Theories of Crime | Introduction

Hypotheses of Crime | Introduction There are numerous speculations of wrongdoing which fit into four distinct models each clarifying wrongdoing through shifted approaches, in this paper I will examine the most vulnerable of these hypothetical clarifications of wrongdoing and the most grounded. The most fragile hypothesis of wrongdoing is Biological Positivism which is a piece of the Predestined Actor Model which is a positivist model clarifying criminal conduct dependent on logical factors past a people control. Natural positivism has been vigorously censured by numerous criminologists because of their clarifications that the inner elements of an individual is the thing that causes wrongdoing, this will be investigated further and demonstrated to be the most fragile hypothesis all through the exposition. The most grounded hypothesis of wrongdoing is Left Realism, which is an incorporated clarification. This hypothesis considers components of different methodologies and understands that there are various reasons for wr ongdoing in this way making it one of the most grounded hypothetical clarifications, this will be expounded on in the body of the exposition and will be additionally demonstrated why it is the most grounded of the considerable number of speculations. All through the exposition I will address the primary concerns, the key masterminds, their clarifications of wrongdoing and why it was picked for every hypothesis, which will at that point finish up on the side of my case of the most vulnerable and most grounded speculations. Lombroso was the establishing father of natural positivism and his hypothesis proposed that individuals were brought into the world crook; this clarification was impact by Darwins chip away at advancement and atavism. Despite the fact that he was a natural positivist his work bit by bit turned towards ecological factors accordingly recommending that organic factors as the reason for culpability was insufficient of a clarification and destitution for instance additionally got powerful. Lombroso was keen on criminal conduct and ordered lawbreakers as conceived crooks, crazy hoodlums, infrequent lawbreakers and hoodlums of interests. He put things in place for all positivist work and other natural positivists put together their work with respect to Lombrosos discoveries. Anyway Lombrosos work has been reprimanded, as it utilized obsolete procedure which was extremely fundamental in this way he couldn't make any significant ends. Besides he didn't think about female guilty parties, any c riminal demonstrations which were completed by ladies he dismissed and expressed that the men were answerable for the female contribution, along these lines ailing in legitimacy (Burke, 2009). Matza in 1964 proceeded to state that a criminal is a particular kind of individual, that is distinctive to those that are not lawbreakers and that wrongdoing happens because of elements outside of their control. Nonetheless, this at that point disregards the perspective that people have choice to carry out violations along these lines contradicting hypotheses in the judicious entertainer model like Classical hypothesis, which expresses that individuals decide to perpetrate wrongdoings. There are numerous speculations in organic positivism which all express that people are constrained to carry out wrongdoing as it is a piece of their natural make-up, for example, physical elements, hypotheses identified with the body, chromosomal peculiarities, and so forth anyway these have be criticised as you will see underneath. Physical sort hypotheses were the first to come out and this depended on the possibility that crooks stand apart dependent on of their appearance. Lombroso researched on atavism as referenced over, that crooks are brought into the world lawbreaker and give indications of criminal returns for instance long ears and slanting temples. Therefore, individuals estimated that those with physical atavistic attributes were lawbreakers and utilized it as a counteraction strategy. Anyway this solitary identified with a limited quantity of lawbreakers and in this way isn't truly dependable and numerous with these qualities could be wrongly blamed for guiltiness. In todays society Lombrosos work is viewed as obsolete and defamed because of the hypothesis that a people physical appearance improves the probability of them being a crook, this is viewed as ludicrous and good for nothing, subsequently saw as a powerless hypothesis. Phrenology, which is the investigation of skulls was likewise used to clarify wrongdoing, Gall expressed that by taking a gander at the shape and bums of a skull can demonstrate a people character and indicated that the region over the correct ear decides how fierce that individual is. This hypothesis has been reprimanded gigantically alongside physiognomy, which tells a people character through facial highlighted, because of its absence of validity. There isn't sufficient considerable proof to demonstrate this hypothesis among an immense populace since individuals will be people with an individual natural make-up (Maguire, 1997). Sheldon has accomplished some comparative work on connecting body shape to conduct, (his hypothesis of somatypes) and distinguished three types of body types which identify with specific characters. He built up that culpable conduct and wrongdoing is connected with mesomorphs, who are strong and athletic with a forceful character. Anyway it doesn't consider that these sorts of individuals might be focused by the police more than the other two body types accordingly is supporting his hypothesis as those athletic assembled people are getting captured, where as other body types are definitely not. These physical speculations are feeble as they are disregarding various parts of the communication between the physical attributes of the individual and their social conditions. (Burke, 2009:74) People from poor families and zones may have a terrible eating routine in this manner making them be little, while youngsters maintaining manual sources of income are bound to be strong. These individu als are over-spoken to with crooks, which could be clarified by socio-societies not through organic variables (Burke, 2009). Moreover, to help the explanation that natural positivism is a frail hypothesis, Sheldons work was follow up by a Cambridge Study in Delinquent Development and discovered there was no physical contrast among guilty parties and non wrongdoers, in this manner recommending there is no unwavering quality because of the irregularity. Further reactions of this hypothesis depend on its approach, as the example of guilty parties and non wrongdoers are not agent to society as referenced above it doesn't represent the individuals who don't get captured, it disregarded the filtering procedure in the criminal equity framework. It additionally dismisses collaboration with the earth, as those people with physical marks of shame may fight back against their social condition and names given to them in this manner satisfying the hope prompting an unavoidable outcome (Taylor, Walton, Young, 1973). Chromosomal Anomalies is another class of natural hypothesis criminologists have used to clarify wrongdoing, it takes a gander at the connection between unusual chromosomes and criminal conduct. An ordinary female supplement is XX and male is XY, an irregular supplement is when there are chromosomes missing or there are an excessive number of for instance the XYY. Earthy colored in 1962 found that those with sex chromosome irregularities had higher paces of misconduct than his different patients. Casey et al (1966) followed on from his work and did the main significant investigations at a safe medical clinic and discovered supporting outcomes for men with an additional Y chromosome just as them being taller and having low insight (Taylor, Walton, Young, 1973). The impediments for this hypothesis are like that of the body type class, for instance those with an additional Y chromosome might be taller and very much constructed in this manner focused on and rewarded harsher by specialists of the criminal equity framework like the police and judges. Further constraints which makes this hypothesis the most vulnerable, is that there are numerous people that are typical and don't carry on criminally in the public arena that have additional chromosomes, accordingly proposing that others factors must be included. What's more this hypothesis additionally disregarded the way that those youngsters with an additional Y chromosome originated from a regular workers foundation, along these lines the reason for culpability could be because of their misuse from the decision class not due to chromosomes. Marxist hypothesis would concur that the reason for guiltiness was a consequence of entrepreneur society and not chromosomes that are not recognizable and in capable to anticipate criminal conduct. Natural positivists likewise clarified guiltiness as hereditarily acquired; they recommended that a criminal quality can be gone on through the family simply like physical attributes. To test this hypothesis they utilized three wellsprings of information, investigations of criminal families, investigations of twins and investigations of received people. Every one of the three sources guaranteed that criminal conduct was acquired as opposed to natural, anyway family contemplates didn't considered the impact of a missing guardian loaning to guiltiness. In twin investigations they couldn't recognize whether guiltiness was impacted more by ecological or organic factors anyway mentioned that natural hypothesis all alone to clarify wrongdoing isn't sufficient, along these lines is a feeble hypothesis to put together criminal clarifications with respect to. This was likewise repeated in reception contemplates stressing that natural elements assume a job and add to the dependability of the h ypothesis, hence demonstrating the shortcomings of the organic hypothesis when it is utilized to clarify wrongdoing all alone (Wiley, 1996). There are numerous shortcomings in the classes inside organic hypothesis, from the strategies utilized by criminologists to their inadequacies in overlooking certain perspectives including the three information sources that clarified acquired criminal attributes. The fundamental restrictions in natural positivism happen all through all the classes even biochemical clarifications, for example, hormone irregular characteristics and substance misuse which has not been examined in detail. The explanation this hypothesis was picked as the most vulnerable is because of it numerous constraints; criminologist to a great extent dishonor this methodology as it is these days seen as obsolete and not important, in this manner there are many better clarification to wrongdoing that can be demonstrated. Natural hypothesis just glances at culpability from one methodology which is viewed as an exceptionally over decided perspective on human activities a

Marijuana Should Be Legal Essays - Medicinal Plants, Entheogens

Pot Should Be Legal Seven Leaves Arent Bad: Pot Should Be Legal Theory: Should maryjane be legitimized and would it be able to be utilized in positive manners? In 1937, the Marijuana Tax Stamp Act disallowed the utilization, deal, and development of hemp/cannabis in the United States. Pot is a medication that is exceptionally utilized all through the world. It originates from the cannabis plant. THC which represents delta-9-tetrahydrocannabinol is the major psychoactive fixing. More than sixty 5,000,000 Americans today use maryjane. Today it is much more grounded than how it used to be during the 1970s in view of cautious development. It very well may be smoked tossed a funnel, joint, or it can even be utilized as a fixing in food. Despite the fact that the impact it has as a fixing isnt as solid as it would be on the off chance that you smoked it. Everything relies upon to what extent the individual smoking it holds in it their lungs. The more you hold it in the more the medication gets into your circulatory system. Pot isn't only a medication t o be utilized as to get high with. It is a medication that necessities to get legitimate so it can help mend individuals with specific illnesses and it very well may be valuable for modern reasons too. There are various sentiments an individual can have when you use cannabis. In low to direct portions, cannabis regularly makes a gentle feeling of happiness, a feeling of eased back time, a fantastic kind of self-retention, and some debilitation in intuition and imparting (Hales 491). Typically the feeling of being high occurs inside thirty minutes and as a rule keeps going around three Aizkalns 2 hours. Here and there when somebody is new at smoking maryjane they can encounter an uneasiness assault. The quick physical impacts of cannabis incorporate expanded heartbeat rate, ragged looking eyes, dry mouth and throat, eased back response times, disabled engine abilities, increment craving, and decreased momentary memory (Hales 492). A portion of these impacts can help somebody as mind boggling as it appears. On the off chance that pot is more unsafe to society than the laws, at that point the laws ought to be held. On the off chance that the laws are more destructive than the substance, the laws ought to be changed (Rosenthal 1). Pot can diminish languishing over certain diseases out there today. A disease persistent by the name of Richard Brookhiser reacted to the dispute that pot has not permitted the essential testing. He likewise dismissed the contention that permitting debilitated individuals to utilize the medication would urge individuals to utilize take the medication. In November 1996, the voters of California and Arizona make it lawful to utilize weed as a medication. The Clinton organization said these activities were excessively ill-advised. Be that as it may, for me, they came in an inappropriate states and four years past the point of no return. In 1992, my primary care physician in New York revealed to me that I had metastasized testicular malignancy, which required chemotherapy. To manage the subsequent queasiness, I took legitimate antiemetic drugs, however sooner or later they didnt work. At that point, I went to pot (qtd. In Bender 149). Brookhiser had utilized pot to assist him with having desires for food. At the point when somebody goes tossed chemotherapy you lose your Aizkalns 3 craving and you are truly disgusted. Cannabis can build your hunger and assist you with needing to eat your food. Malignant growth patients are not by any means the only wiped out individuals who get help from smoking pot. It has a wide assortment of restorative applications, and is much of the time valuable in treating numerous conditions. Some are individuals who have the AIDS infection, it can assist them with lessening the queasiness, heaving, and loss of hunger brought about by the infirmity itself and by treatment with AZT and different meds. It can help individuals with Asthma. A few examinations have demonstrated that THC responds as a bronchodilator and inverts bronchial narrowing. Albeit ordinary bronchodilators work quicker, THC has been appeared to last more and with extensive less hazard (Rosenthal 68). New proof has demonstrated that maryjane is an immune system modulator in joint pain and other immune system infections. Weed can reduce the crippling, incessant agony brought about by heap issue and wounds. Cannabis has been appeared to help delicately and normally for individuals w ith gloom and other mind-set issue. Conversely, regular stimulant medications like lithium, tricyclics, and MAO inhibitors have genuine wellbeing dangers and reactions (Rosenthal 68). Maryjane is utilized to

I Read Over 100 Books in 2019. Heres Why I Wont in 2020.

I Read Over 100 Books in 2019. Heres Why I Wont in 2020. In 2019 I read over 100 books. A personal record. A record I’ve never come close to before. This happened for a lot of reasons. One I wrote about last year, giving myself permission to read what I want. In college, I was an English major, spending hours reading assigned texts. Many good ones, but not many I would have sought out on my own. Now, as an English teacher, I spend many more hours reading “assigned” words as well. From student essays to emails to articles on pedagogy and research for lesson plans, all of it necessary and none of it chosen.   It felt like what I “should” be reading. It was challenging stuff and definitely “worth” my time. This reading made me grow as a professional. It was a way for me to help students. It helped me stay aware of the goings on in my school and county. My mind was challenged. All of this reading “produced” something. It was for work, for school, for my students. Subsequently, the last thing I wanted to do when I went home was read more, for pleasure or not. So in 2019 I put a stop to all the should reading and started instead reading not to produce. Turns out, I don’t have to be constantly producing for my reading time to be worthwhile. I read love stories and adventure stories. I read fantastical stories and true stories. I read about how to help myself and how to help kids read. I read seminal texts and books with pictures and books with Valkyries. Plus, most of these I read with my ears, through Libby. Giving myself permission for my reading to not have to be productive (although let’s be real, all reading is beneficial) turned out to be my most impressive statistical year, even though I didn’t plan or work for it.   I did, however, read instead of doing a lot of other things. I didn’t watch much TV or hike as much as I did in previous years. I didn’t listen to podcasts or go to movies. I missed out on truly relaxing because I read. While I gave myself permission to read any and everything I wanted, I didn’t let go that puritanical inner push to be doing, doing, doing. Sure, I was reading for pleasure, but if I read just one more book this weekend then I’ll have finished two in two days and isn’t that cool Twitter? Instagram, look at what I did! Form an orderly line to offer me back pats.   Do I feel awesome about what I’ve accomplished? Absolutely.   Do I want to keep up this pace and keep saying no to other things in my life? Ehh, not any more.   I want to watch good TV shows and spend time moving my body. I want to write more and meet new people. I want to spend more time walking my grumpy dog and taking bird watching classes. I want to listen to music again. I certainly want to keep reading, but I want more, too. More rest. More chill. And if that means less titles on my Goodreads and less bragging rights, that’s perfectly fine. It’ll mean less stress, too. Because in 2020, saying no to reading will mean saying yes to stories in different forms. I’ll finally catch up on all those shows I’ve added to my watch list. I’ll listen with my full attention to my students. I’ll learn from others in person in classes at my local park. With any luck, I’ll make some new stories for myself in this new year instead of only reading them.

Literature Review - Organisational Change - 2981 Words

PART A CHANGE is unavoidable in order to remain competitive in today’s fast-paced market environment. Management guru, Tom Peters puts it that ‘change or die’ has been the bottom line for countless firms (Jick Peiperl, 2011). Change can be large or small, evolutionary or revolutionary, sought after or resisted (Hayes, 2010) and is a general feature of organisational life, both at an operational and strategic level (Todnem, 2005). Burnes (1992) expressed that ‘change management is not a distinct discipline but rather, the theory and practice of change management draws on a number of social science disciplines and traditions’ (Kitchen Daly, 2002). It is also defined as ‘the process of continually renewing an organization’s†¦show more content†¦Organisation structure can vary along a number of dimensions in the form of bureaucratic, functional, matrix or network structure. The choice of structure is influenced by an organisationâ⠂¬â„¢s strategy, its size and the technology used. As an organisation changes its strategy to respond to PEST factors in its external environment, so should its structure change to maintain the strategy-structure relationship (Senior, 2002). To allow organisational survival, organisations tend to favour flatter and more flexible ways of working compared to hierarchical organisational forms and bureaucratic control systems which can be a hindrance to change (Collier Esteban, 2000). The drivers of change are the primary determining factor of the type of change an organisation is to lead – developmental, transitional or transformational, presented in Appendix 5 (Dick Peiperl, 2011). Development change is an improvement in an organisation’s existing way of operating to ensure efficient business (Anderson Anderson, 2010) It happens when firms continually scan their internal and external environments while avoiding radical, infrequent scale change (Gilley et. al 2009) to increase competitive advantage. 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Lasting Effects Of The Great Depression Essay - 1627 Words

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Chesapeake Energy Corporation Free Essays

string(31) " gas holdings and reduce risk\." Chesapeake Energy Corporation (NYSE: CHK), headquartered in Oklahoma City, Oklahoma, â€Å"owns 1.1 trillion cubic feet equivalent (tcfe) of proved oil and gas reserves, one of the largest inventories of onshore U.S. We will write a custom essay sample on Chesapeake Energy Corporation or any similar topic only for you Order Now natural gas† {Chesapeake Annual Report, 1998, p. 1}. Recently, Chesapeake finished the transformation from an aggressive exploration company focused on developing short-reserve life, to a lower-risk, longer reserve life natural gas producer. Chesapeake†s operations are focused on â€Å"developmental drilling and producing property acquisitions.† These operations are â€Å"concentrated in three major areas: the Mid-continent, the onshore Gulf of Mexico and far northeastern British Columbia, Canada† [Chesapeake Annual Report, 1998, p. 1]. Aubrey K. McClendon is Chesapeake†s Chairman of the Board, Chief Executive Officer and Director. Tom L. Ward is the President, Chief Operating Officer and Director. â€Å"McClendon met cofounder Tom Ward in the 1980†³s. Both were independent oil producers; they teamed up in 1983† [Morgenson, p. 2]. They each have more than 16 years of experience in the oil and natural gas industry. All other members of the management team have multiple years of experience in the industry. Chesapeake has concentrated on expanding its holdings in natural gas since the company†s incorporation in 1989. Chesapeake thinks that natural gas will be the fuel choice of the 21st century. The company has been highly competitive in both its exploration activities and efforts to increase its inventory of undeveloped leasehold land. This combination should enable Chesapeake to remain a competitive force in the energy producing industry. New technology in the oil and gas industry has made exploration and production more profitable. This is key for the survival of American businesses that compete with OPEC and other foreign cartels that have very low production costs. New technology, including three-dimensional imaging, which has greater resolution than the previously existing technology, will enable Chesapeake to detect reserves more accurately. Also, horizontal drilling has enabled companies to drain more than one reserve at a time. With profits continuing to be squeezed within this industry, new technology is necessary to help American businesses compete on a global scale. The oil and gas industry is truly a global market. The industry boosted gains in 1999 from increased production efficiency and a decrease in the current supply. U.S. firms, along with OPEC, have voluntarily reduced their total production, which has increased the price. OPEC currently supplies approximately 40% of the world oil production. If OPEC chooses to produce at a lower output, Chesapeake could easily increase production with its low production costs and huge reserves. Many other nations are emerging as competitors, such as the former Soviet Union and Latin American countries. The continuing increase in supply from other nations would potentially saturate the market, causing lower prices and lower profits. Demand is expected to rise only slightly more than two percent through the year 2005. The outlook for this industry is for increased competition domestically (from smaller companies) and internationally from emerging nations. The U.S. has superior technology, which will help keep profits up as supply increases and demand remains relatively constant. Natural gas makes up 72% of Chesapeake†s revenue. They usually sell the product to third parties and are not dependent on any one buyer. Less than 10% of their revenues are generated from two buyers. Governmental Regulations – Operational and Labor Relations The oil and gas industries are subject to considerable government regulation. These laws and regulations are primarily directed toward â€Å"the handling and disposal of drilling and production waste products and waste created by water and air pollution control devices† [Chesapeake 10-K, 1998, p. 10]. The oil and gas industry is accountable to numerous government agencies, including the Environmental Protection Agency, the Department of the Interior, the Department of Energy, the State Department and the Department of Commerce. Virtually every aspect of operations is subject to complex and ever changing regulations. The oil and gas industry is tightly regulated in regard to labor relations by government department and agencies, including the Occupational Safety and Health Association (OSHA) and the National Labor Relations Board (NLRB). Some states have their own state sponsored occupational safety plans, while the remainder must comply with federal OSHA regulations. Some of the topics covered under OSHA include personal protective equipment, hazardous communication (HAZCOM) and safety process training. Chesapeake had 453 employees as of March 15, 1999. None of these employees were represented by organized labor unions. The company considers its employee relations to be good [Chesapeake 10-K, 1998, p. 13]. Unocal (NYSE: UCL) employed 7,880 people as of December 31, 1998, of which 575 were represented by various U.S. labor unions [Unocal 10-K, 1998, p. 12]. Both companies are subject to new laws and regulations regarding the environment and labor. Chesapeake and Unocal cannot predict what adverse financial conditions the new laws and regulations will bring. However, short-term and long-term costs will increase as companies improve existing operations to become and remain compliant with government regulations. As a result, all companies in petro-chemical industries are experiencing tremendous difficulty operating profitable businesses. Several businesses have ceased operations as a result of increased regulation coupled with poor profit margins. Chesapeake is at a higher risk regarding this scenario since most of its operations are domestic. Unocal, although a U.S. based company, operations are concentrated primarily overseas, and therefore experience increased leniency regarding environmental and labor regulations. During the last two years, Chesapeake Corporation took a significant hit in terms of earnings, stock price and credit ratings. Positive 1996 earnings turned to a loss in 1997 and tumbled to a bigger loss of $10 per share in 1998. This earnings decline caused the stock price and credit rating to plummet. The company also faces a class action lawsuit stemming from alleged violations of federal securities laws. Top management and directors are accused of using insider information to sell personal holdings in the company at artificially inflated prices. Chesapeake had very disappointing years in 1997 and 1998 as evidenced by the fall in the stock price. The company underwent a substantial repositioning to increase natural gas holdings and reduce risk. You read "Chesapeake Energy Corporation" in category "Essay examples" As a result of this repositioning, Chesapeake incurred considerable debt and is dependent on the market prices of oil and natural gas to increase, and in effect, improve profit margins. Additionally, in 1997, Chesapeake changed their fiscal year end from June 30th to December 31st. As part of the repositioning, Chesapeake increased long term debt over $400 million to a total of $920 million, coupled with a short-term indebtedness of $25 million. This increased borrowing drastically reduced the company†s ability to obtain additional financing. Standard Poor†s and Moody†s placed Chesapeake on review with a negative outlook. The ability to meet obligations for this additional debt will depend on the production and financial performance of the company, market prices of oil and natural gas, and general economic conditions. Common Size Income Statement Analysis Chesapeake had an extremely large write-down of assets (impairment) as a result of reduced oil and gas prices during the past few years. This charge increased operating costs by over $1.2 billion during 1997-98 with 72% of that cost coming in 1998. The asset write-down, combined with expense increases in production, marketing and interest, were the main contributors of total operating costs to be over three times total revenue. The result was 1998 EBIT of ($920) million, and a non-existent ROE, since the company had a net loss approaching $1 billion. Unocal†s ROE was 5.9% in 1998 and 25.1% in 1997. The impairment cost reported by Chesapeake is questionable because of the very large amount that was charged. In perspective, Unocal with over $5 billion in property assets recorded an impairment charge of $97 million during 1998. If oil and gas prices rise in the near future, the impairment costs may be reversed giving the impression that the company is doing very well. Future investors of Chesapeake equities should consider this fact prior to making any investment decisions. Chesapeake had a $140 million reduction to both sides of the balance sheet. The repositioning of the firm focused on increasing inventory of natural gas reserves, â€Å"the fuel of choice for the 21st century† [1998 Annual Report, pg. 18]. Oil and gas properties nearly doubled from 1997 to 1998, totaling $2.2 billion. However, nearly $1.6 billion was depreciated, depleted and amortized. Additionally, cash decreased nearly $100 million, short-term investments were liquidated, and paid-in capital exceeded $1.1 billion over the past two years to provide additional cash for purchases of gas reserves. As a result, total property, plant and equipment was 85% of total assets in 1998 compared to 77% in 1997. In comparison, Unocal†s PPE was 66% and 64% of total assets respectively. Long-term debt increased over $400 million in 1998, totaling $920 million compared to $510 million in 1997. The $920 million was 113% in relation to total liabilities and owners equity of $813 million. In 1998, current liabilities were $131 million compared to current assets of $118 million. This resulted in a reduced current ratio of .90 from a 1997 ratio of 1.42. The Unocal current ratios during 1998 and 1997 were 1.01 and 1.29 respectively. Chesapeake has relied primarily on cash flow through financing activities during the past few years. Cash flow from operations was approximately $95 million in 1998 and $180 million in 1997, while cash flow from financing was $365 million and $278 million respectively. Sales accounted for $378 million in 1998 and appear to be rising approximately 35% annually from 1996 and 1997. However, an accurate comparison is unavailable because of the change in the company†s fiscal year end. Low oil and gas prices forced Chesapeake to borrow, sell equity, and liquidate short-term investments in order to continue operations and invest in oil and gas properties. The company is dependent on the rise of prices during 1999 to continue operations and provide shareholder wealth. The company has several restrictions from being able to borrow additional funds. Additionally, the price of stock has dropped from a high of $34 in 1996 to a low of $.63 in 1998. This has further reduced the company†s ability to generate cash. The current ratios for Chesapeake Energy are as follows: 1.00 (June 96), 2.03 (June 97), 1.42 (December 97), and .90 (December 98). Current liabilities remained constant over this period, ranging from a high of 19% (June 96) to a low of 15% (June 97), with the current level at 16% of total assets. Extreme levels of change in current assets caused the current ratio to fluctuate drastically. Current assets declined from a high of $297 million (31% of total assets) to a current low of $117 million (15% of total assets). This decline in current assets caused the deterioration of the current ratio. The acid test ratios are as follows: .94 (June 96), 2.00 (June 97), 1.37 (December 97), and .81 (December 98). As previously mentioned, current liabilities remained constant. Net accounts receivable remained flat as a percentage of total assets: 9% in 1996, 7% in 1997 (Both June December), and 9% in 1998. Marketable securities were sold off during the past three years, decreasing from 11% ($104 million) of total assets to zero. Cash decreased from 13% ($124 million) of total assets in 1997 (both June December) to 4% in 1998. The combination of severe decreases in both cash and marketable securities are the reasons that the acid test ratio decreased so dramatically. The quick ratios are as follows: .96 (June 96), 2.00 (June 97), 1.38 (December 97), and .86 (December 98). As mentioned previously, current liabilities remained constant and current assets declined. As with the current ratio, the main reason for the deterioration of the quick ratio is the continued loss of current assets. The above ratios and the reasons for their poor trends indicate Chesapeake is currently in a liquidity crisis. This, in combination with the increased debt liabilities, is an extreme warning to both investors and management. This condition also adds to the suspicion that assets are being sold off to fund current debt obligations. The firm†s ability to meet its obligations with cash, as they come due, is approximated by the cash flow liquidity ratio. As previously mentioned, solvency improved and then deteriorated as indicated by the current and quick ratios. The trends are confirmed when looking at cash flow. From 1995 to 1997, Chesapeake†s cash flow liquidity improved from 1.47 to 1.8. 1997 to 1998 showed a large drop in liquidity from 1.8 to 0.95. The company†s financial statement data gives an indication as to why. From 1995 to 1997, short-term solvency improved from 1.47 to 1.8. When looking at the data, cash from operations rose from $55 million in 1995, to $139 million in 1997. The 1997 rise was due to a change in the accounting period. During this same period, cash on hand rose from $56 million to $123 million and marketable securities rose from zero to $13 million. While cash was increasing, current liabilities rose from $75 million to $153 million. Current liabilities doubled during this period, while cash flow increased 150%. The larger increase in cash flow, relative to short-term obligations, accounts for the improvement in solvency during the 1995 to 1997 period. During the 1997 and 1998 periods, liquidity deteriorated as shown by the decrease in the cash flow liquidity ratio from 1.8 to 0.95. The data indicates that cash from operations dropped approximately 32% to $95 million. When looking at the Cash Flow Statement, the large decrease in operating cash is mainly due to the large net loss incurred during the period. At the same time, cash dropped 76% to $30 million while marketable securities fell to zero. Much of the cash appears to have gone to fund the company†s payables and accrued liabilities. Current liabilities were reduced 15% to $131 million. The larger reduction in cash flow relative to current obligations accounts for the deterioration in short-term solvency. The cash flow data confirms that Chesapeake†s liquidity suffered severe deterioration. A reduction in current liabilities is a good sign, but the little amount of cash generated and being used to fund current obligations is not enough. Cash assets are being used to fund these obligations as well. In comparison to the industry debt ratio of .31, Chesapeake ended with a debt ratio of 1.31 in 1998 compared to .71 in 1997. The long-term debt to total capitalization ratio increased from .64 in 1997 to 1.37 in 1998, while the industry average was .44. The tremendous increase in debt was attributable to significantly lower oil and gas prices during the past three years, and a failed drilling venture known as the Louisiana Trend. The company was forced to liquidate assets and take on a substantial amount of debt to meet operational expenses and increase oil and gas field reserves. Chesapeake was added to the Standard Poor†s â€Å"CreditWatch with negative implications† [Yahoo Finance, Nov. 14, 1999] in December of 1998. The low price of fuel during fiscal years 1996 through 1998 was the primary reason for Chesapeake†s troubles. The debt incurred has covenants restricting the company from seeking additional debt and from paying dividends to preferred stock holders. Principal on a large portion of the outstanding debt is not due until 2004 allowing the company time to improve operations. This will also give fuel prices a chance to rise, which is determinant to the company†s survival. The industry average for times interest earned is 5.2, while Chesapeake†s operating profit was ($856) million. The ratio equated to well below zero in 1997 and 1998. In 1998, interest payments were more than $68 million. The financial leverage index could not be computed since there was not a return on equity. Chesapeake overextended their credit by substantially financing with debt and has jeopardized their ability to make obligated payments for their debt and fixed costs. How to cite Chesapeake Energy Corporation, Essay examples

Monetary policy

Introduction Monetary policies are macroeconomics regulations, enacted by central government of a state. They aim at controlling macroeconomic activities within an economy directly or indirectly; it involves control of supply and availability of money (Bofinger, Reischle and Schà ¤chter 17). In the United States of America, the power to use monetary policies is vested in Central Bank, the Bank of Canada and the Federal Reserve Bank; however, they should work as a team when making the policies. This paper discusses how monetary policies work.Advertising We will write a custom report sample on Monetary policy specifically for you for only $16.05 $11/page Learn More Basic objectives of monetary policies The main objective of monetary policies is to control the supply of money in an economy, which in turn affects other sectors of macroeconomics. The areas that the policies aim at affecting indirectly are: To attain low unemployment rates and increase the r ate at which an economy produces business and employment opportunities Lower the inflation rate and probably stabilize it Attain an improved and sustainable economic growth Attain and strength balance of external payments The cause and effect chain through which monetary policy is made effective To enact monetary policies, there are a number of tools adopted, they are: Open market operations: under this strategy, the government sells or buys securities (bonds and bills)in the financial markets, the aim of the approach is to control the rate of inflation Reserve requirements: Commercial banks are expected to keep some reserves with the central bank to get a license of operation; as a monetary policy, the government may decide to increase the reserve (contraction policy) or may reduce the reserve (expansion policy). Discount window lending: Central bank offers loan facilities to central banks at an interest; the interest can be increased or decreased depending with what the governme nt wants to attain. When increased, then the government wants to discourage lending in the economy thus curing inflation. When the rate has been reduced, then the government wants to motivate lending within the economy. Interest rates: The government may be involved in policies either directly or indirectly aimed at reducing or increasing interest rate within an economy( Bofinger, Reischle and Schà ¤chter 12) What are the major strengths of monetary policy? The strength of monetary policies is the ability to control the supply of money within an economy. The tools of the policy have direct impact on an economy’s money market. Through commercial banks, an economy supply of money can be controlled by either increasing/reducing the lending rate directly or indirectly. Alternatively, the policies are strengthened by investors’ character of speculation; investors are willing to spend more when they speculate that they will get higher interests; they are also likely to hol d their expenditure if they anticipate low gains. With this in mind, then the policies are made to create certain impressions that facilitate the attainment of their desired goal. What is going on with US’ monetary policy right now? The world is recovering from financial crisis that started in 2007; the United States has enacted expansionary monetary policies to facilitate its quick recovery. The United States Central Bank has made the lending rate in the economy favorable to attract domestic and foreign investments. The policy aims at increasing the flow of money in the economy; however, the central bank under the policy called â€Å"hands-off† approach, aims at controlling the quality of credit offered by commercial banks. The tools used in the policy are interest rate approach and discount window-lending approach (Adrian and Hyun,600-605).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Works Cited Adrian, Tobias, and Hyun Shin. â€Å"Money, Liquidity and Monetary Policy.† American Economic Review, Papers and Proceedings 99.2 (2009): 600†605. Print. Bofinger, Peter,   Reischle Julian, and Schà ¤chter Andrea. Monetary policy: goals, institutions, strategies, and instruments. Oxford: Oxford University Press, 2001. Print. This report on Monetary policy was written and submitted by user Lorelei Petty to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.