The Difference in Authority Status Within the Family Essay

The Difference in Authority Status Within the Family - Essay Example My grandparents, we called them â€Å"mama† and â€Å"papa† respectively. We respected them because of their wisdom and feared them because of their ages. Our own parents made sure that the value of respect for the elders, especially the heads of the family, was instilled into our minds at an early age. This meant that even if we could reason out and discuss with our parents when something was not going our way, we were not given the same liberties by our parents when our grandparents were the ones in charge of us. We had to follow their orders without question or pause. The area where we grew up was unique because we had both the comforts of the city and the quiet existence of a farm life where we lived. The town proper and the malls were easily accessible to us while the area where we lived still housed goats and cows, a backyard industry of the residents of our area. In a way, I grew up in what others might consider being strange surroundings but was perfectly normal for me. Our family lived closer to the city proper while the other members of our family lived no further than 15 minutes away from us by car ride. So we were constantly having family gatherings and the kids grew up as playmates and best friends. I guess that is what makes my family unique. Even if we have few friends outside of our family circle, we never feel like we need more because everyone in our family is a friend to one another. We stick up for each other in much the same way that our parents and grandparents do when the need arises. One of my favorite memories from my childhood was when I was little and just about to start school. There were about 3 of us who were close in age who was also about to start school and that particular summer was the season that the older cousins got to teach us about how to survive in school. Somehow, I did not feel afraid about starting school because I knew that my siblings and cousins would also be in the same school. So I did not have to f ear to be alone, friendless, or bullied. I was right. When school started, we looked like a mafia family as the older relatives made sure that the younger ones made it to school on time, got into the right classes, and had someone to hang out with during breaks. Nobody dared mess with us. Our family took up a whole table to ourselves during lunch break and we always did what our parents told us to do, avoid trouble in school by sticking together. The only time we were separated from each other was when we finally had to report to class. When school was over, we would meet up at the front gate of the school and head on a home by school bus, still all together. Those were some of the most fun times I had as a child. I enjoyed going to school because it was a way that I could always hang out with my cousins and vice versa. We lived for school days and the weekends. Our parents found this puzzling at first but then came to realize that we were truly each other's best friend so our desir e to constantly be together was understandable and encouraged. After all, our parents believed that having each other as best friends meant that we would be free from trouble anywhere we went. It was because our cousins were inseparable that it became harder and harder for us to shop for holiday gifts for one another. Somehow we already knew who got what for whom and yet we still managed to act surprised when we would open our grits on Christmas Day.

Introduction to corporate finance Essay Example | Topics and Well Written Essays - 1500 words

Introduction to corporate finance - Essay Example The essential element of such a relationship exists in the significant correlation between prevailing rates of interests and the past changes in the bond prices which are averaged on a weighted basis. This results in the reflection of the effects on the price levels over longer duration of time. (Irving Fisher) Fisher separation is the foundation to the theory of finance. (Moneyterms) This formed the foundation on which the modern day Present Value theories have been established. Fisher's contribution to the theory of finance with respect to the valuation of shares is based on the basis of future earnings and the present value of the earnings on the shares. This paper analyses the propositions on which the share valuation model advocated by Fisher was based and also the newer models that help mitigating the difficulties faced in the Fisher's Model. Fisher attributed the correlation between the prevailing rates of interest and the past changes in the prices of bonds which are averaged using a weighted index, to a not-so-perfect estimation about the expected inflationary tendencies and the resulting intention of the investor to extrapolate the likely future price level changes in the bonds so that the investor may be able to ad... This is known as 'Fisher effect' and is the model that Fisher advocated for use in the valuation of bonds. But it can be observed that the present day analysts use this proposition not only for bond valuation but also for the stocks. In the case of equities it is the forecast of the sustainable growth rate that replicates the interest rate factor of the bond valuation. The 'forecast growth rate' of stocks is the modern day innovation in the financial theory relating to the share valuation and trading. This stand of Fisher was substantiated by Robert F. Wiese. Wiese stated that "the proper price of any security, whether a stock or a bond, is the sum of all the future income payments discounted at the current rate of interest in order to arrive at the present value" John Burr Williams (1938) further describes this theory by stating, "A stock is worth the present value of its future dividends, with future dividends dependent on future earnings. Value thus depends on the distribution rat e for earnings, which rate is itself determined by the reinvestment needs of the business." Propositions of Fisher's Model of Share Valuation The assessment made by Irving Fisher immediately after the crash in the share prices in the year 1929, described the following attributes as determinants of the share price movements in the market, since the share price in the market is determined largely by the discounted value of future earnings in the form of dividends from the respective stock. According to Fisher basically these attributes contribute to the upward changes in the price levels of stocks: (1) "Because the earnings are continually plowed-back into business instead of being declared as dividends" In this statement