Monday, May 25, 2020
Heroism as the Main Theme of Beowulf The main theme of Beowulf is heroism. This involves far more than physical courage. It also means that the warrior must fulfil his obligations to the group of which he is a key member. There is a clear-cut network of social duties depicted in the poem. The king has an obligation to behave with generosity. He must reward his thanes with valuable gifts for their defense of the tribe and their success in battle. This is why King Hrothgar is known as the ring-giver. He behaves according to expectations of the duties of a lord when he lavishly rewards Beowulf and the other Geat warriors for ridding the Danes of Grendels menace.O:P/O:P But the thanes haveÃ¢â¬ ¦show more contentÃ¢â¬ ¦(lines 2177-83)O:P/O:P Beowulf does not fail his people, even at the last, when as an old man he goes forward without hesitation to battle the dragon. He does what he knows he must do. In this sense he is like Hamlet in the last act of Shakespeares play, who is finally ready to avenge the death of his father. Like Hamlet, Beowulf is determined to play out his role as it is appointed for him, whatever the cost to himself. He faces up to his destiny, his fate, without flinching. By doing so he makes himself an exemplar for not only the Geats in a long-gone heroic society, but for the modern reader too.O:P/O:P Blood-FeudsO:P Although Beowulf is in some respects a Christian poem, its social code emphasizes justice rather than mercy. The code of the warrior society is a simple but harsh one. It is blood for blood. If there is killing, the clan that has suffered must exact revenge. Since feuds between different clans break out regularly, the effect is to create a never-ending process of retaliation. It is this, just as much as the presence of the monsters, that gives the poem its dark atmosphere.Show MoreRelatedHeroism Main Theme in Beowulf3076 Words Ã |Ã 13 PagesThe main theme of Beowulf is heroism. This involves far more than physical courage. It also means that the warrior must fulfill his obligations to the group of which he is a key member. There is a clear-cut network of social duties depicted in the poem. The king has an obligation to behave with generosity. He must reward his thanes with valuable gifts for their defense of the tribe and their success in battle. This is wh y King Hrothgar is known as the Ã¢â¬Å"ring-giver.Ã¢â¬ He behaves according toRead MoreThe Epic Of Beowulf By William Shakespeare935 Words Ã |Ã 4 PagesWhat comes in your mind when you hear the word Heroism. Does a knight in shining armor pops up in your mind or maybe a firefighter who s willing to put down his life for the good of others , well Beowulf was both. In the novel Beowulf , to me, the main theme of the entire story is heroism. Beowulf is your knight in shining armor or your fire fighter who goes into a living hell to save a kitten. Heroism is scattered all over this epic poem. Sure paganism and christianity are in it as well as goodRead MoreAn Assortment Of Heroism : Sir Gawain And The Green Knight1171 Words Ã |Ã 5 PagesProject An Assortment of Heroism Theme is essential to any great work of literature, and while the following are certainly very different tales, Sir Gawain and the Green Knight, Beowulf and The Dream of the Rood each have particularly strong themes of heroism, though, they each have their own distinct idea of what heroism is, their own flavor one might say. It is partly because of their strong themes and ideas that they are still well-known and read today. A story without a theme or real purpose hasRead MoreTheme Of Heroism In Beowulf1139 Words Ã |Ã 5 PagesÃ¢â¬Å"BeowulfÃ¢â¬ is the oldest surviving poem in Old English Literature. It is an epic poem, which is a narrative poem typically revolving around heroism. The poem emphasizes repetitively on how Beowulf is a hero. He saves countless people from countless monsters, three of which are the main antagonists in the poem Ã¢â¬â a demon, the demonÃ¢â¬â¢s mother, and a dragon. But is saving innocent lives the only factor to justify and determine a personÃ¢â ¬â¢s heroism? Throughout the story of Beowulf, the author makes appealsRead MoreBeowulf Is The Longest Epic Poem1316 Words Ã |Ã 6 PagesBeowulf is the longest epic poem written in Old English. The story centers around the exploits of Beowulf, a heroic warrior known for his strength and bravery. The theme of heroism is prevalent throughout the poem through the use of conflict between good and evil forces. Beowulf is often engaged in selfless conquests in the pursuit of saving others, resulting in his emergence as the hero of the story. The text, while focusing on the main theme of heroism, is divided into two main parts, Beowulf asRead MoreThe Themes Of Heroism In The Wander By Anglo-Saxon830 Words Ã |Ã 4 PagesTo start of I selected Beowulf by Anglo-Saxon, the second text I chose was The Wander by Anglo-Saxon. The theme of Beowulf is heroism. Beowulf himself represents the heroic ideal because of his features, strength, and courage, but also because of his intelligence and honor. Beowulf is proud of his strength and great his honor. When Beowulf goes to Heorot, waiting for Grendel, he refuses to keep a weapon. He believes in himself that he can defeat the monster who has devoured many men without usingRead MoreTheme Of Heroism In Beowulf740 Words Ã |Ã 3 PagesThe theme of Beowulf is heroism. Beowulf himself represents the heroic ideal because of his features, strength, and courage, but also because of his intelligence and honor. Beowulf is proud of his strength and great his honor. When Beowulf goes to Heorot, waiting for Grendel, he refuses to keep a weapon. He believes in himself that he can defeat the monster who has devoured many men without using any weapons. It turns out that Beowulfs intelligent approach was right. Glory is also one of the themesRead MoreThemes In Beowulf1510 Wor ds Ã |Ã 7 Pagesbeginning of Beowulf we are able to understand and see the central themes and points that are being focused on. From the assigned readings of Beowulf and after finishing the entire piece I found it stuck with its major theme in which we are given from the prologue of the story. From the start of the story we are able to identify with Scyld Scefing and his role as king and leader. Power plays a major role and theme throughout the entire story which allows the story to flow well and keep the theme strongRead MoreBeowulf Is The Longest Epic Poem1239 Words Ã |Ã 5 Pages Beowulf is the longest epic poem written in old english ever published. The composition centres around the exploits of Beowulf, a heroic warrior known for his strength and bravery. Themes of heroism are prevalent in the famous piece of literature in relation to its noble protagonist. The poem follows an adventurous plot containing conflict between both good and evil forces. Beowulf is often engaged in selfless conquests in the pursuit of saving others from evil forces, resulting in his emergenceRead MoreTheme Of Chaos And Order In Beowulf834 Words Ã |Ã 4 PagesChaos and Order in Beowulf The Epic of Beowulf is about many things, one could say. It involves changes of power, darkness and light, overcoming challenges, temptation and destruction, war, et cetera, et cetera. These themes, and many more, make up what are known as major and minor themes. Both are of equal importance to a story in its entirety; the difference being that major themes address the writerÃ¢â¬â¢s most significant ideas, while minor themes refer to an idea that appears only momentarily. For
Friday, May 15, 2020
Sample details Pages: 16 Words: 4830 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Have you clearly indicated the discipline or sub-discipline in which your area of interest resides? One of the most important financial decisions a firm must contend with is the capital structure choice. Its effect on overall firm value was first tackled by Modigliani and Miller (1958 1963 cited in Arnold, 2005). Their findings which stated that due to the effects of the tax shield debt financing will add more value to the firm has formed the bases on many research on capital structure and has thus become a very important aspect of corporate fine. DonÃ¢â¬â¢t waste time! Our writers will create an original "Capital Structure Choice And Effects Essay Example Pdf" essay for you Create order It is based on the fallout from these further studies that we propose the topic area below; Capital Structure Choice and Performance of Football Clubs: Evidence from the English Premier League 2. Proposed Working Title Yes No Have you clearly indicated the particular focus or areas of focus that you will address within your chosen topic area? Ãâ Ãâ Are you sure this is not a strategic question? (check Fisher 2007, p. 34) Ãâ Ãâ Empirical Investigation Into the Relationship Between Capital Structure Choice and Performance of Football Clubs in the English Premier League. 3. Proposed Research Aims Yes No Have you been explicit about what is it that you are trying to find out or resolve? Ãâ Ãâ This research aims to empirically investigate the capital structure of football clubs and the effect of this debt policy on the financial performance of these clubs. Most literature available has focused on the determinants of capital structure, and has also tried to develop the ideal mix of debt and equity for firms. Whereas some considerable work has been done on the relationship between a firms capital structure and financial performance, these have focused on standard industries and businesses. Largely missing from the body of literature is the focus on businesses with the dynamics of professional football or professional sports industry. This clearly indicates a gap in the literature that this research aims to address. With the significant level of investment required to be successful in the industry, such research will be invaluable to future businessmen who would want to invest in the industry, academics and not least the supporters of these football clubs. Thus, the aim of this paper is to examine the effect of the financing decision (capital structure choice) on the overall financial performance of football clubs. It also aims to analyse the financial leverage of these clubs and investigate its relationship with time. 4. Research Context Yes No Have you provided a clear indication of why this is a business and management related topic of interest? Ãâ Ãâ Have you been explicit about the organisation/ the organisational section/ region/nation, and feasibility of data collection? Ãâ Ãâ The football industry has changed significantly over the last decade. Clubs have made significant structural changes, have implemented development strategies and made significant investments to maximise their earnings. Delloites money league 2009 reports combined revenue of the top twenty European clubs to be over ÃÆ'Ã ¢Ã ¢Ã¢â ¬Ã ¡ÃâÃ ¬3.9 billion. Seven of the clubs from the top twenty were from the English Premier League with combined revenue of about 35% of the total. These figures point to the resistance of football clubs to the recession. Despite this success, there have been concerns about the levels of debt in the Premier league, a total of Ã £3.1 billion pounds as at June 2009 (Conn, 2009). Conn (2009) further stated that the total debt was despite a four year Ã £2.7 billion pound TV sponsorship deal to the league. There have also been concerns over the ownership structure, which have been cited as reasons for the enormous debt of the clubs (Press Association , 2010). Delloite in its annual review of football finance in 2009 classified the debt in two as bank loans and interest free loan from owners. The report also indicated that the top ten by net debt in the premiership were either amongst the highest revenue generating and strongest performing, those clubs that benefit from interest free loans from owners, and or newly acquired clubs (Norrish, 2009). ESPN (2010) also report that latest annual reports indicate that only seven out of the twenty clubs made a profit. Premier league clubs are either incorporated as private or public listed companies with dual objectives of promoting football as a sporting activity and running a business. This dual mission distinguishes football clubs from standard businesses. Hamil et al (2004) identify a complex relationship between this dual mission which therefore have implications for corporate governance and performance. In general, the more clubs spend on players, the more they are likely to win, and there is also a direct relationship between winning and revenue (Hamil et al, 2004; Delloite Money league, 2010). Another argument by Hamil et al (2004) is the fact that despite increase in TV revenue and other streams of revenue, football clubs rely on fundamentally on its supporters for revenues. This research aims to contribute to existing literature on the relationship between capital structure or financial leverage or debt policy and performance. Focus will thus be placed on the football industry in the United Kingdom specifically English Premier League clubs. Data collection will be feasible as performance measures from financial statements will be employed. These are available in annual reports, and also on financial databases, for example FAME. 5. Outline Literature Review Yes No Have you provided an overview of work in the field? Ãâ Ãâ Have you ensured you include authors arguments themes? Ãâ Ãâ Have you critiqued in depth, the work of at least two authors in relation to: their choice of research methods, their findings and their conclusions? Ãâ Ãâ Have you ensured that this section links directly to your Research Questions? Ãâ Ãâ Capital Structure and the value of a firm has been one important area of discussion in recent years. Financial leverage is one of the essential financial decisions confronting firms (Glen and Pinto, 1994). The interest in the capital structure of firms increased greatly as a result of the debate started by Modigliani and Millers (1958) seminal work on the effect of capital structure on the value of the firm. They assumed that firms operate perfect markets and perfect competition with no taxes, no transaction costs, investors and managers have symmetric information, investors and corporations borrow at the same interest rate and efficient markets. Under these assumptions, they showed that a firms capital structure does not affect the overall value of the firm (Brigham and Houston, 2009). These assumptions, however, do not hold in the real world or in practice due to the importance of factors such as taxes, agency costs, imperfect markets and competition, risks, cost of financial distress and information asymmetry in explaining the capital structure of firms (Aggarwal and Baliga, 1987). By recognising corporate income taxes, Modigliani and Miller (1963) revised their former stance. They argued that under perfect markets and conditions of certainty firms maximize their value by increasing debt financing due to the tax-shield benefits (interest on debt is tax-deducible) associated with debt. Thus, implying that under such conditions, at the limit the optimal capital structure for a firm is 100% debt. Critics such as Grabowksi and Mueller (1972) disputed the theory on the grounds of the assumption of rational economic behaviour and perfect market conditions, and that owner goals are targeted only at maximizing profits. (Chaganti et al., 1995 cited in Abor, 2007) also criticised the theory for having limited applicability to small firms. Subsequent works carried out by various researchers have suggested alternatives to the Modigliani and Miller theory o f capital structure. For example, the inclusion of the agency theory (Jensen and Meckling, 1976), the pecking order theory (Myers, 1984), and the bankruptcy cost theory (Titman, 1984). The pecking order theory is of the view that markets may undervalue a firms new issues of shares due to the asymmetric information between managers and investors about a firms investment opportunities. This implies that existing shareholders of a firm may be negatively affected by issuing new shares through value transfer from the old to the new shareholders. The pecking order theory therefore implies that profitable firms with a high level of retained earnings are expected to lower their financial leverage relative to less profitable firms leading to a negative relationship between the level of debt and firms performance. The agency theory is of the proposition that higher leverage can be used as a method to mitigate the conflicts between shareholders and managers in the type of investment, amo unt of risk and conditions under which a firm is liquidated.(Jensen and Meckling, 1976). Several arguments have arisen including that of the possible reduction in agency costs by greater financial leverage. Berger and Bonaccorsi di Patti (2005), on the other hand argue that increased leverage has two sides, that is, increased leverage may reduce the agency costs of outside equity, but may in turn increase the agency costs of outside debt due to conflict between lenders and shareholders, and that further increases in a relatively high financial leverage may generate significant agency costs of external debt from a reduced effort to control risk or risk shifting that result in higher expected costs of financial distress, bankruptcy, or liquidation. These leads to debt holders demanding higher returns as compensation for their expected losses or higher risk therefore resulting in higher interest expenses for firms. Thus Bos and Fethersons (1993) argument that capital structure impacts on both the profitability and riskiness of a firm, and that that higher the gearing of a firm, the higher the possibility of failure when there is a reduction in cash flows required to meet debt obligations. These theories show that firms financing decisions may be influenced by many factors and therefore cannot be explained by one theory. It is also therefore worth noting that all these arguments lead to the conclusion that a firms capital structure has an impact on both its operations and performance and therefore on its value as a whole. Existing literature offers diverse views on the effect of the financing decision on firm value. Empirical studies have also been conducted to provide evidence supporting both positive and negative relationships between the level of debt and a firms performance. Examples of empirical studies supporting the positive relationship between the level of debt and a firms performance include (Hadlock and James, 2002; Berger and Bonaccorsi di Patti, 2006). According to Taub (1975 cited in Abor, 2007), there is a positive relationship between financial leverage of a firm and profitability. Petersen and Rajan (1994) also found a positive relationship between debt ratio and profitability but in this case for industries. Hutchinson (1995 cited in Abor, 2007) argued that gearing ratio has a positive effect on the firms return on equity provided that the ratio of earnings before interest and taxes to total assets exceeds the firms average cost of debt. He also argued that the extent to which a firms ratio of earnings before interest and taxes to total assets is likely to remain above the breakeven point and the flexibility with which it can adjust its financial leverage, if this ratio falls below average cost of debt, should be an indicator to the level of debt that the firm can commit to at a particular time. Champion (1999) also argued that the use of debt was one way to improve a firms performance. In another study, Rode n and Lewellen (1995) identified a positive relation between profitability and financial leverage as a percentage of the total buyout-financing package of leveraged buyouts. According to Hadlock and James (2002) the anticipation of higher returns by firms is the reason behind their preference for debt financing. There is also the suggestion of debt holders demanding performance-improving initiatives from managers. Evidence of this can be found in the high rate of management turnover in Japan due to poor performance in firms with principal banking relationships compared to firms that do not have this relationship (Kang and Shivdasani, 1995). Other studies also suggest that increasing leverage, by debt financing should, have positive implications for firm value and performance (Kyereboah-Coleman, 2007). In summary, these theories suggest that only managers who forecast a better future performance will opt for debt since increasing debt would also increase bankruptcy and liquidation co sts, as well as agency costs in general. In a survey of Chief Finance Officers, Graham and Harvey (2001) reported managers concern with maintaining financial flexibility and their firms credit rating when considering debt issues. With firm performance being one of the major inputs into credit rating decisions, this provides indirect evidence that managers opt for debt bearing in mind expected future performance. Jensens (1986) agency model suggests that agency problems could be worsened due to the additional cash outside debt brings into the firm. Alternatively, this will not happen if firms use the cash generated by the debt to tackle the gap between investment and financing needs. The subsequent excess free cash flow will be used to pay the periodic interest payments on the debt. Thus, the reducion in agency costs, and therefore improving firm value. Miller and Rock (1985), and Smith (1986) argue to the contrary. They indicate that debt eventually result in decreases in future ope rating performance, and therefore have a negative impact on the firms value. On the contrary other studies providing empirical evidence have shown a negative effect of debt on a firm profitability; (Titman and Wessels, 1988; Booth et al., 2001; Fama and French, 1998). Fama and French (1998), argue that excessive debt in a firms capital structure may create agency problems among shareholders and creditors which could result in a negative relationship between leverage and profitability. Hammes in another study in (2003, cited in Abor, 2005) found a negative relation between capital structure and performance when he compared Polish and Hungarian firms with industrialized countries firms. Mesquita and Lara (2003 cited in Abor 2005) examined the relationship between rates of return and debt and found a negative relationship for long-term financing and a positive relationship for short-term financing and equity. In a similar study by Abor (2007) on the effect of capital structure on the corporate profitability of SMEs in Ghana, he found a negative relation between long-term debt ratio and profitability with a positive relation between the short-term debt ratio and profitability. The above studies imply that a negative relationship could exist between debt level and firms performance (i.e. profitability). Majumdar and Chhibber (1999 cited Emaid, 2009) in their study of Indian firms in relation to capital structure and performance found that leverage has a negative effect on performance. Chiang et al. (2002) also found a negative relationship between high gearing and performance using firms in property and construction sector in Hong Kong. Amongst the various research methods employed for this study include the use of financial ratios to measure performance (Kyereboah-Coleman, 2007; Abor, 2007). This method appears to be the popular method, which may be due to the accessibility and the fact these variables can be applied to all firms. One limitation though is the dependence of information provided by companies which may be compromised. Tobins q (Abor, 2007) and stock market retain and their volatility (Saunders et al, 1990 cited in Kyereboah-Coleman, 2007) have also been used but these methods can only be applied to listed companies thus when analysing unlisted firms, they may not be appropriate. Two sets of data analysis methods that have been used are cross-sectional data analysis (Ebaid, 2009), and panel data analysis (Abor, 2007; Kyereboah-Coleman, 2007). Cross-sectional data analysis is used to measure different subjects without taking into account the time frame. It is however useful when there is limited time to conduct the research (Saunders et al, 2007). Panel data analysis, however is multi-dimensional, in that it considers both the comparison of subjects while taking into account the time frame as well. According to Baltalgi (1995, cited in Abor, 2007), panel data is better than cross-section alone due to the fact that the se veral data points increases the degrees of freedom whiles co linearity reduce therefore improving the efficiency of economic estimates. He further states that panel data also controls individual heterogeneity resulting from hidden factors, which leads to biased results when neglected in cross-section analysis. From the literature, it is evident that numerous studies have been carried out to examine the relationship between capital structure and firm performance. However, these studies have focused entirely on industrialised firms, standard companies with none focusing of a business with the dynamics of the football industry. Most of these researches were also carried out a few years ago and not many from the recession. It also clear that evidence from literature is inconclusive on the effect of capital structure on firm performance. This research, while seeking to contribute to existing literature on the topic area tries to bridge the gap by investigating at an industry (football industry) with completely different dynamics and incorporates the context of an economic downturn. 6. Research Questions (s) Yes No Have you briefly outlined your research question(s) and articulated clearly what exactly you intend to find out. Ãâ Ãâ Do these questions link directly to the work outlined in the Literature Review Section above? Ãâ Ãâ Have you explained what key operationalisable concepts you are interested in using? Ãâ Ãâ Have you expressed your question(s) which can be answered in the time available (feasibility), rather than as vague expressions of what you might do? Ãâ Ãâ Do your questions pick up the key themes explored above in the outline literature and do they link directly to the research strategy that you describe below? Ãâ Ãâ What is the effect of financial leverage (capital structure) on performance of football Clubs in the English Premier League? Previous studies available from literature indicate that there is a relationship between financial leverage (Abor 2005 2007; Kyereboah-Coleman, 2007; Emaid, 2009). However, researchers have established diverse opinions, both negative and positive relationship between capital structure and performance. The concept of performance here is solely financial and is measured by the profitability ratios; gross profit margin, return on assets and return on equity. 7. Research Strategy/Methods Yes No Have you provided a clear description of how you plan to carry out your research? Ãâ Ãâ Have you explained why you have chosen particular research methods? Ãâ Ãâ Have you clearly identified your population and sample(s)? Ãâ Ãâ Have you identified what data you anticipate collecting? Ãâ Ãâ Have you indicated what forms of analysis you propose to undertake? Ãâ Ãâ Have you identified the major sources of risk (e.g. over reliance on a single individual/company, access requirements, time requirements)? Ãâ Ãâ This research will take a realist stance such since we will look to identify the relationship between variables, in this case capital structure and financial performance measures. The realist approach is the most appropriate for this research as we are looking for possible patterns from the relationship between the variables which will allow us to make inferences and establish principles to come up with possible solutions to any problem that may arise (Fisher, 2007). Measurement and statistical methods will be used to establish the relationship between the variables. This approach coupled with the variables to be considered means that the use of quantitative analysis will be the best option. Thus, in relation to this research, a realist approach will allow for clear relationships to be established by the use of quantitative analysis. This will allow for law-like generalisations, which will be useful to investors and businesses (Fisher, 2007) However, as Fisher (2007) notices, there are some drawbacks with using purely statistical methods. While statistics can show the relationship between variables, it cannot prove cause and effect, as it does not identify how a variable influences the other. While this drawback may be important, the realist approach is the best available stance to conduct this kind of research as can be seen from its use in existing literature (Abor, 2005, 2007; Kyereboah-Coleman, 2007) Research Approach. There are two main approaches; deduction and induction. Induction deals with understanding the meanings to events whereas deduction is concerned with the explanation causal relationships between variables (Saunders et al, 2006). This study focuses on establishing the relationship between capital structure and financial performance of football clubs in the English Premier League therefore the deductive approach will be adopted to test the relationship between capital structure and firm performance. Another reason is the appropriateness of the deductive approach to the realist or positivist perspective and it is also to be less time and cost consuming (Saunders et al, 2006). The deduction approach has its drawbacks not least the criticism of it having a rigid methodology and does not allow for alternative explanations however, this enables studies to be conducted to replicate previous studies and allows quantifiable observations to be drawn which enable generalisations (Saunders et a l, 2006). From previous research, it has been established that there is indeed a relationship between capital structure and firm performance (Emaid, 2009; Abor, 2005 2007; Kyereboah Coleman, 2007). These factors justify the adaption of a deductive approach Research Strategy. As already stated, this research will employ quantitative analysis. We will employ the use of secondary data to conduct our primary analysis. This research will be based on case study approach as it may be impossible to assess financial information on certain clubs as they are relegated. The secondary data to be used will be documentary in nature as it will be information taken from annual reports and as well information stored in databases. The use of secondary data is justified in that they are principally used in descriptive and explanatory research and this research will have both features (Saunders et al, 2007). Secondary data can also be used to investigate patterns in data as well (Fisher, 2009). The use of secondary data will also enable us to select a larger research population as the data is readily available. This also allows greater control of the sample population. The focus of this research is on English Premier league clubs, meaning there would not be a constraint with sampling the entire population. However, we have decided to use purposive sampling to include only the football clubs that have never been relegated during the period under study. This decision was taken to eliminate some level of bias from the research. Relegation from the premier league and promotion usually come at a price, which is reduced and increase revenue respectively. Clubs that are relegated or promoted may be carrying a capital structure that will reflect the division they were in previously, therefore that might impact on the results. The limitation of this approach is that which according to Fisher (2007) is lack of randomness ensuring any calculation of margin of error unreliable, is however mitigated as the entire population that have been ever present in the premier league will be sampled. Data Collection and Analysis The research is to investigate the effect of capital structure on financial performance. As discussed in the literature review, we will use financial ratios as our performance measure. The period will be the 2004/2005 2008/2009. A five year period has been chosen to prevent bias while the period 2004/2005 -2008/2009 that is the most recent 5-year period. The independent variable is capital structure. This is the mix of debt and equity, therefore the data we will be looking for it the gearing ratio (ratio of debt to total capital employed) of the football clubs. The debt ratios which will be obtained from the financial statements include; short-tem ratio, long-term debt ratio and total debt ratio, and trade credit. The measures of performance (independent variables) include; gross profit margin (ratio of gross profit to sales [revenue]), return on assets (ratio of net profit to total assets), return on equity (ratio of net profit to shareholders equity). We will pick gross profit, net profit, sales, total assets, and shareholders equity figures from the financial statement. We will also use the control variables; firm size (log of total assets) and growth (log of sales growth) of the clubs. These variables have been chosen because of its wide usage by previous researchers on the same subject area (Ebaid, 2009; Abor, 2007;2005). Panel data analysis as employed by Abor, (2005 2007), since the two studies are similar. We will use the chi-squared test to test the variables. This is because it is most appropriate method to test for relationship between variables (Fisher, 2007). Limitations Like every research, this one is not devoid of limitations. One such limitation is that since the different football clubs under study are of diverse ownership structures, they may employ different accounting policies which will question slightly the reliability of the comparisons. Also, another limitation is the fact that all financial information needed would not be obtained from consolidated annual reports. However, this will not hamper the credibility of the research as the FAME database is a credible source to obtain financial information. The nature of football business means the possibility of the omission of certain parameter (for example transfer fees) from annual reports. These concerns may however balance each other as both the receipt and payment cancel each other therefore will have minimal effect on the research. Another risk is the sole dependence on secondary data. Even though this is a risk, we are confident of obtaining this data, and also previous studies have ut ilised similar data and it has not compromised their research. We are therefore confident that the credibility of this research will not be compromised as a result of this. 8. Ethical and legal concerns Yes No Have you provided a clear description of any potential ethical concerns within your project, including during the collection of data or presentation of findings? Ãâ Ãâ Have you described how you will preserve confidentiality and anonymity of organisations and individual respondents? Ãâ Ãâ Have you ensured you have discussed means for respondents to know about the research and their role within it, and that their participation is voluntary according to the principle of informed consent? Ãâ Ãâ Have you considered whether anyÃâÃ good or harm may be caused by the research to individuals or organisations? Ãâ Ãâ Have you discussed if there any ethical guidelines in the field (e.g. from professional bodies) that you will be following? Have you discussed how you will ensure that any data held on respondents is to be processed according to the Data Protection Act 1998, and stored according to safe practices (e.g. in a secured (electronic) container)? Ãâ Ãâ If you are undertaking any primary research or primary analysis of secondary data, you must give further details below about how you will address any ethical issues within your research: Specific Ethical or Legal Concerns With Your Research Project The data that will be used may not be publicly available information in some cases. It is therefore imperative to abide by the terms and conditions of data usage from the databases. Preservation of Confidentiality and Anonymity The analysis shall be confidential and will be limited to the research in question only. No names of shall be mentioned in the research and all analysis shall be kept as general as possible. The data shall be held according to the Data Protection Act of 1998 Informed Consent Potential Good or Harm Caused by the Research Depending on the findings of the research, the outcome may reduce investor confidence; it may also create problems between fans and clubs depending on the outcome. For listed firms, the outcome of the research may increase or decrease value. There is also the likelihood findings may be commercially damaging. Ethical Guidelines in the Field What guidelines in the field are there that will guide your research ethics and how will these be applied? Processing and Storage of Data Data collected it shall be dealt with vigilantly and processed according to the Data Protection Act 1998 (OPSI, 1998). Upon completion and passing of this research, the information gathered from data shall be destroyed. Furthermore data shall be stored according to the safest of practices in a secured electronic container. 9. Schedule Yes No Have you identified the key stages and dates for activities that must be completed before others can start? Ãâ Ãâ Have you identified what problems with access can you anticipate? Have you identified what activities are necessary in their own right and which are conditional on others being completed? Ãâ Ãâ Submission of the proposal on the 9th of April 2010 is the first stage as without that you cannot progress to the dissertation therefore unable to graduate. The next stage is to wait for the results of the proposal and if it is passed, necessary changes will be made to the proposal to meet the desired standard. The next stage will be to start the link up with your assigned supervisor and plan to start the dissertation. The literature review from the proposal will then be developed and relevant data will be collected from then on with the blessing of the assigned supervisor. Since we do not envisage any difficulty with accessibility of data, data collection should not be a problem. Once data has been collected, the variables will be calculated and the analysis started. The research will be organised and planned by keeping a diary to aid this process. Since the time available is not much, it is imperative to stick to the plan schedule. This will ensure an accurate and successful c ompletion of the research. 10. General Guidelines Yes No Ãâ Ãâ Have you avoided using lists or bullet points? Ãâ Ãâ Have you just described an author or authors work instead of explaining or critically evaluating it? Ãâ Ãâ Have you clearly linked the paragraphs within each section, and the sections themselves? Ãâ Ãâ Have you proof read your work and ensured there are no spelling, grammatical, or copy errors? Ãâ Ãâ Have you ensured that you have included a complete set of references in Harvard format? Ãâ Ãâ
Wednesday, May 6, 2020
University of Essex Business School BE-532 Marketing Channels Nike- Channel Strategy and Conflicts. Individual Report Submited to:Dr. Antonello Romano Name:Virena Georgieva Student ID:0948588 Introduction The main market quality athletic footwear, clothing, sportswear and equipment supplier in U.S. is NIKE. The companyÃ¢â¬â¢s name, which in fact means in the Greek goddess of victory, has been market leader since 1964. Philip Knight, co-founder and chairman of NIKE, has been running this form for over 48 years and focused on few core corporate areas- SCM (Supply ChainÃ¢â¬ ¦show more contentÃ¢â¬ ¦While relying on its hundreds producers, the large apparel company had an aim to create long term trusting affiliations. The process of generating new models and designs was being done in-house. After the design is created, the product lifecycle will continue around eight months before the production was moved online. Furthermore, it takes approximately nineteen days for final orders to be made. NIKE was not so interested into reaching the Ã¢â¬Å"end consumerÃ¢â¬ rather than considering retail sales. The distribution, in addition, was tremendously compound. Monthly 300,000 pairs of shoes might engage 50 different models being shipped to 100 different locations. The company had created Ã¢â¬Å"in-house-powerÃ¢â¬ which had been selling their products in specialty athletic department store retailers, multi-sport general athletic department stores and general-purpose shoe stores. NIKE also had many own individual shops which were more deliberated on brand-building instead of selling products. Those were called NIKETowns which in 1999 they were 13 overall in comparison with NIKE 53 outlet stores. The powerful firm which had gained over 40% market share in the United States was giving them additional influence on merchants. The product lifecycle could take more than a year and a half. On the other hand, the market life for a NIKE shoe was half a year. The firm decided that i t is inappropriate to attempt equivalent the demand for a model with the supply. Imperfect informationShow MoreRelatedNike Marketing Plan Essay1675 Words Ã |Ã 7 PagesABSTRACT This paper endeavors to recommend a viable marketing plan for the footwear giant, Nike. The plan has been adequately substantiated with thorough research on different factors affecting the firm along with various ways of addressing future challenges. This research paper highlights that Nike is confronted with multifarious issues which need to be negotiated amicably. Result of the study concludes that there is still a world waiting for the Nike to be exploited, outsmarting its competitors employingRead MoreThe Key Insight That Helped Nike Develop Holistic Marketing Strategy? Essay842 Words Ã |Ã 4 PagesCase Study Questions: 1 What was the key insight that helped Nike develop a holistic marketing strategy? 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NikeÃ¢â¬â¢s marketing andRead MoreImplementing The Right Level Of Control And Support796 Words Ã |Ã 4 PagesIntroduction Ã¢â¬Å"A distribution channel strategy enables us to sell to customers in geographical areas or market sectors that the direct sales team cannot reach. We can choose from a number of distribution channels, including wholesalers, retailers, distributors and the Internet. Each channel gives us different options for dealing with customers and prospects. However, to ensure that our distributors operate effectively on our behalf, our strategy must incorporate the right level of control and supportRead MoreSocial media affects peopleÃ¢â¬â¢s daily lives. Think about how social media has affected your life.800 Words Ã |Ã 4 Pageshow much it has affected a businessÃ¢â¬â¢s marketing structure. Bill Bowerman, once a head coach at the University of Oregon, and Phil Knight, a long distance runner once at the University of Oregon, paired up to start making athletic shoes. 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It is not only renown for its high quality athletic apparel but it is also known as one of the best manufacturers and designers for sporty fashion for both the gym and the streets. Nike is among the sole companies that took note that, Ã¢â¬Å"Americans are wearing yoga pants, running gear and basketball shoes not just to-and-from the gym, but also around town.Ã¢â¬ (Fortune). Active wear is suddenly chic. They noticed that Americans find that athletic
Tuesday, May 5, 2020
Ã¢â¬Å"There is no place like motherlandÃ¢â¬ . I can go to beautiful France, elegant England or Prestigious Russia, but there is no other place in the world where I will enjoy being more than my motherland. WhatÃ¢â¬â¢s about my motherland that makes me eager to go back? Definition says that, a country is consisting of the people that live on that land. Does that means I crave for my people of my countryÃ¢â¬â¢s company? I donÃ¢â¬â¢t know. All I know is that living in my country, Bangladesh was the highlight of my life. DonÃ¢â¬â¢t get me wrong, I love United States. I love the friendly people in U.S, who took me under their wings soon after I came here. I love my friends who make me laugh in the rainy days. Still, at times when I am alone in a room, left with nothing but my memory, I become nostalgic. We will write a custom essay sample on Living the Past or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I go back to the streets of Dhaka, the capital of Bangladesh, where I grew up. I revisit the places in the city where I was frequent every day, for school or for regular needs. I walk to the roads where I had once walked, sing the same song in my head that I was singing last time, when IÃ¢â¬â¢ve been there. Its like memories are my friends, who I have left in the path, just to get them back again when I revisit. I donÃ¢â¬â¢t have to close my eyes to see the road side general stores that I would see on my way to school. I feel the same restlessness when our rickshaw would be stuck in traffic jam for an hour, making me let for my class. The smell of name unknown flowers would wrap me like a shawl the minute I would put my feet in the school boundary. I am even surprised to find out that I donÃ¢â¬â¢t even get sad when my teacher would criticize me for being late in class. I would try to relive those times when I helped the school librarian organize the books in the library in lun ch break and check out books to read. Every Wednesday I would run around like crazy just to make sure every one who signed up for the Reading club would get a new book. It was impossible to count how many times I had been called The Bookworm by my friends. At 12.30pm my school will end and I would wait for my mother to pick me up and buy me an ice cream. I can taste the creamy taste of the Bangladeshi ice creams I used to get from ice cream carts after school. No one can ever get bored in Bangladesh. Just in a 20 minutes journey way back home from school would prove it. Every minute there would be at least one car that will almost hit a rickshaw in process to get out of the way of an over speeding bus. Garments workers would come out of a garment factory in launch breaks. Launch break time looks like a river of people are going in different direction toward their homes to get their launch. I would always notice the sadness or tiredness in their faces after long time working. There would be happy faces, happy to get a break out of the work. Van-pullers would take a nap in the shade of tall buildings on their vans. I would get really upset about how our rickshaw puller would sweat from all the hard work. I remember, I asked my mom that why canÃ¢â¬â¢t they take some rest? And she answered that, they have a family to feed too. I wondered, why canÃ¢â¬â¢t I have enough money so I can give them all equal amount money so they didnÃ¢â¬â¢t ha ve to do all these hard work. It was a childÃ¢â¬â¢s wonder, but it still makes me laugh when ever I think about it. If the world would be that easy then this world would be a much less complicated place. I would go home do my homework and fall asleep with colorful dreams in my eyes, mostly are from scenes I have seen that day. I lived in Bangladesh as a child who goes to school. My life was all about going to the school to and coming back home. My childhood was colorful and ever exciting. I came to U.S three years now. I am more grown up now than I was three years ago, but a part of me stayed still in my fourteen years self, left in Bangladesh. Now whenever I think about those days my fourteen year old self comes in front of me and guides me through all the streets, all the paths and places from my childhood. I will grow older but part of me would never change. A piece of my heart will always search for ways to get back what I have left behind, my country.
Saturday, April 11, 2020
8 Expressions with the Word Quick 8 Expressions with the Word Quick 8 Expressions with the Word Quick By Maeve Maddox The English word quick is related to Latin vivus, Ã¢â¬Å"alive.Ã¢â¬ The version of the ApostleÃ¢â¬â¢s Creed I grew up with contains this sentence: Ã¢â¬Å"Thence He shall come to judge the quick and the dead.Ã¢â¬ The line echoes 1 Peter 4:5 (KJV): Ã¢â¬ËWho shall give account to him that is ready to judge the quick and the dead.Ã¢â¬ The Ã¢â¬Å"quick and the deadÃ¢â¬ are the Ã¢â¬Å"living and the dead.Ã¢â¬ When a fetus begins to move in the womb, it is said to quicken, that is, Ã¢â¬Å"show signs of life.Ã¢â¬ Because motion is an attribute of being alive, quick has come to have the additional meaning of Ã¢â¬Å"rapidity of movement.Ã¢â¬ The OED entry for quick offers numerous definitions, but this post is limited to eight idioms that employ the word in its senses of Ã¢â¬Å"livingÃ¢â¬ and Ã¢â¬Å"rapid.Ã¢â¬ 1. quickie In the 1920s, quickie was Hollywood slang for a Grade B movie because such a film was made quickly, often in a few days. By the 1930s, the term was being used to mean Ã¢â¬Å"a quick act of coitus.Ã¢â¬ Nowadays, the sexual connotation seems to be the most common for the noun, but attributively, the word quickie is used to indicate that something took place quickly or was of brief duration, for example, Ã¢â¬Å"a quickie divorce,Ã¢â¬ Ã¢â¬Å"a quickie interview,Ã¢â¬ Ã¢â¬Å"a quickie nap,Ã¢â¬ etc. 2. quick and dirty The OED entry shows that quick-and-dirty was in use at the turn of the 19th century in reference to a restaurant or diner that served cheap, quick meals: Ã¢â¬Å"I was far too proud to ever think of becoming a house maid or a waitress in one of those quick and dirty lunch placesÃ¢â¬ (1896). In modern usage, the phrase means Ã¢â¬Å"done or produced hastily but effectively; makeshiftÃ¢â¬ - a meaning similar to that of Ã¢â¬Å"jerry-rigged.Ã¢â¬ 3. quick fix Although in use in the 1960s, the expressionÃ¢â¬â¢s popularity began to rise in the 1980s. A Ã¢â¬Å"quick fixÃ¢â¬ is Ã¢â¬Å"a quick and easy remedy or solution.Ã¢â¬ Such a remedy is often expedient but temporary and fails to address underlying problems. 4. quick on the draw The stereotype of the Western gunslinger is that of a man who could draw his gun from its holster instantly. Another idiom that references the quickness of the gunslinger is Ã¢â¬Å"quick on the trigger.Ã¢â¬ Both mean Ã¢â¬Å"quick to act or react.Ã¢â¬ 5. quicksand Quicksand is a bed of sand usually saturated with water. Because it is semi-liquid, it tends to suck down objects that rest on its surface. The name derives from the fact that the bed shifts as if it were alive and breathing. Figuratively, quicksand implies something treacherous, dangerous, and difficult to get out of. For example: Ã¢â¬Å"It may be the only policy that can save us, long-term, from sinking into theÃ quicksandÃ of endlessÃ warÃ and bankruptcy or nuclear Armageddon.Ã¢â¬ 6. quickset Stories set in the English countryside frequently include mention of quickset. Farmers separate fields with fences and hedges. Fences are made of dead wood. Quickset is a living hedge. Plants with thorns are preferred for this use, usually hawthorn. 7. quicksilver Anyone who has ever broken a thermometer and played with mercury can understand why the element is also known as quicksilver. Shiny silver in appearance, the substance moves as if it were alive. Figuratively, quicksilver is used in the sense of very fast or mercurial. ItÃ¢â¬â¢s often used as an adjective. For example, Ã¢â¬Å"Colbert was asÃ quicksilver withÃ hisÃ witÃ as Fred [Astaire] wasÃ withÃ his feet.Ã¢â¬ Ã 8. cut to the quick If in trimming your nails you cut too far, the pain informs you that you have cut yourself Ã¢â¬Å"to the quick.Ã¢â¬ This quick is the flesh below the nails or skin that hurts when it is cut. Figuratively, this kind of quick represents the essence of oneÃ¢â¬â¢s being. The expression Ã¢â¬Å"to be cut to the quickÃ¢â¬ means, Ã¢â¬Å"to be deeply hurt.Ã¢â¬ For example, Ã¢â¬Å"His remark cut her to the quick.Ã¢â¬ Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:Congratulations on or for?Rules for Capitalization in TitlesStarting a Business Letter with Dear Mr.
Tuesday, March 10, 2020
30 Words Containing the Letters sm 30 Words Containing the Letters sm 30 Words Containing the Letters sm By Mark Nichol After writing a post about the suffix -ism, I explored the class of words that include the letters s and m in sequence in which the letters are not a consonant blend (as in small) or in which the s is not at the end of a prefix (as in besmirch and dismiss); with some exceptions (specified), they have in common an origin in Greek. Here are the qualifying words I found that do not use the suffix -ism or do not refer exclusively to a medical or scientific condition or phenomenon (though a couple of specialized terms that have acquired one or more figurative senses are included). 1. abysmal: very bad; abysm is a poetic alternative to abyss, from the Late Latin abyssus, meaning Ã¢â¬Å"bottomless pitÃ¢â¬ (which derives abyssos, meaning Ã¢â¬Å"bottomless pool,Ã¢â¬ although the sm ending either resulted from the superlative abyssimus or was created in imitation of Greek words) 2. basmati: a variety of rice, from Hindi, meaning Ã¢â¬Å"something fragrantÃ¢â¬ 3. cataclysm: a deluge, from kataklysmos, meaning Ã¢â¬Å"floodÃ¢â¬ or Ã¢â¬Å"inundationÃ¢â¬ 4. charisma: charm, from kharisma, meaning Ã¢â¬Å"favorÃ¢â¬ or Ã¢â¬Å"divine giftÃ¢â¬ ; originally referred to exceptional authority or leadership 5. chasm: a deep crack, from khasma, meaning Ã¢â¬Å"gulfÃ¢â¬ 6. chiasmus: the inversion for rhetorical effect of two or more clauses (as in VoltaireÃ¢â¬â¢s quotation Ã¢â¬Å"The instinct of a man is to pursue everything that flies from him, and to fly from all that pursues himÃ¢â¬ ), from khiasmos, meaning Ã¢â¬Å"crosswise or diagonal arrangementÃ¢â¬ 7. chiliasm: belief in ChristÃ¢â¬â¢s 1,000-year reign on Earth, ultimately from khilioi, meaning Ã¢â¬Å"a thousandÃ¢â¬ or referring to the number 1,000 8. chrism: a balm in oil used in church rituals, from khrisma, meaning Ã¢â¬Å"an anointingÃ¢â¬ 9. cosmetic: a substance used in improving oneÃ¢â¬â¢s appearance (the plural form, cosmetics, refers to such products collectively), or, as an adjective, pertaining to personal beautification- and the words have an additional sense of Ã¢â¬Å"superficialÃ¢â¬ or Ã¢â¬Å"for the sake of appearancesÃ¢â¬ - from kosmetikos, meaning Ã¢â¬Å"skilled in adorning or arrangingÃ¢â¬ ; these words and cosmetology, the term for the study of beautification, are related to cosmos (see below) in the sense of order or arrangement 10. cosmos: the universe (referred to as Ã¢â¬Å"the cosmosÃ¢â¬ ), from kosmos, meaning Ã¢â¬Å"orderÃ¢â¬ or Ã¢â¬Å"orderly arrangementÃ¢â¬ ; more often seen as cosmic, the adjectival form, and cosmo- is the root word of cosmology (a word for the study of the universe) and other words, and a form of the root is also seen in macrocosm, meaning Ã¢â¬Å"something seen as a miniature version of something larger,Ã¢â¬ and microcosm, meaning Ã¢â¬Å"a large system consisting of many smaller onesÃ¢â¬ 11. desmesne: a domain or estate, or possession or use of oneÃ¢â¬â¢s land, from a respelling in Anglo-French of the Middle English term demeine (Ã¢â¬Å"domainÃ¢â¬ ) 12. dismal: wretched, from the Latin phrase dies mali (Ã¢â¬Å"evil daysÃ¢â¬ ) 13. enthusiasm: eagerness or zeal, from enthousiasmos, meaning Ã¢â¬Å"divine inspirationÃ¢â¬ 14. gismo: gadget (variant spelling of gizmo, of unknown origin) 15. iconoclasm: criticism of conventional beliefs or standard institutions, from eikonoklastes, meaning Ã¢â¬Å"image breakerÃ¢â¬ ; originally referred to literal destruction of images and objects considered idolatrous 16. jasmine: a plant, from Persian 17. kismet: fate, from Arabic qisma, meaning Ã¢â¬Å"portionÃ¢â¬ or Ã¢â¬Å"lotÃ¢â¬ 18. melisma: one of several specific types of musical expression, from melisma, meaning Ã¢â¬Å"songÃ¢â¬ or Ã¢â¬Å"melodyÃ¢â¬ 19. mesmerize: captivate, or hold spellbound, from the name of hypnosis pioneer Anton Mesmer 20. miasma: a literal or figurative cloud or fog of an unhealthy or unpleasant or obscuring nature, from miasma, meaning Ã¢â¬Å"pollutionÃ¢â¬ 21. orgasm: sexual excitement, from orgasmos, meaning Ã¢â¬Å"excitementÃ¢â¬ or Ã¢â¬Å"swellingÃ¢â¬ (also a verb referring to the sensation); the noun refers, by extension, to any stimulating experience (note also two slang terms modeled on orgasm: geekgasm, referring to a nerdÃ¢â¬â¢s exultation about, for example, a new computer program or video game, and eargasm, the result of an extremely pleasurable song or sound 22. osmosis: movement of a liquid through a solid, or, figuratively, learning or understanding something easily or smoothly; this word is an invention of New Latin and does not come from Greek 23. paroxysm: a sudden attack or a convulsion, from paroxysmos, meaning Ã¢â¬Å"irritationÃ¢â¬ or Ã¢â¬Å"exasperationÃ¢â¬ ; now also used colloquially to refer to an outburst of emotion 24. phantasm: a ghost or illusion, from phantasma, meaning Ã¢â¬Å"imageÃ¢â¬ or Ã¢â¬Å"phantomÃ¢â¬ ; a related word is phantasmagoria, referring to an exhibition of optical effects or illusions, a constantly changing scene, or a bizarre collection 25. prism: a medium or a shape that refracts light, from prisma, meaning Ã¢â¬Å"something sawnÃ¢â¬ ; also, figuratively, something that colors, distorts, or slants oneÃ¢â¬â¢s perspective 26. sarcasm: a form of darkly humorous criticism in which the words stated are the opposite of the intended meaning, as in Ã¢â¬Å"Well, that went well!Ã¢â¬ for a disastrous incident, from sarkasmos, meaning Ã¢â¬Å"jestÃ¢â¬ or Ã¢â¬Å"tauntÃ¢â¬ 27. schism: originally referred to dissension within the Catholic Church but now also pertains to any disagreement in philosophy or policy, from skhisma, meaning Ã¢â¬Å"divisionÃ¢â¬ 28. seismic: pertaining to earthquakes, from seismos, meaning Ã¢â¬Å"a shaking,Ã¢â¬ Ã¢â¬Å"a shock,Ã¢â¬ or Ã¢â¬Å"an earthquakeÃ¢â¬ ; several words derived from the root seismo-, such as seismology (the name for the study of earthquakes) and seismograph (the word for a device that measures the motions of an earthquake) also exist (seismic also might be used to describe something of hugely significant import) 29. spasm: a sudden violent muscular contraction, ultimately from spasmos, meaning Ã¢â¬Å"convulsionÃ¢â¬ ; also loosely employed to refer to an emotional outburst 30. talisman: a good-luck charm or something believed to have magical or miraculous powers, from telesma, meaning Ã¢â¬Å"consecrationÃ¢â¬ Want to improve your English in five minutes a day? 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Sunday, February 23, 2020
Daoism - Essay Example For instance, Du Guangtung created his account using the west queen mother by selecting, re-writing, and combining various texts from the old literature. Some of the sources used by Du Guangtung to record the assembled transcendent of the fortified wall city include; Taoist, Buddhism, historical, classical and other popular sources; which retained his personal tradition of precedence work (Cahill 107). DuÃ¢â¬â¢s work is considered allusive and condensed. For instance, his first records are about a queen motherÃ¢â¬â¢s biography. The writings express the queenÃ¢â¬â¢s primacy in lineage and power. This account is one of the beneficial sources of Du Guangtung, which gives a complete account of the perceptions Taoists have about goddesses (Cahill 146). Du Guangtung gave the Records of the Assembled Transcendent of the Fortified City to the ruling emperor because he was attempting to associate the imperial government with Daoism. The Tang emperor was finally influenced by Daoism (Cahill 144). For instance, BianÃ¢â¬â¢s story is publicized to honor the agreement by recording his transcendence. The book reveals that the founders of Tang Dynasty were sisters who were mothers of Emperor Yang of Sui. These sisters ruled two emperors of different dynasties. From the beginning, Daoism played a major role in the politics of Tang. Li Yuan bid for power by attracting followers through the claim for Daoist and Laozi descents (Bokenkamp 204). Individuals who were bidding for office had to involve monks from Buddhist temples to pray for them openly and they were paid cash donations in return. Buddhism and Daoism were accepted in the Tang Dynasty before Buddhists faced persecution in the 9th Century. DaoismÃ¢â¬â¢s spectacular success brought about the reunification of Tang Dynasty. Li Yuan, the founder of the kingdom, became more influential and successful after he was deferred of