Emotional and Psychological Effects of Cancer

Writing 1010 Final Research Paper April 26, 2012 Emotional and Psychological Effects of Cancer Nearly 11,958,000 people were living with cancer in the U. S. in the year of 2008. (â€Å"Cancer Prevalence: How Many People Have Cancer? †). It is the second-leading cause of death in the United States. Cancer is â€Å"characterized by the development of abnormal cells that divide uncontrollably and have the ability to infiltrate and destroy normal body tissue. †(Mayo Clinic Staff) It is caused by a simple DNA mutation that causes the body to create a cancerous cell.It causes many physical complications including: pain, fatigue, difficult breathing, nausea, diarrhea, constipation, and difficult immune reactions known as paraneoplastic syndromes. The effects of cancer are not only physiological but also psychological and emotional. Cancer causes a number of psychological effects such as: stress, constant fatigue, depression, withdrawal, fear, and anger. When a patient is diagn osed with cancer, their reaction may vary depending on a number of factors such as the type and severity or stage of the cancer, and simply the patient’s personality.In most cases, patients first experience shock or denial once they have heard the harsh news. This is followed, a few days or weeks later, by sadness and depression. Later on they will experience withdrawal, uncontrollable fear of what is to come, anger, and guilt. (â€Å"Coping and Support. Emotional Effects of Cancer. †) Some patients feel they have become lost and isolated from the world. For when they are undergoing treatments, they may be physically isolated for periods of time and must wear protective gear to simply exit their sterile room. Permitting contact with anyone or anything that is not necessary for treatment.Dying of Breast Cancer in the 1800sThis is an incredibly emotional taxing time for the patients, for this is the time that contact with family, friends, and the outside world are import ant for a person’s emotional well-being. Extreme stress is always an effect on a patient, their family, and their friends due to the many complications outside of the patient’s physical complications. This includes job concerns, financial instability, and what will happen to the family if the patient passes away. (Julia Beirut) Because cancer has affected so many people around the globe, it has become easier to find ways to cope with cancer than ever before.Many websites, books, support groups, therapist specialties, and therapies have been created to help everyone affected by cancer to find coping skills that work best for them. Many people have suggested that patients and family members let out the bad feelings so that they may more fully enjoy the positive aspects of the situation. It is also important to stay connected with family, friend, and the community through social networks, visits, and participating in community activities such as yoga classes, swimming, bo ok clubs, and religious activities.It is also important to keep a positive attitude as much as possible without keeping the bad emotions balled up inside and pretending not to care. It is healthy to make peace with the unknown, or accepting that they do not know what will happen or if they will recover or not. This is said to be one of the hardest coping mechanisms, but also one of the most important. It is extremely important to seek professional care for psychological and emotional effects. Rarely can one deal with the pain and stress of cancer on their own and in their own way.Refusing to receive guidance from a professional therapist is like refusing to go skydiving for the first time with a professional skydiver. (National Bone Marrow Transplant Link) Joey Call is a survivor of stage 3 leukemia as of this year. He was diagnosed in the fall of 2010, at the age of 24. He was treated with chemotherapy and radiation frequently and felt the effects immediately. After starting treatm ent he noticed a change in his personality as well as his body. He explains,† I felt like I was in a fog for the first few months. Like my mind and emotions just turned themselves off.Then once I could really understand that I had cancer, I just exploded. I didn’t know how to handle it. It was too much to take in. I was like a baby. I cried for days! † Joey continues to explain that after the depression and denial, he started to become so stressed. â€Å"The doctor said that I won’t be able to have kids after the chemo. It made me even more scared and stressed out. How was my wife going to take this? I can’t even give her a family the normal way. We have to do ________ for the rest of our lives. That was the most stressful thing of the whole thing. † He and his wife also went through tough financial losses.Without Joey working and his wife still in college, they were struggling to pay their bills. When joey was younger, he was in prison. He wa s exposed to contaminated drug needles and other devices that had many diseases and viruses on them. He used his friend’s needle once, and that one harmless choice would later help give him not only leukemia, but also hepatitis B. Because of this one time action, he would later feel extreme guilt and regret, for he knew that that one â€Å"fix† was a huge factor into giving him great health problems later in life. â€Å"It was so not worth it,† he claims.Even though Joey is cancer free, he is still struggling with depression, fear or returning cancer, and extreme stress. (Joey Call) Even though cancer is extremely hard on the body, mind, and soul; happiness can be achieved. It may seem too difficult to handle, but many survive and go onto living happy and successful lives. With the help of professionals and the support of doctors, family, and friends, survival is possible. Works Cited Beirut, Julia. â€Å"Mental Effects of Breast Cancer. † [Online]http:// www. livestrong. com/article/78853-mental-effects-breast-cancer/ February 2,2010 Call, Joey.Interview. Salt Lake City, Utah: April 21, 2012. â€Å"Cancer Prevalence: How Many People Have Cancer? † [Online] http://www. cancer. org/Cancer/CancerBasics/cancer-prevalence October 10, 2011 â€Å"Coping and Support. Emotional Effects of Cancer. † [Online] http://www. leukemiabmtprogram. org/patients_and_family/coping_and_support/emot onal_effects_of_cancer/your_emotions. html 2011 Mayo Clinic Staff. â€Å"Cancer† [Online] http://www. mayoclinic. com/health/cancer/DS01076 May 8, 2010 National Bone Marrow Transplant Link. †Survivorship Guide for Bone Marrow/Stem Cell Transplant† [Online] Emotional and Psychological Effects of Cancer Writing 1010 Final Research Paper April 26, 2012 Emotional and Psychological Effects of Cancer Nearly 11,958,000 people were living with cancer in the U. S. in the year of 2008. (â€Å"Cancer Prevalence: How Many People Have Cancer? †). It is the second-leading cause of death in the United States. Cancer is â€Å"characterized by the development of abnormal cells that divide uncontrollably and have the ability to infiltrate and destroy normal body tissue. †(Mayo Clinic Staff) It is caused by a simple DNA mutation that causes the body to create a cancerous cell.It causes many physical complications including: pain, fatigue, difficult breathing, nausea, diarrhea, constipation, and difficult immune reactions known as paraneoplastic syndromes. The effects of cancer are not only physiological but also psychological and emotional. Cancer causes a number of psychological effects such as: stress, constant fatigue, depression, withdrawal, fear, and anger. When a patient is diagn osed with cancer, their reaction may vary depending on a number of factors such as the type and severity or stage of the cancer, and simply the patient’s personality.In most cases, patients first experience shock or denial once they have heard the harsh news. This is followed, a few days or weeks later, by sadness and depression. Later on they will experience withdrawal, uncontrollable fear of what is to come, anger, and guilt. (â€Å"Coping and Support. Emotional Effects of Cancer. †) Some patients feel they have become lost and isolated from the world. For when they are undergoing treatments, they may be physically isolated for periods of time and must wear protective gear to simply exit their sterile room. Permitting contact with anyone or anything that is not necessary for treatment.Dying of Breast Cancer in the 1800sThis is an incredibly emotional taxing time for the patients, for this is the time that contact with family, friends, and the outside world are import ant for a person’s emotional well-being. Extreme stress is always an effect on a patient, their family, and their friends due to the many complications outside of the patient’s physical complications. This includes job concerns, financial instability, and what will happen to the family if the patient passes away. (Julia Beirut) Because cancer has affected so many people around the globe, it has become easier to find ways to cope with cancer than ever before.Many websites, books, support groups, therapist specialties, and therapies have been created to help everyone affected by cancer to find coping skills that work best for them. Many people have suggested that patients and family members let out the bad feelings so that they may more fully enjoy the positive aspects of the situation. It is also important to stay connected with family, friend, and the community through social networks, visits, and participating in community activities such as yoga classes, swimming, bo ok clubs, and religious activities.It is also important to keep a positive attitude as much as possible without keeping the bad emotions balled up inside and pretending not to care. It is healthy to make peace with the unknown, or accepting that they do not know what will happen or if they will recover or not. This is said to be one of the hardest coping mechanisms, but also one of the most important. It is extremely important to seek professional care for psychological and emotional effects. Rarely can one deal with the pain and stress of cancer on their own and in their own way.Refusing to receive guidance from a professional therapist is like refusing to go skydiving for the first time with a professional skydiver. (National Bone Marrow Transplant Link) Joey Call is a survivor of stage 3 leukemia as of this year. He was diagnosed in the fall of 2010, at the age of 24. He was treated with chemotherapy and radiation frequently and felt the effects immediately. After starting treatm ent he noticed a change in his personality as well as his body. He explains,† I felt like I was in a fog for the first few months. Like my mind and emotions just turned themselves off.Then once I could really understand that I had cancer, I just exploded. I didn’t know how to handle it. It was too much to take in. I was like a baby. I cried for days! † Joey continues to explain that after the depression and denial, he started to become so stressed. â€Å"The doctor said that I won’t be able to have kids after the chemo. It made me even more scared and stressed out. How was my wife going to take this? I can’t even give her a family the normal way. We have to do ________ for the rest of our lives. That was the most stressful thing of the whole thing. † He and his wife also went through tough financial losses.Without Joey working and his wife still in college, they were struggling to pay their bills. When joey was younger, he was in prison. He wa s exposed to contaminated drug needles and other devices that had many diseases and viruses on them. He used his friend’s needle once, and that one harmless choice would later help give him not only leukemia, but also hepatitis B. Because of this one time action, he would later feel extreme guilt and regret, for he knew that that one â€Å"fix† was a huge factor into giving him great health problems later in life. â€Å"It was so not worth it,† he claims.Even though Joey is cancer free, he is still struggling with depression, fear or returning cancer, and extreme stress. (Joey Call) Even though cancer is extremely hard on the body, mind, and soul; happiness can be achieved. It may seem too difficult to handle, but many survive and go onto living happy and successful lives. With the help of professionals and the support of doctors, family, and friends, survival is possible. Works Cited Beirut, Julia. â€Å"Mental Effects of Breast Cancer. † [Online]http:// www. livestrong. com/article/78853-mental-effects-breast-cancer/ February 2,2010 Call, Joey.Interview. Salt Lake City, Utah: April 21, 2012. â€Å"Cancer Prevalence: How Many People Have Cancer? † [Online] http://www. cancer. org/Cancer/CancerBasics/cancer-prevalence October 10, 2011 â€Å"Coping and Support. Emotional Effects of Cancer. † [Online] http://www. leukemiabmtprogram. org/patients_and_family/coping_and_support/emot onal_effects_of_cancer/your_emotions. html 2011 Mayo Clinic Staff. â€Å"Cancer† [Online] http://www. mayoclinic. com/health/cancer/DS01076 May 8, 2010 National Bone Marrow Transplant Link. †Survivorship Guide for Bone Marrow/Stem Cell Transplant† [Online]

Great Gatsby, Detailed Analysis, Passage Chapter 1 (p.13-15) Essay

In this passage Nick Carraway is visiting his cousin Daisy and her husband Tom Buchanan, a former member of Nick’s social club at Yale University, on East Egg. Inside, Daisy lounges on a couch with her friend, Jordan Baker, a competitive golfer who yawns as though bored by her surroundings. As Nick enters he describes his two female companions in extreme detail. F. Scott Fitzgerald uses imagery on many occasions to aid the reader to picture the setting. He describes the women’s dresses fluttering in the wind as though they had â€Å"just been blown back in after a short flight around the house† (p.13). Fitzgerald also illustrates the women seeming to be â€Å"buoyed up..upon an anchored balloon† (p.13). He repeats the metaphor of balloons as he recounts that they seem to be â€Å"ballooning† to the ground as the wind calms. Nick, the narrator, goes on to describe his company. He does so in extreme detail. The author does this as to help us visualize Nick’s situation. The theme of white is inaugurated in this passage (â€Å"They were both in white†, p.13) emphasizing the innocence and pureness of Daisy Buchanan and Jordan Baker. Fitzgerald makes the visualization of the visitation very simple for his readers by using vivid examples (â€Å"her chin raised a little, as if she were balancing something on her chin†, p.14). He makes her appear almost statuesque. Jordan is portrayed as having a bored and apathetic attitude about everything, which is all part of her â€Å"I am too good for you† appearance. Jordan Baker seems to be ignoring Nick upon his entry (â€Å"If she saw me†¦she gave no hint of it-â€Å", p.14). This looks as though Jordan is playing hard to get. The mind games could be seen to be conveying that she is attracted to Nick. The narration stops and we hear Daisy’s voice for the first time (â€Å"I’m p-paralyzed with happiness†, p.14). Nick mentions her lightheartedness Daisy Buchanan’s illustration is very descriptive. She seems to have taken a greater deal of interest in Nick although there does appear to be a hint of awkwardness in the room, possibly due to the fact that the two have not seen each other in a lengthy period of time. She is not labeled beautiful, the reader does however get an inkling that she is, as there seems to be a sort of aura surrounding her (â€Å"That was a way she had.† p.14). The narrator tells the reader a little bit about himself and how he is not used to the posh lifestyle of the people of East Egg (â€Å"..any exhibition of complete self-sufficiency draws a stunned tribute from me†, p.14). This could mean that Nick is used to a more family orientated lifestyle were friends and family supported and trusted one another more. As the conversation between Daisy and Nick continues, Scott Fitzgerald decides to go into even more detail about Daisy. He catalogs her speech in extreme detail (â€Å"..in her low thrilling voice†¦the kind of voice that the ear follows up and down†¦as if each speech is an arrangement of notes.†, p.14). Nick does not only comment on Daisy’s voice but also her general appearance, her face, her eyes and even her mouth. The narrator’s portrayal of Daisy leads the reader to believe that she is a person of great beauty. A lady with whom one could easily fall in love with. Nick is almost obsessional about his cousin, Nick not being the only one in the course of the book. F. Scott Fitzgerald really triumphs in his use of language. His language is full of concrete verbal images which are incredibly appealing to the senses. Furthermore his descriptions of setting, characters and symbolism are in such sheer detail, it is impossible for the reader not to begin imagining what it, she, he or they must have looked or even sounded like. This passage introduces us to two of the novel’s major characters, Daisy and Jordan. It it also the first time we get a real taster of F. Scott Fitzgerald’s descriptive abilities.

Blockchain for Bitcoin Technology

The block chains are the distributed databases maintaining continuous growth of records ordered in lists called â€Å"blocks†.   It is the public ledger of every Bitcoin transactions which have been executed. The pleted† blocks are incorporated to it leading to constant increase in size of the â€Å"block chains†. These blocks have been imposed over the blockchain in chronological order and linear manner. The research would be conducted around â€Å"Bitcoins†. The â€Å"bitcoins† has been developed as rewards in petitions where users offer power of puting to authenticate and record transfer of data into block-chains. The study would not reveal any other cases supported by the block-chains like smart contracts and the licensing. The study would describe the research. Then the evaluation of the contribution of block-chains with â€Å"bitcoins† has been discussed.   A model to stimulate has been developed with its limitations and justifications. Lastly conclusion has been drawn on the key findings fitting to the research. At first the topic â€Å"blockchain technology† in â€Å"Bitcoin† is defined. Then the area of â€Å"blockchain technology† in â€Å"Bitcoin† is unfolded. The areas that are not to be included in this research are mentioned. Lastly the general findings from â€Å"blockchain technology† in â€Å"Bitcoin† are revealed. In the next section, the fiend of the review has been described. After describing the research, evaluation is done on the contribution of the research that has been done to the area. Next the limitations of â€Å"blockchain technology† in â€Å"Bitcoin† are shown. Lastly the section ends by mentioning the values of the limitations in the project. Then the best solution for the present situation is given. It important features are discussed. Its quality and contribution to the given research field is analyzed. A model is drawn stimulating it. Lastly conclusion is drawn upon the key findings from the review of â€Å" blockchain technology† in â€Å"Bitcoin†. Boyd &Carr, (2016) researched that â€Å"Blockchain† is the decentralized method for data transaction in â€Å"data management†. It was first designed for the â€Å"Bitcoin cryptocurrency†. The interest in this field originated since the idea has been coined in the year of 2008. The reason behind this was its core attributes providing data integrity, anonymity and security. This has been done in the absence of a third party organization that could manage its transactions. Thus it created attractive areas of research. This has been especially from the view point of limitations and technical challenges. A systematic mapping of the study with the aim of gathering every relevant research on the technology of lock-chain is set. The main aim has been the understanding of the present challenges, future directions and topics of the research. Various online journals are studies. That show focus on the â€Å"Bitcoin† systems. Most of the studies has been dealing wit h reveal and improve of the â€Å"Blockchains† from the security and privacy view-points. Several of the proposed solutions have been lacking concrete discussion on the effectiveness.   Many scalability of Block-chain involving the latency and throughput has been kept unstudied. Evaluation of the contribution of the research:The contribution of the research has been interesting to watch where it has been heading. Bitcoin has got many attentions in cryptocurrency. According to Gà ¶bel et al. (2016) more people has been buying and trading Bitcoins per day. Hence it has been crucial as a research topic. The research would attract the academia and industries to carry on further researches from both the technical and business perspectives. The Bitcoin has been the only solution to utilize the â€Å"Blockchain† technology. There has been various other cryptocurrencies currently who have been giving petition to Bitcoin. The future researches from this study might also involve other cryptocurrencies. The review would not only help in focusing on Bitcoin and the other cryptocurrencies but also highlight applications possible utilizing the solution of blockchain. Utilizing of decentralized scenario like the share of virtual properties could be a contribution o f the research. This would revolutionize the approach in which the organizations would sell the products. Gipp, Kosti&Breitinger (2016) states that as the solutions of blockchain are used for more users, it would appreciate the reviews like this done on the technical challenges and limitations. The increase in sizes and bases of users has triggered to conduct this type of researches relating to the scalability. Moreover, the research will leave its impact on the privacy and security concerns. This would give birth to inventions of new areas to prevent the disturbance on blockchains. Limitations of the research:The systematic mapping of the research would enable the understanding of the present gaps in the research. Crosby et al., (2016) state thatone of the fundamental limitations on the study is relating to the publication bias. It refers that the problem that the positive ou es are to be published more than that of the negative ones. This is because that the negative take much time to get published. Moreover, they have been less cited in the publications. Other limitation has been the â€Å"selection bias†. It refers to the distortion of the statistical analysis. This has been owing to the used criteria for selecting the publications. Lastly the there has been limitation regarding inaccuracy the extraction of data and the misclassification. This indicates the possibility of extraction of data differently by various reviewers. Importance of the research gaps in the project:As researched by Zheng et al., (2016) this identification of systematic mapping of the research would help the practitioners and the researchers to concentrate on research areas that need more researches. The seeking of the gaps of research would reply the unanswered queries in the present technology of blockchain. The addressing of the publication issue has brought the usage of various scientific databases. This is done within the â€Å"search protocols† to seek maximum number of papers. This has raised the quantity of papers found for this study along with raising the possibility to seek the papers with negative ou es. Nonetheless, the Blockchain innovation has been considered as another subject in the software engineering industry. It has been further distributed as white papers inside the panies. Thus, all exploration led on the specialized perspectives on Blockchain could not been incorporated in this mapping study. In any ca se, by using just logical databases as hotspots for finding significant research, papers are gathered of higher quality. The issue of selection bias has been addressed by the developing o careful search protocols. Pilot searches could be done on various keywords ensuring what has been concluded from the study. Rigorous criteria for inclusion and the exclusion could be defined form this. This would ensure that every paper elected has been the section of the research topic (Bracamonte, Yamasaki & Okada, 2016). Most of the researches relating to the block-chain have been relevant to the regulation, legal and economic factors of Bitcoin with the possibility of its cryptocurrency. The solution is the â€Å"data extraction† and â€Å"mapping process†. Matzuttet al., (2016) claimed is designed to gather data required to address the queries of research in this review. The data items collected are the basic information regarding the study. It includes the objectives and major findings from the study. It helps to organize and assess the data. The selection and search ou es are found from the process. There has been the â€Å"Prisma-Flow† model provided with the process. Many journals have been retrieved initially as the search protocol designed has been registered to the scientific databases selected. The initial round on the inclusion and the exclusion has been lying on the basis of the titles of the papers retrieved. Various papers excluded have been discussed from the business view-point of Bitcoin. They have not been included in the study. Retrieval of numerous papers relevant to other scientific fields where the Blockchain has another defi nition than technology in puter science is done. The most important features have been the identification of security, wasted resources, usability and privacy. These have been good due to the identification of exchanging property of Bitcoin. This has caused economic harm for the clients. This fit into the research was said by Karame (2016). This is because there is a scope of introducing the â€Å"audit software† to increase the usability in the Bitcoin exchanges. The aim of this software has been to deduce the solvency of exchange participants. This could be done without the publication of crucial data. There has been connection between the buyer and the seller with limited layer for anonymity. This prevents the buyers to find and validate data in Bitcoin. Different models could be presented through which the rating or reputation could be imposed conjoining the transactions of Bitcon. This considers every pros and cons. These aspects could be improved. This could be done on the network of Bitcoin. Thus the usability is improved delivering extra data for users who have been making transactions. Limitations:Colombo (2016) argues that the technology of block-chain has certain challenges that are identified through the review. Several technical limitations identified in adapting the technology of block-chain in future are throughput, latency, bandwidth and size, security, wasted resources, usability and versioning with hard forks and multiple chains. They have been the limitations for certain reasons. The potential issues throughput in the network of Bitcoin presently gets maximized to transactions per second. In order to develop enough protection for the transaction block of Bitcoin, it takes 10 minutes to finish a transaction roughly. In order to gain security efficiency, more time has to be spent in the blocks. This is because it has been outweighing the expense of couple of attacks. Currently the block-chain’s size in the network of Bitcoin has been over five hundred thousand megabytes. The munity of Bitcoin assumes that the quantity of each block has been one mega bytes. The block has been created for every ten minutes. Dwyer (2016) discusses that this causes limitations in the quantity of transactions to be handled. In the security section the present block-chain at Bitcoin can have 51% attack. The mining at Bitcoin has been wasting large quantity of energy about fifteen million dollars per day. This has been the reason of effort of â€Å"proof-of-work†. The API of Bitcoin to develop services has been hard to use. There has been the requirement to design an API for blockchain that is more developer-friendly. This resembles the REST APIs many times. Small chains that prises of lower quantity of nodes possess high chances of fifty-one percent attack. Another problem arises as the chains have been split for versioning and administrative purposes (Krug & Peterson, 2015). These limitations fit to the review as the blockchain posses the ability to alter the method of transactions. Moreover, the block-chain’s applications have not been limited to the crypto currencies. The data integrity attributes of security and the anonymity has been suffering from various restrictions and obstacles. They are assesses and resolved in this research. Scalability has been another problem which has been also mentioned in this study. This research would help in identifying the present status done by blockchain. The research has continued to seek several problems and solutions to ove e the limitations of the technology of Block-chain. Most of the study has concentrated on addressing the challenges. Every block prises of a timestamp. It prises of links to previous blocks. As recorded once, the block-chains have been resistant inherently to any kind of modification of data. Maximum researches on block-chain of present day have been concerned about the security and privacy issues.   It has conducted scalability problems on the Blockchain. The review has evaluated the ability of the solutions suggested in an aim of the evaluation criteria. The limitations are searched and the way it has been valuable to the project is found out. A suitable model is drawn justifying the best solution selected. Though various solutions to the limitations and solutions are presented but few of them has been just small proposals and lack strong assessment on the effectiveness. Boyd, C., &Carr, C. (2016, July). Fair Client Puzzles from the Bitcoin Blockchain. In  Australasian Conference on Information Security and Privacy  (pp. 161-177). Springer International Publishing. Bracamonte, V., Yamasaki, S., & Okada, H. (2016). A Discussion of Issues related to Electronic Voting Systems based on Blockchain Technology. Colombo, R. J. (2016). Bitcoin: Hype or Harbinger.  J. Int'l Bus. & L.,  16, 1. Crosby, M., Pattanayak, P., Verma, S., &Kalyanaraman, V. (2016). Blockchain technology: Beyond bitcoin.  Applied Innovation,  2, 6-10. Dwyer, G. P. (2016). Blockchain: A Primer. English, S. M., &Nezhadian, E. (2017). Conditions of Full Disclosure: The Blockchain Remuneration Model.  arXiv preprint arXiv:1703.04196. Ferrin, D. (2015). A Preliminary Field Guide for Bitcoin Transaction Patterns. In  Proc. Texas Bitcoin Conf. Gipp, B., Kosti, J., &Breitinger, C. (2016). Securing Video Integrity Using Decentralized Trusted Timestamping on the Bitcoin Blockchain. Gà ¶bel, J., Keeler, H. P., Krzesinski, A. E., & Taylor, P. G. (2016). Bitcoin blockchain dynamics: The selfish-mine strategy in the presence of propagation delay.  Performance Evaluation,  104, 23-41. Hari, A., & Lakshman, T. V. (2016, November). The Internet Blockchain: A Distributed, Tamper-Resistant Transaction Framework for the Internet. In  Proceedings of the 15th ACM Workshop on Hot Topics in Networks  (pp. 204-210). ACM. Karame, G. (2016, October). On the Security and Scalability of Bitcoin's Blockchain. In  Proceedings of the 2016 ACM SIGSAC Conference on puter and munications Security  (pp. 1861-1862). ACM. Krug, J., & Peterson, J. (2015). Sidecoin: a snapshot mechanism for bootstrapping a blockchain.  arXiv preprint arXiv:1501.01039. Matzutt, R., Hohlfeld, O., Henze, M., Rawiel, R., Ziegeldorf, J. H., &Wehrle, K. (2016, October). POSTER: I Don't Want That Content! On the Risks of Exploiting Bitcoin's Blockchain as a Content Store. In  Proceedings of the 2016 ACM SIGSAC Conference on puter and munications Security  (pp. 1769-1771). ACM. Miscione, G., & Kavanagh, D. (2015). Bitcoin and the Blockchain: A Coup D'État through Digital Heterotopia?. Nugent, T., Upton, D., &Cimpoesu, M. (2016). Improving data transparency in clinical trials using blockchain smart contracts [version 1; referees: awaiting peer review]. Zheng, Z., Xie, S., Dai, H. N., & Wang, H. (2016). Blockchain Challenges and Opportunities: A Survey.

Essay in Managerial Economics Example | Topics and Well Written Essays - 2250 words

In Managerial Economics - Essay Example In the banking industry therefore, these relationship in governance may be quite complicated in the sense that the regulatory oversight is very likely to compromise the alignment of incentives. Several arguments have been advanced to suggest that the huge payment packages to the executive emanate from the influence of powerful managers who design the payments as well as extracting rents from companies. On the other hand, some argue that the large pay package for the executives is a result of optimal contracting in a market that is fairly competitive especially for talents in management. The importance of regulators as Berger et al. (2000) argue is to evaluate the bank holding condition. The supervisor analyze firm on the basis of financial conditions and risk management as well as present a bank with an assessment that is confidential. The issue of supervisory rating is related to executive compensation in banks, in that weaker ratings are closely related to intensive outside monitor ing by the regulators. As such, the most favorable executive compensation design can be developed from a trade-off between risk shifting and perk consumption both of which are agency problems that the executives are faced with. Risk shifting can be said to be the risky behavior that managers undertake because of an incentive based compensation or reward. Perk compensation on the other hand, is consuming perks to the detriment of shareholders especially when there is little or no incentive based compensation for the managers. In instances where there is strong outside monitoring by the regulators, the limit risk usually shift on the managers part paid equity, consequently, an optimal design of executive compensation is achieved with improved sensitivity of pay for performance. Consequently, regulatory monitoring is capable of increasing the risk adverse behavior on the part of the executive. It therefore follows that in order for the executive to perform, their payment must be relate d to their performance. The banking industry is a unique sector in the sense that it must be able to operate within the regulatory confines (Sierra et al. 2006). The importance of government regulation cannot there be overemphasized. This is because the deposit insurance as well as system of payment ensures that the government can effective make a claimant on the assets of a bank. Discussion In the current global financial crisis, there are several causes that have been on the spotlight to explain the state. This causes as advanced include: the guiding philosophy for the global neo liberalism, the increase in the number of the subprime mortgages, and also the presence of the real estate market that is uncontrolled. That notwithstanding, it is the contention of this paper that there is more to current status than the aforementioned causes and that the main contributor to the current crisis has its roots in the problem of incentive. According to Fee & Hadlock (2003), an incentive can be defined in simple terms as a way of convincing persons to do less of the bad things and more of the good ones. It goes without saying that incentives form the basis of corporate life, especially in instance where the executives are involved, understanding them can be a key factor in addressing almost any riddle in an organization. However, the current corporate governance

Social work Essay Example | Topics and Well Written Essays - 2250 words

Social work - Essay Example The beauty of both theories is that both, almost in the same way, believe in the clients’ desire to solve the problems, and both aim to improve the problem solving skills of the clients, thus promoting independence instead of dependency. The Applicability with Diverse Groups The beauty of these two approaches, according to Hepworth, Rooney and GD Rooney et al (2009, p. 364) is their applicability with different groups, especially the poor, minority and ethnocultural groups. This is largely because they emphasise on the right of clients to identify issues and focus on empowering the marginalised clients. In addition, they are helpful in removing the barriers to multicultural clinical practices as they largely accept the clients’ view of problems. However, the advantage of crisis intervention strategy and task centered approach is their use with different populations. Researchers like James (2008, p. 39) are of the belief that crisis intervention has universal application to people of color as it is common for people of color to experience crisis and due to barriers of culture, ethnicity, and racism. By the time they seek help, the issue will be in a chronic state. This approach has six stages namely: defining the problem, ensuring client safety, providing support, examining alternatives, making plans, and obtaining commitment (ibid). Now, it becomes evident that both the approaches are highly beneficial tools in social work as both believe in the centeredness of individuals and both are based on the theory of empowering the clients to manage their situation themselves, thus promoting independence instead of dependency. Below are certain features that make these approaches more preferable in social situations. The Patient Centeredness Both the approaches are patient-centered in nature. The task centered approach believes in the ability of the clients to solve their problems themselves or to ameliorate their issues to a tolerable level. The task cent ered approach is based on the assumption that most people possess adequate skills and resources to solve their problems themselves. In addition, it is believed that people have their innate desire to solve their problems. Problems arise in individual, family or social spheres that can block the resolution of problems. The task centered approach believes that people have the inborn capabilities to solve their problems or to remodel the situation to a tolerable level. Similarly, crisis intervention method too is based on the assumption that intervention becomes necessary when an individual is not able to manage the disorganisation and confusion caused by a crisis. This too accepts the fact that crisis can arise in families, groups, communities, and nations. In fact, both the approaches concentrate on empowering the patient, improving the level of functioning, and developing a place for handling crisis. In addition, both believe in the active participation of clients and both are short -term in nature. The purpose of the two approaches is to regain the lost equilibrium in the client’s life. The specialty of these approaches is the total participation of the clients in the procedure, and the success of the approaches is fully dependent on the client’s readiness to perform the tasks they are assigned. In both the cases, once the tasks and goals are set, there are regular meetings to monitor progress and to offer support in the effort to achieve the goals. The skills at this juncture required for a social

Finances Assignment Example | Topics and Well Written Essays - 500 words

Finances - Assignment Example This is where the knowledge of budgeting and finances come in as one needs to be able to figure out the needs of the hospital and prioritize them in order starting with what is needed the most going down and use this knowledge together with the budget they have been given to spend to determine the best way to utilize the money that has been handed to them What Has Been Your Exposure to Your Organization’s financial statements? Who In Your Organization Might Provide You with Your Organization’s Financial Statements? What Is This Information Used For? The amount of exposure to the organization’s financial statements has mostly occurred from the budgeting and shopping activities that are done for medical supplies when the time for replenishing the available stock arises. During this period, the hospital present us (the nurses) with the amount of money that they are able to provide for these activities and using the size of the budget, one is able to determine whether the hospital’s financial status has improved, remained the same or even dwindled since the last time such an activity took place (Paul, 2008). If a hospital has done well then the size of the budget is more likely to increase while no change in the budget may mean there is no change in their finances either and so on. There are a number of individuals that present the nurses with the financial statements of the organization who include the Program administrators and ward managers during budgeting and the chief financers when a review of the annual expend iture takes place. These statements are used to show the gains and losses that have been incurred during the year as well as budget for the next batch of medical supplies that are needed. The accounting system affects the different parts of the organization as a whole as it deals with the organization’s entire financial flow. Firstly, it will affect the speed with which

Expansion Through Franchising Case Study Example | Topics and Well Written Essays - 1250 words - 7

Expansion Through Franchising - Case Study Example With the expansion and maturity of the franchise, the chain management often buys them or became interested in opening own stores for themselves which help in gaining a better understanding and controlling of the operations. And with increasing control and understanding the franchising fees get supplemented by profits. Secondly, the decision to choose the town, the neighborhood and even which side of the street as the region of the location is an important key factor of success. A difference in the location of the store can make a huge difference between the success and the failure. Thus the importance of ‘scale economies’ is to be recognized at the store level because the fixed cost of the outlets are very high and so to meet the cost, the small returns per unit cell and the traffic volume is very crucial. Efficiency in store management is also an important factor of profitability within the industry. Since the opportunities of waste, inefficiency, and shrinkage are man y there is a requirement of an efficient management system. Thirdly the efficiency of the store managers in building relations with the local public, developing goodwill with the customers, maintenance of the morality of the employees and keeping an eye on the competing chains are important for ensuring the short-term profits. Fourthly with the development of the industry, a clear overall market image of the chain is very important. There is a need for maintaining consistency and reliability of the product line throughout the chain. Introducing more innovative recipes often becomes risky as it may deviate from the basic and core theme of the industry. (Bartlett and Rangan, 2) Dick Mayer emphasizes on Strategic planning. According to him strategic planning can bring effective changes in the way of marketing and brings accountability in the function. Every product and their pricing proposals require analysis and review by the management to evaluate their ability to meet long-term strategies. He focused mainly on the subsidiary in Japan as it was one of the fastest  growing units with the highest potentiality also a challenge for the entire international operations.  

Russells On Denoting Essay Example | Topics and Well Written Essays - 2000 words

Russells On Denoting - Essay Example Russell (1905) claimed that Meinong’s theory had difficulties as it â€Å"regard denoting phrases as standing for constituents of the propositions in whose verbal expression they occur†¦ This theory regards any grammatically correct denoting phrase as standing for an object† (p 482). And the main difficulty of this theory was that it was â€Å"apt to infringe the law of contradiction† (p 483). Russell’s critiqued on Meinong’s theory raised three important points: first, on the concept of subsistence. Russell maintained that if we presupposed that ‘It is false that A differs from B’, then ‘the difference between A and B does not subsist’. However, in Meinong’s theory since a denoting phrase was standing for an object, then, the denoting phrase ‘the difference between A and B’ must stand for an object. Therefore, the ‘difference between A and B’ must subsist. In this case, the self-contra diction was made apparent. As it was affirmed that ‘the difference between A and B’ must subsist (Meinong’s theory), so too the preposition ‘the difference between A and B does not subsist’ is affirmed on the statement â€Å"It is false that A differs from B†. (Sutler 1967). The second counter-argument rests on the concept of existence. Take the example ‘The King of France is bald.’ Again, using Meinong’s theory, as grammatically correct denoting phrase stand for an object then the statement must be true. But it is a known fact, within the frame of a particular time the preposition ‘the King of France is bald.’ does not stand or signify for any object.

Information and Communications Technologies Essay

Information and Communications Technologies - Essay Example The job also requires knowledge of financial and accounting software applications, government financial regulations, the ability to analyse financial data, and prepare financial reports, statements and projections (HR Village 2007). Information and communications technologies, ICT, play a vital role in supporting the activities of organisations. ICT encompasses hardware and software products; information system operations and management processes; human resources and skills required to use ICT for the production of information; and information system development, management and control. Accountants are expected to have the required level of competence to perform the work required. ICT is one of the core competences required of accountants, even as provided in the GAAP. ICT is affecting the way in which organisations are structured, managed and operated. It is changing the nature and economics of accounting activity (Skidmore 2002). This paper takes a look at the author's personal professional experiences with ICT in the role of a management accountant, how the author's ICT skills have improved personal performance, and how these improved personal performance through the use of ICT has improved the wider organisation's performance from the perspective of management accounting. Using information technology in my profession My role as management accountant involves applying the principles of accounting to analyse financial information and prepare financial reports by compiling information, preparing profit and loss statements, and utilising appropriate accounting control procedures (HR Village 2007). To accomplish my tasks, I use several ICT applications. Standard office applications for word processing, spreadsheets and presentation graphics such as those provided by Microsoft Office are some of the ICT software that I regularly use. MS Word allows me to create professional looking reports and other communication which I can format myself or use templates available within the software. I can highlight important text with different font and typestyle options. MS Excel is also an indispensable tool because it allows me to create spreadsheets with ease. The built-in functions also provide capabilities for calculations with a formula, summarising numeric data, as well as creating graphical charts for easier visual appreciation of trends and distributions. MS PowerPoint is another software I use, especially for easy to understand presentations to management or other non-accountant groups. I can incorporate text, numbers and even graphic images to drive home the points I am trying to make. I also use MS PowerPoint when I orient accounting staff on accounting policies and procedures. I use SAP accounting software for to help me deliver accurate financial reports fast, accelerate cash flows through shorter reporting cycles and receivables, and turn information into effective execution of business strategy so that as management accountant I can be a strategic partner to the business (SAP 2008). I also use Hyperion Essbase, an online analytical processing server, OLAP, to developing custom analytic and enterprise performance management applications useful to my functions as management

Using specific examples, compare how inflammatory and hypersensitive Essay

Using specific examples, compare how inflammatory and hypersensitive reactions to parasites can be a defence of the hosts against the parasites and also a disease problem for the hosts - Essay Example 2007] The parasites discussed here mostly refer to helminths, protozoa and arthropods. Inflammation is ‘’a protective response of the animal host caused by cell injury and tissue damage, aiming to eliminate the cause of cell injury and to wall off and remove the injured tissue.’’ [Blood et al. 2007] Cardinal signs of inflammation include the triple response – heat, redness and swelling; and also pain and loss of function. Hypersensitivity is a modified and exaggerated immune reaction of the body to a foreign antigen and is the same as allergy. [Blood et al. 2007] There are different forms of hypersensitivity, namely Type I (immediate anaphylaxis), Type II (cytotoxicity), Type III (immune complex disease) and Type IV (cell-mediated delayed type hypersensitivity). Understanding the dynamics of host/parasite behaviour may be an important point to start any research of any medical or veterinary intervention to boost the animals’ ability to fight back parasitic invasion. The base line however is that it is possible to achieve 100% prevention against pathogenic effects of the parasites if a little and timely immune based intervention can be applied. An organism’s body has a natural way of responding to undesirable stimuli because of exposure to pathogenic organisms (usually parasites) in the environment. The response can be inflammatory or hypersensitive depending on the causative agent and the magnitude of the effect of the invasion. Inflammation is the quick response of the organism to harmful stimuli such as parasites, damaged cells and other agents that cause irritation to the body manifested through increase in body temperature, swelling, and function loss at the affected area. On the other hand, hypersensitivity refers to the immune reaction of the body against an invading parasite or other pathogenic material. It is undesirable unlike

The Impaired Employee and Liability Essay Example for Free

The Impaired Employee and Liability Essay I believe that the first ethical consideration is the fact that the potential employee was upfront in revealing that he had a degenerative progressive condition that could result in a disability. He did not have to bring this to our attention and his physicians are not even able to predict when the disabling condition will appear or if it will appear at all. The candidate was demonstrating his own highly ethical behavior which is ultimately what we are looking for in an employee. The second ethical consideration is that we are responsible for displaying the same kind of ethical behavior we expect from our employees. The basis for any ethical decision is based on what is morally right or wrong. The right thing to do in any hiring situation is to hire the best possible candidate. The candidate in question went through the screening and interview process and was the number one pick of mine and the screening committee. His potential health problems have nothing to do with his professional abilities and whether or not he would be able to competently perform his duties. A third ethical consideration is the fact that I shared my concerns with other high ranking company officials and instead of looking at the qualifications of the candidate they looked at the financial risk the candidate could impose on the company in the future. I believe we should have considered what an asset his skills and abilities would have been to the company versus an unknown financial risk due to a possible disability that may not occur. Identify and explain at least three legal considerations. The first legal consideration would be in denying the candidate employment because of any kind of disability. The Americans with Disabilities act prohibits any employer from discriminating against a qualified individual with a disability in the job application procedure, hiring, firing, advancement and other privileges of employment (EEOC, 2008). The qualifications of the individual should be the only determining factor on whether or not they are hired. The second legal consideration could be that the screening committee shared confidential information about the candidate without his knowledge. The physicians of the candidate did not even know whether or not the disability would occur or to what extent so there was no reason to share this information with anyone else. The last legal consideration is the liability that could come with hiring this candidate. Healthcare organizations have a corporate responsibility to exercise reasonable care in selecting and retaining employees (Showalter, 2008, pg. 137). If the Health Service organization were to hire this candidate knowing he could possibly become disabled and then get hurt on the job because the facility did not properly accommodate his disability then they would be liable for any injuries that the employee might incur while on the job. Identify and explain at least three Business considerations. One business consideration is what the candidate could potentially bring to the business. His skills and qualifications ranked him as the number one candidate which would make him an asset to the company. The possibility of the candidate costing the company money is a vague at best but the potential good he could do the company is set forth in his qualifications. Another business consideration would be the cost to the company if the candidate were hired and did end up with a disability. Even though they can not discriminate against the candidate for having a possibility disability they should evaluate the cost that the company would incur if it had to accommodate his disability in the future. There is the potential of the employee missing time due to his disability and the cost of providing reasonable accommodations. The last business consideration is that the screening committee has a duty to evaluate and screen potential employees with no bias. If they deny employment to a candidate based on this information they are compromising their integrity. They need to have and follow a specific set of guidelines in searching, screening and recommending potential candidates for employment. Another business consideration is the possibility that if the candidate were not hired that he would file a complaint stating that he was discriminated against because he revealed his health status. Even if he could not prove it there would still be an investigation, a trial and publicity about the case that could possibly hurt the reputation of the facility. Give your decision as the Vice President for health Services and the rationale for the decision. The search and screening committee found an outstanding candidate for the mid-level management position. It is not ethically or legally right to eliminate this candidate based on a possible disability in his future. It is my duty to hire the most qualified candidate and even though he may have a health issue in the future he is, in the present, my candidate of choice. His skills and abilities will be an asset to our organization. Any future disability will be dealt with when the time comes. References Facts about the Americans with Disabilities Act. (2008). Retrieved February 7, 2012 from http://www.eeoc.gov/facts/fs-ada.html Showalter, J. S. (2008). The law of healthcare administration (5th ed.). Chicago: Health Administration Press.

Dream Vacation Essay Example for Free

Dream Vacation Essay While some people may be quite content to lounge around the city of Karnak all summer as the mosquitoes suck away at their skin, a more perfect spot than this does exist. Pack every suitcase in the house because for the perfect summer time getaway for one who has limited time to head out of Pulaski County, Austin, Texas is the place to be. (64) A traveler on a short schedule will appreciate the time conscious travel plans that can be to arrive in Austin. Flying out of St. Louis on June 7 you can find yourself on Texas soil in just three hours. An added advantage to choosing to stay in the mid-west is the avoidance of high travel costs. With advance planning a round trip ticket to Austin will cost as little as $198.00. (68) Upon landing in Austin, you may rent a car from Avis. They maintain an office on the grounds of Austin Bergstrom International Airport so their facilities are extremely convenient. Their rates are comparable to other car rental agencies. The rate for your state, June 7 through June 10, is just $73.14 a day and that includes the standard rental rate, all surcharges, and local taxes. You will be able to travel in Austin comfortable in a Grand Am or similar style vehicle. (82) Read more: Dream vacation essay At the heart of Austin you will find many hotel accommodations. A highly recommended choice is The Driskell Hotel because of its antique treasures, stunning rooms and soaring ceilings. Adding to the charm of the hotel is a legend that tells of the top floor of the Driskill Hotel being haunted by a playful ghost. As posted on the Internet by an anonymous guest of the hotel, The Driskill Hotel is a must see when coming to the Austin area. From the grandest of suites, to the astonishing lobby, to the ever-so-tasteful Driskill Grill and Bar, The Driskill Hotel is a well rounded hotel and ranks with some of the best in the world! Staying in elegance comes with a cost. The beautiful suites that place you high above the streets of Austin where you can nearly reach out and touch the clouds from the balcony will empty your wallets at a rate of $250.00 a night. The numerous amenities that accompany the room make the price reasonable. Not only will you have a balcony from which you can look out over the city of Austin to see the  bright night lights, you will sleep cozily in a queen size bed, enjoy the open-air feeling with the 19 foot ceilings, and be able to stay in touch through email with the T1 connection. (223) To relieve the stress that has built up during the school year, a visit to the Aziz Salon and Day Spa would be the high point of one of your days. At Aziz you will receive a one-hour therapeutic massage or 30 minute body scrub and 30 minute massage, deep pore cleansing facial, a light lunch, a full manicure and pedicure followed by a warm paraffin treatment, hair and scalp stress relieving oil treatment, shampoo and blow dry, and a personal consultation and makeover with make-up artist. Your skin will feel as soft as a fuzzy peach and will radiate like a gold medallion. The cost, $300, is small in comparison to all of the wonderful treatments you will experience. (120) Taking in some of the country atmosphere of Texas wont be hard to do even after a day of elegance at Aziz and a luxurious night sleep at The Driskell Hotel. On Friday, June 8 you can catch a great performance by the BR5-49. The name of the band doesnt give away any hints as to their style of performing, but a quick background search on the Internet reveals all a listener needs to know. As stated by Craig Shelburne, These guys are hugely entertaining, and their most enthusiastic fans arent afraid of the hillbilly factor. Listening to their music will make you feel as though you are on the range herding cattle abroad a beautiful appaloosa. As the notes from their guitars leave the strings and tickle your ears, you will feel gratification for having spent the $35.00 to purchase a ticket to this event. (146) Many people would think of Tex-Mex when selecting restaurants, but one restaurant that deserves to be considered is the Chinese restaurant Tien Hong. This restaurant has more than just the sweet and sour pork that is stereotyped as the main Chinese dish. A fantastic mouth watering treat is the dim sum they serve. The taste will leave you wanting more even after you find out you are eating chicken feet. The price is quite inexpensive for a fest of Chinese food. Most meals can be purchased for under $15.00. (89) Any further attractions and time fillers are left up to the imagination. If the hotel pool doesnt do the trick for a quick swim, theres Barton Springs Pool. The downtown streets are lined with quaint shops such as Elegante, which specializes in Latin American imports, and Cantus Mexican Hierberia Imports, which sells herbs and healing ointments of all varieties and for all occasions. The locals are friendly and can point you in the right direction if something specific comes to mind during your stay. (84) Austin, Texas may not hit the list of many vacation planners as the ideal dream vacation, but for a short, relaxing get-a-way from the daily grind of teaching, Austin can be a pleasurable vacation that wont break your bank account while rewarding you with the enjoyments of life that often get placed on the back burner during the school year. (60)

Study on the Prediction of Corporate Bankruptcy

Study on the Prediction of Corporate Bankruptcy CHAPTER 1: A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and Winakor (1935) said that ratios of the failing firms were significantly changed from the continuing firms. In addition to that another study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. 1.2 Problem Statement In the corporate finance, the prediction of corporate bankruptcy was considered to be one of the most important issues. The main objective behind the study of the prediction of corporate bankruptcy was that this was the most important issue for the present firms to either file for the bankruptcy or not. The rationale of the study was to examine whether the financial ratios given in detail by Altman (1968) presented the detail regarding the factors of the firm which were helpful in the prediction of corporate bankruptcy in Pakistan. The capacity of study was to investigate the distinctive financial ratios which impacted the firms decisions to file for the bankruptcy or not and on the basis of firms financial ratios, the research study found the different significant ratios which were useful in determining the prediction of any of the organization. 1.3 Hypotheses The main problem of the different firms was to identify those financial factors or the most important ratios which could lead to the filing of bankruptcy or those factors which were useful in determining the prediction of the corporate firms. A central query in front of firms which wanted to file for bankruptcy was why the firms filed for bankruptcy or what financial factors helped out in taking decision to file for bankruptcy. Various financial factors or ratios impacted the decision regarding the filing for bankruptcy. These financial characteristics or the most important ratios were current ratio, debt ratio, net profit margin, assets to long term debt ratio, and growth rate. Many authors as Altman (1968) discussed these characteristics in research. The hypothesized relationship of these listed financial factors with bankruptcy was provided below: H1: There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. H2: There is a difference between the Debt ratio of bankrupted companies and non bankrupted companies. H3: There is a difference between the Net Profit Margin ratio of bankrupted companies and non bankrupted companies. H4: There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. H5: There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 1.4 Outline of the Study The research structured as follows. Chapter one based on the introduction of the thesis, which consists of the some introduction of the prediction of bankruptcy by different authors, the statement of problem, scope and objectives, hypothesis etc. Chapter two consists of literature review given by different authors, theories on prediction of bankruptcy and financial factors affecting the choice of decision to file for bankruptcy or not. Chapter three described methodology which is composed of justification of the selection of the variables utilized in analysis sample, the data, technique and hypothesis, also estimate model utilized in analysis. In chapter four, analyses of the results were there which were taken after the data processing. Chapter five contained the final results, conclusions and recommendations. References are included in chapter number six. CHAPTER 2: LITERATURE REVIEW A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and winakor (1935) said that ratios of the failing firms were significantly change from the continuing firms. In addition to that an other study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). A study conducted by Sandin and Porporato (2007) on corporate bankruptcy prediction model applied to emerging economies. The aim of this study was to find the predictability of bankruptcy by using the financial ratios given in the financial statements and these financial statements were taken from the Buenos Aires Stock Exchange. To test the hypothesis twenty two bankrupt and non bankrupt companies were examined by using the multiple discriminant analysis technique, resulted that financial ratios were very useful in predicting the bankruptcy. Actually this study was about the prediction model and classification of the distressed and failed companies in the Argentina. William Beaver (1996) conducted a study that Financial Ratios As Predictor of Failure, wherein ratios were tested for a specific purpose. The purpose was to forecast the failure. Since ratios were mostly examined for the prediction of failure. The aim of the study was to analyze the status quo that was depended on the financial statements made under the reporting standard and this study was conducted as a bench mark for further studies in bankruptcy area. Sample of data was selected on the basis of industry, firm size and period, Walworth companies should have taken from the same industry where from failed companies taken along with same firm size based on firm value and equal time duration then reliable result can be obtained said by Beaver (1996). This study pointed out and directed to the asset size and relationship among ratios, assets size and failure, study implicated that larger firms were more solvent than smaller firms, even if ratios were same. To examine the hypothesis, a paired analysis was used. According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. Merger and Bankruptcy Based on the literature review in the different research studies, it was found that the shareholders of the distressed firms were getting more benefit from mergers than from the bankruptcy. Thus, the investors kept the positive number of the firms stocks up as a consequence of the merger. Contrastingly, the stakeholders received nothing in case of the bankruptcy. Shrieves and Stevens (1979) managed to explain all of the possible reasons for preferring merger over bankruptcy and those principles included: (1) to avoid the bankruptcy legal and administrative costs, (2) possible loss of tax carry forwards of the loss firm incurred on liquidation, (3) the value of the going-concern in the merger was more than liquidation value if the firm bankruptcy progressed towards the liquidation, and (4) the bankruptcy created the bad effects on the revenues including sales and income due to the customer fears of inability contracts, give replacement parts, etc. Bulow and Shoven (1978) noticed based on the research that the investors have always been avoiding the bankruptcy and this tendency always benefitted the creditors as a whole and that theoretically, the bankruptcy occurred because of the disagreement between the concerned parties. This was treated in a literature that the merger was the best possible alternate of the bankruptcy with the assumption in the mind that it was more easy for the distressed firms to find a merger partner at some price as long as the net asset value was positive and this was also under the assumption of a well-functioning market for information. When the situation was aggravated toward a condition of less or negative net asset value, the possibility of merger was reduced. Hong (1983) made an empirical as well as theoretical model which distinguished among three different categories of financially upset firms and it was organized in three ways such as: firms which filed bankruptcy but reorganized successfully, firms which filed for bankruptcy but were liquidated ultimately, and also the firms which continued operations with out even filing for bankruptcy. Author further made a hypothesis that the intangible assets, the value of the firm as in a going concern and the value of the same firm in liquidation was different, were the main describing factor which affected the eventual outcome. The firms which had greater intangible assets were possibly having a sustainable economic growth and that growth allowed a firm to survive rather than be liquidated. LoPucki (1983) made an explanatory study of about 41 firms which filed the bankruptcy court of the Western District of Missouri. In this study, the à ¢Ã¢â€š ¬Ã…“successesà ¢Ã¢â€š ¬? were defined as the firms which have verified its various reorganization strategies that kept it on to survive for about three years after the date of petitioning the bankruptcy. Failures according to the author were those firms which had stopped operating functions before February 1983. LoPucki (1983) further could not try to make a method with discriminatory power, but in fact simply scrutinized the associations between the results of reorganization process and numerous individual variables. These individual variables included size, age, and type of the businesses, the survival of creditors opposition to the reorganization strategy, and physical geographic location. The relationships which were found during the research were: significantly higher success rate was associated with the manufacturing fi rms; more successful firms were only the larger firms; success was not significantly associated with the age of the firms; the target opposition of the creditors was mainly at the more successful firms; and lastly, the physical geographical location was not a significant describing variable. In short, only a finite amount of research was conducted on the topic of differentiating between failures and successes in bankruptcy, and outcomes have been open to doubts or inconclusive. The one published study conducted by the LoPucki (1983), scrutinized the first order correlations and could not struggle to build the model of classification. The other published research study conducted by Hong (1983), scrutinized the comparative importance of numerous individual variables and had not analyzed the classification authentication of the multivariate model. As it was already discussed in detail, this present study scrutinized the classification authentication of the multivariate model by using data from both analysis sample and a holdout sample 113 firms. Bordman, Bartley, and Ratliff (1981) noticed that firms went bankrupt only when its capital resources were not enough to pay back the obligations of the business. Thus it became the more important challenge for the new comers in the industry to maintain and establish such valuable resources and capabilities which could ultimately leaded to the production of positive cash flows before starting asset resources were exhausted (Levinthal, 1991). According to DAveni (1989), and Hambrick and DAveni (1988), both researches have noticed that most of the attention has been paid to the early failures and dramatic research has also been conducted in the literature. A macro view of the bankruptcy was given as a known strategy and an empirical examination of factors associated to successful reorganization (Moultan, and Thomas, 1993) and however, the structures of corporate governance were not incorporated in the analysis. An extensive data was available relating the intensity to which the officers and directors of the firm which was bankrupt were more possibly resigning or were being replaced (DAveni, 1990; Fizel Louie, 1990; Gilson, 1989). Several researchers used the multiple discriminant analysis MDA technique to develop a linear model to predict those firms which failed could be differentiated from the non-failed firms in UK (Taffler, 1977). This model resulted in an overall classification authentication for the year before the failure as comparative to three or two prior years of failure. The major contribution made by Taffler was the establishment of a Z-score model which was used for the prediction of company failures in the UK and furthermore, the author claimed of 100 percent predictive authentication in the model. In addition, in the consequent studies, Taffler (1982, 1983) discussed the pairing technique which was used in the prediction of corporate failure studies proved no more successful technique than any selection by the other tool or technique. Multiple Discriminant Analysis MDA models were dependable to certain intensity in the prediction of corporate failure. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Data was selected from Karachi Stock Exchange KSE 100 Index as given by State Bank of Pakistan in publication Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2004-2009). The period of study covers six years, 2004-09. The opted sample size of 44 firms was taken from KSE 100 Index and all of the firms listed on KSE 100 Index were selected for the samples which were going to bankruptcy in the past and some were also the present functioning firms which were currently working; so, only 44 firms included in the sample period of 2004-09. The objective behind the inclusion of these selected firms in the sample was that the inclusion of bankrupt and non-bankrupt firms in the analysis made it easier to distinguish the critical financial ratios of these both firms in order to predict for corporate bankruptcy. The data availability was the major issue faced in this research study. The secondary data sources were adopted for the collection of the data during this research study. Both of the empirical and theoretical aspects regarding the prediction of corporate bankruptcy were analyzed in this research study. For the purpose of the collection of the secondary data, external data sources were used, such as the data was collected from State Bank of Pakistan, general business publications, newspapers and journal articles, annual reports, internet and books. The data required for this study was completely dependent on the published data sources, such as the published sources listed above. 3.2 Sample Size A sample of 44 firms from KSE 100 Index was selected and in addition, out of these firms 22 firms were bankrupt and the remaining 22 were not bankrupt which was taken as the holdout sample for the prediction of the corporate bankruptcy. Only firms were used in the samples which were either became bankrupt due to the impact of the some of the financial factors or the ratios or the firms which were in operations during the research study was conducted and these firms were listed on the KSE 100 Index form 2004-2009. The impact of the different financial factors or ratios, which were listed in the previous chapters, on the prediction of corporate bankruptcy was analyzed on all of the firms selected as the sample. 3.3 Research Model Developed There are various financial factors or the ratios of the firms which affected the prediction of the corporate bankruptcy of the firms. This research study analyzed the impact of different factors or ratios already listed in the previous chapters on the prediction of corporate bankruptcy. The model developed was a binary logistic model and its specifications are provided below: Liquidity = a0 + a1Firm Size + a2DEBT + a3LTD + a4LSALES + a5OI/S + a6OI/TA+ a7IGP/TA+ a8Market to Book Ratio + ц where: Liquidity = the sum of cash and marketable securities divided by total assets Firm Size = natural log of the book value of total assets DEBT = the ratio of shorter period plus longer period debt to total assets LTD = the ratio of longer period debt to total assets LSALES = natural log of the annual sales OI/S = the ratio of operating income to sales OI/TA = the ratio of operating income to total sales IGP/TA = the inventory plus gross fixed assets to total assets ratio à Ã¢â‚¬Å¾ = the error term 3.4 Statistical Technique Binary Logistic Regression Analysis technique was used for this research study to examine the impact of the distinctive financial characteristics or the financial ratios of the firms on the prediction of corporate bankruptcy of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. Binary Logistic Regression Analysis technique was used for the purpose of prediction of of corporate bankruptcy or the prediction of the firms decisions to file for bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., prediction of corporate bankruptcy. The binary logistic regression analysis was selected for this study. It showed the intensity of the impact on the prediction of corporate bankruptcy during year 2004-2009 on the basis of several independent variables. CHAPTER 4: RESULTS The sample of 44 firms from the Karachi Stock Exchange KSE 100 Index was taken; Binary Logistic Regression Analysis technique was used for this research study. Research examined the distinctive financial characteristics or financial ratios of firms which filed for the bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., the prediction of corporate bankruptcy. Statistical Package for the Social Sciences (SPSS) was used for the analysis and examination of data. 4.1 Findings and Interpretation of the results Initially, the binary logistic regression technique was applied on the data collected using SPSS. Now, it was a nice time to proceed with the analysis of the results because the data was collected and ready to be examined. The interpretation and analysis is presented in the next sections of this research study. Case Processing Summary Unweighted Casesa N Percent Selected Cases Included in Analysis 192 91.4 Missing Cases 18 8.6 Total 210 100.0 Unselected Cases 0 .0 Total 210 100.0 This table explains the total population in the data file that is the 210 observations or the cases for the analysis of the bankruptcy prediction. This table further elaborates that the there were also some of the cases missing in the data because of the issue of data availability and some of the cases were the figures of zero. Dependent Variable Encoding Original Value Internal Value Bankrupt 0 Non-Bankrupt 1 The above table shows that there are only two variables in the dependent variable of bankruptcy that are the being bankrupt or non-bankrupt. Model Summary Step -2 Log likelihood Cox Snell R Square Nagelkerke R Square 1 234.707a .144 .192 This table elaborates the predictability of the complete model of the logistic regression which meant that to what extent the model predict the variation in the predicted group of bankruptcy. According to Cox Snell, the total predictors jointly explained variation in the groups of bankruptcy was 14.4%. While according to Nagelkirki, the all independent variable explained the group prediction of about 19.2%. Hosmer and Lemeshow Test Step Chi-square df Sig. 1 32.715 8 .000 This table checks the overall model fit which means that the model is at its best in predicting the group variation from non-bankrupt to bankrupt. The hypothesis of the above table is that the test model is fit. The hypothesis is rejected because the sig value is less than .05 which concluded that the test model was not fit in this case of predicting the group variation. Classification Tablea Observed Predicted Banckruptcy Percentage Correct Bankrupt Non-Bankrupt Step 1 Banckruptcy Bankrupt 76 29 72.4 Non-Bankrupt 43 44 50.6 Overall Percentage 62.5 The classification table is the most important table in case of the logistic regression because this table explained the correct identification of the cases correctly identified. The percentage of correctly identified cases is 62.5% which is also commonly known as the hit ratio which means that to what extent the numbers of cases were correctly identified. Variables in the Equation B S.E. Wald df Sig. Exp(B) 95% C.I.for EXP(B) Lower Upper Step 1a DA -1.219 .510 5.725 1 .017 .295 .109 .802 AtoLTD -.002 .001 1.583 1 .208 .998 .996 1.001 CR .938 .348 7.242 1 .007 2.554 1.290 5.056 NPM .037 .073 .262 1 .609 1.038 .899 1.198 SG .161 .232 .482 1 .488 1.175 .745 1.852 Constant .066 .579 .013 1 .910 1.068 This is the final most important table in the logistic regression because this is the only table which shows the role of different predictors in significantly explaining the role in the prediction of group variations. Those important significant variables were only two that were DA, and CR because the sig value of only these variables were less than .05. 4.2 Hypotheses Assessment Summary The hypothesis of the study was distinctive financial ratios have significant impact on the non firms decision to file for bankruptcy. These financial characteristics were current ratio (CR), debt ratio (DA), net profit margin (NPM), assets to long term debt ratio, and growth rate. In this study each of the financial characteristics or financial ratios of firms was tested and concluded the results. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ²       SIG. RESULT H1 There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. 0.938 0.007 Accepted H2 There is a difference between the Debt Ratio of bankrupted companies and non bankrupted companies. -1.219 0.017 Accepted H3 There is a difference between the Net Profit Margin Ratio of bankrupted companies and non bankrupted companies. 0.037 0.609 Rejected H4 There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. -0.002 0.208 Rejected H5 There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 0.161 0.488 Rejected CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion It was concluded based on the results of this research study that current ratio and debt ratio were only the independent variables which were showing significance in Pakistani market and these variables were highly significant in playing the vital role explaining the variation in the dependent variable of the prediction of corporate bankruptcy and the remaining independent variables could not explain the variation in the prediction of corporate bankruptcy. These results were not matching with the study conducted by Altman (1968). These results were varying because in various countries, there was difference in environments and circumstances and firms usually made decision accordingly. 5.2 Discussions Current ratio played a significant role in defining the variation in the prediction of corporate bankruptcy and this was also the case with the research study conducted by Altman (1968) because in his study the firm size was also playing a significant role. The variation in the prediction of corporate bankruptcy was not explained by the net profit margin ratio while it was significant in the study done by Altman (1968). The assets to long term debt ratio, and growth rate were not significantly explaining the variation in the prediction of corporate bankruptcy and study analyzed by Altman (1968), concluded the different results with some addition. 5.3 Implications and Recommendations This research was limited to the various firms listed on Karachi Stock Exchange of Pakistan only. The data taken from 44 firms which were took through various sectors of the KSE 100 Index for the year 2004-09 which were previously bankrupt and which were currently operating. It suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the choices of the firms decision to file for bankruptcy. Moreover, it also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the selection of the prediction of corporate bankruptcy. Besides that, this study can also be replicated in other developing countries. 5.4 Future Research This study helped various investors, management and other research conductors in analyzing and observing the behavior of firms regarding their decisions to file for the bankruptcy. Research students who want to work further on the prediction of bankruptcy can be benefited by this research study. Further more, the firms will become advantageous from this study because the study clarifies the distinctive financial characteristics or the financial ratios of different firms which significantly explain the variations in the prediction of corporate bankruptcy. Study on the Prediction of Corporate Bankruptcy Study on the Prediction of Corporate Bankruptcy CHAPTER 1: A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and Winakor (1935) said that ratios of the failing firms were significantly changed from the continuing firms. In addition to that another study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. 1.2 Problem Statement In the corporate finance, the prediction of corporate bankruptcy was considered to be one of the most important issues. The main objective behind the study of the prediction of corporate bankruptcy was that this was the most important issue for the present firms to either file for the bankruptcy or not. The rationale of the study was to examine whether the financial ratios given in detail by Altman (1968) presented the detail regarding the factors of the firm which were helpful in the prediction of corporate bankruptcy in Pakistan. The capacity of study was to investigate the distinctive financial ratios which impacted the firms decisions to file for the bankruptcy or not and on the basis of firms financial ratios, the research study found the different significant ratios which were useful in determining the prediction of any of the organization. 1.3 Hypotheses The main problem of the different firms was to identify those financial factors or the most important ratios which could lead to the filing of bankruptcy or those factors which were useful in determining the prediction of the corporate firms. A central query in front of firms which wanted to file for bankruptcy was why the firms filed for bankruptcy or what financial factors helped out in taking decision to file for bankruptcy. Various financial factors or ratios impacted the decision regarding the filing for bankruptcy. These financial characteristics or the most important ratios were current ratio, debt ratio, net profit margin, assets to long term debt ratio, and growth rate. Many authors as Altman (1968) discussed these characteristics in research. The hypothesized relationship of these listed financial factors with bankruptcy was provided below: H1: There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. H2: There is a difference between the Debt ratio of bankrupted companies and non bankrupted companies. H3: There is a difference between the Net Profit Margin ratio of bankrupted companies and non bankrupted companies. H4: There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. H5: There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 1.4 Outline of the Study The research structured as follows. Chapter one based on the introduction of the thesis, which consists of the some introduction of the prediction of bankruptcy by different authors, the statement of problem, scope and objectives, hypothesis etc. Chapter two consists of literature review given by different authors, theories on prediction of bankruptcy and financial factors affecting the choice of decision to file for bankruptcy or not. Chapter three described methodology which is composed of justification of the selection of the variables utilized in analysis sample, the data, technique and hypothesis, also estimate model utilized in analysis. In chapter four, analyses of the results were there which were taken after the data processing. Chapter five contained the final results, conclusions and recommendations. References are included in chapter number six. CHAPTER 2: LITERATURE REVIEW A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and winakor (1935) said that ratios of the failing firms were significantly change from the continuing firms. In addition to that an other study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). A study conducted by Sandin and Porporato (2007) on corporate bankruptcy prediction model applied to emerging economies. The aim of this study was to find the predictability of bankruptcy by using the financial ratios given in the financial statements and these financial statements were taken from the Buenos Aires Stock Exchange. To test the hypothesis twenty two bankrupt and non bankrupt companies were examined by using the multiple discriminant analysis technique, resulted that financial ratios were very useful in predicting the bankruptcy. Actually this study was about the prediction model and classification of the distressed and failed companies in the Argentina. William Beaver (1996) conducted a study that Financial Ratios As Predictor of Failure, wherein ratios were tested for a specific purpose. The purpose was to forecast the failure. Since ratios were mostly examined for the prediction of failure. The aim of the study was to analyze the status quo that was depended on the financial statements made under the reporting standard and this study was conducted as a bench mark for further studies in bankruptcy area. Sample of data was selected on the basis of industry, firm size and period, Walworth companies should have taken from the same industry where from failed companies taken along with same firm size based on firm value and equal time duration then reliable result can be obtained said by Beaver (1996). This study pointed out and directed to the asset size and relationship among ratios, assets size and failure, study implicated that larger firms were more solvent than smaller firms, even if ratios were same. To examine the hypothesis, a paired analysis was used. According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. Merger and Bankruptcy Based on the literature review in the different research studies, it was found that the shareholders of the distressed firms were getting more benefit from mergers than from the bankruptcy. Thus, the investors kept the positive number of the firms stocks up as a consequence of the merger. Contrastingly, the stakeholders received nothing in case of the bankruptcy. Shrieves and Stevens (1979) managed to explain all of the possible reasons for preferring merger over bankruptcy and those principles included: (1) to avoid the bankruptcy legal and administrative costs, (2) possible loss of tax carry forwards of the loss firm incurred on liquidation, (3) the value of the going-concern in the merger was more than liquidation value if the firm bankruptcy progressed towards the liquidation, and (4) the bankruptcy created the bad effects on the revenues including sales and income due to the customer fears of inability contracts, give replacement parts, etc. Bulow and Shoven (1978) noticed based on the research that the investors have always been avoiding the bankruptcy and this tendency always benefitted the creditors as a whole and that theoretically, the bankruptcy occurred because of the disagreement between the concerned parties. This was treated in a literature that the merger was the best possible alternate of the bankruptcy with the assumption in the mind that it was more easy for the distressed firms to find a merger partner at some price as long as the net asset value was positive and this was also under the assumption of a well-functioning market for information. When the situation was aggravated toward a condition of less or negative net asset value, the possibility of merger was reduced. Hong (1983) made an empirical as well as theoretical model which distinguished among three different categories of financially upset firms and it was organized in three ways such as: firms which filed bankruptcy but reorganized successfully, firms which filed for bankruptcy but were liquidated ultimately, and also the firms which continued operations with out even filing for bankruptcy. Author further made a hypothesis that the intangible assets, the value of the firm as in a going concern and the value of the same firm in liquidation was different, were the main describing factor which affected the eventual outcome. The firms which had greater intangible assets were possibly having a sustainable economic growth and that growth allowed a firm to survive rather than be liquidated. LoPucki (1983) made an explanatory study of about 41 firms which filed the bankruptcy court of the Western District of Missouri. In this study, the à ¢Ã¢â€š ¬Ã…“successesà ¢Ã¢â€š ¬? were defined as the firms which have verified its various reorganization strategies that kept it on to survive for about three years after the date of petitioning the bankruptcy. Failures according to the author were those firms which had stopped operating functions before February 1983. LoPucki (1983) further could not try to make a method with discriminatory power, but in fact simply scrutinized the associations between the results of reorganization process and numerous individual variables. These individual variables included size, age, and type of the businesses, the survival of creditors opposition to the reorganization strategy, and physical geographic location. The relationships which were found during the research were: significantly higher success rate was associated with the manufacturing fi rms; more successful firms were only the larger firms; success was not significantly associated with the age of the firms; the target opposition of the creditors was mainly at the more successful firms; and lastly, the physical geographical location was not a significant describing variable. In short, only a finite amount of research was conducted on the topic of differentiating between failures and successes in bankruptcy, and outcomes have been open to doubts or inconclusive. The one published study conducted by the LoPucki (1983), scrutinized the first order correlations and could not struggle to build the model of classification. The other published research study conducted by Hong (1983), scrutinized the comparative importance of numerous individual variables and had not analyzed the classification authentication of the multivariate model. As it was already discussed in detail, this present study scrutinized the classification authentication of the multivariate model by using data from both analysis sample and a holdout sample 113 firms. Bordman, Bartley, and Ratliff (1981) noticed that firms went bankrupt only when its capital resources were not enough to pay back the obligations of the business. Thus it became the more important challenge for the new comers in the industry to maintain and establish such valuable resources and capabilities which could ultimately leaded to the production of positive cash flows before starting asset resources were exhausted (Levinthal, 1991). According to DAveni (1989), and Hambrick and DAveni (1988), both researches have noticed that most of the attention has been paid to the early failures and dramatic research has also been conducted in the literature. A macro view of the bankruptcy was given as a known strategy and an empirical examination of factors associated to successful reorganization (Moultan, and Thomas, 1993) and however, the structures of corporate governance were not incorporated in the analysis. An extensive data was available relating the intensity to which the officers and directors of the firm which was bankrupt were more possibly resigning or were being replaced (DAveni, 1990; Fizel Louie, 1990; Gilson, 1989). Several researchers used the multiple discriminant analysis MDA technique to develop a linear model to predict those firms which failed could be differentiated from the non-failed firms in UK (Taffler, 1977). This model resulted in an overall classification authentication for the year before the failure as comparative to three or two prior years of failure. The major contribution made by Taffler was the establishment of a Z-score model which was used for the prediction of company failures in the UK and furthermore, the author claimed of 100 percent predictive authentication in the model. In addition, in the consequent studies, Taffler (1982, 1983) discussed the pairing technique which was used in the prediction of corporate failure studies proved no more successful technique than any selection by the other tool or technique. Multiple Discriminant Analysis MDA models were dependable to certain intensity in the prediction of corporate failure. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Data was selected from Karachi Stock Exchange KSE 100 Index as given by State Bank of Pakistan in publication Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2004-2009). The period of study covers six years, 2004-09. The opted sample size of 44 firms was taken from KSE 100 Index and all of the firms listed on KSE 100 Index were selected for the samples which were going to bankruptcy in the past and some were also the present functioning firms which were currently working; so, only 44 firms included in the sample period of 2004-09. The objective behind the inclusion of these selected firms in the sample was that the inclusion of bankrupt and non-bankrupt firms in the analysis made it easier to distinguish the critical financial ratios of these both firms in order to predict for corporate bankruptcy. The data availability was the major issue faced in this research study. The secondary data sources were adopted for the collection of the data during this research study. Both of the empirical and theoretical aspects regarding the prediction of corporate bankruptcy were analyzed in this research study. For the purpose of the collection of the secondary data, external data sources were used, such as the data was collected from State Bank of Pakistan, general business publications, newspapers and journal articles, annual reports, internet and books. The data required for this study was completely dependent on the published data sources, such as the published sources listed above. 3.2 Sample Size A sample of 44 firms from KSE 100 Index was selected and in addition, out of these firms 22 firms were bankrupt and the remaining 22 were not bankrupt which was taken as the holdout sample for the prediction of the corporate bankruptcy. Only firms were used in the samples which were either became bankrupt due to the impact of the some of the financial factors or the ratios or the firms which were in operations during the research study was conducted and these firms were listed on the KSE 100 Index form 2004-2009. The impact of the different financial factors or ratios, which were listed in the previous chapters, on the prediction of corporate bankruptcy was analyzed on all of the firms selected as the sample. 3.3 Research Model Developed There are various financial factors or the ratios of the firms which affected the prediction of the corporate bankruptcy of the firms. This research study analyzed the impact of different factors or ratios already listed in the previous chapters on the prediction of corporate bankruptcy. The model developed was a binary logistic model and its specifications are provided below: Liquidity = a0 + a1Firm Size + a2DEBT + a3LTD + a4LSALES + a5OI/S + a6OI/TA+ a7IGP/TA+ a8Market to Book Ratio + ц where: Liquidity = the sum of cash and marketable securities divided by total assets Firm Size = natural log of the book value of total assets DEBT = the ratio of shorter period plus longer period debt to total assets LTD = the ratio of longer period debt to total assets LSALES = natural log of the annual sales OI/S = the ratio of operating income to sales OI/TA = the ratio of operating income to total sales IGP/TA = the inventory plus gross fixed assets to total assets ratio à Ã¢â‚¬Å¾ = the error term 3.4 Statistical Technique Binary Logistic Regression Analysis technique was used for this research study to examine the impact of the distinctive financial characteristics or the financial ratios of the firms on the prediction of corporate bankruptcy of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. Binary Logistic Regression Analysis technique was used for the purpose of prediction of of corporate bankruptcy or the prediction of the firms decisions to file for bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., prediction of corporate bankruptcy. The binary logistic regression analysis was selected for this study. It showed the intensity of the impact on the prediction of corporate bankruptcy during year 2004-2009 on the basis of several independent variables. CHAPTER 4: RESULTS The sample of 44 firms from the Karachi Stock Exchange KSE 100 Index was taken; Binary Logistic Regression Analysis technique was used for this research study. Research examined the distinctive financial characteristics or financial ratios of firms which filed for the bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., the prediction of corporate bankruptcy. Statistical Package for the Social Sciences (SPSS) was used for the analysis and examination of data. 4.1 Findings and Interpretation of the results Initially, the binary logistic regression technique was applied on the data collected using SPSS. Now, it was a nice time to proceed with the analysis of the results because the data was collected and ready to be examined. The interpretation and analysis is presented in the next sections of this research study. Case Processing Summary Unweighted Casesa N Percent Selected Cases Included in Analysis 192 91.4 Missing Cases 18 8.6 Total 210 100.0 Unselected Cases 0 .0 Total 210 100.0 This table explains the total population in the data file that is the 210 observations or the cases for the analysis of the bankruptcy prediction. This table further elaborates that the there were also some of the cases missing in the data because of the issue of data availability and some of the cases were the figures of zero. Dependent Variable Encoding Original Value Internal Value Bankrupt 0 Non-Bankrupt 1 The above table shows that there are only two variables in the dependent variable of bankruptcy that are the being bankrupt or non-bankrupt. Model Summary Step -2 Log likelihood Cox Snell R Square Nagelkerke R Square 1 234.707a .144 .192 This table elaborates the predictability of the complete model of the logistic regression which meant that to what extent the model predict the variation in the predicted group of bankruptcy. According to Cox Snell, the total predictors jointly explained variation in the groups of bankruptcy was 14.4%. While according to Nagelkirki, the all independent variable explained the group prediction of about 19.2%. Hosmer and Lemeshow Test Step Chi-square df Sig. 1 32.715 8 .000 This table checks the overall model fit which means that the model is at its best in predicting the group variation from non-bankrupt to bankrupt. The hypothesis of the above table is that the test model is fit. The hypothesis is rejected because the sig value is less than .05 which concluded that the test model was not fit in this case of predicting the group variation. Classification Tablea Observed Predicted Banckruptcy Percentage Correct Bankrupt Non-Bankrupt Step 1 Banckruptcy Bankrupt 76 29 72.4 Non-Bankrupt 43 44 50.6 Overall Percentage 62.5 The classification table is the most important table in case of the logistic regression because this table explained the correct identification of the cases correctly identified. The percentage of correctly identified cases is 62.5% which is also commonly known as the hit ratio which means that to what extent the numbers of cases were correctly identified. Variables in the Equation B S.E. Wald df Sig. Exp(B) 95% C.I.for EXP(B) Lower Upper Step 1a DA -1.219 .510 5.725 1 .017 .295 .109 .802 AtoLTD -.002 .001 1.583 1 .208 .998 .996 1.001 CR .938 .348 7.242 1 .007 2.554 1.290 5.056 NPM .037 .073 .262 1 .609 1.038 .899 1.198 SG .161 .232 .482 1 .488 1.175 .745 1.852 Constant .066 .579 .013 1 .910 1.068 This is the final most important table in the logistic regression because this is the only table which shows the role of different predictors in significantly explaining the role in the prediction of group variations. Those important significant variables were only two that were DA, and CR because the sig value of only these variables were less than .05. 4.2 Hypotheses Assessment Summary The hypothesis of the study was distinctive financial ratios have significant impact on the non firms decision to file for bankruptcy. These financial characteristics were current ratio (CR), debt ratio (DA), net profit margin (NPM), assets to long term debt ratio, and growth rate. In this study each of the financial characteristics or financial ratios of firms was tested and concluded the results. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ²       SIG. RESULT H1 There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. 0.938 0.007 Accepted H2 There is a difference between the Debt Ratio of bankrupted companies and non bankrupted companies. -1.219 0.017 Accepted H3 There is a difference between the Net Profit Margin Ratio of bankrupted companies and non bankrupted companies. 0.037 0.609 Rejected H4 There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. -0.002 0.208 Rejected H5 There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 0.161 0.488 Rejected CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion It was concluded based on the results of this research study that current ratio and debt ratio were only the independent variables which were showing significance in Pakistani market and these variables were highly significant in playing the vital role explaining the variation in the dependent variable of the prediction of corporate bankruptcy and the remaining independent variables could not explain the variation in the prediction of corporate bankruptcy. These results were not matching with the study conducted by Altman (1968). These results were varying because in various countries, there was difference in environments and circumstances and firms usually made decision accordingly. 5.2 Discussions Current ratio played a significant role in defining the variation in the prediction of corporate bankruptcy and this was also the case with the research study conducted by Altman (1968) because in his study the firm size was also playing a significant role. The variation in the prediction of corporate bankruptcy was not explained by the net profit margin ratio while it was significant in the study done by Altman (1968). The assets to long term debt ratio, and growth rate were not significantly explaining the variation in the prediction of corporate bankruptcy and study analyzed by Altman (1968), concluded the different results with some addition. 5.3 Implications and Recommendations This research was limited to the various firms listed on Karachi Stock Exchange of Pakistan only. The data taken from 44 firms which were took through various sectors of the KSE 100 Index for the year 2004-09 which were previously bankrupt and which were currently operating. It suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the choices of the firms decision to file for bankruptcy. Moreover, it also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the selection of the prediction of corporate bankruptcy. Besides that, this study can also be replicated in other developing countries. 5.4 Future Research This study helped various investors, management and other research conductors in analyzing and observing the behavior of firms regarding their decisions to file for the bankruptcy. Research students who want to work further on the prediction of bankruptcy can be benefited by this research study. Further more, the firms will become advantageous from this study because the study clarifies the distinctive financial characteristics or the financial ratios of different firms which significantly explain the variations in the prediction of corporate bankruptcy.