Sunday, January 26, 2020

Exploring Death In The Odyssey

Exploring Death In The Odyssey In Homers The Odyssey, many different motifs and themes into his epic, and this theme catches the attention of several critics: death and rebirth. There are several examples of how a burial is not necessary for the people to make their journey to the underworld, such as Elpenor, who is left behind by Odysseus and his men during the war. Also, a situation arises at the beginning of the epic where Telemachus does not know the fate of his father, who has been absent from Ithaca for twenty years. Other examples include when Odysseus and his crew visit the Kingdom of the Dead, Odysseus many hardships he has to endure, and when he finally returns home from the Trojan War. The motif of death and rebirth is weaved intricately throughout Homers epic tale. This paper examines Book XI for how this key theme is apparent when Odysseus is able to communicate with his kin and fellow soldiers in the Kingdom of the Dead. In Book XI, Odysseus and his crew sail to the Kingdom of the Dead. This first soul he recognizes is that of Elpenor, his fallen comrade, and vividly retells the events that take place in a flashback: But first the ghost of Elpenor, my companion, came toward me. /Hed not been buried under the wide ways of earth, /not yet, wed left his body in Circes house, /unwept, unburied-this other labor pressed us. /But I wept to see him now, pity touched my heart /and I called out a winged word to him there: Elpenor, /how did you travel down to the world of darkness? /Faster on foot, I see, than I in the black ship. (XI. 56-64). This passage explains how the Greeks thought burial to be an end of some sort, but this proves that Elpenor still makes it to the Kingdom of the Dead even though Odysseus did not give him a proper burial. He also recalls meeting the great warrior Achilles and praising him for his kleos: But you, Achilles, /theres not a man in the world more blest than you- /there never has been, never will be one. /Time was, when you were alive, we Argives /honored you as a god, and now down here, I see, /you lord it over the dead in all your power. /So grieve no more at dying, great Achilles. I reassured the ghost, but he broke out, protesting, /No winning words about death to me, shining Odysseus! /By god, Id rather slave on earth for another man- /some dirt-poor tenant farmer who scrapes to keep alive- /than rule down here over all the breathless dead (XI. 547-58). By Homer placing this warning to Odysseus from Achilles, it seems that Achilles wanted to highlight that Odysseus needed to rethink how he wanted to be remembered; glory was not everything it was cracked up to be. Odysseus and his crew return to the living world, . . . where Helios, the sun, makes his uprising . . . (XII. 4), symbolizing their rebirth. Homer uses light and dark images to emphasize this rebirth. In this passage, the two heroes delve into the variances between the two realms they now inhabit, and each perceives the grass to be greener on the opposite side. Odysseus is envious of Achilles strength and the glory he had won from it; Achilles is jealous of Odysseus for being alive. Homer also uses many light and dark references to accentuate the death and rebirth theme in this epic novel-the darkness is symbolic of death, and the light represents life, and therefore, rebirth. Achilles informs Odysseus about his eventual return home whilst visiting the Kingdom of the Dead. The first example of how the motif of death and rebirth is evident in this poem is that of Telemachus uncertainty of his fathers fate. In Book I, he tells Athena, who is disguised as Menelaus, But now, no use, hes died a wretched death. /No comforts left for usà ¢Ã¢â€š ¬Ã‚ ¦not even if /someone, somewhere, says hes coming home. /The day of his return will never dawn (I. 193-5). This symbolizes the fact that Telemachus is dead in the sense that he does not have any desire to reclaim his house from the suitors. Athena, disguised as one of Odysseus friends, convinces Telemachus that Odysseus is not dead and to set out on his quest to receive his kleos. This is very significant because Homer shows how each character goes through a level of death and what happens after the fact. In book XXIV, the last example of this motif is found. Upon realizing Odysseus return home, Laertes faints. Symbolically, this refers to the death of Laertes. He is essentially reborn when he awakens, and is instilled with a new passion for life and no longer wishes to make his journey to the underworld. Overall, the death and rebirth theme makes a very significant impact in The Odyssey. Homer makes use of this theme for several reasons. One of the more important underlying themes in the entire book is that one should never give up on living, and this theme highlights that in several passages and scenes. In this epic, Homer emphasizes that, even though a situation may seem undefeatable, there is always a route that will not only keep one alive, but will also provide some valuable lesson to learn from or insight. In this epic, the theme of death and rebirth is universal and proves The Odysseys timelessness and longevity.

Saturday, January 18, 2020

Determinants of Bank Profitability in Nigeria

CHAPTER ONE INTRODUCTION 1. 0BACKGROUND INFORMATION TO THE STUDY The study of profits is important not only because of the information it provides about the health of the economy in any given year, but also because profits are a key determinant of growth and employment in the medium-term. Changes in profitability are an important contributor to economic progress via the influence profits have on the investment and savings decisions of companies. This is because a rise in profits improves the cash flow position of companies and offers greater flexibility in the source of finance for corporate investment (i. . through retained earnings). Easier access to finance facilitates greater investment which boosts productivity, productive capacity, competitiveness and employment. The existence, growth and survival of a business organization mostly depend upon the profit which an organization is able to earn. It is true that when Profitability increases the value of shareholders may increase to considerable extent. The term profitability refers to the ability of the business organization to maintain its profit year after year.The profitability of the organization will definitely contribute to the economic development of the nation by way of providing additional employment and tax revenue to government exchequer. Moreover, it will contribute the income of the investors by having a higher dividend and thereby improve the standard of living of the people. In order for a business entity (whether public or privately owned) to continue to prosper, there is need for its earnings to be relatively stable for its expansion and growth over time.In addition to its level of earnings, its external environment must also be carefully understood and reliably anticipated (Burns and Mitchell, 1946). Earnings and business environments are so serious issues that a business must study and understand in order to face its opportunities and threats with vigor and determination. Where for instance, the business does not recognize the effects of changes in external environment which may necessitate changes in business earnings, it may suffer some losses consequently.This perhaps explains why there has been continuing search by modern businesses to improve their methods of production necessary to cut down costs, and to develop new attributes or products, which may have wider appeal and satisfaction to their customers. On the other hand, the environmental and cyclical conditions are usually volatile and Dynamic (Sabo, 2003). This underscores the need for business firms to be able to reliably conduct forecast not only for their future demands or sales for their goods and services but also other variables that affect them directly such as their personnel and future profits.The volatility of the changes in the variables from the external environment in specific ways to the immediate factory level and to the remote industry and task environments can sometimes be very significant. Th ese calls for managers’ ability to appreciate and apply formal forecasting techniques to assist their banks achieve this veritable task. The determinants of profitability are empirically well explored although the definition of profitability varies among studies.Disregarding the profitability measures, most of the banking studies have noticed that the capital ratio, loan-loss provisions and expense control are important drivers of high profitability. In this study, the drivers that would be considered are in two categories namely endogenous (internal) and exogenous (external) drivers or factors of Profitability. Internal drivers of bank performance or profitability can be defined as factors that are influenced by a bank’s management decisions. Such management effects will definitely affect the operating results of banks.Although a quality management leads to a good bank performance, it is difficult, if not impossible, to assess management quality directly. In fact, it is implicitly assumed that such a quality will be reflected in the operating performance. As such, it is not uncommon to examine a bank’s performance in terms of those financial variables found in financial statements, such as the balance sheet and income statement (Krakah and Ameyaw, 2010). External determinants of bank profitability are factors that are beyond the control of a bank‘s management. They represent events outside the influence of the bank.However, the management can anticipate changes in the external environment and try to position the institution to take advantage of anticipated developments. The two major components of the external determinants are macroeconomic factors and financial structure factors (Krakah and Ameyaw, 2010). In summary, it appears previous empirical research has suggested a possible connection between bank profitability and various internal and external determinants like Bank Assets, Loan-Loss Provisions, Total Deposit and Inflation, but is far from definitive as ifferent authors have made use of the inclusion and exclusion of different variables in their studies. Hence, our study will try to shed more light on this controversial issue by reviewing more empirical literatures on opposing sides of the topic and finally drawing conclusions from our findings from the mode of data analysis we intend to carry out. 1. 1STATEMENT OF THE RESEARCH PROBLEM The Federal Government of Nigeria and the Central Bank of Nigeria (CBN) have perennially sought permanent measures that would enhance the profitability and stability of banks operating in the Nigerian banking industry.Unfortunately, they have never completely succeeded in achieving this feat. For instance, from 1987 – 1991 financial sector reforms (intended to enhance competition in the sector, mobilize savings and lead to a more efficient allocation of resources) were implemented, encompassing elements of liberalization (such as the decontrolling of interest rate s) and measures to enhance prudential regulation and tackle bank distress (Oluranti, 1991).Also, between 1990 and 2004, bank regulators increased the minimum share capital requirement for banks operating in Nigeria five times, namely in 1991, 1997, 2000, 2001 and 2004 (Aburime and Uche, 2006). However, these measures were unsuccessful in curtailing the spate of bank distress and failures in the1990s and beyond (Oluranti, 1991; Beck et al. , 2005 and Brownbridge, 2005). Currently, a set of banking sector reforms have also been introduced to ensure inter alia a strong and reliable banking sector (Okagbue and Aliko, 2005).Unfortunately, if the historical antecedents of financial sector reforms in Nigeria are anything to go by, the current reforms may also not help to improve bank profitability and stability in Nigeria. Another major factor, which has often not been given appropriate attention, is the issue of strategic planning through forecasting and prediction of future performance i ndices of commercial banks (deposit money banks). To achieve this task, a bank must recognize and anticipate the important Variable affecting its profit determination.The works of Stevens (1999), Blyther (2000) and Naceur (2003) established the inability of the business firms to adequately anticipate and forecast several operating variables in them as a very critical factor in explaining their non-performance. They argued that it is dangerous for a firm to fail to anticipate its cash flow sales, profits and production under whatever situation it finds itself. Given the efforts stated above banks need to appreciate the role of other indicators in enhancing the profitability or performance for that matter.Indeed examining the determinants of corporate profits in the banking sector in Nigeria is crucial, if these banks are going to remain competitive, efficient, and viable taking into cognizance the challenges that befall competition in the industry. 1. 2RESEARCH QUESTIONS The motivati on behind this study stems from the fact that in the past decade or so, a lot of tremendeous changes has been witnessed in the Nigerian banking industry thereby leading to a number of reforms that has seen players in the banking industry transform from one level to another.Hence, this study will sought to answer the following research questions: 1. Is there a long run and short run relationship between bank profitability and its determinants? 2. To  what  extent  are  discrepancies  in  First Bank’s  profitability  due  to  variations in endogenous factors  Ã‚  under  Ã‚  the  Ã‚  control  Ã‚  of  Ã‚  bank  Ã‚  management as well as exogeneous factors under the control of the macroeconomy? 3. Given previous empirical studies on this topic, can it be deduced that First of Nigeria actually makes sustainable profits in the last three decades? . 3OBJECTIVES OF THE STUDY The sole objective of this study is to provide a framework to investigate the f actors or indicators intrinsic in the bank’s asset structure that had impacted on their profitability, and performance for that matter, and make policy recommendation that could be used by bank managers in their policy decisions in the future. Specifically the study seeks to achieve the following Objectives: 1. Examine  the  profitability  of  First  Bank Nigeria Plc during  the  last  three  decades. 2.Study  Ã‚  the  Ã‚  key  Ã‚  endogenous or company-level  value  Ã‚  drivers  Ã‚  of  Ã‚  performance  Ã‚  or profitability  Ã‚  of  Ã‚  the commercial  bank  in  Nigeria using FBN Plc 3. Study  Ã‚  the  Ã‚  key  Ã‚  exogenous  or macroeconomicvalue  Ã‚  drivers  Ã‚  of  Ã‚  performanceor profitability  Ã‚  of  Ã‚  the commercial  bank  in  Nigeria using FBN Plc 4. To find out if any long-run or short-run relationship exists between Profitability variables and its determinants using FBN Plc. 5. Make  policyà ‚  recommendations  regarding  the  key  drivers  of  profitability  at First Bank of Nigeria as well as other commercial  banks  in the country based on  the empirical  findings. 1. 4SIGNIFICANCE OF THE STUDYGiven the relation between the well-being of the banking sector and the growth of the economy (Rajan and Zingales, 1998; Levine, 1998), knowledge of the underlying factors that influence the financial sector's profitability is therefore essential not only for the managers of the banks, but also for numerous stakeholders such as the central banks, bankers associations, governments, and other financial authorities. Knowledge of these factors would be useful in helping the regulatory authorities and bank managers formulate future policies aimed at improving the profitability of the Nigerian banking sector.Furthermore, at the present time, the type of analysis to be employed in this study is completely missing in the literature concerning profitability in the banking sector in Nigeria. 1. 5SCOPE OF THE STUDY Even though there is an existence of numerous empirical studies on the determinants of corporate profitability in the banking sector almost none exists regarding banks case studies in Nigeria, with one exception though in a study by Krakah and Ameyaw (2010) who found a significant correlations between Bank’s Financial Statement and Macroeconomic variables with Profitability given case studies of two banks in Ghana.However, since their study relied more on a cross-sectional approaches from two different banks, this study collects a broad array of profitability determinant indicators, specifically, using data solely from First Bank of Nigeria from 1980 to 2010, we will be examining different measures and linkages of endogenous and exogenous variables like total  assets, interest  income, total  overhead expenses, money  supply, annual  inflation  rate and Return on Assets (ROA).Furthermore, since the determinants of profitability are a complex and multi-faceted concept, as such no single measure will capture all aspects of the internal and external determinants in the Financial Statements of First Bank to be used in this study. 1. 6PLAN OF THE STUDY For the purpose of simplification and clarification, this study will be drafted in the following manner: Chapter one will begin with a brief introduction on the topic of our study assessing a few opinions on what some authors have to say relating to the topic of our study.This chapter continues by analyzing some of the problems in the Nigerian economy as it relates to the banking industry as a catalyst for economic growth, then followed by the research questions. The statement of objectives to the study follows afterwards then the significance of the study comes next. An historical overview detailing various facets of developments in the Nigerian banking industry from pre-independence to date is also examined in this chapter. This chapter will be co ncluded by giving the scope of study.Chapter two of this study, which is the Literature Review and Theoretical Framework, will begin with a brief introduction of what the chapter aims to achieve and how it will be structured. This will be followed by stating various theoretical frameworks to be used in the study. Furthermore, an empirical review of related literatures on the determinants of banking industry profitability as seen by different authors who have written widely on the topic published their findings on this issue would be discussed.This chapter continues by reviewing the Nigerian banking industry performance over the year with a comparative analysis of all the major banks making up the industry. This will be achieved through the use of charts and graphs. Finally, this chapter will be rounded-off by the historical existence of First Bank of Nigeria Plc as well as the corporate profile of the bank. Chapter three, which is the research methodology chapter of this study, will also begin with a brief introduction to the chapter.This will be followed by the method of data collection section as well as method of data analysis section where we will explain the various methods of analysis like Multiple Correlation Matrix, Cointegration Regression Model as well as the Error Correction Mechanism of time series econometric analysis intended to analyze our data is explained. Also in this chapter, we shall state the various regression models to be estimated for this study as well as an explanation of the justification of the variables to be included in the model.This chapter will also explain the how the data gotten for this study will be formatted in Ratio forms to suit need of our intentions for this study. In addition, the statement of hypothesis and assumptions behind our model will be stated in this chapter and the various reasons behind the sampling procedure of arriving at FBN Plc for this study will be explained. Finally, this chapter will be concluded by explaining ‘A Priori’ Expectations of each variable within the model and the yardsticks in econometric measurement to be used in acceptance or rejection of the various hypothesis stated for this study.Chapter four, which is the data Presentation, Analysis and Interpretation chapter, will be introduced stating what should be expected as the chapter moves from section to section. Here, the data used for this study will be presented in a tabular format then followed by the analysis and estimation of the explicit model already stated in chapter three of this study. Finally, this chapter is concluded by interpreting the models estimated via different methods of econometric analysis.Chapter five is the Summary, Policy Recommendations and Conclusion chapter of this study. This chapter, like the previous ones before it also begins with an introduction of what to expect, this is followed by a summary of our study thus far. Hence, policy recommendations would be made under a dif ferent section and finally, the conclusions of our finding on the study as it relates to the analysis made in chapter four of the study would be highlighted in this study.

Thursday, January 9, 2020

The Battle of Gettysburg between the Union and the Confederates - Free Essay Example

Sample details Pages: 4 Words: 1132 Downloads: 1 Date added: 2019/10/30 Category History Essay Level High school Tags: Battle of Gettysburg Essay Did you like this example? The Battle of Gettysburg fought from July 1 to July 3, 1863, is considered the most important engagement of the American Civil War. Where Confederate forces led by General Robert E. Lee and the Union army led by General George Meade. The battle left more than 51,000 wounded, killed, captured, or claimed to miss. The wounded soldiers were crowded in nearby buildings, and many of the dead bodies lay in scantly graves in the ground (https://rmc.library.cornell.edu/gettysburg/never_forget/battle.htm). Confederate General Robert E. Lee launched his second invasion of the northern states. His goal was to defeat the Union army on Northern soil; in which, he hoped would force the Lincoln administration to negotiate for peace. He sought out to take the war out of the Virginia farmland and gather supplies for his Army of Northern Virginia. Lee used the Shenandoah Valley as cover for his army. He was approached by two Union Major Generals, first General Joseph Hooker, and General George G. Meade (who was then replaced by Hooker). Lees army crossed into Pennsylvania in mid-June, and the opposing forces meet head-on at the crossroads towns of Gettysburg, Pennsylvania on the morning of July 1, 1863. The Confederates surge over the Federals from the fields West and North of town, but were unsuccessful to secure Cemetery Hill and Culps Hill to the South. The next day, following, reinforcements arrived on both sides. Lees army then attacked the Federals on the heights and Little Round Top (fu rther South), but they failed to dislodge the defenders. Lastly, on July 3rd, Lee attacked the Union on Cemetery Ridge and was repulsed in what is now known as Picketts Charge. His second attempt on the invasion failed and resulted in large casualties on both sides. There was an estimated 51,000 that were listed as missing, captured, wounded, or dead (https://www.battlefields.org). Don’t waste time! Our writers will create an original "The Battle of Gettysburg between the Union and the Confederates" essay for you Create order The ending results of The Battle of Gettysburg were a victory for the Union. The commanders of this battle were as previously stated for the Union General George G. Meade, and for the Confederate General Robert E. Lee. The forces engaged were 165,620 making up for the Union were 93,921 and for the Confederate at 71,699. The numbers were much larger for the Union; therefore, anyone could see why they had their victory. The confederate was clearly outnumbered by the Union. The total estimated casualties were 51,112. The Union alone had 23,049, of which 3,155 were killed, 14,529 wounded, and 5,365 missing/captured. The Confederate had 28,063 of the 51,122 causalities; of which 3,903 were killed, 18,735 were left wounded, and lastly, 5,425 were listed as missing/captured (https://www.battlefields.org/learn/civil-war/battles/gettysburg). Pennsylvanias Governor Andrew Curtin responded to the crisis by purchasing 17 acres of land for a proper burial ground for the Union dead. Within four mo nths of the battle, reinternment began on the land that became Gettysburg National Cemetery. Today the cemetery is the final resting place for over 6,000 honorably discharged servicemen and their dependents from the Civil War, Spanish-American War, World War I, World War II, and the Vietnam War (https://rmc.library.cornell.edu/gettysburg/never_forget/battle.htm). The 22,000 square foot Museum and Visitor Center is a great place to visit. They have the Soldiers National Cemetery and the David Wills House in town as well, where Abraham Lincoln stayed the night before he gave his Gettysburg Address. The people of the North and the South after The Battle of Gettysburg were sick of war and wanted skirmish to come to an end. In the summer of 1864 (a year later), the Civil War had been rampant on for three years now. Events on the battlefield, just before the election coming that fall, would cover the Souths defeat, catapult Abraham Lincoln to victory and provide momentum for the passage of the Thirteenth Amendment, permanently freeing all slaves in America. Lincoln was expected to lose the election. Late August 1864, most expected former Union General George B. McClellan to defeat Lincoln, yet two months prior General William T. Sherman overpowered Confederate defenses and captured Atlanta. After leaders of his own political party had already considered replacing him on the Republican side, Lincoln won the most known victory in history when he defeated McClellan in the Electoral College with a 212 to 21 vote. His victory in 1864 was made possible by the Unions victory at the Gettys burg in July 1863. When the Confederates were accumulating for another battle charge up the hill, Chamberlain realized he didnt have enough ammunition to survive one more defeat. Most Americans are very familiar with the Battle of Gettysburg; however, it is very difficult to appreciate the savagery fight or the sheer volume of bloodshed that is distressed with both sides of the North and South. What happened on the field of battle after the two sides moved on to continue the fight elsewhere may be most symptomatic of the horrendous experience there. The author of A Strange and Blighted Land: Gettysburg, The Aftermath of a Battle, (written by Gregory Coco), exhaustively researched what happened on the Gettysburg battlefield in the three years following the flight. His descriptions are somewhat difficult to comprehend. He explained that there were thousands of dead soldiers but also three thousand dead horses and other animals. It was a down-right bloodbath. He stated: There was eve ry type of corrupting, decomposing corpse you could imagine. The stench was horrifying for those tasked with the cleaning up the land. (Coco, Gregory. 2018. A Strange and Blighted Land. Havertown: Savas Beatie). The speech is known as the Gettysburg Address given by Abraham Lincoln on November 19, 1863, dedicating to the Soldiers National Cemetery, or also known as the battlefield cemetery at Gettysburg, Pennsylvania. The cemetery for Union soldiers killed at the Battle of Gettysburg during the Civil War. The speech was written by himself in Washington and revised after his arrival at Gettysburg. His speech was a sheer 271 words and took about only two minutes. This speech is one of Lincolns best-known speech. Lincoln states, Fourscore and seven years ago our fathers brought forth on this continent a new, conceived in liberty ad dedication to the proposition that all men are created equal. (https://www.abrahamlincolnonline.org/lincoln/speeches/gettysburg.htm). Lincoln began to envision not just a reunited United States, but a nation freed once and for all of slavery. In conclusion, the Battle of Gettysburg was a battle during the Civil War between the Union and the Confederates. (The north and the south). The Battle of Gettysburg brought over 51,000 soldiers from both the north and the south in a bloodbath, leaving those 51,000 either dead, wounded, captured, or listed as missing. The battle lasted three days beginning on July 1st, 1863 and ended on July 3rd, 1863. The ending resulted in the big victory for the Union over the Confederates, and President Abraham Lincoln winning the presidency by the Electoral College Vote.

Wednesday, January 1, 2020

Socioeconomic Aftermath Of The Crisis - 1883 Words

SOCIOECONOMIC AFTERMATH OF THE CRISIS Despite the overall success of the International Monetary Fund and the United States to prevent additional contagion from the Mexican peso crisis throughout the broader global financial systems, the crisis nevertheless proved devastating to the Mexican economy and its population. The devaluation of the peso and capital flight plunged the Mexican economy into a deep recession, national GDP dropped by 6.2% throughout 1995, and multiple banks collapsed as poor quality assets and fraudulent lending practices came to light, forcing the financial sector to bare the brunt of the crisis (Pereznieto, 11). The average Mexican, however, would argue otherwise and angrily proclaim that it was them that suffered the most. Many Mexicans could no longer keep up with the rising interest rates and thousands of mortgages went into default, resulting in widespread repossession of homes. Prices rose by 35%, hyperinflation resulted in a real wage decrease of 25-35%, a nd unemployment rose to 7.4% in 1995 from its 3.9% pre-crisis the year prior (Pereznieto, 15). In the formal sector, over a million people lost their job, real wages decreased by 13.5%, and overall household incomes plummeted by 30% (Pereznieto, 15). Extreme poverty in Mexico grew to 37% in 1996 from 21% in 1994 (Pereznieto, 16). The growing poverty in Mexico also impacted urban areas more than rural areas (Pereznieto, 15). Urbanites relied on a healthy labor market, good access to credit, andShow MoreRelatedA Review of Is Monetary Policy Overburdened? 1584 Words   |  7 Pagesafter the crisis and abused monetary policy as it was understood to be ‘the only game in town’. However, Orphanides pointed out that, factors behind â€Å"the lack of satisfactory growth in the aftermath of the GFC† are often outside the control of CBs. 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