Dynamics and determinants of dividend policy - Free Essay Example

Sample details Pages: 20 Words: 6031 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? INTRODUCTION Corporate dividend policy is one of the most debated topics in corporate finance. Many researchers have devised theories and provided empirical evidence regarding the determinants of a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy. The dividend policy issue, however, remains still unresolved as due to the fact that there are so many variables depending upon the type of company, its financial conditions, its industry etc that no single formula could be applicable. Don’t waste time! Our writers will create an original "Dynamics and determinants of dividend policy" essay for you Create order Clear guidelines for an à ¢Ã¢â€š ¬Ã‹Å"optimal payout policyà ¢Ã¢â€š ¬Ã¢â€ž ¢ have not yet emerged despite the voluminous literature. We still do not have an acceptable explanation for the observed dividend behavior of companies. During the last fifty years several theoretical and empirical studies have been done leading to mainly three outcomes: 1. The increase in dividend payout affects the market value of the firm. 2. The decrease dividend payout adversely affects the market value of the firm. 3. The dividend policy of the firm does not affect the firm value at all. However, we can say that empirical evidence on the determinants of dividend policy is unfortunately very complex. Basis on which corporations pay out dividends to the share holders is still an unresolved puzzle. First prominent study that appeared in the literature of finance regarding dividend policy was that of Miller and Modigliani (1961) where they state that there are no deception in a perfect and a rational economic environment. This was the starting point for other researchers to explore dividend payout policy phenomena. Almost all researches that followed referred back to Miller and Modigliani (1961). Various researches were carried out by many researchers to explore the determinants of dividend payout policy, some of them focused on profitability, some on size of the firms, some on growth rate of the firm while others on agency costs. For example researches carried out by Nissim et el (2001), Brook et el (1998), Bernheim et el (1995), Kao et el (1994), and Healy et el (1988) found out a positive association between increase in dividend payout and future profitability. Kalay et el (1986) and Asquith et el (1983) found out that stock returns is positively associated with dividend changes. Sasson et el (1976) conclude that the payout ratio is positive association with average rates of return. On the other hand, studies of Benartzi et el (1997) and DeAngelo et el (1996) find no support for the relationship between future profitability and dividend changes. On Other side most debated factor affecting dividend policy arguably is agency costs. Jensen (1986). Agency cost argument suggests that cost is reducing by dividend payments and cash flow Rozeff (1982). Researches carried out by Jensen et el (1992), and Lang et el (1989) supported this agency cost hypothesis, while others such as Lie (2000), Yoon et el (1995) and Denis et el (1994) found no support for this hypothesis. Size of the firm is another factor which seems to have an impact of dividend payout policy. Firms larger in size are considered to have more ability to payout dividends to its share holders. Lloyd et el (1985), and Vogt (1994) pointed that firm size plays a role in clarifying the dividend-payout ratio of firms. They argued that because larger firms are mature and have easy access to capital markets thus they are not really much dependant on internally generated funding which enabl es them to payout higher dividends. The purpose of this research is to investigate the dynamics and determinants of dividend policy of oil gas sector firms in Pakistan. The independent variables selected from the literature include: market capitalization, profitability and annual rate of growth of total assets. Analysis of these variables should reveal there exist an impact of these variables on dividend payout policy of the firms and very nature of the relationship. The remaining part of this thesis is organized as follows. In section 2 brief reviews of theories about the dividend will be presented. In section 3 this thesis discusses the data and possible variables that can act as proxy for different influences for analysis .In section 4 this thesis will establish the model. Section 5 will provide details of methodology used. In section 6 thesis will establish analysis and interpretations and section 7 will present results and draw a conclusion. CHAPTER II LITERATURE REVIEW There are various theories which provide insight on how a firm pays the dividends. 2.1 Miller and Modigliani theory According to Miller and Modigliani (of Merton Miller, Franco) (1961) dividend do not affect firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ value in perfect market. Shareholders are not concerned to receiving their cash flows as dividend or in shape of capital gain, as far as firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t change the investment policies. In this type of situation firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend payout ratio affect their residual free cash flows, when the free cash flow is positive firms decide to pay dividend and if negative firms decide to issue shares. They also conclude that change in dividend may be conveying the information to the market about firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s future earnings. Example: Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s a common believe that dividend policy is created by shareholder himself for example if a person has 10,000 PKR and wants income of 3,000 PKR a year from that portfolio, simply 3000 PKR money value can be sold by a person this amount as dividend income does not accep t by him. This theory says, à ¢Ã¢â€š ¬Ã…“Who is anxious about dividends?à ¢Ã¢â€š ¬? MM explains that under certain assumptions including rational investors and a perfect capital market, the market value of a firm is independent of its dividend policy. Smirlock Marshall, (1983) stated that relationship between the Dividend and Investment Decisions indicates that no causality between the dividend and investment decisions of the firm. The fact that the firm-specific data conclusively supported the separation principle is particularly convincing. This is the first application of causality tests to a large sample of firms. 2.2 The bird in the hand theory Investors always prefer cash in hand rather then a future promise of capital gain due to minimizing risk Gordon (1963). Gordon believes that he is anxious about investing in dividends and dividend stocks. Gordon say that when he is paid hard cash by the company, he knows that the company is not just telling him that it is making money but the fact it that it is really making money . This is the idea that cash payment is valued by the investors in their hands over the hope of future profits. 2.3 The agency theory Traditionally, corporate dividend policy has been examined under the assumptions that the firm is one homogenous unit and that the managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s objective is to maximize its value as a whole. The agency cost approach differs from the traditional approach mainly in this way that it explicitly recognizes the firm as a collection of groups of individuals with conflicting interests and self-seeking motives. According to the agency theory, these behavioral implications cause individuals to maximize their own utility instead of maximizing the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s wealth. The agency theory of Jensen and Meckling (1976) is based on the conflict between managers and shareholder and the percentage of equity controlled by sponsor ownership should influence the dividend policy. The theory focuses on the relationship between an agent of the principal (companys managers) and a principal (shareholder) . Jensen and Meckling (1976) in corporations, agency problem arise from external debt and external equity. Jensen and Meckling (1976) analyzed that how firm value is affected by the distribution of ownership between inside shareholders and outside shareholders who can consume perquisites, and who cannot. Within this framework, increased managerial ownership of equity alleviates agency difficulties by reducing incentives to consume perquisites and expropriate shareholder wealth. Jensen and Meckling (1976) argue that equity agency costs would be lower in firms with larger proportions of inside ownership. Managers are better understanding their interest with stockholders when they increase the shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ ownership of the firm. Dividends are believed to play an important role in reducing conflicts between managers and stockholders. Any dividend policy should be designed to minimize the sum of capital, agency and taxation costs. According to Bathala (1990), in the agency costs and dividends, two lines of thought can be found explai ning cross-sectional variations in payout ratios. First view Holds that a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s optimal payout ratio is the results of a trade-off between a reduction in the agency costs of external equity and an increase in the transaction costs related with external financing resulting from dividend payments as the payout ratio increases. Second view Argues that inside ownership and external debt are substitute mechanisms in mitigating agency costs in a firm. Basic study for the first line of thought is based on Rozeffà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1982) propositions. He suggests that dividend payout ratios may be explained by reduced agency costs when the firm increases its dividend payout and by increased more expensive external capital. Easterbrook (1984) gives further explanation regarding agency cost problem and says that there are two forms of agency costs; one is the cost monitoring and other is cost of risk aversion on the part of directors or managers. The agency theory is related with resolving two issues that can be held in an agency relationship. PROBLEMS: The desire of the principal and agent conflict and it is expensive or complicated for the principal that it cannot check that the agent has behaved appropriately. Risk sharing is a problem that occurs when the agent and principle have different behavior towards hazard. The issue here is that the principal and the agent may prefer separate actions because of the separate risk preferences. According to (Naceur, Goaied, Belanes, 2006) profitable firms with more stable earnings can pay larger dividend. Whenever they are growing very quick, dividend policy doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t get any impact from financial leverage and ownership concentration. Also the liquidity of stock market and size negatively impacts the dividend payment. Oskar kowalewski and Ivan Stetsyukand Olesksandr Talavera (2007) study that how corporate governance determines dividend polices in Poland. They have established for the first time, quantitative measures on the quality of corporate governance for 110 non- financial listed companies. Their result suggested that large and more profitable companies have higher dividend payout ratio .Furthermore, risky and more indebted firms prefer to pay lower dividend s. The results finally, based on the period of 1998-2004, Reveals that dividend policy is quite important in the valuation process of companies, but the issues still remain scantily investigated in transition countries. A study on the determinant s of dividend policy and its association to corporate governance in a transition economy both offers an interesting subject and complements the existing corporate governance literature. The agency theory points that dividend may mitigate agency costs by distributing free cash flows that otherwise would be spent on unprofitable projects by the management. It is argued that dividends expose firms to more frequent analysis by the capital markets as dividend payout increase the likelihood that a firm has to issues new common stock. On the o ther hand, scrutiny by the market helps alleviate opportunistic management behavior, and thus, agency costs. Agency cost, in turn, is related to the strength of shareholders rights and they are associated with corporate governance. Furthermore, agency suggested that shareholders may prefer dividends, particularly when they fear expropriation by insider. They test the determinants of dividend policy in a multiple regression framework to control for firm specific characteristics other than governance. All the variables enter the regressions with expected signs. Size and return on assets are positively associated with variable cash dividend. Leverage is negatively associated with variable cash dividend. Their results provide evidence that in Poland listed companies where corporate governance practices are high and as a result shareholders rights are for strong payout higher dividend. Jianguo Chen and Nont Dhiensiri(2009) suggest that relationship between dividend pay-out ratio (POR) with the pro Cash flow variability (CFV), ownership dispersion, insider ownership, free cash flow, collateral stable assets, Past growth (GROW1), future growth (GROW2), stable dividend policy and imputation credit (IMP). They analyze the determinants of the corporate dividend policy using firms listed on New Zealand Stock Exchange .They examined that firms traditionally have high dividend pay-outs compared with companies in the US. They find that their is a negative relationship between dividend payout ratio and CFV, Insider, Beta ,growth and positive relationship between ownership dispersion ,free cash flow, collateral stable assets stable dividend policy and imputation credit. Their conclusion provides strong support to the agency cost theory and partially supports transaction cost and residual dividend theory. They do not have any evidence to support the dividend stability theory and the signaling theory. 2.4 Signaling theory The explanation about the signaling theory given by Bhattacharya (1979) and John, Kose and Williams (1985) dividends allay information symmetric between managers and shareholders by delivering inside information of firm future prospects. 2.5 Effect of tax preferences theory Miller and Scholars (1978) find that the effect of tax preferences on clientele and conclude different tax rates on dividends and capital gains lead to different clientele. Tax Preference theory Investor gave an important consideration to the taxes. This should by keep in mind that the dividends are taxed at a higher rate than the capital gains. As such, capital gains are preferred by the investors as compared to the dividends. This is known as when the investments are actually sold only then the capital gains are paid. When capital gains are realized inverseà ¢Ã¢â€š ¬Ã¢â€ž ¢s can control, but dividend payments are un controllable by them and the related company controls the dividend payment. In an estate situation, capital gains are not realized. For example: If a stock is purchased by an investor 50 years ago and is held by him until his or her death, when it is passed on to an heir after he is expired. Now that heir does not have to pay taxes on stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s appreciation. 2.6 Life Cycle Theory Life Cycle Theory and Fama and French (2001) states that the firms should follow a life cycle and reflect managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s assessment of the importance of market imperfection and factors including taxes to equity holders, agency cost asymmetric information, floating cost and transaction costs. 2.7 Catering theory According to Baker and Wurgler (2004) in Catering theory suggest that the managers in order to give incentives to the investor according to their needs and wants and in this way cater the investors by paying smooth dividends when the investors by not pay when investors prefer non payers but put stock price premium on payers. 2.8 Lintnerà ¢Ã¢â€š ¬Ã¢â€ž ¢s Model John Lintner (1956) initiates with his theory relies on two important things that he studied about dividend policy: 1) According to the amount of positive net-present-value (NPV) projects the companies tend to set long-run target dividends-to-earnings ratios. 2) Earnings increases are not always bearable. As a result, until managers can see that new earnings levels are bearable, dividend policy is not changed As regards the empirical literature the roots of the literature on determinants of dividend Policy is related to Lintner (1956) seminal work after this work the model is extended by The Samy ben naceur, Mohamed goaied and Amel belanesthe (2006) during the period (1996à ¢Ã¢â€š ¬Ã¢â‚¬Å"2002) on the Tunisian Stock Exchange listed study the dividend policy of 48 firms. Lintnerà ¢Ã¢â€š ¬Ã¢â€ž ¢s model is applied using static and dynamic panel data regressions. They examined that Tunisian firms rely more on current earnings that past dividends to fix their dividend paymen ts in the way that dividends tend to be more sensitive to current earnings rather than prior dividends. Any inconsistency in the level of dividends is directly reflected in the earnings of the corporation. Samy ben naceur, Mohamed Goaied and Amel belanesthe (2006) focused on the relationship between dividend and ownership, liquidity, return on assets (ROA), profitability, investment, leverage ratio, size. The results indicate that highly profitable firms with more stable earnings can afford larger free cash flows and thus pay out larger dividends. Moreover, fast-growing firms distribute larger dividends so as to demand to investors. On the other hand, ownership concentration does not have any impact on dividend payment. In fact, being closely held Tunisian firms witness less agency conflicts and shareholders do not resort to dividends in order to reduce managerial discretion and protect their interests. The liquidity of the stock market has a negative influence, which confirms th at the implementation of the electronic transaction system in the TSE has facilitated the realization of capital gains, which has reduced the need for dividend payments. At last, the negative coefficient on size found in the full sample has disappeared when regulated firms are excluded, which reduces the strength of this factor. Researchers have proposed many different theories about the factors that affect a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy. Kanwal Anil and Sujata Kapoor (2008) analyzed that The Determinants of Dividend Payout Ratio-A Study of Indian Information Technology Sector. The period under study is 2000-2006 as it is known that the period of 5 to 6 years covers both recession and booming of IT industry. They stated that profitability has always been considered as a primary indicator of dividend payout ratio. There are numerous other factors other than profitability also that affect dividend decisions of an organization namely cash flows, corporate tax, sales growt h and market to book value ratio. They suggest that dividend payout ratio is positively related to profits, cash flows and it has inverse relationship with corporate taxes, sales growth and market to book value ratio. Statistical techniques of correlation and regression have been used to explore the relationship between key Variables. Thus, the main theme of this study is to recognize the various condition that effect the decision of dividend payout policy of IT firms in India. In short factors influencing the corporate dividend policy, according to them, may substantially vary from country to country because of inconsistency or variations in legal, tax and accounting policy between countries. In view of these facts, the present study aims at identifying the variables influencing corporate dividend policy in Pakistan. CHAPTER III DEPENDENT AND INDEPENDENT VARIABLES Objective of this study is to determine factors that have an impact on dividend of Oil Gas Exploration and Oil Gas Marketing sector of KSE. Dividend yield is dependent variable and the three independent variable are size, profitability and growth. These variables are discussed here. 3.1 Dividend yield (DY) Arthur A Thompson in his book Crafting and Executing Strategy says that the measure of the return that shareholder receives in the form of dividend is called dividend yield (DY). A typical dividend yield is 2 -3%, the dividend yield for fast growth companies in often below 1%(may be even 0) and the dividend yield for slow-growth companies can run 4-5%. Dividend yield can measure by annual dividend per share divided by current market price per share. Samy ben naceur et el(2006)The DY (dividend yield ) as our measure of the dependent variable equals to dividend per share to price per share, payout ratio cannot be used as a measur e of dependent variable because sample contains firms with negative earnings. Khamis Al-Yahyaee et el (2006) and Hafeez et el (2009) also used dividend yield (DY) as the dependent variable. CHAPTER IV EXPLANATORY VARIABLES This thesis selected 3 variables used by different researchers Samy ben naceur et el (2006) and Hafeez et el (2009). 4.1 Firm Size Hafeez et el (2009) The firm size has been calculated as the total assets of the firm because a posiyive coefficient is expected from this variable as there is a very low chance of bankruptcy in large more diversified firms and it can sustain higher level of debt. Scott and martin (1975) found that the size of the firm is very important factor which can affect the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy and debt policy. A negative impact has been found by market capitalization and size of the firms on dividend payout policy which clearly shows that the firms prefer to invest in their assets rather than pay dividends to its shareholders. The financial characteristic of size has been explained by Market capitalization and the size of the firm. According to the null hypothesis for this financial characteristic there is no relation between the market capitalization and size with dividend payout ratio but the results show that there is a inverse and significant relationship betwee n dividend payout and MV.Hence null hypothesis is rejected. The evidence supported by the finding of Belans et al (2007), Jeong (2008) deviate from Avazian et al (2006). Samy ben naceur et el (2006) the size of the firm by total market value (LNSIZE) and it is expected to be positively correlated with dividend paid. The literature suggests that size may be inversely related to the probability of bankruptcy (Ferri and Jones 1979; Titman and Wessels 1988; Rajan and Zingales 1995). In particular, larger firms should have an easier access to external capital markets and can borrow on better terms, Moreover, larger firms tend to be more diversified and their cash flows are more regular and less volatile. Thus, larger firms should be more willing to pay out higher dividends. Even the conflicts between creditors and shareholders are more severe for smaller firms than the larger ones. Khamis Al-Yahyaee et el (2006) they measure size of the firm from Log of sales. Firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy is influenced by variables such as size. There is an advantageous position for larger firms to raise external funds in the capital markets and are less dependent of internal funds. Therefore there is a negative relationship between dependence on internal financing and the size of the firm. Moreover, there is a chance of lower bankruptcy probabilities in larger firms and thus they are able to pay more dividends. Thus as per this research the hypothesis is H1= Firm size is positively associated with dividend payouts. 4.2 Firm profitability Empirical research found that there is a positive relationship between dividend yield and profitability. The more profitable the firms are, the more internal financing they will have, and thus are able to afford larger dividends. Some of them are as follow. Khamis Al-Yahyaee et el (2006) measured profitability by earnings before interest and taxes to total assets as our surrogate for profitability. Hence a positive relationship between profitability and dividend is expected. Since the annual profits pay the dividends therefore its logical that more dividends are paid by profitable firms. Samy ben naceuret et el (2006) measure the profitability by the return on assets (ROA) net income/total assets and it is positively correlated with dividend payments. Firms with high profitability can afford larger free cash flows and hence new investment opportunities. Therefore, paying higher dividends does not disturb them. In the same vein and according to the pecking order theory, firms prefer using internal sources of financing first, then debt and finally external equity obtained by stock issues. The more profitable the firms are, the more internal financing they will have, and thus are able to afford larger dividends. Hafeez et el (2009) measured Profitability Net Earnings and Earning Per Share after tax. The net earnings show the positive relationship with the dividend yield. The net earnings after interest, depreciation and after tax have been used as the explanatory variable to examine the role of earnings to pay dividends. Thus as per this research the hypothesis is H2= There is a positive relationship between a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability and dividend payouts. 4.3 Firm Growth Samy ben naceur et el (2006) measure investment and growth by MBV (market value of equity/ book value of equity) and annual rate of growth of total assets. Firms anticipate higher growth, when they establish lower dividend payout ratio because growth entails higher investment expenditures. When firms retain higher proportion of earning to finance future investment need due to high cost of external financing, their dividend pay out in anticipation of future growth stands reduced. Hence, a negative relationship between dividend payout and expected growth is expected. Khamis Al-Yahyaee et el (2006) measure the growth opportunities through market-to-book ratio. A negative relationship is expected between growth opportunities and dividend. Large additions of capital are required by the firms experiencing substantial success and rapid growth. Consequently, lower dividend payout policies are expected by growth firms. Similarly, the pecking order theory predicts that more earnings are r etained by the firms having a high proportion of market value followed by growth opportunities hence they are able to minimize the need to raise new equity capital. Free cash flow theory also predicts that their will be a lower free cash flow and lower dividend is paid by the firms with high growth opportunities. On the other hand Hafeez et el (2009) argued with the above researcher. According to the signaling theory the higher the firm grows, the higher they pay dividends to shareholders. The shareholders get signals from the growth of the firms having high growth opportunity. The sales growth has been used as proxy of Growth in the empirical analysis of the study and has been used as percent age change in sales annually as proxy of the growth. Whereas Kanwal Anil et el (2008), measured growth and investment by sales growth and MTBV. Hafeez Ahmed et el (2009) measures investment as SLACK = accumulated retained earnings/ total asset. Thus as per this research the hypothesis is H3= Firm growth is negatively associated with dividend payouts. Table 1 Summary of Proxy Variables and Research Hypotheses H1: Size MCAP = market capitalization Positive H2: Profitability ROA= net income/total assets Positive H3: Growth GROWTH = sales growth Negative CHAPTER V METHODOLOGY DATA COLLECTION METHOD The data is collected from Securities Exchange Commission of Pakistan, State Bank of Pakistan and the Karachi Stock Exchange. The variables of the study are calculated from the Audited Annual Accounts of 6 firms for the period of 2001 to 2008 resulting in about 240 observations for each variable and as such it is a long period enough to smooth out variable fluctuations. (Rozeff, 1982) SAMPLE Sample Size consists of six companies from oil and gas exploration and marketing sectors in Pakistan, listed on Karachi Stock Exchange (KSE) Total of six companies listed on Karachi Stock Exchange (KSE). Data collected from year 2001 to year 2008. STATISTICAL TEST Linear Regression test was performed to analyze data. Dividend yield is a dependent variable and growth, size and profitability are taken as independent variable. REGRESSION MODEL This study uses multiple regression analysis. This thesis estimate that Y= X0 + X1 + X2 + X3 + e Y = Dividend yield. X0 = Intercept of the equation. X1 = Firm size. X2 = Firm profitability. X3 = Firm sale growth. e = Error Term. CHAPTER VI DATA ANALYSIS AND INTERPRETATION Table 2 MODEL R SQUARE F Sig. 1 .223 3.917 .015(a) Table 2 above shows F Ratio for the regression model is significant which indicates that regression model is a best fit. Total variation in the dependent variable explained by the regression model as indicated by R square is .223 i.e. 22.3% change in dividend yield is explained by these three independent variables. Table3 UNSTANDARDIZED COEFFICIENT STANDARDISECOEFFICIENT t Sig. B Std. Error Beta (Constant) 0.066 0.011  5.826 0 Size -1.10E-06 0 -0.503 -2.879 0.006* Profitability 0.16 0.094 0.269 1.709 0.095** Sale growth 2.17E-07 0 0.484 3.038 0.004* *Significant at 1% **Significant at 10% Table 3 reports the ordinary least square results of the regression analysis. Results indicate that size of the firm is significant as shown in table 3 and shows that size is negatively correlated with dividend at 1% .As researcher taken in its own hypothesis that the size will present positive relation but its coefficient is negative which rejects researcher hypothesis. Since the size is also statistically significant but the hypothesis for this thesis shows that the growth is negatively related to dividend hence this hypothesis rejected. Some researcher result find out size as positive. Fama and French (2000 and 2001) concluded that more dividends are payable by large and more profitable firms. Lloyd and Jahera (1995 cited on holder 1998) concluded that those larger firms have easier access to capital markets which are more mature hence allowing for higher dividend pay-out ratios and reducing their dependence on internally generated funding. Aneel Kanwer (2002) measur ed size with total sale and researcher find out that size is positive related to dividend yields. Smaller company gives lower dividend as compared to larger company. Oskar kowalewki et el (2007) made a research in Poland and they measured size with total assets .they find out that size is positively related to dividends because more dividends are paid by companies which are larger in asset and size.. Some researcher result find out size as negative .The result of the research by Hafeez Ahmed et el (2009) on KSE (non financial firms) is similar to this thesis result. they measure size with natural logarithm of total assets This results indicates that the size of the firms have the negative impact on dividend payout policy which shows that the firms prefer to invest in their assets rather than pay dividends to their shareholders .. Samy Bin Naem et el (2006) made their research on the firms of the Tunisian Stock Market and They measured the size with logarithm of stock market capitalization. They concluded that there is a negative relationship between size and dividend, but the negative relationship disappeared when regulated firms are removed. Since the result of the researcher Fama and French (2000 and 2001) , Lloyd and Jahera (1995 cited on holder 1998) , Aneel Kanwer (2002) and Oskar kowalewki et el(2007) shows that the size is positively related with dividend and result of some other researcher like Hafeez Ahmed et el (2009), Samy Bin Naem et el (2006) shows that the size is negative related to dividend, the logic of this opposite view by the researcher is that different countries have different environment, taxes, difference in culture, different economic position and so on, in addition to that, difference in industries and financial firms are the major reasons of difference in the views of various researchers. The hypothesis of this thesis is positive because large size firms pay more dividends and hypothesis of various researchers is also positive large size firm will have more profit and hence pay more dividends to their shareholders but the result of this thesis is negative, because researcher used stock market capitalization to measure size. The large firms dominate and may be involved in greater scale production, and thus distribute less cash dividends as compared to their smaller counter parts. Profitability is positively correlated with dividend which is significant at 10%. This shows that more profitable firms are give more dividend than the firm which are less profitable. The result of the research by Hafeez et el (2009) they measured profitability with Earning Per Share after tax and Samy Ben Naceuret et el (2006) they measured profitability with ROA=net income/total assets is similar to this thesis result. The results indicate that large free cash flow is afforded by the firms which are highly profitable and with more stable earnings. Khamis Al-Yahyaee et el (2006) measured the profitability by ear nings before interest and taxes to total assets as our surrogate for profitability. Hence a positive relationship between profitability and dividend is expected. Since the annual profits pay the dividends therefore the more the profitable firm the more they will pay the dividend Shammyla Naeem et el (2007) measured the profitability with return on investments. They also get the same conclusion the size is positively related to the dividend the higher profitable firms pay more dividend Another research by Adaoglu (200), Amidu et el (2006) and Belans et al (2007) is similar to this thesis result. This shows that the firms with the positive earnings pay more dividends. This is indicated that the profitability which shows the positive and significant association with dividend yield. Since the Growth is also statistically significant as shows in Table 3 and the hypothesis for this thesis shows that the growth is negatively related to dividend but the result of this thesis differ s from the hypothesis because it is positive related to the dividend hence this hypothesis rejected. The result conclude that growing firms are more geared to provide more dividend. Some researcher result find out growth as positive. The result of the research by Samy Ben Nnaceuret et el (2006) measured growth with annual rate of growth of total assets is similar to this thesis result. The results indicate that fast-growing firms distribute larger dividends so as to appeal to investors. The result of research by Hafeez et el (2009) The growth has been measured growth with sale. According to the signaling theory the high growth firms are smoother to pay their dividends to shareholders. Growth is the signals to the Shareholders the firms having high growth opportunities. Whereas, some researcher result find out growth as negative. Rozeff (1982), Lloyd et el. (1985) and Collins et el. (1996) all shows significantly negative relationship between growth and dividend payout. R ozeff, (1982) obtains the results which is similar to our hypothesis that dividend payout is negatively related to growth due to investment needs for costly external funding and growth which is significant at 5%. Khamis Al-Yahyaee et el (2006) measure the growth opportunities through market-to-book ratio. Negative relationship between growth and dividend. Large additions of capital are required by the firms experiencing substantial success and rapid growth. Consequently, lower dividend payout policies are expected by growth firms. Kanwal Anil et el ( 2008) made their research on IT firms in India which conclude that dividend payout ratio is inverse relationship with growth .They measured growth by sales growth and MTBV. Jianguo Chen et el (2009) measured growth with Average growth rate of revenues, made their research on sample firms listed on NZSE which conclude there is significantly negative relationship between growth and dividends payout ratio and its significant level is 5%. The hypothesis of this thesis is negative because when the growth increase, the firm tends to pay more attention on their internal financing and they invest in their own company rather then paying to the shareholders. The result of this thesis is positive because the growth is measured by sale growth. The more sale growth the more will be the profitability and therefore the company will generate revenue and hence more dividend is paid to their shareholder. CHAPTER VII CONCLUSION In this research, three variables were tested to analyze their possible impact and relationship with dividend yield policy, namely size, profitability and growth. The thesis uses multiple linear regression models, the data analysis covering from 2001 to 2008 of Oil gas sector in Pakistan. Results show that dividend yield and independent variables are statistically significant. Size is statistically significant which shows that relationship exists between firm size and dividend yield. The significant level which we took was 1%, in an article by author Khamis Al-Yahyaee et el (2006) the significant level was also 1% since the size is significant but the Result shows that there is a inverse relationship between dividend yield and size. This shows that hypothesis of this research is rejected. This result is supported by the result of different researcher Samy Bin Naem et el (2006) and Hafeez Ahmed et el (2009) Profitability is also statistically significant. Positive relation ship exists between the dividend and profitability, the significant level we took here is 10% in an article by the author Yahyaee et el (2006) the significant level was also 10%, this shows that H0 is rejected. The more the firms are profitable the large they give dividends. We measured the profitability by ROA. This result is supported by the result of different researcher Samy Ben Naceuret et el (2006), Shammyla Naem et el (2007) and Hafeez et el (2009). Growth is also statistically significant. The significant level of our research is 1%. There is a positive relationship between growth and dividend yield which indicate that the hypothesis of this thesis is rejected because in this thesis hypothesis the growth is negatively related. This result is supported by the result of different researcher Samy Ben Naceuret et el (2006) and Hafeez et el (2009). RECOMMENDATIONS In this research, three variables were tested to analyze their possible impact on dividend yield, but study of available literature reveals that there some other variables that may have an impact on dividend yield policy of a firm such as price to earnings ratio, profit margin, debt to equity ratio, current ratio, available float, insider ownership, institutional ownership, and investment policy. Further researches can be carried out to test the relationship of these variables on firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy and what kind of relation they have can also be tested. Having said the above and as earlier mentioned in the introduction, the number of variables affecting the dividend payout policy, are numerous. However, the three variables that have been taken into consideration for this thesis are very significant to oil and gas sector. As per the research conducted by researcher, an opportunity is taken to recommend that these variables are a key ingredients for any divide nd analysis but would like to stress that other factors or variables which are inherent due to the uniqueness of the company/industry being reviewed should also be taken into consideration before arriving at an opinion on its respective dividend policy.

Greek Mythology and Medusa - 2709 Words

Medusa Medusa, the daughter of Phorcys and Ceto is a famous gorgon in Greek Mythology. Medusa, who represented female wisdom, was the eldest of two other Gorgon sisters, Stheino, who represented strength, and the last sister, Euryale as universality. Medusa was the mortal one of the sisters. She was known originally for being a beautiful young maiden, her loveliest feature being her long gorgeous hair. She was a virgin, and she was raped by Poseidon, Lord of the Sea, while she had been worshipping in the temple of the Goddess Athena, the goddess of wisdom and war. Athena was enraged about this happening in her temple. She blamed Medusa for this sacrilegious act and punished Medusa by taking her beauty away from her and turning her into a†¦show more content†¦It was she who guided and instructed him throughout his journey and slaying. Since the myth symbolized the usurping of her powerful roots in a culture where she and Medusa were one, it is appropriate that only she would know the secrets to find and defeat the Gorgon, Medusa.† (The Greek Myth, Pg. 141) Medusa means, â€Å"Sovereign female wisdom.† Her ancient, widely recognized symbol of female wisdom was her threatening mask. The face that had unblinking eyes. All seeing eyes that see through every person, penetrating their illusions and looking into the abyss of truth. Her mouth is deathly looking. It is devouring of all the lives of men. Her tongue protrudes like snakes and her face is surrounded by a halo of spiraling, serpentine hair which symbolized the great cycles and her serpent wisdom. Horns coming out of her head that were meant to scare men. Birds appear on her head and shoulder, signifying her generative as well as death wielding powers of her dark, crone aspect. They also represent the heavens of the sky. Snakes coil around her arms, legs or are entwined in her hair and are shown whispering into her ear. The serpent is a totem of the cycles of life, death, and rebirth and the seasons. It is the connection to the fertile earth and to the underworld. It also symbolizes immortality as it was thought to shed its skin indefinitely. The serpent is also an emblem of the ocean as the sea was known asShow MoreRelatedGreek Mythology And The Mythology850 Words   |  4 Pagesdepending on which part of the world an individual is in. The Greeks and Romans are both very polytheistic civilizations. They believe in a multitude of gods and creatures, and they have gods for fertility, elements, war, medicine, and a multitude of others. The mythology of these two cultures is exceedingly similar, although for those looking for a more interesting view on the subject, Greek mythology is far superior to Roman mythology. The time period in which mythological tales were told beganRead MoreDifferences Of Athena And Minerva801 Words   |  4 Pagesboth Greek and Roman civilizations, mythology played an important part in their empire’s success. Both of these civilizations were polytheistic religions. Likewise, they had major and minor gods and goddesses as part of their religion as well. However, since the Roman Empire conquered many cultures including the Greeks, their gods blended with many similarities with the gods that the Ancient Greeks worshipped. One goddess that is very similar in both Greek and Roman mythology is Athena (Greek) andRead MoreThe Mythology Of Greek Mythology978 Words   |  4 PagesThere are many different types of different creatures of Greek Mythology. There are Centaurs, Minotaur, Pegasus, Sirens, Medusa, and many more. These creatures can either be helpful to the Gods and Goddesses or they can work against them. Some of the creatures’ stories even intertwine with the stories of the Gods and Goddesses of Greek mythology. I will concentrate on the following creatures: Centaurs, Pegasus, Sirens, and Medusa. My favorite creatures out of all of these are the Sirens, becauseRead MoreGreek Mytholoical Monsters1029 Words   |  5 Pagesfoe he fights against. In Greek mythology, this process works the same way. The gods and goddesses of Greek mythology had many foes, usually being monsters. The monsters in Greek mythology were known to destroy people, damage different cities, or cause all kinds of havo c. The Gorgons, Lamia, and Hydra, are few of many monsters that were menaces to society. The Gorgons were possibly the most well-known of the Greek monsters. Originally Stheno, Euryale, and Medusa, the daughters of ancientRead MoreThe Discovery Of Mars Bars1635 Words   |  7 Pagesconnection between Mars Bars and the god of war, Mars, creates a powerful and intimidating, yet attractive image of the snack. Source #2: PANDORA is a jewelry brand known for their charm bracelets and is an allusion to the first woman of Greek mythology, Pandora. Aphrodite, Apollo, and several other gods/goddesses bestowed gifts on Pandora, which means all-gifted. In their choice of name, PANDORA is saying their items embody various attractive characteristics, such as beauty. Although PandoraRead MoreAncient Greek Myths Of Tantalus, Medusa, Achilles, And Icarus1519 Words   |  7 Pagesfrom Greek mythology, and maybe they even have a favorite. These stories can have any number of different tellings, all with various tones, emotions, and purposes, depending on who wrote them and when they were created. What s most important to me, however, is not their exact replication, but the idea that these stories can be handed down from generation to generation and still hold relevance. I, nonetheless, do have favorites of my own; they are the ancient Greek myths of Tantalus, Medusa, AchillesRead MoreGreek Mythology Essay1491 Words   |  6 PagesGreek Mythology Odysseus, in Greek legend, a Greek hero, ruler of the island of Ithaca and one of the leaders of the Greek army during the Trojan War. Homers Odyssey recounts Odysseuss adventures and ultimate return home ten years after the fall of Troy. Initially, Odysseus was mentioned as the son of Laertes, king of Ithaca, although in later tradition Sisyphus, king of Corinth, was considered his real father, his mother having later married Laertes. At first Odysseus refused to accompany theRead MoreHistory of Perseus899 Words   |  4 Pageslives. These stories would form an important part of the culture’s religion and are referred to today as mythology. One great hero from ancient Greek mythology is Perseus. According to both ancient standards and today’s standards, Perseus would be seen as a great hero. The many actions that Perseus is said to have done in his adventures prove his heroism. Perseus was born to Danae and the Greek god Zeus. Acrisius, the father of Danae, was told by the oracle of Apollo that Danae’s son would killRead MoreAnalysis Of Prometheus, Pandora, And Io1400 Words   |  6 PagesAncient Greek mythology constantly has some type of relationship between the gods and mortals. The mortals might ask for the god’s help or may feel the wrath of a god in any myth. In the stories of Prometheus, Pandora, and Io, along with the story of Medusa, and Cassandra, the mortals end up suffering. In some of the myths, the mortals will do what the gods want, but would be punished. They might even have an affair with a god or goddess but only the mortal will be punished. 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Succubus on Top CHAPTER 14 Free Essays

string(54) " to hear about you two rolling around in cake batter\." I wasn’t prepared for Dana to answer Bastien’s door the next day. Oh my God, I thought. He finally slept with her. We will write a custom essay sample on Succubus on Top CHAPTER 14 or any similar topic only for you Order Now The truth turned out to be far less exciting. Bastien – as Mitch – was covered up to his elbows in flour, his hands busily kneading a medium-sized lump of dough. â€Å"Hey Tabby Cat,† he said upon seeing me and my startled expression. â€Å"Dana’s teaching me to bake bread.† â€Å"Wow,† I said. Really, there was no other way to respond to a statement like that. I had personally seen Bastien make bread in far more primitive conditions, but he apparently believed the old teacher-student routine was going to pave the way to Dana’s bed for him now. It did have its merits, of course. Human nature liked showing superiority in areas of expertise, and a teaching relationship provided lots of alone time together. I suspected that even with that tactic, Dana might still be out of reach, but hey, maybe it was worth a shot. The fact that she actually made time for this struck me as odd. I figured she’d be too busy bombing abortion clinics and handing out school uniforms. Speaking of alone time, I worried that I’d blundered into some meaningful opportunity for the incubus. I met his eyes. â€Å"I can come back later if it’s a bad time,† I told him. â€Å"No, no. Dana’s got to go to a meeting soon. You can keep me company once this baby’s in the oven.† His tone was genuine. He’d probably already exhausted efforts to get her to stay. Uneasy in her presence, I sat on one of the stools by the counter and sipped the white-chocolate mocha I’d picked up on my way over. Dana sat down beside me. I resisted the urge to move away. Glancing at his kitchen table, I saw stacks of CPFV pamphlets and brochures. â€Å"Why the interest in cooking?† I asked blandly when no one said anything. â€Å"A bachelor can’t live on fast food and frozen dinners forever, huh?† He turned up the dial on his smile. â€Å"And hey, I’m always open to new experiences. Next time she’s going to teach me to make creme brulee.† I grunted. â€Å"You learn to makecreme brulee, and I might have to move in.† Dana turned to me, elegantly crossing her legs, showing that oh-so-wholesome slip obtained during the infamous shopping trip. I’d given up on slips a while ago. They just delayed the main event. â€Å"I could show you too.† Hell no. I’d gotten roped into yard work by pursuing a similar vein of conversation with Jody. No more domestic vices for me. Besides, I knew Bastien wouldn’t welcome my presence. â€Å"Thanks, but I’ll just leave it to Mitch. He’s the brilliant one in this family anyway.† Bastien gave the bread a final pat. â€Å"Okay, now what?† â€Å"Now we put it in the pan.† She walked over to show him. As she did, he leaned in extra close, supposedly to get a better look. He even reached out his hand to brush hers, following her motions as they transferred the bread. Perhaps it would have been polite to look away, but there was nothing overtly romantic going on, and besides, I felt a professional interest in the matter. Histechniquewas good, I had to admit. Very subtle. Nothing that could be misconstrued as more than a polite accident. Yet, I saw Dana – just as subtly – stiffen and step away once the bread was in its pan. â€Å"Now you just let it rise,† she said, in a somewhat cooler tone. â€Å"Then it goes in the oven.† Interesting. She hadn’t liked Bastien’s proximity. That didn’t bode well for him. I didn’t think he noticed, however. I would have expected her to leave, but she sat down next to me again. I could never think of anything interesting to say around her; she unnerved me too much. So I let the two of them talk, answering only when spoken to and otherwise letting Bastien run the show. He positively glowed. Dana tried to draw me in a number of times, again asking me things about my life I really didn’t want to answer. When she finally rose to go, she commented, â€Å"I’m off to a board meeting to plan our upcoming rally against gay marriage. You two should join us when it happens.† â€Å"Absolutely,† said Bastien, who probably would have agreed to an anti-incubus rally at this point. She glanced over at me. My tongue suddenly felt thick, words again eluding me. â€Å"Are you for gay marriage?† she asked with surprise. â€Å"I thought when we talked about this at the mall, you had implied you were more in favor of helping them see the error of their ways.† Christ. Had we discussed this on the mall trip? I couldn’t remember. The only thing I recalled clearly was the lingerie debacle. I wanted to argue right then that I didn’t think homosexuality was a â€Å"choice† for all people, nor did I believe there should be laws about who people loved. Fortunately, my control switch was fully operational. That, combined with Bastien’s heavy gaze, made me redirect my answer and evade the question. â€Å"I’d love to go to the rally,† I said flatly. â€Å"It’ll depend on my schedule.† She smiled thinly, made a few parting remarks, and then left. I exhaled. â€Å"Sorry about that, Bas. I nearly choked up on you.† â€Å"Not a problem. You recovered. Besides, I think things are turning around. I thought of it the last time she and Jody were over. This cooking thing is going to be what does it.† He peered into the oven at his now-baking bread before sitting at the kitchen table happily. â€Å"Can’t you see it? We’ll be like, I don’t know, baking a cake together, and I’ll say, ‘Why Dana, you have chocolate frosting on your cheek.’ Then she’ll say, ‘Will you get it off for me?’ Then I will, only I’ll lick it off – â€Å" â€Å"Okay, just stop now, please. I get the picture. I really don’t want to hear about you two rolling around in cake batter. You read "Succubus on Top CHAPTER 14" in category "Essay examples"† â€Å"You’ll have to once it’s on the evening news.† I smiled, relieved to see him so cheered up after our last encounter. I couldn’t bring myself to tell him I didn’t think the cooking lessons were making Dana quite as hot and heavy as he would have liked. If we were going to save Bastien from demonic wrath, I believed we needed a better understanding of what – if anything – turned that woman on. And I had the distasteful feeling that I would be a better agent for that particular piece of reconnaissance than he would be. One more thing to add to my list. â€Å"So what’s new with you?† â€Å"Oh, the usual. Another awkward physical encounter with Seth. Not nearly as big a deal as the last one, but still.† Bastien shrugged. â€Å"Alas for mortal weakness.† Dana left my mind as my own personal relations came to the forefront. â€Å"That’s the thing. Everyone’s been going on and on about how he wouldn’t be able to handle our relationship, but it’s not his weakness that’s the problem. It’s me. I’m the faulty piece here. Seth’s done exactly what he’s supposed to. He handles every horrible thing I tell him about myself, and he never does anything to cross the sexual line. His one moment of weakness was when I initiated things. He’s perfect.† â€Å"Nobody’s perfect, Fleur .If there’s anything I feel certain of in this world, it’s that. Even the angels themselves are imperfect.† I thought about Carter’s chain-smoking and penchant for hard liquor. â€Å"That’s for damned sure. But Seth comes pretty close. At least as mortals go. Whereas me†¦I don’t know. I feel so useless in our relationship.† He stood up and drew me to him. â€Å"What is this, your day to feel melodramatic and depressed? Look. No way are you useless – not if you’ve been with him this long. He’s in it for more than sex. He’s in it for you. For that delightful wit and charm that manages to cheer even grumpy bastards like me up. What I can’t figure out is what the hell you’re getting out of it.† â€Å"Plenty,† I said, thinking of Seth’s humor and intelligence, his serious and steady nature. â€Å"And I suppose he’s happy with what he’s got, but he must still, you know, feel unfulfilled. He’s a man, right? I see him looking at me sometimes, and I know what he’s thinking†¦what he wants.† I thought about my toe-teasing. â€Å"I don’t think I really make it easy on him either. I flirt without thinking about it. I wish I could give him, I don’t know, something. Something nonlethal to reward his amazing celibate strength – and overall amazingness with everything that’s happened so far. â€Å" â€Å"Nonlethal’s going to be hard for you. You’re the ultimate look-don’t-touch girl.† My slumping head shot up. â€Å"That’s it.† â€Å"What’s it?† â€Å"Looking without touching. You’re going to help me.† I felt my natural optimism and vigor seizing me as I flashed the incubus a saucy grin. â€Å"You’re going to be my photographer.† His eyebrows rose, but I think he already knew where I was going with this. â€Å"And pray tell, what will I be photographing, my dear?† â€Å"Me. In a bevy of alluring poses and skimpy underwear. Or nothing at all. We’ll do a whole spread.† His smile twitched at the word spread. â€Å"And you think this will help him? All it’ll do is drive him into the bathroom alone for ten hours.† â€Å"Hey, he can do whatever he wants with them, but it’s a great idea. It’ll be a treat. A safe way of having me without having me.† I poked the incubus in the arm. â€Å"You’ll help, won’t you? You’re the only person I trust to take these.† â€Å"Of course I’ll help you. Why’d you even ask?† I sighed happily, like a great load had been taken off of me. â€Å"Of course, even if this is good for Seth, it doesn’t solve the problem of me being a weak-willed strumpet. I’ll still be thinking about him all the time. Still wondering what it’d be like to touch – really touch – him. Still breaking down with him in moments of weakness.† I sighed again, this time with frustration. â€Å"There’s no helping me, I guess. Pictures of him won’t do it.† â€Å"Hey,† said Bastien, touching my chin. â€Å"Smile again. You’ll figure out something. And if not, I promise you I will. The brother you never had, remember? We’re here for each other, n,est-ce pas ?† I smiled and leaned my head against his chest. â€Å"Oui.† We stayed like that for a few pleasant minutes until I remembered far less sentimental issues. I sat up. â€Å"Oh, hey, you have got to check something out.† I picked up my purse and pulled out the bag of crystals Alec had given me. Bastien recoiled when I held them out to him. â€Å"What the hell are those?† â€Å"That’s the million-dollar question. These are what’s causing my friend at the bookstore to act so weird.† Regaining his composure, he leaned in to look closer but wouldn’t touch the bag. â€Å"They’re strange,† he said slowly. â€Å"They give off something†¦Ã¢â‚¬  â€Å"Like an immortal signature,† I agreed. â€Å"But I’ve never felt an inanimate object that did this. It’s not the same as an enchantment.† â€Å"It doesn’t feel bad exactly†¦just not right.† â€Å"I asked Seth about it. Mortals don’t feel anything, only us. Ever come across anything like this?† â€Å"No, but then I’m the novice next to you, right?† I slid the crystals back into my purse, to the relief of both of us, and then explained what Alec had said about mixing them in liquid. â€Å"Curiouser and curiouser,† mused Bastien. â€Å"Not like any drug I know, but it’s not giving off any legitimate potion vibes either. If you want to know what this is, Fleur ,you’re going to have to break out the big guns.† I knew he was right. We hung out together a while longer, moving on to less weird subjects. The bread smelled so good cooking that there was no way I could leave until I’d tried a piece. Upon tasting it, I decided that whatever her other faults, Dana knew what she was doing with food. I ended up getting away with a good half loaf of the bread and then drove back downtown to find the â€Å"big guns.† I got a lucky break, and Jerome actually answered his cell phone and gave me his location. Even if he hadn’t, it would have been on my list of places to try. The Cellar was an old, dark pub in Pioneer Square, Seattle’s historic district. You had to take a flight of stairs down to get to the Cellar, and I always had the feeling the place wouldn’t survive the Northwest’s next big earthquake. The Cellar was one of Jerome and Carter’s favorite haunts. I found them both there in their usual corner. The place was dark, as always, and was starting to pick up a little with happy-hour traffic. Angel and demon watched me enter with their typically amused expressions, both having sensed me before I cleared the door. Jerome always gave the impression over the phone that I was taking up his time, but neither seemed particularly busy now. I ordered a gimlet at the bar, smiling at the two guys who made conversation while I waited, and then moved on to join the dynamic duo. â€Å"A working lunch?† I asked, inclining my head at the empty shot glasses in front of them. The two practically sat side by side, so the only other chair was across from them, like I was at an interview. Carter picked up one of the empty glasses and offered me a mock toast. I clinked my glass with his. â€Å"Don’t question the divine workings of the universe, Daughter of Lilith. â€Å" â€Å"The Lord’s work is never done,† added Jerome solemnly. They both seemed a little loopy, but I wasn’t fooled. Higher immortals like angels and demons could control their levels of intoxication. The other lesser immortals and I had said a number of stupid things in front of them when we thought either Jerome or Carter had been wasted. Their eyes held a shrewd scrutiny even now that told me they were both curious about why I’d sought out my supervisor in the middle of the day. â€Å"Been to see the incubus?† Jerome asked a moment later. I nodded. â€Å"He thinks he’s making progress.† â€Å"Thinks?† asked the demon, raising one eyebrow. I wondered if John Cusack could actually do that. â€Å"Is there a doubt?† â€Å"I didn’t say that.† â€Å"But you also didn’t say that he is making progress.† â€Å"A slip of the tongue. I misspoke.† â€Å"You don’t misspeak often, Georgie. And I’ve come to actually believe you do know something about seduction after all. And maybe even human nature.† â€Å"Something?† Carter laughed at my incredulous tone. â€Å"So,† continued Jerome, â€Å"in your expert opinion, is your friend going to be able to do this or not?† I was about to say â€Å"of course,† but knew Carter would recognize the lie. Hell, even Jerome probably would. â€Å"I don’t know. She’s hard to read. Very strange woman.† I pursed my lips, thinking. â€Å"If anyone is capable of seducing her, though, it’ll be him. With my help.† I hesitated before adding, â€Å"You know about the Barton thing, don’t you?† â€Å"Of course. Very foolish on Bastien’s part.† â€Å"I guess.† I didn’t want to slam one of my best friends in this company. â€Å"But it’s not like our side is really known for impulse control. And it seems kind of stupid for Barton to get so worked up over a woman who sleeps around all the time anyway. What’s one more person, immortal or not?† â€Å"Because the immortal meant something,† said Carter seriously. â€Å"You of all people should recognize the nuances here. What would Seth think if you slept with me?† â€Å"Are you offering?† I turned to Jerome, feigning excitement. â€Å"I get to retire if I bag an angel, right? Full pension and everything?† â€Å"Depends on the angel,† yawned Jerome. Carter kept his complacent smile, unfazed by jokes about his celibacy or immortal standing. â€Å"You know what I mean. There’s a difference between business and choice.† I nodded. I did know what he meant, and he was right – being with Seth made me especially cognizant of the subtleties. â€Å"You know, I didn’t come here to discuss this,† I told them. Both had the tendency to steer me off topic into subjects I didn’t want to explore. â€Å"Well, do enlighten us then,† said the archdemon indulgently. â€Å"I’m dying to know what would draw you away from suburban conspiracy and mortal intrigue in the middle of the day.† â€Å"Actually, it involves mortal intrigue.† I gave them a debriefing on the Doug situation. Jerome maintained his perpetual look of disinterest. Carter almost did, but snide or not, he was still an angel, and I saw compassion flicker in his eyes as I spoke. He couldn’t help it. â€Å"So, I finally managed to get Alec to give me the stuff, and now I need to know what it is. You two seemed like my best shots at identification. â€Å" Jerome’s disinterest turned to astonishment. â€Å"This is what we’ve been reduced to? Drug identification? Do we look like the DEA?† Carter stretched lazily. â€Å"Remember the good old days when succubi used to want our help defending them from nephilim and other lethal creatures? This is a sign of the times, I tell you. â€Å" I let them have a good laugh at my expense, forcing myself to stay calm and not say something that would get me into trouble. â€Å"Are you guys done?† I asked a minute later. â€Å"Because I’d really like to get moving on this.† â€Å"Are you going to share some of it with us if we can tell you what it is?† asked Jerome. Rolling my eyes, I reached into my purse. With a flourish, I tossed the little bag out onto the table so it slid across the surface and came to rest just in front of both of them. Their smiles disappeared. They stared at the bag for a moment and then – in almost perfect synchronization – looked at each other and back to me. When Carter spoke, he was amused, but grimly amused. â€Å"Maybe I shouldn’t have been so quick to rule out supernatural monsters after all.† â€Å"How,† exclaimed Jerome, nostrils flaring, â€Å"do you always manage to get yourself mixed up in the middle of this shit?† I looked back and forth between the two of them. â€Å"What? What is it?† â€Å"This, Georgina,† announced Carter, tapping the bag with his finger, â€Å"is the Food of the Gods.† How to cite Succubus on Top CHAPTER 14, Essay examples

Last Memories with My Grandfather Essay Example For Students

Last Memories with My Grandfather Essay During summer, I usually spend two months at Ranong visiting my grandfather. At his large home in countryside, I can stay with a different life from city life at my home. I live simply there such as wandering leisurely in a natural environment, dressing as plainly as I want, and having many spicy local dishes. Moreover, my kind grandfather takes care of me well. Not only does he usually go out with me, but he also gives me lots money. Therefore, I always look forward to staying with him during summer. However, my last memories about my grandfather were different. I was called to be in hurry from Bangkok to Ranong. It was not a visit at his home in summer, but it was an emergency at the hospital at urgent night. At peaceful night, on the quiet roads stands the big old shadowy government hospital. At the top of the building was the square label ‘Ranong hospital’ brightened vaguely by the dim green light. Around the hospital was a car park which had few cars left. One ambulance with sparkling red and blue light and angry siren interrupted the calmness of this hospital. I saw it passing my car which just arrived to the front of the hospital that made me more depressed. Getting off the car, I felt the groaning wind touching my face and then I rushed into the hospital. Inside the hospital was busily contrastive to the outside. The patients were sitting on every unoccupied sofa while the troop of nurse in identical white uniform was moving tightly. The front section was the information center with wearily nurse informing me unwillingly about the direction of my grandfather’s room. Walking through the straight corridor to his room, I passed some unpleasant sections. First is the waiting room where many patients walked unsteadily like toddler and some were on wheelchairs with bandages and plasters seeping with blood. Next was an emergency room where a man wearing helmet and torn shirt over which had blood held by his frightened wife was screaming. Seeing these miserable scenes, I turned my face away and walked as fast as I could to my destination. Thereafter, in front of me was an exclusive male patients’ room. I nervously walked inside to search for my grandfather. The entire room presented a gloomy look. It was a medium-sized white room laying four beds in four rows. Every single bed had many patients crying and groaning. The room was so congested that the air conditioner was not cold enough to comfort anyone. At the fourth row on the right side, I hastened to join my arriving cousins gathering around the bed. On that bed hung the name, Suwit, and the details, diabetes and high-blood pressure, my grandfather lay unconsciously. The smell of the medicine was around him diffusely. Beside him was many medical equipment and ropes suspended disorderly. The prayer from the radio beside him echoed around us. Also, the slower of the heart rate monitor machine sound was, the louder of my family’s scream and cry were. It was difficult for me to believe that this was my grandfather. He looked totally different from the one I have known. The chubby man with dark complexion in healthy look turned to be boney and pale. His twinkling eyes which were full of warmness shut motionlessly. His sharp natural-colored lips became dry and pale, and they were also covered with a respirator. His usual smiling face now showed no emotions. As I touched him, I felt the dryness of his skin like a sand paper and the coldness on his body. His wrist was vaccinated for saline solution and fluid food. It looked terribly painful. His inconsistent breath was gradually slower until at once it missed. Suddenly, the heart rate monitor machine beeped like a horn. The wisely doctor and energetic nurse calmly told us that poor grandfather wouldn’t suffer from these painful medical equipment anymore. We moved from the former tragic room to the tranquil one with fresh air. .u7c6b9cc3ffaba52f06ee18f4f0b6ae91 , .u7c6b9cc3ffaba52f06ee18f4f0b6ae91 .postImageUrl , .u7c6b9cc3ffaba52f06ee18f4f0b6ae91 .centered-text-area { min-height: 80px; position: relative; } .u7c6b9cc3ffaba52f06ee18f4f0b6ae91 , .u7c6b9cc3ffaba52f06ee18f4f0b6ae91:hover , .u7c6b9cc3ffaba52f06ee18f4f0b6ae91:visited , .u7c6b9cc3ffaba52f06ee18f4f0b6ae91:active { border:0!important; } .u7c6b9cc3ffaba52f06ee18f4f0b6ae91 .clearfix:after { content: ""; display: table; clear: both; } .u7c6b9cc3ffaba52f06ee18f4f0b6ae91 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u7c6b9cc3ffaba52f06ee18f4f0b6ae91:active , .u7c6b9cc3ffaba52f06ee18f4f0b6ae91:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u7c6b9cc3ffaba52f06ee18f4f0b6ae91 .centered-text-area { width: 100%; position: relative ; } .u7c6b9cc3ffaba52f06ee18f4f0b6ae91 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u7c6b9cc3ffaba52f06ee18f4f0b6ae91 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u7c6b9cc3ffaba52f06ee18f4f0b6ae91 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u7c6b9cc3ffaba52f06ee18f4f0b6ae91:hover .ctaButton { background-color: #34495E!important; } .u7c6b9cc3ffaba52f06ee18f4f0b6ae91 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u7c6b9cc3ffaba52f06ee18f4f0b6ae91 .u7c6b9cc3ffaba52f06ee18f4f0b6ae91-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u7c6b9cc3ffaba52f06ee18f4f0b6ae91:after { content: ""; display: block; clear: both; } READ: Globalization and music EssayThere was only our family and everyone could control their minds to stop crying. my grandfather who now left medical gadgets penetrating to the body that once tortured him was calm. The last moment I saw him was that he was serene with happiness before he was covered with unbleached cloth and was taken from us. Although my last memories about him was not the same as good old days that he always smiled and played with me, he was always my same generous grandfather who stuck in my mind forever in my good memories.