The Castle of Otranto †a Gothic Novel

The Castle of Otranto – A Gothic Novel Picture of the Title Page of the Second Edition A Dossier by Luisa Hiller, Johannes Klein, Benjamin Priebst, and Claudia Haack Table of Contents: 1. Introduction – The Gothic Novel 2. Horace Walpole 2. 1. The Life of Horace Walpole 2. 2. The Works of Horace Walpole 3. â€Å"The Castle of Otranto – A Gothic Novelâ€Å" 3. 1. Introduction 3. 2. Index of Characters 3. 3. Summary of the Plot 3. 4. The Characters' Appearance 3. 5. The Character Constellation 3. 6. Gothic Elements in The Castle of Otranto . Bibliography 1. Introduction – The Gothic Novel In the first half of the 18th century the word â€Å"Gothic† was mainly related to the Nordic invaders, the Goths, who were disliked because of their barbarous behaviour and their brutal invasion. Therefore â€Å"gothic† had a pejorative connotation, which, nevertheless, changed in the middle of the 18th century into a word being related to supernatural and fantastic events. The first gothic novel appeared in 1764, when Horace Walpole? s â€Å"The Castle of Otranto† was published. From this time on to approximately 1820 there was an explosion of gothic writings, which almost turned into addiction, especially for the female readership, who were craving for popular entertainment. This form of writing dominated British literature during this period and can be described as a hybrid between novel and romance, also encompassing drama and poetry. Though the gothic novel had many critics, it became unexpectedly successful due to the fact that it signified morality, beauty, a lack of reason and feudal beliefs which formed, at that time, a sharp contrast to the actual values of the Age of Enlightenment. Consequently, the gothic novel functioned as a mirror of 18th century conventions and values. The emergence of this new development in literature implied the assumption that there was a need for sacred and transcendent forces due to the denial of the existence of supernatural forces by the modern enlightened society. So the gothic novel provoked a rebellion against the predominant ideal of order and unity, which caused a lot of annoyance and was a socially subversive force for many critics. Finally, the author? intention was to evoke fear and terror, but also grandeur, and to make people be reverential. Writers of that period wanted, moreover, to wind up the reader? s feelings. This aim could be achieved by the usage of particular elements, which appeared in almost every gothic novel. Some of these elements are mentioned below. >setting The action usually takes place in some ruined castle or abbey in a remote and dark time, like the Middle Ages. Furthermore, the buildings are in many cases full of crypts, catacombs, dungeons, trap doors and secret underground passages. atmosphere The atmosphere of the whole story seems threatening and mysterious due to some inexplicable events as ancient prophecies and curses coming true, visions or other supernatural occurrences which sometimes can be elucidated. There are, furthermore, extreme landscapes as thick forests and rugged mountains often containing caves. Additionally a terrifying atmosphere is created by the apparent gloom, shadows, moonlight or a flickering candle. >emotions A gothic novel always contains powerful emotions like pride, anger, sadness, surprise, and especially, terror. Romantic elements like love and its often tragical implications (uncertainty of reciprocation, rival lovers, †¦ ) are also part of many gothic novels. Characteristics for the partly overwrought emotions are crying and melodramatic speeches, as well as panic and fainting. >distressed women Frequently women are oppressed and threatened, either by male relatives or other powerful men, for instance kings or lords which are mostly tyrannical. These women are often the main characters, demanded to do something unbearable as marrying someone they do not love. After the outstanding success of the gothic novel in the 1790? s, it began to fade in 1820. One reason for this was the frequent imitation, so that people became bored and the gothic novels stereotypes. Moreover, critics have been slow to accept the gothic novel as a valuable genre, for which reason it has almost vanished from European literature. The most important representatives: Horace Walpole>The Castle of Otranto (1764) Ann Radcliffe>The Italian; or the Confessional of the Black Penitents (1797) Mary Shelley>Frankenstein (1818) Charles Maturin>Melmoth the Wanderer (1820) 2. Horace Walpole 2. 1. The Life of Horace Walpole Horace Walpole was born on September 24 in London, the forth son of later Prime Minister Robert Walpole. Rumour has it that the eight-year-old boy met Alexander Pope during a summer holiday spent at Cambridge House, Twickenham, in 1725. Stages of his education include such famous names as Eton (1727-1734) and King? s College, Cambridge (1735-39). The following two years of his life were spent on the obligatory â€Å"Grand Tour†. Walpole was accompanied by his schoolfriend, the poet Thomas Gray, and the two of them toured France and Italy. When he returned to England in 1741, Walpole could immediately take up office, having been elected Member of Parliament for the family borough Callington in Cornwell while he was still abroad. For the following quarter of a century Walpole served as an MP in varying constituencies, before he finally retired in 1767. 1747 marked the beginning of a lifelong â€Å"obsession†. In this year, Walpole took up residence at Strawberry Hill, Twickenham, and began transforming his domicile into â€Å"the most celebrated Gothic House in England†. In 1757, a private printing press was set up at Strawberry Hill and Walpole brought out some of his own works by means of it. After the death of his nephew in 1791, Horace Walpole succeeded him as fourth Earl of Orford. He died five years later, on March 2, 1797. 2. 2. The Works of Horace Walpole –1747First book, â€Å"Aedes Walpolianae†, a description of the paintings at Houghton (the family seat in Norfolk), published –1751Walpole starts writing his â€Å"Memoirs†, a process continuing until 1791 –1758â€Å"Catalogue of Royal and Noble Authors†, 2 vols. 1762â€Å"Anecdotes of Painting in England†, 5 vols. (-1780) –1764December 24, â€Å"The Castle of Otranto† published –1768â€Å"The Mysterious Mother† (a tragedy) â€Å"Historic Doubts on the Life and Reign of King Richard the Third† Apart from the above-listed works, Walpole is known for his extensive correspondence. 4000 of his letters have been p reserved. 3. â€Å"The Castle of Otranto – A Gothic Novel† 3. 1. Introduction On December 24, 1764, the English readership was presented with â€Å"The Castle of Otrantoâ€Å", a novel which gave rise to a new literary genre: the Gothic Novel. Its author – Horace Walpole – obviously had not reckoned with the immediate success of his work. Why else would he have published the first edition of it anonymously? In fact, Walpole concealed his authorship by a rather complex story of the origin and discovery of â€Å"The Castle of Otrantoâ€Å". His anxiety about the reception of his novel was basically founded on the â€Å"novelty of the attemptâ€Å" (Otranto 7). Two aspects shall be mentioned to explain what he meant. Firstly, one of Wal-pole? s major intentions in writing the book was â€Å"[†¦ to blend the two kinds of romance, the ancient and the modernâ€Å" (Otranto 7), the former distinguished by imagination and improbability, the latter by a more realistic presentation of life (Walpole himself used the term â€Å"natureâ€Å" rather than â€Å"realisticâ€Å"). His object was to reconcile the two different approaches by showing people acting in a natural way while being exposed to the most u nnatural situations. The second motive that originally prevented Walpole from revealing his authorship were the super-natural elements contained in the story; ironically enough the very reason for its later fame. But by the time of its publication Walpole could not be sure that the mysterious events around â€Å"The Castle of Otrantoâ€Å" would meet with the approval of mid-18th century readers. After all, this was the Age of Enlightenment, the period of â€Å"cold reasonâ€Å" (Letter to Mme du Deffand, 13 March 1767, quoted from Otranto x) in which there was no place for ghosts, spectres, visions, prophecies and the like supernatural phenomena. With his fears not being confirmed and the positive reception of the novel, Walpole finally revealed his authorship with the appearance of the second edition in April 1765. The second edition brought another innovation: the subtitle â€Å"A Gothic Novelâ€Å" was added to the book, thereby providing the term for a whole literary branch which became very popular with readers in the following decades. Beside the above-mentioned supernatural elements which can be applied to any Gothic story there are several elements which are peculiar to â€Å"The Castle of Otrantoâ€Å". One of them can be perceived whenever servants and aristocratic characters meet. In writing these scenes Walpole was inspired by and imitated another prominent figure of English literary history, and he freely admits: â€Å"That great master of nature, Shakespeare, was the model I copiedâ€Å" (Otranto 8). And in another passage from the second edition Walpole describes the function of the domestics in the following way: â€Å"The simplicity of their behaviour, almost tending to excite smiles, [†¦ ] appeared to me not only not improper, but was marked designedly in that manner. My rule was nature. [†¦ In my humble opinion, the contrast between the sublime of the one [the noble characters] and the naivete of the other, sets the pathetic of the former in a stronger lightâ€Å" (Otranto 8). Finally, the last aspect to be mentioned is one that is not missing from any description of Walpole? s life and works. At the end of the preface to the first edition Walpole writes: I will detain the reader not longer than to make one short remark. Though the machin e- ry is invention, and the names of the actors imaginary, I cannot but believe that the groundwork of the story is founded on truth. The scene is undoubtedly laid in some real castle. The author seems frequently, without design, to describe particular parts. â€Å"The chamberâ€Å", says he, â€Å"on the right hand: the door on the left hand; the distance from the chapel to Conrad? s apartmentâ€Å": these and other passages are strong presumptions that the author had some certain building in his eye (Otranto 5-6). This extract could well be seen as a proof for Walpole? s sense of humour. In fact, the author – Walpole himself – did have a certain building in mind, namely his own domicile, Strawberry Hill. . 2. Index of Characters Manfred, Prince of Otranto†¢Hippolita, Princess of Otranto Conrad, their son and heir†¢Matilda, their daughter Isabella, engaged to Conrad, daughter of >†¢Frederic, Marquis of Vicenza Bianca, the princesses’ chambermaid †¢Jaquez and Diego, the prince’s servants Theodore (heir to Alfonso the Good,)son of>†¢Jerome (Count of Falconara, ) friar of the church of St. NicholasTwo knights, Frederic? s escort†¢A herald A giant knight, Ghost of Alfonso the Good†¢A phantom, ghost of a wise hermit Manfred? s servants, soldiers, people of the nearby village 3. 3. Summary of the Plot The story takes place in the old castle of Otranto, south Italy, in the Late Middle Ages. Because of an inscrutable prophecy, Manfred, Lord of Otranto, fears the downfall of his dynasty. After his only son Conrad’s sudden and mysterious death on his wedding day, Manfred intends to merry Conrad’s fiancee Isabella, which results in her flight from the castle. Theodore, a suspicious stranger, seems to be involved in her escape. Later, Frederic, Father of Isabella, who was reckoned to be lost in the last crusade, arrives to claim the authority over the Castle. He pretends to be the successor of Alfonso, the former legitimate Lord of Otranto, who died during the crusade. By offering his beautiful daughter Matilda to the challenger, Manfred tries to come to an arrangement with Frederic. Frederic should merry Matilda and Manfred should become husband to Isabella. Manfred’s wife Hippolita does not offer much resistance. However, because of increasing cryptic occurrences that remind Frederic of a prophecy he had been told, he rejects Manfred’s offer. Meanwhile, Manfred is becoming more and more jealous of Theodore, suspecting him to be Isabella? lover. His jealousy leads to the sad climax of the drama: Manfred, taking his daughter for Isabella, kills her accidentally when he discovers her secretly meeting Theodore. Manfred slays his only heir. Completing the prophecy, the giant ghost of Alfonso appears and Manfred resigns his dominion. Theodore? s identity as the true heir of Alfonso is revealed and he becomes the legitimate Lord of Otranto. 3. 4. The Characters? Appearance Throughout the Chapters (Only characters significant to the plot have been indexed. ) Man-fredHippo- litaCon- radMatil- aIsabel- laTheo- doreJeromeFrede-ricBian- caJaquez + DiegoGiantPhan- tom 1. XXXXXX—XX- 2. XX-X- XX-X— 3. X–XXXXX—- 4. XX-XXXXX—- 5. XX-XXXXXX-XX 3. 5. The Character Constellation 3. 6. Hippolita Frederic Jerome Manfred Isabella Theodore Matilda Bianca Manfred + Hippolitamarried; he wants to divorce her; she obeys him in everything (exception: authority of the church) Manfred + JeromeM. respects the friar, but suspects and scorns the man; J. exercises the authority of his position and his knowledge of the prophecy Manfred + TheodoreM. suspicion, anger, jealousy, aversion, but respect; T. > obedience, ‘superiority of manners' Manfred + Frederic business-like relationship, trying to come to an arrangement Manfred + IsabellaM. > she is the object of his desire I. > repulsiveness, fear Isabella + Fredericfather and daughter; I. > dutiful child; F. > considers ‘exchanging' her for Matilda Isabella + TheodoreT. > a friend in need, chivalrous helper I. > thankful for the assistance of the ‘peasant' T. , later falls in love with the ‘ true heir' T. Isabella + Matildamutual affection and confidence (like sisters); for some time rivals (> Theodore) Matilda + Theodoretragic lovestory Jerome + Theodorefather and son; J. > fatherly love and concern; T. > less emotional, retains some distance Jerome + Hippolitathe friar as confidant and advisor; H. > devoted and obedient Christian Matilda + Biancamistress and maid-servant 3. 6. Gothic Elements in â€Å"The Castle of Otrantoâ€Å" Not before the second edition did Horace Walpole admit that he himself wrote the book, which in its initial edition had the title: The Castle of Otranto, A Story. Translated by William Marshal, Gent. From the Original Italian of Onuphrio Muralto, Canon of the Church of St. Nicholas at Otranto (Otranto 1). But it was not before the work had been such a success that he admitted that â€Å"The Castle of Otranto† was in fact a work of fiction and not, as he had claimed in the preface of the first edition, which was published in 1764, â€Å"[†¦ ]found in the library of an ancient Catholic family in the north of England† (First Edition 3) and had only been translated. To further strengthen the point that the original story was based on reality, he adds that â€Å"Though the machinery is invention, and the names of the actors imaginary, I cannot but believe that the groundwork of the story is founded on truth† (First Preface 5) and proves his conviction by giving the reader examples of where he thinks that the original author must have unconsciously been referring to a specific place: â€Å" ‘The chamber,' says he, ‘on the right hand; the door on the left hand; the distance from the chapel to Conrad's apartment' [†¦ †(Second Preface 6). Through the preface to the first edition Horace Walpole sets the setting and describes the scene to have happened â€Å"[†¦ ] between 1095, the era of the first crusade, and 1243, the date of the last, or not long afterwards† (First Preface 3). Main themes of a gothic novel include ancient prophecies that are almost forgotten. In this case there are two which are both linke d to the true heir of Alfonso and thus the rightful lord of Otranto. The reader hears the first one already in the second paragraph where it says, â€Å"[t]hat the castle and lordship of Otranto should pass from the present family, whenever the real owner should be grown too large to inhabit it† (Otranto 15). The next one is more in the sense of a classical prophecy: â€Å"Where? er a casque that suits this sword is found, [w]ith perils is thy daughtercompass'd round: Alfonso? s blood alone can save the maid, [a]nd quiet a long-restless prince's shade† (Otranto79). It is in rhyme and not, as the first one, passed on oraly, but written on a giant sabre which was found far far away from the castle of Otranto. Another defining characteristic of a gothic novel are inexplicable sounds: â€Å"At that instant the portrait of his grandfather, which hung over the bench where they had been sitting, uttered a deep sigh, and heaved its breast† (Otranto 23). Furthermore, there are visions of things that can not possibly exist: â€Å"[I]t is a giant, I believe; he is all clad in armour, for I saw his foot and part of his leg, and they are as large as the helmet below in the court† (Otranto 33). And, most importantly, the one that sets the whole story in motion: â€Å"He beheld his child dashed to pieces, and almost buried under an enormous helmet, an hundred times more large than any casque ever made for human being, and shaded with a proportionable quantity of black feathers† (Otranto 17). Further characteristics include women in distress. Since Hippolita, Manfred's lawfully wedded wife, can not concieve any more children, and Conrad has been squashed by the gigantic helmet, Manfred needs a male heir and thus decides to divorce Hippolita and to marry Isabella:â€Å"Isabella, since I cannot give you my son, I offer you myself (Otranto 23). In the end, every hint that has been given throughout the story is packed together in a great vision for all the protagonists to see: A clap of thunder at that instant shook the castle to its foundations; the earth rocked and the clank of more than mortal armours was heard behind. [†¦ ] The moment Theo- dore appeared, the walls of the castle behind Manfred were thrown down with a migh- ty force, and form of Alfonso, dilated to an immense magnitude, appeared in the centre of the ruins. Behold in Theodore, the true heir of Alfonso! â€Å" said the vision: and having pronounced those words, accompanied by a clap of thunder, it ascended solemnly to- wards heaven, where the clouds parting asunder, he form of saint Nicholas was seen; and receiving Alfonso? s shade, they were soon wrapt from mortal eyes in a blaze of glory. The beholders fell prostrate on their faces, acknowledging the divine will (Otran- to 108). 4. Bibliography Walpole, Horace. The Castle of Otranto. 1764. Oxford: O xford University Press, 1964.

Market and sales Essay

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History - Research Paper Example Nonetheless, the civil rights movement comprised various African-Americans, who led in the struggle for racial equality, since the blacks in America were entitled to less privileges compared to the whites. This essay focuses on the civil rights movement from WWII until 1968, this therefore, is the period between 1938-1968, with special attention on major events, which indicate struggle for racial equality by African-Americans, and whether they won or lost in their different struggles for equality. Although the Civil Rights Movement is associated with the African Americans only, this was important for both African Americans and the whites. After the civil war, which was detrimental to America, the country was left with many national issues to address in order to ensure stability of the nation and its people. It was during this period, after the civil war, which is also called the reconstruction period that major civil rights movement were experienced. During this era, America had a co nsiderable number of its population comprising African Americans. These were former slaves, who upon being freed, needed to find land, build homes, settle down, and live a free life, like any other white person. Therefore, the American governments had a responsibility of addressing the needs of the former slaves in order to ensure there entry back into the society, as free people. However, when the government failed to address the issues of the African Americans in a fair way, these would rise up and demand for fair treatment and fair legislation, which did not deny them of the privileges the whites were entitled to. Therefore, this continued struggle for racial equality is what gave birth to the modern civil rights movement. Before the WWII, the American government, starting the late 19th Century, had used the legislation to enable the integration of African Americans back in the society as free people. Although the government based its decisions and legislation on the doctrine of â€Å"separate but equal,† there were vast elements of racial discrimination, as the African Americans were not free to share public space or enjoy the privileges of same legislation with the whites. Public places and amenities such as restaurants, schools, bus and railroad stages, among others, were separated between the whites and African Americans. Facilities belonging to African Americans were of poor quality, and inferior, compared to those of whites. This was one of the situations, which would result in the civil rights movement. In 1938, one major incidence that showed struggle for equal rights was experienced in one of the Southern states. In these states, there was a high level of inequality of the African Americans, compared to other states. Southern states did not allow for the admission of African Americans in institutions of higher learning, but referred them to institutions of higher learning in the northern states. However, in 1938, one African American student , who was denied admission to the University of Missouri Law School, filed a case in court, since he wanted Law in this particular university, as others did not offer law. Nonetheless, the courts ruled that the student be admitted in the university. This is one of the incidences, which portray the struggle of African Americans to gain equal opportunities with the whites in America. During the WWII, African Americans

Discuss Strategies Adopted By Domestic or Foreign Firms in China to Essay

Discuss Strategies Adopted By Domestic or Foreign Firms in China to Reduce Turnover of Their Staff and Assess the Effectiveness of Specific Measures - Essay Example This essay stresses that the major factor driving the staff turnover rate to increase somewhat incessantly indicates to the demographic factors of the Chinese economy, which comprises of low cost Chinese labour and the behaviour of the employees, giving much emphasis on their salary structure. The fact was further justified when the HR professionals of China reported that in the early years of 2000s, around 73% of the employees on an average, in China, had resigned from their previous jobs and moved to the other because of a higher pay structure. This discussion declares that apart from stating the reasons for the Chinese employees to leave the job, the HR professionals of China have also stated that the implementation of strategies focused on high employee satisfaction is the best method to deal with the ongoing problem of increment in the staff turnover. The various organisations are also struggling hard to retain their employees by implementing effective organisational strategies for the reduction of staff turnover rate. The continuous increase in the employee turnover rates has evidently emerged as a major barrier to the effective performance of both domestic as well as the foreign firms of China. Although the problem’s epicentre is same, the strategies adopted by the two groups have been observed as quite different. The Chinese firms usually believe that the best strategy of retaining the employees is to provide them with the best deals in comparison to those offered by other employers.... In this essay, the key area of study have been concentrated on the identification of the strategies adopted by the domestic as well as the foreign firms in China for reducing their staff turnover rates and subsequently, assessing the measurable effectiveness of those strategies in the current scenario of the economy. Discussion Strategies Adopted by Domestic firms for Reducing Staff Turnover The continuous increase in the employee turnover rates has evidently emerged as a major barrier to the effective performance of both domestic as well as the foreign firms of China. Although the problem’s epicentre is same, the strategies adopted by the two groups have been observed as quite different. For instance, to ensure better retention of the productive professionals in the organisation and mitigate the issue of increasing staff turnover rates, domestic firms in China have adopted certain distinctive strategies at organisational level, which principally focus on pay structure design efficiency, better training and developmental aids to ensure performance satisfaction to the employees and enrich management-employee relations. The Chinese firms usually believe that the best strategy of retaining the employees is to provide them with the best deals in comparison to those offered by other employers (Ferreira & Alon, n.d.). Few of these strategies that the Chinese firms have adopted for reducing the issues of staff turnover have been explained below. Considering the fact that a majority of employees decide to leave their current job being influenced by the pay hikes they shall obtain from joining another organisation, domestic firms in China often tend to emphasise regular pay hikes and increments to be delivered to their employees. In many

WE ARE A COFFEE SHOP CHAIN IN CANADA AND WE ARE EXPANDING TO BRAZIL Essay

WE ARE A COFFEE SHOP CHAIN IN CANADA AND WE ARE EXPANDING TO BRAZIL - Essay Example Also, they need to understand the cross-sectional issues and have constant attention to securing public or private investments (Nag, Hambrick, & Chen, 2007). Secondly is the partnership management. There should be ability to negotiate and maintenance of the core relationships set for the enterprise benefit. The partners should work well, and every partner’s knowledge and expertise contribute to the business success (Hill & Gareth, 2012). Many skills should be available in the expansion of the business to Brazil like engineering and technical expertise, legal advice, business planning and marketing that the partners can provide. Therefore, there should be corporation among them to improve the success. Thirdly, there should be marketing and business planning. The entrepreneurs should be able to access the business planning along with marketing skills now that they are expanding their market segments. The business plan should be able to demonstrate the objectives, service, and product lines; setting up the supply chains and pointing out the revenue targets in the other country, Brazil. The plan should have the financing and investment requirements and the marketing strategies to reach the objectives (Vladimir, 2009). Therefore, the business planning helps the coffee chain to identify its target in Brazil and how to achieve its objectives of expanding their market. Fourthly, another important element is creating a long and short-term benefits management as Richard (2011) suggests. The short-term benefits should keep the stakeholders until the long-term benefits get achieved. The significant factor for success is that every stakeholder should feel that they are getting benefits from the effort they contribute to the business. The idea of expanding the market to Brazil should show a success plan in future and define more potential benefit to the stakeholders in the project development. Now that the business require a significant lead time before securing tangible

How Customer Service earns Customer Loyalty Thesis

How Customer Service earns Customer Loyalty - Thesis Example The study would also include a section that would address the area of primary research methodology that would be used to analyze the research question. Finally the study would also contain a section that would summarize the findings of the study and finally suggest certain plausible recommendations that would help marketers of service based organizations to formulate effective strategies that helps in build long term relationships with the organizations thus fostering customer loyalty and ensuring sustainable competitive advantage for the organization in the long run in the competitive and turbulent business environment. Table of Contents How Customer Service earns Customer Loyalty 1 Abstract 2 Chapter 1: Introduction 5 Statement of Problem and Importance of Study 6 Definition of Terms 8 Customer Loyalty 8 Brand 8 Brand Equity 8 Innovations 8 Service Mix 8 Research Questions 9 Summary 9 Chapter 2: Literature Review 10 Historical Background 10 Service Delivery and Customer Loyalty 11 Measuring Customer Satisfaction 14 Distinction between Products and Services 15 Elements of Customer Loyalty 17 Service Innovations and Customer Loyalty 18 Customer Loyalty and Competitive Advantage 20 Service Mix and Customer Loyalty 21 Customer Loyalty and Brand Image 22 Summary 24 Chapter 3: Primary Research Methodology 24 Sampling 25 Data Collection Techniques 25 Research Methodology 26 Summary 27 Chapter 4: Discussion, Conclusion and Recommendations 28 Discussions 28 Conclusions 29 Recommendations 30 References 32 Chapter 1: Introduction The present age of business and consumer markets is rightly termed as the age of consumers. Business organizations in the wake of increased completion within the market are trying out new means to lure customers. It has become essential for organizations to not only attract new customer alone but to also retain the existing customers. In this event customer relationship management and consequently customer loyalty have become largely an importa nt part of the strategy formulation of business organizations. This strategy of business organizations follows from the popular thought which states that it is easier and less expensive to retain an old customer rather than acquiring a new one. Promoting customer loyalty has therefore become one of the most important elements of strategy formulation for business organizations. Customer loyalty is largely measured as an outcome of the level of customer satisfaction which is defined as â€Å"the customer’s fulfillment response to a customer experience, or some part thereof† (Buttle, 2008, p.44). Business organizations are trying out newer strategies to induce customer loyalty which includes providing loyalty cards that can be used by the customer to redeem points based on their purchases. The points can be redeemed for cash discounts or other offers which helps induce repeat purchases by the customers. Customer loyalty has gained widespread importance in the recent years with the dynamics of markets changing from a seller’s market to a buyer’s market. Promoting customer loyalty also helps an organization to get closer to its customers so as to better analyze the demands of the customers. The importance of customer loyalty can be gauged from the fact that in Europe

Casual Argument Essay Example | Topics and Well Written Essays - 750 words

Casual Argument - Essay Example t this point that the act of US in going to war and continuing the war has been act of self-defense and preventing more terrorist attacks in its homeland, hence it can be stated that continuing the war and eventually ending it successfully is a strategic US move that is aimed in making the American life safer. To say that one will be safer is to be assured that there will be less peace disturbance than expected within a given time frame. Since a time frame may be divided into short term and long term, this paper asserts that in the short term, while US will have to address the short-run reactions of its enemy, especially the effects on a considerable of Muslim community who may see martyrdom in the hanging of Sadam Hussien. Dickey and Barry talked of the feeling a little safer for US, at least for a short time, when the world has witnessed the putting to death of Sadam Hussein of Iraq but they seem now to paint a different picture by their reports of not seeing many American flags in Iraq, except on soldiers uniforms due to the U.S. commanders’ decision that the American insignias might offend local sensibilities of the Iraqis. They even cited a mob in the dusty Iraqi town of Fallujah displaying a new and shocking image to bear in mind the war by the slaughter of four American civilian security men, by burning them, butchering them, dragging them through the streets, and then eventually hanging pieces of them from power lines and the girders of a bridge.1 In dramatizing the effects of the war, the same authors described the incident as simply gruesome as they convey the message of â€Å"inhuman brutality of a worldwide terrorist campaign that seems to be spreading.†2 Given also the report s that U.S. soldiers are being attacked, with at least one dying every day; it would only mean in the short term, that a less than safer scenario for the US might be expected. It does not take too much time however to allow things to normalize in Iraq. Since the US has

Alliant health system Essay Example for Free

Alliant health system Essay From my point of view no strategy is perfectly sound. There are some or other lacking points in every strategy. In case of alliants strategy, although they have made quite advancements but in last 5yrs they have hit a few unexpected obstacles and drawbacks that has staggered their progress. alliants were only been able to lay the base. The working of alliants was facing the problem of in cordiality to the total quality management philosophy. For alliants to eliminate the problem the quality process still needs a jumpstart ,even the physicians show broader there view point, implementation of an IT system that fully supports total quality management by getting them the data and the important facts it need to have to in cooperate innovation in future in their organisation. Even the CEO wolford said that he cannot talk about any one area which is doing substantially well than its competitors. alliants were finding a problem to get plans into implementation. Even as per the statistics the unable to monitor rate was around 2% to 70%. How well have they implemented the quality strategy? Alliants thought of a new action plan to introduce total quality management with the help of quality management team with a 10 pointer action setup. This time they were determent that the implementation of plans takes up systematically. Mainly 4 area of TQM strategy were taken of well. 1) CARES+ this process was implemented all across the alliants. This helped in shifting from the traditional system of the planning to the improvement of the quality which was highly efficient. 2) EQUIP- this was an idea to give voice to the employees. They were allowed to share their point of view and give their ideas, innovations and communicate with the higher management of the organisation. 3) . Quality Improvement Teams- these teams brought the technicality and specific analytical tools to bring implementation in action. 4) . Critical Paths 3. Evaluate their information technology needs. Believed information technology (I/T) is a key in the future strength of TQM Need â€Å"expert systems – computers to help the mind† â€Å"Was a shift in focus: to patient-oriented systems rather than functional, â€Å"stove pipe† applications that met narrow departmental needs. Physicians, clinical support professionals, and administrators could share information and drive continuous improvement in service â€Å"HELP offered advice on possible diagnoses, cost-effective treatments, resource scheduling, and drug contraindications. † New I/T strategy offered significant advantages over Alliant’s existing patchwork of stand-alone systems: System worked concurrently – advice was available as patient was being treated Had the potential to improve coordination dramatically by collecting data from all corners of the hospital into a single patient-centered system 4. Would you proceed with HELP? From my point of view, yes we should proceed with HELP. As this improving the quality, saving time and even the paper. This system has helped the hospital in making the whole organisation a one working unit. This is basically a single patient orient system that has all the information about every patient who has been admitted in any of their hospital in any other area. This has eliminated the repeated data and has been proved to be more productive, efficient and well organised. 5. What would you do to make sure implementation is successful? The steps which i would take will involve

The office of The Presidency Essay Example for Free

The office of The Presidency Essay Arguing for a strong, central figure of authority in the American President, Alexander Hamilton made his feelings quite explicit in Federalist No. 70 that duplicity in regards to the Presidency is an undesirable position. For Hamilton, history was replete with examples of shared responsibility or rule-by-partnership which provoked tragic results. The lesson of history, according to Hamilton, was to avoid creating any discrepancy in Presidential authority while simultaneously preventing the President in an American Constitutional democracy from becoming an autocrat. Although Hamilton leaves little room for second-guessing on the topic of a duplicitous leader, his reasoning admits that his ideas are based on an understanding of human nature: Wherever two or more persons are engaged in any common enterprise or pursuit, there is always danger of difference of opinion [ ] Whenever these happen, they lessen the respectability, weaken the authority, and distract the plans and operation of those whom they divide (Hamilton). This assertion, of course, begs the question as to whether or not leaders, even in a Constitutional democracy must be expected to rise, at least to some degree, above the mean average of human impulse. A counter-argument of sorts is presented in Madisons Federalist No. 51, which should be examined in tandem with Hamiltons assertions. Hamiltons ideas about human nature may be evident in the extant history of the United States. Presidential authority within the constitutional democracy of the United States has posed a continuous and evolving potential threat to the integrity of a government formed by the people for the people. Whether by the machinations and ambitions of the personally ambitious and influential, or by an endemic tendency for all social systems to unify and in doing so, centralize authority, a pattern of political and judicial evolution toward Presidential supremacy is evident in the political history of America. The mounting supremacy of Presidential authority in the United States presents a profound and complex challenge for the present generation and the determination of exactly where and how the Presidents authority can be checked will prove to be of great consequence for the future of not only domestic, but international, affairs. Hamiltons suggestion that a robust and energetic leader is a desirable consequence in a democracy: Energy in the Executive is a leading character in the definition of good government. It is essential to the protection of the community against foreign attacks; it is not less essential to the steady administration of the laws (Hamilton), the potential for the dangerous expansion (and possible supremacy) of Presidential authority exists within the original Constitution. The executive authority given the President led many of the original framers to express reticence regarding the development of a new monarch. Some modern political scientists believe that this is exactly what is taking place now and has been taking place over the course of US political history: we have changed our constitutional democracy into a political democracy[ ] substituted an unwritten for a written constitution and a government of laws for a government of men. This means that the principles of the American Revolution, as the foundation of our constitutional system, have been destroyed and that we have returned to the principles of the British system. (Patterson, 1947, p. ) Such a dire pronouncement may seem like hyperbole, however, several key points contribute to this rather scathing indictment. First, there is the issue of national unity, a fact which modern communications, transportations, educational and economic systems have made unavoidable. Since 1789 the movement toward national unity has developed far more rapidly. In this respect, we have only followed the law of the life of nations, beginning in isolation, passing through confederation, and ending in unity. (Patterson, 1947, p. 6) Unity heralds a sole leader, rather than a confedaration of leaders. Secondly, the two-party political system has allowed for the centralization of political power within the congress. The powers necessary for presidential supremacy had first to be centralized in the Congress before the control of the Congress by the President would give him national supremacy. The President has facilitated this movement by urging the Congress to seize power to enact his policies into law and by making appointments to the Supreme Court. (Patterson, 1947, p. 7) The movement toward unity entails the expansion of the federal bureaucracy, which in turn, enhances Presidential authority. The tremendous growth in the functions of the national government have necessarily multiplied executive agents by the hundreds of thousands. The President cannot perform this multiplicity of services without authority and without an army of subordinates. (Patterson, 1947, p. 77) These factors, plus the politicization of the ensuing civil and legislative offices, greatly enhance the scope of Presidential authority. The fact that the President has become our political executive is not exclusively a result of the development of political parties though without a party system, or a party in the totalitarian sense, there could be no political executive. (Patterson, 1947, p. 84) Perhaps one of the most critical and complex issues which faced the framers of the United States constitution was that of how to limit the government and associated governmental beuracacy while ensuring that the Federal government retained enough power and authority to interpret and enforce the constitution itself. As Madison remarks in the opening lines of his now-famous Federalist #51, there can be no more urgent an issue, nor one which so directly confronts both the self-interested nature of the individual, but the self-interested nature of government itself: to what expedient, then, shall we finally resort, for maintaining in practice the necessary partition of power among the several departments, as laid down in the Constitution? (Madison, 1788). The partition of power is a key phrase and contains within it the seeds of Madison answer to his own opening, rhetorical question. Madison offers a direct and seemingly mandatory vision of how the partition of power should be best accomplished: The only answer that[ ] by so contriving the interior structure of the government as that its several constituent parts may, by their mutual relations, be the means of keeping each other in their proper places (Madison, 1788). This conclusion is commonly referred to as the system of checks and balances upon which the democracy of the United States is founded. Madisons observations in Federalist #51 are frank and founded upon concerns that the basic self-interests of human-beings, coupled with the leviathan power of the State pose the continual potential for dictatorship and the subversion of the constitution itself. In this light, there is an almost exclamatory tone to Madisons writing and there is, without a doubt, a tone of warning in the following, famous passage: But the great security against a gradual concentration of the several powers in the same department, consists in giving to those who administer each department the necessary constitutional means and personal motives to resist encroachments of the others[ Ambition must be made to counteract ambition. The interest of the man must be connected with the constitutional rights of the place. (Madison, 1788) In Colonial times, no mistake would have been about just what kind of encroachments of others Madison meant to illustrate: the potential of personal ambition to trump the idealism of a democratic government founded upon principles of liberty and equality. Similarly, the idea of connecting the interests of the individual with constitutional principles is an exceedingly complex idea, but one which would have been explicit, in consequence, to the Colonial framers of the constitution. Madison means no less than: all citizens of a democracy must put the principles of that democracy, its traditions, its institutions, laws, and integrity above their personal ambitions and self-interests. The subtext of this, of course, is that all mens self-interests are ultimately best-served by a government which enables them to live free and which enables them to pursue their self-interests to a point of true liberty; however, the maintenence of the constitution and the democratic state, which are, in actuality, protections against the propensity of governments to turn oppressive and hostile, must be regarded as more essential, more important than the mere personal self-interests of those who serve in government. Against this summation, Hamiltons assertion that responsibility has two aspects becomes hat much more provocative: Responsibility is of two kinds to censure and to punishment. The first is the more important of the two, especially in an elective office. Man, in public trust, will much oftener act in such a manner as to render him unworthy of being any longer trusted, than in such a manner as to make him obnoxious to legal punishment (Hamilton). What Hamilton is saying is that the concentration of power and responsibility in the figure of the President leads to a greater amount of accountability in government. By contrast, Madison viewed the American people, as a whole, as being the firewall of the democratic traditions the President was theoretically bound to serve. However, the idea that individuals in high positions of power must function both as facilitators of the democracy but also as a check against the possible tyranny of the majority is also an idea which Madison sets forth in this paper which is quite a radical idea: Different interests necessarily exist in different classes of citizens. If a majority be united by a common interest, the rights of the minority will be insecure (Madison, 1788). In conclusion, Hamiltons Federalist #70 is one of the most important political documents associated with the framing of the US constitution and forms a remarkable counterpoint to Madisons thought. Both writings represent an attempt by the framers to pinpoint the points of danger and structural weakness in both the democratic form of government and the innate nature of the citizens who comprise that democracy.

The Importance Of Accurate Financial Statements

The Importance Of Accurate Financial Statements The role of financial accounting is not to show the value of a company, but rather it provides enough information for others outside the company to determine the value of the company for themselves. Financial Statements according to Oxford Online Dictionary are annual statements summarizing a companys activity over the last year. They consist of    the profit and loss account, balance sheet,    statement of total recognized gains and losses    and, if required, the cash flow statement    together with supporting notes.    Proper financial statements are crucial for a companys success. Bad financial management can quickly lead to a companys downfall. Income statements, also known as PLs or profit and losses are a basic account of the companys profits, expenses and sales. These reports will give insight into the finances of a company in the immediate and distant future.    Balance sheets are the assets, liabilities and the equity of a company. This sheet is simply the statement of a companys financial position. The balance sheet does not apply to the future only to the present point in time. Retained earnings statements are forms that show the balance of initial earnings, any changes that took place and the resulting balance of that.    Lastly, when discussing financial statements comes the cash flow statement. This is basically a statement that contains information about a companys cash flow for the short term. This statement will break down all investing, financial and operations activity.    Companys use all of these statements to determine current financial profitability and potential future growth. Without accurate financial statements, and owners and managers ability to correctly understand them, any company is fated to failure. A company could track previous growth and then make an estimate on possible future growth of the company.    Liabilities are any debts, claims, obligations or potential losses a company may have. An example of a liability is an account payable. Accounts payable is simply money that a company owes but has yet to pay. This could be tracked to help reduce future expenses that have ended up costing more than they should have. Businesses have two primary objectives: to remain solvent and to earn a profit.    A companys solvency is the ability of the business to pay its bills and service its debt. The better their solvency, the better they are financially. This is different from a company being profitable.    There are four financial reports that show business owners their profitability: the Balance Sheet, the Income Statement, the Statement of Owners Equity, and the Statement of Cash Flows.    These reports are also the financial product of an accountants analysis of the transactions of the business. A lot of effort goes into preparing these financial statements.    The Balance Sheet shows a particular point in time.    It highlights what resources are owned by a business and what it owes to other parties.    It also shows how much has been invested in the business and what the sources of that investment were.    The balance sheet is often referred to as the snap shot of the business, or a picture of the financial position at that specific point.    In contrast, the Income Statement, also known as the profit and loss statement, provides a perspective on a longer time period. If the balance sheet is a snap shot, think of an income statement like a photo album of the business activities. That photo album is like a story of what financial transactions took place in a particular time frame, and what the overall results of the transactions actually were. The Statement of Cash Flows explains the change in the companys cash during the time interval indicated in the heading of the statement. It is meant to help managers and investors understand the relationship of net income to change in cash balances.(Holmgren, Sundem, Elliott, Philbrick, 2006, pg.185) This report is split into three sections: Operating activities, which explains how a companys cash has changed due to operations; investing activities, refers to amounts spent or received in transactions involving long-term assets; and financing activity, which shows such things as cash received from long term debt, or most commonly through the issuance of stock. All of this reporting shows company information.    It explains where a companys money came from, where it is now, and where it is going, but the root of it all begins with bookkeeping. Basic bookkeeping monitors what the companys check book looks like and what their reoccurring expenses are like payroll, rent, along with any other operating expenses. Every business needs some sort of process to track their expenses and their income without any analysis of their in-and-out flows.    This is where the accountants come in the picture. They evaluate and analyze the information making sense out of the numbers to explain the bigger picture.    For any of the above reports to be useful to an owner or investor, they need to be understandable, timely, relevant and free from bias.

Resistance to the Nazis: The White Rose Essay -- WWII, German history

The Nazi Party, controlled by Adolf Hitler, ruled Germany from 1933 to 1945. In 1933, Hitler became the Chancellor of Germany and the Nazi government began to take over. Hitler became a very influential speaker and attracted new members to his party by blaming Jews for Germany’s problems and developed a concept of a â€Å"master race.† The Nazis believed that Germans were â€Å"racially superior† and that the Jewish people were a threat to the German racial community and also targeted other groups because of their â€Å"perceived racial inferiority† such as Gypsies, disabled persons, Polish people and Russians as well as many others. In 1938, Jewish people were banned from public places in Germany and many were sent to concentration camps where they were either murdered or forced to work. Many individuals and groups attempted to resist Nazism in Germany, but were unsuccessful. The White Rose, The Red Orchestra and the Kreisau Circle all advocated non-viol ent resistance to oppose the Nazi regime and even with the high risk of getting caught and potentially killed, the courageous members of these groups went after what they believed was right despite the serious consequences. The White Rose was formed in Munich in 1942 by students at the University of Munich named Hans Scholl, Sophie Scholl, Willi Graf and Alexander Schmorell. These students constantly heard others discuss the atrocities of Hitler’s regime and the disturbing stories of over 200,000 Jewish people being murdered. Hans Scholl, the leader of the White Rose group, decided to take action as he could no longer stay silent while so many civilians were being murdered. The White Rose group strived to raise awareness of Hitler’s actions and to help end Anti-semitism in Germany and ensure... ...ited States Holocaust Memorial Museum. United States Holocaust Memorial Council. Web. 12 May 2014. Sheehan, Sean. Why Did the Holocaust Happen? New York, NY: Gareth Stevens Pub., 2011. Print. Shuter, Jane. Resistance to the Nazis. Chicago: Heinemann Library, 2003. Print. "The Kreisau Circle." Kreisau Circle. Web. 14 May 2014. "The Germans Who Tried to Topple Hitler." BBC News. Web. 21 May 2014. "The Leaflets." White-rose-studies. Web. 20 May 2014. "The Red Orchestra (Die Rote Kapelle)." Berliner Themenjahr 2013. Web. 22 May 2014. ""The Red Orchestra": Actions of Little-known Nazi-resistance Group Are Brought to Light." Movies. Web. 22 May 2014. "White Rose (German Anti-Nazi Group)." Encyclopedia Britannica Online. Encyclopedia Britannica. Web. 12 May 2014. "World War II: The White Rose Resistance Group." About.com Military History. Web. 12 May 2014.

Database :: essays research papers

What is a Database?   Ã‚  Ã‚  Ã‚  Ã‚  A database is a software program arranged to collect, hold and process information. There are many software packages that help you handle information. However, what makes databases different is that once you enter the information into it, the database will operate the information in ways that allow you to analyze the data. It is designed in such a way as to make it easy to obtain precise pieces of data.   Ã‚  Ã‚  Ã‚  Ã‚  Databases are used in many applications, existing in almost the entire world of computer software. Databases are the preferred method of storage for large multiuser applications, where coordination between many users is needed. Even individual users find them convenient, though, and many e-mail programs and personal organizers are based on standard database technology. An employee data base is produced in a business in order to keep their vital information and do their payrolls. They do this in a way that they can have the access to each one of the employee’s information. This database is also used to prepare their federal and state taxes. Another example of a use of a database in business is in retail stores lke meijer, macy’s, etc.. These companies create a database of products with the products’ barcodes so that when a customer comes to the register to check out, with the help of the barcode scanner , the price data of that product is applied to the customers’s invoice. The website of the Federal Student Aid (FAFSA) which is http://www.fafsa.ed.gov is a greal example of use of a form for a database. Anybody who wants to apply for financial aid has to use this website and fill out the forms online.They can access their information and continue to work on their application where they left anytime. There are databases designed to manage the inventory. Most of them are called Inventory Management Control Databases. With these databases managers can track their inventory, they can have the knowledge of what they have on hand, how much more they need to order or when each of the product’s expiration date is due by either entering the products’ names or the products’ control numbers.

The Freedom of Information Essay -- Technology Computers Essays

The Freedom of Information There are different kinds of freedoms: freedom of expression, of opinion, of speech, of information, to copy, to own and to read, and freedom from interference and observation. This research is an ethical analysis of the freedom of information in the new Internet era and how the new technology should be implemented globally as a universal human right. Not so many years ago, I still remember in High School my research with books, magazines, and newspapers as the only resources to get information. When I did my undergraduate thesis in Direct Reduced Iron, I could get information thanks to my brother in law directly from the company that owns the technology. It is not possible to get all the information that you want from the Internet, because some are confidential documents or data with personal information, but there are people that find ways to access information illegally that is not open to the general public. These people called Hackers are not acting morally, because they are not respecting the people’s rights of privacy. This case is not included in the freedom of information mentioned in this research, but the issue itself is affecting in some way the freedom of information. Global Information Infrastructure Something that brought my attention to this subject was the speech of the Vice President Al Gore in 1994 at the International Telecommunications Union Conference about his determination for the creation of a network of networks to all members of our societies and his ethical analysis in Global Information Infrastructure (GII). The plan was based on five principles: Encourage private investment Promote competition Create a flexible regulatory framework Provide open access to the network Ensure universal service Now in 2003 we can see the tremend us benefits of GII in all the countries where it has been implemented. When I started to do this research I didn’t realize all the advances in communications this commitment made. Most of these advances were in the telecommunications industry with private investments and free competition in an industry that was in the past a monopoly. Each country has their own laws in telecommunications, and it is a universal right from an ethical point of view that each individual around the world has to have some kind of access to get information. Let’s say a li... ...f the person is literate or illiterate. Endnotes [1] Deborah G. Johnson and Helen Nissenbaum, Computers, Ethics & Social Values (New Jersey: Prentice-Hall, Inc., 1995), 621. [2] John Weckert and Douglas Adeney, Computer and Information Ethics (Westport: Greenwood Publishing Group, Inc., 1997), 32. [3] Johnson and Nissenbaum, 622. [4] â€Å"Motivating a Human Rights Perspective on Access to Cyberspace: The Human Right to Communicate†. CPSR Newsletter Vol. 18, Number 3.6 June2003 http://www.cpsr.org/publications/newsletter/issues/2000/Summer2000/mciver.html [5] Richard A. Spinello, Case Studies in Information and Computer Ethics (New Jersey: Prentice-Hall, Inc., 1997), 249. Bibliography Hester, D. Micah, and Paul J. Ford. Computers and Ethics in the Cyberage. Prentice-Hall, Inc., 2001. Johnson, Deborah G. Computer Ethics. Prentice-Hall, Inc., 1985. Johnson, Deborah G. and Helen Nissenbaum. Computers, Ethics & Social Values. Prentice-Hall, Inc., 1995. Spinello, Richard A. Case Studies in Information and Computer Ethics. Prentice-Hall, Inc., 1997. Weckert, John and Douglas Adeney. Computer and Information Ethics. Greenwood Publishing Group, Inc., 1997.

How Science Changed Our Life Essay

The development of science started many centuries ago when our ancestors were exploring the world and inventing things that make our life easier nowadays. We may not even realize it; however, all that surrounds us today, all the technologies, all the goods we possess, medicine and other spheres of our life are influenced by the development of science. Imagine, what the life would be if there were to technological development, transport, internet, telephones, etc. We would just be unable to exist. However, exists another side of a medal. Not all consequences of the science development are positive. There may examples proving that the scientific advancements may have a negative impact on people lives and cause may outcomes, which pose problems. There are even very serious problems, with which we are not able to cope, unfortunately. For instance, talking about the positive side of a question, the discovery of fire and invention of the wheel have crucially changed the life of humanity and made it much more comfortable.   In the course of new technological advances were appearing, enabling people to receive cures, assistance in everyday life, etc. Take for example our medicine. In a few decades, scientists have elaborated cures for eradicating the diseases, which were considered fatal. Thanks to the prolific work of chemists and biologists, we now can fight almost all the serious and less serious illnesses. It one of the examples illustrating the positive impact of scientific development that we have faced in recent years. Talking about the negative impacts, caused by the advance in science and technology, it impossible to overlook such issue as pollution and to destroy the ecosystem. Factories pollute the air and drop the chemicals into the water and atmosphere. This dangerous issue needs an urgent solution. Due to this fact, we face a variety of problems. Our ecosystem is suffering from the negative influence of toxic fluids. The environment needs to be saved. Many animal species are endangered and face total extinction. The ozone layer is being destroyed. The ice sheets are melting and causing cataclysms. All these factors illustrate how the humanity becomes a prisoner of its achievements and developments. If we continue in this direction, our future generations will not have a chance to live at all. Development is a positive dynamic traced in the existence of certain phenomena or object. However, not always these changes have positive consequences. Sometimes the thing or achievement in any branch of science, which was supposed to bring welfare to the humanity turns into a disastrous factor. Among the adverse changes cause by science development, it is impossible to overlook. It concerns various branches of science including medicine, technology, and environmental sciences. Illustrating each of them is important. Taking into consideration the sphere of medicine, its positive dynamic in some aspects lead to problems, which we cannot fights even nowadays. Among these negative influences, it is necessary to single out the consequences caused by the usage of drugs. How science has changed our lives, particularly medicine, it is possible to illustrate on this example. The favorable impact of drugs was discovered many years ago. It helped to eliminate pain and bring relief to patients suffering from fatal diseases. Moreover, it helps to relax people who have the Parkinson disease. However, every rose has its thorns. People started using drugs as a way to get a rush. It quickly becomes a serious issue, as people get addicted to narcotics. Now it is tough to fight this problem and find a solution. This advancement in medicine has turned into a disaster. This narcotics issue is a bright example illustrative the negative side of science development. It is possible to illustrate the negative impact of the development of technique on the example of internet invention. On the one hand, the development of the internet was a breakthrough in a sphere of information exchange. Primarily, the most primitive version of the web allowed the soldiers to pass the signals, containing info, in times of war. As it proved to be the quickest and the most reliable way of information interchange, after the end of the war, people started to modernize and develop it.   Science changed our lives a lot, and now, we cannot imagine our modern life without the global net. It enables us to everything starting from the chatting, ending with doing shopping and seeing in the live view people, who are in the other parts of the world. However, exists another side of a medal. Science technology changed our lives dramatically, and we have become addicted to the social networks. Undoubtedly, science has caused the range of changes in the life of humanity. Not all of them are positive, and not all of them are negative. However, it is impossible to introduce changes to a specific sphere of life without influencing the other ones. We have to realize the fact that nothing is ideal, and we can control everything. Changes are unavoidable. Where a good there is is also always a bad. It is an unchangeable law of our world. The critical thing to realize is that we are to start looking for the golden middle. We can no longer ignore all the changes caused by the development of science and technology. There are some life aspects, which need the attention of the humanity. Here it goes about the environmental issues and questions connected with the human lives. We are to be responsible for what we do! We have to be able to solve the problems, which we have caused by ourselves! Our task is to do something until it is not late!

Women and Minorities in Psychology

Before the call war women and minorities were not allowed to pursue higher raising and were discouraged to study the sciences because of their lack of Intelligence. However, Margaret Washburn was the beginning(a) woman to graduate with a doctors degree In psychology studying with ethene In the area of visual imaging on tactile sensitivity, (Goodwin, 2008). Dry. Washburn went on to change by reversal the president of the American Psychology draw in 1921 (Goodwin, 2008).African Americans were referred to as a puppet of burden as was sentiment of as being even more low-level than the lowly female and it was the life that that if African Americans were educated it would encourage them to think active freedom ( Goodwin, 2008). During the post-civil war era African Americans were allowed to attend a limited spell of separate but equal schools, or so attained teaching degrees and returned to their communities as teachers.Those African Americans who did overhear an advanced deg ree in psychology according to Goodwin (2008), had a very limited hazard to use their degrees new(prenominal) than teaching at a foul college. Francis Sumner was the first of all African American to earn a doctorate degree in psychology in 1920 (Goodwin, 2008). Because of the school of thought at the time in the nineteenth century of the superiority of the white males women and quite a little of color were not granted the opportunity to pursue a higher training in the case of African American no education at all.They were case-hardened marginally and living on the kick of society as having no time value as a human being at all. Women and people of color were unvoiced and deem to have little or nothing to offer. M either African Americans credence W. E. Dubious as being the first African American psychology because he wrote so eloquent about the psychological struggles of African American in his determinate work entitled The Souls of Black Folks.The inadvertence of wome n and people of color from the field of psychology, any psychology results would not have been an undefiled because of the blabs of the studies over half of the population was not included. Reference Contributions of African Americans to the Held of Psychology Shells R. Black, Susie A. Spence and vanish R. Omar Journal of Black Studies Volvo. 35, No. 1 (Seep. , 2004), up. 40_64 Goodwin, C. (2008). A History of Modern Psychology, third Deed. USA John Wiley & Sons, By flaxen beyond simple reading and report it would have a dangerous effects would be not e sound for a women health ( Goodwin, 2008).

Only the Strong Survive

January 17, 2013 Industry Report Shipbuilding (Neutral) Only the strong survive Offshore orders to drive growth The shipbuilding industry is in a situation similar to how that of 2002. In 2013, plunging order volume and weak new building prices are fueling intensifying competition. In 2002, shipbuilding shares rose because of an increase in orders, but then quickly fell on concerns over weak new building prices, which caused earnings to stagnate. For a period in 2002, shipbuilders went into red.Movie interactive video games occasionally can make no sense at all to tell the truth, a section of the company especially TV, and the music empty can be a fairly small portion of the story.Daewoo Securities Co. , Ltd. Ki-jong Sung +822-768-3263 kijong. [email  protected] com Ryan Kang +822-768-3065 ryan.Youre in need of a leader of culture if youre new beginning an agency.

Although shipbuilding shares currently trade at a P/B of 1. 0x, we believe they have the potential trade at a P/B of 1. 2x.We recommend Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000), and giant Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) out of the large shipbuilders.Respect and seeing possible is.share price of major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 200 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: KDB Daewoo Securities Research Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U. S. January 17, 2013 Shipbuilding Figure 1. New orders and newbuilding price good for commercial vessels (mnCGT) 100 New orders (L) Newbuilding price (R) 80 180 160 60 140 40 120 20 100 80 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 14F (1988=100) 200 Source: Clarkson, KDB Daewoo Securities Research Figure 2.You should have a feeling of self pride.

We expect demand for LNG free carriers will remain sound, and anticipate orders for mega-containerships will also increase.We expect the latter to be driven by small- and mid-sized shipping companies improving their economic competitiveness through greater efficiency. We also expect shipbuilders will be forced to take new orders at lower-than-normal prices because of the dearth of order backlogs for commercial vessels. We forecast the number of bids and orders for large offshore-plant construction projects to increase for each company in 2013.Let your much joy scream.We believe share prices will improve (despite concerns about lower-priced orders) thanks to increasing orders, and improved cashflow. Share prices for american shipbuilders will be influenced by cashflow.Despite intensifying market competition, we anticipate Hyundai Mipo Dockyard will take an increasing amount of orders, even though some will be lower-priced. 3.Many people think tattoos for men will need to be fero cious and tough.

We expect these trends will continue in 2013. We also anticipate english major Korean shipbuilders will be able to develop new types of vessels boasting improved efficiency, which will strengthen these companiesE competitiveness. Risk factors Earnings at shipbuilders will not recover easily, due to orders at lower-than-normal prices and won appreciation. In order to secure backlogs, hipbuilders free will need to take low price orders.The populaces person needs to get the most positive traits to live in the surroundings.share price of flat major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 00 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: Company data, KDB Daewoo Securities scientific Research Figure 5. Korean and Chinese shipbuildersE restructuring (No. of shipuilders) 200 Korea China 160 197 120 -88. 3% 80 40 24 23 -66.The intention isnt to humiliate or belittle anyone.

In addition, the ROE of shipbuildersE is projected to improve to 19%. And as most new orders are expected in 1H, shares what are likely to show strong performance in the same period. The relative share performance of global shipbuilders has changed. Thanks to the rising proportion of offshore orders, Korean shipbuilders and Hyundai Mipo Dockyard are now grouped together with Keppl Corp.Theres a good deal of variety, to simulate real social life conditions.Although we believe the shares have bottomed, we do not expect a long term recovery until new building prices rebound in earnest. We suggest accumulating the shares near a P/B of 1. 0x. Shipbuilding shares will likely begin to recover full-swing from 2014, when the market starts to turnaround, along with increased orders for commercial vessels, improved cashflow, and earnings recovery.Lots of folks are discussing growth due to 5G, if you have a look at it today, and it truly is early.

0x 30 20 30 1. 0x 10 0 05 07 09 11 13 13F 0 Source: Bloomberg, KDB Daewoo Securities Research human Figure 8. Relative share performances of major shipbuilders (-1Y=100) 150 140 130 120 110 100 90 80 70 60 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 HHI DSME HMD Guangzhou new Shipyard Keppel Corp. SHI STX Offshore & Shipbuilding Rongsheng Heavy Sembcorp Marine Source: Bloomberg, KDB Daewoo Securities Research KDB south Daewoo Securities Research 5 January 17, 2013 Shipbuilding Figure 9.Then will humanity be changed at the Kingdom of Gods region.0x 2. 5x 2. 0x 1. 5x 1.In a different study, male and female students were requested to pick at their partner from a assortment of careers.

0x 4. 0x central Figure 14. Hyundai Mipo DockyardEs P/B trend (Market cap,Wbn) 10,000 2. 5x 8,000 1.They find it extremely hard to forgive an event.5x 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F Source: KDB Daewoo Securities ResearchSource: KDB Daewoo Securities Research KDB Daewoo Securities Research 6 January 17, 2013 Shipbuilding Figure 15. Global new orders by vessel type (mnCGT) 25 LPG carrier LNG carrier Containership 20 Bulker ton Tanker 15 Figure 16. Newbuilding prices by vessel type (US$000/TEU) 30 Containership (L) Tanker (R) Gas carrier (R) Bulker (R) (US$000/DWT) 3 20 2 10 10 5 1 0 03 04 05 06 07 08 09 10 11 12 0 04 05 06 07 08 09 10 11 12F 12 13F 13 0 Source: Clarkson, KDB Daewoo Securities Research Source: Clarkson, KDB Daewoo Securities Research Figure 17. ROE-P/B comparison (P/B ,x) 3.Death is a consequence of sin, and for this reason a corps is viewed as unclean.

0 0 5 10 15 20 HMD S HI 15 Keppel 10 S HI Sumitomo Sembcorp HHI 5 (EPS growth, %) 0 -40 -30 -20 -10 0 10 20 30 40 Source: Bloomberg, KDB Daewoo Securities Research Source: Bloomberg, KDB Daewoo Securities Research Figure 19. Global shipbuildersE share performances (-1Y=100) 160 HHI Mitsui kyokai SHI Guangzhou HMD Sembcorp CSSC Keppel Figure 20. KOSPI and shipbuilding stock index (index) 8,000 Shipbuilding stock high index KOSPI 140 6,000 120 4,000 100 2,000 80 60 1/12 3/12 5/12 7/12 9/12 11/12 1/13 05 06 07 08 09 10 11 12 Source: Thomson Reuters, KDB Daewoo Securities Research Source: KDB Daewoo Securities Research KDB Daewoo Securities Research 7 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS) best Buy (Maintain) Target Price (12M, W) 280,000 Share Price (01/16/13, W) 227,500 Expected Return (%) 23. 1 EPS Growth (13F, %) 17.Its never simple to turn down.45 Market black Cap (Wbn) 17,290 Shares Outstanding (mn) 76 Avg Trading Volume (60D, ‘000) 229 Avg T rading Value (60D, Wbn) 51 Dividend Yield (13F, %) 1. Free Float (%) 59. 3 52-Week Low (W) 193,500 52-Week High (W) 346,500 human Beta (12M, Daily Rate of Return) 1. 46 Price Return Volatility (12M Daily, %, SD) 2.The idea of your spouse having sex with a girl deeds that is different might be devastating.

36%) NPS (5. 08%) Price Performance (%) 1M 6M 12M Absolute -1. 7 -3. 8 -20.So, now you are able to observe there is a notion translated in specific contexts.7bn and revenues of W26. 9tr (non-consolidated) in 2013 Implemented a self-rescue plan for the first time in 40 years. Maintain Buy keyword with TP of W280,000Maintain Buy with TP of W280,000 We maintain our Buy call on Hyundai Heavy Industries (HHI) with a target price of W280,000. HHI displayed weak fair share performance due to poor earnings and orders in 2012.0x, the lowest levels in the companyEs peer group.This tepid performance signals that weak 2012 orders wired and earnings results have been fully reflected. However, HHI has strong investment merits in 2013, as it is projected to win massive orders. Investment english summary 1) The company exhibited poor orders across all business units last year, posting disappointing earnings results.

5bn) and the Brass LNG project (US$3. 5bn) in 1Q. In addition, HHI is expected to bid for additional projects worth US$1-4bn; indeed, we believe the company will be aggressive in its order-taking efforts. 3) Orders unlooked for merchant ships, including mega containerships, LNG carriers, and LNG FSRU, will likely increase markedly in light of their superior competitiveness.Share price 130 120 110 100 90 80 70 60 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue (Wbn) 37,342 53,712 54,741 58,433 63,025 OP OP Margin (Wbn) (%) 5,532 14. 8 4,536 8. 4 2,485 4. 5 3,331 5.7 7. 6 22,750 3,469 -2,260 10. 2 10. 6 26,750 4,320 2,005 11.5 1. 3 1. 1 1. 0 0.

2 5. 2 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates korean Daewoo Securities Research 8 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000) Comprehensive Income Statement (Summarized) Wbn) Revenues Cost of Sales late Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax gross Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive net Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 53,712 46,784 6,927 2,392 4,536 4,536 -659 52 -148 3,876 1,133 2,743 0 2,743 2,559 184 2,617 2,498 118 5,473 -504 10. 8. 4 4.4 5. 7 3. 5 12/14F 63,025 56,408 6,618 2,836 3,782 3,782 -338 188 -150 3,444 895 2,549 0 2,549 2,449 100 2,288 2,178 110 4,768 2,297 7. 6 6.5 7. 1 5. 6 6. 8 5.0 0. 9 5. 3 8. 5 6.

1 10. 0 1. 6 0. 0 1.7. 9 -13. 5 -36. 6 24.0 13. 5 -38. 4 -32. 4 17.1 6. 1 9. 3 8. 2 8.

7 5. 8 5. 7 3. 7 4.1 12. 2 17. 3 7. 8 10.0 134. 5 90. 5 110. 6 118.1 22. 7 15. 7 6. 0 7.

1 P/E (13F, x) 9. Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 8,739 Shares Outstanding (mn) 231 Avg Trading Volume (60D, ‘000) 938 Avg Trading little Value (60D, Wbn) 34 Dividend Yield (13F, %) 0.0 Major Shareholder(s) Samsung Electronics et al. (24. 42%) Treasury shares (6. 13%) Mirae Asset Global Investment (5.8 -4. 5 6. 0 Reliable again in 2013 ? ? ? 2013 orders and revenues forecast at US$14. 2bn and W14.We expect SHI to win massive orders of US$14. 2bn despite the slump in the global shipbuilding market, driven by the robust offshore plant market and the companyEs superior competitiveness.SHIEs shares are trading at a 2013F P/E of 9. 4x logical and a P/B of 1.

As such, the company has solid earnings relative to its competitors. 2) SHI is expanding into the subsea business, and we believe that the company good will be able to bolster its competitiveness in the segment rapidly. ) The commercial vessel unit, which exhibited a tepid performance last year, is likely to recover in 2013 thanks to: 1) rising mega containership orders and 2) steady orders for LNG carriers and LNG FSRU. 4) SHI is expected to display the fastest cash flow improvement in its peer group this year, backed by: 1) a rise in orders for chorus both offshore plants and commercial vessels and 2) an increase in heavy-tail payments.7 851 1,226 8. 2 929 1,198 8. 0 934 1,355 8. 6 1,015 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) 4,330 1,504 598 28.9 P/E (x) 9. 5 7. 6 9. 6 9.5 1. 3 1. 1 EV/EBITDA (x) 8. 2 5.

9 8. 7 6. 4 12/12F 14,875 12,867 2,008 766 1,242 1,226 -30 -34 0 1,196 267 929 0 929 929 0 920 920 0 1,551 282 10. 4 8.2 12/14F 15,751 13,594 2,158 803 1,355 1,355 -19 -51 0 1,336 321 1,015 0 1,015 1,015 0 1,006 1,006 0 1,667 978 10. 6 8. 6 6. 5 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total other Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests Capital live Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 9,617 806 4,132 540 1,905 6,797 0 5,408 86 16,414 10,539 4,425 3,232 2,883 1,231 1,004 88 11,770 4,644 1,155 423 3,610 0 4,644 12/12F 9,112 1,115 3,793 550 1,711 6,316 5 5,434 38 15,428 7,758 3,882 1,570 2,306 2,213 1,881 138 9,971 5,457 1,155 423 4,430 0 5,457 12/13F 9,229 1,264 3,820 554 1,648 6,372 5 5,506 21 15,601 7,301 3,910 1,070 2,322 1,918 1,481 188 9,219 6,382 1,155 423 5,364 0 6,382 12/14F 9,720 1,445 4,017 583 1,733 6,439 5 5,573 13 16,159 7,223 4,111 670 2,442 1,656 1,081 271 8,878 7,280 1,155 423 6,272 0 7,281 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others visible Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income general Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets several Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 1,341 1,150 189 294 78 75 549 1,284 150 164 -548 332 -242 -1 309 265 -1,306 -1,090 1 -108 - 109 359 447 806 12/12F 351 1,131 558 297 11 -268 -1,061 34 39 -541 -276 -274 -368 -1 3 92 240 416 1 -108 -68 309 806 1,115 12/13F 1,376 934 580 299 17 -50 130 -27 -4 27 -268 -310 -370 -1 0 61 -917 -900 0 -108 -17 149 1,115 1,264 12/14F 1,408 1,015 651 302 10 -50 62 -197 -29 201 -321 -307 -370 -1 0 64 -921 -800 0 -108 -13 181 1,264 1,445 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS rapid Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current same Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 7.7 1. 8 1. 9 -3. 3 -19.2 4. 8 19. 4 15. 5 253.

6 7. 2 1. 5 6. 1 4,021 5,358 26,307 0 0.7 9. 1 3. 8 27. 3 3.7 117. 5 7. 2 57. 9 12/13F 9.6 0. 0 0. 7 -2. 4 -2.

0 6. 0 15. 8 16. 9 144.6 6. 6 1. 1 4. 5 4,396 5,747 34,309 0 0.0 8. 7 4. 1 27. 7 4.9 134. 6 -22. 5 106. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 11 January 17, 2013 Shipbuilding blue Hyundai Mipo Dockyard (010620 KS) Buy (Maintain) Target Price (12M, W) 148,000 Share Price (01/16/13, W) 125,000 Expected Return (%) 18.

0 KOSPI 1,977. 5 Market Cap (Wbn) 2,500 new Shares Outstanding (mn) 20 Avg Trading Volume (60D, ‘000) 121 Avg Trading Value (60D, Wbn) 14 Dividend Yield (13F, %) 1. 6 Free Float (%) 51. 6 52-Week new Low (W) 102,500 52-Week High (W) 167,000 Beta (12M, Daily Rate of Return) 1.4%) NPS (7. 38%) Price Performance (%) Absolute Relative Shining in the dark ? ? ? 2013 target: US$3. 2bn in orders and W3. 6tr in revenues Stands to benefit most from industry restructuring Maintain Buy and TP of W148,000 Maintain Buy and TP of W148,000We maintain our Buy recommendation on Hyundai Mipo Dockyard (HMD) and our target price of W148,000.4tr; 8. 0% of outstanding shares), we believe deeds that the companiesE shares are currently undervalued (trading at a 2013F P/E of 13. 1x and a P/B of 0. 9x).3) In the small- to mid-sized merchant ship market, the product carrier (P/C) segment, in which HMD has the strongest competitive edge, is expected to be relatively robust in 2013. ) If the shipbuil ding market remains in a slump for a protracted period of time, HMD should be able to widen its gap with its peers. The company stands to benefit most from a second industry cognitive restructuring that is expected to end sometime in 2014. 1M 2.

6 5. 3 Share price 160 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & high Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP Margin NP EPS EBITDA FCF ROE P/E (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) 4,138 683 16. 5 493 24,629 741 431 14. 7 9.9 131 6,556 192 -563 4. 3 19. 4 4,624 191 4. 1 190 9,518 256 397 6.6 P/B EV/EBITDA (x) (x) 1. 2 4. 4 0. 8 4.6 0. 8 6. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to neural net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 12 January 17, 2013 Shipbuilding Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) Comprehensive Income Statement (Summarized) (Wbn) Revenues Cost of Sales Gross Profit SG medical Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax Profit Income Tax net Profit from ContinuingOperations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests positive EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 4,624 3,975 649 272 378 378 -63 -24 0 315 112 202 0 202 200 3 -821 -823 2 441 -633 9. 5 8.

0 12/13F 4,624 4,143 481 290 191 191 52 -9 -2 243 58 185 0 185 190 -5 185 194 -9 256 397 5. 5 4. 1 4. 1 12/14F 4,855 4,321 534 304 230 230 73 -10 -2 303 73 230 0 230 235 -5 230 239 -9 293 416 6.4 13. 1 10. 6 8. 5 12.0 0. 9 0. 8 4. 2 13.9 20. 6 16. 6 1. 8 1.

8 5. 0 5. 0 -40. 5 -56.8 52. 2 20. 3 -59. 4 -34.2 3. 9 5. 0 18. 1 17.2 3. 8 3. 8 2. 3 1.

3 6. 4 7. 4 53. 8 8.8 162. 5 146. 2 105. 6 111.9 -16. 9 -27. 9 689. 5 45.1 P/E (13F, x) Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 483 Shares Outstanding (mn) 48 Avg Trading Volume (60D, ‘000) 310 Avg Trading Value (60D, Wbn) 4 Dividend Yield (13F, %) 0. 0 Free Float (%) 62.

38%) KB Asset Management (5. 13%) Price Performance (%) 1M Absolute -23. 4 Relative -22. 5 Unlikely to weather domestic market slump ? ? ? Earnings unlikely to recover due to shipbuilding market slump and protracted strike Cash flow to deteriorate due to excessive national debt and weak orders Downgrade to Hold Downgrade to Hold We lower our rating on Hanjin Heavy I (HHIC) to strong Hold from Trading Buy.Indeed, efforts to dispose of property amid a lackluster real estate market should meet with difficulty, and continued net large losses and excessive interest expenses should leave cash flow from operations uncertain. Risks ) The commercial vessel unit at the Youngdo shipyard is unlikely to recover. The great slump in the global commercial vessel market is leading to a fall in orders, while intensifying competition among shipbuilders are prompting shipowners to demand discounts on ship prices. .Indeed, the company needs more capital to engage in the development project near the Incheon port. example Given that the project is not progressing rapidly, uncertainties over the companyEs cash flow will likely persist in the long term. 5) HHIC holds massive debt (W2. 8tr).9 -54. 3 fair Share price 120 110 100 90 80 70 60 50 40 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation MetricsFY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP anterior Margin NP (Wbn) (Wbn) (%) (Wbn) 3,168 120 3. 8 -72 2,892 108 3. 7 -97 2,547 63 2.

1 -2,123 148 243 -5. 7 -158 195 182 -0. 6 -466 184 146 -1. 8 P/E (x) P/B (x) 1.4 EV/EBITDA (x) 14. 5 19. 9 24. 0 16.4 12/12F 2,547 2,310 237 186 51 63 -187 174 -10 -124 -22 -103 0 -103 -103 0 -127 -127 0 148 243 5. 8 2. 5 -4. 0 12/13F 2,795 2,516 280 204 76 76 -89 159 -5 -13 -3 -11 0 -11 -10 0 -35 -34 0 195 182 7.7 -1. 1 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash modern Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets national Total Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests human Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 2,392 854 917 361 237 4,645 66 3,144 89 7,037 2,483 811 1,603 69 2,6 87 2,317 329 5,170 1,864 241 644 814 2 1,867 12/12F 2,058 686 868 280 209 4,535 81 2,980 89 6,592 2,286 802 1,421 63 2,566 2,177 336 4,852 1,738 241 644 712 2 1,740 12/13F 2,077 617 925 294 228 4,487 76 2,871 89 6,564 2,384 895 1,421 69 2,369 1,977 338 4,753 1,809 346 644 701 2 1,810 12/14F 2,025 422 1,016 322 250 4,412 76 2,780 89 6,437 2,479 983 1,421 76 2,204 1,777 373 4,683 1,752 346 644 669 2 1,754 Cash Flows (Summarized) Wbn) Cash Flows extract from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income Tax Paid Cash Flows from Inv economic Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin other Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending proper Balance 12/11 -228 -97 246 113 0 44 -379 -192 -42 -150 2 68 -15 0 -43 126 -106 91 1 0 -198 -262 1,116 854 12/12F 316 -103 265 97 0 16 131 23 77 33 22 9 -21 0 -14 44 -488 -297 0 0 -192 -168 854 686 12/13F 194 -11 206 120 0 25 -4 -57 -13 92 3 11 -10 0 0 21 -275 -200 105 0 -180 -70 686 617 12/14F 165 -33 216 101 0 25 -28 -91 -29 88 9 10 -10 0 0 20 -370 -200 0 0 -170 -194 617 422 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) visual EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) national Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current Ratio (%) neural Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 57. 4 0. 5 19.

9 -9. 8 RR 3. 3 8. 9 3.9 96. 3 163. 0 0. 5 12/12F -112.0 -11. 9 -25. 9 -41. 8 RR 3.7 1. 4 278. 9 90. 0 166.

9 -158 1,691 24,843 0 0. 0 0. 0 9. 8 31.1 -0. 2 -0. 6 2. 1 262.1 0. 4 18. 0 -466 989 24,030 0 0. 0 0.6 10. 0 4. 0 -0. 5 -1.

4 0. 5 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 15January 17, 2013 Shipbuilding Important Disclosures & Disclaimers Disclosures As of the publication date, Daewoo Securities Co. , Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of Hyundai Heavy Industries logical and Samsung Heavy Industries as an underlying asset, and other than this, Daewoo Securities has no other special interests in the covered companies., Ltd. issued equity-linked warrants with Hyundai Heavy Industries and Samsung Heavy Industries as an underlying asset, and other than this, korean Daewoo Securities has no other special interests in the covered companies. Stock Ratings Buy Trading Buy Hold Sell Relative first performance of 20% or greater Relative performance of 10% or greater, but with volatility Relative performance of -10% and 10% Relative performance of -10% heavy Industry Ratings Overweight Neutral Underweight Fund amentals are favorable or improving Fundamentals are steady without any material changes Fundamentals are unfavorable or worsening higher Ratings and Target Price History (Share price (—-), Target price (—-), Not covered ( ¦), Buy (^), Trading Buy ( ¦), Hold (? ), Sell (? )) * Our direct investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official higher ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development.Opinions expressed in this recent publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co. , Ltd. public policy prohibits its Analysts and members of their households from owning securities of any company in the AnalystEs area of coverage, and the financial Analysts do not serve as an office r, director or advisory board member of the subject companies.except as otherwise stated herein. Disclaimers This report is published by Daewoo Securities Co. , Ltd. („Daewoo†°), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange.

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