My Chemical Romance.

My Chemical Romance. Gerard, Mikey and Frank all had drug problems. Mikey and Gerard, on top of that had alcohol problems. They got themselves better. They knew no one else could help them. What encouraged them to get better? Themselves, and the music. Ray had the absolutely awful job of having to watch them go through all of this, on top of him trying to be the perfect guitarist. Frank would do drugs over the weekend, and wake up on Monday not knowing anything that had happened. Mikey felt depressed alongside Gerard, and before shows they would heavily drink together to try and relieve the stress. I'm gonna get better. † – Gerard Way. Gerard had attempted suicide, which is not the place anyone wants to be. He called up his manager, Brian, and told him. Came out to him about everything, the drinking; the drugs; and how he has a problem. Brian had to talk him out of suicide while on the complete other side of the world to Gerard, until Gerard woke up the tour manager and they spoke together, until Gerard passed out. Ray was probably first to let Gerard know he had a bad, bad problem. Ray told him he needed help, and within 17 days of Gerard understanding that, he got sober again.The band had saved his life. The band had saved Frank Iero's life. Frank LIVES for the music, and nothing else. It's the music that keeps him alive. Mikey hit depression during The Black Parade, and had to leave the band for a while, so he could get better, and play the music once again with 3 of his best friends. The band inspired Mikey to get better. The band saved his life. Ray seriously went through so much, and he would still be either trying to make music in small, unknown bands to make himself happy. But he has My Chemical Romance. God only knows the path Ray might have taken if Gerard idn't call him up to be in the band. The band saved Rays life. My Chemical Romance are my idols because they're such caring, and inspirational men. They care about the music, each other , and safety of their fans. Do you think they'd have gotten themselves better if they were just in it for the money? If none of the music ment anything to any of them, but they just wanted money, like some bands today? No, they wouldn't. They'd have carried on drinking and doing drugs until they would take an even more serious and critical condition, and probably die. Thank you My Chemical Romance for being my idols and inspiring me.

Fall of Enron

Q1- Who were the key stakeholders involved in, or affected by the collapse of Enron? How and to what degree were they hurt or helped by the actions of Enron management? Ans- The key stakeholders affected by the collapse of Enron were its employees and retirees. Stakeholders and mutual funds investors lost $ 70billion market value. Banks were also affected by the meltdown of the company. They included big banks like J P Morgan Chase and Citigroup. Not only the stakeholder and bondholder lose out, the confidence in the company also fell. This was the major setback for the company. The actions of Enron management left a deep scare for its 4000 employees which lost out their jobs and also impacted others around them. Some blamed Arthur Andersen; Enron’s accounting firm and some blame the board of directors for insufficient oversights. The damage was so big that it was likely to take years for the court to sort the wreckage. The company did not think of its future and took many bad steps just to earn money. The CEO should have looked into the company matters long time ago and took action so that hundreds of jobs could have been saved. The companies who were associated with the big firm were affected on a very large scale. This was the biggest bankruptcy of a firm with $63.4 billion in assets. Q2- Considering all aspects of the case, what factor or factors do you believe most contributed to the collapse of Enron? In your answer, please consider both external and internal factors. Ans –Enron’s non transparent financial statements did not clearly depict its operations and finances with shareholders and analysts. The company started manipulating the revenue figures. Enron used many methods to make the companies condition look better by starting different accounting practices. They also broke the legal and ethical integrity of the company by overseeing the company’s financial reports. Even supporting the political parties didn’t help them. They had a complex business model and they misrepresented their financial status to the public so that they can have a better position in the eyes of the public and earn money on basis of that. All the above issues that led to the bankruptcy of the company were perpetuated by the actions of Lay, Skilling, Fastow and other executives. They all led to the collapse of the company. Lay did not enquire about the decisions that Skilling and Fastow were taking. He just approved to everything that they kept in front of him. Skilling always wanted to keep up to the Wall Street expectations and for this he gave pressure on his executives to find new was to hide the dept. This was the major setback for the company as they didn’t know that in future everything was going to come out and it would have led to bad consequences. Lay did not enquire about all this and approved of all the work Skilling was doing. Q3- What steps should be taken now by corporate managers, stakeholders, and policy makers to prevent a similar event from occurring in the future? Ans- People should not lie about the company’s financial status just to bring it up In the market. Eventually the truth is going to come out one day or the other. Auditors should properly keep track of the finances. Managers, stakeholders and directors should be aware of everything that is happening in the company. Policy makers should think about what steps they are taking and how it will affect other people lives. They should not make policies for the benefits of the big companies who give them finances for their political endeavours. Updated case: Many executives at Enron were indicated of variety of charges and then sentence to prison. Enron’s auditors, Arthur Anderson, was found guilty in a united states district court, but by the time the ruling was over turned at the US supreme court, the firm has lost most of its customers and had to shut down. Employees and shareholders received limited returns in the lawsuits they filed. As a consequence of the scandal, new regulations and legislation were enacted to expand the accuracy of financial reporting for public companies. Special purpose entities Enron used special purpose entities—limited partnerships or companies created to fulfil a temporary or specific purpose—to fund or manage risks associated with specific assets. The company elected to disclose minimal details on its use of special purpose entities. These shell firms were created by a sponsor, but funded by independent equity investors and debt financing. For financial reporting purposes, a series of rules dictates whether a special purpose entity is a separate entity from the sponsor. In total, by 2001, Enron had used hundreds of special purpose entities to hide its debt. The special purpose entities were used for more than just circumventing accounting conventions. As a result of one violation, Enron's balance sheet understated its liabilities and overstated its equity, and its earnings were overstated. Enron disclosed to its shareholders that it had hedged downside risk in its own illiquid investments using special purpose entities. However, the investors were oblivious to the fact that the special purpose entities were actually using the company's own stock and financial guarantees to finance these hedges. This setup prevented Enron from being protected from the downside risk. Notable examples of special purpose entities that Enron employed were JEDI and Chewco, Whitewing, and LJM. The justices agreed to look at two issues in the appeal of Mr. Skilling's 2006 conviction that could have broader repercussions, say legal observers. One deals with the government's contention that Mr. Skilling violated his legal obligation to provide â€Å"honest services† to Enron shareholders because he lied about the energy-trading company's financial condition before it collapsed into bankruptcy in December 2001. Mr. Skilling's attorneys maintained that prosecutors misapplied the honest-services statute, arguing their client hadn't lied and didn't cheat Enron or its shareholders. The second issue involves Mr. Skilling's claim that he wasn't able to get a fair trial in Houston, site of Enron's headquarters, because of anger in the community over the company's collapse. Daniel Petrocelli, Mr. Skilling's lead attorney, said the Supreme Court's decision means the defense â€Å"will finally get an opportunity for a full, frank and fair hearing† of issues that led to â€Å"Jeff's wrongful conviction.† The Justice Department declined to comment. The Supreme Court earlier accepted for review another appeal related to corporate honest-services fraud. That case involves the conviction of former Hollinger International Inc. Chairman Conrad Black. Oral arguments in Mr. Black's Supreme Court case are scheduled for December. No date has been set for oral arguments in the case of Mr. Skilling, who is in federal prison in Colorado. The question of what constitutes honest-services fraud is under debate. â€Å"The lack of clear guidance† on the statute â€Å"has been a problem in this area of criminal law for years,† said Mark Biros, a former federal prosecutor and now a partner in the Washington office of Proskauer Rose LLP. â€Å"It would be helpful to everyone if the Supreme Court steps in.† Mr. Biros said the court might be considering treating the Skilling and Black appeals as companion cases. The justices could use the two cases to provide a broader interpretation of the honest-services issue, he said. The court's agreement to hear Mr. Skilling's arguments on the location of his trial surprised Columbia Law School professor John Coffee. â€Å"The area of venue is something the Supreme Court hasn't touched for a long, long time,† Mr. Coffee said. If the court agrees with Mr. Skilling, whose attorneys argued for a venue change before the trial, it could have a wide impact. In the 2006 trial, Mr. Skilling and former Enron Chairman Kenneth Lay were convicted of fraud and conspiracy. Mr. Skilling was also convicted of insider trading. Shortly after the trial, Mr. Lay died of heart-related problems and his conviction was vacated. Former Enron chief financial officer Andrew Fastow, 44, was sentenced to six years in prison Tuesday, more than two years after he pleaded guilty to two counts of conspiracy for his involvement in the energy company's 2001 collapse. Jurors in the Houston trial of Enron founder Kenneth Lay and former CEO Jeffrey Skilling reached a verdict Thursday, the sixth day of deliberations, finding both defendants guilty of most conspiracy and fraud charges.

Chesapeake Energy Corporation

natural gas† {Chesapeake Annual Report, 1998, p. 1}. Recently, Chesapeake finished the transformation from an aggressive exploration company focused on developing short-reserve life, to a lower-risk, longer reserve life natural gas producer. Chesapeake†s operations are focused on â€Å"developmental drilling and producing property acquisitions.† These operations are â€Å"concentrated in three major areas: the Mid-continent, the onshore Gulf of Mexico and far northeastern British Columbia, Canada† [Chesapeake Annual Report, 1998, p. 1]. Aubrey K. McClendon is Chesapeake†s Chairman of the Board, Chief Executive Officer and Director. Tom L. Ward is the President, Chief Operating Officer and Director. â€Å"McClendon met cofounder Tom Ward in the 1980†³s. Both were independent oil producers; they teamed up in 1983† [Morgenson, p. 2]. They each have more than 16 years of experience in the oil and natural gas industry. All other members of the management team have multiple years of experience in the industry. Chesapeake has concentrated on expanding its holdings in natural gas since the company†s incorporation in 1989. Chesapeake thinks that natural gas will be the fuel choice of the 21st century. The company has been highly competitive in both its exploration activities and efforts to increase its inventory of undeveloped leasehold land. This combination should enable Chesapeake to remain a competitive force in the energy producing industry. New technology in the oil and gas industry has made exploration and production more profitable. This is key for the survival of American businesses that compete with OPEC and other foreign cartels that have very low production costs. New technology, including three-dimensional imaging, which has greater resolution than the previously existing technology, will enable Chesapeake to detect reserves more accurately. Also, horizontal drilling has enabled companies to drain more than one reserve at a time. With profits continuing to be squeezed within this industry, new technology is necessary to help American businesses compete on a global scale. The oil and gas industry is truly a global market. The industry boosted gains in 1999 from increased production efficiency and a decrease in the current supply. U.S. firms, along with OPEC, have voluntarily reduced their total production, which has increased the price. OPEC currently supplies approximately 40% of the world oil production. If OPEC chooses to produce at a lower output, Chesapeake could easily increase production with its low production costs and huge reserves. Many other nations are emerging as competitors, such as the former Soviet Union and Latin American countries. The continuing increase in supply from other nations would potentially saturate the market, causing lower prices and lower profits. Demand is expected to rise only slightly more than two percent through the year 2005. The outlook for this industry is for increased competition domestically (from smaller companies) and internationally from emerging nations. The U.S. has superior technology, which will help keep profits up as supply increases and demand remains relatively constant. Natural gas makes up 72% of Chesapeake†s revenue. They usually sell the product to third parties and are not dependent on any one buyer. Less than 10% of their revenues are generated from two buyers. Governmental Regulations – Operational and Labor Relations The oil and gas industries are subject to considerable government regulation. These laws and regulations are primarily directed toward â€Å"the handling and disposal of drilling and production waste products and waste created by water and air pollution control devices† [Chesapeake 10-K, 1998, p. 10]. The oil and gas industry is accountable to numerous government agencies, including the Environmental Protection Agency, the Department of the Interior, the Department of Energy, the State Department and the Department of Commerce. Virtually every aspect of operations is subject to complex and ever changing regulations. The oil and gas industry is tightly regulated in regard to labor relations by government department and agencies, including the Occupational Safety and Health Association (OSHA) and the National Labor Relations Board (NLRB). Some states have their own state sponsored occupational safety plans, while the remainder must comply with federal OSHA regulations. Some of the topics covered under OSHA include personal protective equipment, hazardous communication (HAZCOM) and safety process training. Chesapeake had 453 employees as of March 15, 1999. None of these employees were represented by organized labor unions. The company considers its employee relations to be good [Chesapeake 10-K, 1998, p. 13]. Unocal (NYSE: UCL) employed 7,880 people as of December 31, 1998, of which 575 were represented by various U.S. labor unions [Unocal 10-K, 1998, p. 12]. Both companies are subject to new laws and regulations regarding the environment and labor. Chesapeake and Unocal cannot predict what adverse financial conditions the new laws and regulations will bring. However, short-term and long-term costs will increase as companies improve existing operations to become and remain compliant with government regulations. As a result, all companies in petro-chemical industries are experiencing tremendous difficulty operating profitable businesses. Several businesses have ceased operations as a result of increased regulation coupled with poor profit margins. Chesapeake is at a higher risk regarding this scenario since most of its operations are domestic. Unocal, although a U.S. based company, operations are concentrated primarily overseas, and therefore experience increased leniency regarding environmental and labor regulations. During the last two years, Chesapeake Corporation took a significant hit in terms of earnings, stock price and credit ratings. Positive 1996 earnings turned to a loss in 1997 and tumbled to a bigger loss of $10 per share in 1998. This earnings decline caused the stock price and credit rating to plummet. The company also faces a class action lawsuit stemming from alleged violations of federal securities laws. Top management and directors are accused of using insider information to sell personal holdings in the company at artificially inflated prices. Chesapeake had very disappointing years in 1997 and 1998 as evidenced by the fall in the stock price. The company underwent a substantial repositioning to increase natural gas holdings and reduce risk. As a result of this repositioning, Chesapeake incurred considerable debt and is dependent on the market prices of oil and natural gas to increase, and in effect, improve profit margins. Additionally, in 1997, Chesapeake changed their fiscal year end from June 30th to December 31st. As part of the repositioning, Chesapeake increased long term debt over $400 million to a total of $920 million, coupled with a short-term indebtedness of $25 million. This increased borrowing drastically reduced the company†s ability to obtain additional financing. Standard Poor†s and Moody†s placed Chesapeake on review with a negative outlook. The ability to meet obligations for this additional debt will depend on the production and financial performance of the company, market prices of oil and natural gas, and general economic conditions. Common Size Income Statement Analysis Chesapeake had an extremely large write-down of assets (impairment) as a result of reduced oil and gas prices during the past few years. This charge increased operating costs by over $1.2 billion during 1997-98 with 72% of that cost coming in 1998. The asset write-down, combined with expense increases in production, marketing and interest, were the main contributors of total operating costs to be over three times total revenue. The result was 1998 EBIT of ($920) million, and a non-existent ROE, since the company had a net loss approaching $1 billion. Unocal†s ROE was 5.9% in 1998 and 25.1% in 1997. The impairment cost reported by Chesapeake is questionable because of the very large amount that was charged. In perspective, Unocal with over $5 billion in property assets recorded an impairment charge of $97 million during 1998. If oil and gas prices rise in the near future, the impairment costs may be reversed giving the impression that the company is doing very well. Future investors of Chesapeake equities should consider this fact prior to making any investment decisions. Chesapeake had a $140 million reduction to both sides of the balance sheet. The repositioning of the firm focused on increasing inventory of natural gas reserves, â€Å"the fuel of choice for the 21st century† [1998 Annual Report, pg. 18]. Oil and gas properties nearly doubled from 1997 to 1998, totaling $2.2 billion. However, nearly $1.6 billion was depreciated, depleted and amortized. Additionally, cash decreased nearly $100 million, short-term investments were liquidated, and paid-in capital exceeded $1.1 billion over the past two years to provide additional cash for purchases of gas reserves. As a result, total property, plant and equipment was 85% of total assets in 1998 compared to 77% in 1997. In comparison, Unocal†s PPE was 66% and 64% of total assets respectively. Long-term debt increased over $400 million in 1998, totaling $920 million compared to $510 million in 1997. The $920 million was 113% in relation to total liabilities and owners equity of $813 million. In 1998, current liabilities were $131 million compared to current assets of $118 million. This resulted in a reduced current ratio of .90 from a 1997 ratio of 1.42. The Unocal current ratios during 1998 and 1997 were 1.01 and 1.29 respectively. Chesapeake has relied primarily on cash flow through financing activities during the past few years. Cash flow from operations was approximately $95 million in 1998 and $180 million in 1997, while cash flow from financing was $365 million and $278 million respectively. Sales accounted for $378 million in 1998 and appear to be rising approximately 35% annually from 1996 and 1997. However, an accurate comparison is unavailable because of the change in the company†s fiscal year end. Low oil and gas prices forced Chesapeake to borrow, sell equity, and liquidate short-term investments in order to continue operations and invest in oil and gas properties. The company is dependent on the rise of prices during 1999 to continue operations and provide shareholder wealth. The company has several restrictions from being able to borrow additional funds. Additionally, the price of stock has dropped from a high of $34 in 1996 to a low of $.63 in 1998. This has further reduced the company†s ability to generate cash. The current ratios for Chesapeake Energy are as follows: 1.00 (June 96), 2.03 (June 97), 1.42 (December 97), and .90 (December 98). Current liabilities remained constant over this period, ranging from a high of 19% (June 96) to a low of 15% (June 97), with the current level at 16% of total assets. Extreme levels of change in current assets caused the current ratio to fluctuate drastically. Current assets declined from a high of $297 million (31% of total assets) to a current low of $117 million (15% of total assets). This decline in current assets caused the deterioration of the current ratio. The acid test ratios are as follows: .94 (June 96), 2.00 (June 97), 1.37 (December 97), and .81 (December 98). As previously mentioned, current liabilities remained constant. Net accounts receivable remained flat as a percentage of total assets: 9% in 1996, 7% in 1997 (Both June December), and 9% in 1998. Marketable securities were sold off during the past three years, decreasing from 11% ($104 million) of total assets to zero. Cash decreased from 13% ($124 million) of total assets in 1997 (both June December) to 4% in 1998. The combination of severe decreases in both cash and marketable securities are the reasons that the acid test ratio decreased so dramatically. The quick ratios are as follows: .96 (June 96), 2.00 (June 97), 1.38 (December 97), and .86 (December 98). As mentioned previously, current liabilities remained constant and current assets declined. As with the current ratio, the main reason for the deterioration of the quick ratio is the continued loss of current assets. The above ratios and the reasons for their poor trends indicate Chesapeake is currently in a liquidity crisis. This, in combination with the increased debt liabilities, is an extreme warning to both investors and management. This condition also adds to the suspicion that assets are being sold off to fund current debt obligations. The firm†s ability to meet its obligations with cash, as they come due, is approximated by the cash flow liquidity ratio. As previously mentioned, solvency improved and then deteriorated as indicated by the current and quick ratios. The trends are confirmed when looking at cash flow. From 1995 to 1997, Chesapeake†s cash flow liquidity improved from 1.47 to 1.8. 1997 to 1998 showed a large drop in liquidity from 1.8 to 0.95. The company†s financial statement data gives an indication as to why. From 1995 to 1997, short-term solvency improved from 1.47 to 1.8. When looking at the data, cash from operations rose from $55 million in 1995, to $139 million in 1997. The 1997 rise was due to a change in the accounting period. During this same period, cash on hand rose from $56 million to $123 million and marketable securities rose from zero to $13 million. While cash was increasing, current liabilities rose from $75 million to $153 million. Current liabilities doubled during this period, while cash flow increased 150%. The larger increase in cash flow, relative to short-term obligations, accounts for the improvement in solvency during the 1995 to 1997 period. During the 1997 and 1998 periods, liquidity deteriorated as shown by the decrease in the cash flow liquidity ratio from 1.8 to 0.95. The data indicates that cash from operations dropped approximately 32% to $95 million. When looking at the Cash Flow Statement, the large decrease in operating cash is mainly due to the large net loss incurred during the period. At the same time, cash dropped 76% to $30 million while marketable securities fell to zero. Much of the cash appears to have gone to fund the company†s payables and accrued liabilities. Current liabilities were reduced 15% to $131 million. The larger reduction in cash flow relative to current obligations accounts for the deterioration in short-term solvency. The cash flow data confirms that Chesapeake†s liquidity suffered severe deterioration. A reduction in current liabilities is a good sign, but the little amount of cash generated and being used to fund current obligations is not enough. Cash assets are being used to fund these obligations as well. In comparison to the industry debt ratio of .31, Chesapeake ended with a debt ratio of 1.31 in 1998 compared to .71 in 1997. The long-term debt to total capitalization ratio increased from .64 in 1997 to 1.37 in 1998, while the industry average was .44. The tremendous increase in debt was attributable to significantly lower oil and gas prices during the past three years, and a failed drilling venture known as the Louisiana Trend. The company was forced to liquidate assets and take on a substantial amount of debt to meet operational expenses and increase oil and gas field reserves. Chesapeake was added to the Standard Poor†s â€Å"CreditWatch with negative implications† [Yahoo Finance, Nov. 14, 1999] in December of 1998. The low price of fuel during fiscal years 1996 through 1998 was the primary reason for Chesapeake†s troubles. The debt incurred has covenants restricting the company from seeking additional debt and from paying dividends to preferred stock holders. Principal on a large portion of the outstanding debt is not due until 2004 allowing the company time to improve operations. This will also give fuel prices a chance to rise, which is determinant to the company†s survival. The industry average for times interest earned is 5.2, while Chesapeake†s operating profit was ($856) million. The ratio equated to well below zero in 1997 and 1998. In 1998, interest payments were more than $68 million. The financial leverage index could not be computed since there was not a return on equity. Chesapeake overextended their credit by substantially financing with debt and has jeopardized their ability to make obligated payments for their debt and fixed costs. Chesapeake Energy Corporation natural gas† {Chesapeake Annual Report, 1998, p. 1}. Recently, Chesapeake finished the transformation from an aggressive exploration company focused on developing short-reserve life, to a lower-risk, longer reserve life natural gas producer. Chesapeake†s operations are focused on â€Å"developmental drilling and producing property acquisitions.† These operations are â€Å"concentrated in three major areas: the Mid-continent, the onshore Gulf of Mexico and far northeastern British Columbia, Canada† [Chesapeake Annual Report, 1998, p. 1]. Aubrey K. McClendon is Chesapeake†s Chairman of the Board, Chief Executive Officer and Director. Tom L. Ward is the President, Chief Operating Officer and Director. â€Å"McClendon met cofounder Tom Ward in the 1980†³s. Both were independent oil producers; they teamed up in 1983† [Morgenson, p. 2]. They each have more than 16 years of experience in the oil and natural gas industry. All other members of the management team have multiple years of experience in the industry. Chesapeake has concentrated on expanding its holdings in natural gas since the company†s incorporation in 1989. Chesapeake thinks that natural gas will be the fuel choice of the 21st century. The company has been highly competitive in both its exploration activities and efforts to increase its inventory of undeveloped leasehold land. This combination should enable Chesapeake to remain a competitive force in the energy producing industry. New technology in the oil and gas industry has made exploration and production more profitable. This is key for the survival of American businesses that compete with OPEC and other foreign cartels that have very low production costs. New technology, including three-dimensional imaging, which has greater resolution than the previously existing technology, will enable Chesapeake to detect reserves more accurately. Also, horizontal drilling has enabled companies to drain more than one reserve at a time. With profits continuing to be squeezed within this industry, new technology is necessary to help American businesses compete on a global scale. The oil and gas industry is truly a global market. The industry boosted gains in 1999 from increased production efficiency and a decrease in the current supply. U.S. firms, along with OPEC, have voluntarily reduced their total production, which has increased the price. OPEC currently supplies approximately 40% of the world oil production. If OPEC chooses to produce at a lower output, Chesapeake could easily increase production with its low production costs and huge reserves. Many other nations are emerging as competitors, such as the former Soviet Union and Latin American countries. The continuing increase in supply from other nations would potentially saturate the market, causing lower prices and lower profits. Demand is expected to rise only slightly more than two percent through the year 2005. The outlook for this industry is for increased competition domestically (from smaller companies) and internationally from emerging nations. The U.S. has superior technology, which will help keep profits up as supply increases and demand remains relatively constant. Natural gas makes up 72% of Chesapeake†s revenue. They usually sell the product to third parties and are not dependent on any one buyer. Less than 10% of their revenues are generated from two buyers. Governmental Regulations – Operational and Labor Relations The oil and gas industries are subject to considerable government regulation. These laws and regulations are primarily directed toward â€Å"the handling and disposal of drilling and production waste products and waste created by water and air pollution control devices† [Chesapeake 10-K, 1998, p. 10]. The oil and gas industry is accountable to numerous government agencies, including the Environmental Protection Agency, the Department of the Interior, the Department of Energy, the State Department and the Department of Commerce. Virtually every aspect of operations is subject to complex and ever changing regulations. The oil and gas industry is tightly regulated in regard to labor relations by government department and agencies, including the Occupational Safety and Health Association (OSHA) and the National Labor Relations Board (NLRB). Some states have their own state sponsored occupational safety plans, while the remainder must comply with federal OSHA regulations. Some of the topics covered under OSHA include personal protective equipment, hazardous communication (HAZCOM) and safety process training. Chesapeake had 453 employees as of March 15, 1999. None of these employees were represented by organized labor unions. The company considers its employee relations to be good [Chesapeake 10-K, 1998, p. 13]. Unocal (NYSE: UCL) employed 7,880 people as of December 31, 1998, of which 575 were represented by various U.S. labor unions [Unocal 10-K, 1998, p. 12]. Both companies are subject to new laws and regulations regarding the environment and labor. Chesapeake and Unocal cannot predict what adverse financial conditions the new laws and regulations will bring. However, short-term and long-term costs will increase as companies improve existing operations to become and remain compliant with government regulations. As a result, all companies in petro-chemical industries are experiencing tremendous difficulty operating profitable businesses. Several businesses have ceased operations as a result of increased regulation coupled with poor profit margins. Chesapeake is at a higher risk regarding this scenario since most of its operations are domestic. Unocal, although a U.S. based company, operations are concentrated primarily overseas, and therefore experience increased leniency regarding environmental and labor regulations. During the last two years, Chesapeake Corporation took a significant hit in terms of earnings, stock price and credit ratings. Positive 1996 earnings turned to a loss in 1997 and tumbled to a bigger loss of $10 per share in 1998. This earnings decline caused the stock price and credit rating to plummet. The company also faces a class action lawsuit stemming from alleged violations of federal securities laws. Top management and directors are accused of using insider information to sell personal holdings in the company at artificially inflated prices. Chesapeake had very disappointing years in 1997 and 1998 as evidenced by the fall in the stock price. The company underwent a substantial repositioning to increase natural gas holdings and reduce risk. As a result of this repositioning, Chesapeake incurred considerable debt and is dependent on the market prices of oil and natural gas to increase, and in effect, improve profit margins. Additionally, in 1997, Chesapeake changed their fiscal year end from June 30th to December 31st. As part of the repositioning, Chesapeake increased long term debt over $400 million to a total of $920 million, coupled with a short-term indebtedness of $25 million. This increased borrowing drastically reduced the company†s ability to obtain additional financing. Standard Poor†s and Moody†s placed Chesapeake on review with a negative outlook. The ability to meet obligations for this additional debt will depend on the production and financial performance of the company, market prices of oil and natural gas, and general economic conditions. Common Size Income Statement Analysis Chesapeake had an extremely large write-down of assets (impairment) as a result of reduced oil and gas prices during the past few years. This charge increased operating costs by over $1.2 billion during 1997-98 with 72% of that cost coming in 1998. The asset write-down, combined with expense increases in production, marketing and interest, were the main contributors of total operating costs to be over three times total revenue. The result was 1998 EBIT of ($920) million, and a non-existent ROE, since the company had a net loss approaching $1 billion. Unocal†s ROE was 5.9% in 1998 and 25.1% in 1997. The impairment cost reported by Chesapeake is questionable because of the very large amount that was charged. In perspective, Unocal with over $5 billion in property assets recorded an impairment charge of $97 million during 1998. If oil and gas prices rise in the near future, the impairment costs may be reversed giving the impression that the company is doing very well. Future investors of Chesapeake equities should consider this fact prior to making any investment decisions. Chesapeake had a $140 million reduction to both sides of the balance sheet. The repositioning of the firm focused on increasing inventory of natural gas reserves, â€Å"the fuel of choice for the 21st century† [1998 Annual Report, pg. 18]. Oil and gas properties nearly doubled from 1997 to 1998, totaling $2.2 billion. However, nearly $1.6 billion was depreciated, depleted and amortized. Additionally, cash decreased nearly $100 million, short-term investments were liquidated, and paid-in capital exceeded $1.1 billion over the past two years to provide additional cash for purchases of gas reserves. As a result, total property, plant and equipment was 85% of total assets in 1998 compared to 77% in 1997. In comparison, Unocal†s PPE was 66% and 64% of total assets respectively. Long-term debt increased over $400 million in 1998, totaling $920 million compared to $510 million in 1997. The $920 million was 113% in relation to total liabilities and owners equity of $813 million. In 1998, current liabilities were $131 million compared to current assets of $118 million. This resulted in a reduced current ratio of .90 from a 1997 ratio of 1.42. The Unocal current ratios during 1998 and 1997 were 1.01 and 1.29 respectively. Chesapeake has relied primarily on cash flow through financing activities during the past few years. Cash flow from operations was approximately $95 million in 1998 and $180 million in 1997, while cash flow from financing was $365 million and $278 million respectively. Sales accounted for $378 million in 1998 and appear to be rising approximately 35% annually from 1996 and 1997. However, an accurate comparison is unavailable because of the change in the company†s fiscal year end. Low oil and gas prices forced Chesapeake to borrow, sell equity, and liquidate short-term investments in order to continue operations and invest in oil and gas properties. The company is dependent on the rise of prices during 1999 to continue operations and provide shareholder wealth. The company has several restrictions from being able to borrow additional funds. Additionally, the price of stock has dropped from a high of $34 in 1996 to a low of $.63 in 1998. This has further reduced the company†s ability to generate cash. The current ratios for Chesapeake Energy are as follows: 1.00 (June 96), 2.03 (June 97), 1.42 (December 97), and .90 (December 98). Current liabilities remained constant over this period, ranging from a high of 19% (June 96) to a low of 15% (June 97), with the current level at 16% of total assets. Extreme levels of change in current assets caused the current ratio to fluctuate drastically. Current assets declined from a high of $297 million (31% of total assets) to a current low of $117 million (15% of total assets). This decline in current assets caused the deterioration of the current ratio. The acid test ratios are as follows: .94 (June 96), 2.00 (June 97), 1.37 (December 97), and .81 (December 98). As previously mentioned, current liabilities remained constant. Net accounts receivable remained flat as a percentage of total assets: 9% in 1996, 7% in 1997 (Both June December), and 9% in 1998. Marketable securities were sold off during the past three years, decreasing from 11% ($104 million) of total assets to zero. Cash decreased from 13% ($124 million) of total assets in 1997 (both June December) to 4% in 1998. The combination of severe decreases in both cash and marketable securities are the reasons that the acid test ratio decreased so dramatically. The quick ratios are as follows: .96 (June 96), 2.00 (June 97), 1.38 (December 97), and .86 (December 98). As mentioned previously, current liabilities remained constant and current assets declined. As with the current ratio, the main reason for the deterioration of the quick ratio is the continued loss of current assets. The above ratios and the reasons for their poor trends indicate Chesapeake is currently in a liquidity crisis. This, in combination with the increased debt liabilities, is an extreme warning to both investors and management. This condition also adds to the suspicion that assets are being sold off to fund current debt obligations. The firm†s ability to meet its obligations with cash, as they come due, is approximated by the cash flow liquidity ratio. As previously mentioned, solvency improved and then deteriorated as indicated by the current and quick ratios. The trends are confirmed when looking at cash flow. From 1995 to 1997, Chesapeake†s cash flow liquidity improved from 1.47 to 1.8. 1997 to 1998 showed a large drop in liquidity from 1.8 to 0.95. The company†s financial statement data gives an indication as to why. From 1995 to 1997, short-term solvency improved from 1.47 to 1.8. When looking at the data, cash from operations rose from $55 million in 1995, to $139 million in 1997. The 1997 rise was due to a change in the accounting period. During this same period, cash on hand rose from $56 million to $123 million and marketable securities rose from zero to $13 million. While cash was increasing, current liabilities rose from $75 million to $153 million. Current liabilities doubled during this period, while cash flow increased 150%. The larger increase in cash flow, relative to short-term obligations, accounts for the improvement in solvency during the 1995 to 1997 period. During the 1997 and 1998 periods, liquidity deteriorated as shown by the decrease in the cash flow liquidity ratio from 1.8 to 0.95. The data indicates that cash from operations dropped approximately 32% to $95 million. When looking at the Cash Flow Statement, the large decrease in operating cash is mainly due to the large net loss incurred during the period. At the same time, cash dropped 76% to $30 million while marketable securities fell to zero. Much of the cash appears to have gone to fund the company†s payables and accrued liabilities. Current liabilities were reduced 15% to $131 million. The larger reduction in cash flow relative to current obligations accounts for the deterioration in short-term solvency. The cash flow data confirms that Chesapeake†s liquidity suffered severe deterioration. A reduction in current liabilities is a good sign, but the little amount of cash generated and being used to fund current obligations is not enough. Cash assets are being used to fund these obligations as well. In comparison to the industry debt ratio of .31, Chesapeake ended with a debt ratio of 1.31 in 1998 compared to .71 in 1997. The long-term debt to total capitalization ratio increased from .64 in 1997 to 1.37 in 1998, while the industry average was .44. The tremendous increase in debt was attributable to significantly lower oil and gas prices during the past three years, and a failed drilling venture known as the Louisiana Trend. The company was forced to liquidate assets and take on a substantial amount of debt to meet operational expenses and increase oil and gas field reserves. Chesapeake was added to the Standard Poor†s â€Å"CreditWatch with negative implications† [Yahoo Finance, Nov. 14, 1999] in December of 1998. The low price of fuel during fiscal years 1996 through 1998 was the primary reason for Chesapeake†s troubles. The debt incurred has covenants restricting the company from seeking additional debt and from paying dividends to preferred stock holders. Principal on a large portion of the outstanding debt is not due until 2004 allowing the company time to improve operations. This will also give fuel prices a chance to rise, which is determinant to the company†s survival. The industry average for times interest earned is 5.2, while Chesapeake†s operating profit was ($856) million. The ratio equated to well below zero in 1997 and 1998. In 1998, interest payments were more than $68 million. The financial leverage index could not be computed since there was not a return on equity. Chesapeake overextended their credit by substantially financing with debt and has jeopardized their ability to make obligated payments for their debt and fixed costs.

Man Power Staffing Agency and Their Knowledge Sharing Practices Research Paper

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The history and culture of Japan - Essay Example Japan's history is a rich and varied one, with the different periods marked by remarkable change. In the Yayoi period (300 BC - AD 300), rice cultivation was introduced from China and Korea, and Japan's oldest religion, Shinto, identified "divine forces in nature and in such human virtues as loyalty and wisdom."The Kofun period (300-645) showed the emergence of powerful clan rulers, and Japan begins to establish close contacts with mainland Asia. The Asuka period, (645-710) brought a great wave of reforms and new aristocratic families were created. During the Nara and Heian periods (710-1185) the emperors began to practice Buddhism, believing its teachings would protect the state. The Muromachi era (1333 to 1568) brought disintegration of the central government, firearms were introduced by the shipwrecked Portuguese soldiers, and Christianity was introduced . Finally in the Edo period (1600-1868) Japan enters into an age of "peace and national isolation". The United States wants to u se the Japanese ports as supply bases for its commercial fleet, and, in a surprise move, Japan accepts the US demands and opens its doors for the first time in two centuries. In the Meiji period (1868-1912), the emperor was restored, and Japan made its transition to nation-state. The Showa period (1926-1989) brought many more changes for Japan, including World War II and its aftermath, including the necessary economic recovery. In 1941 Pearl Harbor brought the US into war in the Pacific and in August of 1945 "the first atomic bomb was dropped on Hiroshima, the second on Nagasaki; the emperor airs by radio a statement of unconditional surrender." (Background, 2005, p. 5). The years of 1945-1952 brought allied occupation of Japan, with women gaining legal equality as well as the right to vote. Japan's political life was changed to a parliamentary state, and with the peace treaty signed in 1951, Japan regained independence. The "High Growth Age" in Japan occurred from the late 1950's t o the early 1970's and Japan was rewarded with a booming economy. (Background, 2005, p. 5). Japan is made up of five islands; however there are some thirty-six hundred islands in the entire group, and dozens that are actually inhabited. Japan has twenty-nine thousand kilometers of coastline, and the total land area is 142,000 square miles which makes Japan one-twenty-fifth the size of the United States, or roughly the size of Montana. Ostensibly, some one billion years ago these Japanese islands were part of the Asian mainland, however movement of the earth's plates resulted in part of the Asian coastline breaking free and traveling east. Then a mere 100 million years ago, in the area that is now the Sea of Japan, a huge lake appeared, eventually linking up with the Pacific Ocean in the north and south, leaving the highest regions to become the islands of Japan. (Lafayette, 1995, p. xi). Seventy percent of Japan's land mass is made up of high mountains and hills. These mountains have over two hundred volcanoes and geothermally active areas. There are eleven peaks in Japan that are over three thousand meters high, and thirteen that are over 2500 meters high. These mountainous areas make Japan one of the most scenic groups of islands in the world.(Layfayette, 1995, p. xi). The climate of Japan is generally rainy, with a fairly high humidity. The Japanese enjoy warm summers and long cold winters in the north, and hot humid summers and short winters in the central regions. The southwest has long, hot, humid summers, and mild winters. (Library, 2005, p. 1). Japan's population is currently 127,417,224 million people, a huge number for such a small area. Japan is second only to the United States in the number of large cities-they presently have ten cities with populations over one

The culture of China Mafia (triad) Essay Example | Topics and Well Written Essays - 500 words

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Air Transport Economic Coursework Example | Topics and Well Written Essays - 1250 words

Air Transport Economic - Coursework Example There are certain factors influencing and perhaps hindering the continued growth of this air transport company. These factors include negligence of the procedural strategies in operating the daily functions. They are flexible factors that can easily be changed to turn the dwindling situation into a benefit. It can be worked out and through critical analysis of the entire organization. If the further studies discover that the expenditure is more than the income, the resultant effect is operational losses. The losses resulting from the summary of the present events at the Airlongways Bahrain could have to be closely associated with inadequate management, which could have led to poor decision-making and of course failure to achieve the strategic objectives. The major target of this research is to formulate more flexible and sustainable methods of ensuring that Airlongways Bahrain earns profits every year. Of course, every profit making organization aims at the achievement of high levels of profitability in whatever business they are engaged in and to maintain the standard of profit making. We therefore undertake to do an assessment of the challenges, which Airlongways Bahrain as a firm is facing and attempt to develop better methods of ensuring that we defeat the challenges in such a way that we facilitate the growth of this firm towards profit making. The way we conclude and recommend the operational methods of the financial attributes of the company from this study should catalyze the processes of Airlongways Bahrain daily operation through which it makes profits. This is when Airlongways Bahrain can remain relevant in the market and maintain the operation of its present routes, apart from adding ones that are more new. Objectives of the study The objectives of the study of Airlongways Bahrain financials are as listed below: a) To conduct an analysis of the current position of Airlongways Bahrain in terms of profitability and cash flow. b) To transform the opera tional model and implement changes that will raise the profitability of Airlongways Bahrain. c) To weigh options of routes and decide on the most profitable destinations and the number of trips per route d) To provide a cost cutting strategy for Airlongways Bahrain through reduced operational expenses. e) To formulate possible advisory recommendations this can facilitate the financial stability of Airlongways Bahrain. Potential Challenges Company The possible causes of failures of Airlongways Bahrain to attain its desired levels of profitability and cash flow is attributed too much commitment to serve a large number of routes, over commitment of capital, poor flexibility in the decision making as a result of bureaucratic processes and wrong combination of leadership. Another critical reason is the failure to get a sustainable and long-term competitive advantage over the air transport companies that compete with Airlongways Bahrain, as well as the inability of the management to impro ve the levels of revenue growth from diversified sources of income (Silke, 2009). Thirdly, Airlongways Bahrain is not consistent in its operation of certain routes, which remain unavailable or unused for long periods (Ramon, 2009). This reduces its reliability as a potential air transport com

Gun control Research Paper Example | Topics and Well Written Essays - 1500 words - 1

Gun control - Research Paper Example This law is, in effect, in many parts of the world. Even with the gun-control policy, gun ownership is still faced by many controversies and challenges. The Gun-control policy has a significant importance on the safety of people and ensuring that guns licensed are not used wrongly and addressing the challenges and controversies facing this policy will be imperative in meeting the objective of safety of individuals, societies and communities. The Gun Control Gun control is policies and laws that are designed to restrict gun ownership in a given jurisdiction. Most countries are concerned about the safety of the people. They license individuals to carry guns. Those licensed are supposed to use their guns for defense only. However, there are cases where the owners get false alarm and use their guns out of panic. At the same time, there are some people who feel they are secure enough and threaten other people using the gun they obtained (Hemenway 1). Some licensed gun holders may also use their guns inappropriately and for criminal purposes. This has made it a challenge for the gun-control policies and law makers. They do not know who to trust and who not to trust. The current regulations Any person in any country across the world has right to a licensed gun. However, there are regulations that come with this. ... Policy makers usually worry that a mentally ill person owing a gun can be disastrous to the society and have to ensure that applicants are sane. The third process involves providing reasons as to why the applicant would like to own a gun. In most countries, the applicant has to go the nearest police station for an interview. Once they provide all the reasons why they would like to own a gun, a police board evaluates the application. It is discussed by that board and decision made. It is important to note that the police have the right to disregard an applicant’s application without providing any reasons. If the police decide that the application is successful, the applicant has to prove that they know how to handle and use guns. If they do not know how to use, they have to enroll for a class on the same. The class may day a few days after which the applicant is provided with the gun and the permit. The newly licensed gun holder has to go through the requirements and conditions for using the gun (The New York Police Department 1). The terms and conditions for gun application and the process differ from country to country. They also differ in different parts of an individual country, especially countries that have a state system. This also differs if the applicant requires large guns for hunting or other purposes. The Gun Control Debate There has been a gun-control debate for the last decades. Of course, some support gun ownership while others do not. Most people apply for gun ownership for self-defense purposes. They claim that there are times they may be in danger, and guns may be important in protecting them. For example, a person could be walking down a dark alley at night only to come across criminals. If they

Reading Response 2 Essay Example | Topics and Well Written Essays - 500 words - 1

Reading Response 2 - Essay Example ling is overcome, when it appears that it is a normal thing that happens daily, with people exchanging the old cars they do not want with other new ones, which is the business of Avis Rent-a-Car, a dealership company. However, the most unique element of the company is the mode of advertisements it places for the trade-ins, which almost always makes individuals ready to exchange their cars with those offered by this company, due to the luring nature of the advertisements. For the company, sexuality takes a center stage in the advertisement, while infidelity is the most apparent and common feature displayed by the advertisements. However, this exchange is aligned to the husband-wife infidelity, making anyone who gives out or receives a car from the company feel a bit uncomfortable about the exchange. The thesis of this reading revolves around the discomfort of car trade-ins, where giving up an old car that have served an individual well over the years for a used-new car is not a good idea. There are many comma splices, sentence fragments and run-ons, which affects the smooth flow of the reading, making it not enjoyable and even difficult to understand. There is a limited application of conjunctions and punctuations that would have made the reading enjoyable and comprehensible. However, the most admirable and worth appreciating thing about the reading is the fact personification has been applied so well in the reading, making the old cars elicit feelings in the reader, as they do to the car trade-in participants. The complains that the old cars wage against their owners for disposing them in exchange for other ones makes the reader feel the pain of betrayal and abandonment (Fish, 1). This feeling can easily be related with an experience I had of abandoning my friends when I had t o join college. This experience was one full of mixed feeling, since I enjoyed advancing with my studies and thus felt happy and excited to leave my locality to join college. There was also a

Journalism In China Essay Example | Topics and Well Written Essays - 750 words

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Gramsci and Hegemony Essay Example for Free

Gramsci and Hegemony Essay Antonio Gramsci is an important figure in the history of Marxist theory. While Karl Marx and Friedrich Engels provided a rigorous analysis of capital at the social and economic levels – particularly showing how capital antagonises the working class and gives rise to crisis – Gramsci supplemented this with a sophisticated theory of the political realm and how it is organically/dialectically related to social and economic conditions. He provides us with a theory of how the proletariat must organise politically if it is to effectively respond to capital’s crises and failures, and bring about revolutionary change. Incidentally, this innovation has proven to be of interest not only to Marxists, but also to those involved in other forms of progressive politics, from the civil rights movement, to gender politics, to contemporary ecological struggles. The reason why his approach has proven so popular and generally adaptable is because Gramsci was himself a man of action and his fundamental concern was with progressive strategy. Thus while in this article I plan to give a give a general outline of Gramsci’s theory of hegemony and the reasons behind its formulation, it’s important that we build on this by thinking about how we can use these concepts strategically in our own struggles. What is hegemony? It would seem appropriate to begin this discussion by asking What is hegemony?’’ It turns out to be a difficult question to answer when we are talking about Gramsci, because, at least within The Prison Notebooks, he never gives a precise definition of the term. This is probably the main reason why there is so much inconsistency in the literature on hegemony – people tend to form their own definition, based on their own reading of Gramsci and other sources. The problem with this is that if people’s reading of Gramsci is partial then so too is their definition. For example, Martin Clark (1977, p. 2) has defined hegemony as how the ruling classes control the media and education’’. While this definition is probably more narrow than usual, it does reflect a common misreading of the concept, namely that hegemony is the way the ruling class controls the institutions that control or influence our thought. Most of the academic and activist literature on hegemony, however, takes a slightly broader view than this, acknowledging more institutions than these being involved in the exercise of hegemony – at least including also the military and the political system. The problem is that even when these institutions are taken into account, the focus tends to be exclusively on the ruling class, and methods of control. Hegemony is frequently used to describe the way the capitalist classes infiltrate people’s minds and exert their domination. What this definition misses is the fact that Gramsci not only used the term hegemony’’ to describe the activities of the ruling class, he also used it to describe the influence exerted by progressive forces. Keeping this in mind, we can see that hegemony should be defined not only as something the ruling class does, it is in fact the process by which social groups – be they progressive, regressive, reformist, etc. – come to gain the power to lead, how they expand their power and maintain it. To understand what Gramsci was trying to achieve through developing his theory of hegemony, it is useful to look at the historical context that he was responding to as well as the debates in the movement at the time. The term hegemony’’ had been in general use in socialist circles since the early 20th century. Its use suggests that if a group was described as hegemonic’’ then it occupied a leadership position within a particular political sphere (Boothman, 2008). Lenin’s use of the term gegemoniya (the Russian equivalent of hegemony, often translated as vanguard’’), however, seemed to imply a process more akin to what Gramsci would describe. During his attempts to catalyse the Russian Revolution Lenin (1902/1963) made the observation that when left to their own devices, workers tended to reach only a trade union consciousness, fighting for better conditions within the existing system. To bring about revolutionary change, he argued that the Bolsheviks needed to come to occupy a hegemonic position within the struggle against the tsarist regime. This meant not only empowering the various unions by bringing them together, but also involving all of society’s opposition strata’’ in the movement, drawing out the connections between all forms of political oppression and autocratic arbitrariness’’ (Lenin, 1963, pp. 86-87). In the post-revolutionary period, however, the implication changed. Lenin argued that it was crucial to the establishment of the hegemony of the proletariat’’ that (a) the urban proletariat retain an ongoing alliance with the rural peasants (who made up the majority of Russia’s population) in order to retain national leadership and (b) that the expertise of the former capitalists be utilised, by forcing them to effectively manage state industries. These dual processes of leadership via consent and the command of force in the development of hegemony would play a crucial role in Gramsci’s theory. Gramsci had been in Russia from 1922-23 while these debates were raging and it was after this time that we see hegemony begin to take a central role in his writings. Italy As much as he was influenced by what was going on in Russia, Gramsci was also influenced by his own political experiences. Gramsci had been heavily involved in the struggle against capitalism and fascism in Italy and for a while served as the leader of the Communist Party of Italy. In the period following the World War I, there had been a lot of optimism in Europe, and Italy in particular, that now that people had seen the atrocities that the ruling classes could unleash and the alternative that was developing in Russia, some kind of workers’ revolution in Europe was imminent. Gramsci certainly shared this optimism. Events that took place in the early 1920s seemed to confirm this. Tensions at all strata of society were high, there were mass agitations and people were forming factory councils and workers co-operatives. But despite the intensity of the mobilisations, it fizzled out remarkably quickly. Unions were co-opted, workers’ co-ops became marginal and uncompetitive. Common people were intimidated by elites or otherwise captivated by the allure of fascist rhetoric. Gramsci and others formed the Italian Communist Party to try to reinvigorate the movement, but it was evident that people were too disillusioned by the failures of the previous years to really become involved. Votes for the Communist Party were disappointingly low. When Gramsci was arrested in 1926 as a part of Mussolini’s emergency measures, he found himself in prison with a lot of time to reflect on what had happened and where things went wrong. How was it that the ruling class had been able to so effectively stifle the potential of the movement, and what would be required for the progressive forces to mobilise the masses in a way that would enable them to bring about a fundamental change in society? These questions would of course be central to Gramsci’s theory of hegemony. Stages As suggested above, in The Prison Notebooks Gramsci refers to hegemony to describe activities of both currently dominant groups as well as the progressive forces. For Gramsci, whatever the social group is, we can see that there are certain common stages of development that they must go through before they can become hegemonic. Drawing on Marx, the first requirement is economic: that the material forces be sufficiently developed that people are capableof solving the most pressing social problems. Gramsci then goes on to state that there are three levels of political development that a social group must pass through in order to develop the movement that will allow change to be initiated. The first of these stages is referred to as economic-corporate’’. The corporatist is what we might understand as the self-interested individual. People become affiliated at the economic-corporate stage as a function of this self-interest, recognising that they need the support of others to retain their own security. Trade unionism is probably the clearest example of this, at least in the case of people joining a union for fear of pay cuts, retrenchment etc. One can also speak of short-term co-operation between otherwise competing capitalists in these terms. The point to emphasise is that at this stage of a group’s historical development there is no real sense of solidarity between members. In the second stage, group members become aware that there is a wider field of interests and that there are others who share certain interests with them and will continue to share those interests into the foreseeable future. It is at this stage that a sense of solidarity develops, but this solidarity is still only on the basis of shared economic interests. There is no common worldview or anything of that nature. This kind of solidarity can lead to attempts to promote legal reform to improve the group’s position within the current system, but consciousness of how they, and others, might benefit through the creation of a new system is lacking. It is only by passing through the third stage that hegemony really becomes possible. In this stage, the social group members becomes aware that their interests need to be extended beyond what they can do within the context of their own particular class. What is required is that their interests are taken up by other subordinate groups as their own. This was what Lenin and the Bolsheviks were thinking in forming an alliance with the peasants – that it was only through making the Bolshevik revolution also a peasants’ revolution, which peasants could see as being their own, that the urban proletariat could maintain its leading position. Gramsci reckoned that in the historical context that he was working in, the passage of a social group from self-interested reformism to national hegemony could occur most effectively via the political party. In this complex formulation, the different ideologies of allied groups come together. There will inevitably be conflict between these ideologies, and through a process of debate and struggle, one ideology, or a unified combination thereof, will emerge representing the allied classes. This ideology can be said to be hegemonic, the group that it represents has acquired a hegemonic position over the subordinate groups. At this stage, the party has reached maturity, having a unity of both economic and political goals as well as a moral and intellectual unity – one might say a shared worldview. With this unity behind it, the party sets about transforming society in order to lay the conditions for the expansion of the hegemonic group. The state becomes the mechanism by which this is done: policies are enacted and enforced that allow the hegemonic group to more effectively achieve its goals and to create symmetry between its goals and those of other groups. Although these goals are formulated with the interests of a single group in mind, they need to be experienced by the populace as being in the interests of everybody. In order for this to be effective, the hegemonic group must have some form of engagement with the interests of the subordinate classes. The dominant interests cannot be simplistically imposed upon them. Progressive hegemony While Gramsci considers these pragmatic moves as being requirements for any group to come to power, he also has a very deep ethical concern for the way in which the process occurs. In this sense, we can detect in Gramsci’s work a qualitative difference between the operations of hegemony by regressive, authoritarian groups on the one hand, and progressive social groups on the other. At an ethical level, Gramsci was above all else an anti-dogmatist believing that truth could not be imposed from the top down, but only made real through concrete and sympathetic dialogue with people. Where a regressive hegemony involves imposing a set of non-negotiable values upon the people, chiefly through use of coercion and deceit, a progressive hegemony will develop by way of democratically acquired consent in society. To give some flesh to these differences, the remainder of this article will elaborate on the different ways in which Gramsci talks about hegemonies of currently and previously ruling classes and how these contrast with the progressive hegemony that he hoped to see in the future. It is evident that if we look through history, the capitalist class has retained its hegemony primarily through various forms of coercion, ranging from the direct deployment of the military through to more subtle forms, for example, using economic power to marginalise political opponents. It would, however, be a great mistake to think that capitalism does not also rely heavily upon building consent. Indeed, it could be argued that it is capitalism’s consent-building that we, from a strategic point of view, need to pay more attention to, as it is on this level that we compete with them. The nature and strength of this consent varies. There are ways in which capitalism succeeds in actively selling its vision to subordinate classes. This means not only selling the distorted vision of a society of liberty, freedom, innovation, etc., but also deploying the ideas of bourgeois economics to convince working people, for example, that although capitalist policy is in the ultimate interests of the capitalist class, they too gain some of the benefits via trickle-down effects. Capitalism can also win consent among those who perhaps don’t buy the idea that the system is in their interests, but who have been convinced that there is no alternative or that the alternatives would be worse – in other words, through the promotion of the belief that the system is a necessary evil. The 20th century saw capitalism massively expand this form of consensus, largely through the corporate control of the media and advertising. In the United States in particular, the promotion of the American dream’’, and all of the useless commodities required to attain it, served not only to massively boost consumption and thereby the economic interests of the capitalists, it also sold a way of life which only capitalism could deliver. This was of course aided throughout the Cold War with simultaneous attempts to smear any alternative to capitalism as slavery. The capitalist class, in opposing any policy attempts to close in on corporately owned media, used its hegemonic political power to create the conditions for the building of further consent, in turn expanding their interests. The hegemonic group will continually struggle in this fashion to reach greater levels of consent – in this case by locking people into rigid mindsets and overcoming any optimism. We can look at former Australian Prime Minister John Howard’s attempts to expand privately owned schools, and to change high school history syllabi to make them more favourable to bourgeois perspectives as a part of this ongoing hegemonic process. The ruling class will constantly try to expand its field of interests and win further consent in response to changes in context and challenges to legitimacy. `Syndicalism’ Certain forms of trade unionism can also be seen as examples of capitalist hegemony. What Gramsci calls syndicalism’’ the view that the conditions of the workers can be maximally uplifted via the increasing power of the trade unions reflects a social group (the workers) left in the economic-corporate stage of development due to the hegemonic influence of capitalists, specifically free trade advocates, in the realm of ideology. The free trade advocates argue that the state and civil society should be kept separate, that the state should keep out of the economic sphere, which functions autonomously – leave it to the invisible hand of the market’’ and so on. The syndicalists had adopted this assumption of an arbitrary separation of the social and economic realms on the one hand and the political realm on the other, and assume that they could bring about radical change without political representation. The concrete result of this is that they are left to negotiate for narrowly defined improvements in the economic sphere, with no policy changes that would allow these wins to take on a more permanent basis. Meanwhile, the free trade advocates are themselves actively involved in policy, despite their claims, setting up conditions that will be favourable to the capitalist class! When the interests of the capitalist class are directly threatened, however, the hegemonic forces will inevitably resort to coercion. There is no room to negotiate on this, within the current hegemonic order. On a simple level this can mean legislating to allow police to crack down on workers taking industrial action, who threaten profits in an immediate sense. But a far bigger threat to the capitalists is the development of a hegemonic alternative within civil society. The threat is that people will move from the economic-corporate phase, and recognise that their interests overlap with all of those whom capitalism marginalises and holds back, that they will come to recognise their power and demand radical change. This being the greatest threat to capital, the most effective way for it to use coercion is to break apart emerging progressive alliances between subordinate groups. When confronted with force and economic bullying, the people are less able to relate to the group. Concerns for survival mean that people have to defend their own interests as individuals. The movement of the progressive hegemony is slowed, as people are forced to behave in a corporatist manner. The ruling class can also try to violently break apart movements by stirring up ideological differences, appealing to religion, for example. Democracy and consensus Gramsci saw the development of a progressive hegemony involving a far greater degree of openness, democracy and consensus, rather than coercion. In so far as there is coercion, it should only exist to hold back those reactionary forces that would thwart society’s development. This would allow the masses the space in which to reach their potential. A large part of The Prison Notebooks is devoted to figuring out what would be required for this kind of hegemony to develop, and a lot of Gramscian thinkers since have devoted themselves to this puzzle. As a starting point, we can say that while the existing hegemony tries to keep all the disaffected and subordinate social groups divided, the emergent progressive hegemony must bring them together. Gramsci certainly recognised the challenge involved in this. In his own historical situation (and as is undoubtedly still the case in ours), there were considerable barriers between the marginalised groups in terms of experiences, language and worldview. What all of these groups had in common, however, was that none of them had adequate political representation within the current system. Gramsci calls these groups that lack political representation subaltern’’. The challenge of the hegemonic group is to provide a critique of the system such that subaltern groups are made aware of their commonality and then raised up’’ into the political life of the party. In order to facilitate this incorporation of others, Gramsci stressed the need for the hegemonic group to move beyond its economic-corporatist understanding of its own interests, sacrificing some of its immediate economic goals in the interest of deeper moral and intellectual unity. It would need to overcome its traditional prejudices and dogmas and take on a broader view if was to lead while maintaining trust and consensus (both necessary to overcome existing power). If these aligned forces are to have any historical significance, they need to be enduring and organically related to conditions on the ground, not merely a temporary convergence. To develop mass momentum they would need to demonstrate, both in people’s imagination and in action, that they were capable of coming to power and achieving the tasks they had set for themselves. These tasks must effectively be everyone’s tasks – they must come to represent every aspiration, and be the fulfilment of the failed movements of the previous generations. Such a demonstration of power and historical significance could not be achieved through a passive action, of which Gramsci provides the example of the general strike. If the movement simply represents the rejection of the existing system or non-participation in it, then it would quickly fragment into everyone’s unique ideas of what should replace the system precisely at the moment when unity is most called for. It must be an active embodiment of the collective will, crystallised in a constructive and concrete agenda for change. Clearly this is no small ask, and Gramsci is certainly not of the view that one can just implement these strategies as though reading from a manual. What is called for is for rigorous work on the ground laying the moral and intellectual terrain upon which these historical developments can occur. One develops the unity, self-awareness and maturity of the movement, making it a powerful and cohesive force, and then patiently, with careful attention to the contextual conditions, waits for the opportune moment for this force to be exerted. Moment of crisis This moment is the moment of crisis within the existing, dominant hegemony: the moment at which it becomes clear to the populace that the ruling class can no longer solve the most pressing issues of humanity. Provided that the progressive forces adequately assert the alternative at this moment and the ruling group is unable to rapidly rebuild consent, it becomes visible that the conditions under which the ruling group became hegemonic are now passing away and society can collectively say We don’t need you anymore.’’. Gramsci calls this process of historical purging catharsis’’ in which structure ceases to be an external force which crushes man, assimilates him to itself and makes him passive; and is transformed into a means of freedom, an instrument to create a new ethico-political form and a source of new initiatives.’’ (Gramsci, 1971, p. 367.) For Gramsci the need for this transition from the world as it is to the freedom to create the world anew should be the starting point for all Marxist strategy. So, what does Gramsci have to offer us? His insistence that the socialist political form should be one of openness, democracy and the building of consensus certainly provides us with greater vision and focus and really ought to inform the activities of all progressive political groups – if not for ethical reasons, then at least because in the present environment, without a willingness to genuinely work on building consensus with others, one’s chances of success are very much diminished. (We’re not the ruling class – we don’t have the means to coerce). More than this, however, Gramsci provides us with a way of thinking; he gives us the conceptual tools to dissect the political situation we find ourselves in, to view it in historical context and to understand where we can find the conditions for the further development of our power. †¢ [Trent Brown is a doctoral student at the University of Wollongong and a member of Friends of the Earth Illawarra.] Bibliography Boothman, D. (2008). Hegemony: Political and Linguistic Sources for Gramsci’s Concept of Hegemony’’. In R. Howson and K. Smith (Eds.), Hegemony: Studies in Consensus and Coercion. London: Routledge. Clark, M. (1977). Antonio Gramsci and the Revolution that Failed. New Haven: Yale University Press. Gramsci, A. (1926). Some aspects of the southern question’’ (V. Cox, Trans.). In R. Bellamby (Ed.), Pre-Prison Writings (pp. 313-337). Cambridge: Cambridge University Press. Gramsci, A. (1971). Selections from the Prison Notebooks of Antonio Gramsci, Q. Hoare G. N. Smith, eds. trans. London: Lawrence and Wishart. Howson, R. (2006). Challenging Hegemonic Masculinity. London: Routledge. Howson, R. Smith, K. (2008). Hegemony: Studies in Consensus and Coercion. London: Routledge. Lenin, V. I. (1963). What is to be Done? S.V. Utechin P. Utechin, trans. Oxford: Oxford University Press. From: http://links.org.au/node/1260

Change in Pressure and Different Depths in a Static Fluid Lab Essay Example for Free

Change in Pressure and Different Depths in a Static Fluid Lab Essay Purpose: The purpose of this lab is to devise a correlation between that of the data we have collected from our experiment and compare it to that of theory. In this experiment 3 different tests were done in order to test this theory. The first test was to tie a balloon on the end of a manometer and measure the pressure at different depths in a large beaker filled with water. The next test was the same thing, but without the balloon on the end of the manometer. For the final test a pressure gauge was used to measure the pressure at different depths in the water. The data collected from each experiment was the depth of the object and its deflection. To find out the theoretical pressure for the experiment this equation will be used: ∆P=ÃŽ ³H2Oà ·Depth The theoretical results will then be compared to the measured results, determining the correlation between both sets of data in order to prove whether or not this experiment is capable of proving the theory. Procedure: 1) Fill the cylinder with water and adjust the manometer to read zero. 2) For first test tie a balloon to the end of the tube that gives the manometer reading, and fill it with air. 3)Immerse the balloon in the water and measure the deflection at each specific depth (Try to get as close as you can to: 11, 9, 7, 5, 3, and 0 inches). 4)When finished with the first test remove the balloon and proceed to second test. 5) For the second test immerse the (balloon free) manometer tube in water, also measuring each specific depth and deflection. 6) For the third test instead of measuring with the manometer use a pressure gauge to measure your deflection (make sure you set the gauge to zero before testing). Calculations: Test #1 Example Depth: 3.5 inches Deflection: 1.7 inches P. Theory: ÃŽ ³H2OÃâ€"3.512=18.2lbft2 P. Measured: 1.712Ãâ€"ÃŽ ³ManometerÃâ€"ÃŽ ³H2O=16.9lbft2 Test #2 Example Depth: 5 inches Deflection: 2.1 inches P. Theory: ÃŽ ³H2OÃâ€"512=26lbft2 P. Measured: 2.112Ãâ€"ÃŽ ³ManometerÃâ€"ÃŽ ³H2O=20.8lbft2 Test #3 Example Depth: 3 inches Deflection: 1.8 ozin2 P. Theory: ÃŽ ³H2OÃâ€"312=15.6lbft2 P. Measured: 1.812Ãâ€"ÃŽ ³Pressure GaugeÃâ€"ÃŽ ³H2O=17.9lbft2 ÃŽ ³H2O=62.4 lbft3 ÃŽ ³Manometer ÃŽ ³Pressure Gauge=1.91 lbft3 Analysis and Conclusion: Overall I think results of this experiment turned out fairly well. From looking at the graph I noticed that as we moved on to the second and third tests there seemed to be less and less error. In general I think that human error had a huge impact on this lab. If we could have done a few trials for each test I think that the outcome of our measured results would be a lot closer to those of the theoretical results. What we were attempting to do with this lab was take the theoretical results of our experiment and get them as close as we could to the measured results with little percent error in order to determine if this test was reliable. By comparing some of the results I can safely say that this test is valid. Some of the data comparisons are far off, but others are within 2 percent error and I know for a fact that better results can be acquired.

Elderly Sexual Activity And Health Health And Social Care Essay

Elderly Sexual Activity And Health Health And Social Care Essay As Lindau et al. (2003) point out, sexuality involves the forming of a partnership and pertains to the behaviors, attitudes, function and activity of sexually active individuals. Sexual activity has been associated with health (Addis, Van Den Eeden and Wassel-Fyr, 2006; Laumann, Nicolosi and Glasser, 2005), and ailment and disease might significantly impair sexual health (Schover, 2000). Elderly people are recipients of a wide array of devices and medications which aim at treating problems of a sexual nature. While the demand for services and medication pertaining to sexual health is increasing, nevertheless not much is known about the sexual behavior of adults over 65 years of age. In the developed countries, the chronological age of 65 years old is largely accepted as a cut-off point for classification of a person as older or elderly. While common definitions of the third age such as this are indeed practically utilized, there exists no general consensus as to the point in time when one actually becomes old. Usually, the time in life when one becomes eligible for a pension is adopted as indicative of old age. The United Nations do not use a standardized criterion, but nevertheless agrees to 60+ years as referring to the elderly (WHO, 2010). A definition of ageing is provided by Gorman (2000): ageing is a highly predetermined biological process which eludes human control. At the same time, ageing is defined in a constructivist world, where different societies assign different meanings to old age. Chronological age is seen as most important in developed countries. The age between 60 and 65 is taken to signify the onset of old age. By contrast, in many developing countries, age by years bears little relationship to the definition of old age. In such countries, the meaning of old age may depend instead on the roles that are been assigned to older people, or even on the loss of previously-held roles, which may come as a result of natural physical decline. In sum, while the developed world defines old age in a manner highly chronological, the same is often not true for developing countries, where people start to be perceived as elderly when their active role involvement is no longer possible (Gorman, 2000). According to a definition by the World Health Organization (2001), sexuality is a natural part of human development through every phase of life and includes physical, psychological, and social components (p. 13). Another definition of sexuality provided by Rheaume and Mitty (2008) states that sexuality is a core dimension of life that incorporates notions, beliefs, facts, fantasies, rituals, attitudes, values, and rights with regard to gender identity and role, sexual acts and orientation, and aspects of pleasure, intimacy, and reproduction and involves biological, psychological, social, economic, religious, spiritual and cultural components (p. 342). Health is defined as a state of complete physical, mental and social well-being and not merely the absence of disease or infirmity (WHO, 2001, p. 8). In turn, sexual health implies a positive approach to human sexuality and is therefore an essential component of reproductive health. It includes the integration of somatic, emotional, intellectual, and social aspects of an individual in ways which positively enrich and enhance personality, communication, love and human relationships (p. 13). Sexual health, not unlike physical health, is viewed as a state of well-being where there is an expectation of pleasurable experiences without the intrusion of negative feelings such as shame, fear, pressure or violence. In keeping with this definition, Calamidas (1997) suggests that home or assisted-living nurses can play a crucial role in the quality of elderly peoples life through helping them attain and preserve a positive outlook toward the expression of their individual sexuality. Historically, a large proportion of todays elderly people grew up and lived during a time when social norms were both conservative and gender-biased. Broadly speaking, sexual intercourse was considered as a pleasurable experience primarily for the men while women were thereby expected to sexually satisfy their husbands and to make babies (Hajjar and Kamel, 2003). People that today are over 70 years old may have actually missed the sexual revolution of the 1960s in the context and social conditions under which it took place, since they were already married and engrossed in their work and family life. This interesting analysis by Hajjar and Kamel (2003) proceeds to argue that the challenges to intimacy and sexuality faced by that age group may be partly due to the adoption of a rather conservative set of values and beliefs about sexuality, a limited availability and access to knowledge on sexuality, and a lack of feeling comfortable with their sexuality. Rheaume and Mitty (2008) suggest that nowadays the traditional stereotypes regarding ageing, intimacy and sexuality are being reexamined; that is, the point of view is promoted that a desire for intimacy and for sexual contact does not have to cease at any point during the lifetime. Knowledge on the sexual activity of the elderly people however is far from complete, especially within a cross-cultural context as well as with reference to educational and financial status. In this light, the generalizability of research findings in this area is rather hindered. Oftentimes, this means that health professionals may be left somewhat in the dark concerning the wants and needs of older adults as to their sexuality (Rheaume and Mitty, 2008, p. 342). Sexuality of the Elderly The National Social Life, Health and Aging Project (NSHAP) has taken up the task of gathering data on the sexual activity, behaviors and problems of elderly people (Lindau et al., 2007). The findings of the national American sample of NSHAP show that while sexual activity tends to decrease with age, most older adults continue to enjoy intimate marital or other relationships, as well as consider their sexuality an important aspect of life. The majority of individuals aged 57 to 85 years old, and approximately one in three of individuals aged between 75 85 years old were active sexually. Even in their 80s or 90s, the elderly may practice sex and/or masturbation (Lindau et al., 2007). There is evidence to suggest that some men and women retain their sexual desire and partnership during the whole of their life (Addis et al., 2006; AARP, 1999; Nicolosi, Laumann and Glasser, 2004; Bacon et al., 2003). Some of these studies however have relied on relatively small sample sizes, and have utilized non-random sampling methods. Taking into consideration the above criticisms, Lindau et al.s (2007) study examined the occurrence of sexual activity in sexually active participants and did not find significantly decrease with old age. At the same time, the levels of reported sexual activity in respondents between 60 and 74 years old were comparable to the levels reported by adults from 18 to 59 years old, in a wide US survey (Laumann et al., 1994). Adults aged 65 years and over can retain an active and satisfying sexual life throughout their years (WHO, 2002). Frequent sexual activity is commonly reported after middle age (Janus and Janus, 2003). In the survey of the American Association of Retired Persons (AARP, 1999) including 1384 elderly individuals, although sexual activity was reported as being pleasurable, no overarching agreement was reached as to the importance of sex toward maintaining a good relationship. The research by AARP (1999) also found that old adults who have partners tend to feel that a fulfilling sexual relationship is important, as opposed to old adults with no partners. Men older than 75 were more likely to have a spouse or partner and appeared to hold more favorable attitudes or more interest towards sex than did women of the same age. Men, whether they had a partner or not, reported a higher frequency of thoughts, feelings and fantasies related to sex than generally did women. Steinke et al.s (2008) research with healthy elderly people reported that the lesser health restrictions of the elderly helped them to retain their sexual activity throughout the course of their lives. Women in their third age usually demonstrate a larger diminution of sexual activity with time than do same-aged men (Lindau et al., 2007). According to the results of a multinational survey of persons 40 to 80 years of age (Laumann, Paik and Glasser, 2006), women tend to think of sex as a less important facet of life than do men, and they also tend to report more absence of pleasure from it. The determination of the dynamics that are involved in sexual satisfaction are of particular importance here (Carpenter, Nathanson and Kim, 2009). Henderson-King and Veroff (1994) and Sprecher (2002) have found that sexual satisfaction enhances the individuals well-being, while it promotes the stability of a marriage and of other personal relationships. A better knowledge of the factors that promote and lessen sexual satisfaction may help in the development of better-suited clinical and policy interventions against sexual problems (Bancroft, 2002). As populations age, a sound understanding of sexual activity in elderly people is becoming more and more relevant; people now enjoy longer and healthier lives, attitudes toward sexuality are being transformed and the importance of a fulfilling sexual life toward the attainment of personal happiness is being recognized (Seidman, 1991; Calasanti Slevin, 2001). Quality of life A number of authors have suggested that doctors and policy-makers are becoming more and more aware of the importance of human sexuality for health and for good quality of life across the life span (Lindau et al., 2007; Satcher, 2001; WHO, 2002). In his description of the cross-cultural study of the World Health Organization, Quality of Life/Older Adults (including such topics as autonomy, activity, functionality, intimacy, relationships, socialization, death, and dying, Robinson (2007) states that sexuality, health status and personal relationships were all significantly related to quality of life. Many studies have found that sexual activity bears a significant relationship to longevity and positive health outcomes (Palmore, 1982; Davey Smith, Frankel and Yarnell, 1997; Onder et al., 2003). Sexual problems Since the beginning of the 21st century new and considerable attention has been paid to the sexuality of the elderly as a result of the creation of drugs that treat erectile dysfunction. Male erectile dysfunction, if treated effectively, can prolong the active sex life of the elderly of both genders throughout life (Lindau, 2010). As Cambois, Robine and Hayward (2001) point out, in many countries sexual problems comprise a major issue for elderly people; in the United States, approximately one in two 57 to 85 year olds who are sexually active report that they have at least one sexual predicament, and one in three mention at least two such afflictions. Accordingly, the majority of the elderly people in Lindau et al.s (2007) study did report pestering problems of a sexual nature, and approximately one in four sexually active elderly participants of both genders refrained from sexual intercourse as a result of a sexual problem subject to therapeutic intervention. During the transition to old age, changes in physiology can impair the sexual responsiveness of elderly women and men, while they may affect, either negatively or positively, their sexual function (Bachmann and Leiblum, 2004; Rosen et al., 2005). Different aspects of sexuality had been found to have a negative correlation with poor health and age (Laumann et al., 2005; Schover, 2000; Laumann, Paik and Rosen, 1999; Camacho and Reyes-Ortiz, 2005). Isselbacher et al. (1994) and Rosen et al. (2005) state that problems of a sexual nature may act as precursors or as epiphenomena to significant infections or diseases such as diabetes or cancer. Sexual problems that go unnoticed and/or untreated may lead to or co-occur with depression and social withdrawal (Nicolosi et al., 2004; Morley and Tariq, 2003, Araujo et al., 1998). Medication prescribed to the elderly may have an adverse effect on sexual life (Finger, Lund and Slagle, 1997); even medication which treats sexual problems may have adv erse health effects (Lindau et al., 2006; Gott, Hinchliff and Galena, 2004). Steinke et al. (2008) also found that elderly participants who were not active sexually showed a worsening of sexual self-concept, self-efficacy, and satisfaction. In Konstam, Moser and De Jongs (2005) research, a heightened self-efficacy was demonstrated to improve on both sexual function and emotional functioning, not excluding depression. Health and sexuality Lindau et al.s (2007) study found sexual activity to be positively related to the physical health of the elderly, particularly in elderly men. In general, healthy individuals of all ages were more likely to engage in marital or other intimate relationships and to be more sexually active. Furthermore, physical health was found to be related to different facets of sexual function, as well as sexual problems, regardless of age; similar findings have been reported by other researchers (Laumann et al., 1999; Bacon et al., 2003). It is advisable then that, when specific conditions apply, elderly people who have health problems or who are to receive treatment which may influence their sexual functioning may need to be evaluated based on their health status instead of their age (Laumann et al., 2005). In a representative national analysis, Lindau (2010) assessed the relationship between sexuality, as measured per sexual activity and quality of sex life, and global self-reported physical health in mature and elderly adults. Lindau (2010) found that especially for older women, self-rated health was closely related to having a partner. Overall, participants who were of very good or excellent physical health were about 1.7 times more likely to show an interest in sex than did participants of less than good health. As Lindau (2010) puts it, when compared to women, men tend to spend significantly more of their life being sexually active but, at the same time, miss out on significantly more years of sexual activity as a consequence of less than good health. This strong relationship between mens health and expected duration of a sexually active life may be partly attributable to chronic diseases but also to treatment received for erectile dysfunction (Westlake et al., 1999; Solomon, Man and Jackson, 2003; Burke et al., 2007). The United Nations (2007) have proposed that in the developed and developing nations, a projection of peoples sexual activity as they become older can be useful in predicting health needs and resources, sexual function-related services, the recovery from sexual dysfunction due to illness, as well as the treatment for commonly occurring health conditions in the third age. At the same time, the wish to prolong the duration of their sexual life can modify older peoples important health behaviors; mature adults may for example quit smoking or take their medication more seriously if they expect that their action will promote a lengthy and fulfilling sexual life (United Nations, 2007). ΒΠ¹ÃƒÅ½Ã‚ ²ÃƒÅ½Ã‚ »ÃƒÅ½Ã‚ ¹ÃƒÅ½Ã‚ ¿ÃƒÅ½Ã‚ ³Ãƒ Ã‚ ÃƒÅ½Ã‚ ±Ãƒ Ã¢â‚¬  ÃƒÅ½Ã‚ ¯ÃƒÅ½Ã‚ ± Addis IB, Van Den Eeden SK, Wassel-Fyr CL, et al. Sexual activity and function in middle-aged and older women. Obstet Gynecol 2006;107:755-64. American Association of Retired Persons. Modern maturity. Sexuality study. Washington DC: AARP; 1999. Araujo AB, Durante R, Feldman HA, Goldstein I, McKinlay JB. The relationship between depressive symptoms and male erectile dysfunction: cross-sectional results from the Massachusetts Male Aging Study. Psychosom Med 1998;60:458-65. Araujo AB, Mohr BA, McKinlay JB. Changes in sexual function in middle-aged and older men: longitudinal data from the Massachusetts Male Aging Study. J Am Geriatr Soc 2004;52:1502-9. Bachmann GA, Leiblum SR. The impact of hormones on menopausal sexuality: a literature review. Menopause 2004; 11:120-30. Bacon CG, Mittleman MA, Kawachi I, Giovannucci E, Glassser DB, Rimm EB. Sexual function in men older than 50 years of age: results from the Health Professionals Follow-up Study. Ann Intern Med 2003;139:161-8. Bancroft, J. (2002). The medicalization of female sexual dysfunction: The need for caution. Archives of Sexual Behavior, 31, 451-455. Burke JP, Jacobson DJ, McGree ME, Nehra A, Roberts RO, Girman CJ, et al. 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