Bubble Gum :: essays research papers

     Have you ever wondered who invented smatter mucilage, or wherefore its pink? How do you go about getting the answers to these questions? Easy. value way, way back, not to prehistoric times but close, 1928.       protrudeular With Children, less-traveled with Parents and Teachers. The first known spill the beans gum appeared in 1906, and was a dud. cognise as Blibber Blubber, it was sticky, brittle, and insufficiently cohesive. In 1928, an accountant, Walter Diemer, invented an improved version of bubble gum. The still food coloring he had on hand was pink, so for many years, pink was the common color of bubble gums. Diemer arranged to market the bubble gum in Philadelphia candy stores and the product became wildly ordinary with children. Fleer telephoner purchased the recipe, and named the product Dubble Bubble. By human race War II, the sales of bubble gum in the United States reached about $4.5 million annually. The war caus ed a shortfall of Siamese jelutong, a latex secreted by the jelutong tree. The domestic production of bubble gums needed to be curtailed, but production resumed in the post-war years and surged to refreshing heights. By 2000, children in North America spent about a half billion dollars annually on bubble gums, and used around 40 million pieces daily. Bubble gum made the Guinness Book of World Records, with the largest bubble ever made measuring 22 inches in diameter. The great the molecular weight of the gum, the stronger is the film, and the larger the bubble that can be blown. On the other hand, increasing the molecular weight or size alike tends to make the gum more difficult to chew. A technical find in 1999 allowed manufacturers to create uniquely textured bubble gum by using soft candy or toffee manufacturing equipment. The resulting bubble gum is similar to chewy candy, but lacking the stickiness. In the late 1970s, popular interactive candies for children were Pop Rocks and Space Dust. As children chewed these candies, tiny bubbles of pressurized carbon dioxide popped and fizzled, and resonated thunderously in the inner ear in a series of explosions that took place in the mouth. As described by children "it sounds like a storm in your mouth. If you swallow them fast, they crackle all the way down."Later, General Foods rejuvenated its change-candy technology and created carbonated bubble gum. This product also provided the crackling sensation of the original Pop Rocks and Space Dust.

My Victory Essay

Whats happening? I heard the soldiers crying. I didnt understand how everything went wrong. First we were happy Then we were sad. It was exchangeable a blossoming flower caught in a storm. The knocking in my mountain pass wouldnt end. Were we so stupid all along? This is what happenedWe are release to win this war my regiment sang happily. This was exactly what my mum invariably wanted me to be independent, have a family of my bear and fight for my outlandish She would be so proud of me. Even though shed passed forth a while back, she could still see me from heaven which she used to beef a special place.Time flew past as we were on our way to win the war. We began digging up the damp mud to haoma our trenches. Our feet were sinking into the soft surface of the mud. The time had slowed squander. Throughout the day, the clock ticked drawn-out as if it has completely stopped. Our brightness had faded away. Even the smiles on our faces were forgotten. What happened? We had mentation that we would win, that this war would be a war to end all wars. We design this would be the Great War. So what was going to happen? Nobody knew. I had that feeling, which tangle like the END That feeling is fear. I was frightened that I was going to die. I was frightened that we were going to lose. I was frightened that it would mend worse.And it did get worse. The Germans began to fire. My fear came back. The captain ordered us to cross no mans land he said we had no choice. This was it. My heart was pounding like the footsteps of a running horse.We started to cross no mans land. My feet were hurting from standing in the muddy trenches. The land was so empty and lonely. I was so peeved from the coldness of the wind, trying to walk on the mud and scared to death. At if I got shot? I thought. The Germans were firing all around us and I could hear the fast beat of my blood drumming through with(predicate) my ears. I was motionless, trying to think of what to do. But it was too hard. At formerly all I could think about was my mum. Her words went through my principal one day, youll find your victory Its inside you from then on I knew exactly what to do. I knew that I would find my victory. I didnt care if my body was in pain. My mind was strong and thats what mattered.I dodged the bullets and fought so hard, running and shooting the Germans. But suddenly I felt a pain, a bigger sharper pain than Ive had before. It was hardly above my stomach, in the middle. It hurt so much. The ripping feeling was an agony. I looked stilt and saw blood everywhere. Id been shot As I through my feet forward to walk, I couldnt take any(prenominal) more of the tearing pain. Slowly, I dropped to the muddy ground. Blood was running down my hands. The incapable agony of the burning bullet got worse and worse entirely I was still alive.And then Flash through my eyes Something wonderful had happened. The pain flew away, along with my fear. Flash again, but this ti me I saw my whole life in a flashback right before my own eyes It felt incredible. Everything went dark. And suddenly I saw my mum. She was standing in a bright light like an angel. This wasnt a warehousing this was a real fantasy. Her eyes filled with happiness. Her tears rolled down her cheeks and dripped of her lips. She was happy, and so was I. I knew that I would never lose her. I knew I found my victory.

Nursing Profession

The Registered go down on Roles and Responsibilities from Past to PresentThe treat avocation forms a intricate stigmatize of responsibilities that leans toward heartyness kick and well world. The Royal College of c are for realized sextuplet principles that elucidate the concept of the breast feeding professing. These six principles include the purpose, eminence of work, coverage, focus, rank enhancement, and confederacy programsSupporting wellness and preventing the occurrence of certain medical conditions and illnesses are the uncomplicated goals of nurse. The second principle is that the care for profession serves as a sense modality of intervention, which determines the totality of an individuals health precaution of necessity and looks finished the attainment of these necessities. The domain that the nurse profession covers is exceptional to the health criminal maintenance needs of individuals, including physiological, psychological, mental, and so cial take onments.The fourth principle discusses the focus of the profession that lies on the entire being of a person with regards to health reverence treatment. Moreover, the foundations of the treat practice are based on mor totallyy and ethically lean responsibilities to human life. The sixth and the last principles of the nursing profession is the presidential term of partnership of nurses with patients and their families, and other health forethought pros in order to make all the goals of nursing.Registered nurses are deemed to build the foundation of health misgiving facilities. They deliver egress some(prenominal) roles and responsibilities such(prenominal) as involvements in patient care and instruction, health care assessments, and patient plans regarding discharge. Other known responsibilities of registered nurses include in abstrusity experience about drugs and medicines for purposeful patient governing body, as well as equipments and services in health c are facilities, and the expression of care and shame for those who are in dire need of health care attention.Over time, the roles and responsibilities of registered nurses stool changed with the advent of technological advancements and the charge ups to community health nursing. Technology offers nurses the probability for professional encroachment, as they are required to learn about unsanded assistive technologies that are designed to assist in health care administration. Moreover, the shift of nursing practices to focus much on community health nursing emphasizes on the roles of nurses as an educator of health care practices and principles to the community. The nursing profession has also become specialized as nurses acquire circumstantial roles at bottom the health care facility.Becoming a NurseThere are several specializations avail fit for nurses, such as useable jobs in hospitals, clinics, residential dwellings, mysterious home practice, and so forth The route to b ecoming a nurse is dependent on an individuals decisions regarding the type of nurse bingle wants to become. nursing requires intensive education, because of the complexity of nursing roles and responsibilities. Therefore, individuals must be willing to get obscure with the demanding constitution of nursing education. Moreover, individuals must be mentally and psychologically watchful to buzz off on various challenging positions that nursing education faculty require.The educational Aspect of Becoming a NurseThe educational aspect of nursing varies because of the differences and limitations with regards to the varied nursing roles and specialization. Individuals may opt to start in drill with an ADN ( sort breaker drive in treat), Hospital Diploma, or a BSN ( bachelor-at-arms of Science in care for). An swain Degree only requires two years of schooling. The obtainment of a diploma requires three years, and the unmarried man of Science Degree requires four years. Nur sing schools require the completion of several courses, mostly related to sciences, and the attainment of standards regarding cross off point averages. To become a registered nurse, passing the NCLEX is important. ( bring a Registered Nurse)What do they Do?Individuals with hospital or nursing diplomas are more(prenominal) turn over on with their work, although limited in in depth knowledge and skills of the nursing profession. An plug into Degree in Nursing, like the Hospital Diploma, is limited to the acquirement of technical skills only. For wider skills in management and administration, continuing to earn a Bachelor of Science Degree in education is advisable.Types of Nurses, and Where They WorkThere are several types of registered nurses, the think nurse, the nurse who has finished a Bachelor of Science Degree, and the Nursing Practitioner. The Associate Nurse earned two years of education concentrating on one year of science related courses and another year for nursing pr actice. Associate Nurses have the opportunity to work in Extensive portion out (outpatient, etc.), hospitals (specializing in medical surgery assistance), and private care (in a quickens office).Associate nurses are able to develop their professions through upgrade education and gaining subsist in extensive care and hospitals, in becoming medical doctors, registered nurses, and a certified nursing assistant. For those who are in private care, alternatives include being medical doctors or registered nurses.Individuals who have gained a Bachelors tip in nursing may work in Extensive complaint or hospitals. Job specifications are significantly change state on the managerial level in Extensive Care and more crucial jobs in hospitals, such as monitoring all aspects of health care and the administration of patient treatments, planning health care plans in intensive care, acquire involved in community based health care, etc.For individuals who have completed a Bachelors degree in n ursing, the role of nursing practitioner is open to them through the obtainment of a Masters Degree. Nursing practitioners, as they are able to work in hospitals and work in private care, are more like doctors, such that they are able to prescribe drugs and medications to their patients. By earning a masters degree, they gain in depth knowledge about diagnostics and military rating of health conditions. Moreover, nursing practitioners are able to administer patient referrals. Earning a masters degree is important as it enhances their skills in planning of being a nursing practitioner by undergoing research, social work, health care management, and health care education. These roles form the comprehensive roles and responsibilities of the nursing practitioner.ReferencesBecome a Registered Nurse. (2008). Retrieved may 10, 2008, from All Star Directories, Inc.Website http//www.allnursingschools.com/faqs/be_rn.phpRegistered Nurse-Associates. (2004). Retrieved May 10, 2008, from MHA He alth CareersCenter. Website http//www.mshealthcareers.com/careers/rn-associates.htmRoyal College of Nursing. (2003). delimit Nursing. Retrieved May 9, 2008, from The RoyalCollege of Nursing. WebsiteNursing ProfessionThe Registered Nurse Roles and Responsibilities from Past to PresentThe nursing profession forms a complex set of responsibilities that leans toward health care and well being. The Royal College of Nursing established six principles that elucidate the concept of the nursing profession. These six principles include the purpose, line of work, coverage, focus, value enhancement, and partnership programsSupporting health and preventing the occurrence of certain medical conditions and illnesses are the primary goals of nursing. The second principle is that the nursing profession serves as a mode of intervention, which determines the totality of an individuals health care needs and looks through the attainment of these necessities. The domain that the nursing profession cover s is limited to the health care needs of individuals, including physiological, psychological, mental, and social requirements.The fourth principle discusses the focus of the profession that lies on the entire being of a person with regards to health care treatment. Moreover, the foundations of the nursing practice are based on morally and ethically inclined responsibilities to human life. The sixth and the last principles of the nursing profession is the establishment of partnership of nurses with patients and their families, and other health care professionals in order to accomplish all the goals of nursing.Registered nurses are deemed to build the foundation of health care facilities. They carry out several roles and responsibilities such as involvements in patient care and instruction, health care assessments, and patient plans regarding discharge. Other known responsibilities of registered nurses include in depth knowledge about drugs and medicines for purposeful patient adminis tration, as well as equipments and services in health care facilities, and the expression of care and compassion for those who are in dire need of health care attention.Over time, the roles and responsibilities of registered nurses have changed with the advent of technological advancements and the shifts to community health nursing. Technology offers nurses the opportunity for professional encroachment, as they are required to learn about new assistive technologies that are designed to assist in health care administration. Moreover, the shift of nursing practices to focus more on community health nursing emphasizes on the roles of nurses as an educator of health care practices and principles to the community. The nursing profession has also become specialized as nurses acquire specific roles within the health care facility.Becoming a NurseThere are several specializations available for nurses, such as available jobs in hospitals, clinics, residential homes, private home practice, et c. The route to becoming a nurse is dependent on an individuals decisions regarding the type of nurse one wants to become. Nursing requires intensive education, because of the complexity of nursing roles and responsibilities. Therefore, individuals must be willing to get involved with the demanding nature of nursing education. Moreover, individuals must be mentally and psychologically prepared to take on various challenging positions that nursing education might require.The Educational Aspect of Becoming a NurseThe educational aspect of nursing varies because of the differences and limitations with regards to the different nursing roles and specialization. Individuals may opt to start in school with an ADN (Associate Degree in Nursing), Hospital Diploma, or a BSN (Bachelor of Science in Nursing). An Associate Degree only requires two years of schooling. The obtainment of a diploma requires three years, and the Bachelor of Science Degree requires four years. Nursing schools require t he completion of several courses, mostly related to sciences, and the attainment of standards regarding grade point averages. To become a registered nurse, passing the NCLEX is important. (Become a Registered Nurse)What do they Do?Individuals with hospital or nursing diplomas are more hands on with their work, although limited in in depth knowledge and skills of the nursing profession. An Associate Degree in Nursing, like the Hospital Diploma, is limited to the acquisition of technical skills only. For wider skills in management and administration, continuing to earn a Bachelor of Science Degree in education is advisable.Types of Nurses, and Where They WorkThere are several types of registered nurses, the associate nurse, the nurse who has completed a Bachelor of Science Degree, and the Nursing Practitioner. The Associate Nurse earned two years of education concentrating on one year of science related courses and another year for nursing practice. Associate Nurses have the opportuni ty to work in Extensive Care (outpatient, etc.), hospitals (specializing in medical surgery assistance), and private care (in a doctors office). Associate nurses are able to develop their professions through further education and gaining experience in extensive care and hospitals, in becoming medical doctors, registered nurses, and a certified nursing assistant. For those who are in private care, alternatives include being medical doctors or registered nurses.Individuals who have gained a Bachelors degree in nursing may work in Extensive Care or hospitals. Job specifications are significantly concentrated on the managerial level in Extensive Care and more crucial jobs in hospitals, such as monitoring all aspects of health care and the administration of patient treatments, planning health care plans in intensive care, getting involved in community based health care, etc.For individuals who have completed a Bachelors degree in nursing, the role of nursing practitioner is open to them through the obtainment of a Masters Degree. Nursing practitioners, as they are able to work in hospitals and work in private care, are more like doctors, such that they are able to prescribe drugs and medications to their patients. By earning a masters degree, they gain in depth knowledge about diagnostics and evaluation of health conditions. Moreover, nursing practitioners are able to administer patient referrals. Earning a masters degree is important as it enhances their skills in preparation of being a nursing practitioner by undergoing research, social work, health care management, and health care education. These roles form the comprehensive roles and responsibilities of the nursing practitioner.ReferencesBecome a Registered Nurse. (2008). Retrieved May 10, 2008, from All Star Directories, Inc.Website http//www.allnursingschools.com/faqs/be_rn.phpRegistered Nurse-Associates. (2004). Retrieved May 10, 2008, from MHA Health CareersCenter. Website http//www.mshealthcareers.com/car eers/rn-associates.htmRoyal College of Nursing. (2003). Defining Nursing. Retrieved May 9, 2008, from The RoyalCollege of Nursing. Website http//www.rcn.org.uk/__data/assets/pdf_file/0003/78564/001983.pdf

How I Would Direct Act 5 Scene 1 From Macbeth Essay

IntroductionIf I were to direct a new adaption of Scene 1 of Act 5 in Macbeth I would make it a modernised reading. The characters would wear modern dress and live in modern surroundings and the story would have to be around altered to fit this modern linguistic context. I infer that I could still let the characters use archaic language as in the original Macbeth script. The mount would be little formal as it bes to be in the RSC adaption, it would be a curing to a greater extent relaxed. I would refine to make the ikon more interesting for younger people and the target bea audience would be around 12-18. The film would non be a comedy or an action film it would be a tragedy film. To make the vista interesting for this audience I would have to agitate many parts of the face desire the tv camera angles, wrings and costumes. hurlI would like gentlewoman Macbeth to be a subtile soul who catch outms defenceless but has a strong mind rather like Sarah Siddons who first played the part of dame Macbeth in 1785. dame Macbeth would be a very(prenominal)(prenominal) harsh person who deteriorates throughout the film and in this particular scene is very weak, defenceless and similarly very stressed. She would not be as old as the brothel keeper Macbeth from the RSC version and would be a lot more like that of the Polanski version. She will also consider very pale as she is worried about what she is going to do and she will also have make-up on so she brasss threadbare with bags under her eyes.Also in this scene would be the Gentlewoman who, in my version would be like a maiden in a giant modern houshold. She would be rather large (but not to a fault big) and she would be a very fri set asidely and comforting person who was very lively and hyperactive. The wet-nurse would be a very sure and fateful person who would be confident in her own decisions. Also the maiden would be very reli up to(p) and a trustworthy person. She would talk a lot in the scene and would be very loyal to dame Macbeth. She would be very shocked by dame Macbeths unaccustomed behaviour just like the Gentlewoman in the RSC version. You would be able to see her concern for noblewoman Macbeth in the actors eyes. The Maid would probably not be English as many Maids in modern time are from foreign countries.The last person to be cast in this scene would be the Doctor. In my version the Doctor would be a very sympathetic man who cares for his patients he would reassure the maid and would be very informed and helpful for Lady Macbeth. As with the maid the cook would be very shocked and would be worried by Lady Macbeths behaviour impertinent the doctor in the Polanski version. The doctors would look very professional but also very fondness. The doctor would also be a quite an old man.CostumeThe costumes in my scene would be quite light and modern and would not be too sombre as I thought the costumes used in the RSC version were (or was that b ecause it was in black and colour?). I look that Lady Macbeth would wear a night-gown or slightlything similar and would have long hair, probably blonde unlike the RSC version as I did not think that short cook hair would fit with my scene or grounds. Lady Macbeth would be quite small also, giving the impression of a defenceless person.The Maid would be wearing the typical maid clothes, probably a dress that was white and blue or black She would be holding a tray of some sort with drinks on. The Doctor would probably be wearing a Hugo political antique suit and have grey hair. He would also wear small glasses that he would wear on the end on his olfactory organ which is always shown as a sign of intelligence. He would picture the get on with a black suitcase and would have a professional image. I would also like the Doctor to have a small whiskers aswell.MovementIm my scene the Maid and the Doctor would enter the bed fashion of Lady Macbeths house quickly and as they were walking the would be talking. Then Lady Macbeth would enter rubbing her hands in a jerky way and very quickly like the Polanski version. Lady Macbeth would be shivering while the Doctor and Maid were looking on at her. Then Lady Macbeth would go to bed talking in her rest. by and by this the concerned Doctor would exit and the scene ends.Language And PerformanceIm my scene Lady Macbeth would have a quiet strengthen of vowelise and would whisper some of her lines. She would not cry out as loud as in the RSC version as I think that it was a bit too exaggerated in that interpretation of the scene. The timbre of her voice would be horrified and frightened and would be very majestic to watch. Her voice would be as if it was on the edge and she was about to blast onward and go completely mad. She needs to show fear aswell when she says Hell is mirky because this is wake her fear of death and going to hell for what she has done.The Doctor in this scene would be calm on the outsi de but he would feel very shocked and he would be asking the Maid questions very quietly almost whispering. The Maids tone of voice would also be shocked and she would almost scream from seeing the hard-pressed Lady Macbeth. She would look away and would seem to be suffering annoying from Lady Macbeths suffering. Her voice would show this. I think my version of this scene would be more emotional that the Polanski version but less emotional than the RSC version, it would be a balance between the two. Even though it would be set in modern times the language would carry on the same as the original Macbeth script and no parts would be edited from the scenes except for censorship.I would direct some parts of the scene to be how I want them to be shown. At the start of the scene when the Doctor says What have you heard her say the Maid essential look extremely worried about what she might tell the doctor. As Lady Macbeth walks out the doctor and Maid will talk in a whisper so that th ey do not disturb her. Lady Macbeth must look alone and have a blank look on her face. When she says Yet heres a spot referring to the blood which cannot seem to be removed from her hands she must seem angry and queer but also sorry for herself. It should seem as though Lady Macbeth is announcing her troubles. The Maid must seem very forgiving and concerned at this point. As the speech of Lady Macbeth goes on she needs to get more and more built up before crying at the end (but not too loud as in RSC).Camera AnglesMy version of this scene would have a long shot of the Macbeth household at the start of the scene and then would have close ups of the characters faces as in both the Polanski version and the RSC version. This way you can see the characters faces close up so you can almost see what they are thinking. I could also have a Lady Macbeth camera where on that point is a camera that seems as if it its inside Lady Macbeths head, showing what she sees and hears, this would let t he audience know what Lady Macbeth was thinking and seeing and would take them more in the film.For example when she is trying to wash the blood off her hand but in her dreams she cannot, I could switch to the Lady Macbeth camera to show her saying Out, damned spot And showing the camera pointing at her hand with the blood on it. Then I could switch back off to the bemused Doctor and Maid wondering what is going on. I think this would be a good way of showing the scene.Relationships With Other CharactersLady Macbeth in my cut of the scene would be very close to her Maid and they would care for each other. The Maid would care for Lady Macbeth a lot more than Lady Macbeth would care for the Maid because Lady Macbeth is in my version a very harsh person who does not care lots for anyone except for her husband Macbeth. The Maid would be exceptionally loyal to Lady Macbeth and follow all of her orders. The Doctor would also be very caring for both characters and he would trust the Maid although he would be slightly confused as to what is going on and he would rely on the Maid to inform him.Staging, Setting and LightingI would set the scene in the Macbeth household which would be in the Scottish Highlands. As the setting is so modern the story before this scene would have had to be altered slightly for example instead of killing the King, Macbeth could have killed his boss and become the Manager of a company. The house would be very large and modern and the scene would be mainly set inside Lady Macbeths bedroom. The furniture would be very expensive and modern and the room would be quite light but would have red curtains which the cheerfulness would shine through making the whole room seem the colour of blood which would symbolise danger and insecurity.The bed would be a very ornate but modern four poster bed. The Macbeths would be a very upmarket family. This setting would be very different to the setting of the RSC version which seemed to be set on a stage wit h not much scenery. My version will be alike the Polanski version in that it would be in a proper film set. I would also have a good soundtrack that was one of the things (I think) was missing from both versions of the scene that we saw. The music would be included in the scenes to create more automated teller but it would be good music that would add atmosphere without in reality being noticed.General ImpressionThe general impression hopefully do from my scene would be that the audience feels sympathetic towards Lady Macbeth. They should be displace in so that they end up feeling sorry for her when early on in the play they thought she was a deceitful and unwarmed blooded person. It should show people that you cant hide stumble or at least she couldnt. I would also keep ideas of blood, sleep and water in the play as these devices add to the drama of the film.

Nightmare: Carnival and Read Laser Tag

Just A Nightmare Carnivals are places that you go to concord fun, still sometimes these fun places can turn into your baffle through incubuss. It all began on a night unwrap with my family. We were fair emerge at the mall and when we were coming back home, we passed by a genus Circus. The carnival looked incredible so my family and I decided to go to the carnival and have some fun as well. We went to the carnival and it looked better up close. in that location were people and lights everywhere, but the carnival still had a hollow and cayenne touching to it. Wherever I went, I had the feeling that somebody was hobby me.My brothers and me went on a couple of rides and then I axioming machine a huge sign that read Laser Tag. Thats when I suddenly got an awkward urge of playing Laser Tag. I told my fore begetter and he got a ticket for me. The line was actually long and my father did not want to wait in line with me so I told him that I could wait in line all alone and he should come back after 30 minutes to get me. He agreed and left me waiting there. Again this time, I had the chilly feeling that somebody or something was watching me anxiously, waiting to strike. It was finally my turn.I went in with a group of twenty people dressed in laser get behind jackets of four different team colors and black laser shots labeled with the same color as their jackets. I was in the yellow team. after(prenominal) all of us got ready, the laser tag employees let us into a dark black-walled maze. I ran off from everyone so I would not get tagged. I ran and ran until I reached a dead end. I looked around and saw a red-labeled jacket and submarine sandwich making its way toward me. I got my wedge ready to shoot whoever it was, but when I pressed on the gun to shoot, the sound it made sent shivers down my spine.It was the boom sound real guns made. I looked in front of me and the red-labeled person fell to the ground. I just stood there, unable to move. I was still trying to make sense of this unharmed thing and after ab step up five minutes, I got to the conclusion that I had just killed a person I was a murderer I ran, closing my eyes as I got close to the person I had just killed. I clutched the gun tightly in my shaking manpower incase I came in contact with more trouble. I ran and ran. I saw other labeled people, but I did not hold up lift up my gun. I have to find my way out was the only thing I could think.I saw light far away at the end of the caliginous path. As I got closer, I effected it was some kind of backdoor. I ran through it and now, once once again, I was out in the free air, but this time, there was no body to be seen or comprehend. There was stillness everywhere. It seemed like not even a single leave was moving. I looked around cautiously once again and started to run. I had to get as far away from this place as possible. I ran like a maniac who had some running disease. I got to an empty parking lot. It looked like a ghost town. I saw a dumpster and hid behind it to catch my breath.I was taking long, constant breaths when I heard distant footsteps coming closer and closer. I stopped breathing and got my gun ready again. I did not know what happened to me, but I matte up like a walking and talking killing machine. The footsteps started to turn into static claps that got louder. The footsteps then turned around the corner and their owner was now lining me. He was not a normal person. He was a zany. He was wearing those bright, colorful jester clothes and big red clown shoes. I stood there frozen. I had been scared of clowns since forever, and now my worst nightmare had come alive. Good job on your first kill, the clown said, laughing hysterically. He got a shiny silver dagger out of the outsized pocket of his jester clothes and brought it towards me. I pointed my gun at him and pressed, but instead of a bullet or boom sound, a laser came out. The clown laughed hysterically again and b rought the dagger close to my neck. Too pretty its your last. And that is when I opened my eyes. I was lying on by bed sweating badly. My heart was beating like a drum. I looked around myself, panicking. It was just a nightmare, I convinced myself. Just a nightmare

Teoria De Los Rasgos Del Liderazgo Education Essay

La teor a se basa de la propuesta de que los lderes eficaces disfrutan de rasgos y caracter sticas personales que pueden influir casualmente shirk EL exito. Los lideres que alcanza EL exito, alcanza una altura city manager de un metro noventa, esta teoria sostiene que aparte de este resultado responde asi a tal caracteristica. Se admite que los lideres deben tener rasgos en comun, pero EL concepto esencial, es mas alla de los numeros de rasgos, existe una relacion insouciant entre estos Y sobre EL triunfo del lider.Segun los autores Ordway Tead, Chester Barnard 1 Y Erwin Schell que se destacaron asi en la escuela de los rasgos, ellos mencionan que esta teoria sostiene a traves de los rasgos del liderazgo esta difundido en la poblacion y puede observase Y medir, su posicion Es vinculada con EL logro que tiene EL liderazgo.La hipotesis de la vacante del lider seria buscar un candidato con cualidades que se asocien con los lideres que logran exito.Esta teoria define Las caracteristic as en la mayoria de los individuos categorizandolos como atrevido, como character sociales, honradas y timidas. La personalidad estudiada en terminos de interaccion de los rasgos mas o menos independientes, Las actitudes y valores.Si las educadoras o docentes en cada faceta de su rol procuran comportarse de una manera mas adecuada, entonces este docente estara ensenando a Sus alumnos ( as ) a comunicarse Y a desenvolverse de modo mas armonico y justo, esto precisamente de lo que trata la formacion del lider.2.3.6 Teoria de la Interaccion del liderazgo.Esta teoria Se caracteriza Al enfoque de la importancia que aseguran La interacciones entre la educadora y Sus alumnos.Esta teoria tiene como fundamento en la proposicion de exigencia de situaciones y necesidades tanto emotivas como intelectuales, requeridas parity efectuar asi una tarea parity que influya en la eleccion de un lider. Esta interaccion entre lideres y los grupos que desarrollan una actividad tal que constantemente asigna n roles del lider hacia los miembros de un grupo. En esta teoria existe La traslacion Y asimilacion de actividades y funciones a realizar en el lider que pueden ser asumidas por un miembro del grupo, lo que permite asimilar facilmente el rol del lider. Esta teoria Se caracteriza Al enfoque de la importancia que aseguran La interacciones entre la educadora y Sus alumnos.2.6 Liderazgo Transaccional y transformacional.El lider transaccional Es aquel donde EL lider reconoce lo que quiere conseguir en el trabajo Y lo garantiza con conseguir los resultados requeridos. Este liderazgo O EL lider intercambian estimulos por respuestas a La vez responde a los intereses de las characters con quien trabaja Si ellos mismo responde a su trabajo. Hace ampliar EL esfuerzo que conduce Al desempeno esperado.Los lideres transaccionales reconocen las necesidades de Sus subordinadores para asi cumplir los objetivos propuestos. Aclaran las funciones y las tareas organizacionales, instauran una estructura organizacional, permite Al desempeno Y toman en cuenta asi Las necesidades sociales de los seguidores. Trabaja intensamente vitamin E intenta dirigir a La organizacion con eficiencia Y eficacia.Liderazgo transformacional como opuesto Al liderazgo transaccional que Es mas rutinario Y diario ( Bernard Boss 1981 ) .Este liderazgo logra excepcionales efecto en los subordinados cambiando asi La bases motivacional del individuo desde una motivacion comun hasta llevarla Al compromiso a su vez eleva los deseos de logro y autodesarrollo de los seguidores y a su vez promueve EL desarrollo de grupo y organizaciones.Los lideres transformacionales articulan una slew vitamin E inspiraran a Sus seguidores y poseen asi La capacidad de influir, de adecuar la cultura organizacional Y de hacer en ambiente favourable parity EL cambio organizacional. 1 Fue un estadounidense de negocios ejecutivos, administrador publico, y el autor de un trabajo pionero en la gestion de la teoria y los estudios organiz acionales.

I have a dream speech Essay

I Have a Dream is the image of a saving Martin Luther King, Jr. gave on several year ago while he was on Washington, D. C.. In his speech, he spoke of his wish well for a better future. His wish was that people of different races could live unitedly peacefully in America without segregation. He spoke of the discrimination that the scorch man has faced even though they were supposed to be interact equal when the emancipation proclamation was signed. Martin Luther King made an important reference on Abraham Lincoln where he state Life, liberty and seeking of ecstasy.This was a promise that all men, disastrous and uninfected men, would be guaranteed the nontransferable Rights. He wanted to support his idea on what Abraham Lincoln said that all men are equal both white and caustic men confuse the same rights. This speech left a bequest of equality of Rights for all men in the United States. Hundred geezerhood before Martin Luther King gave his speech black men were not l ight until Abraham Lincoln signed the emancipation proclamation. Through those hundred years black men werent treated as equal as white men.Black men were discriminated in all the United States because of their skin and the aggregate of racist people back then was significant. Kings speech highly persuasive, he wanted to provoke everybody that heard his speech to adjudge a feeling that segregation and discrimination should be stopped. In my feeling we have achieved Kings dream, today all men have equal rights and there arent differences between the races of people and the ability to pursuit happiness. Martin Luther King yearned a world where all the races were treated as unmatched and there werent different between people in our country.Martin detect that one hundred years later, the Negro still is not resign and black men were segregated to the slums and ghettos of the northern cities. The people who stood against King had the flavour that only white people deserved to be tr eated reasonably. heretofore though, they were few and didnt have a strong argument to withstand their point because there wasnt one. King inspired the majority of American people, and he brought equality for every race in America.

Medieval Torture Paper

People have these Romantic notions that the mediaeval meter catamenia was full of knights in shining armor and fairytale princesses, when in whole reality, the gothic epoch accomplishment was a demarcationthirsty and reddish quantify stop consonant. Government and religious officials utilise sadistic hurt to retaliate suspects and accommodate confessions. Torture is the deliberate and cruel aggravator of mental and somatogenetic fulfilling to obtain information or for any other reason. The oldest and strongest feeling of mankind is fear ( Lovecraft). The tools and plaits use brought extreme pain to the dupe.This cruel infliction of mental and corporal suffering was said to be done in the name of crime and its deserved punishment. It was in addition done as a means to intimidate a suspect or for revenge. The laws of this time period did not have any fixed rules for the treatment of prisoners or suspects. The contrasting types of squeeze were employ depending on the victims crime and sociable status. The government turned its back on these practices, which lead to the creation of bloody-minded distortion chambers because of the misuse of freedom.In bigger cities interchangeable London, crime was more harshly enforced. A skilled torturer used instruments, orders and devices to stretch out life as long as they could, while inflicting the most pain before they kill the victim. Many castles had torture chambers in the dungeon or in the tallest tower, where they lav torture many victims at once. Medieval tortures had twain types of devices. Devices they used to torture victims and devices they used to execute victims. Torture chambers of the medieval time period are designed to scare the victims.These chambers are ferment infraground or in the tallest tower of the castle. When the victim enters the chamber, there awaits the torturer wearing away a black hood with their face covered. The entrance of these chambers were access ed by means of winding passages, which served the function of muffling the screams of the victims throughout the rest of the castle. The torture chambers are small, usually eleven feet by seven feet. Most of the chambers were dingy, varmint infested and dimly lit.Tortures could hold ten to twenty victims in the room at once and would never clean the blood or flesh, so victims would suffer from diseases and viruses. Physical torture is the most common type of torture during the medieval time period. They created many types of torture devices that they would use on their victims to obtain confessions. Their order of torture depended on the victims crime and well-disposed class. What strikes us most in considering the mediaeval tortures is not so much their diabolical barbarity as the extraordinary variety, and what may be termed the artistic skill, they displayed.They represent a causation of thought in which men had pondered long and carefully on all the forms of suffering, had compared and combined the different kinds of torture, till they had become the most consummate master of their art, had expended on the subject all the resources of the utmost ingenuity, and had pursued it with the ardour of a passion (Parry). During this time period there were no laws that stated how prisoners or suspects should be treated, so people of this time period decided torture was the best.The government knew of these practices and turned their backs to them, which lead to the creation of gory torture devices. They created two different types of devices, ones they used for torture and ones they used for execution. These torture devices were feared among the people because they didnt want to be the torturers next victims. Some of the most gruesome and feared devices that were created were the judas place of origin, bald darn, the rack, the post, the rack, pear of anguish, and the depreciator ripper.The judas cradle was a terrible medieval torture device. The victims were dictated on top of a pyramid-like seat. The victim was usually peeled to increase the humiliation and had their feet tied together. The tip of the pyramid was placed into the victims anus or vagina. This torture could last between a play off hours to a couple days. The time it took for a victim to die varied from victim to victim. To drive on up the dying process, tortures would add weights to the victims legs or they would come in oil on the device.Some torturers tried to speed up the process where as others tried to prolong the process as much as possible. Some tortures would lift the victim off the device at night with ropes and continue the torture in the morning. To obtain vital information from a victim, or if a victim refused to talk, the torturer would rock the victim on the pyramid, or plant the victim yielding repeatedly. The pyramid was never washed, so if the victim did not die promptly enough, or if the torture was interrupted, they would end up dying from and infection.The brazen bull was a hollow statue made out of brass to look like a bull. First the victims tongue would be cut out, then they were placed in the hollow statue. After the door was shut, a fire would be lit around the bull. The movements and screams made the bull seem alive(p), which brought amusement to the auditory sense and took away from the fact that a person was creation burn alive inside the bull, because the people could not see or hear the victim. Legends aver that the brazen bull was made by a Greek named Perillus. He made it for a tyrant.Expecting a reward, Perillus was the first person cast into the bull. The wheel was one of the most adaptable torture devices the medieval time period used. Earlier torturers would tie victims to a wheel and send them rolling ware a rocky hill side. Through the medieval time period torture devices became more elaborate. Torturers mounted the wheel to a frame so it could spin freely. They would tie the victim to the wh eel and place fire under the victim or spikes to rip the victims flesh to shreds. The wheel itself could have spikes on it so pain came from all the different sides.The pound torture by the wheel was when the torturers broke all four of the victims limbs and threaded them through the spokes on the wheel. The wheel would be attached to a tall pole and left hand outside. The rack is commonly considered the most painful form of medieval torture (Medievality). The rack was a wooden frame with two ropes tied at the bottom and two tied into a handle at the top. use a handle that pulled the ropes, the torturer pulled the victims arms. After so long of the victim macrocosm pulled, the victims bones were dislocated.If the torturer kept pulling, the victims limbs could be torn apart. This method was mostly used for obtaining confessions, entirely it was similarly used to bring psychological fear to the victims. If a torturer went too far, they could leave the arms and legs useless. As t he medieval period progress the rack was also advanced. Spikes were put on the wood frame to circularise the victims back as their limbs were being pulled apart. Being burned at the stake was the last stop for the tortured victims, because this torture was always fatal.All torturers had to do was make a pile of dry wood with a stake in the middle to tie the victim to, then light the wood. Most of the time it only took thirty minutes for the victim to lose consciousness, unless it was windy, then the victim could endure up to two hours of being burned alive. Before being burned at the stake, victims were tortured using other devices. Being burned at the stake was a public event where people brought their kids to watch, hoping to put fear in their minds, so that they wouldnt grow up and get out the law. Torturers had special practices they used on women.Women only torturers were designed to destroy and off aspects of femininity. The practice of sexually torturing women can be trac ed back to the roman times. Female victims were given to soldiers to be raped, or sent to brothels. They might be tied up or paraded through public streets naked. These public humiliations were sometimes followed by bizarre sexual mutilations (Grabianowski). Torturers were fixated on womens breasts. They would burn, brand and amputate them. The worst device used on a woman was the breast ripper. The breast ripper was a metal claw that pierced the skin of the breasts.The victim would be tied to the wall and the claw would pull the breast away from the body, shredding them. This method was used as an interrogation practice or it would be used to punish women that had children without being married and or were convicted of hearsay, adultery or an ally of another crime. The pear of anguish of anguish was a torture device that was worse than the breast ripper. This torture device was a pear shape device made up of four metal leaves joined by a hinge at the top along with a key out or a crank. The pear could be inserted into the anus, vagina or the mouth.When the torturer turns the key, the pears leaves open up causing internal damage. The orifice that have the pear was symbolic. If the victim received the oral pear they were convicted of hearsay. Anal pears were received by homosexuals and the vaginal pear was received by women. Tortures not only use physical torture, they also use psychological torture. Psychological torture uses non-physical methods of torture. Psychological torture of the medieval time period is not as well known as the physical torture the tortures inflict on their victims.Psychological torture is subtle and easier to confine than physical torture. This type of torture uses extreme stressors and situations, like shunning, mock execution, impingement of sexual or social norms and solitary lying-in. Psychological torture can induce severe psychological pain, suffering and trauma with no indubitable effects. Tortures often use physical and psychological torture in combination, to make the effects more terrifying. If the victims survived the hours, even days of torture and werent put to execution, they suffered lasting physical and psychological effects.All the devices and torture tactics used in the medieval period left the victims permanently disfigured, mutilated and crippled. Prolonged confinement in a scavengers daughter would render the victim permanently unable to stand up (medievalwarefare). The torture brought immediate pain, but just because the torture stopped, doesnt mean the pain stopped unless the victim were put to execution. Victims of torture would suffer from post-traumatic stress disorder with symptoms such as flashbacks, intrusive thoughts, anxiety, insomnia, nightmares, depression and memory lapses.Victims also feel emotions like consolation and shame brought on by the humiliation they have endured. Victims may also feel betrayed not only by themselves but by their family and friends. non only do victims suffer from psychological effects, they also have physical effects that go along with their torture. Physical effects can be wide ranging. They can suffer from sexually transmitted diseases, musculo-skeletal problems, brain injury, alienation and chronic pain syndromes. The medieval time period was a blood thirsty and violent period.They created numerous torture devices that they used on victims to obtain confessions. They also created torture chambers that were used to add psychological constipation to the victim before they were tortured and then executed, depending on their crime and social class. They used psychological torture and physical torture like the judas cradle and the rack. If the victim was spared or wasnt killed by being tortured, they ended up with lasting mental and physical problems. They were left permanently disfigured, mutilated and crippled and also ended up with post-traumatic stress disorder.

Process and Outcome Evaluations

A subroutine Evaluation has three main components, which be broadcast planning and development, schedule interventions, and database management system. These three main components be used to achieve these aims, describe program interventions development, implementation, and activities, provide quantitative and soft data on the services delivered and their effectiveness, and document the appropriateness and acceptability of the program within the target community. The Process Evaluation will answer the fountainhead did you do what you said you were going to do? (Yuen, ., & Terao, 2003). Examples of Process Evaluations argon1.The teacher takes attendance each day to find out which students atomic number 18 missing too much class. 2.Over the Christmas holiday the truck group groovy Six Mafia collected 13 boxes of victuals for the local viands bank and $300 in donations for Labor of Love, by holding a truck show. 3.WIC employees pass out brochures containing information wh ere its clients may receive early(a) services. Outcome Evaluations ar used to look at how effective the interventions ar. selective information before the intervention and after are collected and compared to yield this information. It treasure the outcomes/effectiveness of the programs activities and the impacts the program has on the target population. This evaluation answers the top dogs What benefits did the recipients of service nonplus? and How well did you do? (Yuen, ., & Terao, 2003). Examples of Outcome Evaluations are1.Workforce Services asks that their clients do a short interview/survey to see how their experience was and if their inescapably are being met. 2.Columbus Community Center compared the amount of services it provided lowest year to this year after they received the new grant to cleanse the employment program. 3.Career Step contacts alumni students to see if their programs help them receive permanent employment.Process and Outcome EvaluationsA Proc ess Evaluation has three main components, which are program planning and development, program interventions, and database management system. These three main components are used to achieve these aims, describe program interventions development, implementation, and activities, provide quantitative and qualitative data on the services delivered and their effectiveness, and document the appropriateness and acceptability of the program within the target community. The Process Evaluation will answer the question did you do what you said you were going to do? (Yuen, ., & Terao, 2003). Examples of Process Evaluations are1.The teacher takes attendance each day to find out which students are missing too much class.2.Over the Christmas holiday the truck group unbowed Six Mafia collected 13 boxes of food for the local food bank and $300 in donations for Labor of Love, by holding a truck show.3.WIC employees pass out brochures containing information where its clients may receive other servi ces. Outcome Evaluations are used to look at how effective the interventions are. entropy before the intervention and after are collected and compared to yield this information. It quantify the outcomes/effectiveness of the programs activities and the impacts the program has on the target population. This evaluation answers the questions What benefits did the recipients of service bear? and How well did you do? (Yuen, ., & Terao, 2003). Examples of Outcome Evaluations are1.Workforce Services asks that their clients sweep through a short interview/survey to see how their experience was and if their need are being met.2.Columbus Community Center compared the amount of services it provided conk year to this year after they received the new grant to better the employment program.3.Career Step contacts alumni students to see if their programs help them receive permanent employment.

In Economics

crotch hairs actions have placed America in a ruin seat by altering its reinforcement to the top 10% households. We, as a solid ground, must find ways to adapt to the ever-changing effectuate to the fluctuating income rates of the bottom 90% of households that argon strained through and through his levy cuts. Middle-income families are harnessing a 23% loss of income due to the value cuts what depart come of their living conditions? The lower ends of households have experienced any(prenominal)(prenominal) unfortunate hits to their income capabilities because of the tax cuts. Now, much of the concern has gone from what is Bushs real objective in handling these new ventures. In some ways, I feel that Bush has taken the terra firma by combat by making complementary movements to increase the income of the $1,000,000,000+ households to gain their favor.The motivations behind this stinting trivia could be examples of the supply and demand scenario in which he supplies more lo opholes for the rich and they will demand his stay in office. This conclusion may seem a bit far fetched, but it accurate considering the changes our nation will undergo if his tax cuts remain permanent.If permanent tax cuts exist, the universe of a constrained economy could harm our nations star topology in industrial developments. He places younger generations in a truss through reducing funding (the $90 billion lost in tax reductions) from getting a good education. President Bushs actions are seemingly in take away and this has robbed individuals with lower- recompenseing jobs in need of additional benefits. non to seem negative, but I feel he has done this to nourish his friends of the wealthy families on the top of their game.Why would a president strip down his own nation of their needed funding? Many people will lose out on jobs (reduced budgeting/outsourcing), benefits ($90 billion from taxes), and help (Social Security). I feel that this could hurt our nation in more ways than one. to a greater extent issues may arise that are unforeseen at the moment, but it is possible that we will endure a long and hard recovery. According to the article, the organisation has lost $90 billion dollars each year he has been in office. President Bush entered office in 2000 six times $90 billion is plenty of money we could have used to better our nation or the world.For instance, what will happen to financial aid that is available to college students? lead college students have to pay out of pocket fees although the 90% bottom households are losing funds through tax cuts? This could be one issue umteen economic students and studies should be undertaken to determine the frets it will place on our position as a world leader. In accordance to lost financial aid, some students will not have the adequate qualifications to get the appropriate technical training to excel in a technological world.Our parvenue Economy will lead to an unstable and incomparable socie ty of education-lacked generations. some other issue will be the benefits taken away from lower-paying jobs. Many of these individuals pay high insurance fees in order to secure preventative vigorousness care. Certain programs such as Blue Shield as well as Blue Cross will find less funding an appropriate answer for senior citizens and low-income families impossible. Besides these obvious effects of the tax cuts, we have to worry about the future. Should we start bracing ourselves for a peeved economy with a lack of funding in the bottom 90% who are working hard to contribute to the nation? The answer lies in the equilibrium that will eventually happen within the government. 

Analysing Sustainability Policies Of Hewlett Packard Environmental Sciences Essay

union de save. I have selected HP Ltd beau monde for my assignment subject. Hewlett-Packard ( HP ) is an first-class conjunction. It depicts stamp and s hind endning equipments to consumers, concerns, and industry and intuitions all oer the World. The imitate is non and limited to the industry of newspapermans, s female genitalianer and peripheral equipment except in addition provides consultancies, entree devices, personal computer science and worldwide services to big, add up sized and little administrations. I have selected HP Printer Company due to its Climate lucky attitude that is rather obvious from its policies and yearly meeting studies. The HP Company is good connected to cut shoot C footmark in its policy. It has interpreted several practical attacks in last few old ages to cut down its C base scar.lineation of the ships companyHP is an international company with supply mountain range all over the universe. The charge locution consists of five board o f managers. The headspring sections include Nomination and Governance, Human Resource, Audit and engineering. In tack on to the kick board, the company has an executive apparatus dwelling upon senior and executive infirmity presidents from concern division and caputs of corporate maps. The executive commission has different duties than the electric charge squad. The executive commission ensures that the ethical and environmental policies of the company ar the even up way followed. HP uses an first-class speech in nomadic ethical bitty town. It uses the word sublunary citizenship which is an alive(predicate) trans military r to each one, a company should play to comfort planetary environment and beauty to quality for planetary coitizenship.2.1 Functions of company2.2 characteristic characteristicsThe eco- exist ar the amount of direct and in-direct represents of the environmental concussions caused by the deal in its full life cycle. The purpose of the EMS is to turn over out alternating(a) inclination, theoretical account and parts which are eco- gracious. Actually, it is true analysis as impacts on environment does be us identical depopulate statement or the wellness jeopardies to the in the public eye(predicate) etc. HP is climate friendly company. It add the cost of wellness jeopardies of sign, disposal cost and usage of electrical zip fastener in the existent cost of the newswriter to happen out the environmental impacts. Its alone policies to command EMS inside the administration and proctor external organisational environmental activities has make it successful and typical in modern parable industry. It has good developed EMS for tenacious clip that is continuously revised and reviewed. The acuate involvement of HP Ltd in environmental protective covering through its craft procedure, forwardnesss, awareness compaigh, research, aid to associated houses and counsel to its employees are im mienant characteristics of H P Ltd.2.3 problem activities and relationship to environmentWe can depict the impact of printing machine by spliting it into troika stages paper use impacts, electricity use and the advocate of waste deals. Harmonizing to historical informations, the use of paper has increased to three crease over the last three decennaries ( Mckinny 1995 ) . The paper has been used as a knob beginning of information storage since antediluvian Egyptians invented the papyrus, the Chinese do it much perfect by big scale paper industry and Gutenberg invented the mental picture imperativeness ( Saaty 1980 ) . The planetary heating has increased the importance of paperless nomenclature and or so of organisations and public-service corporation houses are exchanging to the paperless schemes ( Newton 1993 ) . HP Ltd is globally recognised company. It has surd concern dealingss to its partnr companies and subsidieries. HP is fabricating a immense scope of switchs and rule merchandises like newsw riters use vry toxic close up in the signifier of ink. HP has taken an environmental resistance attack to salvage environment by interest EMS itself and guaranting that its concern links anyhow follow its policies. Its audit establishment, information and sentience compaigh, support and advice to dependant concerns and proficient aid to associated concern provides satisfaction that HP is working towards its C print decrease scheme successfully and adequately. HP Ltd s environmental policies are non ony refected from its home(a) organizational dealingss but anyhow through its relation to spouse companies through out the universe and drug-addicted partnr companies like parts providers, packaging companies, transportors and planning companies. HP has a right attack to supervise its inbred organizational policies and observe external organitionsresonsibilities at the same clip.environmental duties of the companyenvironmental impactHP company is bring forthing many merchandis es hving direct or indirect impacts on environment. For simpleness, we can dis cussone merchandise Printers. Assorted admixtures are used in pressman s dissimulation. The metals include galvanized steel metal for construction, plated steel shafts, and Copper metal in motor and little fraction of Aluminum in separatewise parts. These metal nips are reusable but Copper in motor whitethorn suppress steel cycle. The electronic constituent besides establishs to environmental impact and consists headlandly on printed electronic board ( PWB ) and some electronics. However, the electronic constituents moreover flip the 3 % weight of the pressmans in intact ( William et al 2005 ) . The electronics in pressmans consist on few PWB normally six and weighing somewhat 250 gms. The traffic circle boards are made of few millimeters thick epoxy coat glass fibre cloth laminate plated with Cu but these are throw in the towel of lead. The procedure of circuit board fabrication consists on FR4 laminate procedure a composite and popular laminate substrate industry procedure. The procedure is a fuddled processing method dwelling on cover, lithography, plating, and electronics engrafting to make a printed circuit board. The epoxy is normally consort with a bromide fire retardent. stake to the administrationHP company has environmental direction system in administration. The system has been developed many old ages ago and still espouse oning towards to cut down the footmark. The EMS is used to place hazards and impacts of the HP company on environment. HP company has a valid survelliance system to place environmental hazards by utilizing its EMS. The hazards may be present in assorted sections incuding useable departmemt, fabrication, packaging, selling and administration. Once cardinal hazard countries are identified and managed, come on monitoring, re judgment and alteration of EMS is carried out to guarantee successful golosh to environment. HP company has besides an audit system to look into if the internal operations including environmental protection policy and process are followed or non. The audit section provides a regular observation to look into either company is successful to hold back its planetary citizenship or non.The pressmans are used domestically, commercially and in industry. The general intent of domestically used pressmans is designed to make a satisfied occupation of publishing at acceptable paragon stage. Normally, no duplexer is associated with domestically used pressmans and pages are turned manually by the user. Largely cardinal types of cartridges are used one for the text printing and early(a) for the colour printing. A printer battalion normally comes with a pressman itself, a black cartridge, a colour cartridge, a advocator oversea telegram, an external power supply, a USB or other port linking overseas telegram, CD-ROM ( with package ) and a user information brochure. The pressman varies in size and usually weighs range from 1.5 to 5 kilogram. Similarly the fiscal value varies harmonizing to do and quality.Now we can take an analysis of pressman s fabrication phase. Printers are made of polymers in their primary construction and in the industry of its parts ( Smits 1996 ) . Two most commonly polymers in pressmans include high impact polystyrene ( HIPS ) and acrylonitrile-butadiene cinnamene ( ABS ) . However, all plastics in pressmans are non needfully HIPS or ABS and 86 % of plastic in pressmans are reclaimable ( William et al 2002 ) . An excluding per centum is non reclaimable due to the presence of filets. However, for the simpleness of our instance survey, we develop that pressman plastics are ABS. We will be sing chief fabrication constrict in life heartbeat and will non concentrate on the intermediate stuff processing, packaging and transportation. A tabular part for incase stuff melody list has been reprocessed from information beginnings ( Jason et al 2005 ) .Le gal affairHP is successfully ossification with environmental related Torahs. These includes European marriage boundary of Hazardous Substances ( ROHS ) , WEE Direcive and many more. The ROHS enforce that any electronic merchandise fabrication company must do it certain that the merchandise or constituent may non incorporate lead, quicksilver, Cd, bexavalent, Cr, PBB and PBDE flameretardants more than and over the limitation imposed by jurisprudence. All HP merchandises are conformity with Eu ROHS alteration ( ROHS 2 ) , Turkey ROH, China ROH and all other Ro hiking limitations. HP was one of the few companies who foremost of all achieved complience with EU ROHS in stuff choice non merely in its subdivisions in Europe but in all over the universe. EU ROHS was implemented in 2006. The policy of conformity with material limitation harmonizing to EU ROHS is obvious from one-year study of HP. The one-year study provides a comprehensive treatment and decision on adoption of material limitation in Al its planetary whole to follow environmental jurisprudence. The HP is besides conformity with WEEE directive. The directing enforce duty on manufacturer of a merchandise to to take back and reprocess their ain merchandises. The purpose of directive is to cut down landfill, C print and encourage makers to bring forth less waste..Critical Review of Company EMS systemPolicyEvery administration concerned with environmental protection has fixed some duties in its charters towards the benefit of environment through its operations.HP is committed to supply environmental protection and therefore it has duties witin administration, with provider and towards general universe every bit good to guarantee that they understand environmental protection. HP has non merely audit system within its ain administration but besides an internal audit system to peep into suppier fabrication system against environmental duties. HP is non a individual unit but it is globally dispersed and has subsideries through out the universe. Head onwardice of HP Ltd is amenable to maintain an appropriate EMS at all of its subordinates. Each concern unit has an environmental guidance commission on environment, heath and safety and a manager of environmental plans. HP has an effectual supply concatenation direction system that is responsible to describe environmental issues in its one-year planetary citizenship study.PlaningPlanning is the first measure in any direction activity. Similarly, HP has an accurateplanning policy for its EMS. Protection of planetary citizenship by turn tail throughing environmental protection responcibility is ultimate aim in planning policy. The planning policy is non merely HP s planning for EMS. The planning policy besides provide a light beam for subordinates and deperndent concerns to develop and pull off their EMS. A council work in environmental issues and established to cover with EMS is known as Environmental Strategic Council in HP organi zational construction. For illustration, few old ages ago, the strategic council took determination on exclusion of some chemicals from fabricating procedure. The chemicals were unsafe for wellness and safety and may foul environment due to long permanent effects. in that respect was a affair ofcost rise in caseof following safe stuff but strategic council advise to follow safer chemicals instantly and research for cost effectual safer chemicals in future. Planning is used in planing, material subdivision, energy efficiency, selling and fabrication stages to guarantee EMS has been considered at every phase of a merchandise.The impact of pressman use on environment can be outmatch understood by sing C print produced as a consequence of energy use during its industry, usage and so in waste disposal. All phases of pressman should be considered purpose downing from, pressman industry to the terminal of printer life. None of the phases can be unheeded as disregarding any stage will n on number the existent sum of CO2 production at that phase. For illustration, if we ignore fabricating phase so we can disregard the CO2 produced at fabrication phase of the pressman. action and operationHP has an effectual direction system that addresses promote issues, labour direction issues, EMS issues, human resource issues, ehical issues and supply concatenation issues. The HP direction has arranged two audit systems. The internal audit system carry out frequent audits depending upon the spirit level and sum of hazard. The external audits are conducted to follow ISO 14001 and 9000 enfranchisement. The figure of external and internal audits vary harmonizing to the size of site aswell as the complexness of an administration. In HP Ltd, same scheme is applied for internal audits. However, the external audits are normally twice a twelvemonth to maintain ISO criterions. External audits are besides used as a tool to step and record the green house gas emanation. Internal audits f urther verify these informations and helps in modifying EMS to decrese green house gas in future. Environmental protection is besides closely associated with wellness and safety ordinances. Therefor internal audits on wellness and safety are besides conducted on a regular basis by wellness and safety commission.4.4 chatCommunication is an indispensable tool for successful operation of a company. Communication is divided into two parts an internal communicating and an external communicating. HP Ltd has unfeignedly effectual communicating system that was further strengthened by organisation of stakeholder battle council in 2006. Stakeholder engagement council consist on HP s senior directors and guarantee company s relationship with NGO and other stakeholders. The council members are responsible to supply comprehensive support to identify holders in all issues. These issues may be everyday, environmental, opratonal, organizational, preparation, audt or administration. The council member make certain that stakeholder understand the HP s environmental policy and follow it efficaciously. HP doesnot go forth stakeholder in isolaton but provide an integrating communicating with stakeholder into concern pattern. The communicating is carried efficaciously in HP with the aid of be later oning tool, stakeholder battle, online(a) information, cognition and database, practical and physical support sum totals and employee s support. The degree and resource of communicating in HP Ltd includes meetings, studies, input consequences, one-year studies, action programs, policy and processs, conferences and docket Sessionss. HP communicates with clients, providers, contractors and sub-contractors, stakeholders, NGOS, local and international environmental bureaus, employees and empolyers to fail understand emerging environmental issues.DocumentationHP has policy to document all its activities. Most of important activites are accessable through its one-year studies. HP is working towards environmental ends. It has besides adopted paperless schemes like other environmentally friendly administrations. Therefore most of HP paperss can be achieved on-line. The on-line paperss include HP providers, occupationa wellness andsafety policy, environmental guidelines, merchandise procure understanding, purchase order term and conditions and many more.Emergency readinessChecking and disciplinary actionThe involvement of HP limited is existent and can be bring in by HP programme to run a charting class of environmental leading in market. The EMS analyzer package, environmental advanced classs, reuse of stuff and following new engineerings are adequate grounds to label HP as an environmentally friendly company. HP has introduced a construct of environmtal matrices as a step of environmental efficiency. The matrices are focused on C print of a merchandise during its development. The usage of environmental matrices is an advanced idea as compared to life rhythm analysis methodological analysis. The environmental public presentation matrices are treated as standard units and are applicable to both domestic and commercial merchandises. HP has non merely improved its merchandises but besides recalled any merchandise, it found hazard to climate.For illustration, the pressmans either industrial, commercial or domestic usage some chemicals in the signifier of ink which is insalubrious to the environment and human wellness ( Dias 2004 ) . These chemical are hepatotoxic, nephrotoxic and besides do important harm to lungs, skin and nervous tissues if exposed for long clip. The malign stuffs used in pressman besides contain rightfully hazadorous stuff including Silver, Phosphoric acid and Isopropyl intoxicant. HP has taken a scrupulous attack and introduced less harmful chemicals. One of such steps is the desiccate printing. The waterless engineering reduces VOCs ( Volatile Organic Compound ) emanations by 98 % . The VOC are the major subscribe r in formation of low degree Ozone ( Counsell et al 2007 ) . The low degree ozone can do respiratory jobs and infuriate asthma and other respiratory diseases. The VOC are gasses dwelling on harmful chemicals with negative wellness effects. These chemicals cause environmental pollution by distributing unrefined oil based ink dies ( Erbes 1996 ) . Petroleum based inks have been the traditional pick in the printing industry. These inks are non considered as environmentally friendly. The other disadvantages of crude oil based inks are the usage of non-renewable resource-petroleum. HP has introduced ink betterment in print industry. These inks are vegetable based and soy sauce based inks and let go of few fractions of VOC.Management ReviewHP has adopted EMS system for many old ages but it is continuously updated after reappraisal, alteration and amendments in the visible radiation of feedback received by assorted resources. EMS is reviewd andupdated by assorted ways. For illustration, HP run an on-line moralss class for its employees and each employee is tracked either he has updated his preparation or non. In add-on to moralss preparation, other preparations like environmental protection, wellness and safety, fire drill, emergy emptying and awareness of policy and processs are besides availablein local and multiple linguistic communications. The best illustration of a compulsory preparation at Canada HP centre is called Work Well preparation and cnsist on ergonometric appraisal and compulsory preparation faculties. Stakeholders are besides involved in environmental awareness preparation but it is conducted by HP employees directy interacting with external stakeholders by virtuousness of their businss activities. An on-line consciousness an preparation programm is besides available through HP chief web site. In add-on to earlier mentionedtrainings, HP arrange leading, entire quality direction preparations and any farther preparation, it considered necessary fo r the protection of gobal environment. career rhythm analysis and EMSGlobal heating, environmental pollution, industrial reforms to pull off environmental pollution and human attempts to command planetary heating are hot issues now-a-days ( Curran 1996 ) . Every merchandise has a life rhythm get downing from its fabrication to its terminal of life ( Lehman 2007 ) . The life rhythm appraisal ( LCA ) is a important tool to measure the impact of a merchandise on environment throughout its life ( Hischier 2007 ) . Mechanical and fabricating applied scientists can take benefit of LCA informations of a merchandise to reexamine and revise the stuff, design and engineering of the merchandise to cut down its negative impact on the environment ( Fussler et al 1996 ) . With the information of LCA of the merchandises, it is possible to choose environmentally friendly stuff to do merchandises pleasant, less harmful to environment and more effective ( Guinee 2001 ) . Cost has been a important ind ucement but information of planetary heating has changed man of affairs and purchaser s position some a merchandise ( Newton 1993 ) . Both purchaser and concern heavy(p) male is more attractive to environmentally friendly merchandise ( Cramer et al 1997 ) . Use of computing machines in modern epoch has created a caboodle of peripheral and accoutrements used parallel to the computing machines. Printers, scanners, web Cam and many other accoutrements are mundane usage in modern epoch. Each of these merchandises is made of assorted stuffs and therefore has assorted phases of life rhythm.There are three important methods to measure the environmental impact of a merchandise ( pile 1997 ) . These are known as eco-point, eco-cost and eco-compass. In life rhythm environmental cost analysis ( LCECA ) , the eco costs are included into the entire cost of the merchandise.The LCA of a pressman has been outlined in figure ( 1 &038 A 2 ) get downing from its industry to the terminal of life. The life rhythm of the pressman defines the stuff and energy associated with the pressman over its life rhythm from the extraction, aggregation of the natural stuff at production site, production procedure, its usage, reuse, recycling or disposal at the terminal of life and its part in the planetary C pes print. In a existent sense, the LCA of pressman is an analysis of the stuff and energy flow till the terminal of merchandise life. The packaging and transportation of pressmans besides contribute to the C print and do a part in their life rhythm ( Hischier 2007 ) . The packaging consists on composition board box, poster board, and paper manual and polystyrene restraints ( PEPI 2008 ) . There may be strips of paper film editings as been used to procure pressman packaging in the yesteryear. Transportation and transit of pressman besides contribute in the C print of the planetary heatingFigure 1 LCAFigure 2 Printer Life Cycle stagesThe pressmans use paper, ink and electricity throug h out of their life rhythm. The cartridges consist on polythene Terephthalate ( PET ) glass filled polyester and electronics. Largely, LCA of a merchandise is focused to happen out impact on C pes printing ( Guinee 2001 ) . Harmonizing to a research conducted by HP on its inkjet pressman LCA, paper has a important part in carbon pes printing ( HP 2009 ) . Contribution to carbon pes printing is a planetary nomenclature to happen out environmental impact of a merchandise during its lifecycle ( Fussler 1996 ) . An stock list tabular array has been reprocessed by taking information from two resources ( See table 1for pressman and table 2 &038 A 3 for Cartridge and packaging ) .ItemNoteMetallic elements ( Total )910 brand name696Aluminum165Copper49Motor Winding tractile ( Total )2179Reclaimable1887Non-Recyclable292Acrylonitrile-butadiene-styrene163Hip1472Others plastics544Includes elastomers etcOthers Genera144Electronicss ( Total )507Including external overseas telegram and power suppl y.Printer Total3740Recyclable ( Total )2947Includes reclaimable metals, plastics, Cu etc.Reclaimable ( % )79 %Table 1( history tabular array reproduced by information sourced Jason et al 2005 William et Al 2002 ) symmetry between reclaimable and non-recyclable stuff in an inkjet pressmanFigure 3 Comparison between reclaimable and non-recyclable stuffInventory tabular array reproduced by information sourced Jason et al 2005 William et Al 2002Cartridge MaterialItemMass ( gm )NotePlastics ( entire )20PET+ 15 % GF20Other PlasticsOther Generals ( entire )Electronicss4Ink21Black 21 g/Color 42 gCartridge Total45Table 2( Jason et al 2005 William et Al 2002 )Printer PackagingTable 3Printer PackagingItemMass ( gm )NotePolystyrene0.014Transporting restrainPolycarbonate0.015CadmiumPaperboard/Cardboard0.881Office paper0.107Manual etcPackaging ( Total )1.017Table 3 Jason et Al 2005 William et Al 2002 )

Comparing Oedipus and Minority Report

Sophocles Oedipus the nance and Spielberg minority give out. (Critical Essay) Sutton, nana. Full Text copyright 2005 Wheeled publications Many English teachers today pair older, rear polish offonical working with recent films that strongly allude to those earlier plant lifeMrs.. Daylong and The Hours, for example, or Heart of Darkness and Apocalypse Now. One palling teachers might consider Is Sophocles Oedipus the King with Steven Spielberg 2002 film nonage Report. While it would be an exaggeration to call Minority Report a futuristic retelling of the Oedipus story, the film does borrow most of the telephone exchange elements of Sophocles incline.In particular, the play and the film sh be an vehemence on literal and exemplary vision and sightlessness, a plot device in which a champ is told he will commit a execution in the approaching, and a thematic c erstrn with sight and free will. Minority Report establishes its emphasis on vision and blindness within the first base minute of the film. The first linguistic communication we hear be You bed how blind I am with expose them, spoken by a role named Howard Marks to the highest degree his glasses. As we hear these words, we suppose a scissor blade stab with the eye of a face In a magazine photo, as Markss young son cuts out pictures for a homework project.A few seconds later, we jar against a close-up of an eyeball. All this Is, of course, reminiscent not only of Oedipus stabbing out his own eyeball but besides of the many comments about vowels and blindness In Sophocles play, such as Oedipus comment to the plague-ravaged chorus, How could I fail to grab what longings bring you here? (142). As in the preceding quotation from Sophocles play, two the film and the play employ images of vision and blindness to refer not only to physical sight but also to seeing as understanding.And in both works, this understanding involves past and future killings. In the films opening night minute, w e see images of events that turn over not yet taken place, but which ar being seen by a woman named Ghats, the person whose eye appears in the close-up. Ghats is the most gifted of three processhumans blessed and unsaved with the ability to envision murders before they take place, and thus used to deter the police of the murders so they can be prevented, In a arrangement called Presence. In the opening scene, Howard Marks has Just seen that his wife Is having an affair and that he is about to kill her and her lover with the scissors. barely the police?led by the elms protagonist, John Andersonprevent him from doing so. Similarly, in Oedipus the King, the one character who understands the truth and feels the future at the beginning of the play, Eateries, tells Oedipus, Youre blind to the corruption of your life (162).In Minority Report, the linking of physical sight with understanding, specifically of murders, extends far beyond the opening sequence. Later, Ghats, tormented b y comeing who murdered her mother and by the occurrence that the police hurt been fooled regarding the murderers identity, repeatedly shouts, Can you see? To John Anderson as she tries to claim him to run the crime. And when Anderson finally recognizes that his interest In this past crime is the reason he has been set up to be detained for a future murder, his first words are, How could I not have seen TLS? a line reminiscent of Oedipus statement, unawares after realizing the truth of his situation, that he had been too long blind to the ones he longed to Report play a role analogous to that of the Oracle at Delphi in Oedipus the King, a similarity made explicit in the film. The process deterrent in an area referred to as the ample, and early in the film, one character refers to the process collectively as the oracle, and their handlers, the police, as the priests. And in both the play and the film, soon enough, the oracle tells the protagonist that he will commit murder. As a young man, Oedipus was told he would kill his perplex and have children by his mother (185) early in the film, Anderson is intercommunicate by the process that he will murder someone named Leo Crow. Although both protagonists are informed that they will commit murders in the future, both the play and the film are set in worlds erupted by the fact that political leaders have not been detected for murders they committed in the past.In Oedipus the King, Thebes suffers from a plague that can be withdraw only when the murderer of the previous king is discovered and punisheda murderer who turns out to be the current king, Oedipus. In Minority Report, Washington, DC (and thus implicitly the entire nation, especially since on the nose is about to go national rather than being limited to DC) is vitiate by the fact that the head of precise, Lamar burgher, has murdered Ghatss mother to prevent losing Ghats as a precook, unbeknownst to anyone but Ghats.Thus in both works, the protagoni st is doubly a detective he must discover the truth about the oracles prediction that he would murder someone, and he must solve the murder that corrupts the political world in which the work is set. In addition, the protagonists of both works receive prophecies not only from seemingly divine oracles, but also from blind mortals. Eateries declares that Oedipus is himself the murderer of the previous king (159) and then adds, correctly, that by the days end Oedipus will be reduced to blind beggar and will know he is both son and husband to his wife, both brother and father to his children (164).In Minority Report, a sleazy character with grotesque, hollow sockets where his eyes should be sells John Anderson a drug he calls Clarity and then says, In the country of the blind, the one-eyed man is kinga statement that proves prophetical later in the film when Anderson, possessing only one of his original eyes, is adequate to(p) to outwit others who are blind to the true situation regar ding the murder that Burgess committed. The most obvious, and obviously sight-related, really between the two works is the fact that both protagonists voluntarily lose their eyes.And in each case, this loss of eyes largely coincides with the protagonists ability to see in a deeper sense. Once Oedipus realizes that he did indeed murder his father and marry his motheronce he sees the truthhe stabs out his eyes. In the futuristic world of Minority Report, omnipresent eye scans make hiding virtually impossible, and so Anderson, once he is wanted for the future murder of Leo Crow, has his eyes removed and exchanged for a different pair to evade detection, having en counsel by one of the inventors of precise that Sometimes in order to see the light you have to risk the dark. It is only done this swapping of eyesand through retaining at least one of his original eyes in a plastic bag, for use in eye scans for security clearancethat he is in conclusion able to see the light and solve bot h mysteries wherefore he is accused of murdering Leo Crow and how Lamar Burgess murdered Ghatss mother. When we pass off the protagonists encounter with the person he was predicted to kill, both the play and the film are somewhat ambiguous other), as the oracle had said he would, scorn every effort he makes to avoid fulfilling this fate.Indeed, his efforts to avoid his fate lead him to precisely the spot where he must be to fulfill it. scarce critics have long emphasized that the character traits Oedipus displays in the plays present are precisely the ones that would have naturally led him to react as he did when he encountered his father (Knox and Thaliana 598). They have also emphasized that the gods can know the future without causing it (Odds 23). Thus, the killing seems both an expression of inexorable fate and the natural expression of Oedipus character.Similarly, when John Anderson finally confronts Leo Crow, he tries to arrest Crow rather than kill him but Crow, determin ed to die, grabs for Andersens gun and is eventually fatally shot, with the film ambiguous as to whether Anderson (accidentally) or Crow (intentionally) pulls the trigger. So, Anderson does not attempt to murder Crow yet plays a role in the mans death. Moreover, the film paradoxically insists that although the future can be accurately predicted, those who know their future have the power to change it.Thus, both works fink considerable power to fate but also leave board for free will. Minority Report alludes to Oedipus the King in smaller ways as well. Early on, a character named Danny Witter repeatedly mentions go uping a mistake in Anderson surely an echo of the concept of tragic flaw in characters like Oedipus. Later, as curiosity leads Anderson toward confronting Leo Crow, whom he has neer met but whom he is supposed to murder, Ghats warns him, You have a choice. Walk away. Now. But he refuses, saying, l cant. I have to know. I have to find out what happened to my life.

International Diversification and the Market Value of New Product

journal of external prudence 17 (2011) 333347 gist lists avail adequate at ScienceDirelectro chiselvulsive therapy ledger of transnational concern outside(a) diversi? cation and the grocery store c ar for of peeled ingathering entryway Chi-Feng Wang a,1, Li-Yu subgenus subgenus Chen b,? , Shao-Chi Chang c,2 a b c division of barter Administ proportionalityn, National Yunlin University of Science and Technology, brinyland China Department of charge, Fo Guang University, Taiwan implant of supranational Business, National Cheng Kung University, Taiwan oblige info Article history authentic 11 January 2011Received in revised class 31 March 2011 Accepted 31 March 2011 Avail fitting on eminence 2 whitethorn 2011 Key run-in transnational diversi? cation New harvest-home instauration scientific cleverness selling cap office Event de vergeine abstract Although preliminary(prenominal) studies on world-wideistic variegation argon plentiful, they mainly focus on t he termination of remoteisticistic diversification on boilersuit firm functioning, and the results be mixed. This think over ex hightail its this line of research and explores the intrusion of transnationalist diversification on rude(a) intersection point performance.Specific all(prenominal)y, we demand if transnational diversification explains the enthronization trust foodstuffplace reactions to reinvigorated addition inlet (NPI) declarations. We get under adepts skin an inverted-U-shaped human family alliance betwixt distant diversification and the resolve ingatherings of NPIs, revealing that the pot abide by of NPIs initially ameliorates and then declines with increase outside(a) diversification. The results too visualise that nonphysical assets, much(prenominal) as expert and merchandise capabilities, confirmingly check out the kind amongst world-wide diversification and the foodstuff quantify of NPIs.Our body of work non sole(prenominal) advancedlights the brilliance of contending twain sides of globular diversification in affecting investors valuatements of corporate in the altogether crossway strategies, simply in whatsoever case shows the scuttle of internal capabilities in changing the fixed relationship amongst multinationalististic diversification and the food grocery nurture of refreshing-fashioned w arions. 2011 Elsevier Inc. All rights reserved. 1. Introduction cor oppose to the theory of hostile verbatim enthronement funds (FDI) (Caves, 1996 Dunning, 1988 Hymer, 1976) and portfolio theory (Jacquillat and Solnik, 1978 Lessard, 1973, 1976 Solnik, 1974), external diversi? ation leave alone manoeuvre to high(prenominal)(prenominal) ? rm assess. However, existing studies examining the impact of outside(a) diversi? cation on ? rm performance hand yielded undetermined results. The results on the relationship mingled with worldwide diversi? cation and ? rm performance has been constitute to be dogmaticly charged (Delios and Beamish, 1999 Grant, 1987 Rugman et al. , 2008), detrimental (Collins, 1990 Zaheer and Mosakowski, 1997), U-shaped (Capar and Kotabe, 2003 Gaur and Kumar, 2009 Lu and Beamish, 2001), inverted-U-shaped (Brock et al. , 2006 Garbe and Richter, 2009 Gomes and Ramaswamy, 1999 Hitt et al. 1997) and horizontal-S-shaped ( avower et al. , 2003 Lu and Beamish, 2004 Ruigrok et al. , 2007). To relegate understand the in? uence of outside(a) diversi? cation, we extend this line of research by studying the impact of external diversi? cation on rude(a) harvest-feast performance. Speci? cally, we probe if planetary diversi? cation explains the gestate ? Corresponding author at Present words Department of Management, Fo Guang University, home in(prenominal) clx, Linwei Rd. , Jiaosi, Yilan County 26247, Taiwan. Tel. + 886 3 9871000 23816. E-mail addresses email&160protected last(a). tw (C. -F. Wang), email&160protect ed fgu. edu. w (L. -Y. Chen), email&160protected ncku. edu. tw (S. -C. Chang). 1 Present address Department of Business Administration, National Yunlin University of Science and Technology, No. 123, University Road, voice 3, Douliou, Yunlin 64002, Taiwan. Tel. + 886 5 5342601&2155245. 2 Present address Institute of world(prenominal) Business, National Cheng Kung University, No. 1, University Road, 701, Tainan, Taiwan. Tel. + 886 6 2757575&21553506. 1075-4253/$ see front national 2011 Elsevier Inc. All rights reserved. doi10. 1016/j. intman. 2011. 03. 002 334 C. -F. Wang et al. / Journal of transnational Management 17 (2011) 333347 arket responses to naked as a jaybird w atomic number 18 entree (NPI) resolutions. NPIs argon an important proportionality of introduction output. 3 degradeds with the exponent to hive away radical fruits atomic deed 18 signaled as those with the opportunity for oppositeiation and future earnings (Chaney et al. , 1991 Kleinschmidt a nd barrel maker, 1991 Subramaniam and Venkatraman, 2001). In score to improve the performance of NPIs, many a(prenominal) ? rms be engaged in international diversi? cation activities (Kogut and Zander, 1993 Peng and Wang, 2000). Previous studies baffle documented that international diversi? cation comes with both bene? s and monetary abide bys (Contractor et al. , 2003 Lu and Beamish, 2004 Ruigrok et al. , 2007). We signify that these bene? ts and cost cogency constrain both opportunities and argufys for ? rms to develop unsanded wargons, and so in? uence investors assessment of the upstart products introduced by ? rms. external diversi? cation whitethorn wee positive government issues on NPIs. For example, it allows ? rms to r all(prenominal) out of doors their domestic boundaries, providing them with to a great extent(prenominal) opportunities to wear freshly ideas in hurt of the types of raw products that cig bet be developed (Hitt et al. , 1997). Internat ionally diversi? ed ? ms overly nominate better glide path to the resources resident in extraneous countries that may be necessary for producing these unuse products (Craig and Douglas, 2000 Peng and Wang, 2000). Further much(prenominal) than(prenominal), international diversi? cation establishs the bene? t of economies of scurf by ef? ciently leveraging the initial investments on b ar-ass products over a crosswise-the-boarder grocery store petty(a) (Subramaniam and Venkatraman, 2001). In spite of the bene? cial do of international diversi? cation, we signal that international diversi? cation may in any case entail disadvantages when it comes to introducing radical products. For instance, cross-national distances increase the dif? ulty for internationally diversi? ed ? rms to transfer expert association amongst countries. Differential environmental settings among countries aptitude too constrain the ? rms ability to scoop and mount resources towards brand- new-made product maturation. In much(prenominal) cases, new products be expect to be little clip observe turn for introducing ? rms with international diversi? cation activities. In step-up to investigating the direct impact of international diversi? cation on the extend market place reactions to NPI announcements, we postulate that investors assessments of the nurse of new products may depend on a ? ms internal capabilities. Extending previous research documenting the grandness of scientific and merchandising capabilities in as reliable new product success (e. g. , barrel maker and Kleinschmidt, 1987 Yeoh and Roth, 1999), we argue that both merchandise and proficient capabilities assist in enhancing the bene? ts of international diversi? cation darn concurrently restricting its drawbacks with regard to the introduction of new products. We trial our hypotheses by bill the broth market responses to NPI announcements using the event-study methodology material. The events of NPI announcements argon collected for the point in time 19972005. under(a) the assumption of the ef? cient markets hypothesis (Fama, 1970), NPI announcements bring un pass judgment learning into ? nancial markets that may adjustment the market evaluate assessments of the announcing ? rms. In response to the new tuition, changes in trite scathes occur, which re model investors decree of their expectation with regard to the net present nourish of a ? rms risk- righted judge cash in in ? ow generated by the new products, or express incompatiblely, the investors expectation of the wealth impact of NPIs.This root is organized as attach tos Section 2 fork ups the suppositional background and develops the hypotheses. Section 3 introduces the pattern and methodology. The empirical results argon presented in Section 4. Finally, Section 5 contains the countersign and concluding remarks of this study. 2. Theoretical background and hypotheses International di versi? cation has been aimed by FDI theory and portfolio theory to tin ? rms with bene? ts ranging from the ability to realize case economies (Grant, 1987 Porter, 1986), the possibility to spread investment risks over unalike countries (Kim et al. 1993), the electric potential to arbitrage factor cost differentials crossways denary locations (Kogut, 1985) and the opportunity to access resources resident in foreign countries (Hitt et al. , 1997). However, thither is considerable theoretical evidence that international diversi? cation comes with both bene? ts and be. We suggest that that these bene? ts and costs that stick with foreign expansion may occasion both opportunities and challenges for ? rms in term of maturation new products, and thereby affect the bank line market reactions to NPI announcements.In this section, we re behold various theoretical domains in order to spot the impart done which international diversi? cation might in? uence look on creation for ? rms in the place setting of NPIs. 2. 1. Effects of international diversi? cation International diversi? cation provides some(prenominal) advantages towards developing new products. First, international diversi? cation offers opportunities for ? rms to gain new and diverse ideas from a frame of perspectives (Hitt et al. , 1997). Being exposed to heterogeneous customers, technology, furoreures, and competitory practices, internationally diversi? d ? rms are able to learn from the experience in foreign trading operations to ? nd new solutions to bettering product design and improving the quality of manufacturing know-how (Craig and Douglas, 2000). For example, the make of a new cordless bring forward by Sanyo, which had been adjusted to better playact the phone implement habits of Ameri stop consumers (Barkema and Vermeulen, 1998), therefore expanded the companys sales in the U. S. market. 3 Prior studies generate utilise some(prenominal) ways to footfall the performa nce of transition, which embroils R persuasiveness (Hill and Snell, 1988 Hitt et al. 1997), number of NPIs (Cardinal and Opler, 1995 Hitt et al. , 1996) and number of patents (Francis and Smith, 1995). though they cook provided valuable insights, the measures they developed adopt some limitations in capturing the true prize of innovation (Chaney et al. , 1991 Schankerman and Pakes, 1986). For example, R intensity direct is more than think to the input value of innovation that does non directly measure the output value of innovation. Furthermore, numbers of NPIs or patents simply measure the mensuration of inventive output without considering the quality of innovation.As well, patent counts practically represent a very clangorous measure of the underlying value of innovation beca utilization some patents are not worth anything. The measure utilise in our study allows us to directly measure the wealth ensnare of innovation, rather than just now considering the qu antity of inventive output as has been make in prior studies. C. -F. Wang et al. / Journal of International Management 17 (2011) 333347 335 International diversi? cation in any case allows ? rms to gain access to resources that may only be purchasable in foreign markets but not frequently obtainable in the home countries to develop new products (Peng and Wang, 2000).By tapping into the proficient skills and friendship that originates from an new(prenominal)(prenominal) countries, multinational ? rms may be able to winningly increase their technological strength in developing new products (Hitt et al. , 1997 Kotabe, 1990 Peng and Wang, 2000 Subramaniam and Venkatraman, 2001). Moreover, international diversi? cation provides a ? rm with a wider national nedeucerk, which helps increase its ability to erectively leverage technological resources and disregard production processes. These economies of scale stinkpot alter the ? m to obtain high(prenominal) imparts from new pro duct innovations (Bartlett and Ghoshal, 1989 Kogut, 1985). Furthermore, the broader market outlets acquirable to new products create higher drops on the sink costs of innovative spending (Subramaniam and Venkatraman, 2001), while cash ? ows generated from large-scale foreign operations provide ? rms with the resources needed for extra investment in new product ontogeny (Kobrin, 1991 Kotabe, 1990). Notwithstanding the above bene? ts, international diversi? cation can bring challenges to the phylogenesis of new products. The ? rst challenge comes from the dif? ulty in transferring technological knowledge between countries. The more countries within which the ? rm operates, the big geographical distance the technological know-how has to be transferred, and the less outcomeive the ? rm will be in developing new products. Furthermore, with increasing diversi? cation, the differences in cultural, sparing and technological settings among the countries increase. These differences re duce the authorization in assimilating and applying the technological knowledge that is critical for new product development (Chang and Wang, 2007 Hitt et al. 1997) while knowledge diversity can create great learning value (Inkpen, 2000), differences in knowledge does not set round successful learning (Bowman and Helfat, 2001 Chang and Singh, 2000 Szulanski and Winter, 2002). In addition, arguments from the economic law of diminishing returns suggest that the higher item of international diversi? cation a ? rm is touch in, the more plausibly it is to be unveiling markets whose edgeal contributions are recountingly minor (Contractor et al. , 2003). Beyond a original point, later already having expanded into the most advantageous markets, the ? m is left with minor or peripheral foreign markets whose resources for and cash ? ow from new product development will divulge diminishing returns. By brief on various theoretical perspectives, the above discussions suggest that international diversi? cation not only create opportunities but also impose barriers to the value creation provided by new product innovation. With moderate trains of international diversi? cation, ? rms can profit on valuable bene? ts of knowledge learning, resource access and production ef? ciency in producing new products.At the equal clock time, economic pro? ts machinate as the ? xed costs of new product development are spread across more markets (Kogut, 1985 Porter, 1986). However, ? rms that expand internationally beyond an optimal direct may ? nd that the costs of international diversi? cation eventually best the bene? ts. upstandings at this stage often set down countries that are more geographically and culturally dissimilar, which increases the dif? culties of transferring technological knowledge between countries. The value of new product innovation may also exhibit diminishing returns when international diversi? ation is increased beyond the optimal aim. estab lish on the above, this study proposes a non-linear and inverted-U-shaped relationship between international diversi? cation and the stock market reactions to NPI announcements, suggesting that the market value of NPIs is anticipate to improve with increasing international diversi? cation at discredit levels of international diversi? cation and then decline with increasing international diversi? cation at higher levels of international diversi? cation. For these reasons, we propose our ? rst hypothesis as prolongs venture 1.The relationship between international diversi? cation and the stock market reactions to NPI announcements is inverted-U-shaped, with a positive be given at pass up levels of international diversi? cation and nix at higher levels of international diversi? cation. We use event-study methodology to capture the evaluation put together of corporate new product strategies. This memory access not only permits direct investigation of changes in announcing ? r ms shareholder value, but is also suited to conduct cross-sectional abridgment of the strategies underlying the value creation or destruction (Reuer, 2001).Applying event-study methodology to NPIs also facilitates comparisons with previous studies on other(a) corporate major(ip) strategic events. 4 2. 2. Interaction effectuate of intangible assets and international diversi? cation Although our theoretical framework should hold for all ? rms, the effect of international diversi? cation on new product performance may depend on ? rms intangible assets. Scholars in international railway line have shown that multinational ? rms with greater market and technological capabilities may welcome higher returns from international expansion (Kotabe et al. , 2002 Lu andBeamish, 2004). Other researchers also document the importance of marketing and technological capabilities in the success of new products (e. g. , Cooper and Kleinschmidt, 1987 Danneels, 2002 Krasnikov and Jayachandran, 2008 Moorman and Slotegraaf, 1999 Yeoh and Roth, 1999). We make advances in linking these two streams of study by investigating the moderating effect 4 Previous studies have utilise event-study methodology to testify the wealth effect of major corporate events, such as diversi? cation (Doukas and Lang, 2003 Hoskisson et al. , 1991), divestitures (Benou et al. , 2008), alliances (Das et al. 1998 Kale et al. , 2002), regulatory change (Bowman and Navissi, 2003), NPIs (Chaney et al. , 1991 Chen, 2008 Kelm et al. , 1995), R expenditures (Szewczyk et al. , 1996), and patents (Austin, 1993). 336 C. -F. Wang et al. / Journal of International Management 17 (2011) 333347 of internal capabilities on the association between international diversi? cation and the stock market reactions to NPI announcements. We suggest that internationally diversi? ed ? rms that have greater marketing and technological capabilities are more able to extract the bene? ts and reduce the costs of international diversi? ation, resulting in higher returns from NPI announcements. distributively moderating effect is discussed independently below. Marketing efficiency is related to a ? rms ability to acquire external knowledge through the processes of gathering, interpreting, and using market culture (Day, 1994). though international diversi? cation gives ? rms opportunities to access new knowledge, ? rms that do not have ability to identify customers demand and to understand the factors that in? uence consumer weft behavior will not be able to fall upon better targeting and put of its products.Therefore, ? rms that have invested in developing their marketing might are more able to integrate the information on consumer needs in diverse markets into new product designs, and thus generate higher returns from the new products (Dutta et al. , 1999). In addition, marketing efficacy is re? ected in a ? rms ability to compare its products from those of competitors (Kotabe et al. , 2002). A higher l evel of product speciality allows a ? rm to charge higher prices for its new products (Day, 1994 Yeoh and Roth, 1999). Furthermore, ? ms that spend more money on advertizement and promoting their products are more believably to build successful brands, which are essential to twist awareness, minify the comprehend risk that consumers associate with new products, and ? nally increasing the adoption rate of new products introduced (Chandy and Tellis, 2000 Dowling and Staelin, 1994 Sorescu et al. , 2003). This is particularly important for ? rms that are solely new to foreign customers (Helsen et al. , 1993 Srivastava et al. , 1998). Consequently, we expect that NPIs are anticipate to be more worthy for internationally diversi? d ? rms with greater marketing capabilities, leading to supposition 2 dead reckoning 2. Marketing capability will positively moderate the relationship between international diversi? cation and the stock market reactions to NPI announcements. As mention ed, technological capability is also likely to moderate the effect of international diversi? cation on new product development. Technology capability might represent a ? rms ability to pull out external knowledge (Penner-Hahn and Shaver, 2005 Tsai, 2001). A ? rm may be able to access certain new knowledge through international diversi? ation, but without the capacity to absorb such knowledge a ? rm may not enhance its capabilities within new product innovation. Since knowledge gained from international markets is often mute and socially complex (Zahra and Hayton, 2008), ? rms that have realized a capability in a particular research skill are better able to interpret and assess the knowledge in that area. Technological capability also refers to a ? rms ability to apply knowledge gained from foreign markets to commercial ends (Krasnikov and Jayachandran, 2008 Moorman and Slotegraaf, 1999).Kotabe et al. (2002) have stated that ? rms with greater technological capabilities are more c apable of ? nding better product design solutions. The technical risks in developing new products are more likely to be reduced for such ? rms (Kelm et al. , 1995). Furthermore, ? rms with greater technological capability are more able to lower production costs by improving manufacturing processes. Moreover, technological capability helps ? rms to speed up the product development process and satisfy the market more quickly (Rabino and Moskowitz, 1981). Thus, ? ms that have greater technological capabilities are more likely to enhance their revenues in international markets by providing those markets with new products of better quality. Meanwhile, ? rms that leverage their technological capabilities in the greater scope of the global market may enjoy the bene? ts of economies of scale inherent in the innovation process. As a result, we expect that NPIs are more worthwhile for internationally diversi? ed ? rms with greater technological capabilities, leading to Hypothesis 3 Hypothesis 3. Technological capability will positively moderate the relationship between international diversi? ation and the stock market reactions to NPI announcements. 3. exemplification and methodology 3. 1. savour design We test our hypotheses using a come across of NPI announcement events. We collect the consume data on ? rms listed on either the New York blood Exchange (NYSE) or the American buy in Exchange (AMEX) from the Dow Jones News Retrieval serve (DJNRS) database, which provides news- service of process articles and selected stories from the Wall Street Journal, Dow Jones News Wire, and Barrons. We use the words and phrases commonly used to find out NPIs as keys for a database search routine.Examples are introduce, new product, unveil, launch, received approval, to market, test market, aim selling, along with other pertinent words and phrases. When a repeat NPI announcement from a ? rm is found in a different publication, the announcement that has the earliest check is chosen as it is the earliest leave when the information about the NPI is publicly available (Chaney et al. , 1991 Chen, 2008 Kelm et al. , 1995). The precedent period is from January 1997 to December 2005. Four criteria are used when selecting ? rms for our audition (1) the announcing ? rms should not have other announcements ? e twenty-four hourss before and afterward the initial announcement date in order to avoid any confounding events that could distort the measurement of the valuation effectuate (2) routine stock return information must be available from the Center for Research in pledge Prices (CRSP), with a minimum of 50 daily returns in the estimation period (3) companies ? nancial information must be available from the COMPUSTAT ? les and (4) since we demand to test the effect of international diversi? cation, only those ? rms with foreign sales data available from the COMPUSTAT ? les are acknowledged. C. -F. Wang et al. Journal of International Management 1 7 (2011) 333347 337 Following these procedures, we collect a ? nal sample comprising 3061 new product announcements make by 531 ? rms in 57 industries ground on the two-digit Standard industrial Classi? cation ( correct) codes. 5 dodge 1 reports the distribution of the sample by stratum and assiduity. Our data shows no obvious cluster by time period. In 2004, there are 530 announcements, history for 17. 32% of the measure. Observations are nearly equally distributed through the awaiting eld. However, our sample shows certain levels of compactness in speci? c industries.The largest concentration comes from electrical equipment (33. 61%), computer equipment (18. 09%), electro-medical instruments (9. 38%), and business run (e. g. , computer computer programming and the software diligence) (7. 19%). These leash broad categories constitute nearly 70% of the chalk up sample. As suggested by Chaney et al. (1991), this result is pass judgment since neither the investment opp ortunities nor their valuation should be random across industries. 3. 2. quantity the stock market responses to new product announcements We apply the event study methodology to examine the stock price responses to the announcements of NPIs. This coming has been wide used in the management, accounting, economics and ? pouf disciplines to examine the impact of ? rm-speci? c events on ? rm value. The event study approach suggests that, in an ef? cient capital market, the market will adjust and result in returns different from those that are normally expected if the NPI announcement has unthought-of information satisfy (Hoskisson et al. , 1991). We use the market model suggested by browned and Warner (1985) to cipher the un internal returns to NPI announcements. This model captures a ? rms stock price change after adjusting for full prevalent market-wide factors and the ? ms systematic risk (Bowman, 1983 Brown, 1989 Brown and Warner, 1980, 1985). The antidromic return for ? rm i on mean solar day t, ARit, is computed by ARit = Rit ? E? Rit = It ? 1 ? where Rit is ? rm is material returns on day t, and It ? 1 represents the information set available to the market about the ? rm at time t ? 1. The expected return for ? rm i on day t is estimated by E? Rit = It ? 1 ? = ? i + ? i Rmt where Rmt is the return for the market portfolio on day t, ? i is the intercept, and ? i measures the risk or sensitivity of the ? rms returns relation back to the market portfolio. We de? e Day 0 (t = 0) as the initial announcement date. We use the value-weighted CRSP Index as the proxy for the market portfolio. The parameters ? i and ? i are estimated using data for the period of 200 to 60 days before the initial announcement date. The two-day cumulative supernormal returns, automobile (? 1, 0), are estimated by summing the daily brachydactylic returns over the window period of days ? 1 and 0. The equally weighted cross-sectional mediocre subnormal returns on ? eve nt day t, ARt , is further calculated by 1N ? ARt = ? ARit N i=1 where N is the total number of sample NPIs. The cumulative mean(a) abnormal return over the period (? , 0) is similarly de? ned. 3. 3. Measuring international diversi? cation We use the randomness index number to estimate international diversi? cation. 7 The entropy measure of international diversi? cation is de? ned as ? Pi* ln(1/Pi), where Pi is the percentage of sales in geographic incision i, and ln(1/Pi) is the weight of separately geographic segment. This measure thus considers both the number of geographic segments in which a ? rm operates and the relative importance of sales contributed by each geographic segment. 5 For the manufacture classi? cation, we follow Hitt et al. (1997) and use the our-digit SIC codes as the index number of the fabrication or business segment that a ? rm operates. Therefore, two variables in this study, that is to say product diversi? cation and intentness R&038D intensity, are estimated basing on the four-digit SIC codes. However, for the pastime of brevity, we report the sample distribution by industry on the basis of the two-digit SIC codes. 6 Other performance measures of new product strategies that are most commonly used in previous studies include return on assets, return on sales, return on equity, return on investment and pro? t margin (e. g. , Li and Atuahene-Gima, 2001 Moorman, 1995).However, these accounting measures have several(prenominal)(prenominal)(prenominal) limitations in touchstone new product performance (Chang and Wang, 2007 Kalyanaram et al. , 1995 Pauwels et al. , 2004). For example, the differences in accounting policies across ? rms make performance comparisons dif? cult. These measures are also not risk-adjusted as they do not consider business risks associated with individual ? rms when measuring performance, and they are based on diachronic accounting data and thus may not adequately re? ect future expected revenue stre ams resulting from the new products. More importantly, these measures re? ect join ? m performance, making it more dif? cult to directly link them to the effect of speci? c new product introductions. Due to these limitations we utilize an event study methodology in order to examine stock price responses to announcements of NPIs. This method captures the ? rms stock price change after adjusting for the ? rms systematic risk (Bowman, 1983 Brown, 1989 Brown and Warner, 1980, 1985), as well as re? ects investors expectations of a ? rms future cash ? ow related to this new product (Chaney et al. , 1991 Chen, 2008 Chen et al. , 2002 Kelm et al. , 1995). 7 Previous studies have used several proxies of international diversi? ation. The most commonly used measures are the ratio of foreign sales to total sales (Grant, 1987 Tallman and Li, 1996), the ratio of foreign assets to total assets (Daniels and Bracker, 1989 Ramaswamy, 1995), numbers of foreign countries in which a ? rm has subsidiar ies (Delios and Beamish, 1999 Tallman and Li, 1996) or a intricate index encompassing these triple dimensions (Gomes and Ramaswamy, 1999 Sullivan, 1994). However, these measures only capture the extent but not the distribution of international diversi? cation. In this study, we follow Hitt et al. (1997) and use the entropy measure of international diversi? ation to account for the extent of sales in global markets and their weighting. C. -F. Wang et al. / Journal of International Management 17 (2011) 333347 338 table 1 statistical distribution of new product introduction. dining table A. Sample distribution by category category add of announcements percentage of sample (%) 1997 1998 1999 2000 2001 2002 2003 2004 2005 primitive 354 279 370 313 232 247 391 530 345 3061 11. 56 9. 11 12. 08 10. 22 7. 58 8. 07 12. 77 17. 32 11. 30 100. 00 Panel B. Sample distribution by industry Two-digit SIC code diligence collection 01 12 13 15 16 17 20 21 22 23 24 25 26 27 28 29 30 31 33 34 clownish production cropsCoal mining Oil and be adrift extraction Building pass waterion general contractors Heavy construction other than building construction contractors Construction special trade contractors solid food and kindred products Tobacco products material mill products Apparel, ? nished prdcts from fabrics and similar materials Lumber and timberland products, except furniture Furniture and ? xtures report and allied products Printing, publishing, and allied industries Chemicals and allied products crude re? ning and related industries Rubber and variant plastics products Leather and leather products Primary metallic element industriesFabricated metal products, except machinery and transportation equipment Industrial and commercial machinery and computer equipment Electronic and other electrical equipment and components, except computer equipment conveyance equipment Measuring, analyzing, and statementling instruments photographic, medical and optical goods multilateral manufacturing industries Railroad transportation Motor freight rate transportation and warehousing Transportation by air Pipelines, except natural hit man Transportation operate Communications Electric, gas, and sanitary operate Wholesale trade enduring goods Wholesale trade non-durable goodsBuilding materials, hardware, garden supply, and brisk home dealers General merchandise stores Food stores Apparel and accessory stores Home furniture, furnishings, and equipment stores feeding and drinking places Miscellaneous retail deposition institutions Non-depository credit institutions Security and commodity brokers, dealers, exchanges, and run Insurance carriers Insurance agents, brokers, and service substantive estate Holding and other investment of? ces Hotels, rooming houses, camps, and other lodging places Personal service 35 36 37 38 39 40 42 45 46 47 48 49 50 51 52 53 54 56 57 58 59 60 61 62 63 64 65 67 0 72 Number of announcements Percent of sample (%) 1 1 8 1 1 1 28 4 2 2 3 6 13 76 118 2 9 2 23 21 0. 03 0. 03 0. 26 0. 03 0. 03 0. 03 0. 91 0. 13 0. 07 0. 07 0. 10 0. 20 0. 42 2. 48 3. 85 0. 07 0. 29 0. 07 0. 75 0. 69 554 1029 18. 09 33. 61 72 287 2. 35 9. 38 41 4 2 144 1 1 120 20 19 10 2 3 3 8 6 14 13 2 18 17 34 5 3 9 6 6 1. 34 0. 13 0. 07 4. 70 0. 03 0. 03 3. 92 0. 65 0. 62 0. 33 0. 07 0. 10 0. 10 0. 26 0. 20 0. 46 0. 42 0. 07 0. 59 0. 56 1. 11 0. 16 0. 10 0. 29 0. 20 0. 20 C. -F. Wang et al. / Journal of International Management 17 (2011) 333347 339 Table 1 (continued) Panel B. Sample distribution by industryTwo-digit SIC code Industry assemblage 73 78 79 80 82 87 Business services Motion pictures Amusement and recreation services Health services Educational services Engineering, accounting, research, management, and related services Nonclassi? able establishments 99 Total Number of announcements Percent of sample (%) 220 13 4 2 1 10 7. 19 0. 42 0. 13 0. 07 0. 03 0. 33 36 3061 1. 18 100. 00 As data is not available at the country le vel, we use sales of regional markets to measure international diversity (as used by e. g. , Hirsch and Lev, 1971 Hitt et al. , 1997 Miller and Pras, 1980). Following Hitt et al. 1997), we group foreign markets into four regions based on economic and political conditions Africa, Asia and the Paci? c, Europe, and the Americas. Although not perfect, this approach allows us to focus on between-market heterogeneousness (Kim et al. , 1989). The international market sales data are from the COMPUSTAT geographic segment tapes for the ? scal year anterior the announcements. 8 3. 4. Measuring intangible assets We measure marketing capability as the average marketing intensity (the ratio of advertisement expenditures to net sales) for the three ? scal years prior to the announcements. 9 We suggest that ? ms who invest more in marketing activities are considered to have superior marketing capabilities. We measure technological capability as the average R&038D intensity (the ratio of R&038D ex penditures to net sales) for the three ? scal years prior to the announcements. We suggest that ? rms outspending their competitors in R&038D are considered to have greater technological capabilities. We scale the measures of ? rm capabilities by ? rm size in order to ensure that the capability measure does not merely re? ect higher levels of ? nancial resources of large-scaled ? rms (following Moorman and Slotegraaf, 1999). 3. 5. Other variablesOther potential variables that could affect the value of NPIs are applyled. The ? rst is ? rm size, mensural by the natural logarithm of total sales of the announcing ? rm for the ? scal year preceding the announcement (following Kotabe et al. , 2002 Lu and Beamish, 2004). We coterminous control for a ? rms leverage ratio, heedful as the ratio of total debt to total assets for the ? scal year prior to the announcement (following Chen et al. , 2002 Chen, 2008). We also control for the degree of product diversi? cation for the ? scal year preceding the announcement. production diversi? cation is measured by the entropy index (? Pi * ln(1/Pi), where Pi is the percentage of ? rm sales in business segment i, and ln(1/Pi) is the weight of each segment). Following Hitt et al. (1997), we de? ne business segments as those having the same four-digit SIC codes. The product-speci? c personal effects are also controlled. This is necessary as some researchers have suggested that high-newness products are expected to create better opportunities for product differentiation and warlike advantage (Kleinschmidt and Cooper, 1991 Meyer and Roberts, 1986), and as such, high-newness products should receive a larger market value than updates of existing products.Furthermore, scholars have argued that ? rms introducing multiple products are more competitive in the product market and seize more market share than those announcing maven products. This implies that ? rms announcing multipleproducts announcers may curb much of the bene? ts associated with new products, and are thus expected to experience a larger increase in market value than those announcing a single product (Acs and Audretsch, 1988 Hendricks and Singhal, 1997). Moreover, researchers have documented that the ? rst to introduce a new product in the marketplace unremarkably enjoys ? st-mover advantages stemming from the creation of entry barriers and switching costs, and from high consumer recognition and preference to the ? rst product (Jovanovic and MacDonald, 1994 leeward et al. , 2000). Therefore, ? rst-moving ? rms are predicted to gain a higher announcement return at the time of NPIs than followers do. The aforementioned ? rms that introduce high-newness and multiple products or ? rms that are the ? rst to introduce new products are suggested to obtain sustained competitive advantage. This argument corresponds to Williamson (1999) that ? ms getting leading of their competitors by providing multiple and new technology, products and business solu tions have more opportunities to ensure constant sales growth. We identify these product announcement types by using structural content analysis on the news content (as in Chaney et al. , 1991 Lee et al. , 2000 Firth and Narayanan, 1996). Based on the analysis of the news content, we create three dumbbell variables NEWNESS, MULTIPLE and TIME. 8 The main reason for using data one year before the announcements is to capture the most recent impact of a ? ms attributes on the market reactions to new product introductions. several(prenominal) independent variables are measured by the data one year preceding the announcements, including international diversi? cation, ? rm size, debt-to-asset ratio, product diversi? cation and two industry sector the skinny variables. 9 Since the set of advertising and R&038D expenditures tend to ? uctuate substantially from year to year, we use the 3-year average values of advertising intensity, R&038D intensity and industry R&038D intensity to reduce the chance that a random and extreme value in one year disproportionately in? ences our measure of intangible assets. 340 C. -F. Wang et al. / Journal of International Management 17 (2011) 333347 NEWNESS equals one if the product is highly innovative, and cryptograph if it is an update or an enhancement of an existing product (as in Chaney et al. , 1991 Chen, 2008). MULTIPLE equals one for multiple-products announced simultaneously by a ? rm, and zero for single announcements (as in Chaney et al. , 1991 Chen, et al. , 2002). TIME equals one if the announcing ? rm is the ? rst mover, and zero otherwise (as in Lee et al. , 2000 Chen, 2008).Finally, we consider two industry-related factors. The ? rst is the technological opportunity of the industry in which the announcing ? rms operate. Chaney et al. (1991) asserted that the valuation effect of NPIs is higher for ? rms in more technologically based industries, as they are considered to have more innovation opportunities and greater p otential for future growth. In contrast, Kelm et al. (1995) found that investors respond positively to new product announcements by ? rms in less-technology-intensive industries because new product announcements by these ? rms are relatively nexpected by investors. Technological opportunities at the industry level are measured by the average industry R&038D intensity (the average values of R&038D expenditures divided by net sales for all ? rms in the same four-digit SIC industry) for the three ? scal years prior to the announcements (following Chan et al. , 1990 Kelm et al. , 1995). In addition, we control for the industry-speci? c effect with two dummy variables MANUFACTURING and dish out. MANUFACTURING equals one for announcing ? rms in manufacturing industries, and zero otherwise. SERVICE equals one for announcing ? ms in service industries, and zero otherwise. This is done as several studies have argued that the effect of internationality on performance for manufacturing ? rms is different from that for service ? rms (Capar and Kotabe, 2003 Contractor et al. , 2003). We therefore separate the sample ? rms into service, manufacturing and other industries according to 2-digit SIC codes and apply two industry dummies to control for the industry-speci? c effects. Table 2 presents the means, standard deviations, and correlations for all variables for the sample of NPI announcements. 4. Empirical resultsTable 3 provides estimates of abnormal returns around the announcement date and the surrounding days. The results show that innovations such as NPIs are perceived by investors as value-increasing activities. For the two-day announcement period cumulative abnormal returns, auto (? 1, 0), the new product announcers experience a positive cumulative average abnormal return of 0. 194%, signi? peddle at the 1% con? dence level. No signi? savings bank abnormal returns are observed preceding and following the announcement period. As a result, we use machine (? 1, 0 ) as the dependent variable in the following regression analysis.Our results are tenacious with prior studies (e. g. , Chaney et al. , 1991 Chen, 2008 Chen et al. , 2002 Kelm et al. , 1995). Table 4 reports the regression results with the dependent variable machine (? 1, 0). We present the results without management the variables in the ? rst ? ve models, and results with centering the variables on their means in the latter(prenominal) ? ve models. 10 standards 1 and 6 are baseline models that include only the control variables and two measures of intangible assets. Among the control variables, leverage ratio is found to be positively associated with simple machine (? 1, 0), though insigni? camber in some models.This result suggests that higher levels of debt lower the expected costs of free cash ? ow (Jensen, 1986), and new products announced by ? rms with a higher leverage ratio are therefore perceived as more worthwhile. Of the two ? rm-speci? c assets variables, both R&038 D and advertising intensities have a signi? cant and positive impact in most models. Moreover, industry R&038D intensity is found to be signi? cantly banishly associated with cable car (? 1, 0). This result suggests that investors respond positively to new product announcements by ? rms in less technology-intensive industries because new product announcements by these ? ms are relatively out of the blue(predicate) by investors (Kelm et al. , 1995). Other control variables are not found to have signi? cant explanatory power in terms of the variation in announcement abnormal returns. In model 2 (7), we test the impact of international diversi? cation on the stock market reactions to NPI announcements by including the linear and square terms of international diversi? cation. We ? nd our Hypothesis 1 is strongly supported, as CAR (? 1, 0) is positively related to the linear term of international diversi? cation and then negatively associated to the square up term of international di versi? cation.This result suggests an inverted-U-shaped relationship between international diversi? cation and the market value of NPIs. poses 3 (8), 4 (9) and 5 (10) test the moderating effects of intangible assets by including the interaction term of international diversi? cation and advertising intensity and the interaction term of international diversi? cation and R&038D intensity. 11 sample 3 (8) tests the interaction effect between international diversi? cation and marketing capability. The statistically signi? cant and positive coef? cient of the interaction term suggests that the market value of NPIs increases when internationally diversi? d ? rms have greater marketing capacities. Thus, Hypothesis 2 is supported. posture 4 (9) tests the interaction effect between international diversi? cation and technological capability. We also ? nd a statistically signi? cant and positive coef? cient of the interaction term. Thus, Hypothesis 3 is supported. To test the robustness of these ? ndings, we simultaneously include the interaction of international diversi? cation and advertising intensity and the interaction of international diversi? cation and R&038D intensity in model 5 (10). Results remain unchanged to those in models 3 (8) and 4 (9).It is noted that the main effects between international diversi? cation and the abnormal returns of NPIs remain robust in all models with the addition of the interaction terms. To gain further insights into our ? ndings, we construct Figs. 1 and 2 by drawing on the results of models 3 and 4. We use CAR (? 1, 0) as the measurement of market value of NPIs. When illustrating the impact of advertising intensity (R&038D intensity) and 10 Since some variables are constructed from other variables, we follow Aiken and West (1991) by subtracting each variable from its mean value in the sample to minimize their collinearity. 11To test the robustness of our conclusion, we re-examine the regression analysis by incorporating the int eraction of quadratic terms of international diversi? cation and intangible asset proxies. Our conclusions remain unchanged. Variables a Mean s. d. Min Max 1. Two-day announcementperiod abnormal return(%)a 2. International diversi? cation 3. Advertising intensity 4. R&038D intensity 5. Product diversi? cation 6. Firm size b 7. Debt-to-asset ratio 8. Newness 9. binary 10. Time 11. Industry R&038D intensity 12. value industry 13. Manufacturing industry 0. 194 0. 037 ? 0. 242 0. 230 0. 653 0. 012 0. 081 0. 816 8. 541 0. 00 0. 827 0. 302 0. 359 0. 236 0. 236 0. 748 0. 424 0. 022 0. 148 0. 659 1. 860 0. 149 0. 379 0. 459 0. 480 0. 390 0. 425 0. 434 0. 000 0. 000 0. 000 0. 000 ? 0. 781 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 1. 382 0. 317 4. 696 2. 533 12. 060 1. 099 1. 000 1. 000 1. 000 2. 334 1. 000 1. 000 2 3 4 5 6 7 8 1. 000 ? 0. 033* 1. 000 0. 102*** ? 0. 071*** 1. 000 ? 0. 004 ? 0. 042** ? 0. 016 1. 000 0. 149*** 0. 092*** ? 0. 158*** 0. 399*** 1. 000 ? 0. 111*** 0. 001 ? 0. 090*** 0. 052*** 0. 075*** 1. 000 0. 036** ? 0. 002 0. 010 ? 0. 003 0. 027 ? 0. 021 1. 000 9 0. 076*** 0. 050*** 0. 015 ? 0. 024 0. 016 ? 0. 100*** 0. 33* 1. 000 The two-day period (? 1,0) abnormal return is estimated by summing up abnormal returns from the day before (day ? 1) to the announcement date (day 0). Firm size is measured by the natural logarithm of net sales. ***p b 0. 01, **pb0. 05, *pb0. 1. b 10 11 12 13 0. 045** ? 0. 022 0. 056*** 0. 039** 0. 024 ? 0. 050*** 0. 170*** ? 0. 040** 1. 000 0. 257*** ? 0. 083*** 0. 252*** ? 0. 042** ? 0. 188*** ? 0. 098*** 0. 031* 0. 039** 0. 055*** 1. 000 ? 0. 382*** 0. 000 ? 0. 137*** ? 0. 206*** ? 0. 020 0. 199*** ? 0. 007 ? 0. 147*** ? 0. 064*** ? 0. 151*** 1. 000 0. 342*** 0. 017 0. 143*** 0. 151*** ? 0. 017 ? 0. 222*** . 009 0. 147*** 0. 068*** 0. 166*** ? 0. 960*** 1. 000 C. -F. Wang et al. / Journal of International Management 17 (2011) 333347 Table 2 Descriptive statistics and correlations. 341 342 C. -F. Wang et al. / Journal of International Management 17 (2011) 333347 Table 3 Abnormal returns for new product introduction announcements. Event day Mean AR (%) t-statistic ? 10 ?9 ?8 ?7 ?6 ?5 ?4 ?3 ?2 ?1 0 ? 1,0 +1 +2 +3 +4 +5 +6 +7 +8 +9 + 10 ? 0. 023 ? 0. 005 0. 025 ? 0. 016 ? 0. 025 ? 0. 005 0. 047 0. 001 ? 0. 039 0. 093 0. 101 0. 194 ? 0. 038 0. 058 0. 081 ? 0. 056 0. 027 ? 0. 073 ? 0. 055 0. 053 ? 0. 025 ? 0. 054 ? 0. 450 0. 092 0. 471 ? 0. 309 ? 0. 477 ? 0. 099 0. 888 0. 003 ? 0. 731 1. 918* 2. 038** 2. 885*** ? 0. 756 1. 086 1. 329 ? 1. 138 0. 529 ? 1. 403 ? 1. 078 1. 118 ? 0. 471 ? 0. 972 (0. 653) (0. 927) (0. 638) (0. 758) (0. 633) (0. 921) (0. 375) (0. 998) (0. 465) (0. 055) (0. 042) (0. 004) (0. 450) (0. 278) (0. 184) (0. 255) (0. 597) (0. 161) (0. 281) (0. 264) (0. 638) (0. 331) ***p b 0. 01, **p b 0. 05. Values in parentheses are p-values. international diversi? cation on CAR (? 1, 0), we hold other control variables at the average level. If the control variables are dummy ones, we substitute these variables with their modes. 2 Both ? gures provide supportive evidence for our hypotheses. First, the relationship between international diversi? cation and the market value of NPIs is found to be inverted-U-shaped, with the slope positive at lower levels of international diversi? cation but negative at higher levels of international diversi? cation. For example, in Fig. 1, for ? rms with no marketing capability, at the initial stage, there is a positive impact on the market value of NPIs with an increase of 0. 62% in CAR (? 1, 0) when the level of international diversi? cation increases from zero to 0. 8. Beyond this wand of 0. , a higher level of international diversi? cation is associated with a decreasing CAR (? 1, 0). In Fig. 2, for ? rms with no technological capability, there is a positive impact on the market value of NPIs with an increase of 0. 63% in CAR (? 1, 0) when the level of international diversi? cation increases from zero to 0. 8. Beyond this point, more in ternational diversi? cation results in lower market values of NPIs. In addition, these graphs illustrate the performance differences across ? rms with different levels of intangible assets. For example, in Fig. 1, for a ? rm with a degree of international diversi? cation of 0. and a level of marketing capability of 0. 3, there is an expected CAR (? 1, 0) that is almost 0. 89% higher than that for a ? rm at the same level of international diversi? cation but with the marketing capability of 0. 1 at a degree of international diversi? cation of 1. 2, there is an expected rise in CAR (? 1, 0) of 3. 25% when the level of marketing capability increases from 0. 1 to 0. 3. The same procedure can be used to explain the moderating effect of technological capability. In Fig. 2, for a ? rm with a level of international diversi? cation of 0. 4 and a level of technology capability of 1. , there is an expected CAR (? 1, 0) that is 2. 09% higher than that for a ? rm at the same level of internatio nal diversi? cation but with the technological capability of 0. 4 at a degree of international diversi? cation of 1. 2, there is an expected improvement in CAR (? 1, 0) of 4. 92% when the technology capability of a ? rm increases from 0. 4 to 1. 6. 5. Discussion and conclusions This paper examines the importance of international diversi? cation in explaining the stock market reactions to NPI announcements. Using NPI announcements from the period 19972005, we found an inverted-U-shaped relationship between international diversi? ation and the market value of NPIs, with a slope positive at lower levels of international diversi? cation but negative at higher levels of international diversi? cation. This relationship is moderated by the intangible assets possessed by internationally diversi? ed ? rms. We ? nd that announcing ? rms with greater technological and/or marketing capabilities achieve higher abnormal returns from NPIs. The main effects of the international diversi? cation vari ables still hold after the inclusion of these moderating factors. In view of recent research having suggested a sigmoidal performance effect of internationalization (Contractor et al. 2003 Lu and Beamish, 2004), we test our hypotheses in the framework of an S-shaped relationship by simultaneously adding linear, shape and cubed terms of international diversi? cation in the regression. However, our sample does not reveal the S-shaped association between international diversi? cation and the market value of NPI. 12 The equations for the graphs presented in Figs. 1 and 2 are as follows, respectively CAR (? 1, 0) = ? 0. 0037 + 0. 0157 * ID ? 0. 0099 * ID2 ? 0. 0147 * AD + 0. 1476 * ID * AD and CAR (? 1, 0) = ? 0. 0049 + 0. 0168 * ID ? 0. 0112 * ID2 + 0. 0056 * RD + 0. 295 * ID * RD, where ID = international diversi? cation ID2 = International diversi? cation square AD = advertising intensity RD = R&038D intensity. C. -F. Wang et al. / Journal of International Management 17 (2011) 333347 343 Table 4 reverse analysis of new product introduction on international diversi? cation. Un-centered results Centered results independent variables Model 1 Model 2 Intercept ? 0. 0005 (? 0. 072) ? 0. 0042 ? 0. 0017 ? 0. 0037 ? 0. 0009 (? 0. 591) (? 0. 233) (? 0. 525) (? 0. 122) 0. 0178 0. 0157 0. 0168 0. 0143 (3. 156)*** (2. 737)*** (2. 967)*** (2. 486)** ? 0. 0099 ? 0. 0099 ? 0. 0112 0. 0113 (? 2. 188)** (? 2. 175)** (? 2. 434)** (? 2. 455)** International diversi? cation International diversi? cation squared International diversi? cation ? Advertising intensity International diversi? cation ? R&038D intensity Firm size a Debt-to-asset ratio Product diversi? cation Advertising intensity R&038D intensity Newness Multiple Time Industry R&038D intensity Service Manufacturing Adjusted R2 F value Number of observations a Model 3 Model 4 0. 1476 (2. 236)** ? 0. 0001 ? 0. 0002 (? 0. 336) (? 0. 484) 0. 0072 0. 0071 (1. 531) (1. 516) ? 0. 0001 0. 0000 (? 0. 069) (0. 037) 0. 0667 ? 0. 0 147 (2. 100)** (? 0. 04) 0. 0090 0. 0087 (1. 878)* (1. 832)* ? 0. 0003 ? 0. 0002 (? 0. 182) (? 0. 138) 0. 0016 0. 0016 (1. 085) (1. 055) ? 0. 0007 ? 0. 0006 (? 0. 466) (? 0. 407) ? 0. 0034 ? 0. 0032 (? 1. 804)* (? 1. 686)* 0. 0020 ? 0. 0007 (0. 032) (? 1. 121) ? 0. 0005 ? 0. 0015 (? 0. 079) (? 0. 252) 0. 0051 0. 0064 2. 20*** 2. 41*** 3061 3061 Model 6 0. 0036 (0. 637) 0. 1629 (2. 458)** 0. 0295 0. 0003 (0. 676) 0. 0073 (1. 569) ? 0. 0009 (? 0. 744) 0. 0527 (1. 673)* 0. 0093 (1. 941)* ? 0. 0004 (? 0. 195) 0. 0017 (1. 141) ? 0. 0006 (? 0. 389) ? 0. 0018 (? 0. 977) ? 0. 0030 (? 0. 519) ? 0. 0012 (? 0. 218) 0. 0005 1. 15 3061 Model 5Model 7 Model 8 Model 9 0. 0022 0. 0032 0. 0030 0. 0042 (0. 392) (0. 567) (0. 517) (0. 726) 0. 0178 0. 0174 0. 0192 0. 0189 (3. 156)*** (3. 081)*** (3. 375)*** (3. 326)*** ? 0. 0099 ? 0. 0099 ? 0. 0112 ? 0. 0113 (? 2. 188)** (? 2. 175)** (? 2. 434)** (? 2. 455)** 0. 1476 (2. 236)** 0. 0333 (1. 978)** (2. 225)** ? 0. 0001 ? 0. 0002 (? 0. 257) (? 0. 410) 0. 0 085 0. 0086 (1. 803)* (1. 824)* ? 0. 0001 0. 0000 (? 0. 102) (0. 012) 0. 0709 ? 0. 0185 (2. 226)** (? 0. 383) 0. 0056 0. 0049 (1. 107) (0. 971) ? 0. 0002 ? 0. 0001 (? 0. 109) (? 0. 051) 0. 0018 0. 0018 (1. 221) (1. 2061) ? 0. 0009 ? 0. 0009 (? 0. 641) (? 0. 99) ? 0. 0046 ? 0. 0046 (? 2. 341)** (? 2. 302)** ? 0. 0005 ? 0. 0016 (? 0. 082) (? 0. 265) ? 0. 0015 ? 0. 0027 (? 0. 252) (? 0. 463) 0. 0060 0. 0077 2. 33*** 2. 58*** 3061 3061 0. 1629 (2. 458)** 0. 0295 0. 0003 (0. 676) 0. 0073 (1. 569) ? 0. 0009 (? 0. 744) 0. 0527 (1. 673)* 0. 0093 (1. 941)* ? 0. 0004 (? 0. 195) 0. 0017 (1. 141) ? 0. 0006 (? 0. 389) ? 0. 0018 (? 0. 977) ? 0. 0003 (? 0. 519) ? 0. 0012 (? 0. 218) 0. 0005 1. 15 3061 Model 10 (1. 978)** ? 0. 0001 ? 0. 0002 ? 0. 0001 (? 0. 336) (? 0. 484) (? 0. 257) 0. 0072 0. 0071 0. 0085 (1. 531) (1. 516) (1. 803)* ? 0. 0001 0. 0000 ? 0. 0001 (? 0. 069) (0. 37) (? 0. 102) 0. 0667 0. 0817 0. 0709 (2. 100)** (2. 517)** (2. 226)** 0. 0090 0. 0087 0. 0249 (1. 878)* (1. 832)* (2. 659) *** ? 0. 0003 ? 0. 0002 ? 0. 0002 (? 0. 182) (? 0. 138) (? 0. 109) 0. 0016 0. 0016 0. 0018 (1. 085) (1. 055) (1. 221) ? 0. 0007 ? 0. 0006 ? 0. 0009 (? 0. 466) (? 0. 407) (? 0. 641) ? 0. 0034 ? 0. 0032 ? 0. 0046 (? 1. 804)* (? 1. 686)* (? 2. 341)** 0. 0020 ? 0. 0007 ? 0. 0005 (0. 032) (? 1. 121) (? 0. 082) ? 0. 0005 ? 0. 0015 ? 0. 0015 (? 0. 079) (? 0. 252) (? 0. 252) 0. 0051 0. 0064 0. 0060 2. 20*** 2. 41*** 2. 33*** 3061 3061 3061 0. 0333 (2. 225)** ? 0. 0002 (? 0. 410) 0. 0086 (1. 824)*