masulis, 188). Third, managers may prefer less risky investments and lower leverage to lessen the probability of bankruptcy (Hunsaker, 1). Fourth, managers will wish to minimize the likelihood of employment termination. As this increases with changes in corporate control, management may resist takeovers, irrespective of their effect on shareholder value (Garvey and Hanka, 1). Managers and shareholders may also disagree over a firm's operating decisions Harris and Raviv (10) observe the managers will typically wish to continue operating the firm even if liquidation is preferred by shareholders, managers may also prefer to invest all available funds even if shareholders want to be paid dividends (Stulz, 10).Various underlying factors have been identified within the literature on the conflict of interest between shareholders and bondholders (Smith and Warner, 17).i) Dividend payments Bonds are priced according to the level of dividends paid by the firm. In the limit, a firm could sell all its assets and pay a liquidating dividend to its shareholders with the bondholders being left with valueless claims.ii) Claim dilution Bonds are normally priced assuming that the firm will not carry any more leverage. If the firm does issue additional debt, then existing debt will fall in value if the newly issued debt has higher priority. Even if it does not, existing debt will fall in value if the risk of bankruptcy is perceived to have increased.iii) Asset substitution Bonds are priced in relation to the risk of the projects, which is being financed. Thus, lenders' claims are reduced if the firm substitutes projects that increase the firm's value. This transfers wealth from bondholders to shareholders.iv) Under-investment and mis-investment A firm in financial difficulties has an incentive to reject low-risk, low (positive) net present value projects whose benefits accrue mainly to bondholders, in favor of high-risk, high net present value projects, thus creating under-investment or misallocation of investment.To minimize these conflicts, firms with high growth opportunities should have higher leverage and use a greater amount of long-term debt than firms in more mature industries.A general view of financial distress is that it results from a mismatch between the currently available liquid assets of a firm and its current obligations under its "hard" financial contracts.The costs of financial distress will have important implications for the liquidity and leverage policies of a firm. In particular, when the costs of financial distress are high, the firm may maintain a larger fraction of its assets as liquid assets and/or be cautious in taking on debt (hard contracts). MethodologyThe financing contracts of a firm can be loosely categorized into hard and soft contracts. An example of a hard contract is a coupon debt contract, which specifies periodic payments by the firm to the bondholders. If these payments are not made on time, the firm is considered to be in violation of the contract and the claimholders can seek specified and unspecified legal recourses to enforce the contract. Common stock and preferred stock are examples of soft contracts. A firm is in financial distress at a given point in time when the liquid assets of the firm are not sufficient to meet the current liquidity requirements of its hard contracts.Since financial distress results from a mismatch between the currently available liquid assets and the current obligations of its "hard" financial contracts, mechanisms for coping with financial distress involve correcting the mismatch by either increasing the liquidity of the assets (through asset sales) or decreasing the "hardness" of the debt contracts (through debt renegotiation). As financial distress can be resolved through asset restructuring (asset sales or other liquidations) and/or financial restructuring (private or formal debt renegotiations), the costs of these different mechanisms of resolving distress will represent financial distress costs.Financial distress will be relatively more costly for firms whose assets are more intangible or firm specific. Replacement costs approximate what the firm's assets could be sold, and are positively correlated with the liquidation value of the asset. Firms with a higher market value/replacement costs ratio will have higher costs of asset liquidations.For several reasons, assets are more likely to be sold when debt is restructured in Chapter 11 rather than privately. First, automatic stay gives the debtor more power over the disposition of the firm's assets, by enjoining creditors from exercising their non-bankruptcy right to sue the firm and seize collateral. Second, since the debtor can undermine the value of lenders' collateral and grant new lenders super priority standing, fully secured lenders will in general prefer liquidation over reorganization. This may create additional pressure for asset sales in bankruptcy. Finally, purchasing assets from a financially distressed firm is less risky in Chapter 11, because asset sales are executed by a court order and are thus free from legal challenge. Therefore the hypotesys designed for the evaluation of this consideration are based on the assets of the company, the hypotesys areH0 Financial distress is resolved through assets restructuringHA Financial distress is not resolved through assets restructuringAnd the variables to consider in this analysis are Earnings Before Income Tax (EBIT), Net Working Capital (NWC), Sales (S), Market Value of Equity (MVE), Acummulated Retained Earnings (ARE), Total Assets (TA) and the Book Value of Debt (BVD).Statistical ModelAfter careful consideration of the nature of the problem and of the purpose of this analysis, the discriminant analysis (MDA) is chosen as the appropriate statistical technique. In recent years, this technique has become increasingly popular in the practical business world as well as in academia. Altman (181) discusses discriminant analysis in-depth and reviews several financial application areas. MDA is a statistical technique used to classify an observation into one of several a priori groupings dependent upon the observation's individual characteristics. It is used primarily to classify and/or make predictions in problems where the dependent variable appears in qualitative form, for example, male or female, bankrupt or non-bankrupt. Therefore, the first step is to establish explicit group classifications. The number of original groups can be two or more. Some analysts refer to discriminant analysis as "multiple" only when the number of groups exceeds two. The multiple concepts will refer to the multivariate nature of the analysis.After the groups are established, data are collected for the objects in the groups; MDA in its most simple form attempts to derive a linear combination of these characteristics which "best" discriminates between the groups. If a particular object, for instance, a corporation, has characteristics (financial ratios), which can be quantified for all of the companies in the analysis, the MDA determines a set of discriminant coefficients. When these coefficients are applied to the actual ratios, a basis for classification into one of the mutually exclusive groupings exists. The MDA technique has the advantage of considering an entire profile of characteristics common to the relevant firms, as well as the interaction of these properties.Another advantage of MDA is the reduction of the analyst's space dimensionally, that is, from the number of different independent variables to G-1 dimension(s), where G equals the number of original a priori groups. This analysis is concerned with two groups, consisting of bankrupt and non-bankrupt firms. Therefore, the analysis is transformed into its simplest form one dimension. The discriminant function, of the formZ=V1X1+VX+…+VnXn, transforms the individual variable values to a single discriminant score, or z value, which is then used to classify the object whereV1, V,….Vn=discriminant coefficients, and X1, X,…Xn=independent variables. The MDA computes the discriminant coefficient; V1 while the independent variables X1 are the actual values.When utilizing a comprehensive list of financial ratios in assessing a firm's bankruptcy potential, there is a reason to believe that some of the measurements will have a high degree of correlation or co linearity with each other. While this aspect is not serious in discriminant analysis, it usually motivates careful selection of the predictive variables (ratios). It also has the advantage of potentially yielding a model with a relatively small number of selected measurements, which convey a great deal of information. This information might very well indicate differences among groups, but whether or not these differences are significant and meaningful is a more important aspect of the analysis.Perhaps the primary advantage of MDA in dealing with classification problems is the potential of analyzing the entire variable profile of the object simultaneously rather than sequentially examining its individual characteristics. Just as linear and integer programming have improved upon traditional techniques in capital budgeting, the MDA approach to traditional ratio analysis has the potential to reformulate the problem correctly. Specifically, combinations of ratios can be analyzed together in order to remove possible ambiguities and misclassifications observed in earlier traditional ratio studies.As seen, the Z-score model is a linear analysis in that at least five measures are objectively weighted and summed up to arrive at an overall score that then becomes the basis for classification of firms into one of the a priori groupings (distressed and nondistressed).A frequent argument is that financial ratios, by their very nature, have the effect of deflating statistics by size, and that therefore a good deal of the size effect is eliminated. The Z-Score model (ZETA), discussed below, appears to be sufficiently robust to accommodate large firms. The ZETA model did include larger sized distressed firms and is unquestionably relevant to both small and large firms.The variables are classified into five standard ratio categories, including liquidity, profitability, leverage, solvency, and activity. Five variables are selected as doing the best overall job together in the prediction of corporate bankruptcy. The final discriminant function is as follows Z = . X1 + 1. X + 1.0 X + 0.6 X4 + 1.4 X5WhereX1 = Earnings Before Income Tax / Total Assets,X = Net working Capital / Total Assets,X = Sales / Total Assets,X4 = Market Value of Equity / Book Value of Debt,X5 = Accumulated Retained Earnings / Total Assets Z = Overall IndexX1, Earnings Before Interest and Taxes / Total Assets/ (EBIT/TA), this ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. X, Net Working Capital / Total Assets (NWC/TA), is a measure of the net liquid assets of the firm relative to the total capitalization.X, Sales / Total Assets (S/TA), is a measure of management's capacity in dealing with competitive conditions.X4, Market Value of Equity / Book Value of Debt (MVE/BVD), the measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.X5, Accumulated Retained Earnings / Total Assets (ARE/TA), retained earnings is the account, which reports the total amount of reinvested earnings and/or losses of a firm over its entire life.Considering the data evaluated by Altman, the following values of Z were obtained to make the final observations about the effectiveness of using the assets in restructuring the debt of the company

Z 1. predicts bankruptcy1. Z .0 indicates caution in financial status

Z .0 indicates effective restructuringDue to time limitations, and considering the complexity of the ZETA model, this study is based in the Altman (188) considerations.To rebuild this study, future investigators must base the analysis in data found at F&S Index of corporate Change, which list companies that filled a Chapter 11 Bankruptcy petition, trhe Wall Street Journal Index, COMPUSTAT and Estandar & Poor Register of Corporations.

ConclusionThis study documents the extent of the different forms of restructuring undertaken by financially distressed firms before a Chapter 11 filing. We find that asset plays significant roles before bankruptcy. Altman (000), analysis shows that the success or failure of financial restructuring before bankruptcy is a function. The high failure rate suggests that the holdout problem among creditor groups is severe. We find that the size of private loans relative to long-term debt is an important factor in determining whether the firm financially restructures during the pre-filing period. Our empirical evidence also suggests that, by granting super priority status to new lenders of bankrupt firms, Chapter 11 allows the firm to get an infusion of much needed liquidity. ReferencesAltman, E. (000) "Predicting Financial Distress of Companies Revisiting the Z-score and Zeta Models.Garvey, G.T. and Hanka, G. (1), "Capital Structure and Corporate Control The Effect of Antitakeover Statutes on Firm Leverage", Journal of Finance, Vol. 54, No. , p.51-46.Harris, M. and Raviv, A. (10), "Capital Structure and the Informational Role of Debt," Journal of Finance, Vol. 45, pp. 1-4.Hunsaker, J. (1), "The Role of Debt and Bankruptcy Statutes in Facilitating Tacit Collusion", Managerial and Decision Economics, Vol. 0, No. 1, pp. -4.Jensen, M.C. and Meckling, W.H. (176), "Theory of the Firm Managerial Behaviour, Agency Costs and Ownership Structure", Journal of Financial Economics, Vol. , pp. 05-60.Masulis, R.W. (188), The Debt/Equity Choice, Cambridge Ballinger, Massachusetts.Prasad, S., Green, C.J., and Murinde, V. (001), "Company Financing, Capital Structure and Ownership A survey, and implications for developing economies".Ross, S.A., Westerfield, R.W. and Jaffe, J (00), Corporate Finance, 6th edition, New York, McGraw-Hill.Please note that this sample paper on THE RELATIONSHIP BETWEEN FINANCIAL DISTRESS ANDTHE STOCKHOLDER-BONDHOLDER CONFLICT is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on THE RELATIONSHIP BETWEEN FINANCIAL DISTRESS ANDTHE STOCKHOLDER-BONDHOLDER CONFLICT, we are here to assist you. Your cheap research papers on THE RELATIONSHIP BETWEEN FINANCIAL DISTRESS ANDTHE STOCKHOLDER-BONDHOLDER CONFLICT will be written from scratch, so you do not have to worry about its originality.

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The Open Boat

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The Open BoatThe Open Boat is a particularly interesting story because of such great detail that the author extends and because of the solitary reflections of the characters in consideration of their demise.The story possesses absolutely vivid description. This attention to detail affords the reader a sense of being in the characters shoes; experiencing the waves that seem to take on a life of their own, or the futility of fighting and surviving nature, to drown as they are about to nibble the sacred cheese of life. Crane paints such glorious images in readers mind with his eloquence. The morning appeared finally, in its splendor, with a sky of pure blue, and the sunlight flamed on the tips of waves(1). Artistic sentences to describe the shark as it appears and the fear, or lack of, that it evokes. The reader is left with a terrific vision of the perilous sea maintaining its beauty amongst the violence of the wind. Their back- bones had become thoroughly used to balancing in the boat and they now rode this wild colt of a dinghy like circus men(0). Here, again, Crane uses splendid detail to capture the essence of the chaotic situation.Another attribute to the story is the insight with which the third person narrator offers to the reader regarding the sailors state of mind. Particularly interesting, is the reference to the poem Bingen on the Rhine. Until the correspondent must contemplate his own death on the cold and desolate seas, he does not realize the tragedy of a soldier of the legion dying in Algiers. Not only did he not realize the significance, he says that, it was less to him than the breaking of a pencils point(10). Again, towards the end of the story, the narrator describes the bitterness the correspondent feels towards nature when he realizes that after all his efforts he may not live to appreciate his being. Not sure whether to be angry or desperately plead for his life, after realizing there is nothing specific to be angry towards. Observations such as these are not usually encountered until confronted with death and the conveyance of these thoughts is insightful and meaningful to the reader.

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The reader feels a peculiar intimacy with the stranded men and shares their desperation. In much the same way the subtle brotherhood of men was described, or the friends in a more curiously iron-bound degree.

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