Agency Problem Essay Example for Free

Agency Problem Essay Financial Management (Agency problem) Prepared by: Sami Hassan Saeed Singabi August 2008 Introduction Economic science teaches us that due to their subjective needs, individuals have subjective preferences, and hence different interest. Occasionally different subjective interests give rise to conflicts of interest between contracting partners. These conflicts of interest may result in turn, in one or both parties undertaking actions that may be against the interest of the other contracting partner. The primary reason for the divergence of objectives between managers and shareholders has been attributed to separation of ownership (shareholders) and control (management) in corporations. As a consequence, agency problems or principal-agent conflicts exist in the firm. Agency theory deals with such problem. Agency theory is concerned with how these agency problems affect the form of the contract and how they can be minimized, in particular, when contracting parties are variously informed (or uncertain). Agency problem A problem arising from a conflict of interest between principals such as investors and agents acting for them, such as brokers or managers. Agency problem refers to a conflict of interest arising between creditors, shareholders and management because of differing goals. It exists due to problems in corporate governance. A typical problem is that of senior management of a company, who are charged with running the business in the interests of shareholders; choose instead to operate to maximize their own interests. A simple example is the hired anager who fills his pockets at shareholders expenses. For example, an agency problem exists when management and shareholders have conflicting ideas on how the company should be run. Agency problems that arise in a corporation have troubled economists for some time. There are a number of mechanisms that have been used to try and reduce these agency problems. Many of these mechanisms try to link the managers compensation to the performance of the firm. Typical examples include performance shares, restricted stock grants, and executive stock options. This dissertation is an empirical study of whether the use of executive stock options has in fact reduced the agency problems between managers and stockholders. In this dissertation, two different testing methodologies are used to address the agency problem reduction issue. One methodology looks at some significant event such as a merger or divestiture to see if an executives holding of stock options affect what decisions are made. For example, do larger holdings of stock options motivate managers to take on riskier investments? By increasing the risk of the firm, managers can increase the value of the stock options. Another question of interest is whether in taking on risky investments; do executives increase the leverage of the firm? By increasing the leverage of the firm, the executive might increase the risk of the firm and thus the value of the option holdings. An agency relationship An agency relationship arises whenever one or more individuals, called principals, hire one or more other individuals, called agents, to perform some service and then delegate decision-making authority to the agents. The primary agency relationships in business are those :- (1) Between stockholders and managers and 2) Between debt holders and stockholders. These relationships are not necessarily harmonious; indeed, agency theory is concerned with so-called agency conflicts, or conflicts of interest between agents and principals. These relationships are not necessarily harmonious; indeed, agency theory is concerned with so-called agency conflicts, or conflicts of interest between agents and principals. Expansion increase potential agency problems, if you expanded to additional locations you could not physically be at all locations at the same time. Consequently, you would have to delegate decision-making authority to others. Creditors can protect themselves by: (1) Having the loan secured. (2) Placing restrictive covenants in debt agreements. (3) They charge a higher than normal interest rate to compensate for risk. Agency cost A type of internal cost that arises from, or must be paid to a manger acting on behalf of shareholders. Agency cost arises because of core problems such as conflicts of interest between share holders and management. Shareholders wish for management to run the company in away that increases shareholders value, but management may wish to grow the company in away that maximize their personal power and wealth that may not be in the best interest of shareholders. Agency costs are inevitable within an organization whenever shareholders are not completely in charge; the cost can usually be best spent on providing proper material incentives and moral incentives for agents to properly execute their duties, thereby aligning the interests of shareholders (owners) and agents. The principals (the shareholders) have to find ways of ensuring that their agents (the managers) act in their interests. This means incurring costs, ‘agency costs’, to (a) monitor managers’ behavior, and (b) create incentive schemes and control for managers to pursue shareholders’ wealth maximization. Various methods have been used to try to align the actions of senior management with the interests of shareholders, that is, to achieve ‘goal congruence’. Linking rewards to shareholder wealth improvements: Owners can grant directors and other senior managers share options. These ermit the managers to purchase shares at some date in the future at a price, which is fixed in the present. If the share price rises significantly between the dates when the option was granted and the date when the shares can be bought the manager can make a fortune by buying at the pre-arranged price and then selling in the market place. The managers under such a scheme have a clear interest in achieving a rise in share price and thus congruence comes about to some extent. An alternative method is to allot shares to managers if they achieve certain performance targets, for example, growth in earnings per share or return on shares. Sackings: The threat of being sacked with the accompanying humiliation and financial loss may encourage managers not to diverge too far from the shareholders’ wealth path. However this method is seldom used because it is often difficult to implement due to difficulties of making a coordinated shareholder effort. Selling shares threat and the take- over: Most of the large shareholders (especially institutional investors) of quoted companies are not prepared to put large resources into monitoring and controlling all the firms of which they own a part. Quite often their first response, if they observe that management is not acting in what they regard as their best interest, is to sell the share rather than intervene. This will result in a lower share price, making the raising of funds more difficult. If this process continues the firm may become vulnerable to a merger bid by another group of managers, resulting in a loss of top management posts. Fear of being taken over can establish some sort of backstop position to prevent shareholder wealth considerations being totally ignored. Corporate governance regulations: There is a considerable range of legislation and other regulatory pressures (e. g. the Companies Act) designed to encourage directors to act in shareholders’ interests. Within these regulations for example, the board of directors is not to be dominated by a single individual acting as both the chairman and chief executive. Also independently minded non-executive directors should have more power to represent shareholder interests; in particular, they should predominate in decisions connected with directors’ remuneration and auditing of firm’s accounts. Information flow: The accounting profession, the stock exchange, the regulating agencies and the investing public are continuously conducting a battle to encourage or force firms to release more accurate, timely and detailed information concerning their operations. An improved quality of corporate accounts, annual reports and the availability of other forms of information flowing to investors and analysts such as company briefings and press announcements help to monitor firms, and identify any wealth-destroying actions by wayward managers early. Conclusion Diffuse ownership of publicly held companies reduces the owners’ ability to monitor managers because they would have to bear the full monitoring costs while gaining only a small marginal benefit. Managers may therefore act to maximize their wealth through personal use of corporate assets, stock manipulation and sub optimal decisions at the owners expense. Thus agency theory practical mechanism is weak, because it is unable to provide practical conclusions with regard to agency problems. References: 1. Wikipedia, the free encyclopedia. htm 2. www. referenceforbusiness. com 3. Financial-dictionary. The free dictionary. com

Training , Development & Performance with Motivation Essay examples --

Training , Development & Performance with Motivation Training includes all forms of planned learning experiences and activities designed to make positive changes to performance and Motivation. Development approaches the individual and employees’ motivation from a different angle from that of training. While training is typically concerned with enabling the individual to contribute to meeting the objectives of the organization better, personal development is more concerned with enabling individuals to develop themselves in the way that best suits individual needs. The two, it is hoped, will come together. By helping individuals to develop themselves, they will be more inclined and better able to contribute to helping the organization meet its objectives. It is important to stress that the process of linking performance and training and development the process of appraisal and other forms of evaluation should be closely linked to training and development. If the organizations to achieve its objectives, it is essential to train and develop its people so they are best able to support the organization in working towards objectives. At the same time the individual needs to have the opportunity to be able to communicate employees’ own personal development needs to the organization through appraisal or personal development planning schemes. The Financial and non-financial can be no doubt that financial reward is perhaps the most significant factor in pe...

Evolution of Folk Music

The Evolution of Folk Music Almost all of the music that we hear today can be traced back in one way or another to folk music. The evolution of folk music is rich in history and it is easy to see how the current events and the times created the changes that were to occur. Folk music got its roots from Anglo-American Folk Music and later evolved into what was known as the blues and continues to influence much of the music that is written to this day. Many artists have had major impacts on the music industry some of which are Bob Dylan, Woody Guthrie, Pete Seeger, Bessie Smith, Ma Rainey, Muddy Waters and B.B. King. Their individual styles were essential in the evolution of music. By taking a closer look at Anglo-American Folk Music and each of these artists we will be able to understand the role that each of them played in their specific genres. Anglo-American Folk Music occurred during the time that the original thirteen colonies were being created. It got its start from what was cal led Psalmody which is the rendering of the 150 psalms of the Old Testament; however they were present in the form of songs. Psalmody is one of the oldest traditions of western music.Psalm tunes were carried over from the old world through the found of the colonies by the English and Dutch. They were often kept in a psalter which is a book that contained psalm tunes. Pilgrims were the first to bring psalters to Plymouth when they arrived in 1620. The religious reform in the 16th century that started in Europe had the greatest impact on the subject matter of Anglo-American Folk Music which was mainly focused on communicating religious matters. Over the course of 100 years we find that two different styles of communicating the old testaments.One of those was in the written format and the other was in what was called â€Å"the usual way† which was through oral communication. The oral tradition is where the Anglo-American Folk style evolved from. It involved what was called  "lining out† which is basically one person singing or reciting lines of psalm tunes. There were many critics of the oral tradition who said that there was not enough variation in the tunes and that there were too many changes in pace. The answer to these criticisms was found in singing school during the American Revolution here we see an increase in the musical abilities of our new nation. Of course these schools mainly resided in more highly populated areas. Out in the country you would often find what were called singing masters and composers who often were no more than just common people like craftsmen or small business owners. It was in these singing masters that we found a return to the lack of variation in tunes which was given the name â€Å"strophic form† which simple means that the music is the same for all lines. Strophic form is very common in folk music.The American folk singer Woody Guthrie lived from 1912 to 1967. Woody grew up in Oklahoma and decided to t ravel out to California during the great depression in hopes of finding better opportunities. However, all he found was more heartache. The economy in California was no better than the rest of the United States. Many of Guthrie’s songs reflect the trials and tribulations of the people he met in his life and of his own life. He is one of the few artists that was truly able to connect to the common people in ways that other artists could not.His music is about the things that happen in people’s everyday lives. He sings about people packing up and looking for better opportunities in other places. His music also varied in its tone. Some of his songs are upbeat and cheerful while others have a more sobering tone to them. In addition to singing and performing Guthrie also had a passion for writing. It is said that he made use of his G. I. bill after the war and attended a college where he took philosophy and writing along with a few other classes. However, he decided to drop out before he finished because he decided he needed to hit the road.Woody Guthrie was unique in his style and lyrics. He never felt the need to alter his style in order to fit in with the changing fads. His style is the epitome of what folk music should sound like. We often hear him make use of the strophic form in his songs. He was an inspiration to many musicians that followed him, which included the well known Bob Dylan. Guthrie enjoyed working with other musicians as well like Pete Seeger. Many folk singers including Woody Guthrie had strong political views which often came through in their lyrics.Much of folk music emerged during times when people felt that government was being unfair in the way the common people were being treated and that changes needed to be made in order to bring equality back. I think this is perhaps the one commonality that many folk singers had in common when it came to their music and what was driving their lyrics. Guthrie, Seeger and Dylan were all ve ry popular during times of war which had major affects on their careers and the choices they made. A fellow folk artist who Guthrie was known to perform with from time to time is Pete Seeger.Like Guthrie, Seeger was another folk activist who often sang songs that called for changes in political matters and more equality for the common people. The Almanac Singers was the name of the band that Seeger was a member of. Seeger formed the group in 1941 which was made up of a group of left-wing New Yorkers. Although the group made drastic efforts to try to create a band where everyone was equal they had difficulty battling the media in attempts to keep Seeger out of the spotlight. The Almanac Singers often found themselves in the company of Woody Guthrie.The group got along easily because they had the same political views and shared the same musical style. Seeger and Guthrie were also known to write songs together. One of their most well known songs is â€Å"Pittsburg† which was a c ompilation of their feelings about the war, environment and corruption in the steel industry. The subject matter of Seeger’s music gave him the title of most boycotted performer in history. There have even been accounts of attacks by people at his performances because of the lyrics his band chose to sing.Right before the Nazi’s invaded Russia the CIO had approached the Almanac Singers to go on a national tour with them. The news of the attack was released the day before they were due to leave for their tour. Since most of their song were anti war people could not make the decision to continue to support their music when it was against something that was now a necessary evil. One journalist said that the grouped â€Å"lacked the true politicians facility for changing overnight and the group soon found themselves in trouble† (Dunaway 91). This came to be the end of the band.Another folk artist who came to be well known because of his songs of protest is Bob Dylan. It seems fitting that one of his major influences and all time idol is Woody Guthrie. Like Guthrie, Dylan wrote songs about â€Å"general human conditions such as poverty† (Lorenzo and Kingman 76). One of his most well known songs is â€Å"Masters of War† which was originally written because of the cold war. However, after the release of the song it was found that the feelings that the song was able to create within listeners was the same during the time of the Vietnam War and even later to the War on Terror.Accounts of a concert that Dylan performed at on Veterans day in 2002 said that the crowd had the same feelings and sentiments that was felt by people during the first release at similar performances. Unlike Guthrie who kept his style consistent throughout the years, Dylan was known to change up his style, sound, type and even material of his music. These changes often caused fans to feel like they no longer could relate to the music of Dylan because they had just grown accustomed to the latest styles of his music. Others were suspicious of his constant changing and often accused him of chasing trends.However, Dylan’s compositions usually stayed true to the original style of protest songs in that they used barrow tunes from older songs with an ostinato found in the accompanying guitar while Dylan did his best to show authenticity in his voice. Regardless of how people feel about Dylan he still is seen as one of the major players in the folk music industry. Another form of music that originated from folk music is the blues. While it is said to be related to Black folk music from the south it is safe to say that Black folk music was highly influenced by American folk music.Black folk music was well known for use of antecedents in the form of hollers and cries which was still present in some forms of blues. The blues relates very closely to folk music by means of their subject matter. It was common for â€Å"some blues to speak of a nam eless depression, work or lack of it, poverty† (Lorenzo and Kingman 76). While some blues tells of hardships it also speaks often of personal lament of the relationships between men and women. One of the best known blues singers is Bessie Smith who is often referred to as the â€Å"Empress of Blues. By the end of her first recording year she was said to have sold over 2 million records and at one point in her career was responsible for saving Columbia Records from going bankrupt. Bessie Smith is most famous for her performances in which she was able to master the use of idioms and delivery her songs with such forcefulness that there are not that could surpass her in the industry. Towards the end of Smiths career she refused to adjust to the more modern tones which eventually led to her falling out of the music industry.Even though she was one of the most highly purchased recording artists she managed to spend all of her earnings without saving anything for her later life. It is said that when she died in a car accident in 1937 that she died without a penny to her name. A major reason for her lack of financial stability could be attributed to her life long battle with alcoholism. Bessie Smith was lucky to have worked with and learned from the Mother of Blues, Ma Rainey. Ma Rainey got her start as a young child in the minstrel-show business. However her music was always closest resembled rural folk blues when compared to other blues artists.Many of Ma Rainey’s song were found to empower females, which was often the opposite of the image that was portrayed by Bessie Smiths lyrics. I think it is important to make a connection between more traditional folk music and the blues that were sung by Smith and Rainey. It is important to remember that many folk singers were inspired by the changing times and unfair poverty that was being forced upon the majority of people during those times. Similarly, the blues era occurred immediately following the abolitio n of slavery.Much of the blues was focused on the expression of individual emotional needs. Considering that blacks had just been given their personal freedoms they were still imprisoned by their social and financial standings. It seems to make sense then that the music would focus on the one thing that they really did gain freedom in which was their love lives and the ability to choose who they would have relationships with. â€Å"Freely chosen sexual love became a mediator between historical disappointment and the new social realities of an evolving African American Community† (Davis n. ag). Many of the songs by Ma Rainey and Bessie Smith were about the changes in what was believed to be the â€Å"place† of women in the world. They were singing for more equality and for people to realize that the sole purpose of a woman was no longer to please her husband and to care for a household but that she could be independent and earn a living and take care of herself and her family if need be. Both the blues and folk music had important messages to communicate in regards to the changes occurring in society. Another well known blues singer was Muddy Waters.He was actually born with the name McKinley Morganfield but he was given the nickname Muddy by his mother and later decided to legally change his name. Waters musical style helped blues to transform into the next style of music which would be names rock and roll. Waters was responsible for introducing amplified music to blues. He is often referred to as the father of modern Chicago Blues which would be in the urban blues category. Urban blues introduced the use of more instruments of which included the piano and drums along with many others. Waters was strongly influenced by the more traditional gospel tradition.However, his own style was not so traditional in any sense. He gained his notoriety by his mastery of a guitar style that is called bottleneck. When Waters was discovered a scout was sent to fi nd a man that worked in the same field that Waters worked in. When the man got there he found that the person he was looking for had passed away and instead he discovered Waters. Race records were common during this time and it is most likely that Waters was discovered during an expedition to record race records that would be able to turn some quick sales.Because Waters was a man with such great talent the scout came back looking for him again and eventually Waters moved to Chicago and make music his life. Waters did not find it easy for him to make a name for himself in the music industry. It was not until after he had toured in England that he was able to return to the U. S. and was finally being seen for what he really was by the American people. Waters has been a major influence on many of today’s artists. Another blues artist who helped to pioneer the change from blues to rock and roll is B. B.King. King experienced the loss of his mother at the age of four years old and has been said to have had the blues running through his veins ever since that day. Like many artists King was able to use the pain and hardships in his life as inspiration for his music. However, his music also covers issues of the Civil Rights Movement and even the complicated politics that surrounded the music industry. His greatest success would have to be the part he played in pushing the limits and finding huge success in changing over from blues to rock and roll.It is often a difficult task to get people to change from their old ways and try something knew but King was able to win over fans and help give birth to one of the greatest musical eras to this day. After looking back at the history of where folk music originated and then taking a closer look at some of the artists of various eras of music it is easy to see how even the songs we hear on the radio today can be traced back to folk music roots. The one thing that music seems to keep in common in all eras is that there w ill often be songs that relate to the current events of the time.Especially when there is an unusually hardship or major event that has shaped society. After the war on terror began there were many artists from all genres that began to sing songs about our soldiers and their families and the heartache and pain that people were experiencing from the loss of loved ones of loneness of being apart. I think that music will continue with this oral tradition of communicating events and problems for the rest of time. Works Cited Candelaria, Lorenzo, and Daniel Kingman. American Music: A Panorama. 4th ed. Schirmer:Cengage Learning, 2004, 2007, 2012.Print Cray, Ed. Ramblin’ Man: The Life and Times of Woody Guthrie. New York: Norton andcompany, 2004. Print. Danchin, Sebastian. Blues Boy: The Life and Music of B. B. King. Mississippi: University Pressof Mississippi, 1998. Print. Davis, Angela Y. Blues Legacies and Black Feminism. New York: Vintage Books, 1998. Print Davis, Francis. The H istory of the Blues: The Roots, the Music, the People. Cambridge: Da CapoPress, 2003. Print. Dunaway, David King. How Can I Keep From Singing? The Ballad of Pete Seeger. New York:Villard Books, 2008. Print.

Literary Elements Essays - 1167 Words

Peter Scott Ms. Wiggins Honors English 10 1st Block O3/09/11 â€Å"Literary Elements of Wharton’s ‘Roman Fever’† Peter Scott Scott 1 03/09/11 Ms. Wiggins 1st Block â€Å"Literary Elements of Wharton’s ‘Roman Fever’† The short story, â€Å"Roman Fever† by Edith Wharton, reveals numerous popular literary elements. Some of the most prominent examples of literary elements are irony, symbolism, and foreshadowing. All three elements create the feel and atmosphere of the short story. They add illustration, mystery, and humor to the storyline. The irony in â€Å"Roman Fever† begins when the two daughters refer to their mothers as â€Å"young things†. This is verbal irony because their two mothers were described as aged and†¦show more content†¦This shows that she is different from your average middle-aged woman, and that she and Grace do not have many things in common about their personality (Petry 1).When Alida Slade and Grace Ansley are looking at their daughters having fun in the moonlight, and Grace says â€Å"And perhaps we didnt know much more about each other†, it shows that some drama is about to occur, and that she knew she had things that Alida did not know about her, and also that perhaps Alida felt the same way (Selina 1). â€Å"Roman Fever† demonstrates countless excellent cases of irony, symbolism, and foreshadowing. Different kinds of irony make â€Å"Roman Fever† entertaining during dialogue. Symbolism gives the story deeper meaning in small actions, for instance knitting, and setting details. Foreshadowing in the story baffles and intrigues. In conclusion, these are the three vital literary elements in Edith Wharton’s â€Å"Roman Fever†. They capture the reader from the playful beginning to the jaw dropping end. Works Cited Scott 4 Petry, Alice Hall. A TWIST OF CRIMSON SILK: EDITH WHARTONS ROMAN FEVER. Studies in Short Fiction 24.2 (1987): 163. MAS Ultra - School Edition. EBSCO. Web. 22 Feb. 2011. Explanation of: Roman Fever by Edith Wharton. LitFinder Contemporary Collection. Detroit: Gale, 2010.Show MoreRelatedLiterary Elements970 Words   |  4 Pagesshort amount of time. The authors indulge in rich  details to create the narrative into a jaw dropping meaning story from the beginning to the ending. The author begins with constructing  the story with the building blocks of literary devices. 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Although it does not scare people as it used to The Raven is one of Edgar Allen Poe’s best work of literature. It even has been incorporated in modern day tv shows as well as has its own movie adaptation. He is wellRead MoreLiterary Elements In Macbeth1998 Words   |  8 PagesGreat authors use literary elements to develop a message. William Shakespeare’s play, â€Å"Macbeth†, tells a tale about a man who desires to rule the country of Scotland as king. With three witches that tell him his future, Macbeth realizes that his life would be better off as king, but in order to seize the throne, he has to kill the current king. After motivation from his wife to kill the king, Macbeth’s life follows a series of events and actions that eventually lead to his death. Shakespeare usesRead MoreLiterary Elements In The Necklace And The Tiger1509 Words   |  7 Pages Authors have used literary elements to alter and enhance their readers’ experiences for centuries. 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