Online Social Networks and Deontology

Jeffrey Dahmer Essays

Jeffrey Dahmer Essays Jeffrey Dahmer Essay Jeffrey Dahmer Essay Most crimes that are committed during the normal daily activities of peoples lives is indicative of the Routine Activities Theory that gives Insight onto how Jeffrey Dammed was so successful In luring, raping, and murdering unsuspecting men from the local gay nightclubs in Milwaukee. Jeffrey Dammed had willingness and the ability to commit such heinous predatory crimes. He was motivated by a strong sexual desire for sexual gratification that deviated from the norm, evident by his method of killings and the amount of times these acts occurred. Dammed never used aggression in the omission of his crimes but rather a method of attack that would con his victims into lowering their guard making them mall targets for him. Dampers primary targets were drifters, locals, and prostitutes often exchanging alcohol and money for sexual favors. This can be the sole reason why so many men became Dampers victim because he targeted individuals who would voluntarily leave with him. As stated in the biography Dampers hot-spot for possible targets revolved around the gay-night clubs depicted in the film catered to Dampers sexual preferences. Typically in the eight-club scenario possible targets for violence are typically females making males not likely to be subjective to violence and as an onlooker In a club setting It Is difficult to differentiate the victim from the assailant in a gay male couple. Dampers character towards his victims was very routine and cunning making his victims typically prostitutes and locals susceptible to his method of persuasion. His targets were individuals who were easily persuaded by money and their non-awareness towards a possible harmful target made them even more likely to become one of his any victims. It Is reasonable to Infer that an Individual could have decreased their chances of factorization If they were more self- conscious and aware of the situation they were putting themselves into and not so trustworthy of a complete stranger. Jeffrey Dammed did not receive any monetary or emotional gain from his murders but rather a psychological gratification from the deviant acts of raping and murdering his victims while placing them in the submissive state his sexual urges craved for. Dammed lived a hedonistic lifestyle feeding Into his sexual urges despite the potential uniqueness for his actions as portrayed In the biography. Jeffrey Dammed did not Include the thought of government authoresses or the possibility of disappointing his family in his motive but rather focused on the comfort he found gaining power and control over his victims typical of most serial killers. The biography portrays the fact that after the murder of Steve Tommie, Dammed made the choice to completely give into his urges and pursue his deviant sexual pleasures of raping, murdering, and dismembering his victims. As Dampers sexual urges grew so did his appetite to kill and this was the driving factor that fueled his murders. Dampers ultimate goal was to have a completely submissive victim that would never leave him but naturally his human victims were prone to decay. It is reasonable to infer that his sadistic conquest for the perfect submissive victim lead him to new experiments like injecting acid into his victims brain along with differing forms of necrophilia and cannibalism. Dampers Intense sexual urges along with his inability to satisfy them led him awards the choice of hedonism which Is what drove him to continually commit these plant sexual acts. ) A criminologist Trot ten Classical cocoons would Touch on ten decisions Dammed made before his murders and whether he utilized his decision- making skills and if his murders were of his free-will. While a criminologist from the Positive school would believe that his acts of violence were not that of free-will but that it originated from a physiological predisposition internally that caused him to engage in these criminal acts. However, both schools ca n agree that Dampers bad rental upbringing was flawed evident by their numerous arguments throughout their marriage leading up to their divorce. Jeffrey Dammed is quoted in an interview stating l decided I wasnt going to get married because I never wanted to go through anything like that. Clearly Dampers parents inadvertently affected their sons behavior possibly contributing to his murders. I believe the Classical School of thought explains Dampers behavior more in-depth because it states that an offender will choose to commit crimes based on hedonistic decisions maximizing their leisure and minimizing their pain. Clearly stated in the film Jeffrey Dammed admits that his sexual urges completely dominated his life and as his sexual appetite evolved, it became detrimental to his lifestyle because of his inability to satisfy his urges. Also Jeffrey Dampers prosecutor Michael McCann states in the film that he realized the consequences of his actions and knew the difference of right from wrong in turn giving evidence that Dammed willingly made the rational decision to engage in the commission of these criminal acts. ) The argument of nature vs.. Return is a hotly debated topic and in the case of Jeffrey Dammed there is no clear distinction whether his criminal acts stemmed from either the Nature theory of a genetic predisposition that altered his behavior or the Nurture theory that he behaves a certain way in accordance to his upbringing. It is not definite what triggered Dampers motivations to kill but it can be inferred that a genetic defect of some sort could have caused his introverted behavior along with his intense fascination of road kill as a child. As stated in the film Jeffrey Dampers mother was hospitalized and treated for anxiety but prior to this diagnosis Joyce relied on many medications prior to Jeffrey birth because it was reported she had a very difficult pregnancy with Jeffrey. Difficult pregnancies have been correlated with difficulty bonding between a mother and newborn. It can be reasonable to infer that the medications she was prescribed and the difficult pregnancy she underwent could have inadvertently caused a genetic predisposition in his behavior. However, Jeffrey Dammed like many aerial killers in most cases shows detectable characteristics of murderers before puberty. Dampers intense fascination with dead animals was a clear sign but was misinterpreted by his parents who also contributed to his behavior by openly arguing and quarreling in front of him on numerous occasions. Dampers parents marital arguments scarred and inadvertently contributed to his introverted behavior, as stated in the film that he would retreat to the woods during his parents confrontations.

The Triangle of forces (Engineering Science) Lab Report

The Triangle of forces (Engineering Science) - Lab Report Example Figure 2 on the left shows a space diagram in which only the lines of action of the forces are shown. On the right is the force or vector diagram in which sides of the triangle represent to scale the magnitude and also the direction of the three forces. Forces in the space diagram are designated by capital letters placed in the spaces on each side of the force, e.g. the force labelled ab in the force diagram is called AB in the space diagram. Note that the force AB emanates outward from the node. A force designated BA would be the opposite direction. Figure 3 on the left shows a space diagram (the position of the strings) in which only the lines of action of the forces are shown. The combination of weights (forces) taken are 70g, 70g, and 90g. On the right is the force or vector diagram in which sides of the triangle represent to scale the magnitude and also the direction of the three forces. The force 70g () is represented by vector in the, the force 70g () is represented by vector in the, and the force 90g () is represented by vector in the. From figure 3, it can be seen that the three forces,, and in equilibrium forms a triangle (approximately). The triangle is not closed because of measurement errors. Figure 4 on the left shows a space diagram (the position of the strings) in which only the lines of action of the forces are shown. The combination of weights (forces) taken are 90g, 70g, and 90g. On the right is the force or vector diagram in which sides of the triangle represent to scale the magnitude and also the direction of the three forces. The force 90g () is represented by vector in the, the force 70g () is represented by vector in the, and the force 90g () is represented by vector in the. From figure 4, it can be seen that the three forces, , and in equilibrium forms a triangle (approximately). Figure 5 on the left shows a space diagram (the position of the strings) in which only the lines of action

Should United States governors balance their budgets by raising taxes, Research Paper

Should United States governors balance their budgets by raising taxes, cutting spending, or a combination of both - Research Paper Example It is only natural to realize that some things that have happened in the past will directly affect what happens in the future. Therefore, one has to consider specific scenarios that have occurred in the United States which began in the 1980s with the mergers, acquisitions, takeovers, and buy-outs. Nothing happens without future consequences. Mergers, acquisitions, takeovers, and buy-outs are all a part of the business â€Å"game.† It’s merle an exchange of ownership that commonly involves stocks and assets that are transferred to another owner in exchange for up front cash or stock options in most cases that benefit high level executives. The â€Å"game† presents no investment in the future of the company or corporation, its merle an exchange of wealth. This scenario contributes many problems to the current operating business atmosphere. Mergers bring about immediate economic problems that include, loss of markets to foreign competitors, continuing trade deficits, inadequate operating capital, declining productivity, debt heavy corporations, and loss of many jobs. The debt is due mainly to financing in order to carry out the merger. These problems plus lagging research and development add to the complications of business operations after the merger is finalized.Another factor that has played a significant role in the situation of state and federal government budgets now are government financial bailouts. The first of these was the Savings and Loan Bailout of 1989 due to more than half of America’s Savings and Loans failing between 1986 and 1989. This was primarily due to lax government lending policies. These business bailouts have directly affected the budget, deficits, and economic stability of our federal and state governm ents. The US passed the Emergency Economic Stabilization Act in October 2008 for a $700 billion financial sector bailout. This resulted in the bank rescue of 2008, which called for a $250 billion cash infusion into the banking system. The bailout of Bear Stearns in April 2008 ended in lending the firm $29 billion to JP Morgan to buy the troubled firm. Fannie Mae and Freddie Mac collapsed in the late summer of 2008. The federal government committed up to $200 billion to save both these giant mortgage lenders. Also $100 billion in cash credits was guaranteed to each of them to prevent bankruptcy. In September 20089 the federal government took control of American International Group (AIG), who was one of the largest insurance companies in the world. The government took control of the company and guaranteed them $85 billion in loans. In addition, the government took a 70.9 percent equity position in AIG, making this the first time in history that the government controlled a private insu rance firm. These are all major contributors to the economic environment of today. Can the government continue to bail out troubled businesses and over-extend themselves’ with even more debt? Economics is unpredictable and no one can say what the future holds. But within this scenario, the federal and state budgets and deficits have to be controlled by some means. With these factors in mind, would an increase of taxes on a federal and state level fuel the growth of the economy? In retrospect the government must look for ways to cut budget spending with little or no detrimental feedback to private businesses and corporations. It’s the common public consensus that government, both federal and state, need to make cuts; and unnecessary government spending seems to be one option. There are several arguments about government bureaucracy, but its obvious that there is a great set up for civil servants. When hired, they are put on probation for one year, after that they are gr anted tenure unless they do something illegal or make an unforgiveable error; their job security is all but ensured. This alone, would prevent federal and state representatives from

Discussion Movie Review Example | Topics and Well Written Essays - 1000 words

Discussion - Movie Review Example The painting specifically represented the most heartening horrors associated with war and the likely technological inhumane that is used as a critical warfare of the super powers. It serves to warn of the upcoming terrors and mishaps for the next generations regarding cross-border armed conflicts. This artistic work had a story to tell of the horrifying war event that had taken place earlier in the year during when German and French air forces unprecedently bombed a culturally significant village in Spain. The village got a horrifying ambush leaving the whole nation dismantled in terms of security and military operations. A lot of lessons and or messages come from this piece of work. First, from the painting we can clearly ascertain the bad sides of armed cross-border wars. It leaves innocent people dead, maimed or displaced from their homesteads. Second, it portrays how horrifying war can be to the victims. This means that apart from death and displacement, wars also maim the victims. Besides, the military personal show disorganization in a manner that they may not have time to retaliate. LÃ ©ger made a major artistic debut in 1913 in painting. During then, he managed to paint a series of abstract studies that he later referred to as Contrast of Forms. One of the motives for creating the paintings was to make an illustration of his theory that the strongest pictorial effects could only be achieved by juxtaposing contrasts of colour, of both straight and curved lines, and of both flat and solids planes. This is what culminated into one his lectures in 1914 on Contemporary Achievements in Painting. In the lectures, LÃ ©ger made comparisons between the contrasts in his painting and the landscape appearance of billboards. From the video, the narrator does not explain to the audience where and how LÃ ©ger began his artistic work, the progresses he made and how he ended up with the work after

Microfinance Institutions in Mediterranean Countries

Microfinance Institutions in Mediterranean Countries This paper examines empirically the relation between governance mechanisms and the performance of Euro-Mediterranean microfinance institutions (MFIs) in terms of outreach and sustainability. Specifically, we found that performance-based compensation of managers is not associated with better performance of MFIs. The results identify tradeoffs between MFIs outreach and sustainability depending on larger boards size, and on higher proportion of unaffiliated directors. Moreover, the study shows that the more women there are on a board the better the performance, and reveals that external governance mechanisms help MFIs to achieve better financial performance. This study also allows us to distinguish other factors leading to a better sustainability such as Regulation, the use of individual lending methodology. However, the MFIs active as NGOs seem to be more consistent with their social mission than with their financial performance. 1. Introduction Microfinance is the provision of financial and non financial services to the poor who are excluded from financial/credit markets because they are considered unbankable. Indeed, microfinance institutions has evolved primarily as a consequence of the efforts individuals and assistance agencies committed to the idea of ensuring that the poor people has access to some form of credit. The majority of MFIs claims having a dual mission of reaching poor borrowers (outreach), and being financially sustainable (sustainability). While the social goals of reaching the poorest and poverty alleviation are valid, financial sustainability has emerged as one of the core management and governance issues. The shrinking resources base for donor funds to support the increasing demand for grants and soft loans implies that MFIs will eventually have to support themselves (Ledgerwood, 2000). However, their sustainability will focus on governance structures within the industry. Indeed, as M Labie (2000) observes, in the last decade corporate governance principles have imposed themselves as the basic rules for any well Run Company to follow. The trend has however transcended from traditional business companies but is now part of the globalization process often seen as a tool for standardizing the controlling vision for any major organization in the world. The drive towards Governance has been propelled by a number of factors particularly the collapses of some of the major players in the Industry, the influx of private Equi ty and fall in donor funding. Governance is about achieving corporate goals. The fundamental purpose of MFIs is to contribute to a country development. This involves reaching out to more clients especially the poor (Helms, 2006; Johnson et al., 2006). Not least but now growing in importance especially among donors is the requirement that MFIs achieve financial sustainability. Microfinance practitioners assert that good governance is the key to a successful MFI (Campion, 1998; Rock, Otero Saltzman, 1998; Labie, 2001; CGAP, 2006; Helms, 2006; UN, 2006). In spite of these observations, only few studies have focused on governance and the examination of the linkage of various governance mechanisms and performance (McGuire, 1999). It seems relevant to examine closely the role of various governance mechanisms since MFIs managers control significant resources. Except the study of Hartarska (2005), and those of Mersland, Roy and Strà ¸m, Reidar Øystein (2007), and Cull et al., (2007), no more study attempt to shed light on the link between governance and performance especially in the Euro-Mediterranean countries although it is a very active zone with a microfinance industry quite diverse (NGO, NBFI, Bank) where actors should simultaneously pursue the most effective way of realizing their social objective while achieving superior levels of profitability. While exploiting recently conducted survey by the authors in order to study the efficiency of MFIs in Mediterranean countries, the annual financial reports of the microfinance institutions and other relevant information collected from Microfinance Information Exchange (MIX), this paper aim to investigate the link between governance and Euro-Mediterranean MFIs performance in terms of outreach and sustainability since governance guides an institution in fulfilling its corporate mission and protects the institutions assets over time. As Rock, R, Otero, M Saltzman, S (1998) notes it is a key in guiding management in strategic issues and in carrying out the agreed upon strategic plans. The empirical model explores the joint and individual effect of management compensation, board diversity, and external governance mechanisms on both MFI sustainability, and the depth and breath of outreach while controlling for individual characteristics and, as well as country specific factors. The result s show that performance-based compensation does not improve performance. MFIs with larger boards seem to do better. More independent boards are more effective however. Board diversity (Higher proportion of women) seems to ameliorate outreach. External governance mechanisms especially auditing and regulation improve the financial sustainability. The remainder of this paper is organized as follows. Section 2 deals with the research context. Section 3 briefly reviews the few related studies. Section 4 presents the conceptual framework as well as working hypothesis. Section 5 looks at data description and methodology. Section 6 discusses the empirical findings, and Section 7 draws conclusions emanating from the findings. 2. Microfinance in Mediterranean Experience throughout the world has proven that microfinance help the poor to increase income, built their business, and secure their future by reducing their vulnerability to external shocks. Furthermore, microfinance is often a powerful tool for empowering the poor especially women, to take charge of their economic well-being and those of their families. The Euro-Mediterranean region consists of 21 countries. The microfinance industry in this zone is young with high growth potential. Currently, it is estimated that there are over sixty microfinance institutions (MFIs NGOs), and a potential of numerous other producing credit to poor microentrepreneurs (Ben Soltane, 2008). The majority of these programs are south of the Mediterranean (Egypt, Jordan, Lebanon, Morocco, Palestine, Tunisia, and Syria). Programs also exist in Spain, France, Italy, Kosovo, Albania, Bosnia, and Croatia (Figure 1). Morocco AMSSF, FMBC, KARAMA, AL AMANA, ZAKOURA Turkey MAYA Bosnia Bossel, EKI, MI-Bospo, MIKRA, Women For Women Palestine FATEN, UNRWA Italy FRD, 10 Talenti Fond S.M.Soccorso Fond S.G.Moscati Tunisia ENDA, BTS Spain CODESPA, WWB Spain Egypt ESED, Lead foundation, DBACD, Al Tadamun France CSDL Albania PSHM, USCA Croatia DEMOS Lebanon Al Majmoua, Ameen, CHF-AM Jordan MFW, AMC, JMCC,DEF Kosovo P4, Meshtekna, Grameen Trust Figure1  [1]  : MFIs delivering microcredit in the Mediterranean. Euro-Mediterranean MFIs aim to provide financial services to low income households, even the extremely poor in a participatory and non-paternalistic development approach to the great interest of the donor community, policy makers, development researcher and practitioners. According to the so-called win-win proposition MFIs should combine the socials goals, such as poverty alleviation and reaching poor households (outreach) with operational and financial self-sufficiency (sustainability) based on access to international financial markets independently from international development agencies. Therefore, MFIs should simultaneously pursue the most effective way of realizing their social objective while achieving superior levels of profitability. The regions top MFIs are openly committed to best practice microfinance. In terms of depth of outreach, the sector has generally moved towards serving more and more of the poor clients. According to the FEMIP and Sanabel study, the Mediterranean represents a potential market for the microfinance with nearly 40 million customers, whereas currently only 9 million people profit from the financial assistance of the companies operating in this sector. The number of borrowers increased of more than 43 % per annum between 2004 and 2006, against 20% on a worldwide scale, an indication that the sector as a whole is reaching more of the marginalized in the society. The regions top MFIs have proven also to have excellent leadership abilities, impressive outreach and growth, as well as a commitment to best practice microfinance. Furthermore, it is estimated that around 85% of the regions active clients are served by sustainable MFIs. 3. Literature review Governance in microfinance has been recognized to be an important issue. However, the biggest problem to microfinance practitioners has been balancing the dual mission of outreach and sustainability. The changing of microfinance environment has shown a move towards sustainability ultimately leading to governance issues as donors funds shrink and equity inflows increase in the microfinance sector. Microfinance institutions have therefore embraced boards and adopted principles of corporate governance to ensure their survival. Investigating the link between good governance and the performance of MFIs in terms of outreach and sustainability is crucial since governance guides an institution in fulfilling its corporate mission and protects the institution assets over the time. However, there is a limited academic studies dealing with this subject, partly due to the lack of data. While using three surveys of rated and unrated east European MFIs from three random samples in the period 1998 to 2002, Hartarska (2005), investigates the relation between governance mechanisms and financial performance. Financial performance and outreach constitute dependant variable dimensions and governance mechanisms include board characteristics, managerial compensation, and external governance mechanisms such as rating, financial statements audited, and supervision. The author finds that performance-based compensation of managers is not associated with better performing MFIs; lower wages suggested for mission-driven organization worsen outreach. She identify also that a more independent board has better ROA, but a board with employee directors gives lower financial performance and lower outreach. Finally, the author concludes that external governance mechanism seems to have a limited role in the study region. In a recent study, Mersland, Roy and Strà ¸m, Reidar Øystein (2007), use a self constructed global data set on MFIs spanning 57 countries collected from third-partly rating agencies. The authors study the effect of board characteristics, ownership type, competition and regulation on the MFIs outreach to poor clients and its financial performance. They found that split roles of CEO Chairman, a female CEO, and competition are important explanation. Moreover, the authors found that larger board size decrease the average loan size, while individual guaranteed loan increase it. Finally, they conclude that there is no difference between nonprofits organizations and shareholder firms in financial performance and outreach. A third study conducted by Cull et al., (2007) looking at MFIs financial performance and outreach as well, with a focus on lending methodology  [2]  , controlling for capital and labour cost as well as institutional features. While using data from 124 rated MFIs, the authors found that MFIs that focus on providing loans to individuals perform better in terms of profitability. Yet, the fraction of poor borrowers and female borrowers in the loan portfolio of these MFIs is lower than for MFIs that focus on lending to groups. The study suggests also that individual-based MFIs, especially if they grow larger, focus increasingly on wealthier clients, a phenomenon termed as mission drift. This mission drift does not occur as strongly for the group-based MFIs. However, no governance variables, such as board characteristics or ownership type are taken into consideration. The limited academic investigation into the link between governance mechanisms and performance of MFIs in terms of outreach and sustainability, and the fact that other governance mechanisms such as the proportion of women in the board remain unexplored justify the importance of a similar study in the Euro-Mediterranean zone, characterized by a very active and quite diverse microfinance industry, that complete formers studies. 4. Conceptual framework and working hypothesis While focusing on the microfinance field, the governance can be defined as the process of guiding an institution to achieve its objectives while protecting its assets. It refer to the mechanisms though which donors, equity, investors, and other providers of funds ensure themselves that their funds will be used according to the intended purposes (Hatarska, 2005). The presence of these control mechanisms is crucial either to align the interests of managers and providers of funds since they may have diverting preferences and objectives, or to monitor the performance of managers to insure that they use their delegated power to generate the highest possible returns for the providers of funds. This notion comes from the agency perspective. It found its origins in the work of M. C. Jensen and W. H. Meckling, 1976 who assimilate the firm to a node of contracts. The explanatory model of the structures of financing and shareholding is founded on the assumption of asymmetry of information and c onflicts of interests between managers and providers of funds. According to M. C. Jenson and W. H. Meckling, agency relationship is a contract under which one or more persons (principal) engage another person (agent) to perform some service on their behalf, which involves delegating some decision-making authority to the agent  [3]  . In this case the relation of agency will relate the principal (owner) and his agent (manager), this last being engaged to serve the interest of the first. From these relations emanates the concept of agency costs, costs which result from the potentially opportunist character of the actors (moral hazard) and information asymmetry between the contracting ones (adverse selection). These agency costs represent the loss in value compared to an ideal situation where there is no information asymmetry and conflict of interests. According to the theorist of agency an organisation is considered efficient if it minimise the agency costs. This purpose can be in tended though an effective governance mechanism. According to Keasey et al., 1997, the most important features of an effective governance framework are ownership structure (including institutional and managerial ownership), CEO (manager) and director (board member) remuneration, board structure (size and composition), auditing, information disclosure, and the market for corporate control. Usually, research literature related to this field use partial measures. In other words, governance studies treat separately the impact of each variable such as compensation, board size, independence and diversity, and external market forces on firm performance. However, since latest studies (Hermalin Weisbach, 2003) identify the complementarities, and the correlation between these mechanisms, this study will investigate the impact of the majority of these mechanisms excluding ownership due to lack of data on ownership structure. The most important attribute that distinguishes microfinance institutions from other is what has come to be called its dual mission of balancing a social agenda or social impact with its financial objectives. The MFI combine a social development mission (provision of financial services to the lowest income population possible), with a financial objectives that drives the institution to achieve self-sufficiency and thereby accomplish sustained service delivery without dependence on subsidies. These dual objectives (social: outreach, and financial: sustainability) make difficult the study of governance of MFIs, especially with their different types: Non profit, Non-Governmental Organizations (NGOs), For-profit Microfinance Institutions, Credit Unions. This challenge is surmounted by formulating and testing hypothesis based on insights from the literature on corporate governance, formers studies, governance in banks and in non profit organizations, and by estimating the impact of the go vernance mechanisms on both sustainability and outreach. 4.1. Internal Governance mechanism The incentives of top management have been characterized as an important mechanism of corporate governance as it ensures the alignment of the management and the shareholders interest (John et al., 2004). In other words, it serves as a mechanism for resolving the conflict of interest among the managers and shareholders. Brick, Palmon and Wald (2006) highlighted that director compensation should also affect performance of a firm. With regards to banking institutions, higher-powered incentives may encourage managers to take higher risks at the expense of depositors, who would suffer if the institution fails; thus low pay-performance sensitivity is suggested (John John, 1993). In fact, it is proved by Adams Mehran, 2003; Houston James, 1995; John Qian, 2003, that pay-performance sensitivity in banking in lower than other industries. Since in non-profit firm there is a growing problem of informational asymmetry between clients and managers (i.e., managers possess many crucial information about the product), it seems that the fixed management salaries is the best choice for mission-driven organizations (Easley OHara, 1998). With the fixes salaries, the managers, indifferent between telling the truth or lying, will find it in his benefit to tell the truth. Therefore, if the client and donors find the information provided by non-profit managers more credible, the firm will be better-funded and better-performed. Hypothesis 1. MFIs whose manager receives a fixed salary will not perform worse than MFIs whose managers receive performance based remuneration. Most guidelines recognize that the board of directors is the focal point corporate governance. The composition and structure of the board have a direct bearing on corporate governance. Board of directors is designate for the purpose of ensuring the alignment of the firm activities and its specified objectives. The board has the duty for making sure that the top managers are behaving in a way that will provide the optimal value for shareholders (Coles et al., 2001). There is a view that larger boards are better for corporate performance because they have a range of expertise to help make better decisions, and are harder for a powerful CEO to dominate. However, recent thinking has leaned towards smaller boards. Jensen (1993) and Lipton Lorsch (1992) argue that large boards are less effective and are easier for a CEO to control. When a board gets too big, it becomes difficult to co-ordinate and process problems. Smaller boards also reduce the possibility of free riding by individual directors, and increase their decision taking processes. Empirical research supports this. For example, Yermack (1996) documents that for large U.S. industrial corporations, the market values firms with smaller boards more highly. Eisenberg et al. (1998) also find negative correlation between board size and profitability when using sample of small and midsize Finnish firms. In Ghana, it has been identified that small board sizes enhances the performance of MFIs (Kyere boah-Coleman and Biekpe, 2005). Mak and Yuanto (2003) echo the above findings in firms listed in Singapore and Malaysia when they found that firm valuation is highest when board has five directors, a number considered relatively small in those markets. In a Nigerian study, Sanda et al (2003) found that, firm performance is positively related with small, as opposed to large boards. Hypothesis 2. Board size should have an inverse correlation with MFIs performance A third common monitoring mechanism advocated by the agency perspective is a board composed of a majority of independent directors. These non-executive or outside directors are believed to provide superior benefits to the firm as a result of their independence from firm management. Under this organizational design, conflicts of interest can be avoided and executive leaders can be evaluated more objectively. The literature suggested that increases in the proportion of outside directors on the board should increase firm performance as they are more effective monitors of managers (Adams and Mehran, 2003). The proportions of the outside directors can be measured in terms of the ratio of outside directors to board size. The positive aspect of having board independence was evidenced in a study by Byrd et al (2001) that highlighted the survival of firms in the thrift crisis due greater proportion of independent directors in the board. Kyereboah-Coleman and Biekpe (2005) found also a positive relationship between proportion of outside board members and performance of MFIs in Ghana. Hypothesis 3. MFIs performance will be affected positively by the proportion of non-affiliated outsiders on the board. Corporate governance literature argues that board diversity in terms of women and minority representation is potentially positively related to firm performance. Board diversity promotes a better understanding for the market place, increases creativity and innovation, produces mores effective problem solving, enhances the effectiveness of corporate leadership, and promotes effective global relationships (Robinson and Dechant, 1997). Fondas and Sassalos, 2000 argue that diversity in board composition via greater female representation will lead to improved board governance and top management control. In microfinance, the study of Coleman, 2006 show that having women in CEOs on MFI boards enhance performance and also the more the women there are on a board, the better the performance. Furthermore, having a high fraction of women in the board would help the MFI understand its customers better so as to separate the good risk from the bad (Mersland R. et Oystein Strom R. 2007). Hypothesis 4. Board diversification and the presence of women and minority will lead to a better performance of MFI. Another principle of effective bank supervision is effective internal audit. Internal audit helps to identify problem areas and to avoid major collapse. The internal board auditor provides independent, objective assessments on the appropriateness of the organizations internal governance structure and the operating effectiveness of specific governance activities. Reporting of all internal audit reports in an accurate and timely manner is essential for evaluation of the institutions status and need for any change in strategy. Policy papers for MFIs stress the importance of internal audit and recommend that the internal auditor reports directly to the MFI board (Steinwand, 2000). Hypothesis 5. MFI allowing their internal auditors to report directly to the board should show higher financial performance. 4.2. External Governance Mechanisms The external governance mechanism can be implemented as a result of the failure or the weakness of internal governance mechanisms. In the microfinance industry donors and creditors are increasingly relying on information from audited financial statement and rating agencies (Hartarska, 2005). These external governance mechanisms are an important mechanism that provides depositors, creditors and shareholders with credible assurances that they will refrain from fraudulent activities. In other words it reduces informational asymmetries between the different stakeholders and the firm (Healy Palepu, 2001). Audited financial statements are an important tool for the assessment of MFIs by regulators and capital markets. They form an important part of the effective corporate governance. The auditors role is to provide a disinterested an objective view of the financial statements of the MFI in the line with generally accepted accounting standards. It is a mean to ensure potential investors and donors that an MFI complies with the accounting practices and managers do not misrepresent financial information. Hypothesis 6. MFIs with financial statement audited achieve better performance than MFIs without financial statement audited. According to Hartarska (2005), in the absence of developed equity and debt market, donors and investors rely on independent evaluation of MFIs performance. A MFIs rating reflects a rating agencys opinion of entitys overall creditworthiness and its capacity to satisfy its financial obligations. The raters evaluate objectively and independently the corporate governance in MFI and rank it on a relative rating scale that would facilitate comparison. Unlike typical rating agencies that rate the riskiness of issued debt, microfinance rating agencies rate the overall performance of the MFI in terms of outreach and sustainability. Hypothesis 7. Rating helps MFIs to achieve better results Many MFIs around the world operating as NGOs have increased their assets, reorganized, and transformed into regulated entities that can capture savings deposits. A regulated MFI has more chance to earn customer trust, and by the way to have a higher financial performance. Hence, regulation is crucial for microfinance sector development since it affect MFI performance by changing the internal rule of the organization. It implies the access to an important and low-cost funding source through the right to mobilise savings. Due to this effect, the MFI win the opportunity to increase the number of clients, but also to increase average loan amounts for existing borrowers. Moreover, if demands to fulfill regulatory requirements divert attention away from serving the poor, and hold back innovation in lending technology that has been the driving force behind MFIsability to serve even poorer borrowers, regulatory involvement will lead to mission-drift (Hartarska, 2007). Therefore, the effects upon depth and breadth in outreach may be uncertain as well, either upon depth or breadth, or a combination of the two (Mersland R. Oystein Strom R. 2007). Hypothesis 8. Regulation may guide the MFIs to fulfill better sustainability, but not to achieve better outreach. 5. Data and methodological issues Data for this study are issued from various sources. The major part comes from a survey conducted by the author in 2006 in order to test the efficiency of microfinance institution in Mediterranean (Ben Soltane, 2008). The performance variables and some governance variables are also obtained from the annual financial reports of the microfinance institutions collected from Microfinance Information Exchange (MIX); a non governmental organization whose object is to promote the exchange of information on the microfinance sector around the world  [4]  . All these information are updated and completed by a questionnaire dealing fundamentally with detailed question on governance addressed to the MFIs in the region. The response rate was 58% with 40 institutions. A special questionnaire was also addressed to the Mediterranean microfinance institutions that dont figure in the MIX MARKET data base. The response rate for these MFIs was weak and near 20%, with four institutions. Due to missed data, only two institutions are taken into account. The final sample comprises 42 institutions working in 20 countries. Our sample is quite representative of the Mediterranean microfinance industry as well as of the governance mechanisms and the performance of MFIs in the region. Following Hartarska (2005) works, our empirical model used to test the hypothesis include five major potential groups of determinants and is on the form: Where is a performance variable for MFI i in country j at time t; are MFI specific variables; are management specific variables; are board-specific variables, are external governance mechanisms; and are the country-specific macroeconomic variables. It is crucial to mention at this level that our choice of a single-equation model is supported by the hypothesis that various governance mechanisms are endogenously determined is not always supported by empirical evidence  [5]  . Since MFIs are special institutions having a dual mission, their performance is measured in terms of outreach and sustainability. Outreach is measured in breath and depth. Breach of outreach (NAB) is the logarithm of active borrowers, depth of outreach (DEPTH  [6]  ), is the average loan size on GDP per capita. Sustainability is measured by return on assets (ROA) which is a standard finance literature measure of performance, and by operational self-sufficiency (OSS). This variable measures how well the MFI can cover its costs through operating revenues. Table 1. Definitions of dependent variables used in analyses Variable Explanation Social Performance: Outreach NAB Logarithm of the number of current borrowers DEPTH The average loan size on GDP per capita Financial Performance: Sustainability ROA Return On Assets OSS Operational Self-Sufficiency MFI specific variables () are MFI size measured by the logarithm of total assets, MFI age measured in years sine commencement, and MFI type measured by three dummies (NGO, Nonbank Financial Institution, and bank). Since further studies (Navagas, Conning, Gonzalez-vega, 2003) show that the type of lending methodology used influences the success of these organization, our study include a variable Individual which is a dummy that takes the value of one if the MFI used individual lending technology. Variables built-in are Fixed-wage, which is a dummy for pay not based on performance, Experience is used to proxy for a mangers quality and is measured by the years of work experience. The board-specific variables contains Board-size, measured by the number of board members; Employees measured as the proportion of MFI employees who are voting board members; Independent measured as the proportion of non-affiliated board members; Women measured as the proportion of women in the board; Internal Board Auditor is a dummy variable that takes the value of one if there was an internal auditor with direct access to the board. The variables included in are Regulation, which is a dummy that takes the value of one if the MFI was supervised by the central bank or other bank supervisory agency; Rated is a variable that indicates whether the MFI was subject to independent evaluation or rating by an outside organization; Audited is a dummy that take also the value of one if there was an audited financial statement in the year t-1. Since MFI are issued from north and south of the Mediterranean, the dissimilarity in economic conditions across countries are controlled by the size of the economy (Economy size), measured by the logarithm of a countrys GDP, and by the average inflation rate (Inflation), measured by the average consumer price index. These variables are issued from the World Bank Development Indicators. We wanted also to build a variable that take account of the institutional differences between countries but we did not find an adequate measure. Table 2. Definitions of independent variables used in analyses Variable Explanation Fixed-wage<

Hero in Ernest Hemingways The Sun Also Rises :: Hemingway Sun Also Rises Essays

The Hero in The Sun Also Rises      Ã‚  Ã‚  Ã‚     Prevalent among many of Ernest Hemingway's novels is the concept popularly known as the "Hemingway hero", or â€Å"code hero†, an ideal character readily accepted by American readers as a "man's man". In The Sun Also Rises, four different men are compared and contrasted as they engage in some form of relationship with Lady Brett Ashley, a near-nymphomaniac Englishwoman who indulges in her passion for sex and control. Brett plans to marry her fiancà ©e for superficial reasons, completely ruins one man emotionally and spiritually, separates from another to preserve the idea of their short-lived affair and to avoid self-destruction, and denies and disgraces the only man whom she loves most dearly. All her relationships occur in a period of months, as Brett either accepts or rejects certain values or traits of each man. Brett, as a dynamic and self-controlled woman, and her four love interests help demonstrate Hemingway's standard definition of a man and/or m asculinity. Each man Brett has a relationship with in the novel possesses distinct qualities that enable Hemingway to explore what it is to truly be a man. The Hemingway man thus presented is a man of action, of self-discipline and self-reliance, and of strength and courage to confront all weaknesses, fears, failures, and even death.      Ã‚  Ã‚   Jake Barnes, as the narrator and supposed hero of the novel, fell in love with Brett some years ago and is still powerfully and uncontrollably in love with her. However, Jake is unfortunately a casualty of the war, having been emasculated in a freak accident. Still adjusting to his impotence at the beginning of the novel, Jake has lost all power and desire to have sex. Because of this, Jake and Brett cannot be lovers and all attempts at a relationship that is sexually fulfilling are simply futile. Brett is a passionate, lustful woman who is driven by the most intimate and loving act two may share, something that Jake just cannot provide her with. Jake's emasculation only puts the two in a grandly ironic situation. Brett is an extremely passionate woman but is denied the first man she feels true love and admiration for. Jake has loved Brett for years and cannot have her because of his inability to have sex. It is obvious that their love is mutual when Jake tries to kiss B rett in their cab ride home: "'You mustn't.