Introduction of Malaysia Bond Market - 4467 Words

INTRODUCTION 1.1 WHAT IS BOND? In finance, a bond is an instrument of indebtedness of the bond issuer to the holders. It is a debt security, under which the issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay them interest (the coupon) and/or to repay the principal at a later date, termed the maturity. Interest is usually payable at fixed intervals (semi-annual, annual, and sometimes monthly). Very often the bond is negotiable, i.e. the ownership of the instrument can be transferred in the secondary market. Thus a bond is a form of loan or IOU: the holder of the bond is the lender (creditor), the issuer of the bond is the borrower (debtor), and the coupon is the interest. Bonds provide the†¦show more content†¦More importantly, Malaysia, among the key Islamic financial centres, offers a wide variety of Islamic bonds that are based on Shariah compliant concept. As at end-Dec 2010, Islamic bonds accounted for 39% of total bond outstanding. 1.3 BOND MARKET DEVELOPMENT IN MALAYSIA * With the shift in public policy in the 1980s to consolidate public sector activities and promote the private sector as the engine of growth, a new financing pattern emerged. With this transformation of the economy, the decline of public sector borrowing was compensated by an increase in financing by the private sector. The private sector has relied on the banking system for its financing needs, of which a large portion was intermediated through the banking system - the ratio of bank credit to gross domestic product (GDP) in Malaysia was high at 149% in 1997. Nevertheless, the ratio of bank deposits to GDP was also high at 154% and therefore banks were able to finance their lending operations from their deposits. * As the banking sector was heavily exposed to the economic crisis that struck the nation in 1997, it was very cautious in extending new credits. In the post-crisis period, loan growth was low; for example in 1998 and 1999, growth was less than the target of 8% proposed by the government. * The malignancy of the Asian financial turmoil was derived from the externally-driven currency crisis with the internally induced banking crisis. In otherShow MoreRelatedThe Islamic Finance and The Sukuk Market1800 Words   |  7 PagesCHAPTER 1: INTRODUCTION 1.1 OVERVIEW The Islamic finance industry has been evolving and growing rapidly for the past decade. The recent global financial meltdown has open opportunity to Islamic finance to offer a new outlooks and effective solutions to economics problems. Economists are now looking to the east, learning lessons and seeing advantage of Islamic finance. Since then, serious research on Islamic financial system has been carried out and Islamic financial system has been an interestingRead MoreImplementation of Student Loan Asset-Backed Securitization in Malaysian Higher Education2318 Words   |  10 PagesIMPLEMENTATION OF STUDENT LOAN ASSET-BACKED SECURITIZATION IN MALAYSIAN HIGHER EDUCATION. (A STUDY CONDUCTED AT MALAYSIAN ECONOMY IN THE ASIA) Paper no.60 ABSTRACT The research is to investigate the alternative financing in Malaysian Higher Education by introducing student loan securities as a type of asset-backed securitization. It will analyse and consider possible effects in order to relieve the pressure currently imposed on the Government Budget. 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Data Of Smes Rating Information Finance Essay - Free Essay Example

Sample details Pages: 8 Words: 2366 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? As discussed in the Chapter 3 on the methodology of the research, the data of SMEs rating information and the earnings information for the period has been computed. This chapter would analyze the obtained secondary data information and would provide the plan for hypothesis testing. 5.2. SECONDARY DATA ANALYSIS For the current study, secondary data on manufacturing and service SMEs was accessed from the CMIE-Prowess database. Initially by giving the search option in the Prowess data base adhering to the definitions of an SME as specified in chapter 4, the financial statement of manufacturing and service-based SMEs has been obtained. The lack of consistency of the data has been identified and it was mainly because of the following reasons: Don’t waste time! Our writers will create an original "Data Of Smes Rating Information Finance Essay" essay for you Create order 1. Information on earnings and accruals were not available for the required time; 2. Many companies were new; and 3. Many SMEs rating information were not available. Unfortunately, this drastically reduced the sample available for secondary data analysis to 50. 5.2.1. DESCRIPTIVE STATISTICS The following table (Table 5.1.) depicts the descriptive statistics for variables in the regressions. It is computed from the secondary data of Manufacturing and Services SMEs. Table 5.1. Descriptive Statistics ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Rating t ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Rating t+1 Earn t ACC t CFO t Lev t Size t Cap Int t Liq t Mean 0.1200 0.2400 1.8971 1.4871 0.0184 0.3046 3.0378 0.0646 2.8593 Standard Error 0.1016 0.1264 0.1126 0.1423 0.0238 0.0335 0.0761 0.0101 0.3950 Median 0.0000 0.0000 1.9181 1.6457 0.0365 0.2670 2.9652 0.0320 1.8906 Standard Deviation 0.7183 0.8935 0.7963 1.0063 0.1682 0.2371 0.5379 0.0718 2.7934 Sample Variance 0.5159 0.7984 0.6341 1.0126 0.0283 0.0562 0.2893 0.0052 7.8032 Kurtosis 7.1147 2.1525 1.0811 -1.0021 14.5300 1.6161 0.3901 2.5296 7.3048 Skewness 1.5382 0.3917 -0.7036 -0.2597 -2.9950 1.0686 0.5198 1.6068 2.4717 Range 5.0000 5.0000 3.6621 3.4761 1.1197 1.0447 2.7613 0.3190 14.9807 Minimum -2.0000 -2.0000 0.0000 0.0000 -0.8588 0.0000 1.8904 0.0002 0.0328 Maximum 3.0000 3.0000 3.6621 3.4761 0.2610 1.0447 4.6517 0.3192 15.0134 Sum 6.0000 12.0000 94.8551 74.3542 0.9184 15.2292 151.8877 3.2296 142.9664 Note: Count= 50 Source: Self Computation Using Microsoft Excel INTERPRETATION The descriptive statistics figures for SMEs indicate that the median earnings for the firms stand at 1.91 and the mean for CFO and ACC are all found to be positive. The Kurtosis value of future change in ratings is found to be 2.15 which is close to the normality range of 3. The Skewness for the same is found to be 0.39 which is nearer to the normality range of 0.3. Hence to some extent the dependent value follows a normal distribution. The Skewness is found to be negative for all independent variables under discussion namely the earnings, cash flow and the accruals. The maximum value of earnings is found to be 3.6 and that of cash flow is 0.26. The standard deviation for all the variables are in the range less than 1 except for accruals which is found to be 1.0063. The future change in ratings has a maximum change of +3 and a minimum of -2 within the period under study. INFERENCE From the above descriptive statistics, it can be inferred that the change in ratings for the SMEs does not seem to have a greater upgrade or downgrade. However few companies have seen changes in their ratings. The earnings, accruals and cash flow measures are all varying with greater extent in the industry and thus could be a possible factor for the credit rating changes. CONCLUSION It can be concluded from the above table that the rating changes that the SMEs face today be it upgrade or downgrade depends on the accruals, cash flow and on the earnings as a change in these variables are found to be relatively high. The companies differ greatly in their size which has been taken as an independent variable for the study. 5.2.2. CORRELATION ANALYSIS Correlation is one of the most common and useful tools in statistics. Correlation describes the degree to which two variables are related. Correlation coefficient ranges between +1 and -1; +shows the variables are perfectly positively correlated and -1 shows the two variables are perfectly negatively correlated. The following table (Table 5.2.) depicts the correlation between the variables under study. Table 5.2. Correlation Matrix    ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Rating t ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Rating t+1 Earn t ACC t CFO t Lev t Size t Cap Int t Liq t ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Rating t 1                         ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Rating t+1 0.240 1                      Earn t 0.491 0.362 1                   Earn t+1 0.447 0.281 0.592                   ACC t 0.226 0.354 0.524 1                CFO t 0.385 0.065 0.351 0.099 1             Lev t -0.182 0.059 -0.175 -0.005 -0.502 1          Size t 0.015 0.120 0.573 0.373 0.157 -0.024 1       Cap Int t -0.076 0.004 -0.305 -0.199 0.082 0.197 -0.482 1    Liq t 0.107 0.076 0.164 0.163 -0.217 0.279 -0.078 -0.198 1 Source: Self Computation Using Microsoft Excel INTERPRETATION A correlation analysis was performed to verify possible association between and among the variables, in order to verify whether there is any linear correlation between and among the variables of interest of the study (see Table 5.2). The correlation matrix for the SMEs indicates that ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Ratingt and ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Ratingt+1 are positively correlated with Earnt, ACCt and CFOt. ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Ratingt+1 is significantly related to Earnt and ACCt but it is not significantly related to CFO in the univariate analysis. ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Ratingt is found to be negatively correlated with Lev and CapInt. However ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Ratingt+1 is found to be positively associated with all the variables. INFERENCE From the above table it can be inferred that the rating information is more dependent on the earnings than the cash flow measures based on the Pearson coefficients obtained. More significant correlation exists among the earnings information than that of the cash flow and accrual measures. The accrual measure has shown a very little significance when compared to that of the cash flow and earnings measures. CONCLUSION The SMEs change in their future rating depends more on the current earnings information than that of their accrued earnings and cash flows. It could be concluded that rating agencies take more of current earnings information rather future predicted cash flows. 5.2.3. REGRESSION ANALYSIS Regression analysis is the process of constructing a mathematical model or function that is being used to predict or determine the value of one variable by another variable. In the regression model the variable to be predicted is called a dependent variable and the variables upon which the dependent variable depends are called independent variables. For the research study, two models are developed one for earnings and the other for the cash flow. The dependent variable is the ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Ratingt+1 and the independent variables are Earnt, ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ RATINGt, LEVt, SIZEt, SUBORDt, CAPINTENt, LIQt for the first model and ACCt, ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ CFOt, ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ RATINGt, LEVt, SIZEt, SUBORDt, CAPINTENt , LIQt for the second model. A summary of the model of regression analysis is given in table 5.3. Table 5.3. Model Summary Model R Square Adjusted R Square Std. Error of the Estimate 1 0.562 0.603 0.8508 2 0.488 0.533 0.7982 Source: Self Computation using XLSTAT INTERPRETATION R Square represents the proportion of standard deviation in the dependent variable (Future rating changes) which could be explained by the independent variables (Earnings, Change in ratings for the current year, Leverage, size, Liquidity, Capital Intensity, Subordinated debt). However the variable subordinated debt has not been considered for modelling as the value doesnt change for the entire sample. This is an overall measurement of the strength of the association and hence the extent to which any particular variable (independent) associated with the other (dependent variable) is not reflected. The value of R square for the first model is 0.562 which shows a relatively acceptable association between the dependent and the independent variables. Adjusted R Square is an adjustment to the R Square that expresses the effect on the addition of any other external predictors to the model. The value of adjusted R Square for the first model is found to be 0.603 and thus it indicates if an ad dition of external predictor to the model will add significant predictability to the dependent variable. The dependent variable (Future rating changes) which could be explained by the independent variables (Accruals, Cash Flow, Change in ratings for the current year, Leverage, size, Liquidity, Capital Intensity, Subordinated debt). However the variable subordinated debt has not been considered for this modelling too as the value doesnt change for the entire sample. The value of R square for the first model is 0.488 which shows a relatively acceptable association between the dependent and the independent variables. The value of R square is found to be lesser as the rating information does not necessarily consider the cash flow information and it is dependent on many other industry factors which are not included for the study. The value of adjusted R Square for the first model is 0.533. Std. error of the Estimate, also referred as the root mean square error represents the standard deviation of the error term and the square root of the mean square for the residual in the ANOVA Table 5.4 presented below. Table 5.4. ANOVA Table Model DF Sum of squares Mean squares F P value 1 Regression 6 8.563 1.427 2.008 0.0557 Residual 43 30.557 0.711       Corrected Total 49 39.120          2 Regression 7 6.974 0.996 1.302 0.0273 Residual 42 32.146 0.765 Corrected Total 49 39.120 Note: H2a0. Credit rating agencies do not fully incorporate information in earnings about future performance into their ratings. H2b0. Credit rating agencies do not fully incorporate information in accruals and cash flows about future performance into their ratings. Source: Self Computation using XLSTAT INTERPRETATION F test is used to test whether the model is statistically significant. The p-value of the F-test is looked at so as to see the overall model is significant. The P value is found to be 0.0557 and 0.0273, proving that the models are statistically significant. For the Model 1, the p value is greater than the significance level at 5 per cent. So the null hypothesis is accepted however the null hypothesis is rejected in the model 2 and it can be concluded that all mean values are not equal. It implies that there is a significant difference among all the independent variables. A summary of coefficients of Model 1 and Model 2 are given in the table 5.5 5.6. Model 1 Source Value Standard error t P Value Intercept 0.282 0.959 0.294 0.770 Earn t 0.546 0.205 2.658 0.011 ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Rating t 0.305 0.178 1.717 0.039 Lev t 0.339 0.599 0.901 0.373 Size t -0.223 0.335 -0.667 0.509 Cap Int t 0.268 2.157 0.291 0.772 Liq t -0.014 0.052 -0.272 0.787 Table 5.5. Coefficients for Model 1 Source: Secondary Data Table 5.6. Coefficients for Model 2 Model 2 Source Value Standard error t P Value Intercept 0.266 0.991 0.471 0.640 ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Rating t 0.217 0.149 1.450 0.154 ACC t 0.312 0.139 2.243 0.030 CFO t 0.340 0.942 0.361 0.250 Lev t 0.273 0.700 0.391 0.698 Size t -0.025 0.311 -0.079 0.937 Cap Int t 0.273 2.337 0.354 0.725 Liq t 0.008 0.052 0.162 0.872 Source: Secondary Data INTERPRETATION The first variable (Intercept) represents the constant, is the predicted change in the future credit ratings when all other variables are not considered. From the Table 5.5, Coefficients for Model 1, the coefficient value tells us about the relationship of each variable with the independent variable. For example, let us look at these variables: 1. Earnings: The coefficient for earnings is 0.546. So for every unit increase in earnings, a 0.546 unit increase in future rating changes is predicted, holding all other variables constant. 2. Size: The coefficient for size is -0.223. So for every unit increase in growth, a 0.223 decrease in change in future credit ratings is predicted, holding all other variables constant. 3. Current Rating Changes: The coefficient for Current Rating Changes is 0.305. So for every unit increase in Current Rating Changes, a 0.305 unit increase in change in future credit ratings is predicted, holding all other variables constant. The relationship in the case of other variables also follows the same pattern. Similarly, From the Table 5.6, Coefficients for Model 2, the coefficient value tells us about the following relationship. 1. Accruals: The coefficient for Accruals is 0.312. So for every unit increase in accruals, a 0.312 unit increase in future rating changes is predicted, holding all other variables constant. 2. Cash Flow: The coefficient for cash flow is 0.340. So for every unit increase in cash flow, a 0.340 increase in change in future credit ratings is predicted, holding all other variables constant. 3. Current Rating Changes: The coefficient for Current Rating Changes is 0.217. So for every unit increase in Current Rating Changes, a 0.217 unit increase in change in future credit ratings is predicted, holding all other variables constant. The Beta values have an associated standard error indicating the extent to which these values would vary across different samples, and these standard errors are used to determine whether or not the B value differs significantly from zero. By standardizing the variables prior to regression, all the variables are put on the same scale and the magnitude of the coefficients are compared so as to see which has more effect. The t and p value are the statistical tools that are used to test for the significance in of a given coefficient. If the t test associated with the B value is significant then that predictor is making significant contribution to the model. Using an alpha of 0.05 for the first model, we may explain these variables as follows: 1. The coefficient for earnings (0.546) is significantly different because its p-value is 0.011, which is lesser than 0.05. 2. The coefficient for change in current ratings (0) is also significantly different and its p-value is 0.039, which is lesser than 0.05. 3. The coefficient for capital intensity is 0.268 is not significantly different as its p-value is 0.772, which is greater than 0.05 The relationship in the case of other variables also follows the same pattern. The regression equation for the model 1 is ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Ratingt+1=0.282+0.305*ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Ratingt+0.546*Earnt+0.339*Levt-0.223*Sizet+0.2683*Cap Intt-0.014255*Liqt The regression equation for the model 2 is ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Ratingt+1=0.2664+0.217*ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Ratingt-0.31239*ACCt+0.34039*CFOt+0.27331*Levt-0.0246*Sizet+0.27285*Cap Intt+0.00841237*Liqt 5.2.4. HYPOTHESIS TESTING To test the first major hypothesis the relation between accrual-based earnings and credit ratings and the relation between cash flows and credit ratings, the level of credit rating (Ratingt) is regressed on total earnings (Earnt) and several cash flow measures. The coefficient on Earnt is significantly positive with the value being 0.469 and the adjusted R square is 0.213 and thus indicating earnings being an important input in the determination of credit rating. In another regression, the coefficient of CFOt is 0.278 is also positive and significant and indicating the rating agencies reliability on the cash flow for credit ratings. The adjusted R square is found to be 0.145. Thus it could be found that the adjusted R square in cash flow model is just 68% of the adjusted R square of the earnings model as indicated by the ratio of RSquare cash flows / R Square earnings (0.145/0.213) This indicate that earnings are more related to credit ratings than the cash flow measures and earnings could mitigate the timing problems. Thus we are rejecting the null hypothesis of the relation between accrual-based earnings and credit ratings is not stronger than the relation between cash flows and credit ratings. 5.3. CONCLUSION From the secondary data analysis it is concluded that the level of credit rating is dependent on both the earnings accruals and the cash flow measures. However, it was proved statistically that the earnings information are more significant in credit rating than the cash flows. The two major model equations that has been designed to test the other hypotheses indicate that credit rating agencies does not fully incorporate earnings information in their future credit rating changes and that of accruals and cash flows information into credit rating process. The other independent variables and industry factors are to be included while arriving at the conclusion that there exists an inefficiency in credit rating for SMEs that are under consideration.

Ethics Case Directions Example

Essays on Ethics Case Directions Essay The ethical dilemma at hand in this particular situation is one that is contingent upon accounting standards and the methods through which in common is represented. Ultimately, the needs of two distinct stakeholders are at hand. The first stakeholder is obviously the individual who is interested in representing a higher level of earnings/income so that he may be eligible for a year end bonus. By means of contrast in comparison, the second group of stakeholders are those individual shareholders of the firm itself. Naturally, when individual shareholders note that the overall level of worth that their particular shares of the company denote has fallen, as compared to a previous year, they may very well be interested in selling the remaining shares that they have; resulting in a decrease the value for the firm and a situation in which the overall longevity of this entity falls into further question. From an accounting ethics standpoint, the representation of information is an extraordinarily important facet of honesty and truthfulness. As such, seeking to represent the two values of â€Å"unearned revenue† and â€Å"payments in advance† as worthy of inclusion in the firm’s untaxed revenue would be a stark departure from the way in which such values were listed previously. In such a way rather than choosing between including these values in the overall total or refusing the request outright, a third path is possible. If this issue is one of such importance that they lead accountant feels it is necessary for inclusion, they can indeed perform such a function; Yachting this with a description and discussion of why this numerical change has taken place as compared to the prior year’s accounting report. However, this particular change must then be engaged in subsequent years and discussed it with stakeholders within the company that any potential changes in the accounting practice will have to be related to all stakeholders and clearly denoted in terms of an explanation within the year-end balance sheets. Whereas it is not illegal or unethical to change the way in which certain information is represented, so long as no laws are broken, going above and beyond this requirement and insisting that stakeholders are kept apprised of the way in which information is related is one fundamental way in which this ethical dilemma could be averted. In the eventuality that stakeholders within the company do not feel comfortable with relating the information in the way that the accountant has propose, the only other alternative would be to leave these two line items out of the final untaxed revenue entirely. The underlying reason for this is that changes in accounting representation, year-to-year, without any level of effective explanation creates a situation in which the overall truthfulness in representation comes into question. Whereas it is possible for the firm to engage in such a practice without breaking the law, such an approach would not be fair to the shareholders and would create further problems within subsequent years of accounting practice.

Latino Americans History, Culture, And Hardships Essay

Latino Americans: Their History, Culture, and Hardships The United States is home to more than 50 million Latino Americans, which accounts for one-sixths of the population. Spanish is not only the second most widely spoken language in the United States, but is also the first European language spoken in what was to become the United States. The history of Latinos in the Americas dates back to the 16th century, when many Spanish conquistadors and priests crossed the Rio Grande in search for gold and to spread Catholicism. Fast forward to the present, the Latino population has become an integral part of society. However, many people are not aware of the difficulties that Latinos went through to strive for their rights and overcome discrimination. Latino Americans constitute a diverse ethnic group, which is â€Å"a category of people that are bound together by shared common ancestry, history, and cultural tradition†(Peoples 367). 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Incidents In The Life Of A Slave Girl Essay Paper Example For Students

Incidents In The Life Of A Slave Girl Essay Paper Incidents in the Life of a Slave GirlIn her essay, â€Å"Loopholes of Resistance,† Michelle Burnham argues that â€Å"Aunt Marthy’s garret does not offer a retreat from the oppressive conditions of slavery – as, one might argue, the communal life in Aunt Marthy’s house does – so much as it enacts a repetition of them†¦ Harriet Jacobs escapes reigning discourses in structures only in the very process of affirming them† (289). In order to support this, one must first agree that Aunt Marthy’s house provides a retreat from slavery. I do not. Burnham seems to view the life inside Aunt Marthy’s house as one outside of and apart from slavery where family structure can exist, the mind can find some rest, comfort can be given, and a sense of peace and humanity can be achieved. In contrast, Burnham views the garret as a physical embodiment of the horrors of slavery, a place where family can only dream about being together, the mind i s subjected to psychological warfare, comfort is non-existent, and only the fear and apprehension of inhumanity can be found. It is true that Aunt Marthy’s house paints and entirely different, much less severe, picture of slavery than that of the garret, but still, it is a picture of slavery differing only in that it temporarily masks the harsh realities of slavery whereas the garret openly portrays them. The garret’s close proximity to the house is symbolic of the ever-lurking presence of slavery and its power to break down and destroy families and lives until there is nothing left. Throughout her novel, Incidents in the Life of a Slave Girl, Harriet Jacobs presents these and several other structures that suggest a possible retreat from slavery, may appear from the outside to provide such a retreat, but ideally never can. Among these structures are religion, literacy, family, self, and freedom. Because it offers them the possibility of community and identity, many slaves find themselves strongly attached to religion. They cannot build a family structure and they cannot be identified by family name, but through the church, they can build a community and identify themselves as Christians. This comfort becomes virtually non-existent for it too is controlled by the slaveowners who â€Å"came to the conclusion that it would be well to give the slaves enough of religious instruction to keep them from murdering their masters† (57). The fact that one person could have the ability to control the amount of religion another person has and his purpose for having it diminishes any sense of community or identity that it may have initially provided. Many slaves felt that the answers to their problems lied in a place that was unattainable by most of them, the Bible, and that to read and interpret it would afford them â€Å"access to and participation in the discursive formations of bourgeois society† (Mullen, 256), thus allowing them to finally taste â€Å"the water of life† (61). However, for Linda, possession of such a gift did not prove this assertion. Rather than a deserved sense of pride, Linda’s literacy served only as a means by which Dr. Flint could abuse her. For years, she was subjected to his lascivious writings and psychological torment, due in part to his knowledge of her ability to read. Even her elaborate scheme, which drove Dr. Flint to and from New York, provided only the temporary satisfaction of watching him vainly and falsely pursue her because, like slavery, Dr. Flint would always return more forcefully than before. His returning presence affirmed that her freedom from him was as fictional as her letters and that she was as likely to find freedom in her present situation as he was to find her in New York The refuge that one often finds within the confines of family and self are unattainable in the life of a slave becau se, in essence, he is entitled to nether. To have a child is only to provide the slaveowner with â€Å"an addition to his stock of slaves† (52) that could be torn away and sold at his leisure and to have a family is to live in fear of this day. Linda’s father’s â€Å"strongest wish was to purchase his children; but though he several times offered his hard earnings for that purpose, he never succeeded† (9). He was denied the right to have his family and refused the possibility to purchase that on which decency could never put a price tag. Identification with family ties is a luxury that is just not afforded to the slave community. Even within Aunt Marthy’s house, the home of a free woman, family structure was not allowed to flourish. Since Dr. Flint â€Å"had the power of law on his side† (70), there was nothing to stop him from ravaging this so-called retreat and continuing his persecutions within. Therefore, how could one find refuge in a f amily or in a self that is not clearly defined by identity, but governed by uncertainty? Any chance for such an opportunity was embraced with an even more telling illustration of slavery’s â€Å"poisonous grasp† (64). This is most evident in Dr. Flint’s offer to build Linda her own private cottage away from the main house, a place where she and her children can live together. This offer cannot be benign as Dr. Flint is working from a reality that does not see Linda as a person who has the right to a family or a self. The notions of sexual and psychological abuse that would undoubtedly go on in this cottage serve to affirm the lascivious desires and powers of the slaveholder to dominate, break down, and eventually destroy all aspects of the family and self. .u3fdb09cb0294ae918fc48773f467d748 , .u3fdb09cb0294ae918fc48773f467d748 .postImageUrl , .u3fdb09cb0294ae918fc48773f467d748 .centered-text-area { min-height: 80px; position: relative; } .u3fdb09cb0294ae918fc48773f467d748 , .u3fdb09cb0294ae918fc48773f467d748:hover , .u3fdb09cb0294ae918fc48773f467d748:visited , .u3fdb09cb0294ae918fc48773f467d748:active { border:0!important; } .u3fdb09cb0294ae918fc48773f467d748 .clearfix:after { content: ""; display: table; clear: both; } .u3fdb09cb0294ae918fc48773f467d748 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u3fdb09cb0294ae918fc48773f467d748:active , .u3fdb09cb0294ae918fc48773f467d748:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u3fdb09cb0294ae918fc48773f467d748 .centered-text-area { width: 100%; position: relative ; } .u3fdb09cb0294ae918fc48773f467d748 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u3fdb09cb0294ae918fc48773f467d748 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u3fdb09cb0294ae918fc48773f467d748 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u3fdb09cb0294ae918fc48773f467d748:hover .ctaButton { background-color: #34495E!important; } .u3fdb09cb0294ae918fc48773f467d748 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u3fdb09cb0294ae918fc48773f467d748 .u3fdb09cb0294ae918fc48773f467d748-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u3fdb09cb0294ae918fc48773f467d748:after { content: ""; display: block; clear: both; } READ: Medicare Essay ThesisHaving explored the inevitable fate of a slave, there is but one assumption left – that the only outlet to freedom for a slave is freedom itself. However, like the previous false retreats I discussed, freedom is in the eye of the beholder and no matter which way you look at it, in Linda’s society, the beholder will always be the slaveholder. Let us explore the only ways in which a slave can achieve freedom – escape, sale, and death. If one escapes, then is he truly free? He may seem to be, but lurking behind will always be the slaveholder waiting and sneering. How can one be sold and still claim to be free? A price has been put on his life. Someone somewhere is lurking behind enjoying the benefits of this sale and let us not forget that there is no guarantee that a contract entered into by a slave will be binding. Finally, we encounter death. Yes, for the deceased the life of slavery has ended, but it is the life of slavery has ended his life. The slaveowner may have financially lost, but to his own ethics, he has won. No home, even Aunt Marthy’s, no matter how much love it holds, can offer retreat from the horrors of slavery until those horrors cease to exist. English Essays

Tell Me True by Cory Chisel and Adriel Denae free essay sample

Two teenagers climb to the top of the school’s bell tower, both thinking of suicide. There, they meet for the first time and begin a story that’s arguably the most heart-wrenching I’ve ever read. Dubbed as a blend of The Fault in our Stars and Eleanor and Park, this book tells the story of Theodore Finch – a troubled teenager who often thinks of suicide – and Violet Markey – a girl trying to cope with the death of her sister while trying to figure out the point of her life. The two characters take turns narrating the story. This is perhaps what makes this story so beautiful: their voices are raw, original, relatable, and yet so incredibly different. Finch is full of energy, but at the same time, cringingly depressed. Violet tries coming to terms with her sister’s road-accident death (and her own survival), for which she blames herself. We will write a custom essay sample on Tell Me True by Cory Chisel and Adriel Denae or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Among the many, many things this book gets right, the depiction of the role of society and parents in relation to suicide and mental health is perhaps the most powerful aspect. The struggles are relatable and honest, which only makes it more devastating. But this isn’t a completely sad story. Though suicide is the main theme of the book – introduced right from page one, and might make readers cry at some point (it certainly made me) – it also includes uplifting moments. Moments that show depression and the horrifying effect of stigmas and labels are balanced with the exciting, beautiful parts of life: the lovely parts, the bright places. I’d recommend All the Bright Places to anyone. In fact, everyone should read this book. It will touch you, devastate you, and stay with you.