Full Moon and Little Frieda

Full moon and little Frieda is a poem written by Ted Hughes. The poem is about Frieda’s first word ‘Moon’, but in this poem, Moon represents her father, which is Ted. He is amazed at her for the first time calling his name. It starts of just like this â€Å"on a cool evening with dogs barking and buckets clanking with spider’s web with dew looking like a mirror. † And cows are wandering in their lane â€Å"A dark river of blood, many boulders† In the first stanza, he says â€Å"as you listening†, it means that he’s trying to put you in his situation or current atmosphere, or in this case, in the barn.It is at night when the cows are getting ready to get back to their ‘home’. It is a silence night where there are spider webs with dews on it. In the second stanza, he shows us that the ‘cows are going home in the lane there, looping the hedges with their warm wreaths of breath’, meaning that the cows are go ing back to their home in their comfortable lane and that they are happy. ‘A dark river of blood, many boulders’ suggests that he wants the reader to think there is some sort of sadness when his wife left him because she committed suicide.But when Frieda cries Moon, his reaction changed become surprised and amazed because he is very happy to hear his name being called. I think it is not a sad poem, but some parts like ‘dark river of blood’ suggest that maybe he is having a family trouble, which could be due to the fact that his wife committed suicide. This poem is well-written in a very simply English even though the meaning behind it is not really obvious.The first time I read the poem, I thought it’s just about a little girl on a farm full of cows calls for the moon. But after a bit of research, I realized that Moon represents her father. The cows represent both sadness and happiness. I see that it is written in 3 stanzas. The first two stanzas, it has 5 verses. There is a lot of imagery going on in the poem that really put you in the peaceful mind, the animals doing what they are suppose to do (going back to the farm because it is late night already).I also see that there is no rhythm or rhyme in the poem. While you’re reading the poem, the feeling of relaxed and chilled are felt. This is a short poem which I love as I can’t stand long poems that literally need deciphering before one can understand them. It had no rhyming or rhythm so one was free to put your one style into it which makes it more fun. I liked the subject of the poem and it was to me a very meaningful and well written poem.

Lengthening the School Day

Introduction Let me tell one of my experiences while in school. It was at exactly 3:15p.m when the physics teacher came into class. Normally the class ended at exactly 4:00 p.m.The entire lesson was quite interesting and I knew given a question on the topic I would answer it within seconds. The 4 o’clock bell rang and my mind switched to the soccer game we played the previous day. Despite the red group beating us, I knew our time to revenge had come. The teacher just assumed that he didn’t hear the bell ringing. He continued talking and talking. I realized that no one was paying him attention. Zen was busy   looking at his watch confirming the time, there were some noise in the class, books falling down ,a yawn etc.These were signals to the teacher that learning time was over, we were tired and needed a break. Finally I summoned courage and informed the teacher that time for the lesson was up.After giving me a good lecture on importance of learning, he left. There was a sigh of relief and students rushed out of class some to play soccer, swim and some to hang out. Leaning In Informal Settings Hours spent outside school and classroom setting have large impacts on high performance and social development of the students. Many people have questioned whether time outside class can boost their grades. My answer is –yes it does. Contrary to what many people beliieve, much learning takes place in outside school settings like home and the community. Hours spent outside school give a good chance of reinforcement of what is learnt in the classroom. Time Spent With Parents Parents for instance play a bigger role in student’s achievement. When parents spend time with their children, they supervise their school assignments ensuring that it’s well done. For example, my father used to check all my books after school. This made me pay attention during class time because I knew I had to explain to him why I failed some sums like in arithmetic. They do show the children their love and ensure they eat well balanced food and are generally healthy. By telling them their expectations, they reinforce high performance of the students. They share their own past experiences and provide information on how the students can access resources like libraries. They provide a link with relatives or people who have excelled in studies. All these are done outside classroom and automatically lead to high student performance. This is because the time the students are in school they will have maximum concentration due to their good health. Children learn from museums, libraries and theters.Incorperating community, family partnerships in students learning leads to greater student achievement than adding those extra learning hours in class. Sports Many times parents, guardians and even teachers think that time spent by students in sports hinders high achievement by the students. This is not true.Reseach shows that students participating in sports score higher grades than the non participating ones. Those who are always in class reading books without engaging in sports don’t score highly in tests .While many people argue that participation in sports hinders maximum concentration in studies, this is not true. Balanced participation leads to greater achievements than extending learning time for students. Good Planning Research shows that when teachers are given enough time to teach they produce better results than ‘too much time. In this case, adding an extra 2 hours to learning time is too much time. The teachers are in a position to plan their lessons well and teach effectively than adding them an extra 2 hours. Teachers can use power point handouts and small group tutorials which are more effective than too much classroom learning. Teachers can minimize time spent in school by giving group assignments . This makes students share ideas hence minimize the time used. This is very effective and improves average mean score of the school teachers go straight to the point unlike extra hours which give room for story telling and idle talk. This happens that the teachers can easily miss classes knowing they have extra time to teach. My argument is that teachers can accomplish much within time given than adding more time. Poor Concentration The human mind works well when fresh. Adding extra hours for instruction will mean that students are taught while exhausted. This will mean there is less concentration and retention of what is read. A teacher who teaches when he or she is tired will not deliver the knowledge efficiently. My experience illustrated in the introduction gives a clear picture of this. At the end of last lesson in school the mind deviates to other things like sports. Remember all work without play makes Stacy a dull girl. Extending learning hours will mean there will be dull students in class. Assignments When students are given much time to do assignments, they do a shoddy job. Ninety nine percent will never finish the work when given extra time. This means there is no need of adding the extra 2 hours to the school day as it will automatically lead to poor student’s performances. While in elementary school, Helen’s geography teacher used to give them assignments and add them extra hour to finish. It turned out that the students never used to finish the work despite the extra time given. When the teacher gave the same assignments to other students in another school she was teaching part-time, it was done well though no extra time was added. The assignment in the part –time school was well tackled and handed in on time. Over Depending Of Students on Teachers Adding extra learning hours will mean spoon feeding the students .This can be quite tiring to teachers .In any learning, it is good for teachers to give students room for personal research and study in much more relaxed environment. It is good for teaches to let students discover some things for themselves than spoon feeding which makes students easily forget what they were taught. Spoon feeding is not good for development of future scholars. It is not logical to add an extra 2 two hours to school day for greater student’s achievement. Instead of excelling, it will lead to decline in scores. Conclusion Contrary to what many believe, learning does not just take place in formal setups but also in non formal setting. This includes the family, which plays a bigger role and the community at large. Out of school experiences contribute much to student’s performance. The after school time spent by students with parents puts tremendous reinforcement to their achievement. Adding extra time will lead to poor concentration, poorly done assignments and inefficient teachers. So why want to do something poorly within much time, when you can do it better in little time?

Child Custody and Support Laws Should Be Changed Essay

Present child custody and support laws do not make any sense. They often penalize hard working parents and alienate parents from children they love. These laws must be re-examined and revised so that the best interest of children be served at all times. John Smith lives with his new wife and her four children, ages 4 to 14. He is the only father that these youngsters have known, and he provides for them in all the ways that a father must. John Smith must pay $1,000 to his ex-wife, a woman he divorced 12 years ago, but with whom he had two children, ages 14 and 15. He barely sees his children, and when he does, the situation is strained and the children act like they would rather be somewhere else. John believes that he would rather have had primary custody of his children: he would have participated more actively in their upbringing, and he would have stayed closer to them, and he would have made a better parent that their mother. He resents that he was not given the opportunity to be closer to his children; instead, the courts had given custody to her; she was their mother, and that was all that counted. Now, they are almost strangers to him. John is angry that the system is holding him hostage to his ex-wife by mandating that he pay her $1,000 a month, even though they’ve been divorced for 12 years, even though she refuses to seek employment to contribute to her children’s support, even though he must struggle to make ends meet with his new family. John Smith is one of 3 million divorced men who have had very little control over decisions of custody and child support. These men feel that as implemented, these laws favor the mothers and force men into choosing to become deadbeat dads. Show status of situation: how many children live in divorced homes; what percentage of das get custody; show how in a typical situation, mothers get custody, and fathers paay support. This situation must change, laws must be designed to treat all equitably and fairly, and in this particular case, the primary concern should be the best interest of the children in divorce situations. I.Custody decisions should be based on who is the better parent II.As much as possible, both parents should have equal access to their children III.Child support rules should demand equally from both parents IV.Rules should allow non-custodial parent enough finances to live his/her life V.Payment should be linked to visitation, etc

Initiation Story Araby by James Joyce Essay Example | Topics and Well Written Essays - 750 words

Initiation Story Araby by James Joyce - Essay Example idered to be a person who gains notoriety as a result of showing great courage or nobility of purpose in the accomplishment of a deed or a lifetime (â€Å"Aristotle†, 1998). However, when one speaks of the hero journey, one is almost always confronted with a young character who transforms from the illusions of a child into the realities of an adult. The three major stages of the initiation process can be traced through a number of stories including James Joyce’s short story â€Å"Araby.† The first stage of the initiation process is the understanding that some kind of action is required by the individual. â€Å"Some kind of shock occurs that makes one aware of the self† (Garbis, 2002). This shock initiates the maturation process typically around the early teen years. It is an essential element of the initiation process as it forces the individual to separate from the comfortable environment and discover personal feelings and attitudes in order to solve a problem. Joyce’s story begins on a small street, North Richmond Street, in a small area of town in which life seems relatively bland. Everything is described in shadowed tones as the narrator, a young boy, provides the details of his evening romps with his friends illustrating the ways in which he is a part of the crowd. However, the one illuminated figure in this early segment of the story is the figure of Mangan’s sister. In this image, the narrator becomes separated from the rest, suddenly sol itary as â€Å"every morning I lay on the floor in the front parlour watching her door. The blind was pulled down to within an inch of the sash so that I could not be seen† (Joyce). In describing his actions, the boy is undoubtedly alone and isolated as he encounters new feelings and impressions that are completely new to him. In volunteering to bring something back for her from Araby, the grand bazaar, the boy begins the journey stage of the initiation process. It is during this stage that the young person

LAW OF BANKING AND FINANCIAL INSTITUTIONS BENCHMARK ASSIGNMENT #4

LAW OF BANKING AND FINANCIAL INSTITUTIONS BENCHMARK #4 - Assignment Example As such, the nature of their duties requires that they possess certain characteristics or attributes. Largely, the agents are required to portray attributes of independence, persuasion, problem-solving skills, and interpersonal skills. With regard to independence attribute, the real estate agents are expected to engage and manage their own schedules and times in ensuring that they hustle to get word out on the specific properties that they are promoting, as well as ensuring that they find the exact information that is required by their clients. By being persuasive, the agents, based on their skills should be able to convince clients to either buy or sell properties through them at the appropriate prices, so as to gain profit out of the dealings. Subsequently, they are expected to use persuasion to get the bets deals and to successfully close the deals. By possessing interpersonal skills, the real estate agents are anticipated to labor with their clients and customers on a face-to-face basis and at all times, they are required to portray proper manners and the level of handling of clients should be highly rated. This skill also goes hand in hand with the listening skills in which the agents are to apply towards the attainment of effective communication with the clients pleasantly and effectively. The problem-solving skills are meant to enable the agents to quickly and promptly find solutions to matters that might arise in their dealings with the clients at various times and levels. This skill also enables the real estate agent to act as a moderator and mediator between the buyers and sellers of the various real estate properties that are sanctioned under their guidance. In other contexts, real estate agents are required to possess attributes such as honesty and integrity, being self-motivated and having a desire to

Project development and implementation for strategic managers Essay

Project development and implementation for strategic managers - Essay Example I am grateful to my parents, who have always assisted me in every step. This study only became possible for their blessings and confidence on me. Thank you all for believing in me and make myself belief that I can fulfill my dreams. Table of Contents Table of Contents 3 Chapter 01 – Introduction 4 Chapter 02 - Literature Review 4 Chapter 03 - Research Methods 7 Chapter 04 - Summary of the Response Details 8 Chapter 05 - Data Analysis 10 Chapter 06 – Conclusion 10 Reference List 12 Appendix 13 Chapter 01 – Introduction A project is referred to as an endeavor that is designed for achieving a unique product or result within a given time frame. The aim of a project is to bring beneficial changes to the end user or make value additions (Anderson, Grude and Haug, 2009). However, the temporary character of project differentiates itself with the usual business operation. As a result of that, the management of these two factors is completely different and requires a diffe rent approach. Project management is dubbed as the discipline that encompasses planning, organizing, motivating as well as controlling the resources of the firm to achieve particular goals (Faiz and Edirisinghe, 2009). A number of scholars have emphasized on the fact that a good project manager should encompass both management skills as well as technical knowledge. The primary goal of a project management and organization is the achievement of the project goals. However, the key constraints in this factor are time, scope, quality and budget. In addition, optimum utilization of the resources and integrating these resources to meet the predefined objectives is another challenge (Eastman, Teicholz, Saks and Liston, 2008). In this assignment, the aim is to develop a new software package and ensure its timely delivery to the client. The software to be manufactured is CRM (Customer Relationship Management) software, for the client company XXX3 Ltd. The company is aiming to implement CRM f or the purpose of managing the relationship with customers. XXX3 Limited is an apparel retailing company and therefore the company is obvious to have a diversified customer base. The software will be designed in such a manner that it fulfills all the objectives of the company. It is expected that once the company implements CRM into their system of operation, the company will be able to maintain a good relationship with its customers. Moreover, in this turbulent business environment, management of relationship with the customers is a key issue and therefore implementation of technology or a system that promotes management of relationship with the customers is a necessary activity (Edum-Fotwe, Egbu and Gibb, 2003). Chapter 02 - Literature Review Project Management Theory Project management is a vast area and requires knowledge of domain, technology as well as administration. Moreover, for better project management a company requires specialized skills. Larson and Gray (2006) states t hat maintaining a positive attitude, remaining clear about the project structure and managing proper communication will greatly help a company to achieve success. Project management encompasses 5 stages that are namely initiation, planning and design, execution, monitoring and controlling and closing. (Source: Alterspark, 2013) Stage 1: - Understanding / Initiation – In the first stage, research about the area of concern is carried out and this can

Shipping Jobs Overseas (How it affects United States Economy) Research Paper - 1

Shipping Jobs Overseas (How it affects United States Economy) - Research Paper Example Changes in the way in which organizations conduct business have been rapid and wide-spread as the concept of outsourcing has been introduced. It is the inherent nature of the marketplace to increase efficiency within the workplace by constantly striving to produce the most products with the least expenditure of resources. It is this concept that has driven many corporations to join in the globalization process, frequently outsourcing many of their activities and production processes to less developed countries in which this process is less expensive and requires fewer restrictions, licensing, and/or controls. â€Å"Global markets offer greater opportunity for people to tap into more and larger markets around the world. It means that they can have access to more capital flows, technology, cheaper imports and larger export markets† (International Monetary Fund Staff 2002). Although the idea of a global market and outsourcing sounds like an ideal situation for the increased flow of goods and currencies throughout the world, as well as a possible solution for the redistribution of wealth into some of the world’s most destitute countries, in practice, â€Å"globalization has meant that the governments of the advanced capitalist countries, along with the I.M.F., the World Bank, and the W.T.O., have increasingly sought to force other nations to adopt market economies, privatize public companies and resources, abandon labor and environmental regulations, reduce social services, and embrace ‘free trade’ and the free movement of transnational capital† (Smith 2002).

Global Nuclear Warfare Essay Example | Topics and Well Written Essays - 1500 words

Global Nuclear Warfare - Essay Example As Franklin Delano Roosevelt has stated in his inaugural speech - the only thing we have to fear is the fear itself. During the Cold War that followed, ideological conflicts were often conducted through the medium of fear. While some politicians argued for expanding arms expenditure by raising alarm about the threat of communism, others demanded disarmament and appealed to the public's fear of nuclear weapons. However, the promotion of competing alarmist claims is very different to the situation in the past (Furedi). The abuse of fear is a high stake politics. The worldview of citizens during the Cold War era has primarily been shaped by alteration between concepts of realism and idealism. These two general approaches in the American foreign policy, dealing with the international sphere, are most explicitly reflected in the foreign policy doctrines. As professor Furedi puts it, the fear has fast become a caricature of itself, it was no longer simply an emotion or a response to the perception of threat; it has become a cultural idiom through which we signal a sense of unease about our place in the world (Furedi). The beginning of the post bipolar era emerged ... First, the collapse of Soviet Union, that secured at least the ideological domination of the United States. Second, the Iraq intervention, that demonstrated the reality of the terrorist thread to the world security, but the thread of the nuclear warfare remained, and so did the fear in the heads of most people. A brilliant indicator of the perception of the world by general public through the optics of the global nuclear warfare is the Doomsday clock, that attain a significant respect and prestige in forming the public opinion since the very start of the global nuclear thread. The Doomsday Clock, symbolic clock on the University of Chicago wall shows the time left till the outbreak of global nuclear war and the end of the world that would follow. Over the last sixty years the fingers have moved - forward and backwards - only eighteen times. Recently on few days ago, two minutes closer to the nuclear apocalypse: they stopped at five minutes to twelve. The last time we, and the world, were this close to the definite destruction was in 1984. Any sensationalists or fanatic peace activists have not invented this final countdown. Doomsday Clock - the "Apocalypse Clock" as it has been nicknamed with popularity - have been designed by top nuclear scientists associated in the Bulletin of the Atomic Scientists and the prestigious scientific board, or convocation, that is in charge of the decision of whether to move the fingers or not. On its latest session that decided to move the fingers world famous astrophysicist Stephen Hawking has participated. The first time D oomsday Clock were introduced to the public was short after the end of World War II, in 1947 and were set on seven minutes to twelve. The "midnight" symbolizes

Follow-up Questions for 2nd Writing Assignment Example | Topics and Well Written Essays - 250 words

Follow-up Questions for 2nd Writing - Assignment Example oved from Montgomery to Hampton to look for green pastures and mostly because park had disagreements with King and other heads of the civil rights movement. Parks got a new job in Hampton as a hostess in a hotel and after a short while they moved again to Michigan (Parks and Reed 2006, 44). Until in 1965, Park labored as a seamstress when the American-African diplomat for U.S, J.Conyers employed her as a secretary. In 1970, Parks experienced the worst of her live when illness struck her, her husband, brother and mother causing her to admit donations from well-wishers (Weidt 2003, 76). Later on Parks was involved in a fall accident while she was walking on an icy sidewalk and she was hospitalized with broken bones. It was a big blow when she lost her family members within a short span of time (Weidt 2003, 81). In 1980 she devoted herself to founding and raising finances for communal rights and learning associations. In 1992 she published her autography named Rosa Park-my story which was aiming the youthful generation and there after her memoir-Quiet Strength and points out the significance role her faith played in her life (Weidt 2003, 84). In 1994, she was attacked by a drug addict an ordeal that traumatized her for long. She made her last appearance on the film in 1999 after participating in a movie called Touched by an Angel (Weidt 2003, 91). In 2000 her health deteriorated and was almost evicted from her apartment when a Baptist church came to her rescue due to high accumulation of rent debts (Weidt 2003, 91). She was honored and received many awards due to her achievements and later died on October

One country Essay Example | Topics and Well Written Essays - 1500 words

One country - Essay Example tains a very diverse landscape, including a large desert and flatlands region as well as fertile, mountainous plateau regions in which the majority of farming and other agricultural activities occur (Davison, 2001). Two main rivers, the Tana and Galana, run actively through the fertile region of Kenya and empty into the Indian Ocean to the East (Kenyaology.com, 2007). This is the likely reason why this particular region of the country, known as the Kenyan Highlands, is so fertile as it is continuously irrigated by the two rivers. Additionally, of significant assistance to Kenyan residents is the close proximity to the Indian Ocean by which a great deal of foreign trade can be delivered or exported, providing a more direct ocean-going trade route to the East rather than ground travel across a harsh African landscape (Kenyaology.com). Many people may think of Kenya and automatically envision harsh desert environments, however Figure 1 illustrates the lush fertile region known as the Ke nyan Highlands where Mount Kenya towers into the sky. Climate patterns in Kenya are quite diverse, however in most respects, they range in magnitude from harsh, dry desert-like conditions to that of regions which receive continuous rainfall. In the dryer, Northern plains region, the average temperatures are maximum 34.8 degrees and minimum 23.7 degrees, both in Celsius (Kenyaology.com). These are significantly warmer temperatures in comparison to the United States, indicating that this particular region of Kenya maintains virtually no temperate climate. In the city of Eldoret, which is one of the larger-populated cities at an elevation of 3,085 feet above sea level, the climate is much more temperate, subject to changes in seasons much like that of the Midwest region of the United States. In this area, average temperatures are a maximum of 23.6 C and 9.5 C, making this region rich for agricultural and other farming activities (Klein, 1999). In yet another region of the country,

Decision in Paradise Essay Example | Topics and Well Written Essays - 1000 words

Decision in Paradise - Essay Example The company was establishing itself on an island located in south Pacific. My post at this very prestigious company is the senior business executive. I am the personal assistant to the company manager who is Alex. Chris, my other friend is the proprietor and the owner of Marvel Construction. My core responsibility as an executive is to unearth the problems at Kava and eradicate them so that the company can attain its goal and fulfill its mission on this most difficult island. However on my arrival at Kava, I realized that my dream did not exist. It was shattered. It was after all not the paradise I had thought it was. Kava is an incapacitated island country situated in the South Pacific. This island is experiencing very hard times and someone should rescue it soon. The island quickly needs reconstruction in many areas. Kava Island is aged 15 years and below. It is a culturally diverse island with a combination of people with 50% coming from indigenous tribes, French, Americans, Africans, and Spanish. The people of Kava are basically of indigenous belief. As a matter of, 50% of the people have an indigenous faith while the rest is a mixture of English, French and Spanish. The main economic activity is farming of spices, cocoa bananas and coffee. They also are involved in extraction of petroleum. Marvel Construction Company is one of the largest construction companies with an international reputation. The company has over 20 branches across the US. Since its establishment 20 years ago in Nevada, Marvel construction company has expansively grown through the setting up of new premises and expansion of the existing ones. Marvel is focused on creating loyalty and value with its clients through the provision of outstanding services, fine products and technology advancement. The mission of Marvel Construction Company to the people of Kava is to bring forth prosperity, and establish a

The story 0f Mice and Men by John Steinbeck Essay Example for Free

The story 0f Mice and Men by John Steinbeck Essay The story 0f Mice and Men was written by John Steinbeck and set in America in the late 1920s early 1930s, in California near Soledad. The story is based around migrant workers in California usually male with no roots a very solitary existence. Migrant workers life was hard. It was gruelling, challenging, and often unrewarding. Just as George and Lennie dream of a better life on their own farm, the other migrant farm workers dreamed of finding a better life in California. The states mild climate promised a longer growing season and, with soil favourable to a wider range of crops. Very few found it to be the land of opportunity and land of plenty which they dreamed about. Steinbeck s themes within this story are loneliness and relationships, the migrant workers usually travel alone moving from job to job as season and circumstances dictated an almost thankless existence having no place to call their own or families to go home too. Most of the characters admit, at one time or another, to having a deep sense of loneliness and isolation. . George sets the tone for these confessions on page 15 Guys like us, that work on the ranches, are the loneliest guys in the world. They got no family. They dont belong no place. When he reminds Lennie that the life of a ranch hand is the loneliest of lives. Men like George and Lennie who migrate from farm to farm rarely have anyone to look to for companionship and protection. Each wishes for the comfort of a friend or a partner or lover, but many will have settled for a stranger rather than no one.. Curleys wife admits to Lennie that she is unhappily married on page 87 , and Crooks tells Lennie that life is no good without a companion to turn to in times of confusion and need on page 72 he say A guy goes nuts if he aint got nobody. Dont make no difference who the guy is, longs hes with you. They are all helpless in their isolation, and yet, even at their weakest, they seek to destroy those who are even weaker than they. Crooks shows this cruel and nasty tendency when he criticizes Lennies dependence on George and their dream of the homestead, their farm where they can work or not work just as they please, be their own boss. Having just admitted his own vulnerabilities-he is a black man with a crooked back who longs for companionship-Crooks homes in on Lennies own weaknesses, I think this mainly was to make him feel better and less of a failure somehow. Being alone and lonely and pushed out has made him bitter and mean in some ways. Everybody needs some kind of relationship, someone to call their own in some way whether it is a platonic, sexual or for instance a relationship between man and pet. This makes the difference between merely surviving and thriving and flourishing everyone needs some form of love and care in their lives. Candy had a relationship with his dog, George with Lennie, Curley with his wife but still Curly and his wifes relationship is pretty dysfunctional, there is no comradeship between them no love or trust no affection. Candy is keeping his dog alive for purely selfish reasons so that he isnt left alone even though the dog is old infirmed, in pain, unable to eat, and Lennie and Georges relationship is not an equal relationship either. Since Lennie cannot offer an equal adult relationship he needs a father figure, a caretaker where as George needs a friend a mate as such. The main characters in the book are George Milton and Lennie Small. George has a much stronger character hes portrayed as more of a smaller wiry type of man strong fit body and a quick thinker, lives by his wits almost, which comes across on pages 23-24 when he is talking to the boss he lies about distanced walked saying We hadda walk 10 miles to cover them not arriving until late when they only walked 4 miles and they had arrived at the pool the night before. He is short-tempered but a devoted friend, whose frequent protests against life with Lennie never weakens his commitment to protecting his friend. George at some point early on in their relationship used to abuse and make Lennie a laughing stock and seems to be atoning for his sins ever since. He mentions his earlier bad treatment of Lennie on pages (40-41) telling Slim Funny said George. I used to have a hell of a lot of fun with im. Used to play jokes on im cause he was too dumb to take care of imself He did this because it Made me seem so god damn smart alongside of himP41. So George definitely is no angel and can be petty and nasty as much as the next person, but he genuinely cares for Lennie. Georges first words, a stern warning to Lennie not to drink so much lest he get sick on page 5, set the tone of their relationship. George may be snappy and impatient at times, but he never strays from protecting Lennie. Lennie is a large, lumbering, childlike migrant worker. A huge bear of a man in looks, A huge man, shapeless of face, with large, pale eyes, with wide, sloping shoulders; (p2). Steinbeck thinks Lennie is quite animalistic in his looks and ways comparing him to a bear when he was swishing his hand in the water as if it was a paw on page 4 then a horse on page 4 also when he is drinking water and later he is likened to a terrier on page 10 who doesnt want to bring a ball back to his Master. Due to his learning disabilities, Lennie completely depends upon George, his friend and travelling companion, for guidance and protection. Lennie nevertheless does not understand his own strength. His love of petting soft things, such as small animals, dresses, and peoples hair, leads to disaster. Lennie is very childlike; he has a naà ¯Ã‚ ¿Ã‚ ½ve childlike innocence usually found in the very young which is shown in his utter helplessness in the face of the events that unfold. Lennie is totally defenceless. He cannot avoid the dangers presented by Curley, Curleys wife, or the world at large. The two men share a vision of a farm that they will own together, a vision that Lennie believes in wholeheartedly. Despite his hardened, sometimes harsh exterior George also wants to believes in the story of their future farm that he tells and retells to Lennie, but I think deep down he knows it all just a dream. He longs for the day when he can enjoy the freedom to leave work and see a ball game. More important than a ball game, however, is the thought of living in safety and comfort with Lennie, free from the people like Curley and Curleys wife, who seem to exist only to cause trouble for them. Lennie is largely responsible for Georges belief in this safe haven, George needs to feel needed too and that he has somebody close to him. Lennie gives George a purpose to carry on. In their relationship they are both intensely loyal to one another, dangerously so in Lennies part as he could harm someone because of his obsession with George and his need for him to be around, George is more like the protector, the father figure, he pretends hes put out by it but he knows exactly how lonely his life would be without Lennie, Lennie also knows this, the way he tried to manipulate George when he got angry over the mouse shows this. Lennie being there stops George living the life the way other ranch hands do, he points this out in anger at Lennie when he was whinging about ketchup on page 12 saying If I was alone I could live so easy, I could go get a job an work, an no trouble But later feels guilty because he knows Lennie would never manage to live alone without him to watch his back and care for him. They both need each other for their own various reasons Lennie needs George as a protector, father figure, carer and George needs Lennie because he needs someone to care for, someone to be there in a sense to step in for the absence of family, making Lennie his family, he is Georges reason for not going out getting drunk and going to whore houses he keeps him a step above the rest. This relationship fulfils their immediate needs for companionship, they both need someone else there on the long lonely road they travel for work, and through life but the relationship can never be equal or enough since Lennies intelligence cannot match Georges he would hardly get intelligent stimulating conversation from Lennie, Lennie couldnt look after George if the need arose and where as George would survive without Lennie albeit a lot lonelier, Lennie could never survive without George. George would then just be a plain old ranch hand like the rest without Lennie and the need to keep him safe and out of harms way. George would eventually need someone else in his life to provide what Lennie cant but I dont think Lennie would have the same problem since he would always need a father figure to protect him and care for him and his needs. If they went their separate ways George would drink, go to the whore houses with the rest of them and spend his $50 at the end of the month; he would end up with no hopes and dreams with no one else beside him to help keep them alive, just another lost and lonely soul existing from day to day. Lennie on the other hand would end up in an institute at best or hounded and lynched eventually at the worst, he couldnt survive without George, he doesnt even have the basic survival skills to keep him alive. He would pet someone or something he shouldnt and be lynched for it, people didnt understand simple learning disabilities in those days, feeling it was better to lock them away out of harms way or sight than actually dealing with the problem at hand. There just wasnt the care and attention given to people with learning disabilities in the 1920 1930s people didnt want to know, was much easier if they pretended they didnt exist or where got rid of in the institutes. The other person in the novel to have an alleged caring relationship is Candy The old swamper, aging and left with only one hand as the result of an accident, worries that the boss will soon decide he is useless and demand that he leave the ranch. Candy has a dog, once an impressive sheep herder but now toothless, foul smelling, and rheumatic through age. He was very proud of his dog, it was The best damn sheepdog I ever seen page 45. The dog just shuffles through the day barely existing too ill to eat even, yet, Candy still keeps him alive when it would be a kindness to have had him put down years ago and spared the dog the pain and suffering he now felt. It is a needful relationship in as much as the dog needs caring for and feeding etc and Candy needs something or someone in his life and in this case the dog is it, the dog can hear whatever Candy says but cannot have a conversation with him, he can nuzzle Candy and follow him around offering what form of love and attention a dog c an, but he cannot substitute for another human being. By the time we meet Candys dog in the story it is purely selfishness on Candys part that has kept the dog alive and I think fright, Candy is scared to be utterly alone and in that the dog is better than nobody. Candy needed people this showed in his eagerness to become part of George and Lennies dream they way he tried to buy himself in, in a way not daring to rely on a blossoming friendship between them, he was hedging his bets knowing money might swing things his way. Making it quicker for them to realise their dream as well. Candy seems to be ignoring the fact that you cannot buy friendship, they are generally built up over time and experiences together, but he is a weak lonely old man frightened of his future or lack of one and he thinks investing his lifesavings to secure him a future and friends into the bargain. On page 59 he says I aint much good with ony one hand. I lost my hand right here on this ranch. Thats why they give me a job swampin. An they give me two hundred an fifty dollars cause I los my hand. Then he proceeds to ask if he could come in with them by trying to bribe them with his lifesavings. Candy is too weak to put his dog down and out of his misery, to offer his faithful companion even this last final kindness, so Carlson has to do it, Carlson comes across almost heartless and devoid of feeling when he does this, Candy seems to shrink in on himself feeling very sad lying in his bunk turning his face away from prying eyes. On the other hand Carlson may seem cruel and heartless but I think in his own strange way he was doing a kindness based on selfishness in a way, he couldnt stand the sight or smell of the old dog, but a kindness non the less, since no one else was willing to put the old dog out of his misery. It was the right action but for all the wrong reasons. The bosss son, Curley wears high-heeled boots to distinguish himself from the field hands. Rumoured to be a champion prize-fighter (p54), he is a confrontational, nasty minded and aggressive man who compensates for his smallness of body and mind by picking fights with larger men. Recently married, Curley is plagued with jealousy perhaps because he himself is incapable of faithfulness and doesnt really love or know his wife, she is more of a trophy to him, and he is extremely possessive of his flirtatious young wife. Curleys wife is never given a name and is only referred to in reference to her husband. The men on the farm refer to her as a tramp, a tart, and a looloo.(P51) Dressed in fancy, feathered red shoes, she represents the temptation of female sexuality in a male-dominated world. Curleys wife is not a bad person, but rather a victim. Like the ranch-hands, she is desperately lonely and has broken dreams of a better life. It seems to me that Steinbeck comes across with the opini on woman are just there to serve men and are devious temptresses. Neither trusts each other and Curly has no respect for her, telling the other ranch hands about their sex life. Curlys wife confronts Lennie, Candy, and Crooks in the stable, she admits to feeling a kind frustration with her life. Her vulnerability at this moment and later when she admits to Lennie her dream of becoming a movie star makes her much more human not just a hussy in red shoes. Shes just a young girl married too early to a man she doesnt even like let alone love she tells this to Lennie on p87 when she tells him of her dreams of the movies, and Hollywood and her dislike of Curly and his nasty ways. Perhaps she felt she didnt have any other way out, but marriage to this stranger, she felt trapped at home by her mother and totally unhappy with her life and simply jumped out of the fat straight into the fire since her relationship with Curly just wasnt in anyway what she dreamed marriage would be like. In the 1930s there was not a lot of work offered to woman and single woman didnt have the same social standing as married women, many may have felt it was better to be married and married to anyone than being on their own and struggling to survive, women didnt have the resources they now have, and where never encouraged to feel on equal terms to men as they are now.. I think Steinbeck also tries to depict woman as low, flighty people corrupting men with their sexuality, they where either merely caretakers of men there just too look after them or sexual objects, not human beings in their own rights. Steinbeck had nothing nice to say about this girl, when really she is just a poor misguided young girl, who thought marriage would be the answers to her prayers, and that she would have a handsome attentive young husband, when in reality she got the aggressive nasty bully whom no one really liked, and whom she found she didnt like either. I think she was flirtatious because she needed company and since there was just men on the ranch she flirted, probably not knowing how to have any other kind of relationship with a man, and too young to work out that if she had just been friendly without flirting she might have made a few friends, that is if Curlys jealousy allowed it. Although the men think it is wrong of her to flaunt herself sexually and flirt, the men all visit a whorehouse for sexual gratification and momentary companionship. Another lonely character was Crooks the stable buck. Crooks is an even lonelier character than Candy, because not only is he a cripple, like Candy, but he is also black. Most of the men have a lot of prejudice against Crooks, referring to him with derogatory terms such as nigger. And because he is a different colour, he has to stay in a room on his own. Crooks is yet another victim of the times. We are told by Candy that the Boss takes his anger out on Crooks, though Crooks does nothing wrong. And Candy also relates an incident in the past when one of the ranch hands picked a fight with Crooks. It is to Crooks credit that he won the fight, although the other man did have his feet tied. He is very lonely and bitter, Lennie seemingly unaware of the politics of daily living for black people tries to go in Crooks room(p67) and make friends and chat with him , he doesnt realise that white people in the 1930s didnt integrate with black people in their leisure time as they looked down on them. On page 68 Crook says They play cards in there, but I cant play because I am black. They say I stink. Well, I tell you, you all of you stink to me. This goes right over Lennies head he just doesnt get the point. Lennie just wants to chat and make friends. Crooks tries to rile him saying Well spose, jus spose he dont come back page 71-72, he was trying to frighten Lennie and it nearly backfired, it shows Lennie becoming dangerously quiet and centred when he thinks George might be in any sort of danger when George is all Lennie has in the world and he doesnt want to lose him, his loyalty to George could prove fatal to someone else. Crooks was so desperate for a relationship anybody would do on page 78 he says A guy goes nuts if he aint got nobody. Dont make no difference who the guy is, longs hes with you. Crooks realises being friendless and having nobody leaves people lonely and embittered, he says on page 72 I tell ya a guy gets too lonely an he gets sick. I think Crooks wants more than anything else a sense of belonging, to enjoy simple pleasures such as the right to enter the bunkhouse or to play cards with the other men. This desire would explain why, even though he has reason to doubt George and Lennies talk about the farm that they want to own, Crooks cannot help but ask if there might be room for him to come along and hoe in the garden. On page 76 he offers to work for nothing even just to be allowed in. Anything it seems would be better than the loneliness of his present life, until Curlys wife comes in and in promptly makes him feel his place in the world yet again, bursting his bubble his notion of just being a man amongst men instead of a black man. Carlson a ranch hand, who complains bitterly about Candys old, smelly dog. He convinces Candy to put the dog out of its misery. Carlson says he wont be causing the animal any suffering. Carlson comes across quite heartless. If something or someone isnt useful get rid of it, everything has to have a function. He has a lack of concern for other peoples feelings and doesnt take time to understand them. He is an insensitive person who cares nothing for others. Carlson is the type of man George hopes to avoid becoming. The death of Candys dog testifies to the shameless and pitiful way by which the strong attack and eliminate the weak. Candys dog, although no longer useful at corralling sheep, is of great importance to the old swamper. Candys emotional attachment to the dog is clear. Despite this, allowing the animal to live out its days is not an option in this cruel environment. Carlson insists that the animals frailty makes it unworthy of such devotion. The most comfort he can offer is to assure Candy that he will kill the dog mercifully and quickly. Carlson has no attachments to anyone or anything and possibly feels happy enough without them, I think he sees emotional attachment as a weakness he can do without. Even at the end after George shoots Lennie Carlson cannot understand what all the fuss is about, why George should be upset in anyway, George had put down Lennie like he Carlson had put down the dog both animal and man as useless as each other in Carlsons eyes. None of the relationships in the book seem complete and fully functional. Nearly all of the characters in Of Mice and Men are disempowered in some way. Whether because of a physical or mental handicap, age, class, race, or gender, almost everyone finds themselves outside the structures of social power, and each suffers because of it. All seem lacking in some way. Lennie cannot offer George all he will need from a relationship although George probably offers Lennie all and more. Candy is too old and disillusioned with life, and his loneliness and fright of the future, to be much use in a relationship, and Curly is to into himself and proving himself a big man to ever have a proper fulfilling relation, his own insecurities would forever mess up a relationship. Curleys wife is too young and has the selfishness of youth, and is unable to cope with the likes of Curly she needed an uncomplicated young man really who would love and idolise her how she needs to loved. After Lennie killed Curleys wife, George was faced with a terrible choice, let Curley find Lennie and kill him, or kill Lennie himself. Unlike Candy, he will not let someone else shoot his best friend. He would not subject his best friend to unnecessary fear anxiety and pain. George does what he has to do, in his own way, the act of killing Lennie himself, is doing Lennie a kindness, putting him down, the lesser of the two evils, since if Curley got hold of him it would be horrendous. When George suggests they find Lennie and lock him up instead of shooting him, Slim has to remind George how terrible it would be if Lennie were locked in a cage, or strapped to a bed. Like the painful life of Candys arthritic sheepdog, life in prison or an asylum would be no better for Lennie. Just as Candy had to realize that his sheepdog would be better off dead than alive, so did George with Lennie. George by killing Lennie surrendered his dream for survival Slims sympathetic response is best showing his understanding. Slim is the only one who does not seem to need a fantasy to shield him from the harsh realities of the world. His skill at his work and mastery of the ranch bring him peace and contentment, these emotions and feelings are unknown to his fellow ranch hands. . Slim is both respected and admired. Everyone looks for his approval, even Curley, who seems to have contempt for everyone else on the ranch. The others give into Slim because his word is the law. He is the voice of reason and understanding, and he consoles George after he has killed Lennie. Slim is the kind of man that George hopes to become one day. I think Slim has more chance of a normal relationship if he ever has one since hes the only one at peace with himself and his life. Of Mice and Men is about the struggle of the weak in society and loneliness in or out of a relationship. Loneliness is an inevitable fact of life that not even the strongest can avoid, Crooks, Candy and Curleys wife all suffer through loneliness and isolation and lack of a viable relationship. George and Lennie are unique in that they have each other. Their companionship contrasts the loneliness that surrounds them, the loneliness of the outcast black man, the loneliness of the scarlet woman, the loneliness of the old, helpless crippled swamper. People need relationships even though it is difficult keeping a good relationship going since no two people are the same or have the exact same thoughts and beliefs. To keep a relationship flourishing you must have things in common, you must be able to disagree or agree without fear of the relationship ending, you must be caring of one another and respect each other, and some people do not have the social skills to keep a relationship fruitful. Quite often a person suffering through isolation will forever be trying to fulfil a friendship like Candy trying to become part of the dream with Lennie and George; he was trying to buy into a relationship. I do not think Steinbeck had a high regard for woman either, I think that was a sign of the times though and the era they lived in, woman had a place and that was to serve man. Curleys wife was in a relationship yet was the loneliest of all, she was married yet still was alone, still felt unloved and unwanted, and thats why she flirted to ease her hurting. I think Steinbeck had a very bleak view of relationships and woman in general, all the relationships seemed dysfunctional. People were made to live in society and it a natural instinct to seek friendship and companionship. When they find it, they are content within themselves. Friendship and interaction are two very necessary things; we all need them to combat loneliness.

Reliability of Methylphenidate as a Cognitive Enhancer

Reliability of Methylphenidate as a Cognitive Enhancer Methylphenidate (amphetamine), an inhibitor which acts on the noradrenergic and dopaminergic systems used in the treatment of attention deficit hyperactivity disorder (ADHD), has been widely cited in Bioethicist literature as having the capability to improve cognitive ability in healthy individuals (Husain Mehta, 2011). Methylphenidate is widely used a wake promoting agent during training, in students to in the aim to increase their grades and in many academic professionals to maintain their performance. However, the effects of cognitive enhancement by methylphenidate are somewhat modest and large amount of variability exists between individuals. In patients with ADHD methylphenidate drugs such as Ritalin, perform well promoting attention; similarly, in healthy individuals an improvement is seen as Ritalin aids spatial working memory performance and improves executive functions in novel tasks (Mehta et al., 2000; Elliot et al., 1997). In the analysis of the effects of Ritalin through PET scans Mehta et al., (2000) conveyed that methylphenidate induced a reduction of blood flow in the left and right dorsolateral prefrontal cortex, increasing performance accuracy in spatial working memory tasks ( SWM) (Owen et al., 1996). SWM is localised in the prefrontal cortex, where damage to this area will lead to impairment in SWM tasks (Murphy et al., 1996). This suggests the increase of visual attention and improvement on visual working memory tasks may be due to the selective modulation effects of methylphenidate on the parietal, frontal and extra striate occipital regions- a finding synonymous with early research into monkeys and mono aminergic modulation of cognitive functions (Bernardi et al., 1982). However, recent exploration into fMRI and DCM studies on the brain show noradrenergic systems can influence neuronal excitability in regions engaged in sensory processing and visuospatial attention, thus suggesting that perhaps methylphenidate is less specific and affects functional connectivity across the brain network (Grefkes, 2010). The neural mechanisms by which, methylphenidate effects are primarily evident in the CNS; where the concentration of dopamine and norepinephrine in the brain is caused by the blocking their reuptakes-thus increasing the expression of the dopamine transporter DAT and blocking of the monoamine transporter 2. By doing so reducing activity of monoamine oxidase and increasing the expression of tyrosine hydroxylase is inhibited (Fibiger et al., 1971). Where levels of DAT are high in ADHD patients, inducing Ritalin restores catecholamine and alters dopaminergic firing systems, subsequently reducing synaptic transmission on the D2 and D3 dopamine receptors (Goldstein et al., 2000). Thus dopamine levels would be reduced and normalise deficiencies and improve concentration. A clear example of this is shown in Volkow et al., (2012) , where methylphenidate given orally blocks 60% of DAT sites whilst increasing dopamine concentrations in the striatum ( by 8% to 16%) reducing hyperactivity in in A DHD patients. However, in normal patients the intake of methamphetamine could result in a DAT overexpression or hypo-dopaminergic activity and could possibly lead to enhanced cognition. Additionally, the prolonged use of methylphenidate could result in the downward regulation of dopamine D2 receptors and uptake sites, similar to the reinforcement effects in amphetamines like cocaine, emphasizing impulsive behaviour like gambling and hyper sexuality (Voltz, 2008 Cools.,2007). Additionally, hypodopemenergic activity within the basal ganglia could lead to involuntary movements (Dyskinesia) it is often difficult to test the neuro-enhancement in healthy individuals caused by methylphenidate. In general cognitive processes one would subsume an enhancement would be on the emotional, motivational and cognitive functions within healthy individuals. Unlike other drugs such as AChEI (used in the treatment of the neurodegenerative disease Alzheimer’s) where Emre etal., (2004) and McKeith et al.,(2000) convey positive effects of AChEI on cognition and neuropsychiatric measures such as mood , anxiety and visual hallucinations- the use of methylphenidate conveys quite modest results on cognitive enhancement (Mehta et al., 2011). Although previous research by Rependatis (2010), found the use of methylphenidate increases memory, there was no consistent evidence to support a substantial effect. Additionally, though Mehta et al ., (2000) did convey that Ritalin did improve spatial working memory, a finding supported by Elliot et al., (1997). However, in a recent analysis Mehta et al (2011) attributes previous findings to the variance of baseline ability. The plethora of research surround the effect of methylphenidate is largely inconsistent and there is little evidence to suggest methylphenidate can be used as a cognitive enhancer. Contrariwise to popular belief, there has been evidence to suggest that methylphenidate could actually impair previous cognitive abilities (Schaaf et al.,, 2013 ). In testing the effects of Ritalin on reward and punishment learning in healthy students, Schaaf et al., (2013), conveyed that the effect of Ritalin on baseline spatial working memory tasks varied in terms of tasks and demand between individuals. Although, methylphenidate improved reward and punishment behaviour in high working memory subjects, it impaired those with low working memory . These inconsistent results may be partially due to the inverted U shape, whereby dopamine D1 antagonist can selectively modulate cognitive processes, such as SWM. Excessive levels of D1 in the prefrontal cortex can impair working memory (Vijayraghavan et al.,2007). However, adverse effects of methylphenidate can also been seen in repeated use ( Lapworth et al.,2009). Lapworth et al., (2009) suggest that methylphenidate is associated with hostility, aggression, and psychotic symptoms in repeated users, where the repeated use of methylphenidate increases â€Å"positive psychotic symptoms that contribute to a perception of the environment as a hostile and threatening place as well as by increasing impulsivity†. The reliability and validity of the aforementioned research comes into context when looking at the methods for testing the cognitive effects of methylphenidate on healthy individuals. A large body of research lacks substance and is largely inconclusive do to the variability in methods, additionally the generalizability attributed to methylphenidate be taken with a reasonable amount of judicious concern (Tucha O,2006) . So far there have been no comprehensive studied in normal subjects showing a fair effect of methylphenidate as a cognitive enhancer. A fundamental flaw in research is largely evident in a lack of standardized testing methods. For example, In ADHD patients there is a clear deficiency which one is able to target and improve to normalise baseline levels of hyperactivity however, in normal individuals there is no baseline. How one compare against a â€Å"standard of enhancement† when there does is no standard for which to compare. Additionally, when using methods su ch as SWM It’s difficult to subsume that the change in cognition is due to methylphenidate rather than other cognitive processes. A researcher is yet to be able to pinpoint the source of effect as the brain involves a process of complex, interlinked networks. A classic example of this exists in Mehta et al (2000) research to test the effects of methylphenidate. Participants were presented with a spatial working memory task, tested with the Cambridge Neuropsychological Automated Battery Test (CANTAB). Results showed the dependent variables like spatial memory were enhanced by the IV (Mehta et al 2001). However, in a later study Mehta et al (2011), attributed the findings to the effect sizes, where average ratings for the effect of ADHD are produced by caregiver and parent responses, thus they are not correct methods of analysis for cognitive effects rather they convey behavioural effects. Furthermore, the majority of research presented on methylphenidate does not fairly analys e the negative effects with inducing methylphenidate, instead Elliot et al., (1979) purely focus on the positive effects and do not report any negative side effects, thus resulting in a bias portrayal of the overall cognitive effects of methylphenidate. Moreover on further analysis of the literature it is also evident that there is a large disparity in the duration of the trials presented and the dosages of methylphenidate given. For instance Mehta et al.,(2000) uses almost 20 mg more than Elliot et al., (1979) and Reprantis et al., (2000). In a larger context the reliability of methylphenidate as a cognitive enhancers is somewhat limited due to a complete lack of evidence and dubious testing methods. Research would benefit from further analysis to improve standard baselines and methods of comparison within pharmacology. References Bernardi, G., Cherubini, E., Marciani, M.G., Mercuri, N., Stanzione, P. (1982) Responses of intracellularly recorded cortical neurons to the ionto-phoretic application of dopamine. Brain Res 245:267–274. Cools R (2007). Impulsive personality predicts dopamine-dependent changes in frontostriatal activity during component processes of working memory. J. Neurosci.27:5506–5514. Emre, M., Aarsland, D., Albanese, A., Byrne, E. J., Deuschl, G., De Deyn, P. P., Lane, R. (2004). Rivastigmine for dementia associated with Parkinsons disease. New England Journal of Medicine, 351(24), 2509-2518. Elliott, R., Sahakian, B. J., Matthews, K., Bannerjea, A., Rimmer, J., Robbins, T. W. (1997). Effects of methylphenidate on spatial working memory and planning in healthy young adults. Psychopharmacology, 131(2), 196-206. Fibiger, H. C., McGeer, E. G. (1971). Effect of acute and chronic methamphetamine treatment on tyrosine hydroxylase activity in brain and adrenal medulla. European journal of pharmacology, 16(2), 176-180 Gibbs A.A.(2007). The role of dopamine in attentional and memory biases for emotional information. Am. J. Psychiatry, 164 :1603–1609. Goldstein, R. Z., Volkow, N. D. (2002). Drug addiction and its underlying neurobiological basis: neuroimaging evidence for the involvement of the frontal cortex. American Journal of Psychiatry, 159(10), 1642-1652. Husain, M. Mehta, M.A. (2011). Cognitive enhancement by drugs in health and disease Trends in Cognitive Sciences 15, 28-36. Lapworth, K., Dawe, S., Davis, P., Kavanagh, D., Young, R., Saunders, J. (2009). Impulsivity and positive psychotic symptoms influence hostility in methamphetamine users. Addictive behaviors, 34(4), 380-385. Mehta, M. A., Owen, A. M., Sahakian, B. J., Mavaddat, N., Pickard, J. D., Robbins, T. W. (2000). Methylphenidate enhances working memory by modulating discrete frontal and parietal lobe regions in the human brain. J Neurosci, 20(6). McKeith, I., Del Ser, T., Spano, P., Emre, M., Wesnes, K., Anand R.(2000). Efficacy of rivastigmine in dementia with Lewy bodies: a randomised, double-blind, placebo-controlled international study. Lancet f; Vol. 356, issue 9247: 2031–6 Owen A.M., Evans A.C., Petrides, M. (1996) Evidence for a two-stage model of spatial working memory processing within lateral frontal cortex: a positron emission tomography Study. Cereb Cortex 6:31–38. Repantis, D. (2010) Modafinil and methylphenidate for neuroenhancement in healthy individuals: a systematic review. Pharmacol. Res. 62:187–206. Tucha O. Methylphenidate-induced improvements of various measures of attention in adults with attention deficit hyperactivity disorder.(2006) J. Neural. Transm. 113:1575–1592 van der Schaaf, M. E., Fallon, S. J., ter Huurne, N., Buitelaar, J., Cools, R. (2013). Working memory capacity predicts effects of methylphenidate on reversal learning. Neuropsychopharmacology, 38(10), 2011-2018. Vijayraghavan, S., Wang, M., Birnbaum, S. G., Williams, G. V., Arnsten, A. F. (2007). Inverted-U dopamine D1 receptor actions on prefrontal neurons engaged in working memory. Nature neuroscience, 10(3), 376-384. Volkow, N. D., Wang, G. J., Tomasi, D., Kollins, S. H., Wigal, T. L., Newcorn, J. H., Swanson, J. M. (2012). Methylphenidate-elicited dopamine increases in ventral striatum are associated with long-term symptom improvement in adults with attention deficit hyperactivity disorder. The Journal of Neuroscience, 32(3), 841-849. Volz, T. J. (2008). Neuropharmacological mechanisms underlying the neuroprotective effects of methylphenidate. Current neuropharmacology, 6(4), 379.

Relationship between Assets and Liabilities on Balance Sheet

Relationship between Assets and Liabilities on Balance Sheet Cement industry indeed a very important part of industrial sector that plays a essential role in the economic development. Though the cement industry in Pakistan observed its lows and highs in recent past it improved during the last couple of years and floated once again. A basic economic decision deal with a financial intermediary is the mixture of assets to buy and liabilities to sell, a decision that reflects a complex set of economic and institutional considerations. When viewed as a decision under uncertainty, the outcomes from this decision involve interactions among the assets, among the obligations and among assets and obligations. The asset and obligation structures of cement sector of Pakistan necessarily reflect these interactions as well as many regulatory and institutional constraints unique to the cement industry. Multivariate statistical procedures such as canonical correlation analysis are being used more frequently and the methods used in thesis can be applied to other studies. The mixture of assets and liabilities chosen can be viewed as a basic portfolio theory decision. In thesis canonical correlation analysis was applied to examine the relationship between assets and liabilities made by a cross-section of 18 large cement companies of Pakistan listed in stock exchange. Canonical correlation is a multivariate statistical technique that was used to assess the nature and strength of relationship between assets and liabilities. The correlation between each set of assets and each set of liabilities indicates the relationship between assets and liabilities but all of these correlations assess the same hypothesis that assets influence liabilities. The thesis focused on firms of the Pakistans cement industry and the purposes of the thesis was to identify relationships between assets and liabilities exhibited by these corporations and to explain the nature of these relationships. The teaching of corporate finance as reflected in the major textbooks compartmental izes the decision areas of finance and within each compartment management is assumed to attempt to maximize the firms wealth, holding the other areas of the firm constant. For example, capital budgeting decisions are made given a cost of capital or required rate of return (a capital project is evaluated independent of how it is financed), or the capital structure is chosen given the character of the firms assets. Cash, receivables, and inventory balances tend to be optimized independently. There is a tradeoff between the rigor afforded by global models of the firm (such as the CAPM) versus the realism afforded by the various approaches used in the compartmented models (e.g., cash management models, equipment replacement models, leasing, etc.). Business practice has the same dilemma; complex organizations must decompose the overall wealth maximization problem into sub problems which, when solved, allow the firm to make satisfactory decisions. Business executives may be uncomfortable with an assumption of independence between investing and financing decisions for two reasons. First, even if the decisions were independent, the decisions may occur simultaneously because of the necessity of raising the funds to invest. Second and more importantly, the assumptions necessary to obtain independence may not be obtained. Several interdependencies might be anticipated between assets and liabilities: Hedging is commonplace, where firms go with maturity structure of their assets and obligations (i.e., short-term assets tend to be financed with short- term obligations and long-term assets tend to be financed with long-term obligations). Some assets are used as collateral for loans. For example, accounts receivable can be used as collateral for short-term bank loans or factor loans and real estate as collateral for mortgages. Commodity-producing firms will maintain inventories which may be financed with credit from suppliers (accounts payable) while service-providing firms may have little of either inventories or accounts payable. High risk businesses may try to manage risk by using less leverage on right hand side of balance sheet (high equity) and by maintaining larger liquidity balances on the left-hand side. This process may enable management to reduce the probability of insolvency It was the objective of the thesis to determine relationships between assets and liabilities on balance sheet exhibited by a sample cement firms of Pakistan. Canonical correlation analysis was used to identify and study the nature of relationship between the structure of the left and right hand sides of the balance sheet. Though canonical correlation analysis is very similar to discriminant and factor analysis, it has not been widely employed in finance. The variables used in this study are, Cash, Account Receivable, Inventories, Long-term Assets, Account Payable, Short-term Debt, long-term Debt and Share Holder Equity. CHAPTER 2 LITERATURE REVIEW Stowe,John D,Watson,Collin J Robertson ,Terry D (1980) observed the relationship between assets and liabilities with the help of canonical correlation analysis. The purpose of research was to identify relations between the two sides of balance sheet (Assets and liabilities) revealed by the corporations and to explain the nature of these relationships. Data from balance sheet for a cross-section of firms was used in the study. For each firm / corporation, a general size (or percentage breakdown) balance sheet was constructed with 4 asset and 4 liability accounts. A big diversity of balance sheet structures was present between 510 firms. A number of remarkable relationships were found in the study i.e. inventories were positively correlated with accounts payable and long-term assets were correlated with long-term debt. On the other hand, stockholders equity was not highly correlated with any of the asset proportions. An independence of asset and liability composition of the firm is tilted in much modern financial theory, the independence of investing and financing decision is a prominent part of Modigliani and Millers classic capital structure research. Though the distribution of financing and investment decision is an invaluable assumption which greatly makes simpler many business financial decisions, real balance sheets of modern corporations do not exhibit independence between assets and obligations on balance sheet. The aim of the study was (1) to recognize relationships between t assets, obligations and equity on a balance sheet reveal by these firms and (2) to clarify the nature of these relationships. Independence of liability and asset composition is explicit in Modigliani and Millers capital structure proposition. In their article, they exhibited that, given a flow of risky earnings; the firms total market value and cost of capital are independent of capital structure. The education of corporate finance, as imitated in the major textbooks, compartmentalizes the decision spots of finance and, within each box, management is assumed to effort to maximize the firms wealth, holding the other spots of the firm stable. For example, capital budgeting decisions are made given a cost of capital or required rate of return (a capital project is evaluated independent of how it is financed), or the capital structure is chosen given the character of the firms assets. Cash, receivables, and inventory balances tend to be optimized independently. There is a tradeoff between the rigors afforded by global models of the firm (such as the CAPM) versus the realism afforded by the various approaches used in the compartmented models (e.g., cash management models, equipment replacement models, leasing, etc.). Business practice has the same dilemma; complex organizations must decompose the overall wealth maximization problem into sub problems which, when solved, allow the fi rm to make satisfactory decisions. Business executives may be uncomfortable with an assumption of independence between investing and financing decisions for two reasons. First, even if the decisions were independent, the decisions may occur simultaneously because of the necessity of raising the funds to invest. Second and more importantly, the assumptions necessary to obtain independence may not be obtained. Several interdependencies might be anticipated between the assets and liabilities, those are, (1) Hedging is commonplace, where firms go with maturity structure of their assets and obligations (i.e., short term assets tend to be financed with short term obligations and long-term assets tend to be financed with long-term obligations), (2) some assets are used as collateral for loans. For example, accounts receivable can be used as collateral for short-term bank loans or factor loans and real estate as collateral for mortgages, (3) commodity-producing firms will maintain inventories which may be financed with credit from suppliers (accounts payable) while service providing firms may have little of either inventories or accounts payable and (4) high risk businesses may try to manage risk by using less leverage on right hand side of balance sheet (high equity) and by maintaining larger liquidity balances on the left hand side. This process may enable management to reduce the probability of insolvency. It was the intent of the study to determine relationship between assets and lia bilities on balance sheet are exhibited by a sample of large corporations. Canonical correlation analysis was used to identify and examine the nature of relationships between the structures of the left- and right-hand sides of the balance sheet. While canonical correlation analysis is very similar to discriminate and factor analysis, it has not been widely employed in finance. There were two general conclusions of study. The first basic purpose of study was satisfied that there are basic relationships between assets and obligations on a balance sheet which were identified with canonical correlation analysis. The assumptions behind much of modern financial theory allow us to separate investing and financing decisions. Relaxation of these assumptions can admit interdependencies between assets and obligations and several interdependencies were found in our empirical study. These relationships across the balance sheet include (1) hedging, (2) the use of collateral for loans, (3) invento ries associated with accounts payable, and (4) manage risk with instantaneous use of inferior leverage and larger liquidity balances. The capital structure research since M and Ms original irrelevance argument has attempted to utilize the effect of the current value of interest tax shelter due to debt financing and the effect of expected bankruptcy costs on the firms optimal capital structure. The interdependencies between assets and liabilities found in this empirical study could be incorporated into models of capital structure. The second general conclusion was to recommend canonical correlation analysis of financial statement data for other research topics. Much of the published empirical research concerning financial statements is on topics with a single, well defined dependent variable; these topics would include predicting bankruptcy, bond ratings, or loan defaults and explaining market risk measures. Canonical analysis, where there is a set of dependent variables, would allow empirical analysis to proceed where no unique variable can be chosen as the dependent variable. Furthermore, variables which are linear combinations of financial statement proportions might be employed instead of the usual financial ratios.7 Canonical variate scores for a firm could be associated with its bond ratings, probability of default, or systematic risk. These topics usually have been investigated using financial ratios as predictor variables Stowe,John D Watson,Collin J(1985) did the multivariate analysis on balance sheet composition of life insurer. The purpose of that analysis was to study the empirical relationships between the assets and obligations structure of the life insurer. The assets and liabilities mixture that chosen by life insurer can be viewed in terms of basic portfolio theory decisions. Canonical correlation analysis was used by the researcher to study or examine the internal structure of these portfolio decisions that was made by a cross section of large life insurers. The financial intermediaries study, such as life insurers, is distinguished from that of nonfinancial businesses for several causes. First, the financial intermediaries assets consists just about entirely of financial assets as opposed to the real assets that bulk large on the balance sheets of nonfinancial businesses. As suggested by Moore B. J (1968) in his article an introduction to the theory of finance that the financial assets dif fer from tangible assets; the financial assets are intangible and they are held for the income they generate as opposed to the direct physical services they yield; financial assets are more liquid and finally financial assets can be more freely converted from one form to another while real assets are indurate. A second difference between intermediaries and nonfinancial businesses involves the nature of their obligations. Financial intermediaries accumulate loan able funds through issuing a variety of claims. For example, the commercial banks and life insurers claims are quite different from the obligations issued by nonfinancial corporations. A final significant difference between financial intermediaries and other businesses is that the intermediaries normally are more seriously regulated and sometimes are subject to separate taxation from other firms and individuals. Like other intermediaries life insurers have been the subjects of a range of empirical research projects. J. D (197 3) Cummins in his article An econometric model of the life insurance sector of the U.S economy and J. E Pesando, in his article The interest sensitivity of the Flow of funds through life insurance companies presented an econometric analysis for the comprehensive flow of funds through the life insurance sector. J.D Stowe (1978) in his article examines the investments of individual life insurers in a cross-sectional, time-series study. The basic operational hypothesis for the study on balance sheet composition of life insurer was that a number of categories of assets on the left hand side of life insurer balance sheets had more than one pattern of correlations when they are associated with several liability and surplus classes from right hand side of balance sheet. In addition to testing this hypothesis, the natures of the relationships between assets and obligations were examined and the strength of the multivariate relationship was anticipated. The structure of life insurer assets w as explained as a function of the structure of the other side of the balance sheet and of some additional firm specific variables. In this study it was necessary to predict several criterion variables simultaneously by means of a second set of predictor variables. Under these circumstances, no single regression equation can presented a fully adequate solution. Any linear combination of the criteria may be used as the dependent variable in a regression equation, and in general not one but a number of regression equations must be used to give an appropriate picture. The problem of finding linear combinations of the criterion variables that can be most accurately predicted from the predictor variables was solved by H. Hotelling in his article The most predictable criterion commonly known as canonical correlation analysis. G. Donald Simonson, D. J Stow, and J. Collin Watson (1983) analyzed a canonical correlation analysis between assets and liabilities structure of commercial banks in. They analyze the balance sheets of all 435 domestic U.S banks with assets in excess of $300 million at year end 1979. Data was taken from the December 31, 1979 Foreign and domestic Report of Condition files prepared on magnetic tape by the three federal bank supervisory agencies. They limited the analysis to large banks for two reasons. First, smaller banks do not have the talent or market position to aggressively practice liabilities management and therefore their balance sheets are not as likely to reflect differentiated policies relative to bearing interest rate risk. Second, the three federal agencies require only banks with assets over $300 million to report maturities of both de posits and selected loans, as well as a breakdown of loans in to those with predetermined versus floating interest rates. These large bank data permit us to construct several key balance sheet accounts on the basis of interest sensitivity. Six asset and six liability/capital categories were expressed a s a proportion of total assets for each of the 435 banks in the study. The purpose of a study was to identify and describe the relationship including heading behavior of a single dependent variable as a function of a set of independent variables, canonical correlation analysis relates two sets of variables. In the present case one set of variables is the composition of the left hand side of the balance sheet and the other set is the right hand side. The variables used in this study are asset and liability/ capital categories expressed as proportion of total bank assets. These portions were used in lieu of the more usual financial ratios and no information exogenous to the bank was employed. During the past two years bankers and bank analysts have been concerned about how interest rate risk is derived from cross balance sheet relationships. The mismatching of maturities or interest sensitivities whether interest sensitive assets financed with long term liabilities or long term assets financed with interest sensitive liabilities creates interest rate risk. For example high interest rates and a downward sloping yield curve, one whose short term rates exceed long term rates for borrowers of similar creditworthiness, especially expose institutions which pursue the traditional financial intermediation formula of borrow short lend long. In commercial banking, the exposure is greatest for banks which finance fixed rate term loans and long term fixed income securities with short term funds at money market rates. Banks can defend themselves against this exposure by practicing asset/liability management; by coordinating their procurement of funds and acquisition of assets. There was early theoretical appreciation of the necessity for management of the maturities of asset and liability portfolios. In a simple three variable model D.H Pyle (1971) in his article theory of financial intermediation shows that assuming banks maximize the expected utility of terminal wealth, ba nks choices of assets (liability) portfolio will be conditioned upon the parameters, including maturity, of their liability (assets) portfolios (given nonzero covariance of liability and assets yields). According to the applied asset/liability management dictum, banks with volatile short term interest sensitive source of funds should attempt to structure their asset portfolios to emphasize short term and floating rate movements and in general maturities of asset and liability portfolios should be matched. Such banks can be said to adopt defensive loan portfolios. Other banks by their nature are less dependent on short term market rate funds and are in a better position to offer fixed rate loan terms to borrowers their customers provide a relatively large core of stable savings and time deposits with average interest costs well below current market rates. As result these banks have to be free to acquire long term assets at predetermined interest rates that are they can adopt aggressi ve loan portfolios. HO, T.S.Y in his article (1980) The determinants of bank interest margin showed that balance sheet hedging is a rational response to interest margin uncertainty which results from the interplay between volatile interest rates and asset and liability structural interrelationships. Their research attempts to find evidence of such asset/ liability hedging practices among U.S banks during a period of high and volatile interest rates and a downward sloping yield curve. If banks in aggregate tend to hedge interest sensitive funds with core funds, the banking industry would appear to be coping appropriately with interest rate risk. On the other hand, if there is a systematic tendency for many banks to combine fixed rate long term assets with volatile short term funds, the industry might be excessively exposed to interest rate risk. The issue of capital adequacy also concerned with the comparative maturity structure and duration of the two sides of the balance sheet. S.T. Maisel and R. Jacobson in his article Interest rate changes and commercial banks revenues and costs they showed that over the period 1962 to 1975 for the average bank, the threat of insolvency due to the instability of economic returns stemmed primarily from the mismatch of asset and liability durations. They concluded that unheeded interest rate risk might require additional equity capital. Other sources of risk, such as default risk, would dictate a positive relationship between the amount invested in riskier loans and securities and the amount of equity capital. Research was limited because data on the market values of asset and liability items are not available. Presumably, potential changes in cross balance sheet market values are transmitted to changes in the market value of the firm. There was a considerable literature addressing asset-l iability management in banks. One of the key motivators of asset-liability management worldwide was the Basel group. The Basel group Banking Supervision (2001) formulated broad supervisory standards and guidelines and recommended statements of best practice in banking supervision. The purpose of the committee was to encourage global convergence toward common approaches and standards. In particular, the Basel II norms (2004) were proposed as an international standard for the amount of capital that banks require setting to the side to protect against the types financial and operational risks they face. Basel II proposed setting up accurate risk and capital management necessities designed to make sure that a bank holds capital reserves suitable to the risk banks picture their self to throughout its lending and investment practice. In general, these regulations mean that the larger risk to which the bank is showing, the larger the amount of capital the bank requires to hold to defend it s solvency and whole economic strength. This would ultimately help to defend the international monetary system from the kind of problems that may take place should a major bank or a sequence of banks collapse. Gardner and Mills (1991) discussed the principles of asset-liability management as a part of banks strategic planning and as a response to the changing environment in prudential direction, e-commerce and new taxation treaties. Their text provided the foundation of subsequent discussion on asset-liability management. Haslem (1999) used canonical analysis and the interpretive structure of asset/liability management to identify and interpret the foreign and domestic balance sheet approach of large U.S. banks. Their study found that the least money-making very large banks have the biggest size of foreign loans, yet they give emphasis to domestic balance sheet (asset/liability) matching strategies. on the other hand, the most money-making very large banks have the smallest size of foreign loans, but, however, they emphasize foreign balance sheet matching strategies. Vaidyanathan (1999) discussed issues in asset-liability management and elaborates on various categories of risk that require to be managed in the Indian context. In the past Indian banks were primarily concerned about adhering to statutory liquidity ratio norms but in the changed situation, namely moving away from administered interest rate structure to market determined rates, it became important for banks to equip themselves with some of these techniques, in order to immunize them selves against interest rate risk. Vaidyanathan argued that the problem gets accentuated in the context of change in the main liability structure of the banks, namely the maturity period for term deposits. For instance, in 1986, nearly 50% of term deposits had a maturity period of more than five years and only 20%, less than two years for all commercial banks, while in 1992, only 17% of term deposits were more than five years whereas 38% were less than two years Vaidyanath. It was found that several banks had inadequate and inefficient management systems. Also argued that Indian banks were more exposed to international markets, especially with respect to forex transactions, so that asset liability management was essential, as it would enable the bank to maintain its exposure to foreign currency fluctuations given the level of risk it can handle. It was also found that an increasing proportion of investments by banks were being recorded on a market to market basis, thus being exposed to market risks. Is was also suggested that, as bank profitability focus has increased over the years, there is an increasing possibility that the risk arising out of exposure to interest rate volatility would be built into the capital adequacy norms specified by the regulatory authorities, thus in turn requiring efficient asset-liability management practices. Vaidya and Shahi (2001) studied asset-liability management in Indian banks. They suggested in particular that interest rate risk and liquidity ris k are two key inputs in business planning process of banks. Using firm-level data, an extensive accounting literature focuses on the contemporaneous correlation of stock returns and earnings. Despite the statistically reliable positive association between stock returns and earnings, Ball and Brown (1968), Beaver, Clarke, and Wright (1979), Beaver, Lambert, and Morse (1980), Easton and Harris (1991), Collins, Kothari, Shanken, and Sloan (1994), and others find that the explained fraction of stock return variation was significantly less than one (typically under 10 percent). Lev (1989) and others suggest that the relatively low explanatory power stems from earnings lack of timeliness and/or value-irrelevant noise in earnings. The idea that correlation between a cash-flow proxy and stock return may be due to any of the three components was not novel. Fama (1990), Schwert (1990), Kothari and Shanken (1992), Campbell and Ammer (1993), and others recognize that when stock returns are regressed on cash flow proxies, any of the three effects may be d riving the regression coefficients. They do not, however, clearly quantify the relative importance of these three effects. Thus, in the end, it is still unclear why cash-flow proxies are or are not related to stock returns. The fundamental subject of working capital is to provide optimal balance between each element forming working capital. Most of the efforts of finance directors in a firm are the efforts they make to carry the balance between current assets not at optimal level and responsibilities to an optimal level Lamberson (1995). One reason for this was the decisive influence of current assets on others, another reasons was liabilities of completion of present responsibilities. The combination of the elements forming working capital are change over time. Need for working capital manipulate liquidity stage and profitability of a company. As a result, it affects investment and financing decisions, too. Amount of current assets to be calculated at a level where total cost is of a least degree means an optimal working capital level. The optimal working capital point is case wherein balance between risk and effectiveness is provided.. The entire current assets hold by a firm known as working capital. Net working capital is calculated when short term obligations are took out from current assets. Return of total assets of a firm as a result of an activity is closely related to level and distribution of assets of the firm and efficiency in application of these assets. In lots of firms current assets called working capital make up of a remarkable part of community assets. (Note 1) But it is clear that working capital is ignored in finance journalism compare to long term financing decision. Corporate finance studies usually concentrate on core decisions like, dividend, capital structure and capital budgeting. Though, the sum of assets group is a important part of entire asset and called working capital (inventories, quasi money and money. short term liabilities and trade receivables) is a focus matter in all main books relating to corporate finance where efficiency level of distribution and application of assets influe nce profitability and risk level of the company. The major purpose of a company is to increase the market worth. Working capital management influence profitability of the company, its risk and thus its value Smith, (1980). Further, effective management of working capital is a key component of the broad strategy aim to increase the market rate (Westhead and Howorth (2003). Since the flexibility of this group of assets is very high in terms of adapting to changing conditions and due to these uniqueness they can frequently be applied to understand the major aim of financial management through policy changes. Success of a firm mainly depends on efficient management capability of finance director to manage receivables, inventories and liabilities (Filbeck and Krueger, 2005). Firms can strengthen their funding capabilities or decrease the source cost reducing source amount they allocate to current assets. In finance literature there is a common opinion about the importance of working capi tal management. Explanations about why effective capital management is important for a company usually concentrate on the association between effectiveness in working capital management and company profitability. Effective working capital management includes controlling and planning of present assets and liabilities in such a way it avoid extreme investments in current assets and prevents from working with few currents assets insufficient to fulfill the responsibilities. In relevant studies the measure taken as an indicator of efficiency in working capital management is generally cash conversion cycle. For firm cash conversion cycle is the period during which it is transited from money to good and again to money. In the studies conducted by Shin and Soenen (1998), Deloof (2003), Raheman and Nasr (2007) and Teruel and Solano (2007) it was concluded that there is a negative relationship between profitability of a firm and cash conversion cycle. Thus, it is possible to increase firm profitability through more effective working capital management. It is necessary to realize that major basics of cash conversion cycle (short term account receivables, short term trade liabilities and inventories) should be managed in a way they maximize firm profitability. An efficient working capital management will increase free cash flows to the firm and growth opportunities and returns of stockholders. Working capital level of a firm indicates that it wants to take a risk. The more working capital amounts, the liquidity risk and profitability become lower. The working capital strategies of firms differ according to the segments and within each segment it varies over time Filbeck and Krueger (2005). Ganesan (2007), put forward that the firms in less competitive sectors focus on cash conversion minimizing receivables, while the firms in more competitive sectors have a relatively higher level of receivables. Lazaridis and Tryfonidis (2005) stated that small firms focus on inventory management, the firms with low profitability on credit management. Statements in literature of finance about the significance of working capital for companies are being once further emphasized in these unstable days of international economy. While firms make efforts to increase return on assets in a way they pay their due obligations as late as possible and keep the cash, decreases in activ