Tuesday, December 31, 2019
Sample details Pages: 13 Words: 3952 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Introduction The whole world is aware of the improvements seen in the global economic system. Green Shoots seem to have become the favourite term for the financial gurus. But as is with ever theory, this too has its share of critics, with a school of thoughts terming these green shoots nothing but weeds. While the debates continue between the gurus and the critics as does the battle between the bulls and bears, the winners seems to be the stock markets, which are seeing increasing flow of funds. Just to get the facts right, the Sensex level has more than doubled since March 2009 when the key benchmark index stood at around 8000. The Q1FY10 results of the Indian corporates have been encouraging as the deterioration in the health of financials and business overall seems to have ceased, boosting the investor confidence. The economic indicators have improved and the FII flows have resumed their way into the Indian markets. Economic situation in India has stabilized after arrival of late monsoon and Indias GDP is expected to grow at about 7%. The factors playing a spoilsport are the possible threat of rate hikes by the Reserve Bank of India (RBI) and a growing fiscal deficit which is estimated at 6.8 percent of gross domestic product, which is a 16-year high. DonÃ¢â¬â¢t waste time! Our writers will create an original "Green shoots" essay for you Create order However, irrespective of the grey areas as regards Indias financial health, there is no denying the fact that the current environment seems lot more promising than that a year before. The past year was a nightmare for the global financial markets. The dramatic turn of events, which were unraveled post the subprime crisis claimed many world renowned and legendary business houses. Cash was king and no amount of pursuing would have led one to part with it for any form of other asset, as such investments were plummeting. Equities markets were collapsing like a pack of cards and the liquidity seemed to have suddenly evaporated out of the financial system across the world. But, now, after the intervention of the governments and federal banks across the world, the system is coming back to life and the investor optimism is slowly seen returning. The emerging markets are seeing the much needed liquidity return in to the economy. The credit-starved corporates, who were just managing to survive, are suddenly fuelling ambitious dreams. And to realize them, they have entered the primary markets with all their might to again woo the investors. Optimal Capital Structure Modern Finance Theory propounds that the capital structure of a firm should be chosen to maximize the value of the firms assets. It says that a company can select that option from amongst the various financing alternatives which adds maximum value to the firm. This requires some technique of measuring the cost and risks associated with these financing alternatives. The companies should aim at attaining optimal capital structure by selecting more efficient financing alternatives. Optimal capital structure refers to the use of equity, debt and other hybrid financing alternatives in such a proportion that it minimizes the cost of capital and risk while maximizing stock prices. One of the most important issues in corporate finance is responding to How do firms choose their capital structure? Determining the optimal capital structure has for a long time been a focus of attention in many academic and financial institutions. There are various methods for the firm to raise its required funds; the most basic instruments are stocks or bonds. The mix of the different securities is known as its capital structure, so it can be defined as the combination of debt and equity used to finance a firm. And the target capital structure is the ideal mix of debt, preferred stock and common equity which adds maximum value to the firm. The Popular Tools of Financing in the Domestic Markets Initial Public Offering (IPO) In case the company decided to go to the public and offer equity, the company, which so far was private limited becomes public limited through the mode of IPO, which, on one hand brings huge funds while leaving the controlling position in the hands of the promoters, but on the other hand the company has to comply with the complicates rules laid down by the regulatory authority of the stock markets. The IPO route is also chosen by some large privately owned companies who are looking forward to go public. The Indian corporates have developed a bad taste for the Initial Public Offerings (IPOs) after the clouds of instability settled over the financial markets, world over since 2008. The cold response generated by the largest of IPOs deterred the new entrants from testing waters in the last year and half. IPOs have been one of the most popular fund raising routes for Indian companies in the past. A small start-up during its initial days of struggle attracts money from the venture capitalists and private equity players. However, once the scale of operation begins to grow, it reaches a stage where the company, in order to unleash its complete potential and to fulfil its dream ambition requires enormous funds. To facilitate the transition of the companys future plans into reality, it can either dilute the equity or bring in debt. And very often the extent of funding cannot by satiated by debts, as no financial institution would part with their funds just to appear as a creditor, when they can get a slice of the companies equity for the huge sum. So the equity dilution comes as a lucrative option, where either general public is offered a stake in the equity of a company or a third party is offered a lump sum stake. The revival of investor interest in IPO market during the second half of 2009 is more likely to get a boost this year. As many as 50 companies have already filed the draft prospectus with the Securities and Exchange Board of India (SEBI). Indian Inc. raised about Rs 20,000 crore through the IPO route in the year of 2009. With the government planning to dilute its stake in a host of profit making public sector companies by way of IPOs and follow-on public offers (FPOs) fund raising is expected to go up to Rs 50,000 crore in 2010. Qualified Institutional Placement (QIP) The year 2008-09 was not a really exciting year for the IPO markets in India. Similar dry spell was also seen in case of the relatively new tool of Qualified Institutional Placement (QIP), which saw lack of activity until recently. Qualified Institutional Placement (QIP) is a fund raising tool, wherein a company that is already listed on a stock exchange can issue equity shares or convertible debentures, or any other security (except warrants) which can later be converted into equity shares, to a Qualified Institutional Buyer (QIB). Other than preferential allotment, QIP is the only other speedy fund raising route for private placement by any company. Its better than other methods, since it does not involve many of the common procedural overheads, such as the submission of pre-issue filings which need to be made with the market regulator SEBI. Before the introduction of QIPs, the Indian listed companies, in a bid to make raising capital in the domestic markets simpler, resorted to raising funds from the overseas market by issuing Foreign Currency Convertible Bonds (FCCBs), American Depository Receipts (ADRs) and Global Depository Receipts (GDRs). In order to prevent the over dependence of the Indian corporates on the foreign capital, the market regulator SEBI had introduced QIPs in 2006, which enabled listed companies to raise money from domestic markets in a short span of time. Since their introduction, QIPs have proved to be attractive for companies as the issue cost is lower, the process is simpler and faster (no prior filing of draft offer document with SEBI), and compliance requirements are lighter as compared with ADRs/GDRs. Although QIPs were first introduced in May 2006, they actually gained momentum only in 2007. The QIP route stagnated in 2008 when the markets went into a bear grip. Ending the long gap in the QIP issues was the Unitech QIP. The issue saw as many as five large foreign institutions pick up about 15% in the companys shareholding for $325 million in mid-April of 2009. Unitechs QIP was followed by similar issues coming from IndiaBulls Real Estate which was worth Rs 2,657 crore and PTC India worth Rs 500 crore. As per the information provided by Prime Database, Indian companies had successfully raised a total sum of Rs 32,543.34 crore through 66 QIPs since its inception in May 2006. In 2006, there were 16 QIPs by Indian companies, followed by 41 in 2007. The appetite for QIPs diminished in 2008, and the markets witnessed only 8 placements, as fund raising became challenging in the wake of the global financial turmoil. In 2009, Indian companies had raised close to Rs 33,000 crore by way of 45 QIP issuances. Majority of share prices have seen significant correction since January 2008, when the markets were trading near their life-time highs. As a result of lower prices and improved liquidity in the system, recent times have seen has seen more buying interest from institutional investors. As many as 73 companies have expressed their intentions to raise funds through QIPs of approximately Rs 100,000 crore. Companies interested in QIP issues include Tech Mahindra, Sterlite Industries, Hindalco, JSW Steel, Reliance Comm. and Essar Oil Why a sudden rush of IPOs/QIPs? The Indian markets saw large selling of over Rs. 50,000 crore by FIIs in the year 2008. These outflows were a result of the global economic slowdown, where the entire financial systems had collapsed and stock markets across the globe were crashing to new lows in long time. It was the worst financial crisis witnessed in decades since the Great Depression of the 1930s. It is important to understand that this crisis basically stemmed from the realty market of US, where sub-prime markets saw big numbers of failures and foreclosures in servicing the loans. This led to a vicious cycle of cash crunch, which impacted the Mortgage Backed Securities (MBSs) built upon these defaulting homeowners loans. These MBSs were sold to the investment banker, who further repackaged these securities into unregulated asset backed security called collateralized debt obligations (CDOs), which is essentially repacking the MBS into categorized by the rating agencies into different tranches based on their assessed value by these agencies senior tranches (rated AAA), mezzanine tranches (AA to BB), and equity tranches (unrated). A huge chunk of these CDOs was brought about by the commercial bank in greed of huge incomes as a reward for higher risk associated with these securities. But this was not meant to be as these securities turned out to be toxic for the banks as the payoff coming from the homeowners stopped. This led to a severe credit crunch, which spread throughout the monetary system thanks to the greedy bankers. Now, this rot of the US home markets quickly spread to other markets world over as directly or indirectly, all the nations in the world had some interest in this leveraged asset class. It follows that Indian markets also reacted to this development in the expected negative way as the FIIs secured their positions by booking profits, which caused massive spells of corrections in the Indian benchmark indices. The FDI investment dried as a result of the liquidity crisis. As a result of this, those sectors, which needed heavy CAPEX to survive, were groping desperately for some sort of help from the government. The companies in the real estate and infrastructure sectors saw severe downturn, and many realty companies, who were starving for money, found it difficult to stay afloat, as the projects came to a screeching halt, the banks were reluctant in providing credit and home prices and sales kept falling. After much intervention from the government and the Reserve Bank the Indian markets started showing signs of recovery much before their European and American counterparts. Limited exposure of the India markets to derivatives like the CDOs and other MBSs was a major reason for India to emerge as a relatively insulated economy, safe from the dangers of the western markets. The domestic demand in the country has been strong, giving the markets a strong support. Also the election of a stable UPA government added to improving market sentiments amongst domestic investors. The comparatively swift recovery of India made it an interesting destination for FIIs who were looking for safer shores to invest. The revival in market sentiments came as a big relief to these ailing companies, who were rushing to raise money, majorly to retire expensive debt and restructure their balance sheets. The revival brought in a fresh wave of opportunities for these companies to consider the IPO/QIP routes to raise funds. Companies in the real estate and infrastructure sectors were especially looking at QIPs as a means to either retire debt or to fund ongoing projects. The major reason for increasing interest in the QIP route for fund raising is its time-effectiveness. While an IPO issue can take anything from 4 months to as long as a year, QIP issues on the other hand can be wrapped up within a span of 4-5 days. The 45 QIP issuances done during the year 2009 have resulted in a mark-to-market (MTM) profit of around 21.60 per cent, which is equivalent to about Rs 7,050 crore for the QIBs. The year 2009 can easily be labeled the year of the QIPs. And moving forward in 2010, till the time we see some serious appetite in overseas markets for instruments like converts/ADRs/GDRs, QIPs shall continue to dominate the fundraising space. Foreign Currency Convertible Bonds (FCCBs) FCCBs are a popular mode of raising money from the foreign soils, which is as much a benefit to the issuer as it is to the investor. It has the features of both equity as well as debt. FCCBs are typically issued as interest bearing or zero coupon bonds and are convertible during their tenure into equity. FCCBs are a popular source of raising money as they have considerable benefits for both the investors and issuers of the bonds. Similar to any other debt instrument FCCB brings the benefit of capital protection along with the chance to capitalize on any appreciation in the companys stock prices by means of conversion. This is very beneficial to an investor who will invest in such bonds. As for the issuing company, FCCBs are a source of low-cost debt as the coupon rates on such bonds are lower than the average lending rates prevailing in the markets. But in recent times of liquidity crunch and the market meltdown FCCBs have turned out to be a double-edged sword. Firstly, FCCBs were a concern due to the swelling foreign exchange losses of the Indian companies. Along with the MTM losses on derivatives, companies also had to make provisions for interest expenses on the issued FCCBs, following the severe decline of the Indian rupee. Later, the problem of high conversion prices for outstanding FCCBs made its presence felt in the midst of falling stock prices, underscoring the possibility of their non-conversion. In fact, the conversion price of their foreign currency convertible bonds in most cases is several times higher than their current market prices (refer to the table given below). To deal with the situation, the companies were left with two options. One was to redeem the bonds, which could raise the companys debt obligations that were already significant in some cases. The other was to reset the price to current market price, which could result in dilution of the promoter holdings, as it would mean issuing more equity shares in the market. Realizing the no-win situation that some of the Indian companies were in because of large outstanding FCCBs; the RBI had permitted the buyback of FCCBs in November 2008 (subject to fulfillment of specified conditions) through new ECBs (External commercial borrowings). A few months later the RBI allowed buyback through rupee resources as well. Private Equity Private Equity (PE) is the security of companies that are not listed on a public exchange. And as such these securities are not traded in the secondary markets. PE comprises of funds and investors who directly invest into private companies or buyout public companies that causes delisting of public equity. PE is an attractive financing option for small and emerging companies, who are planning to expand their operations and need capital for the same. PE makes more sense to Small and Medium Enterprise (SMEs) as compared to other options such as QIPs because of two major reasons. First is the added advantage of the financial and operational acumen that a PE investor brings to the company. SMEs can greatly benefit from the expertise of the PE investor. Secondly, since most of these SMEs are not listed on any stock exchanges, raising capital becomes a difficult task for them. PE provides them with the opportunity to raise funds without the need to be registered with a stock exchange. Private equity has witnessed phenomenal growth over the last few decades as institutional investors, seeking higher returns, embraced this alternative to traditional asset classes. The last few years leading into the current financial crisis was a boom period for private equity in terms of the size and number of deals, driven primarily by buoyant credit markets that have since squandered. In the year shrouded by an aura of uncertainty, India witnessed 287 deals in 2009 at a disclosed value of $4.43 billion compared to 502 deals with a total disclosed value of $11.98 billion in the year 2008 and 488 deals with an announced value of $15.61 billion in 2007. Some of the large private equity deals in 2009 included KKR and CPP Investment Boards $255 Mn investment in Aricent Inc., Siva Ventures Ltd. acquisition of 51% stake in S Tel Ltd. for $230 Mn and TPG Capitals $200 Mn investment in Mumbai based Indiabulls Real Estate. With respect to high value deals there were 14 and 9 deals over $50 Mn and $100 Mn respectively in 2009 as compared to 30 and 25 deals of over $50 Mn and $100 Mn respectively in 2008. Treasury Stocks Stake sales Both, the Sensex and the Nifty are today trading at levels near their 30-month highs. And many corporates are rushing to make the most of the current market rally. Consequently, promoter stakes sale and treasury stock sale has witnessed a significant rise. The highly leveraged firms, who are unable to raise further capital from other conventional sources, resort to this route, where in a bid to raise funds, these cash strapped companies promoters decided to sell a part of their stake or sell of the shares accumulated in the company trust and use the proceeds for financing their business activities. The trust structure or treasury stock gives the flexibility to a company to sell its shares at an appropriate time without undergoing the expansion of capital. Just a couple of days back on the 5th January 2010 Reliance Industries Ltd. (RIL) sold a part of its treasury stock for Rs 2,675 crore second such transaction in less than four months. The amount raised by this sale of shares, which were originally held by a trust, would be utilized for the proposed acquisition of LyondellBasell, the Netherlands-based petrochemicals company. In the process RIL sold 258.50 lakh treasury stocks at an average price of Rs 1,035 apiece, which was a 5% discount to RIL stocks December 31 closing price of Rs. 1089.40. Just a couple of months back, Reliance Industries (RIL) raised another Rs 3188 Cr from treasury stock sale held under Petroleum Trust. The company plans to utilize the raised capital to acquire some oil blocks overseas, following the dip in their valuations. The trust, which is a part of RIL, sold around 1% of its stake or 1.5 crore RIL shares at an average Rs 2,125 apiece. After the first RIL treasury sale episode, we saw an outbreak of activities in this space. The RIL treasury sale was immediately followed by a spell of promoter stake sales from various corporates in the open market. Taking advantage of the bull run in the stock market, the promoters of Construction firm Jaiprakash Associates, wind turbine maker Suzlon Energy and pharmaceutical giant Cipla sold off a portion of their treasury stake in the open market to cumulatively raise Rs 2,540 crore. The Tulsi Tanti family who are the promoters of Suzlon Energy sold off approximately 70 million shares out of their holdings (roughly 4.5 % of their total stake in the company) for nearly Rs 678 crore at Rs 96.85 per share. Procceds of this transaction will be used to support the operational expenses of Suzlon, which is sitting on a debt in excess Rs 12,000 crore. Jaiprakash Associates raised Rs 1,190 crore by selling around 45.4 million shares. Similarly, Cipla raised around Rs 672 crore by selling off shares to FIIs and Domestic institutional investors at Rs 263.75 apiece. Conclusion The green shoots seems to be the new buzz word as the monthly and quarterly indicators of the global economic health give away better numbers indicating the bottoming out of the recessionary phase or even early signs of recovery. But at same time one must forget that markets are not always a perfect indicator of the economy. It has often been observed that bull runs in the markets come much before actual economic recovery takes place. Certain aspects of the Indian economy are still not very convincing. Declining exports, inflationary pressures, declining kharif output are all indicatives of a fragile recovery. But what can be said is the fact that a bullish market is always bustling with fund raising activities. Be it IPOs, QIPs, PE or FCCBs. These activities come to a halt as soon as the economy enters a recessionary phase and the cash supply gets tight. A bull run is perhaps the best opportunity for a corporate to raise funds, with surplus cash being available with investors and when market sentiments are strong. So as we are on the edge of a fresh beginning of a bull run, the corporates have smelled the winds of change. To make the best of this opportunity, India Inc is shoring up its resources to enter the arena and win this round. PE funds in India have accumulated large cash surplus, which was raised in anticipation of a long bull run. Since the meltdown reduced investment opportunities, we can expect the utilization of these idle funds in the near future. IPOs and QIPs have already made the entry, the promoters are out there planning their moves indulging in open market activities of encashing this opportunistic rally and we can be sure that the FCCBs would soon follows once the consolidation happens, the financial markets gain traction and the markets resume the smooth upward journey. References Agence France-Presse (AFP): Bernanke sees green shoots of US recovery (Mar 15, 2009). Business Standard: Nomura revises Indias GDP forecast to 7% (Jan 03,2010). The Economic Times: Need to balance growth, fiscal deficit: FM (Dec 30, 2009). Determining the optimal capital structure by agricultural enterprises by Adrienn Herczeg. The Economic Times: IPO arena hots up (Jan 03,2010) Business Standard: Cos plan to raise Rs 50K cr in 2010 (Jan 03,2010). The Economic Times: What is QIP? (Jun 05, 2009) The Economic Times: India Inc lines up Rs 30K cr QIPs (May 30, 2009). The Economic Times: India Inc may take QIP route again for funds in 2010 (Jan 2, 2010) Business Standard: Recent QIPs give 39% returns (Oct 14, 2009). The Economic Times: FII inflows hit record Rs 80,000 cr-mark in 2009 (Dec 24, 2009). CNBC TV-18 : Why is India Inc taking the QIP route (Jun 10, 2009) Nimesh Shah, MD Fortune Capital Business Line: FCCB Double-edged sword (Dec 28, 2008) Business Standard : FCCB redemptions put India Inc in a Catch 22 situation (Oct 3,2008) ANNUAL DEAL ROUNDUP 09 : VCCEdge Reuters: KKR, CPP investment buy Flextronics pie in Aricent for $255 Mn (Sep 22, 2009) VCCircle : Siva Redials Telecom With 51% Stake In S Tel ( June 20 2009) The Times of India : RIL raises Rs 2675 crore via treasury stock sale (Jan 5,2010) Business Standard: Rally prompts promoters to sell treasury stock (September 24, 2009) The Hindustan Times : Indias recovery fragile, says RBI governor (Nov 27, 2009)
Monday, December 23, 2019
Conflicting Styles of Parenting Parents will treat their children the way they see fit. In the authoritarian parenting style, there is no room for freedom. In permissive parenting, there can be more freedom than the children know what to do with. Authoritative parenting combines the gist of both of the other styles and allows both freedom and structure. Both authoritarian and permissive styles have components that authoritarian parents see as productive methods if used properly. Many people associate authoritarian parenting with Asians. They often produce the people considered to be the smartest in our society. But authoritarians do not always produce children who are the best at something. Often times they are strict and shelter theirÃ¢â¬ ¦show more contentÃ¢â¬ ¦Although this is an honorable reason, the way in which it is carried out is questionable. There are ways to have structure, but also show love at the same time. In many Asian cultures around the world success is not an opt ion; it is a requirement. According to one Asian mother, Amy Chua, Ã¢â¬Å"Chinese parents believe that their kids owe them everythingÃ¢â¬ (221). They do not expect their children to pay them back for every cent they put into their educations or activities, but they see their accomplishments as their payback. She says, Ã¢â¬Å"Chinese children must spend their lives repaying their parents by obeying them and making the, proudÃ¢â¬ (Chua 221). These parents demand success because that is their way of feeling successful in their own field of study- children. Authoritarian parents want what is best for their children and they believe strict rules and harsh consequences is the way to accomplish it. My father grew up with permissive parents. They were not necessarily carefree, but they did not provide the structure and authority that is needed in a household. When asking my dad about his childhood, he reminisces on many fun and reckless activities that he did with the neighborhood chi ldren. Some of these activities include feeding Alka-Seltzer tablets to seagulls and watch them blow up in the air. He was frequently sent to the principalÃ¢â¬â¢s office and paddled because of his terrible behavior in school.
Sunday, December 15, 2019
Epistemology Ã¢â¬â The Study of Knowledge Jeff Castro PHI 200 Dr. Akins February 4, 2013 Epistemology Ã¢â¬â The Study of Knowledge The study of knowledge has always been the journey toward truth and understanding. Epistemology deals with the creation and distribution of knowledge in certain areas of inquiry. We will write a custom essay sample on Study of Knowledge or any similar topic only for you Order Now Humans should be free to gain, study and question knowledge and claims without repercussions in any social, cultural or religious setting. As we move forward in our understanding of life, religion and nature, we have changed our way of thinking through philosophy. We are less ignorant and uneducated about the truths of the world and how we as human beings perform in it. Knowledge and the confirmation of knowledge can be confirmed by propositional and procedural knowledge or knowledge by acquaintance. Propositional knowledge is expressed in declarative sentences or indicative propositions of oneÃ¢â¬â¢s knowledge based on the known or knowing that. If someone says Ã¢â¬Å"all birds have feathersÃ¢â¬ they are stating or asserting a proposition that is factual or somewhat factual. Procedural knowledge is the knowledge used in the performance of a task, such as knowing how to replace brakes on a vehicle. It is learned knowledge through doing that act. Knowledge by acquaintance is experience based knowledge learned through casual interaction, such as knowing a place or person well (Mosser, 2010). Knowing for certain is always questionable because everything can be challenged. For the three identified ways of attaining knowledge, the most challenged one is propositional knowledge. Propositional knowledge receives the most skepticism because of the statements it brings forward, like Ã¢â¬Å"I believe thatÃ¢â¬ , Ã¢â¬Å"I know thatÃ¢â¬ and Ã¢â¬Å"I think thatÃ¢â¬ (Steup, 2005). These statements are based on oneÃ¢â¬â¢s beliefs, thoughts and ideas which can be questioned. If knowledge is based on oneÃ¢â¬â¢s beliefs or opinions it will bring challenges, but remember an individualÃ¢â¬â¢s ideas based on beliefs or opinions should respected. We are certain of the other two due to experiencing or performing acts to solidify the knowledge. But then still can be questioned because of different procedures or experiences can still result in a different or validation of an outcome or answer. To justify what we really know is inherited, learned or experienced. We cannot really be certain of our knowledge because we can be tricked or limited by our sense that provides us this information to confirm or deny what we know or learn. Knowledge at one point is imperfect, but the truth at that point and is reinforced by the progress of science to be an absolute truth to some degree and as Vladimir Lenin says, Ã¢â¬Å"There is no impassable boundary between relative and absolute truth. Ã¢â¬ (Bogdanov, 1908). The normal order of the world is how we perceive it through our senses. It can play tricks on us and deceive through illusions that the mind receives from sight, sound, taste and touch. How humans recognize what is real and not real through their senses is known as empiricism (Mosser, 2010). Empiricists view that there is no such thing as innate knowledge, but instead knowledge is received from experience. On the argument side you have rationalism which view knowledge to be innate. It argues that the knowledge of God, mathematics and science cannot be explained by the senses (Mosser, 2010). But this does contradicts how we learn, because without the senses how do we learn mathematics, science or the knowledge of God (the bible). Innate knowledge is derived from the mind, but requires other things to support or build the mind, the senses. LetÃ¢â¬â¢s break down the five senses (vision, sound, touch, smell and taste) and try to understand what can be limited and why. Vision can be received or altered based on the ability to distinguish objects, the depth or field, color, contrast, or even color blindness. Sound can be affected by the volume or pitch that is received by the ears. Touch can be affected by your haptic perception and how sensitive oneÃ¢â¬â¢s outer skin is. Smell and taste can be affected by our bad habits (smoking and drinking), disease or medications. So the limitations of oneÃ¢â¬â¢s senses can fool and be limited by our own doings and by the aging process (Gwizdka, 2010). Cognitive relativism is the idea of the knowledge we hold of the real world requires assistance from our mental/mind to build and support and that things being the truth or false are relative to a society, group or individual. I also realize that there are cognitive bias, notational bias and culture bias, which prevents us from seeing or analyzing something objectively with our senses (empiricism) which we cannot discount. So to really assert a position of truth would depend on who interprets it based on moral, ethical, or social view (Slick, 2012). Friedrich Nietzsche developed perspectivism which supports cognitive relativism in that there are many possible perspectives to determine any possible assessment of the truth to be determined. This means that there is doubt and uncertainty about how we see the world and the truth about it based on perspectives. The limits to human perception or cognition are bounded by each individual and how they can comprehend or process what they are receiving. The processing of the knowledge can be expanded upon through the use of oneÃ¢â¬â¢s innate knowledge. We limited ourselves based on what we only know and what is in front of us. If we can make sense of the world beyond what our senses take in we would be much better off, but remember it is all based on oneÃ¢â¬â¢s perspective of faith, ideas, thoughts and knowledge. Skepticism is originally was defined as someone who simply looked at things and now it is someone who doubts claims. Skepticism forces claims to be justified (Mosser, 2010). When assessing epistemology on the bases of what is known and the unknown we will still question everything for it is uncertain that we really know the truth about something. Yet there will still be limits on what we question because some are based on faith, which is an individualÃ¢â¬â¢s belief in their religion. There are several types of skepticism: moral, religious, metaphysical and scientific. Each identifying a particular area to question or doubt, but what I find most questionable or intriguing are the religious skepticism or theological skepticism which examines faith-based claims and scientific skepticism or empirical skepticism which uses the scientific method of examining claims. Religious skepticism does not mean one would be either an Atheist or Agnostic. These skeptics question religious authority, but are not anti-religious just because they question specific or all religious beliefs or practices. One of the first religious skeptics was Socrates, he questioned the legitimacy of the beliefs during his time of the existence of various gods and this led to his trial and execution. Scientific skepticism seek proof through deductive argument before accepting any knowledge in any area, such as health claims, environmental claims, parapsychology, etc. Carl Sagan originated scientific skepticism and was a world-famous astronomer and astrophysicist well known for supporting the search for extra-terrestrial intelligence (SETI) and questioned that there was more than earth in our and other vast universes. There is also a sub-set of scientific skepticism which is call activist skepticism who seek to expose or prove false publicly what they see as the truth behind extraordinary claims (Klein, 2000). Socrates claimed that he knew one and only one thing: that he knew nothing, which was in line with being a Pyrrhonist. He questioned everyone who claimed to have knowledge, hoping to learn from them, but he never claimed that gaining knowledge was impossible and never claimed to discover any knowledge. As such proof of never recording anything to prove or disprove his knowledge (Mosser, 2010). Sagan wrote in his publications Ã¢â¬Å"Too much openness and you accept every notion, idea, and hypothesisÃ¢â¬âwhich is tantamount to knowing nothing. Too much skepticismÃ¢â¬âespecially rejection of new ideas before they are adequately testedÃ¢â¬âand youÃ¢â¬â¢re not only unpleasantly grumpy, but also closed to the advance of science. A judicious mix is what we need. Ã¢â¬ (Sagan, 1995). Both men were skeptics who believed in questioning and challenging claims and exhibited a fascination with discovery. I believe it is in our nature to question everything to ensure we have validated the claim, but as Sagan has stated there is a fine line before tilting it too far to the left or right. I believe the two skepticisms try to get at the answer of how humans came to being. The religious skeptic will question all religions by comparing claims and questioning why to find the ultimate truth of our existence and our true meaning. The scientific skeptic will require proof in the way of science before accepting knowledge to be true (Munchin, 2011). By taking the two and trying to analyze and form a more complete set of questions to develop a more sensible truth or theory behind the human existence would possibly help me understand or rationalize the questions of Ã¢â¬Å"whyÃ¢â¬ and Ã¢â¬Å"howÃ¢â¬ in my mind. But I understand there are limits to what I chose to believe as my ideas or perceptions (Shogenji, 2011). The decision between right and wrong is relative to oneÃ¢â¬â¢s society or cultural background. Relativism in the Muslim world would be a death sentence (honor killing) and we would see it as radical relativism. It is easily defendable in their culture and country because it is viewed as a norm or way of life, but not so within most other countries. It is all about perspective because we to at one time burned people at the stake for being witches. Ignorance and lack of education or knowledge made it defensible and accepted at that time. So is radical relativism defensible, it is all about an individualÃ¢â¬â¢s or countryÃ¢â¬â¢s perspective, religious beliefs and culture to decide one way or the other (Mosser, 2010). The basic understanding of philosophy and how it affects our lives is sometimes transparent to most people because they only do without thinking. We have gotten so busy with our tethered lives we do not take the time to question why something is true or not, we move around like mindless beings. Epistemology gives us that way to question and seek knowledge to validate truth and to hope to truly understand the Ã¢â¬Å"whyÃ¢â¬ and Ã¢â¬Å"howÃ¢â¬ of our lives and everything in and around us. Humans should be free to gain, study and question knowledge and claims without repercussions in any social, cultural or religious setting. But this is an ongoing battle to be free from repercussions or persecution of our thoughts, ideas and actions when publically projected. Some countries and cultures still lash out in the way of medieval and barbaric manner at anything that does not fit their way of life and interactions, but it is all relative and it still falls within the study of philosophy. Choosing to accept this or not, based on beliefs, ideas and religion is your choice, but to understand and have a greater degree of insight of knowledge and truth is true epistemology. References Bogdanov, A. (1908). Absolute and Relative Truth, or the Eclecticism of Engels. Retrieved from: http://www. marxists. org/archive/lenin/works/1908/mec/two5. htm Gwizdka, J. (2010). Human Perception Cognition. Retrieved from: http://comminfo. rutgers. edu/~jacekg/teaching/ITI230_HCI/2006_4f/lectures/Lecture3. pdf Klein, P. (2000). Contextualism and the Real Nature of Academic Skepticism. Retrieved from: http://www. jstor. org. proxy-library. ashford. edu/stable/pdfplus/3050570. pdf? acceptTC=true Mosser, K. (2010). A Concise Introduction to Philosophy. San Diego, CA: Bridgepoint Munchin, D. (2011). Ã¢â¬ËIs theology a science? Ã¢â¬â¢ Paul FeyerabendÃ¢â¬â¢s anarchic epistemology as challenge test to T. F. TorranceÃ¢â¬â¢s scientific theology. Retrieved from: http://search. proquest. com. proxy-library. ashford. edu/cv_756002/docview/894110952/fulltextPDF/13C00235777679CB0A0/4? accountid=32521 Sagan, C. 1995). Wonder and Skepticism, Vol 19, Issue 1. Retrieved from: http://www. positiveatheism. org/writ/saganws. htm Shogenji, T. (2011). Internalism and Externalism in Meliorative Epistemology. Retrieved from: http://search. proquest. com. proxy-library. ashford. edu/cv_756002/docview/1111853938/fulltextPDF/13C06554AFF58193594/1? accountid=32521 Slick, M. (2012). Cognitive Relativism. Retrieved from: http://c arm. org/secular-movements/relativism/cognitive-relativism Steup, M. (2005). Epistemology. Retrieved from: http://plato. stanford. edu/entries/epistemology/ How to cite Study of Knowledge, Papers
Saturday, December 7, 2019
Beethoven and Mozart Mozart and Beethoven were both famous musicians of the classical music, and they ere considered to be geniuses, giant composers. There were some similarities and differences between them, so their fans and some experts often compared them each other. Be honest, I liked Beethovens better than Mozart, and Beethovens Fifth Symphony was one my favorite musical compositions, nevertheless, I still considered Mozart was one of the best musicians In the history as well. BackgroundBeethoven and Mozart had similar musical education background. Beethoven was born about December 16, 1770 In the city of Bonn In Germany, whereas, Mozart was born on 27 January, 1756 In Salisbury Austria. Beethovens father was a court singer, he was famous In local town. When Beethoven was a child, he began to study the violin and clavier from his father as well as taking additional lessons from organists around town. Beethoven had showed his potential to be a talented musicals from his earliest days. We will write a custom essay sample on Beethoven and Mozart or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Mozart father was a successful composer, violinist, and assistant concert master at the Salisbury court. Mozart was introduced to music at an early age Ninth his fathers encouragement and guidance, and he also showed prodigious ability from his earliest childhood. Mozart was a musician capable of playing multiple instruments, who started playing in public at the age of 6. Beethoven never married nor had child, he died on March 26 1827, at the age of 56. Mozart had three children, and he died on December 5, 1791 at age 35. Music styleUsually, people considered Mozart musicals style was comfortable for the listener to hear, but Beethovens was emotional and full of strength. Actually, it was said Beethoven learned lots of from Mozart, Early Beethoven and Late Mozart can sound somewhat similar in style, however, Beethoven changed and developed his music slowly, he formed his own unique style at his middle and late stages. No matter there were similar or difference between Beethoven and Mozart, both of them are the greatest musician in classical music.