Sample Q Free Essays

Pick the one elective that best finishes the announcement or answers the inquiry. 1) When supported by purchasing power, needs become A) confidence needs B) physical necessities C) requests D) trades E) social needs 2) When managing a(n) administrators must conclude whether to put resources into it trying to incorporate it with a star or money cow or whether to eliminate it. A) money bovine B) feline C) outcry mark D) hound E) question mark 3) Because of expanding Americans will request greater items, books, magazines, travel, PCs, and Internet administrations. We will compose a custom article test on Test Q or on the other hand any comparable subject just for you Request Now A) levels of training B) family size C) quantities of nontraditional females D) ethnic assorted variety E) social class mindfulness 4) Causal examination Is utilized to A) test speculations about circumstances and logical results connections B) accumulate fundamental data that will help characterize issues C) reveal data in an unstructured way D) measure perceptions that produce bits of knowledge ridiculous through different types of exploration E) portray promoting issues or circumstances 5) Donna needs to purchase another coat. During the phase of her buy procedure she will request that her companions suggest a store or potentially a style of coat. She will look the paper for coat deals, and she will visit close by stores to perceive what is accessible in her value go. An) item assessment B) data search C) buy choice D) need acknowledgment E) elective assessment 6) When Burger King targets kids, teenagers, grown-ups, and seniors with deferent advertisements and media, it is rehearsing division. A) social 8) way of life C) age and life-cycle D) client status. Step by step instructions to refer to Sample Q, Papers

Sexual Harrasement of Women at Workplace Essay Example

Sexual Harrasement of Women at Workplace Essay The Supreme Court order of 1997 obviously and unambiguously gives a response to the inquiry What is lewd behavior? . As characterized in the Supreme Court rules (Vishakha versus Province of Rajasthan, August 1997), inappropriate behavior incorporates such unwanted explicitly decided conduct as: * Physical contact * An interest or solicitation for sexual favors * Sexually shaded comments * Showing erotic entertainment Any other unwanted physical, verbal or non-verbal lead of a sexual sort, for instance, sneering, making messy quips, offering sexual comments about a people body, and so forth The Supreme Court mandate gave the authentic space to the shrouded truth about SHW to surface; prior one just caught wind of casualty accusing, witch-chasing and coercing. Presently ladies are retaliating like there's no tomorrow. The electronic and print media have gotten incredibly receptive to the issue of SHW. Fantasies and realities about inappropriate behavior Fantasy 1: Women appreciate eve-prodding/lewd behavior. Reality: Eve-prodding/inappropriate behavior is mortifying, scary, excruciating and alarming. Legend 2: Eve-prodding is innocuous tease. Ladies who item have no comical inclination. Certainty: Behavior that is unwanted can't be viewed as innocuous or amusing. Inappropriate behavior is characterized by its effect on the lady as opposed to the goal of the culprit. Fantasy 3: Women request SHW. Just ladies who are provocatively dressed are explicitly annoyed. Reality: This is the great method of moving fault from the harasser to the person in question. Ladies reserve the option to act, dress and move around openly without the danger of assault or provocation. The most mainstream trademark of the womens rights development of the previous three decades has been| However we dress, any place we go Yes implies Yes and No methods No. Fantasy 4: Women who state no really mean yes. Truth: This is a typical legend utilized by men to legitimize sexual animosity and uneven lewd gestures. We will compose a custom paper test on Sexual Harrasement of Women at Workplace explicitly for you for just $16.38 $13.9/page Request now We will compose a custom exposition test on Sexual Harrasement of Women at Workplace explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom exposition test on Sexual Harrasement of Women at Workplace explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer Legend 5: Women stay silent. That implies they like it. Actuality: Women stay silent to maintain a strategic distance from the disgrace connected and reprisal from the harasser. Ladies are worried about the possibility that that they will be blamed for inciting it, of being exploited, of being considered liars and made the subject of tattle. Legend 6: If ladies go to places where they are not welcome, they ought to anticipate lewd behavior. Actuality: Discriminatory conduct and misuse is unlawful. Ladies have equivalent access to all work offices. A protected working environment is a womans legitimate right. Avoidance of Sexual Harassment Prevention is the best system for taking out lewd behavior in the work environment. Numerous administrations have followed the U. S. case of building up an administration office to screen businesses strategies and reactions to lewd behavior and to engage inappropriate behavior grievances. In legitimate systems, which perceive inappropriate behavior as a type of sex separation, observing offices appear as equivalent open door commissions, offices or ombudsmen. Likewise, numerous lawful frameworks urge bosses to find a way to keep inappropriate behavior from happening. These means incorporate imparting to representatives that lewd behavior won't be overlooked, building up a viable grumbling or complaint procedure and making prompt move to research protests made by workers. There are additionally moves that workers may make to attempt to stop the pestering conduct or to protect their capacity to look for lawful activity against the harasser or the business. At last, worker's organizations and the media can assume an incredible job in forestalling inappropriate behavior through backing in the interest of representative casualties, the preparation of administrators, and the consolation of changes in perspectives on explicitly badgering conduct and the detailing of such direct. Contextual analysis Shivaji Science educator claims inappropriate behavior by head of division TNN | Jul 3, 2013, 05. 29 AM IST NAGPUR: One of citys highest universities that have a rich convention of delivering exemplary understudies each year in state board HSC assessments has been shaken by charge of inappropriate behavior. Three ladies instructors from the Congress Nagar-based Shivaji Science College have thumped judiciarys entryways claiming inappropriate behavior and exploitation at working environment by head of geography office KC Shah and head Devendra Burghate. A division seat of judges Anoop Mohta and ZA Haq gave notification to Nagpur University recorder, joint executive of advanced education in Nagpur, leader of Shivaji Education Society, other than Burghate and Shah, requesting that they document answer before July 10. The court additionally coordinated to keep up the state of affairs on move requests of solicitors gave by the secretary of Shivaji Education Society. Bhanudas Kulkarni and Tushar Mandlekar were the direction for the solicitors. They educated the adjudicators that Shah over and over embarrassed right hand teacher in Geology Jaya Kodate by his exceptionally obscene and offensive conduct. After her various objections to the head, an uncommon examination board were established, that saw him as blameworthy. In addition, the schools Womens Cell, Local Management Committee (LMC) and Womens Grievance Cell additionally prosecuted him while suggesting departmental activity. Notwithstanding, the school the board moved the complainant as opposed to rebuffing the HoD. Different solicitors Vandana Meshram and Kalpana Pawar-, who went about as board individuals that prosecuted Shah, were purportedly undermined by the head, who likewise denied them of their genuine privileges of being designated as leaders of their particular divisions. Tired of consistent provocation, every one of the three held up a grievance on June 18 and 24 with Dhantoli police headquarters while looking for insurance. Kulkarni and Mandlekar battled the candidates were exposed to sexual and mental provocation in the school, and as opposed to making a move against Shah, the administration self-assertively moved them on June 25 in most extreme pernicious and vindictive way, just to show them a thing or two. Indeed, even the exchange orders were educated through SMS as candidates had set out to speak more loudly against criminal operations of head and HoD. Refering to the Supreme Courts headings in acclaimed Vishakha versus State of Rajasthan case, they contended that school the board had neglected to give safe, made sure about and secured workplace to ladies. The solicitors petitioned God for mandates to NU organization to establish inward panels to manage instances of lewd behavior of ladies at work environment and putting aside their exchange orders. Laws amp; Regulations * Indian Penal Code (IPC) Section 354 * Vishaka Guidelines * Protection of Women against Sexual Harassment at Workplace Bill, 2010 * Criminal Law (Amendment) Act, 2013 Book reference * timesofindia. indiatimes. com †º Topics? * en. wikipedia. organization/wiki/Sexual_harassment * ? http://infochangeindia. organization/ladies/examination/a-brief-history-of-the-fight against-lewd behavior at-the-working environment. html

Protestant Reformation and economy

Presentation Social lobbyist have been attempting to decide the connection among religion and financial development particularly during the medieval occasions in Europe and America. It has been contended that the development of Protestants from the Catholic Church had a constructive outcome in the financial development. This is on the grounds that Protestants had an entrepreneur philosophy while the Catholics despite everything clutched the communist philosophies, which blocked financial growth.Advertising We will compose a custom paper test on Protestant Reformation and economy explicitly for you for just $16.05 $11/page Learn More England and Netherlands for instance characteristic their monetary development during the seventeenth and eighteenth century to the adjustment in their religion from the conventional Catholic convictions. Simultaneously Spain and Italy observed a decrease in their economy and political strength during a similar period. Numerous researchers estimate that t his fall may be because of the way that these realms despite everything clutched the conventional Catholic convictions. Max Weber hypothesis Many researchers have thought of speculations which have attempted to clarify the relationship of Protestantism and monetary development during the medieval occasions. Perhaps the most grounded hypothesis was advanced by Max Weber in his exposition which was discharged in 1905 called Protestant Ethic (Cantoni 1). To this date history specialists, researchers and sociologists have never gone to a concurrence on the right significance of Weber’s thoughts. In any case, during the good 'ol days, the article was comprehended in its least difficult terms where individuals accepted that monetary development was firmly identified with the adjustments in religion which were experienced during the sixteenth and seventieth century. With time, various individuals had diverse understanding of the paper which achieved contentions because of contrast i n belief systems that individuals had. The sixteenth century is where Europe and America encountered a great deal of monetary changes. A lot of these progressions had just been experienced even before the time of renewal. In any case, it is during the renewal time frame that intense changes happened in the economy. That is the reason numerous researchers like Weber accept that the adjustment in religion may have changed people’s philosophies, activating financial development. At the point when individuals began to grasp the new strict belief systems they additionally built up the idea of free enterprise, a key factor that prompted financial development throughout the years. This prompted the improvement of exchange on a credit framework and the advancement of organizations and worker's guilds. The western human advancement was occupied with mass importation of sugar, silver and gold. There was additionally a gigantic increment in the Trans-Atlantic slave exchange which includ ed a lot of cash that prompted the advancement of the Atlantic beach front urban areas. This prompted a move in exchange from the Mediterranean to the Atlantic because of the great market that the Atlantic area was advertising. Accordingly a few shippers turned out to be extremely rich in this way spread their organizations to new districts resisting the principles which were set up by the state or the congregation the vast majority of which were administered by catholic convictions. During these occasions numerous individuals delighted in restraining infrastructures and in this manner forced high loaning rates to the credits which they offered to people.Advertising Looking for exposition on business financial aspects? How about we check whether we can support you! Get your first paper with 15% OFF Learn More In his article Weber accepted that the western human advancement was recognized from different social orders by its soul of free enterprise. This is on the grounds that the gre ater part of the individuals in these social orders were Protestants and they grasp the common parsimony a response to the teaching of fate. He accepted that eagerness and the affection for bringing in cash were the key components behind free enterprise. Supporters of Weber’s Work Kemper Fullerton was one of the individuals who shielded crafted by Weber. He said that individuals have been having the component of ravenousness for their entire lives yet the requirements in the general public smothered this inclination. He accepted that the components of free enterprise had been available in all social orders yet did not have the privilege of condition to grow out. This is on the grounds that the conventional religion and the early church were against the exercises which would have prompted the advancement of private enterprise in the general public. Weber additionally found that there was a contrast between the ways of life of the individuals who were Catholics and Protestants and that this distinction couldn't have been simply a question of possibility yet it held a few components of truth behind everything. Thusly, Calvinism ethos brought about the rise of free enterprise in the medieval social orders. That is the reason Weber alluded to Benjamin Franklin as the dad of free enterprise. Franklin most celebrated expression was; time is cash. Individuals hence expected to buckle down constantly and make as much as possible in light of the fact that once time is gone it can't be repurchased. In this way to business people, bringing in cash is to a greater degree an enthusiasm. As expressed before, Weber accepted that Protestantism had an immediate impact to private enterprise. In his theory Weber took a gander at two towns in old Germany (during the sixteenth century). One town had Catholic adherents while the other had protestants, principally Lutherans. These two towns thusly offered extraordinary conditions for his investigations. He figured out how to s ee that Protestants earned more salary when contrasted with the Catholics. He additionally saw that the Protestants went to specialized schools while Catholics went to liberal workmanship schools. He accordingly presumed that Calvinism was effective in imparting the idea that work and moneymaking was a business. This mentality hence could have been the road through which free enterprise rose through into the advanced society during the medieval occasions which later prompted industrialization and financial development in Europe and North America. Actually, numerous strict researchers additionally call attention to that Calvinism was a methods through which middle class and urbanization created from which at last prompted the development of organizations, the economy and industrialization.Advertising We will compose a custom paper test on Protestant Reformation and economy explicitly for you for just $16.05 $11/page Learn More People consequently became sane and created innovative sp irits since they realized that difficult work prompted accomplishment toward the day's end. Individuals in this way committed quite a bit of their time in business exercises and gathering of capital. Calvinists urban communities additionally endorsed inconvenience of loan fees on cash acquired particularly for business purposes, a thing which the catholic urban communities had would not support. Premium earned from cash earned caused the loan specialist to feel the estimation of his cash and furthermore gave them additional cash to put resources into different organizations. This made the economy of protestant urban areas to be a lot more grounded contrasted with catholic urban communities. One should in this manner expect because of these hypotheses that protestant urban communities had a more grounded monetary development when contrasted with catholic urban communities particularly if the urban communities had a solid potential in business and exchange. Different hypotheses propos e that the ascent in Protestantism changed individuals convictions and belief systems. These progressions had a positive effect in the improvement of the soul of business in people. This is on the grounds that these convictions had a type of monetary lessons to the individuals who trusted in them. A few parts of Protestantism like the puritans and pietists may have prompted the development of present day science. The protestant lessons likewise worried on singular opportunity and adaptability in life which may have made people to be available to current thoughts. In the event that these hypotheses are valid, at that point Protestantism may have assumed a colossal job in monetary turn of events and modern transformation during the medieval occasions. Different researchers propose that trust is a significant component in the improvement of solid financial ties and market trade. In old human progress when urban communities were under the catholic guideline there was absence of trust ev en among the pioneers of the general public. This is on the grounds that the progressive initiative under Catholicism debilitated level ties among individuals prompting absence of trust in these people. Various leveled states in this way acted in a to some degree poor way regarding political steadiness, financial turn of events, urban interest, advancement of framework and partnerships. Further examinations on the issue show that Protestants are not liable to lie on charges, accept hush money however may handily confide in an outsider not at all like Catholics who don't effortlessly confide in outsiders, show their young ones frugality and don't manage rivalries. This may be reasons why Protestant states became more grounded regarding improvement when contrasted with Catholic states.Advertising Searching for paper on business financial matters? How about we check whether we can support you! Get your first paper with 15% OFF Find out More To elucidate further on the hypothesis, it is accepted that Protestants Cities showed their kin how to peruse and compose accordingly they were proficient not normal for the individuals living in catholic urban communities. They subsequently could peruse and decipher the book of scriptures on their own which may have lead to the amassing of human capital. This may have prompted the advancement of the mechanical economy by the Protestants particularly during the nineteenth century. A traditional case of this was in the Prussian people group who were for the most part Lutherans and were instructed how to peruse and compose while they were in grade schools. They in this manner became educated and gained a lot of riches both in the urban areas and on the wide open which gave them a solid base of monetary capital. Antiquarians have proceeded to break down further crafted by Weber and found that his work had a worldwide and general application. They state that he may have created the term reasonability as a key angle to the advancement of present day free enterprise. In his postulation, the term soundness recognized current private enterprise from different types of improvement. As indicated by these his

US History Essay Example | Topics and Well Written Essays - 500 words

US History - Essay Example For example, â€Å"American values, conventions, foundations, interests, and goals progressively separated from those of England†. The severe recollections of enduring in the hands of British redcoats during the war had likewise prompted a sentiment of fellowship among the Americans. To add to this developing separation, King George II and later King George III were aloof and haughty in their disposition toward the colonials. The Americans were likewise expectation on retaliation for the abundances submitted against them by the redcoats as â€Å"extortion of provisions, homes and men† during the war. In addition, as the Crown was in substantial obligation after the war, it forced a variety of assessments on Americans, which the last discovered unsatisfactory. The seeds for the American freedom that were planted during the French and Indian War picked up force after the finish of the war in 1763. American colonials were becoming rankled because of the torrent of new expenses that were forced on them by the British crown. The open turmoil was comprehended by its pioneers, who reacted by the directs of their inner voice. The political and scholarly culture in America during and after the year 1763 is an essential factor in the achievement of the transformation. For instance, the proficient and very much read populaces of colonials were given the case for a free America. They conveyed to the colonials the need to battle for their privileges and opportunity from abuse. To cite, â€Å"From 1763 through 1775, 43 papers over the states developed sentiments of shock among perpetually Americans by publicizing an ever-growing reiteration of the Crowns maltreatment of intensity. Print machines turned out a great many duplicates of several books, handouts, lessons, and broadsides whose writers strongly denounced the Crowns infringement of the British Constitution and the privileges of all Englishmen. During those dozen years,

Risk Management wk2 Essay Example | Topics and Well Written Essays - 750 words

Hazard Management wk2 - Essay Example It is on the grounds that such a demonstration is valuable and will proactive arranging will set aside a large number of cash to the organization later on. It will likewise guarantee that the information away is secure and without misrepresentation because of unapproved get to. Huffman Trucking organization the board is in the underlying procedure of concocting another database to keep the clinical records of the workers. A few elements must be considered before last guiding out of the database. The organization ought to build up a data security approach. Each representative should know about such a strategy. The approach targets shielding the data from unsatisfactory divulgence, controlling how the data is shared. A decent strategy ought to be clear, brief, practical, enforceable, job put together and centering with respect to long haul presence of the organization. The program ought to have an antivirus programming introduced in the entirety of its frameworks, spyware, and a malevolent codes finder. Antiviruses can contaminate the framework prompting the data misfortune or interference of the running of the framework. They can recognize any gatecrasher from getting to the private data. The framework ought to likewise authorize a product where process that updates itself consistently spoil the motivation behind observing the merchants. Such a procedure has an automaticity so that it fixes its own issues that emerges. Visit refreshes fix any vulnerabilities that may open the framework to programmers. There ought to be a clears framework to recognize, control and screen the unapproved access by outside gatherings. Stock and the executives of such resources involves having a rundown of all the approved and allowed parties that ought to approach the data. In this manner, use of cool devices will screen the gadgets that are getting to the database thus keeping up the frameworks honesty. The firewalls and data frameworks ought to have a protected setup. Firewall go about as traffic controls in

Website Pages List Common Essential Pages for a Website

Website Pages List Common Essential Pages for a Website .elementor-19992 .elementor-element.elementor-element-19992{text-align:center}Last Updated on February 23, 2020What are the required pages should I use on my website?This is a common question from bloggers and new to making websites which is why I put together this must-have website pages list. But first of all Disclosure As an independent review site, we get compensated if you purchase through the referral links or coupon codes on this page â€" at no additional cost to you. Dismiss alert Related reading:Page Optimizer Pro reviewIf you are new to WordPress it is important that you understand the difference between WordPress pages vs posts, so check that article out first if there are doubts in your mind as to when to use each.When it comes to launching your online presence by creating or buying a website, you’ll require pages for some of your content. But sometimes it is confusing to choose the right pages required for your website.Table of Contents A website pages list is differ ent for each siteWebsite pages list sectionsHere is the full website pages list1. Homepage2. About us page3. Contact page4. Blog page5. Privacy policy page6. Services page7. Products page8. Meet the team page9. Portfolio page10. Testimonials page11. FAQ Page12. Careers page13. Terms of use or terms and conditions14. Separate product pages15. Cookie policy page16. Affiliate disclosure pageNow create your own website pages listA website pages list is different for each siteRemember, every site is different whether it is a business or a creative website, and the needs of both the visitor and legal requirements will also differ accordingly. When it comes to deciding what to use from our important website pages list, you should ask yourself a few questions:What am I going to have on my website?What information should go on the home page?Do I require a page showing a privacy policy?On the About Me page, what information should I use?How well can I design an interactive Contact Us page?If you are working on behalf of another person, you can make a website pages list and submit it to the website owner, however, to make the process easier, we have divided the entire content into three parts: Join the FREE TrainingDo You Want To Learn How To Build 6 Figures Authority Sites?Join This Free Training To...Finally have a proven method to finding profitable nichesGet access to a foolproof keyword research methodLearn how to outsource quality contentLearn how to build white hat links to your site without headaches Website pages list sectionsGeneric pages that every website will needPages that a business will needPages that affiliate marketers will needHere is the full website pages list What to includeA complete overview of your company where you can mention the history of the business. If you are running a blog or an affiliate website, you should also have an about page to disclose what you are doing.You can also include a CTA to engage your audiences. If you are running the website by yourself, you can also showcase your bio, awards, and other information.What to includeYou need to include the guidelines and rules concerning how your site functions. Also, it should include a notice about trademark and copyright as well as mention of what state and/or country you’re operating fromâ€"this determines what laws you’re following.it’s the law! Basically, whenever a link is used on your site that results in a commission, you need to disclose this information to your website visitors. This extends beyond affiliate links and must be done for sponsorships, endorsements, and the like.What to includeMake sure the disclosures are written in a clear language so that visitors can easily understand them. You can explain what your relationship with the affiliate sites is and how you promote them. It will be even better if you try to be more precise with your explanation. For example, you can tell your visitors what the affiliate links do, and this will make them trust you even more. Save Now create your own website pages listNow that you’re all caught up with the website pages list, it’s time to implement them on your website!What sort of pages do you need on your site?Did I miss anything that should be in this list of pages on a website?What other pages do you think every business owner should include on their website?I’d love to hear your opinion on this, so comments below and let me know!

Impact Of Dividend Announcement On Shareholder Value - Free Essay Example

Different studies suggest that dividend payment has no impact on share holder value in the absence of taxes and market imperfection. Whenever companies have surplus earning, they should invest it in projects having positive net present value. Another approach is that, the stock value depends upon expected future dividend of that stock. So companies must try to reflect a sustainable growth while announcing dividends. This study is to examine the impact of dividend announcement on shareholder value. This study is based on 17 dividend paying companies, listed on Karachi Stock Exchange. The result shows that investors did not gain from dividend announcement, but lost some value over a period of 30 days prior to dividend announcement through 20 days after ex-dividend date. Results of study is supporting the dividend irreverence hypothesis, that there is no benefit of shareholder in announcement of dividend. Literature Review: The ultimate objective of any corporate entity is to maximize the shareholder value. For the accomplishment of this objective, Finance managers take three kinds of important decisions. First two decisions are investment and financing decisions and the third one is regarding dividend payment to shareholders. Now the question is that whether the payment of dividend increases shareholder value or not. As dividend mean reward that shareholders already own in a corporation, so it is adjusted by decline in stock value (Porterfield 1959 and 1965). Generally shareholders prefer capital gain over cash dividend and the reason is tax pattern. Normally dividend is taxed at high rate as compared to the capital gain. So if we neglect the assumption of tax and other restrictions, then dividend announcement has no impact on shareholders value (Miller and Modigliani, 1961). Investors value a dollar of expected dividend more highly than a dollar of expected capital gain because the dividend yield component is less risky as compared to growth component. (Gorden 1963) If a firm pay the whole part of its earning as dividend then it is most possible that there will be shortage of funds for investment which may cause decrease in dividend in the future. Another related approach is that dividend announcement effect the market price of stocks because it carries the information of future cash flow of firm (Bhattacharya 1979, Baryosef and Huffman 1986). Shareholders have no benefit in the announcement of dividend. As the shares value falls from thirty days before announcement of dividend to thirty days after dividend announcement. But these losses are partially compensated by dividend yield in long run (Hamid Uddin, 2003). In some countries like Pakistan, companies are ranked on the basis of dividend payout and some rules by SECP also forced the companies to pay dividend. Considering the benefits of capital gain over cash dividend this is not a better approach at all (Dr. Ahmad Kaleem Chaudhary Salahuddin). The whole literature review is based on two ideologies. One is that the dividend announcement has a positive relationship with stock prices (Gordon 1963) and the second is that the dividend announcement has a negative relationship with stock prices (Bhattacharya 1979, Baryosef, Huffman 1986 and Hamid Uddin, 2003). The positive relationship between stock prices and dividend announcement is due to dividend information effect, while the negative relationship is because of tax effect. Introduction: Whenever a company generates profit, it either goes for reinvestment or pay dividend. If a company is going to pay dividend then it takes decision of whether to pay cash dividend or to buy back some of the existing stocks. The question is if a company has opportunity of investment in a project having positive net present value then why should company go for dividend? According to Irrelevance Theory by Merton Miller and Franco Modigliani (MM) a firms dividend policy has no effect on shareholder value and cost of capital of that firm. The most important thing is the earning of a company nor the dividend policy or reinvestment plans. Assuming there are no taxes and brokerage costs. According to Porterfield (1959 and 1965) paying cash dividend means giving rewards to shareholders that is something they already own in a company. Hence this will offset by declining in the stock value. So paying dividend is not a good approach at all. According to Gorden (1963) investors prefer a dollar of present more than that of expected future one. Thats why companies should go for dividend instead of capital gain. All the theories regarding payment of cash dividend have their own approaches and directions. So the issue of whether paying cash dividend has any impact on shareholder value or not is still unresolved. In countries where dividend income is highly taxable as compared to capital gain, investors prefer capital gain over cash dividend. There is another face of picture, in countries like Pakistan where companies are ranked according to rate of dividend paid by them, companies normally prefer to pay cash dividend. In this study we have examined the effect of dividend announcement on shareholders value. To do so, we have selected 17 dividend paying companies from eight different sectors and use the methodology of Market Adjusted Abnormal Return (MAAR) and Cumulative Abnormal Return (CAR). Methodology: To study the impact of dividend announcement on shareholder value, two measurement have been used. (i) Market Adjusted Abnormal Return (MAAR). (ii) Cumulative Abnormal Return (CAR). MAAR indicates the relative daily percentage price change in the dividend paying stocks compared to the change in average market price. We use KSE 100 price index as proxy of average market price. MAAR is calculated as follows. MAARit = Rit-Rmt MAARit it is the market adjusted abnormal return for security i over time t. Rit is the time t return on secutiry I, calculated as (Pit à ¢Ã¢â€š ¬Ã¢â‚¬Å" Pit-1)/Pit-1. Where, Pit is the market closing price of stock I on day t. Pit is the market closing price of stock I on day t-1. Rmt is the time t return on the KSE-100 price index calculated as (It-It-1)/It-1. Where. Iit is the market index on day t. It-1 is the market index on day t-1. The market adjusted abnormal return (MAAR) shows the change in individual stocks value due to the dividend announcement. As the percentage change in market index is deducted, the remainder gives us the portion of the value change, which is specific to that particular stock resulting from its dividend announcement. MAAR is calculated over a period starting to à ¢Ã¢â€š ¬Ã¢â‚¬Å" 30 days to +20 days relative to the dividend announcement day (O-day). The second measure used is cumulative abnormal return (CAR), which measures the investor total return over a period starting from before the announcement of dividend to after the dividend announcement day. We use a 51 day window period starting from -30 day to + 20 day relative to the dividend announcement day (O-day). CAR is computed as follows. CARit = MAARit CARt = CARit Where CARit is cumulative abnormal return for security I and CARit is cumulative abnormal return for all securities. Similarly MAAR it is market adjusted abnormal return for security I for window period. After that all, the t-test suggested in Brown and Warner (1990, p251-252) is applied to test the significance of CARit and CARt. Sample Description: The sample includes 17 companies, from eight different sectors. All these companies are registered on Karachi Stock Exchange (KSE) and announced dividend between January 2009 and December 2009. Five companies are from banking sector, three from oil and gas, three from cement, two from chemical, one from Pharmaceutical, one from auto assembler, one from textile and again one from telecom sector. Table 1 is showing the names of companies with percentage of dividend announced by them in respective year. Empirical findings and analysis Market Adjusted Abnormal Return MAAR shows the change in individual stocks value due to the dividend announcement. As the percentage change in market index is deducted, the remainder gives us the portion of the value change, which is specific to that particular stock resulting from its dividend announcement. In this study, MAAR is calculated over a period starting to à ¢Ã¢â€š ¬Ã¢â‚¬Å" 30 days to +20 days relative to the dividend announcement day on zero days. Cumulative Abnormal Return CAR which measures the investor total return over a period starting from before the announcement of dividend to after the dividend announcement day. Table 1 Sample Companies Sr. No Company Name Sector 1 Habib Bank Limited Banking 2 Allied Bank Limited Banking 3 National Bank of Pakistan Banking 4 United Bank Limited Banking 5 Bank AlFalah Limited Banking 6 OGDCL Oil and Gas 7 National Refinery Limited Oil and Gas 8 Pakistan State Oil Oil and Gas 9 Lucky Cement Cement 10 DG Cement Cement 11 Attock Cement Cement 12 ICI Pakistan ltd. Chemical 13 Engro Chemical Ltd Chemical 14 Highnoon Labortories ltd. Pharmaceutical 15 Indus Motor Company ltd. Auto Assembler 16 Nishat Mill ltd. Textile 17 Pakistan Telecom Co. Telecom Table 2 Dividend paid by different sectors in 2009 (Dividend in %age) Sector No of Companies Maximum Dividend Minimum Dividend Average Dividend Banking 5 66 25 28.5 Oil and Gas 3 125 25 67 Cement 3 40 Chemical 2 65 60 62.5 Pharmaceutical 1 25 25 25 Auto Assembler 1 100 100 100 Textile 1 20 20 20 Telecom 1 15 15 15 Table 3 Average MAAR for 51 days Days relative to Dividend Announcement Average MAAR -30 0.006995623 -29 -0.000286981 -28 0.005946367 -27 0.005136643 -26 0.005144653 -25 -0.004782532 -24 -0.005356564 -23 -0.002944433 -22 -0.01411987 -20 0.004907264 -19 0.00128167 -18 -0.00011111 -17 -0.001020032 -16 0.001673402 -15 0.000430173 -14 0.002846477 -13 -0.001693558 -12 0.002657397 -11 -0.016735807 -10 -0.013092062 -9 -0.005113378 -8 -0.000797798 -7 -0.015879282 -6 -0.005853397 -5 -0.006602591 -4 -0.010009299 -3 -0.002897751 -2 -0.009621279 -1 0.00260226 0 -0.007908932 1 0.005621832 2 -0.011260743 3 -0.001171285 4 -0.003236167 5 0.000455198 6 0.002713615 7 -0.002483024 8 0.006107779 9 -0.005986564 10 -0.006719537 11 -0.003661463 12 -0.00255736 13 0.001298415 14 -0.003020666 15 -0.013184736 16 -0.001647796 17 -0.000315768 18 0.006733917 19 -0.009766422 20 -0.000404328 Table 4 Cumulative Abnormal Return Company Name CARit Habib Bank Limited 0.007539 Allied Bank Limited -0.23825 National Bank of Pakistan -0.13679 United Bank Limited -0.56202 Bank AlFalah Limited -0.46642 OGDCL 0.077864 National Refinery Limited -0.17524 Pakistan State Oil 0.368848 Lucky Cement -0.14289 DG Cement -0.08247 Attock Cement -0.2001 ICI Pakistan ltd. 0.04316 Engro Chemical Ltd -0.32989 Highnoon Labortories ltd. 0.02233 Indus Motor Company ltd. -0.31301 Nishat Mill ltd. 0.09022 Pakistan Telecom Co. -0.13362 CARt -2.17073