The Relationship between Leverage and Investment - Free Essay Example

Sample details Pages: 7 Words: 2181 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? For many years, the relationship between leverage and investment opportunities has been a topic of interest among finance scholars. Recent empirical studies, for instance, Lang et al., (1996) and Aivazian et al., (2005) show that leverage and investment opportunities are negatively related. There are good reasons to believe that at low to moderate debt ratios, further increases in debt ratio lower the required rate of return for initiating investment projects and therefore, more highly leveraged firms should invest more when considering the impact of leverage on the cost of capital. Don’t waste time! Our writers will create an original "The Relationship between Leverage and Investment" essay for you Create order Under the original Modigliani-Miller propositions, leverage and investment were unrelated. If a firm had profitable investment opportunities, it could obtain funding for these opportunities regardless of the nature of its current balance sheet. However, the capital structure literature has argued that leverage and investment opportunities are strongly related. It is essential to distinguish between over investment and underinvestment when talking about investment. In a seminar work performed by Myers (1977), it was stated that high leverage overhang decreases the incentives of the shareholder-management coalition in control of the firm to invest in positive net present value of investment opportunities, since the benefits are accumulated to the bondholders rather than to the shareholders. Therefore, firms with low levels of leverage are more likely to exploit valuable growth opportunities as compared to highly levered firms. A related underinvestment theory centers on a liquidity effect such that there is low investment no matter a firms growth opportunities if the firm has large debt commitment. Literature has argued that underinvestment incentives are likely to occur especially when firms are highly indebted. Over-investment theory is another possible agency problem where the problem is between managers and shareholders. Managers perceive an opportunity to expand the business even if that means undertaking poor projects and reducing shareholder welfare. Managements ability to carry out this policy is limited by the availability of cash flow and further tightened by the financing of debt. Leverage is hence, a way for overcoming the overinvestment problem showing a negative relationship between debt and investment for firms with low growth opportunities. Whether debt financing induce firms to make over-investment or under-investment is debatable. Taking loans commits a firm to pay cash as interest and principal and managers are forced to serve such commit ments. However, too much debt is considered to be bad as it may lead to financial distress and agency problems. According to Jensen (1986) when firms have more internally generated funds than positive NPV investment opportunities, the presence of debt in the firms capital structure may force managers to utilize the funds in servicing the debt which could have been utilized in investing in negative NPV projects at the detriment of the shareholders interest. Such situation can be coined as the over investment problem. Therefore, debt financing can be utilized as an instrument to curtail the over-investment problem by forcing managers to pay out excess funds to service debt. Hence, for these types of firms, debt financing has a positive impact on the value of the firm. Whited (1992) demonstrated how investment is more sensitive to cash flow in firms with high leverage as compared to firms with low leverage. Furthermore, Cantor (1990) showed that investment is more sensitive to earnings for highly levered firms. Kopcke and Howry (1994) used balance sheet variables as separate regressors in the investment equation and argue that these effects are not important. The Modigliani Miller Theorem (Modigliani and Miller, 1958, 1961) demonstrates that the value of a firm and the investment decisions should be independent from its capital structure. In other words, leverage should have no effect on investment decisions. However, the Modigliani Miller Theorem assumes a world with no taxes, information asymmetries or agency costs. Later theories argue that leverage clearly can matter due to the effect of taxes, information and agency costs (Myers, 2001). Many empirical literatures have challenged the leverage irrelevancy theorem of Modigliani and Miller. T he irrelevancy proposition of Modigliani and Miller will be suitable only if the perfect market assumptions underlying their analysis are satisfied. The interactions between management, shareholders, and debt holders will generate frictions due to agency problems and that may result to underinvestment or over investment incentives. Modigliani et al (1963) argued that we should not waste our time worrying capacity on second-order and largely self correcting problems like financial leverage. It means that firms should not be worried about growth if they are having good projects in hand since they will be able to find means of financing those projects. The tradeoff theory states that firms look for debt levels that balance the tax advantages of additional debt against the costs of possible financial distress. The pecking order theory says that the firm will borrow, rather than issue equity, when internal cash flow is not sufficient to fund capital expenditure. Firms prefer debt to equi ty because of the information investors infer from the decision to issue equity (Myers and Majluf, 1984, and Myers, 1984). An equity issue might signal to investors that the shares are overvalued, causing borrowing to become the better choice. Theory also supports that leverage matters due to the effect on agency costs. Leverage is predicted to reduce the agency costs from the manager-shareholder conflict, thereby mitigating the investment inefficiency resulting from this conflict. Increased leverage has this effect by reducing the free cash flows for self-serving managers to waste in negative NPV projects Jensen (1986). Furthermore, Jensen argues that debt also imposes strong control effects on managers. Debt holders can exert a stronger control of the firm than shareholders. A promise to shareholders to payout a certain amount in dividends is considered weak since it is not binding (dividends can be reduced in the future). Debt creation, however, forces managers to effectively bond their promise to pay out future cash flows. The debt holders have the right to take the firm to bankruptcy court if the firm cannot make its debt service payments. The threat caused by failure to make debt service payments serves as an effecti ve motivation force for managers to make their firms more efficient. Thus, through the reduction of free cash flows and control effects, leverage is presumed to mitigate the manager-shareholder conflict and overinvestment. As explained above, leverage worsens the shareholder-debt holder conflict. Leverage exacerbates overinvestment through asset substitution or underinvestment through debt overhang by increasing the default risk. Hence, the analyses of Myers (1977), Jensen (1986) and Stulz (1990) predict that leverage has an important impact on investment policy. In the model of Myers (1977), debt can create an overhang effect in which the firm can find it difficult to fund new projects because of the payoff from these projects would go to old claimants. If the firm has sufficiently valuable (i.e, positive Net Present Value) projects, this debt overhang effect can reduce value. Jensen (1986) emphasizes on the fact that if the firm has a few profitable growth opportunities, debt can serve a valuable bonding role, by limiting the ability of managers to invest in negative NPV projects. Stulz (1990) provides a formal model of debt choice in which debt limits managerial discretion over the firms undistributed cash flows. In his model, the optimal debt ratio reflects a tradeoff of the underinvestment and overinvestment possibilities as stated in Myers (1977) and Jensen (1986) respectively. Empirical evidence From the above literature, it has been found that leverage constraints investment, firms with valuable growth opportunities should choose lower leverage in order to avoid the risk of being forced to evade some of the opportunities, and debt increases value in firms with poor growth opportunities, but decreases value in firms with profitable growth opportunities. The below existing empirical literature mostly support these propositions. There is support for the overinvestment and the underinvestment theories in the extant empirical literature. McConnell and Servaes (1995) examined a large sample of non-financial firms in US for the years 1976, 1986, and 1988. For each year, they separate their samples into two groups, namely those with strong growth opportunities and those with weak growth opportunities. They found that there is a negative relation between the corporate value and the leverage of firms with strong growth opportunities usually indicated by high Tobins Q, and positively correlated with leverage for firms having weak growth opportunities or low Tobins Q. Furthermore, the allocation of equity ownership between corporate insiders and other types of investors is more important in low growth firms rather than high growth firms. Lang, Ofek and Stulz (1996) found a negative relation between leverage and future growth in a broad sample of firms. This finding is robust to alternative measures of growth and leverage and is not driven by an endogenous relation between leverage and growth opportunities. Lang, Ofek and Stulz (1996) report that the negative relation between leverage and investment exists only for low q firms. This implies that leverage does not constrain investment in those firms in which the market recognizes profitable growth opportunities. Lang et al., (1996) demonstrated that there was a negative relationship between leverage and future growth at the firm level and for diversified firms. They analyze a large sample of US industrial firms over the period 1970-1989 and found that for only firms with weak growth opportunities, that is Tobins q less than one, there is a strong relationship between leverage and investment. Ahn, Denis and Denis (2004) tested the relationship between leverage and investment in diversified firms, defined as those firms reporting at least two segments operating in different 3-digit SIC codes. comprising 8674 firm-years and 24 400 segment-years over the period 1982 through 1997 and their findings suggest that higher leverage appears to impose a greater constraint on investment in the high q segments of diversified firms than in the low q segments. Moreover, Aivazian et al., (2005) analysed the impact of leverage on investment on 1035 Canadian companies over 1982 to 1999. They establishe d a negative relationship between investment and leverage and that the relationship is higher for low growth firms rather than high growth firms. The paper tested the robustness o f these results using alternative empirical models and also employed the instrumental variable approach to deal with the endogeneity problem inherent in the relationship between leverage and investment. The results provide a support to agency theories of corporate leverage. Dang Viet Anh (2007) studied the interactions between the firms financing and investment decisions in the presence of underinvestment and overinvestment incentives. The finding shows that high-growth firms control underinvestment incentives by reducing leverage but not by shortening debt maturity ex ante. The paper also documented a negative effect of leverage upon investment ex post, supporting the hypothesis that leverage has a disciplining role for firms with limited growth opportunities. The paper uses an unbalanced panel of UK f irms that was collected from Datastream which is a database that maintains both cross-sectional and time-series company accounting and financial data. The sample included 1,683 firms. Data on the interest and all the data are collected from 1995 to 2003. Odit and Chittoo (2008) attempted to explore the relationship between financial leverage and investment decisions of Mauritian firms using firm level panel data which comprises of 27 firms all listed on the SEM, sampled over a 15 year period from 1990 to 2004. The results revealed a significant negative relationship between leverage and investment for low growth firm. Furthermore, Frank and Huyghebaert (2008) exploited some of the specific characteristics of private firms to investigate the non linear and multi period aspects of theoretical asymmetric information and agency models explaining the leverage and investment relation. They used the fixed-effects regression based on a sample of 64,246 private firm-years between 1996 and 2005 which support both multi-period and non-linear implications of credit constraints as they reveal a negative impact of leverage on investment expenditures, which reduces in the debt level but never turns positive. Overall, they find no support for the agency model of underinvestment in their sample of private enterprises. Singania and Seth (2010) examined the effect of financial leverage and investment opportunities in India. The sample they used consists of 963 companies that are listed on the Bombay Stock Exchange (BSE) for the period 2004-2008. The findings of this paper suggest that there is an inverse relation between the debt ratio of the companies and their growth when tested by the pooling method of the panel data. Moreover, Gustafsson and Sunqvist (2010) assessed the effects of leverage on investment efficiency in 216 Swedish non financial listed firms and 1480 observations were collected over the period 1997-2005 and the effects are studied separately for ove r- and underinvesting firms. To measure investment efficiency, they employed three different measures: marginal q, absolute investments Tobins Q. The investment efficiency of overinvesting firms was hypothesized to be improved by higher leverage. The results based on marginal q accepted this hypothesis. The absolute investments and Tobins Q results could not accept nor reject the hypothesis, but indicated an improvement of investment efficiency for overinvesting firms as a result of increased leverage. For underinvesting firms, investment efficiency was hypothesized to decrease with leverage. The marginal q and Tobins Q results rejected this hypothesis. The absolute investments results could only accept this hypothesis on the 10% significance level. Thus, the results of this thesis indicate that investment efficiency increases with leverage for both groups of firms. Thus, the results suggest that leverage improves investment efficiency for over- and underinvesting Swedish firms.

Analysis of the Issues with the Merger or Acquisition of the Two Companies Free Essay Example, 2000 words

The production capacity of the merged company followed by a workforce reduction, decrease in the excess capacities and gaining market share through the competitive advantages as well as a reduction in cost by sharing administrative structure with the help of horizontal mergers (Bischoff, Sallstom Danylow, 2011). Vertical mergers occur in the companies which are operating at different stage leading to the combination of the production and value chains. There can be upstream mergers as well as downstream mergers in the vertical merger activity. Downstream mergers are more common than upstream mergers because companies need to be in a strong bargaining position. There is another factor if the suppliers are specialized in certain products or services where there is a requirement of superior expertise gaining dominance in the negotiation process. The main intention of vertical mergers is to reduce costs with the interlinked processes where more than one party is involved to gain better control over the market happenings. It also helps to cut back on transaction costs to have immediate access to resources avoiding uncertainty and minimizing contractile costs (Bischoff, Sallstom Danylow, 2011; Pikula, 1999). We will write a custom essay sample on Analysis of the Issues with the Merger or Acquisition of the Two Companies or any topic specifically for you Only $17.96 $11.86/page There are many reasons for the acquisition, some of them being financial reasons as the purchaser company expects the value of the asset will do better than the price paid for the acquisition. When a company acquires other company through stock purchase then the acquired company can continue to exist as a legal subsidiary of the acquirer.

Art Is a Lie That Brings Us Closer to the Truth - 1227 Words

â€Å"Art is a lie that brings us closer to the truth†- Pablo Picasso Yes, I have tricks in my pocket; I have things up my sleeve. But I am the opposite of a stage magician. He gives you illusion that has the appearance of truth. I give you truth in the pleasant disguise of illusion. Art is exactly the same: it portrays the truth in the form of a camouflage of words, colour, and speech. People say that art is an imitation of reality; however, it is in fact the total opposite. Reality is restricted by the laws of nature, but art isn’t. It is boundary-less; it can be an exaggeration of reality, it can be the total opposite of reality, it can even be something that is incomprehensible to everybody but the artist. Art is a manifestation of our†¦show more content†¦A famous example in literature is the play Doll’s House by Henrik Ibsen. A Doll’s House was one of the first in the feminist movement. It was set in a time when women were oppressed into little holes- they had no role in the Norwegian male dominant society. By the e nd of the play, Nora, the protagonist, leaves her husband to become independent. This is symbolical for the necessary change in the women’s role in society, at the time. Through this, Ibsen was able to use art to portray a message to society, so, can art also be considered as a language? It is in fact a language. It is the language of emotion, and at times, it can â€Å"speak louder than words† to bring about a greater sense of moral awareness. At times people may say that art helps us understand the experiences of others, it helps us understand the suffering other people may have gone through. This, however, isn’t true. The only way for someone to experience something is to be right there, in the moment. It cannot be through another source. This is an area where art fails to bring us closer to the truth, because at times the emotion of a real experience is far greater than if it was portrayed through literature, paintings or drama. After the world war there were many war movies made that were intended to make society understand the pain and suffering that the soldiers went through, but as a famous critic says â€Å"the only way to recapture the experiences of the war on film is to put a machineShow MoreRelatedâ€Å"Art Is a Lie That Brings Us Nearer to the Truth† (Pablo Picasso)1692 Words   |  7 PagesArt is different from most areas of knowledge primarily in terms of its objective and also the means by w hich it reflects, transforms and expresses them. For art, like philosophy, reflects the reality in its relationship with man, and represents the latter, his spiritual world, and the relations between the individuals and their interactions with the world. 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Persuasive On Fireworks Essay Example For Students

Persuasive On Fireworks Essay Nearly every year the government tries to prohibit fireworks because of the possibility of fires and injuries. This is ridiculous because not only are we hurting ourselves all the time anyway, also there are people can be trusted with fireworks. Instead of spoiling the privilege for everyone, a system needs to be devised, that looks something like this: When someone turns 18 (or 21 depending on how trustworthy 18 year olds are), they can get a firework license that lasts the month of July. Like a hunting license, it will last for a certain period of time, and will be revoked if the privilege is abused. If the license is revoked more than twice than they will be banned from buying anything that is not sold at a fireworks stand now. To reduce the illegal sales of fireworks, the penalties for being in possession of illegal fireworks or using them in any other month than July should also be as followed: The first offense will result in a $5000 fine, the second will result in a $10,000 fi ne, and the third offense will put the offender in jail. This system should be adequate in the fact that it is strict, yet fair, and is supported by the fact that fireworks are only a privilege and can be taken away.I hope this essay has given you an idea of how a system could allow more freedom with fireworks, and still keep them out of the wrong hands.

1984 By George Orwell Essays (646 words) - Fiction,

1984 By George Orwell "Nineteen Eighty Four" ? Fictional World In English this semester we have studied three different texts. All three texts were based on original, fictional worlds. The fictional world which stood out above the rest and really amazed me would have to be ?Nineteen Eighty-Four'. ?Nineteen Eighty-Four' was the most realistic out of the three. While reading the novel you really get into the fictional world and think like the main character Winston Smith. Three aspects of the text which made this world so interesting to study were The Inner Party, Big Brother, and the Thought Police. Each of these interesting aspects in Nineteen Eighty Four play a great part in the novel itself and the way the fictional world works. The Inner Party played a huge role in creating the fascinating world in ?Nineteen Eighty Four'. The Inner Party was in charge of Airstrip1 and wanted to be superior over everyone. They wanted the party to be the people's first loyalty over anything else. They didn't allow marriage or even sex for this was an act of loyalty between two people and not to the party. An example of this is when Winston and Julia were caught having a sexual relationship and were taken away by the Thought Police. They were then made to betray eachother, love the Party, and to believe what ever the party said was true. The Party had control over everything even peoples minds. This was proved when O ? Brien held up four fingers and said to Winston "how many fingers am I holding up?" Winston replied "Five". Big Brother also played a big role in creating the world which ?Nineteen Eighty-Four' was based in. Big Brother is a figure, which the Party has created to frighten people and give them more power. The Party can do anything they like and when someone questions them they can just say there under orders from Big Brother. Big Brother is everywhere in every house (except proles), every street, wall, and he is always shouting out "BIG BROTHER IS WATCHING YOU" the text which backs this up is when Winston describes that ?On each landing, opposite the lift shaft the poster with enormous face gazed from the wall. It was one of those pictures, which are so conceived that the eyes follow you about when you move'. Big Brother is so important to the world in the novel because the figure stops thought crime, gives the people someone to look up to and someone to love, lets the Party tell the people anything they want and the people will believe it, such as propaganda. An example is when the party say ?Oceania is at war with Eurasia, Oceania has always been at war with Eurasia'. The people automatically believe this. Newspeak is the official language of Oceania. It is supposed to take over common English in the year 2050. Newspeak is another important aspect in the creation of Oceania because it prevents Thought Crime. The purpose of Newspeak is to cancel out words such as ?rebel' so that people won't know the word and therefore if they feel like rebelling against the party they won't know how to express their feelings. The compiler of the Newspeak dictionary Syme says "Don't you see that the whole aim of newspeak is to narrow the range of thoughts which in the end we shall make thought crime literally impossible". Newspeak will also cut out words that have no use such as excellent or superb which are all different meanings of the word good, or double plus good instead of having all different words meaning the same thing. Syme said to Winston"were cutting the language down to the bone". He then said, "the purpose of the Newspeak Dictionary is to reduce the vocabulary so that even the concept of rebellion fades away" The Inner Party, Big Brother, and Newspeak are all-important aspects of the fictional world in ?Nineteen Eighty-Four' each one of these aspects play an important part in the development of the fascinating world which the author George Orwell has created.

JFK’s Brain and Missing Body Parts of Historical Figures

JFK’s Brain and Missing Body Parts of Historical Figures Remember when you were a kid and one of your goofy uncles was always trying to scare you by â€Å"stealing your nose† between his thumb and forefinger? While you quickly figured out your nose was safe, the phrase â€Å"until death do us part† takes on a whole new meaning for some very famous deceased people whose body parts have been oddly â€Å"relocated.† John F. Kennedy’s Vanishing Brain Since that horrible day in November 1963, controversies and conspiracy theories have swirled around the assassination of President John F. Kennedy. Perhaps the most bizarre of these controversies involves things that happened during and after President Kennedy’s official autopsy. In 1978, the published findings of the congressional House Select Committee on Assassinations revealed that JFK’s brain had gone missing. While some doctors at Parkland Memorial Hospital in Dallas testified that they had seen First Lady Jackie Kennedy holding a part of her husband’s brain, what happened to it remains unknown. However, it is documented that JFK’s brain was removed during the autopsy and placed in a stainless-steel box that was subsequently handed over to the Secret Service. The box remained locked in the White House until 1965, when JFK’s brother, Senator Robert F. Kennedy, ordered the box to be stored in the National Archives building. However, a National Archives inventory of medical evidence from the JFK autopsy conducted in 1966 showed no record of the box or the brain. Conspiracy theories regarding who stole JFK’s brain and why soon flew. Released in 1964, the Warren Commission report stated that Kennedy had been struck by two bullets fired from the rear by Lee Harvey Oswald. One bullet reportedly went through his neck, while the other struck the back of his skull, leaving bits of brain, bone, and skin scattered about the presidential limousine. Some conspiracy theorists suggested that the brain was stolen in order to hide proof that Kennedy had been shot from the front, rather than from behind - and by someone other than Oswald. More recently, in his 2014 book, End of Days: The Assassination of John F. Kennedy, author James Swanson suggests that the president’s brain had been taken by his younger brother, Senator Robert F. Kennedy, â€Å"perhaps to conceal evidence of the true extent of President Kennedys illnesses, or perhaps to conceal evidence of the number of medications that President Kennedy was taking.† Still, others suggest the much less glamorous possibility that the remains of the president’s brain simply got lost somewhere in the fog of confusion and bureaucracy that followed the assassination. Since the last batch of declassified official JFK assassination records released on Nov. 9, 2017, shed no light on the mystery, the whereabouts of JFK’s brain remains unknown today. The Secrets of Einsteins Brain The brains of powerful, intelligent, and talented people like JFK have long been favorite targets of â€Å"collectors† who believe a study of the organs might reveal the secrets of their former owners’ success. Sensing that his brain was somehow â€Å"different,† super-genius physicist Albert Einstein had occasionally expressed his wishes to have his body donated to science. However, the creator of the groundbreaking theory of relativity never bothered to write down his wishes. After he died in 1955, Einstein’s family directed that he - meaning all of him - be cremated. However, Dr. Thomas Harvey, the pathologist who performed the autopsy, decided to remove Albert’s brain before releasing his body to the undertakers. Much to the displeasure of the genius’ loved ones, Dr. Harvey stored Einstein’s brain in his home for nearly 30 years, rather unceremoniously, preserved in two plain Mason jars. The rest of Einstein’s body was cremated, with his ashes scattered in secret locations. After Dr. Harvey’s death in 2010, the remains of Einstein’s brain were transferred to the National Museum of Health and Medicine near Washington, D.C. Since then, 46 thin slices of the brain have been mounted on microscope slides displayed at the Mà ¼tter Museum in Philadelphia. Napoleon’s Man Part After conquering most of Europe, diminutive French military genius and emperor Napoleon Bonaparte died in exile on May 5, 1821. During an autopsy done the next day, Napoleon’s heart, stomach, and other â€Å"vital organs† were removed from his body. While several people witnessed the procedure, one of them reportedly decided to leave with some souvenirs. In 1916, heirs of Napoleons chaplain, Abbà © Ange Vignali, sold a collection of Napoleonic artifacts, including what they claimed to be the emperor’s penis. Whether actually part of Napoleon or not - or even a penis at all - the manly artifact changed hands several times over the years. Finally, in 1977, the item believed to be Napoleon’s penis was sold at auction to leading American urologist John J. Lattimer. While modern forensic tests conducted on the artifact confirm that it is a human penis, whether it was ever really attached to Napoleon remains unknown. John Wilkes Booths Neck Bones or Not? While he might have been an accomplished assassin, John Wilkes Booth was a lousy escape artist. Not only did he break his leg just after murdering President Abraham Lincoln on April 14, 1865, just 12 days later, he was shot in the neck and killed in a barn in Port Royal, Virginia. During the autopsy, Booth’s third, fourth, and fifth vertebrae were removed in an attempt to find the bullet. Today, the remains of Booth’s spine are preserved and often displayed at the National Museum of Health and Medicine in Washington, D.C. According to government assassination reports, Booth’s body was eventually released to the family and buried in an unmarked grave in a family plot at Baltimore’s Green Mount Cemetery in 1869. Since then, however, conspiracy theorists have suggested that it was not Booth who was killed in that Port Royal barn or buried in that Green Mount grave. One popular theory contends Booth escaped justice for 38 years, living until 1903, supposedly committing suicide in Oklahoma. In 1995, Booth’s descendants filed a court request to have the body buried at Green Mount Cemetery exhumed in hopes that it could be identified as their infamous relative or not. Despite having the support of the Smithsonian Institution, the judge denied the request citing previous water damage to the burial plot, evidence that other family members had been buried there, and publicity from the â€Å"less than convincing escape/cover-up theory.† Today, however, the mystery might be solved by comparing DNA from Booth’s brother Edwin to the autopsy bones in the National Museum of Health and Medicine. However, in 2013, the museum denied a request for a DNA test. In a letter to Maryland Sen. Chris Van Hollen, who had helped craft the request, the museum stated, â€Å"the need to preserve these bones for future generations compels us to decline the destructive test.† The Salvaging of Stonewall Jacksons Left Arm As Union bullets zipped around him, Confederate General Thomas â€Å"Stonewall† Jackson would famously sit â€Å"like a stone wall† astride his horse during the Civil War. However, Jackson’s luck or bravery let him down during the 1863 Battle of Chancellorsville, when a bullet accidentally fired by one of his own Confederate riflemen ripped through his left arm. In what was the common practice of early battlefield trauma treatment, surgeons amputated Jackson’s tattered arm. As the arm was about to be unceremoniously thrown onto a pile of similarly amputated limbs, military chaplain Rev. B. Tucker Lacy decided to save it. As Chancellorsville Park ranger Chuck Young tells visitors, â€Å"Remembering that Jackson was the rock star of 1863, everybody knew who Stonewall was, and to have his arm just simply thrown on the scrap pile with the other arms, Rev. Lacy couldnt let that happen.† Just eight days after his arm was amputated, Jackson died of pneumonia. Today, while most of Jackson’s body is buried at the Stonewall Jackson Memorial Cemetery in Lexington, Virginia, his left arm is entered in a private cemetery at Ellwood Manor, not far from the field hospital where it was amputated. The Travels of Oliver Cromwells Head Oliver Cromwell, the sternly Puritan Lord Protector of England, whose parliamentary or â€Å"Godly† party tried to ban Christmas in the 1640s, was far from a wild and crazy guy. But after he died in 1658, his head really got around. Starting as a Member of Parliament during  the reign of King Charles I (1600-1649), Cromwell fought against the king during the English Civil War, taking over as Lord Protector after Charles was beheaded for high treason. Cromwell died at age 59 in 1658 from an infection in his urinary tract or kidneys. Following an autopsy, his body was then buried - temporarily - in Westminster Abbey. In 1660, King Charles II - who had been exiled by Cromwell and his cronies - ordered Cromwell’s head placed on a spike in Westminster Hall as a warning to potential usurpers. The rest of Cromwell was hanged and re-buried in an unmarked grave. After 20 years on the spike, Cromwell’s head circulated around small London area museums until 1814, when it was sold to a private collector named Henry Wilkinson. According to reports and rumors, Wilkerson often took the head to parties, using it as a historic - though rather grizzly - conversation-starter. The Puritan leader’s party days finally ended for good in 1960, when his head was permanently buried in the chapel at Sidney Sussex College in Cambridge.

Patient-Centered Healthcare Research Paper Example | Topics and Well Written Essays - 500 words

Patient-Centered Healthcare - Research Paper Example In healthcare services, patients feel valued and cared when they receive timely care, staff to provide them support during registration and other paper formalities, helping them understand different processes and reassuring them of their good health and recovery. Such service quality dimensions help increase patient satisfaction and loyalty towards respective physicians and thus assist physicians in retaining their customers amidst stiff competition. Ans. 2: In the reading, three kinds of PHRs are described along with mention of three healthcare systems which implemented this PHRs. Description of those kinds are: Tethered- the HER product called MyChart established by Epic Systems falls under tethered PHR category whereby patients can view their medical records and communicate with physicians for basic activities. However, the entire set up is provider filtered and comes under the aegis of HIPAA (Health Insurance Portability and Accountability Act). Stand-alone- PatientSite implement ed at Beth Israel Deaconess Medical centre is a stand alone PHR system whereby updating health information is entirely in the hands of consumers and full fledged patient-doctor messaging and communication is facilitated by this system.