Ray Lewis Leadership Essay

A leader is a person who has the ability to lead or command an entire group of people, a leader is someone who is followed by other people. Being a leader is a wonderful privilege, it is something that is not necessarily handed to an individual nor is it something that can be bought, leadership is something that is earned. This entire course we have been learning about and discussing various characteristics of effective leaders. Some of those characteristics included confidence, charisma, courage, heart, perseverance, and among many others. This paper will focus primarily on one individual who exemplifies these traits and many other characteristics which contributes greatly to his success as a leader. The person that has been selected for the basis of this paper is Ray Lewis, a twelve year pro-bowl selection linebacker from the Baltimore Ravens. The reason I have chosen Lewis for this paper is because of the qualities he has as a leader not only on the playing field, but off of it as well. He is what I believe to be the best and most motivational and inspirational player in the National Football League today, maybe even all sports. The object of this paper is to elaborate on Lewis’ characteristics and provide an explanation of his leadership style and why they are effective. This paper will begin by giving an in depth analysis of Ray. After the analysis it will then move into discussing Ray’s styles of leadership. After talking about Lewis’ styles it will then begin going through all his characteristics as a leader and what makes him stand out as a leader, in other words, I will explain why Ray Lewis is such a powerful and effective leader and the reason he stands out to people other than his organization. Ray Lewis is a professional football player who is currently in his 17th season playing for the Baltimore Ravens in the National Football League. Lewis, born on May 15th 1975, ranks him amongst one of the oldest current players in the league. Even at age thirty-seven Lewis manages to still be one of the most dominant forces in the game today even while competing with and against athletes who are nearly half of his age. Seasoned but experienced, Lewis still has much to offer his team regardless of his age. Statistically Lewis still remains up near the top of the list. In seventeen seasons Lewis has won multiple individual awards as well as team awards during his time in the NFL. Lewis has been selected to thirteen pro-bowl appearances in his seventeen year career. Essentially the pro-bowl is a nation wide vote on what players go to an all-star game, the players who are selected are deemed the best at their position during that year. Lewis has also been selected as the best defensive player in football in two of those seasons, which earned him the Defensive Player of the Year award in 2000 and 2003. In 2000, the Baltimore Ravens lead by Lewis were underdogs in the biggest game of the year, the Superbowl. The Baltimore Ravens won that game 34-7 over the New York Giants to clinch the perfect end to their season. Lewis became only the second linebacker to win the MVP award for his performance in that game. Adding to his collection of individual awards was the ultimate award of National champions after winning the Superbowl. Since 1996 Lewis has started 228 regular season games and 17 playoff games. In those 228 games he has recorded 2,061 tackles, 41 sacks (times tackled the Quarterback), 31 interceptions, and 3 defensive touchdowns. These numbers are a clear representative of how dominant Ray can be on the field as well as what a long and powerful career he has had thus far. Not only do these numbers say that he has had a great career, but it shows that Lewis has credibility behind everything he says on and off the field. Before getting into the leadership styles of Ray Lewis, I want to provide a historical background of him in order to give a brief idea of Ray’s childhood and where he came from. Ray Anthony Lewis was born on May 15th 1975 in Bartow, which is a small city in Central Florida. His mother Sunseria Smith, had Ray at a very early age of 15. His father walked out on both Ray and his mother while they were in the hospital without his new born baby even having a name. The first time he ever saw his father face to face was when Ray was just shy of a year old. The abandoning of Ray by his father played a tremendous role and had a large impact on his life as the time went by. He believes his fathers absence in his life actually helped shaped him as a man and made him the character that he is today. Growing up, Ray witnessed many things in life that effected him individually in a way that would alter the path of his life. As the years went on, Ray still without a father, began to play sports as a kid. He found his calling in football when he was told by multiple coaches that he had a natural talent and was extremely gifted. The problem was that Ray had no one to tell at home. His mother was constantly working, she maintained three jobs to keep the house over their head and food on the table. Every time he did something great in life his father was never there. When he graduated from highschool, his father was still not there. When he accepted a scholarship to Miami University in the spring of 1993, his father yet again failed to show his son support. The reason this is important and relevant to Ray’s characteristics of a good quality leader is because it is the spark behind his motivation. â€Å"I was pissed off† was the answer Lewis gave the interviewer when asked how he felt about his situation with his father (E:60. Ray Lewis, 2012). He explained how his fathers absence in his childhood angered him, and confused him. He often wondered how someone could create life and just leave it behind like nothing ever happened. The pain that Ray was receiving from all the broken promises, lack of time spent with his father, and being the only man in the house growing up was all turned into a positive energy for him. The reason that his father is a popular topic thus far is because of how he created the man that Ray Lewis is based on the fact he left him alone. â€Å"I turned pain into my friend. The only ever way to defeat pain, is to recognize that pain exists. That’s the only ever way you will beat pain. Because pain comes in every second of our lives† (A Football Life: Ray Lewis, 2011). What he meant by turning pain into his friend was that he would use that â€Å"pain† that his father bestowed upon him to motivate and drive himself every day by working out. â€Å"Sometimes I would do pushups and situps until I cried because I wanted to beat him so bad! I wouldn’t stop, I promised myself I would never stop† (A Football Life: Ray Lewis, 2011). Much of Ray’s success in training came from the drive he had from the pain he suffered. When he was in highschool one of his coaches handed him a yearbook and told him to turn to the sports page. On that page was a picture of Ray’s father Ernie. The next page had a list of records for every sport, in the number one slot for record holders was Ray’s fathers name. He made a promise to himself that he wouldn’t stop training, he would never give up no matter what, and he would continue to fight through the pain until his fathers name was gone off of those records. Every time he took over a record, he crossed his fathers name off of the record list. The past of Ray Lewis is the reason for why he is the leader that he is today. Growing up with a single mother, Ray witnessed his mother in many broken relationships. As a child, there were multiple occasions where Ray saw his mother with bruised arms, black eyes, cut up faces and other signs of domestic abuse from failed relationship. Another motivation he had for working so hard was to make sure that â€Å"No man, ever, ever put his hands on my mother again or family again† (A Football Life: Ray Lewis, 2011). This mentality Ray had would continue on for the rest of his life. He developed the skills necessary for fulfilling the leadership role at a very early age. All of this makes it very easy to see as to why Ray Lewis has developed the characteristics necessary for being an independent, trustworthy, never going to quit, hard working, and passionate individual. I could go on and on about characteristics, virtue, and other good qualities Ray possesses and we will eventually get there. The next part of this paper is going to examine Ray in the modern era, and look at his leadership styles and why they are so effective as well as examine the possibilities as to why he is so well respected as a leader. â€Å"I’m a natural born leader† Ray admits, he constantly reminds people that if they follow him he will take them to greatness (America’s Game: 2000 Baltimore Ravens). This section will focus primarily on leadership, and why Ray is a great example of exemplary leadership and what styles he uses for leading his organization. The first style of Ray that will be mentioned is his ability to lead by example. This type of leadership according to the EIL module is considered â€Å"modelling the way† which essentially means paving the path for teammate’s and/or the organization by leading by example. In the National Football League players are considered the best of the best at what they do, being confident is hardly an issue, but being the best does not necessarily mean that they work or play like they are the best. Essentially what I mean is that it is very easy for people who are good at something to not think that they need to continue working to get better. Yet it is very hard to not give a hundred percent at something when the entire atmosphere of the organization is doing the same thing. However, when there is that one person who is constantly trying to outwork everyone and never settles for anything less than a hundred percent it is very difficult for the entirety of the team and/or organization to continue slacking or not giving it their best effort. This type of leader forces to people to want to do well by consistently working to the best of their abilities and never quitting. When talking about Lewis and his ability to lead it is important to look at how he handles situations of adversity. Every person, team, and organization has at one point in their existence faced a matter of adversity or been in some situation where they had to climb their way out of a struggle. The year 2000, marked a major transition in Ray Lewis’ life. That year Ray was facing adversity as an individual for he was accused of murder after his involvement in a bar fight one Saturday night (Beyond the Glory 2004). The charges were dropped and Ray was considered wrongfully accused, however, even though proven innocent this still did not help his image in any way, shape or form. Those who knew Ray closest knew he was not about violence and never believed it was true. That year the Ravens were playing an away game against the Tennessee Titans. Ray Lewis was being introduced and as he was coming through the tunnel the fans were yelling vulgar, offensive, and racist comments towards him. They were shouting â€Å"You black son of a bitch† and other racial slurs towards Lewis. His team mate Trent Dilfer noted that the way Lewis reacted to that was amazing, he did not act out of anger or say anything back. He simply proved to his team that no matter what someone says to you â€Å"you always have to move on† and never stop fighting. Lewis did just that, he used what these fans were yelling at him and turned it into positive energy, leading the Ravens to a victory over the Titans that game (Americas Game: 2000 Baltimore Ravens). The team had his back, and once they saw how Lewis was transitioning the negativity into a positive they followed his lead. Lewis was known for making a claim and backing it up. He would constantly repeat himself about how he is going to win this game for his team, as long as they follow his lead and have his back because he will always have theirs. He would never allow himself to fail on the field, he would back up all of his words with actions and that made him an effective individual that people could put their trust in. He did just that, in 2000 he led the league with 137 recorded tackles, 3 interceptions, and 3 sacks (LLC 2000). The importance of leading by example goes hand in hand with the individuals ability to be an influential, motivation, and inspirational one as well. This leadership style is also known as â€Å"encouraging the heart.† This style of leadership is actually what Lewis is most known for, the way he can inspire his teammate’s with words of wisdom and words of truth. Lewis can capture the minds of many of his team by simply talking to them. He enables people to want to do well and gives them a whole new confidence that mentally prepares them for something important. Anytime that Lewis felt his team was becoming shy of hope, and losing faith, he would be the one to get them back up on their feet and make them believe nothing is impossible. Before every game Ray gathers his teammate’s together to provide them with mental energy. Usually he begins by telling them that they should never settle for anything less than their best. He always reminds them why they are where they are today, and how they need to take advantage of every opportunity that appears. He constantly reminds them that he will be there for them when they are in a moment of despair. Any time they are feeling like they cannot move on they will be reignited with him giving it his all. â€Å"I am not telling you something for the benefit of myself, I am telling you something for the benefit of us† (America’s Game: 2000 Baltimore Ravens). The intriguing thing about Lewis is that he understands when it is time to talk, and when it is time no listen. As credible of a player he is, Lewis still respects every time his coaches or players have something to say. â€Å"The most surprising things I have discovered about Ray upon first meeting him was how quiet he really is. Lewis rarely opens his mouth and is usually found in the background quietly watching and observing everything that goes on in a meeting. Wisely, Lewis is very selective about when he chooses to deliver a vocal message. But when he does, everyone listens† (Riddle, 2012). Those times that he chooses to open his mouth he delivers powerful messages that force people to believe in something greater than what they think they see. The following passage is a speech given by Ray Lewis to his team and coaches in the hotel a night before their AFC championship game: â€Å"We have been here before, we done been here 3 years in a row! N’ we let this time off the hook. Make sure that you own it tonight and do not let them take you away from this moment man! Cuz this is all we got. That’s what ya’ll don’t realize most of the time, that we gonna get this again. We gonna get this again, the car runs too fast. That’s why we got to savour these moments cuz of right now. I couldn’t understand that when I was 24 and 25. That’s why God had to incarcerate me so I could see how great my blessing was that he gave me. So I had to come from a jail being in position, to then step onto a Superbowl podium man. I don’t do this for me, I just watch enough film so that I can put myself in position to make my defence the best damn defence in football. That’s why I come back every year. We are not letting this team get out of here this time. That’s what we here for, a W! And when we get off the bus tomorrow, we get off it with a swagger, a swagger that says.. Done!† Lewis was known for his â€Å"we not me† mentality that inspired many people to want to play with him, for him, and for the team. A distinct story stood out about this man. It was a the beginning of a new season, Lewis and the Ravens were about to take the field. Patiently waiting in their locker room stalls, nervous and anxious, all of these players have one goal in mind, to win the game. All of a sudden, just minutes before it was time. Lewis stands up, and pulls out a bottle of what looks to be muscle reliever of some sort. He begins to go up to every single person in that locker room. One by one he dabs his finger in this bottle, and briefly touches each individual on the head. As he is doing so he is whispering something different to each of his teammate’s. What he is doing is essentially blessing all of his teammate’s. He is praying for their safety and courage. â€Å"It was as if he injected every man in that locker room with synthesized courage† (Riddle, 2012). This highly motivated his team, a new found inspiration was giving to his teammate’s that night. This event touched many of Lewis’ teammate’s in many different ways. They all believed that they were one unit, one team, one family, because they had a father and mentor that they knew would always keep them safe. Lewis is well known for encouraging the hearts of other players, making them feel capable of succeeding. He is especially effective when the morale of the team is at a low because he feeds off of his players emotions, he understands how to motivate his teammate’s both mentally and physically. As motivation as Ray Lewis is the list of qualities and styles does not end at motivational. One of the most stand out styles and characteristics of an individual leader is his or her ability to inspire a team based on a vision. This is one style that Lewis takes to heart and is exceptionally great at doing. He has the ability to inspire a team based off a shared vision, which is his vision that inspires the rest of the organization. Ray Lewis is know for his passion for the game, and an even bigger passion for being the best possible person he can be as a man of God. This mentality also influences how he thinks as an athlete. Recently, he was asked to participate in an interview with hall of fame player Deion Sanders during the playoffs. Ray asked them if they could hold off until next week insinuating that his team will win the upcoming game and move on to the next round of the playoffs. â€Å"Some call it cockiness, I call it confidence† the two chuckled over Ray’s remarks because of how confident he was in his team to be successful. Ray’s mentality was simple, he claimed that he was never in it to fail. â€Å"See I’m not going to lose, I’m not in it to lose. That’s just a fact. I never strap up my helmet to go lose. And honestly, that’s a vision. And that’s the thing, get everybody seeing that same vision.. and if you do, man that’s rough beating a man with a vision, beating a man who see’s something† (Beyond the Glory 2004). This mentality Ray had stated would go on much further than just words that he thought of on the spot. He preaches to his team about being one unit, thinking a like, having the same mind set day in and day out, because if that is the case then they truly will be unstoppable. He preaches about being â€Å"one heart beat, one mind† and that essentially means that they live and die as one, there is no individuals. Essentially, if one person makes a mistake everyone is accountable, and this went for off the field situations as well as on the field decisions as well. Lewis inspired his team to be smart, play with each other, and especially most importantly learn to love each other. Lewis said that if you are not playing for each other than you will never amount to anything great. It is more beneficial to play selfless than to play selfishly. Reason being is because his whole vision is that â€Å"the only path to success, is the one that we take together. There is no other way. If we all believe in the same thing and have the same vision, then we will truly be powerful, and no one can take that away from us.† (A Football Life: Ray Lewis 2011). In 2011, Ray suffered a broken toe injury that sidelined him for several weeks. Instead of acting upset like how most athletes act, he instead used the adversity and turned it into a positive for his teammates.ï€  Ã¢â‚¬Å"Adversity defines true character. If one of us is hurting, the other part gotta pick it up† This is the message he told his team the following game while he was talking to them before their game. He emphasizes that having a team believe in the same goal will ultimately advance a program and organization to new heights, in order to be successful all must be on board when making the right choices for accomplishing a goal. Those types of leadership mentioned earlier in this paper actually compliment the next style which is challenging the process. This style basically means never settling for anything. Always going after target. When one goal is accomplished, another one is added to the board. Lewis is a firm believer that there is only one way, and that is up. And there will continue to only be one up until he stops playing the game when he retires. After Lewis and the Baltimore Ravens won the championship in 2000, Lewis was talking about it is great to celebrate, but other teams are already training to take down the Baltimore Ravens next year, and their goal is be right there at their very moment again (America’s Game: 2000 Baltimore Ravens). Even in his workouts it is evident that he continues to push himself passed his limits because settling for mediocre and at a certain level is not what makes an individual great. Growing up, every accomplishment Ray ever had he would always tell himself that it isn’t enough. He wanted more, and he would continue to make new goals after every one was accomplished. This mentality would benefit his career as a professional. He continuously emphasizes the importance of hard work, and will. The will to keep going when everything is good can often be more difficult then when everything is bad. When something is going well you tend to think you are doing alright and do not need to keep striving for more, Lewis understands that if this is the case then he will never be truly as great as he could be if he believes that is true. A question that often rises when talking about Ray Lewis is where does all this energy and motivation come from? What is he like outside the game of football? Well, as was mentioned earlier Lewis has come from a broken home, fatherless, with a mother who was full time working two different jobs. His childhood is what fueled him to be great. Especially with situations such as domestic violence that Ray saw a very young age it is no question where his motivation to be a good person comes from. When his father left him he could not grasp an understanding as to why a father would bail like that on his new born baby. â€Å"Why cant a daddy be a daddy to a child who had no choice to be here today, why would someone leave that child.† (A Football Life: Ray Lewis 2011). This was the reason why he not having a dad developed Ray’s mindset. â€Å"I didn’t know who to call daddy,† he worked because of that, he used to cry during workouts because of that mindset that, pain is nothing. Ray Lewis today has six children of his own â€Å"4 kings, and two queens, and I have never had a greater push in my life than to see my children smile.† ( A Football Life: Ray Lewis 2011). This along side many of the people he met later in life would go on to be a reason why he is the man that he is today. Ray got involved with an individual who was suffering from a disease that was life threatening. Bill Warble was Lewis’ biggest fan, an elderly man who promise Ray he would not leave this earth until they won another championship. Ray says that he owes Bill his life. He taught him a valuable lesson on life, which contributed much to his reasoning as a leader and how to act. Bill Warble had taught him â€Å"what to complain about, what not to complain about, what not to be sad about, what to be glad, sad, mad and happy about.† (A Football Life: Ray Lewis 2011). This changed his perspective on life for the better as Lewis began to see things in his own life a lot clearer. Ray Lewis will go down in history as one of the greatest linebacker’s to ever play in the National Football League, along with that claim he will also go down as one of the best leader’s on any sports team as well. For all who have played with him, got a chance to meet him, knew him outside of the game, all of those people knew the real Ray Lewis and what he was capable of doing. â€Å"He was truly an inspiration and it was a pleasure to play along side Ray† (Riddle, 2011). Whether the team win’s or loses, Ray is never taking credit or placing the blame on anyone. He will forever live by his â€Å"one heart beat, one mind† mentality and will forever impact the lives of those who got a chance to play along side him. After their AFC championship loss in 2011 Ray was getting interviewed by reporters about what had happened. He got upset with the reporters for hinting towards the loss being solely on one player.â€Å"What you gonna do put that loss on two men? Oh, Evans should have caught the ball, oh Billy should have made the kick. Well, maybe I should have made that tackle in the third quarter. So anything could cost you, so there is no one person that you could ever put blame on. We came here as a team, we locked and loaded as a team, let’s make sure we leave as a team.† (A Football Life: Ray Lewis 2011). He went on after the game to tell his teammates in prayer that they did what they had to do, that next year they had to make sure they finished. He told his team it is no ones fault but their team combined effort. No one person gets the blame. He kept the morale as high up as he could in order to keep his team motivated for the following season, that this loss should burn into their memories for next year. Use it as fuel, turn that negative energy into something useful. â€Å"Let’s understand ourselves as men, and make somebody smile when we walk out of here† (A Football Life: Ray Lewis 2011). This is Ray Lewis, his impact and his legacy. â€Å"We get one opportunity in life, one chance at life to do whatever you’re going to do, and lay your foundation and make whatever mark you’re going to make. Whatever legacy you’re going to leave, leave your legacy!† — Ray Lewis Sources: Sabol, Ed. 2000. Ravens Road to the Superbowl (Documentary). NFL Films. United States. Sabol, Ed. 2011. A Football Life. â€Å"Ray Lewis† (Documentary). NFL Films. United States. Farrey, T. Nichols, R. Schaap, J. Smith, S. 2012. E:60 Ray Lewis (Interview). ESPN. United States. N.A. 2004. Beyond the Glory. â€Å"Ray Lewis† Season 4, ep. 9. (Documentary). United States. Riddle, Ryan. August 7th 2012. Bleacher Report (Article). Web. December 4th 2012.

Fluke, or, I Know Why the Winged Whale Sings Chapter 35~36

CHAPTER THIRTY-FIVE Yeah, but You Can't Dance to It The Colonel was standing in the middle of the mother-of-pearl amphitheater when the whaley boys led Nate in. â€Å"You two go on now,† the Colonel said to the whaley boys. â€Å"Nate can find his way back.† â€Å"You came out of your lair,† Nate said. The Colonel looked older, more drawn than when Nate had seen him before. â€Å"I don't want to be in contact with the Goo for what I'm going to tell you.† â€Å"I thought it didn't get information that way,† Nate said. The Colonel ignored him. â€Å"I was hoping you would have had a brainstorm to solve my problem, Nate, but you haven't, have you?† â€Å"I'm working on it. It's more complex –  » â€Å"You've been distracted. I'm disappointed, but I understand. She's a piece of work, isn't she? And I mean that in the best sense of the word. Never forget that I chose to send her to you.† Nate wondered how much the Colonel knew about them and how he knew it. Reports from the whaley boys? From the Goo itself, through osmosis or some extended nervous system? â€Å"Distraction has nothing to do with it. I've thought a lot about your problem, and I'm not sure I agree with you. What makes you think the Goo is going to destroy humanity?† â€Å"It's a matter of time. That's all. I need you to carry a message for me, Nate. You'll be responsible for saving the human race. That should go some measure toward consoling you.† â€Å"Colonel, is there any chance you can be more direct, less cryptic, and tell me for once what the hell you're talking about?† â€Å"I want you to go to the U.S. Navy. They need to know about the threat of the Goo. One well-placed nuclear torpedo should do it. It's deep enough that they shouldn't have any problem justifying it to other countries. There won't be any fallout. They're just going to need someone credible to convince them of the threat. You.† â€Å"What about the people down here? I thought you wanted to save them.† â€Å"I'm afraid they're going to be a necessary sacrifice, Nate. What are five thousand or so people, most of whom have lived longer than they would have on the surface, compared with the whole human race, six billion?† â€Å"You crazy bastard! I'm not going to try to convince the navy to nuke five thousand people and all the whaley boys as well. And you're more deluded than I thought if you think they'd do it on my word.† â€Å"Oh, I don't expect that. I expect they'll send down their own research team to confirm what you tell them, but when they get here, I'll see to it that they get the message that the Goo is a threat. In any case you'll survive.† â€Å"I think you're wrong about the Goo finding us dangerous. And even if you were right, what if it just decides to wait us out? On the Goo's time scale, it can just take a nap until we're extinct. I'm not doing it.† â€Å"I'm sorry you feel that way, Nate. I guess I'll have to find another way.† Nate suddenly realized that he'd blown it – his chance to escape. Once he was outside Gooville, there would have been nothing to force him to do what the Colonel wanted. Or maybe there would be. Right then he wanted very badly to see Amy. â€Å"Look, Colonel, maybe I can do something. Couldn't you just evacuate Gooville? Drop all the people on an island. Let the whaley boys find somewhere else to live. I mean, if I reveal the Goo to the world, it's all sort of going to be out of the bag anyway. I mean –  » â€Å"I'm sorry, Nate, I don't believe you. I'll take care of it. Evacuation wouldn't make any difference to the people here anyway. And the whaley boys shouldn't exist in the first place. They're an abomination.† â€Å"An abomination? That's not the scientist I knew talking.† â€Å"Oh, I admit that they are fabulous creatures, but they would have never evolved naturally. They are a product of this war, and their purpose has been served. As has mine, as has yours. I'm sorry we didn't see eye to eye on this. Go now.† Just like that, this crazy bastard was going to plan B, and Nate had no idea how to stop him. Maybe that was what he was really brought here for. Maybe the Colonel was like someone who makes a suicide attempt as a cry for help, rather than an earnest attempt to end his life. And Nate had missed it. He started to back away from the Colonel, desperately trying to think of something he could say to change the situation, but nothing was coming to him. When he reached the passageway, the Colonel called out to him from the steps by the giant iris. â€Å"Nate. I promised you, and you deserve to know.† Nate turned and came a few steps back into the room. The Colonel smiled, a sad smile, resolved. â€Å"It's a prayer, Nate. The humpback song is a prayer to the source, to their god. The song is in praise of and in thanks to the Goo.† Nate considered it. A life's work contemplating a question, and this was the answer? No way. â€Å"Why only male singers, then?† â€Å"Well, they're males. They're praying for sex, too, aren't they? The females choose the mates – they don't need to ask.† â€Å"There's no way to prove that,† Nate said. â€Å"And no one to prove it to, Nate, not down here, but it's the truth. Whale song was the first culture, the first art on this planet, and, like most of human art, it celebrates that which is greater than the artist. And the Goo likes it, Nate, it likes it.† â€Å"I don't believe it. There's no evolutionary pressure for it to be prayer.† â€Å"It's a meme, Nate, not a gene. The song is learned behavior, not passed by birth. It has its own agenda: to be replicated, imitated. And it was reinforced. Have you ever seen a starved humpback, Nate?† Nate thought about it. He'd seen sick animals, and injured animals, but he'd never seen a starved humpback. Nor had he ever heard of one. The Colonel must have seen something in Nate's reaction. â€Å"There's your reinforcement. The Goo looks after them, Nate. It likes the song. I wouldn't be surprised if all of whale evolution – size, for instance – was accelerated by the Goo. We should have never started killing them. We wouldn't be at this juncture if we hadn't killed them.† â€Å"But we've stopped,† was all that Nate could think to say. â€Å"Too late,† the Colonel said with a sigh. â€Å"Our mistake was getting the Goo's attention. Now it has to end. The gene has had its three and a half billion years as the driving force of life. I suppose now the meme will have its turn. You and I will never know. Good-bye, Nate.† The iris opened, and the Colonel walked into the Goo. Nate ran all the way home, not sure how he had navigated through the labyrinth of tunnels, but found his way without having to backtrack. Amy wasn't at his apartment. His pulse was throbbing in his temples as he approached the buzzy, bug-winged speaky thing to try to call her, but he decided instead to go directly to her on foot. He checked at her place, and then at her mother's, then at every place they'd ever been together. Not only was Amy gone, but no one had seen her mother either. Nate slept fitfully, tortured by the notion of what the Colonel might have done to Amy because of his own stubbornness. In the morning he went searching for her again, asking everyone he encountered, including the whaley boys by the bakery, but no one had seen her. On the second day he went back through the corridors to the Colonel's mother-of-pearl amphitheater and pounded on the giant black iris until his fists were bruised. There was no response but a dull thud that echoed in the huge empty chamber. â€Å"I'll do what you want, Ryder!† Nate screamed. â€Å"Don't hurt her, you crazy fuck! I'll do what you want. I'll bring the navy down on this place and sterilize it, if that's what you want – just give her back.† When at last he gave up, he turned and slid down the iris facing the amphitheater. There were six killer-whale-colored whaley boys standing in the passageway opposite him, watching. They weren't grinning or snickering for once – just watching him. The largest of them, a female, let loose a quick whistle, and they crossed the amphitheater, walking in a crescent-shaped hunting formation toward him. Short of being a professional surfer or a bong test pilot for the Rastafarian air force, Kona thought he had found the perfect job. He sat in a comfortable chair watching sound spectrograms scroll across one computer monitor, while on another a program picked out the digital sequence in the subsonic signal and broke it into text. All Kona had to do was watch for something meaningful to come across the screen. Strange thing was, he really had started to learn about spectrographs and waveforms and all manner of whale behavior, and he was meeting the day feeling as if he was really doing something. He ran his hand over his scalp and shuddered as he read the nonsense text that was scrolling across the window. Auntie Clair had bought him four forties of Old English 800 malt liquor, then waited until he'd drunk them, before persuading him to let her cut his dreads down so they matched on both sides (because his true natural state should be one of balance, she said. She was tricky, Auntie Clair). The problem was, in jail his dreads had been almost completely torn off on one side, so by the time she finished evening things out, he was pretty much bald. Out of deference to his religious beliefs (to allow him a reservoir for his abundant strength in Jah, mon), Clair had left him a single dread anchored low on the back of his head, which made it look as if a fat worm was exiting his skull after a hearty meal of brain cells in ganja sauce. And speaking of the sacred herb, Kona was just on the verge of sparking up a bubbling smoky scuba snack of the dankest and skunkingish nugs when the text scrolling across the screen ceased being nonsense and started being important. He took a quick sip of bong water to steady his nerves, placed the sacred vessel on the floor at his feet, then hit the key that sent the streaming text to the printer. He stood and waited, bouncing on the balls of his feet for the printer to expectorate three sheets of text, then snatched the pages and dashed out the door to Clay's cabin. â€Å"I must be out of my mind,† Clay said. His suitcase was on the bed, and he was taking clothes out of the drawers and putting them into the case, while Clair was taking clothes out of the case, grouping them by a precise system he would never understand, and replacing them in the suitcase so that he would never find anything until he returned home and she helped him unpack. They had done this a lot. â€Å"I must be nuts,† Clay said. â€Å"I can't just go wandering around the oceans randomly looking for a lost friend. I'll look like that little bird in the book, the one that walks around asking everyone, ‘Are you my mother? ; â€Å"Sartre's Being and Nothingness?† Clair offered. â€Å"Right. That's the one. It's ridiculous to even leave port until we have something to go on – steaming around, burning up fifty gallons of fuel an hour. The Old Broad may have money stashed, but she doesn't have that kind of money.† â€Å"Well, maybe something will turn up in the whale calls.† â€Å"I hope. Libby and Margaret have a lot of sonic data streaming in from Newport, but it's still like looking for a needle in a haystack. Clair, she saw guys climbing into a whale –  » â€Å"So, baby, what's the worst that happens? You go to sea and do your best to find Nate and you fail? How many people ever did their best at anything? You can always sell the ship later. Where is it now anyway?† Just then the screen door fired back on its hinges and smacked against the outside wall with the report of a rifle shot. Kona came tumbling through the door waving pages of copy paper as if they were white flags and he was surrendering to everyone in the general Maui area. â€Å"Bwana Clay!† Kona threw the pages down on Clay's suitcase. â€Å"It's the Snowy Biscuit!† Clay picked up the pages, looked at them quickly, and handed one to Clair. Over and over the message was repeated: 41.93625S__76.17328W__-623__CLAY U R NOT NUTS__AMY Clay looked at Kona. â€Å"This was imbedded in the whale song.† â€Å"Yah, mon. Blue whale, I think. Just came in.† â€Å"Go back and see if there's more. And find the big world map. It's in the storeroom somewhere.† â€Å"Aye, aye,† said Kona, who had begun to speak much more nautically since Clay had purchased the ship, making his bid to go along on the voyage to search for Nate. He ran back to the office. â€Å"You think it's from Amy?† Clair said. â€Å"I think it's either from Amy or from someone who knows everything about what we're doing, which means it would have to be someone Amy talked to.† â€Å"What are the numbers?† â€Å"A longitude and a latitude. I'll have to look at the map, but it's somewhere in the South Pacific.† â€Å"I know it's a longitude and a latitude, Clay, but what's the minus six hundred and some?† â€Å"It's where pilots usually express altitude.† â€Å"But it's a minus.† â€Å"Yep.† Clay snatched the phone off of his night table and dialed the Old Broad as Clair looked quizzically at him. â€Å"Equipment change,† he whispered to Clair, covering the receiver with his hand. â€Å"Hello, Elizabeth, yes, things are going really well. Yes, they've picked up considerably. Yes. Look, I hate to ask this – I know you've done so much – but I may need one other little thing before we go to look for Nate and your James.† Clair shook her head at Clay's blatant playing of the missing-husband-shoved-up-a-whale's-bum card. â€Å"Yes, well, it may be a little expensive,† Clay continued. â€Å"But I'm going to need a submarine. No, a small submarine will be fine. If you want it to be yellow, Elizabeth, we'll paint it yellow.† After fifteen minutes of cajoling and consoling the Old Broad, making calls to Libby Quinn and the ship broker in Singapore (who offered him a quantity discount if he bought more than three ships in one month), Clay stood over a world map that was roughly the size of a Ping-Pong table, which Kona had spread out over the office floor, pinning the corners down with coffee cups. â€Å"It's right there, off the coast of Chile,† Clair said. She taught fourth-graders, and therefore basic world geography, so she could read a map like nobody's business. Kona placed a bottle cap on the spot where Clair was pointing. â€Å"We'll need nautical charts and the ship's GPS to be exact, but, basically, yep, that's where it is.† He looked at Kona. â€Å"Nothing else since that message?† â€Å"Same thing for five minutes, then just normal whale gibberish. You think the Snowy Biscuit is with Nate?† â€Å"I think she knew me well enough to know that I'd be thinking I was crazy to be looking. I also think that even if I believe the Old Broad's story about her husband, that doesn't explain how Amy was able to stay down for an hour on fifteen minutes' worth of air, so there was something going on with her that could be connected to this weirdness. She obviously knows more than we know, but – most important – we have nowhere else to look.† Kona looked at Clair, as if maybe she would answer his question. She nodded, and he resumed drinking his beer. Clay got down on his hands and knees on the map. â€Å"The ship broker says there's a deepwater three-man sub here, in Chuuk, Micronesia, that's about to finish up with some filming they're doing of deep shipwrecks.† Kona put a bottle cap on the atoll of Chuuk, Micronesia. â€Å"The owners will let me lease it for up to two months, but then a research team has it reserved for a deepwater survey in the Indian Ocean. The Clair is here, just north of Samoa.† Clay pointed. Kona put a third bottle cap just north of Samoa and did his best to drink off that beer while balancing the other two that he'd opened to get the caps. â€Å"So the Clair can probably be in Chuuk in three days. I'll fly in and meet them, pick up the sub, and then we can probably steam to these co-ordinates in four or five days if we cruise at top speed,† Clay said. â€Å"Now we're here –  » â€Å"We can't be, we can't be there,† said Kona. â€Å"Why not?† â€Å"Out of beers.† â€Å"So you get to that spot. Then what?† Clair asked. â€Å"Then I get in a submarine and see what there is to see six hundred and twenty-three feet down.† â€Å"So we're sure it's feet, not meters?† â€Å"No. I'm not sure.† â€Å"Well, I just want you to know that I am not comfortable with you doing this sort of thing, Clay.† â€Å"But I've always done this sort of thing. I sort of do this sort of thing for a living.† â€Å"So what's your point?† Clair asked. CHAPTER THIRTY-SIX Black and White and Red All Over Once, off the coast of California, Nate had followed a pod of killer whales as they attacked a mother gray whale and her calf. They first approached in formation to separate the calf from the mother, and then, as one group broke from the pod to keep the mother busy, the others took turns leaping upon the calf's back to drown it – even as the mother thrashed her great tail and circled back, trying to protect her calf. The whole hunt had taken more than six hours, and when it ended, finally, the killer whales took turns hitting the exhausted calf, keeping in a perfect formation even as they ripped great chunks of flesh from its still-living body. Now, in the amphitheater, as the killer whaley boys approached – their teeth flashing, the breath from their blowholes puffing like steam engines – the biologist thought that he was probably experiencing exactly what that gray-whale calf had during that gruesome hunt. Except, of course, that Nate was wearing sneakers , and gray whales almost never did. It was a big room. He had space to move. He just had to get around them. His sneakers squeaked on the floor as he came down the steps, faked right, then went left at a full sprint. The whaley boys, while amazingly agile in the water, were somewhat clumsy on land. Half of them fell for the fake so badly that they'd need a postcard to tell them how it all came out. They stooged into a whaley pile near the steps. The remaining three pursuers tried to fan out into a new formation, the alpha female coming the closest to getting between Nate and the exit. Nate was running in a wide arc around the amphitheater now, and by virtue of sheer speed he could tell he'd beat at least two of the remaining killers, but the alpha female was going to intersect with him before he got clear. She probably weighed three times what he did, so there was no going though her with a vicious body check. Maybe if he'd been on skates, he'd have tried it: pit his pure, innate Canadian skating force against her paltry cetacean hunting instinct and drive that bitch to the mother of pearl. But there were no skates, no ice, so at the very last second, as the female was about to slam him in a bone-breaking crunch against one of the benches that lined the walls, Nate pulled a spin fake, a move that was much more Boitano than Gretzky but nevertheless sent the big female tumbling over a bench in a tangle of black-and-white and i vory – like a flaccid piano botching the vaulting horse. Nate high-stepped the last twenty yards to the door, thinking, Yeah, three million years of walking upright not for nothing. Rookie. Meat. About the third step into his jubilation, Nate heard the sound of a great expulsion of air from his right, then a wet splat. Suddenly he saw his sneakers waving before his face. He felt the freedom of weightlessness, the exhilaration of flight, and then it was all gone as he slammed to the floor, knocking the wind out of himself. He slid to a stop in the huge loogie of whale spit that one of the trailing males had expectorated at his feet. Had he been able to breathe, he might have called a foul, but instead he struggled to get to his feet as the two males closed on him, showing dagger-toothed grins as they approached. Oh, my God, they're going to eat me! he thought, but then he saw that they both had unsheathed their long pink penises and were leading with a sort of a pelvic thrust. Oh, my God, they're going to fuck me! he thought. But when they got to him, one picked him up by the arms and bent him over forward, and he felt the great teeth scraping his scalp as his head slipped int o the whaley boy's mouth. No, they're definitely going to eat me, Nate thought. And in that suspension of time, right before the final crunch, amid the slow motion of an infinite last moment, clarity came to him, even as he screamed, and he thought, This is probably not going to go as well as the last time I was eaten. There's probably not going to be a girl at the end of this one. And then the female whistled shrilly, and the male stopped biting down just as his teeth were starting to cut into Nate's cheeks. The biting male pulled back and apologetically wiped saliva and blood from Nate's face, then propped him up and fluffed him a little, as if to show that he was good as new. Nate was still being held fast by the other male, but the biter was grinning sheepishly at the alpha female and making a squeaking noise that Nate, even with his limited understanding of whaleyspeak, understood as meaning â€Å"oops.† A half hour later they threw him into his apartment, and the alpha female grinned at him as she tore the stainless-steel doorknob out of the wall. The wall bled for a while after she left, then clotted over and rapidly began to heal. Nate stumbled into his bathroom and looked at himself in the mirror. There were bloody gashes down his forehead and cheeks. In another place and time, he realized, he would have gone to the emergency room to get stitched up. His hair was matted with blood, and he could feel at least four deep dents in his scalp where the whaley boy's teeth had broken the skin. There was a large knot at the back of his head where he'd hit the floor when he fell, and evidently he'd hit an elbow, too, because every time he bent his right arm, a sharp, biting pain shot all the way down to his fingertips. He pulled off his bloodstained clothes and climbed into the shower. Then, ignoring the strange fixtures that usually gave him pause, he leaned against the shower walls and let the water run over him until the bloody crust was gone from his hair and his fingers had shriveled with the moisture. He dried himself, then collapsed into his bed, wishing for a last time before he fell asleep that Amy was there, safe, next to him. He slept deeply and dreamed of a time when all the oceans were filled with a single living organism, wrapped like a cocoon around a single huge land mass. And in his dream he could feel the texture of every shore as if it were pressed against his skin. Nate awoke in the early hours before light came up in the grotto. He went into his living room and sat in the dark by the big oval picture window that looked out over the street and, ultimately, the Gooville harbor. There were shapes out there moving in the dark. Every now and then he'd catch the reflection of some dim light on a whaley boy's skin, but mostly he could tell they were out there by the sonar clicks that echoed around the grotto and by the low, trilling whistles of whaley-boy conversation. After an hour sitting there in the dark, he padded to the door and tried to open it. There was nothing but a smooth scar where the doorknob had been. The seal around the door was so tight it might have been part of the walls that framed it. In trying to work his fingers into the doorjamb, he realized that his elbow wasn't grating as it had been when he went to bed. He reached up to touch the gashes across his forehead and felt the scab flake away as easily and painlessly as dry skin. He immediately went to the bathroom and looked at himself in the mirror under the bright yellow bioluminescence. The gashes were healed. Completely healed. He brushed away the dried blood that had seeped after his shower to find new, healthy skin. It was the same with the dents in his scalp and the great goose egg at the base of his skull. He didn't even have a sore spot. He returned to the living room, fell into the chair by the window, and watched the light come up in the grotto. Outside, there was a lot of movement in the street and the harbor, and, watching it, Nate started to feel sick to his stomach, despite his miraculous healing. All the movement outside was that of whaley boys. There wasn't a single human out there anywhere. For two days he didn't see any other humans in Gooville, and even when he had screwed up his courage to use the buzzy, bug-winged speaky thing on the wall, he realized that he had no idea how to make it connect. By noon on the third day, he decided that he had to get out of the apartment. Not only couldn't he find Amy or do anything else while in here, but he was rapidly running out of food. He reasoned that the best time to make a break for it was in the middle of the day, when it seemed that the number of whaley boys out on the street was sparsest, because so many of them went down to the water at that time to swim. He dressed in long pants and sleeves for protection, then made the first attempt at the window. He tore one of the bone chairs from the floor in the kitchen, wiggling it first, as if loosening a baby tooth. He cast the chair at the center of the window with all his strength, preparing as he did to make the ten-foot leap to the street when it went though. But it didn't. It bounced back into the room. Next he looked for something sharp to try to puncture the window, but the only thing he could come up with were shards of the mirror in the bathroom, and although the mirror spider-webbed when he struck it, his fist wrapped in a towel, the shards stayed adhered to the bathroom wall, so all he'd really done was create a shiny mosaic. Finally, frustrated after three hours of ineffective attacks on the big window, he decided to hit it with the heaviest thing in the apartment: his body. He backed into the bedroom, sped through the living room, leaped into the air about halfway across, curled into a ball, and braced for impact. The window bulged out about three feet, until it appeared to the whaley boys outside that someone inside was trying to blow a giant bubble, and then it sprang back, trampolining Nate across the room into the far wall. At the bottom of the wall someone had installed a couch for just such an emergency, and Nate slid neatly into it with his newly flattened side down. â€Å"Well, that was just stupid,† he said aloud. â€Å"Boy, that was stupid,† Cielle Nuà ±ez said. She came into the living room and sat in a chair across from where Nate was piled onto the couch. â€Å"You want to tell me what in the hell you started?† â€Å"How did you get in? The knob is gone.† â€Å"Not on the outside. Come on, Nate, what did you do? Every human in Gooville has been locked down for the last three days. If I weren't the captain of a whale ship, I wouldn't have been able to come here either.† â€Å"I didn't do anything, Cielle, honestly. Where's Amy?† â€Å"No one knows. Believe me, that was the first place they went.† â€Å"Who?† â€Å"Who do you think? The whaley boys. They've taken over everything. Humans aren't even allowed near the ships. Ever since some of them heard you yelling about bringing the navy down here.† â€Å"I was. He has Amy, Cielle. I was just trying to get her back.† â€Å"Him? The Colonel? Why would he take Amy? She's one of the few who've ever even seen him. She's a favorite.† â€Å"Yeah, well no one is his favorite now.† Right then Nate made a decision. He wasn't going to get out of this place on his own, and the only person he could even consider an ally was sitting right there in front of him. â€Å"Cielle, the reason the Colonel called your ships back, the reason no one is allowed to leave the harbor, is that he wants you all here when the place comes down. He's got some plan to get the U.S. Navy, or somebody's navy, to attack Gooville with a nuclear torpedo. He thinks that the Goo is going to destroy the human race if he doesn't destroy it first. He wanted me to go to the navy. He thought I could convince them of the threat because of my scientific credibility, but I said no. That's when he took Amy.† â€Å"So all that yelling I heard you doing in the amphitheater – that wasn't you talking about bringing the navy here, that was just you trying to get Amy back?† â€Å"Yes. He's a loon, Cielle. I don't have any interest in bringing this place down. He thinks that there's some grand war going on between memes and genes, and that humans and the Goo are on opposite sides of it.† The whale-ship captain stood and nodded as if confirming something to herself. â€Å"Okay, then. That's what I needed to know. That's why he sent me here. I'll try to get them to send you some food.† â€Å"What? Help me get out of here.† Nate suddenly had a very bad feeling about this whole exchange. â€Å"I'm sorry, Nate. They have Cal. The whaley boys have him. You know how that feels. They told me I had to find out if you were plotting against the Colonel. Thank you for telling me. I think they'll let him go now.† She walked to the door, and Nate followed her. â€Å"Get me out of here, Cielle, at least –  » â€Å"Nate, there's nowhere to go. The only way out of here is a whale ship, and whaley-boy pilots are the only ones who can run them. They've been on notice not to let you on since we got here. Right now I couldn't leave if I wanted to.† She pounded on the door. â€Å"Open!† The door clicked open, and two all-black whaley boys stood outside waiting. They caught Nate by the shoulders and threw him back into the apartment as he tried to rush by them. â€Å"My own crew, Nate,† Cielle said. â€Å"See what you've done.† â€Å"He's going to kill you all, Cielle. Don't you see that? He's crazy.† â€Å"I don't believe you, Nate. I think you're the crazy one.† The door slammed shut. Back at Papa Lani, Clay was doing a final check on the equipment he was taking with him to meet his new ship. Diving and camera equipment lay spread out across the office floor. Kona was going through the checklist on the clipboard with a felt-tip pen. â€Å"So you tink the Snowy Biscuit going to be there?† â€Å"I'm going. I just wish that we could answer her. Tell her I'm on my way.† â€Å"You mean, like, put the digital in the whale sound and send it?† â€Å"Yeah, I know, we can't do it. Did you find a canister of soda lime for the rebreather's CO2 scrubbers?† â€Å"I can do that.† Kona held up the canister Clay was looking for and checked it off the list. â€Å"You can?† â€Å"I been looking at it long time. She not that hard to put that message back in the call. But how you going to send it? You need some gi-grandious big speakers under the water, mon. We don't have nothing like dat.† Clay stopped his inventory and pulled Kona's clipboard down so he could see his eyes. â€Å"You can put a message into the waveform so it would come out the same way we've been taking it out?† Kona nodded. â€Å"Show me,† Clay said. He went to the computer. Kona took the chair and pulled up a low-frequency waveform that looked like a jagged comb, and then he hit a button that took a small section and expanded it, which smoothed out the jags. â€Å"See, this part here. We know this a letter B, right? We just cut it and paste with other letters, make a goofy whale call. I got the all the letters but a Q and a Z figured.† â€Å"Don't explain, just do it. Here.† Clay scribbled a short message in the margin of Kona's checklist. â€Å"Then play it for me.† â€Å"I can play, but you won't hear it. It's subsonic, brah. Like I say, you going need some thumpin' speakers to send it. You know where we can steal some?† â€Å"We might not have to steal them.† While Kona pieced together the message, Clay grabbed the phone off his desk and dialed Cliff Hyland. The biologist answered on the second ring. â€Å"Cliff, Clay Demodocus. I need a favor from you. That big sonar rig of yours, will it broadcast subsonic frequencies?†¦ Good, I need you to take us out on your boat tonight, with your rig.† Kona looked at Clay. Clay grinned and raised his eyebrows. â€Å"No, it has to be tonight. I'm flying out for Chuuk in the morning. If I need to send out a signal, what can I plug in to it? Tape, disk recorder, what? Anything with a pre-amp?† Clay covered the receiver with his hand. â€Å"Can you put it on an audio disk?† â€Å"No problems,† Kona said. â€Å"No problem,† Clay said into the phone. â€Å"We'll meet you at the harbor at ten, okay?† Clay waited. He was listening, pacing in a little circle behind the surfer. â€Å"Yeah, well, we were just talking about that, Cliff, and we figured that if you said no, we'd just have to steal your boat and your rig. I could probably figure out how the rig works, right?† There was another pause and Clay held the phone away from his ear. Kona could hear an irritated voice coming out of the earpiece. â€Å"Because we're friends, Cliff, that's why I'd tell you in advance that I was going to steal your boat. Jeez, you think I'd just steal it like some stranger? All right, then, we'll see you at ten o'clock.† He hung up the phone. â€Å"Okay, kid, get this right. We have to have it ready and to the harbor by ten.† â€Å"But what you gonna do the bad guys get it?† â€Å"Even if they do, only Amy will know what it means,† Clay said. â€Å"Cool runnings, brah.† Kona was concentrating on putting the message together, his tongue curled out the corner of his mouth as an antenna for focus. Clay leaned over his shoulder and watched the waveform come together on the screen. â€Å"How did you figure this out, kid? I mean, it doesn't seem like you.† â€Å"How's a man supposed to work his science dub wid you yammerin' like a rummed-up monkey?† â€Å"Sorry,† Clay said, making a mental note to give the kid a raise if any of this actually worked.

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The Bill of Rights Research Paper Example | Topics and Well Written Essays - 500 words

The Bill of Rights - Research Paper Example Origins of Bill of Rights Delegates from thirteen new American states drafted the Constitution in 1787 (U.S. Department of State). It provided the â€Å"blueprint† on the structure and functions of the government, but lacked a specific outline of human rights (Department of State). Virginia delegate George Mason stressed in one of his writings: â€Å"The Eyes of the United States are turned upon this Assembly and their Expectations raised to a very anxious Degree† (U.S. National Archives and Records Administration [NARA]). Mason wrote the Virginia Declaration of Rights that inspired Thomas Jefferson in preparing the Declaration of Independence. Mason left the convention very dissatisfied, because it lacked a declaration of rights (NARA). Soon, George Mason's opinions affected the assembly and a heated discussion on the Bill of Rights began. When James Madison first wrote the amendments to the Constitution, which constituted the Bill of Rights, he depended a great deal o n the Virginia Declaration of Rights. The Bill of Rights represents the authoritative statement of many American of values: â€Å"the idea that the individual is prior to and takes precedence over any government† (NARA; Zinn).

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Career Exploration - Assignment Example The Keirsey temperament test consists of the personality questionnaire which is designed to help the people to understand their skills and abilities. The Keirsey temperament sorter is the kind of test which allow the people to recognize their abilities, skills and kind of nature they embrace for their career. According to the Keirsey temperament test, there are four types of temperament which the people cleave to as a type of their career; these temperaments include the Artisans, Guardians, Idealists and the Rationales. The Artisans are the type of people who can be stimulating, directive and can have the impact over others and the surroundings, they are manipulating and influential. The category of artisans includes the roles like operators and the promoters. Guardians are the type of people who are the organized and the concrete and are concerned with their duty and responsibility. The greater strength of the Guardians is their ability of logistic findings. These people can be the best administrator. Idealists are the people with the great passion of seeking their own identity and are the empathetic. Their strength is the diplomatic behavior and they focus on the personal growth. The category includes the mentors like teachers and the advocates. Rationals are the people of strategic skills, they are the objective people and mostly they are finding the self control. The category includes the engineers and the coordinators. (Butler, A. C. 1990) The above four temperaments are described by Keirsey who called them as the character types. The four temperaments are further divided into sixteen character types which are assessed through the scale of the skills and nature of the person. According to the question based assessment, my temperament is idealist. The idealists can be enjoying the role of mentors and the advocates. These people are the inspiring and are passionate to develop their own skills and abilities. They seek the

Slavery in the 21st Century Research Paper Example | Topics and Well Written Essays - 1500 words

Slavery in the 21st Century - Research Paper Example In 1999, approximately 50,000 children and women were trafficked in the United States each year for the purpose of slavery (O’Neill-Richard, 1999). The International Labour Organization further identifies that approximately 12.3 million men, women and children are forced into slavery, taken captive by individuals with affiliations among organized crime groups (Ramonet, 2011). The Human Rights Watch makes estimates that approximately 120,000 children have been enslaved in Africa for the pursuit of militant action in countries such as Rwanda, the Republic of Congo, and Liberia (Fitzgibbon, 2003). The scope of the problem of human slavery in modern society is significant and difficult to control and evidence suggests that there should be more governmental intervention and global legislation created to combat this lingering problem. Examination of Slavery Variety The method by which individuals are forced into slavery vary depending on the desired outcome by those who abduct or tr affic the victims. Many who are forced into slavery conditions are misled by clever traffickers who promise victims legalization in a foreign country or the guarantee of a high-paying job if they are willing to migrate to another country. Donna Hughes, an educator in the study of women at the University of Rhode Island, identifies that many who are forced into slavery are recruited in nations where job skill training is low and economic conditions poor. Informed that they will receive a quality job by travelling to another nation, they are willing to comply with conscious acknowledgement of their poor job skills aptitudes (Univ. of Rhode Island, 2002). Upon arrival, usually in a different nation than where they were informed the job awaited, factions confiscate their travel visas and inform them that they will be engaging in prostitution with the threat of beatings or complete revocation of their various immigrant papers (Univ. of Rhode Island, 2002). Many of these individuals are p hysically locked in a brothel and refused exit, thus being forced to comply with the demands of their aggressors. In developing nations, individuals are sold by their parents for moderate cash reimbursement or are abducted to serve as laborers for factions that condone human slavery. Common activities include intensive and harsh labor in diamond mines or agricultural systems that fuel local civil war efforts in certain African countries or being forced to work as domestic servants for various crime ring Lords (Bales, 2004; Fitzgibbon, 2003). Some of these abducted or sold individuals are forced to work in prostitution rings or as street beggars to fund certain war activities. However, these developing nations have much more lenient and tolerating political actors that do not intervene in favor of the youths since they are segregated from adherence to international laws provided by the United Nations. In some nations, the political leadership is corrupt and maintains strong connectio ns with these trafficking rings, which complicates the process of securing human rights and ensuring an end to slavery in these nations. Some African youths are sold for meager totals of below

SILK ROAD Essay Example | Topics and Well Written Essays - 500 words

SILK ROAD - Essay Example ccording to David Christian, the trans-ecological exchanges made possible by the Silk Road routes contributed greatly to the growth of trade within the Afro-Eurasian region, specifically, trade between the region’s agrarian communities, steppe pastoralists, and woodland foragers. The natural features of the Silk Road indicate that ecological factors have played a great role in intensifying trade along the Silk Road. For one, the Silk Roads cross the borders of desert areas or barren steppes inhabited by pastoralists. These kinds of ecological borders create the necessity for trade because the essential goods needed by the people living on very different environments are also different. In fact, given these ecological factors, it would be astonishing if trade did not flourish along the Silk Road. The products traded along the Silk Road routes prove how dynamic trade was in the Afro-Eurasian region. Many of the products traded came from the woodland or steppeland, whilst several of the products made by the agrarian communities were sold to the steppes. David Christian emphasises that the Silk Roads naturally are sea and land routes connecting east and west, particularly, connecting the agricultural communities of inner Asia and functioning as channels transporting products, ideas, religion, and even diseases. Moreover, Christian views Steppe Roads, which connect the Eurasian agricultural and grassland areas, as trade routes, stimulated by a natural commercial barter of goods from pastoral and agricultural regions. Trade products were perhaps bartered most intensely across the ecological boundary dividing agrarian and pastoral areas, although a number of products certainly crossed the steppes. The Silk Road linking China and the Middle East cultivated trade of agricultural products, specially made goods, ideas, and religious beliefs. But because of the dynamic evolution of civilisations in China, the Silk Road ceased to be merely a connecting link between

Effects of domestic violence domestic abuse on women and children Essay Example for Free

Effects of domestic violence domestic abuse on women and children Essay 42% of women and 20% of men sustained minor injuries such as scratches, bruises, broken bones or pregnancy complications (Cathy Meyer, 2016). The result of domestic abuse does have long-term physical effects including digestive problems, hypertension or skin disorders (www.liveabout.com 15/11/17). Family members, especially children, can experience the physical effects of abuse even though they have not been harmed or touched. They can complain about stomach aches, headaches and could experience irregular bowel movements and wet the bed. Many women who have been abused find it difficult to concentrate on their daily activates because of the effects of domestic abuse as they are constantly on edge. If a person is experiencing domestic abuse this can be physical as well as emotional and if the abuse is constant then regular hospital visits and rest days will be needed for a recovery if the person has a job day off will be needed and too many could lead to the person eventually being let off. When children experience domestic violence sometimes they feel confused or it’s their fault. If the violence or arguments takes place at night, it can be very distracting for the child to be able to sleep as they are constantly hearing the abuse given. This could affect their education as they will be tired and have poor concentration, affecting progress. Domestic abuse will have an effect on the victim’s emotional health as it makes them feel a range of emotions, such as anxiety, low self-esteem, suicidal thoughts or could cause a post-traumatic distress which includes unwanted flashbacks , nightmares or uncontrollable thoughts (www.joyfulheartcondition.org). Children who are exposed to domestic violence in their home could develop anxiety, fearing they might be left with the abusive parent who will then take their abuse out on them. Depression is also an emotion that most people will experience as they feel helpless and powerless. This is known to be more common in girls as boys tend to act out with aggression. Alisha Dixon, in the BBC Documentary â€Å"Don’t Hit My mum†, many children feel guilt that they could not prevent the abuse. Children may not want to leave the house in case their parent is unsafe. I found evidence to back this is on saying children will become clingy and not want to leave mum or dad and they feel they have a responsibility for to protect them. When in a domestic violent relationship, it is knowing that the partner will try to control the other person’s life by constantly knowing what they are doing and persuading or telling the victim they cannot go places when they really want to go. This will affect their relationship with family or friends causing the victim to never see them eventually leading them into isolation. Other social behavior includes aggressive behavior and poor social skills, meaning they could not make any friends as their social skills are poor. Bereavement A person dying close to you is hard both on adults and children. They can experience the same feelings as they are going through the same things however someone who is of an older age may be able to deal with the effects in a more mature manner, they will find that their energy levels will be very low as they will have a feeling f numbness inside them. If their energy is low, they will not go out and do daily activities which could lead them to stress and anxiety. Dealing with death and not everyone likes to be around people especially not in a work or school environment. This means that they will be missing out on important days in work or school causing them to fall behind building up more stress and anxiety that version does not need. When people describe losing a loved one they usually describe their self as being numb. Which is a normal defense mechanism of the mind to help you from being overwhelmed with emotions? Other people may experience guilt or anxiety

How Investment Opportunities Affect Cash Holdings

How Investment Opportunities Affect Cash Holdings Introduction In recent years the interest of financial researches raised to firms cash policy, cash positions; if more accurate they are paying more attention why do firms hold so much cash. These issues have a long history and are the basis of corporate finance.  Indeed, from the day to day operations to finance long-term investments, own funds are just the most important source of funding. In particular, observers have recently serious doubts about the validity of so much cash.  This problem has led to important research aimed at clarifying the multifaceted aspects of monetary policy firms.  Although the rapid development of significantly enriched our understanding of the factors that stocks of companies the funds, the literature has paid little attention in the form of cash policys real impact on the daily activities of firms. In the 2007-2008 credit crunch business leaders and the media have made the phrase cash is sovereign back in vogue.  Although the firms internal cash flows decline, the stock markets collapsed and the credit markets nearly frozen, the lack of money has become a reality for many firms.  For example, General Motors (GM), based in the U.S. automaker, announced on 7 November 2008 that he could escape from the liquidity, despite the ongoing restructuring process. GM eventually reorganized through bankruptcy, but their fate was to demonstrate the importance of cash holdings.  Although the reduction of cash flows, as a rule, inevitable in many industries during the economic downturn, the symptoms can be removed by a sufficient amount of cash as a buffer to the crisis.  Nevertheless, for several reasons shareholders do not always want to see the firm to save money and sit on it.  The shareholders outlook on firms cash holdings and the cost they place on it will be examined in this research. The determinants and consequences of corporate cash holdings have attracted enlarged interest of scientists over the past ten years.  One key issue was that the relationship between cash and the value of the company.  Broadly speaking, two main factors in the equation of the advantages of liquidity of the company and the agency cost of managerial discretion.  Both these arguments have their supporters. For example, Myers and Majluf (1984) argue that costly external financing means that firms must maintain a sufficient cash reserve, which provides liquidity to take advantage of new projects a positive NPV.  However, according to Jensen (1986) the agency costs of managerial consolidation means that large amounts of cash should be paid to shareholders to keep managers overinvesting negative NPV projects.  Apparently, there is no single truth, which will apply to all companies at once, as the needs of both the firm and its managers are not uniform. Understanding the value of cash is of interest not only for researchers and scientists, but even more so for practitioners.  Equity analysts, financiers and corporate chief financial officers must all be very interesting to know which factors affect the cost of cash holdings in the company and why. Most equity analysts simply add cash to the top of the value of the company, without giving attention from what could be the reason why money should not be evaluated at face value. However, researches show, markets, monetary values in different firms in different ways, and, consequently, analysts may be too especially if the company has a large amount of liquid assets.  For corporate financiers situation is somewhat different, because they often give the conclusion that the value of the target firm is the acquirer, thereby eliminating the influence of the prevailing corporate governance and financial policies.  Nevertheless, it can be valuable to understand the value of cash when as sessing the market value of the firm.  Finally, the financial department of a firm must know why their cash cannot be appreciated at face value, and that they could do if they want.  This allows us not only to understand the preferences of shareholders, but perhaps an opportunity to meet them. Problem Statement In this research I want to find answers to the questions like: What is the reason of holding so much cash than needed? What kind of effects it could cause? How the financing constraints and investment opportunities together affect the value the shareholders place on cash? How firms investment opportunities affect the marginal value of firms cash holdings? How firms the state of external capital markets affect the marginal value of firms cash holdings? 1.3 Research objectives The aim of this work is the approach to the cost of cash holdings of firms in two directions. First, subsequent to Faulkender and Wang (2006), who studied the cross-section changes in the marginal value of corporate cash, which arises from differences in corporate financial policy. Secondly, inspired by the credit crunch of 2007-2008, I examine how changes in the external capital markets affect the cost of money over time.  As far as I know there have not been previous studies on the time changes in the value of cash.  There are several reasons why the loan should affect any results related to the companys cash holdings.  First, Almeida et al.(2004) show that financially constrained firms maintain a significantly higher proportion of their cash flow, the following adverse macroeconomic shocks than before.  This means that the relationship between the preserve cash flow and earnings of the company is dynamic and may change over time.  Second, the importance of cash is emphasized in a recession.  When a loan is becoming more rationed, the company in which a lot of cash does not need to worry about the inability to finance daily operations.  Intuitively, firms with more cash are less likely to be downgraded credit rating and are able to maintain acce ss to capital markets.  In addition, these companies can take advantage of the plight of the weaker firms, which may be less liquid assets, through active competitive actions and acquisitions.  Thus, it seems appropriate to us a treasure load of cash in good times to be able to strike when the economy turns.  Finally, as credit becomes more and more rationed, it also becomes more expensive.  This is especially true for financially constrained firms. I use a sample of around 1000 Malaysian firms for the last decade from 1999 to 2009 to test the hypothesis in Faulkender and Wang (2006), impact of investment opportunities on the value of cash, and the change in value of cash over the economic cycle. The usable observations begin from 1999 because for most of the variables I require a change throughout a fiscal year. The extraordinary state in the financial markets during 2007-2008 allows me to study how it may have impacted the value of cash. The following terms interchangeably I use in this thesis. First, in a few ways, mainly as cash holdings, cash reserves, or simply cash I refer to firms cash holdings. Nevertheless, cash level is used to refer to cash ratio (cash to net assets). Second, I use the value of cash, the marginal value of cash, value of additional cash, value of an extra dollar of cash, and the value the shareholders place on cash while referring to the value of firms cash holdings. Third, since most of the previous studies have been done with U.S. data, I discuss the value of a dollar in the introduction. However, my data are from Malaysia, and therefore in the empirical part I am examining the value of a ringgit. I review the related literature in the next section. Section 3 develops theoretical framework of the study, the main hypothesis, illustrates the methods and details the sample selection. LITERATURE REVIEW The literature on market value of cash can be divided into research focus on the benefits of liquidity, or agency costs.  The former approaches through the studies of financial policy and corporate decision making of companies, whereas the latter evaluates the degree of agency conflicts on the basis of corporate governance factors.  Despite the general division between the two issues, both are at least implicitly always present during the tests and conclusions. Although much effort has recently been devoted to studying the determinants of cash policy of firms, data on the impact of reserves firms cash remains relatively small.  However, there are a few notable exceptions.  Blanchard, Lopez-de-Silanes and Shleifer (1994), who studied a small sample of companies that received cash windfalls from lawsuits, and Harford (1999), studied the acquisition of the company with unusual cash, the document that managers with weaker incentives to maximize  value, tend to spend large amounts of cash is inefficient. Opler, Pinkowitz, Stulz and Williamson (1999) argue that corporate cash can be attributed to a compromise, the theory of financial hierarchy and agency theory.  Kim, Mauer and Sherman (1998) develop a model of compromise and argue that the optimal amount of corporate cash holdings is determined by the tradeoff between lower income and benefits to minimize the need for costly external financing.  Almeida, Campello and Weisbach (2004) believe that corporate cash holdings affected by financial difficulties.  Pinkowitz and Williamson (2001) believe that the bank authorities can affect the cash holdings of Japanese firms.  Faulkender and Wang (2006) consider changes in the marginal value of corporate cash holdings related to differences in corporate financial policy.  Foley, Hartzell, Titman and Twite (2006) offer tax-based explanations of corporate cash. Most of the literature to evaluate the relationship between financial policy and the exact market value cash holding focused on companies in the United States of America (USA) Pinkowitz and Williamson (2004), Faulkender and Wang (2006), and Denis and Sibilkov (2007) all  study how the financial characteristics of the company, and the cost of cash to play together. Pinkowitz and Williamson (2004) show that the average market value of the dollar held by a firm at roughly $ 1.20, which indicates that shareholders believe that the benefits outweigh the potential liquidity problems of the agency associated with it.  Faulkender and Wang (2006), using different methodologies to find the market value of the dollar at $ 0.94 on average.  Their results suggest that the potential costs of institutions, as well as tax effects outweigh the benefits to the average firm.  Denis Sibilkov (2007) focus on the financial difficulties of the company and the investment opportunities and find consi stent results.  Nevertheless, there is significant cross-section changes in the market value of money, thus focusing on the mean values shows only a little about the relationship between fiscal policy and the value of cash. The other branch of value of cash literature focuses on the effect of corporate governance.  For example, Dittmar and Mahrt-Smith (2007) use U.S. data show that the additional $ 1 cash for badly managed companies worth between $ 0.42 to $ 0.88, while good governance doubles the value.  Pinkowitz et al.  (2006) used a cross-border data and found that an additional $ 1 is associated with an increase in company value of $ 0.29 to $ 0.33, depending on the criteria of corporate governance in countries with weak protection of shareholders, while an additional $ 1 in cash  associated with an increase of $ 0.91 to $ 0.95 in the value of the company in countries with good shareholder protection.  In addition, Kalcheva and Lins (2003) found that a minority of investors who are not very well protected by applicable discounts for firms in high levels of cash.  This is consistent with the findings Fresard and Salva (2009), which show that the value of $ 1 of excess cash of typical non -US companies is U.S. $ 0,58, while it is $ 1.61 for the firms listed in the U.S. through exchanges means that  investors discount the value of corporate cash reserves when they are at high risk of turning into private profit. RESEARCH DESIGN AND METHODS Theoretical Framework Here I will talk about the early literature related to the value of cash holdings of the company, as well as provide relevant theory.  I begin with outlining the background to understand why firms hold cash. It is necessary to identify with why firms hold cash in order to understand how the shareholders determine the importance they attach to the cash.  Then I will present before the relevant studies and conclusions contained in the value of the cash literature. 3.1.1 Cash holding motives If all firms operating in the world of perfect capital markets, cash holdings will have no value.  If the firm was in need of cash for operations or investments, it can raise funds at zero cost. While there is no liquidity premium in such a world, holdings of liquid assets have no possibility of cost.  Consequently, if a company borrows money and invests it in liquid assets, shareholder wealth is unchanged. Nevertheless, in the real world markets are not perfect and the holding of liquid assets has its costs.  Thus, a firm must strike a balance between the marginal cost of holding liquid assets and the marginal benefit of holding these assets. Here, I present five theories of why firms hold cash and which have been shown in earlier literature. 3.1.1.1 The transaction motive Transactions motive for holding cash is due to the cost of converting money substitutes into cash.  According to Keynes (1936), a company can save on transaction costs by using cash to make payments without liquidation of assets.  Miller and Orr (1966) model the demand for cash to finance daily operations, and the required level of cash.  The company short of liquid assets has to raise funds in capital markets, liquidate existing assets, reduce dividends and investment, the revision of existing financial contracts, or use a combination of these actions.  Since there are both fixed and variable costs in increasing cash, the company must hold a buffer of cash to avoid raising cash often, and thus to avoid the associated fixed transaction costs. Myers and Majluf (1984) argue that the increase in external financing is more costly than using internal resources in the presence of asymmetric information.  Since outsiders know less than the management, they may discount the price of securities more than management was willing to accept.  Thus, the management may find it more profitable not to sell securities, and even reduce the investment.  For this reason, it may be optimal for companies that conduct a certain level of cash to meet the needs of investment spending. 3.1.1.2 The agency motive Jensen (1986) argues that entrenched managers have incentives to retain cash rather than an increase in payments to shareholders, even if the firm has limited opportunities for investment.  Opler et al.  (1999) tender reasons why managers can use the optimal cash policies.  First, managers can accumulate funds to pursue their personal interests.  Cash allows managers to invest in external capital markets would not be willing to finance.  They usually spend one dollar in cash in hand, even if they cannot raise financing from the markets.  Consequently, they could make investments that may have a negative impact on the value of the company.  Jensens (1986) free cash flow problem predicts that managers with surplus cash are probably to overinvest.  Thus, a one dollar increase in cash holdings of firms can lead to significantly less than one dollar increase in the value of the company.  As the outsiders do not know, whether managers are accumulating cash to increase the value of the company or pursue their own goals, the cost of external capital is likely to increase. 3.1.1.3 The tax motive In recent studies by Foley et al. (2007) shows that U.S. companies which will bear the tax consequences associated with the repatriation of foreign earnings hold a high level of cash. Affiliates referring to the highest tax consequences of repatriating also have the highest level of cash.  This means that multinational companies are more likely to accumulate cash.  The extent this applies to the Malaysian firms has yet be studied. 3.1.1.4 The theory financing hierarchy The theory of financing hierarchy implies that there is no optimal amount of cash, based on arguments similar to the hierarchy theory of capital structure (Opler et al. (1999)).  According to theory, firms are not willing to issue shares, because it is too expensive because of the asymmetry of information.  They sell the debt when they do not have sufficient resources, and when they can do so.  When they have sufficient resources to invest in profitable opportunities available, they pay the debt which becomes due, and to accumulate more cash or else.  The theory assumes that the cash holdings of firms are less strategic choice but more a result of a dynamic, endogenous process. 3.1.1.5 Investment opportunities and the value of cash Pinkowitz and Williamson (2004) were the first who studied the market value of cash holdings.  They focus on firms investment and financing opportunities.  They find that the growth of the company have the possibility of a positive attitude to the market value of money.  Firms with greater investment opportunities have a higher cost of cash.  They also show that firms with higher uncertainty of investment have a higher valuation.  In addition, firms in a difficult financial situation have lower valuation on cost. Faulkender and Wang (2006) confirm this conclusion, as they show that firms with lower leverage, a proxy for financial distress, have higher value put on cash.  Finally, Pinkowitz and Williamson (2004) argue that access to capital markets does not affect the market value of cash.  However, they note that their proxy for access to capital markets, company size may not be perfect. Consequently, Faulkender and Wang (2006) show that the difficulties in obtaining ac cess to capital markets play an important role in the market value of cash.  Liu and Chang (2009) show similar proof on the impact of financial constraints on the market value of cash.  Faulkender and Wang (2006) also show that the marginal cost of cash reduces with the amount of cash holdings.  They argue that this is associated with an increase in the probability distribution of cash to shareholders, and consequently incurring transaction costs and taxation, to reduce the cost of cash. Hypothesis After I studied the theory of the value of cash holdings, I turn to the empirical predictions.  I present hypotheses for the impact of financial policy and investment opportunities on the value of cash.  These hypotheses relate to previous work in the field of corporate finance and the value for cash. Hypothesis 1: The marginal value of cash is decreasing in the level of the firms cash position After Faulkender and Wang (2006), I initially hypothesize that the marginal value of the shareholders place on cash holdings of the company reduces as the level of cash holdings increases.  The reasons are based on agency and tax considerations.  As firms cash level rises it becomes more likely to distribute the cash to shareholders who then as a result incur a dividend tax.  In addition, the company with high cash holdings becomes more vulnerable to face agency costs as shareholders begin to worry about the interest and ability of managers to invest in positive NPV projects.  Thus, the marginal cost of cash should reduce as the cash level of the company increases. Hypothesis 2: An extra ringgit of cash holdings is less valuable for shareholders in highly levered firms than in firms with low leverage. The second hypothesis from Faulkender and Wang (2006), which I test in my Malaysian sample, is the negative relation marginal cost of cash and firms leverage.  The cost of cash for shareholders in high levered firms is likely to be less than in firms with low leverage as contingent claims analysis predicts that most of the value of these firms is in the hands of debt holders. Additional ringgit is likely to go mostly to increase the value of debt and therefore, the value for shareholders is low. Hypothesis 3: An extra ringgit of cash holdings is more valuable for shareholders in financially constrained firms. The last hypothesis which follows Faulkender and Wang (2006) is that the simplicity of accessing to external capital markets should have an impact on the value of cash.  Access may be limited for various reasons, but often associated with asymmetric information about the state of the company, which may occur for smaller firms, firms without any credit rating or equity research coverage and the firms that do not pay dividends.  These firms can be considered as financially constrained and can be thought of having higher costs in raising external funds.  Thus, with its own funds, i.e. cash in hand, should be more valuable to these firms than financially unconstrained firms, which are likely and able to obtain external financing. Hypothesis 4: An extra ringgit of cash holdings is more valuable for firms with good investment opportunities. I examine whether firms with better investment opportunities have a higher valuation on their cash holdings than firms with weaker growth potential by following Pinkowitz and Williamson (2004).  Pinkowitz and Williamson argue that the main theoretical determinant of the value of cash holding should be the investment opportunity set of the firm.  First, liquidity is important, because without liquid assets of the firm will be forced to abandon a positive NPV project (Myers and Majluf (1984)).  This should increase the cost of cash as it is expected to increase in value of assets.  Secondly, Jensens (1986) free cash flow problem arises when the firm has a few good opportunities for investment.  If a company with sufficient cash reserves has positive NPV investment opportunities, it is likely to use these advantages instead of wasting money on unproductive ventures.  Intuition is that when two identical firms except that one has a positive NPV investment opportunities and th e other one does not have the opportunity to invest, it is likely that the first firm will spend its cash in ways more valuable to the shareholders. Hypothesis 5: The marginal value of cash is high for financially constrained firms with good investment opportunities. One of the arguments in Faulkender and Wang (2006) having a higher marginal value of cash for financially constrained firms is that when firms have positive NPV investment opportunities. The higher the cost of raising external capital is, the more likely these opportunities are foregone. Though, they do not test for it empirically. I hypothesize that the reason why financially constrained firms and firms with better investment opportunities have a higher value placed on cash when examined separately, is in fact due to the combined effect of these two criteria.  A financially constrained firm without investment opportunities is unable to make return for the cash, while a financially unconstrained firm with good investment opportunities can simply increase external funding when it needs to. Thus, financially constrained firms with good investment opportunities should have a high value placed on their cash holdings by their shareholders compared with other firms. Hypothesis 6: Firms cash holdings, on average, decrease when the cost of external capital increases. When conditions in the corporate credit market deteriorate, it often leads to a reduction in the economy (Fisher (1933)).  As firms generate less internal cash flows and at the same time, corporate credit becomes more expensive and rationed, cash reserves of firms, on average, should decline.  It was also suggested by Opler et al (1999). Hypothesis 7: When the cost of external capital is higher an extra ringgit of cash holdings is more valuable. As the supply of credit becomes more rationed and therefore more expensive, the cost of raising capital increases.  The increase in the cost of capital makes firms more likely to give up positive NPV projects due to lack of funding.  Therefore, when a credit is more rationed, cash holdings should become more valuable because they can help companies take advantage of positive NPV investment opportunities without incurring high costs of raising external capital. Methods I follow Faulkender and Wang (2006) who developed a methodology which estimates the extra value the market incorporates into equity values that result from changes in the cash position of firms over the fiscal year to measure the impact of corporate financial policy on the value of cash holdings. Since stock returns are influenced by the common risk factors, as well as changes in firm-specific characteristics it is necessary to control for both to be able to estimate the magnitude change attributed to the change in cash. The change in the value of a firm is measured by the excess return for the firm i during fiscal year t less the return of stock is benchmark portfolio during fiscal year t. Then the excess returns are regressed on changes in the characteristics of the firm.  In this case the main interest is in the estimated coefficient corresponding to the variable measuring the ratio of unexpected changes in cash of the firms lagged equity value.  Since the dependent and indepe ndent variables are standardized by lagged market value of equity, the coefficient measures the dollar change in shareholder value resulting from a change of one dollar of cash held by the firm. Faulkender and Wang (2006) methodology is in effect a long-term event study, in which event is unexpected changes in cash holdings, controlled for other factors that may impact returns over the assessment window of one year. 3.3.1 Controlling for risk-related market-wide factors To control for risk-related factors excess returns are examined that may impact a firms discount rate and return. Fama and French (1993) show that size and the book-to-market of equity clarifies ordinary variation in stock returns. To arrive at the estimate of the excess return I use the 25 Fama-French portfolios (Fama and French (1993)) formed on size, measured as market capitalization, and book-to-market value of equity ratio (BE/ME henceforth) as my benchmark portfolios. First firms are sorted by size and divided in five size groups, and then firms are sorted by BE/ME ratios and divided in five BE/ME quintiles for each year. Then I group every firm into one of BE/ME portfolios and 25 size based on the intersection between the BE/ME and size independent sorts. Firms excess return is calculated by subtracting the firm is benchmark portfolio return during fiscal year t from the firm is stock return during fiscal year t. The fiscal year, or yearly, returns are calculated using the monthly returns. Hence, the dependent variable for the baseline regression is (1) where ri,t is the stock return for firm i during fiscal year t and is stock is benchmark portfolios return during the corresponding fiscal year t. 3.3.2 Controlling for firm-specific factors It is necessary to control for variables that could be correlated with both change and returns in cash holdings to be able to examine how much the change in cash holdings impacts the change in equity value. Hence, in addition to change in cash should be regressed the excess stock return over the fiscal year on changes in a firms profitability, investment policy, and financing policy. The subsequent equation describes baseline regression: = (2) where the ΔX term indicates unforeseen change in variable X. The dependent variable is described above. The independent variables are firm-specific factors that control for sources of value other than cash or may be correlated with cash holdings. The dependent variable was described above.  Independent variables are firm-specific factors that control the sources of value, except for cash and can be correlated with cash holdings. ΔCi,t is the unforeseen change throughout fiscal year t in firm is cash holdings in balance sheet and the most significant variable in the regression. I suppose that the unforeseen change in cash holdings equals to the realized change in cash holdings throughout the fiscal year. ΔEi,t is the change throughout fiscal year t in earnings before interest and extraordinary items, and controls for profitability of firm. Firms investment changes policy are controlled by ΔNAi,t, the change throughout fiscal year t in total assets net of cash, and ΔRDi,t, the change throughout fiscal year t in RD expenditure. The financing policy is controlled by ΔIi,t which is the change throughout fiscal year t in interest expense, ΔDi,t which is the change during fiscal year t in sum dividends, Ci,t-1 which is firm is lagged cash holdings at time t-1, Li,t which is market leverage at the of fiscal year t, and finally NFi,t which is the firms net financing throughout the fiscal year t. As the stock return is also by definition divided by Mi,t-1, the standardization allows for understanding the estimated coefficients as the dollar change in value for a one-dollar change in the relevant independent variable. Sample Selection For my empirical analysis of the marginal value of cash in Malaysia and how it may have changed over time with the availability of capital from the external market I use a sample of publicly listed Malaysian firms from 1999 to 2009. The sample includes both active and inactive firms to avoid a survivorship bias. In this section I describe how I calculate the variables and from where I obtain the data. Here I will first describe how the dependent variable is calculated, and then describe the independent variables in detail. 3.4.1 Dependent variable The dependent variable is the excess return of a firms stock (Eq. (1)). The stock return for a firm i through fiscal year t, ri,t, is calculated using Total Return Index (item ReturnIndex) from Thomson Reuters Datastream database (referred as Datastream after this). The index regulates for stock splits and dividends, and therefore the most accurate measure of increase in firm equity value. 3.4.2 Independent variables The change is basically the difference between fiscal years t and t-1. In addition, all variables excluding for leverage and net financing are deflated by one-year holdup market value of equity. The variables used in Eq. (2) are measured as below: a) Ci,t and Ci,t-1 One-year holdup cash holdings and cash holdings are measured as cash and short-term investments (CashAndSTInvestments). Ever since this is the most important variable, it should be noted that firms cash holdings are considered to include marketable securities and cash in majority of academic studies. Depending on the source, these can be listed as cash and equivalent, cash and short-term investments or marketable securities and cash. Though, in addition to cash the definition can include items such as commercial papers, treasury bills and other money market investments. In general databases adjust the reported records from firm financial statements in order to make the data comparable across the firms. b) Ei,t Earnings before interest and extraordinary items are calculated as earnings before extraordinary items (IncomeBefExtraItemsCFStmt) plus interest expenses (InterestExpenseOnDebt). c) NAi,t Total assets net of cash or net assets, are calculated as total assets (TotalAssets) minus cash holdings (CashAndSTInvestments). d) RDi,t RD expenditure is simply RD expenditure (ResearchAndDevelopmentExpense). It is set to zero if missing. e) Ii,t Interest expense is measured as interest expenses on debt (InterestExpenseOnDebt). f) Di,t Total dividends are measured as common dividends paid (CommonDividendsCash). g) Li,t Ma