The Twilight Saga 4: Breaking Dawn 25. Favor

It was only a little while later that Edward reminded me of my priorities. It took him just one word. â€Å"Renesmee†¦Ã¢â‚¬  I sighed. She would be awake soon. It must be nearly seven in the morning. Would she be looking for me? Abruptly, something close to panic had my body freezing up. What would she look like today? Edward felt the total distraction of my stress. â€Å"It's all right, love. Get dressed, and we'll be back to the house in two seconds.† I probably looked like a cartoon, the way I sprung up, then looked back at him – his diamond body faintly glinting in the diffuse light – then away to the west, where Renesmee waited, then back at him again, then back toward her, my head whipping from side to side a half dozen times in a second. Edward smiled, but didn't laugh; he was a strong man. â€Å"It's all about balance, love. You're so good at all of this, I don't imagine it will take too long to put everything in perspective.† â€Å"And we have all night, right?† He smiled wider. â€Å"Do you think I could bear to let you get dressed now if that weren't the case?† That would have to be enough to get me through the daylight hours. I would balance this overwhelming, devastating desire so that I could be a good – It was hard to think the word. Though Renesmee was very real and vital in my life, it was still difficult to think of myself as a mother. I supposed anyone would feel the same, though, without nine months to get used to the idea. And with a child that changed by the hour. The thought of Renesmee's speeding life had me stressed-out again in an instant. I didn't even pause at the ornately carved double doors to catch my breath before finding out what Alice had done. I just burst through, intent on wearing the first things I touched. I should have known it wouldn't be that easy. â€Å"Which ones are mine?† I hissed. As promised, the room was bigger than our bedroom. It might have been bigger than the rest of the house put together, but I'd have to pace it off to be positive. I had a brief mental flash of Alice trying to persuade Esme to ignore classic proportions and allow this monstrosity. I wondered how Alice had won that one. Everything was wrapped in garment bags, pristine and white, row after row after row. â€Å"To the best of my knowledge, everything but this rack here† – he touched a bar that stretched along the half-wall to the left of the door – â€Å"is yours.† â€Å"All of this?† He shrugged. â€Å"Alice,† we said together. He said her name like an explanation; I said it like an expletive. â€Å"Fine,† I muttered, and I pulled down the zipper on the closest bag. I growled under my breath when I saw the floorlength silk gown inside – baby pink. Finding something normal to wear could take all day! â€Å"Let me help,† Edward offered. He sniffed carefully at the air and then followed some scent to the back of the long room. There was a built-in dresser there. He sniffed again, then opened a drawer. With a triumphant grin, he held out a pair of artfully faded blue jeans. I flitted to his side. â€Å"How did you do that?† â€Å"Denim has its own scent just like anything else. Now†¦ stretch cotton?† He followed his nose to a half-rack, unearthing a long-sleeved white t-shirt. He tossed it to me. â€Å"Thanks,† I said fervently. I inhaled each fabric, memorizing the scent for future searches through this madhouse. I remembered silk and satin; I would avoid those. It only took him seconds to find his own clothes – if I hadn't seen him undressed, I would have sworn there was nothing more beautiful than Edward in his khakis and pale beige pullover – and then he took my hand. We darted through the hidden garden, leaped lightly over the stone wall, and hit the forest at a dead sprint. I pulled my hand free so that we could race back. He beat me this time. Renesmee was awake; she was sitting up on the floor with Rose and Emmett hovering over her, playing with a little pile of twisted silverware. She had a mangled spoon in her right hand. As soon as she spied me through the glass, she chucked the spoon on the floor – where it left a divot in the wood – and pointed in my direction imperiously. Her audience laughed; Alice, Jasper, Esme, and Carlisle were sitting on the couch, watching her as if she were the most engrossing film. I was through the door before their laughter had barely begun, bounding across the room and scooping her up from the floor in the same second. We smiled widely at each other. She was different, but not so much. A little longer again, her proportions drifting from babyish to childlike. Her hair was longer by a quarter inch, the curls bouncing like springs with every movement. I'd let my imagination run wild on the trip back, and I'd imagined worse than this. Thanks to my overdone fears, these little changes were almost a relief. Even without Carlisle's measurements, I was sure the changes were slower than yesterday. Renesmee patted my cheek. I winced. She was hungry again. â€Å"How long has she been up?† I asked as Edward disappeared through the kitchen doorway. I was sure he was on his way to get her breakfast, having seen what she'd just thought as clearly as I had. I wondered if he would ever have noticed her little quirk, if he'd been the only one to know her. To him, it probably would have seemed like hearing anyone. â€Å"Just a few minutes,† Rose said. â€Å"We would have called you soon. She's been asking for you – demandingmight be a better description. Esme sacrificed her second-best silver service to keep the little monster entertained.† Rose smiled at Renesmee with so much gloating affection that the criticism was entirely weightless. â€Å"We didn't want to†¦ er, bother you.† Rosalie bit her lip and looked away, trying not to laugh. I could feel Emmett's silent laughter behind me, sending vibrations through the foundations of the house. I kept my chin high. â€Å"We'll get your room set up right away,† I said to Renesmee. â€Å"You'll like the cottage. It's magic.† I look up at Esme. â€Å"Thank you, Esme. So much. It's absolutely perfect.† Before Esme could respond, Emmett was laughing again – it wasn't silent this time. â€Å"So it's still standing?† he managed to get out between his snickers. â€Å"I would've thought you two had knocked it to rubble by now. What were you doing last night? Discussing the national debt?† He howled with laughter. I gritted my teeth and reminded myself of the negative consequences when I'd let my temper get away from me yesterday. Of course, Emmett wasn't as breakable as Seth___ Thinking of Seth made me wonder. â€Å"Where're the wolves today?† I glanced out the window wall, but there had been no sign of Leah on the way in. â€Å"Jacob took off this morning pretty early,† Rosalie told me, a little frown creasing her forehead. â€Å"Seth followed him out.† â€Å"What was he so upset about?† Edward asked as he came back into the room with Renesmee's cup. There must have been more in Rosalie's memory than I'd seen in her expression. Without breathing, I handed Renesmee off to Rosalie. Super-self-control, maybe, but there was no way I was going to be able to feed her. Not yet. â€Å"I don't know – or care,† Rosalie grumbled, but she answered Edward's question more fully. â€Å"He was watching Nessie sleep, his mouth hanging open like the moron he is, and then he just jumped to his feet without any kind of trigger – that I noticed, anyway – and stormed out. was glad to be rid of him. The more time he spends here, the less chance there is that we'll ever get the smell out.† â€Å"Rose,† Esme chided gently. Rosalie flipped her hair. â€Å"I suppose it doesn't matter. We won't be here that much longer.† â€Å"I still say we should go straight to New Hampshire and get things set up,† Emmett said, obviously continuing an earlier conversation. â€Å"Bella's already registered at Dartmouth. Doesn't look like it will take her all that long to be able to handle school.† He turned to look at me with a teasing grin. Tm sure you'll ace your classes†¦ apparently there's nothing interesting for you to do at night besides study.† Rosalie giggled. Do not lose your temper, do not lose your temper,I chanted to myself. And then I was proud of myself for keeping my head. So I was pretty surprised that Edward didn't. He growled – an abrupt, shocking rasp of sound – and the blackest fury rolled across his expression like storm clouds. Before any of us could respond, Alice was on her feet. â€Å"What is he doing? What is that dog doing that has erased my schedule for the entire day? I can't see anything] No!† She shot me a tortured glance. â€Å"Look at you! You neec/meto show you how to use your closet.† For one second I was grateful for whatever Jacob was up to. And then Edward's hands balled up into fists and he snarled, â€Å"He talked to Charlie. He thinks Charlie is following after him. Coming here. Today.† Alice said a word that sounded very odd in her trilling, ladylike voice, and then she blurred into motion, streaking out the backdoor. â€Å"He told Charlie?† I gasped. â€Å"But – doesn't he understand? How could he do that?† Charlie couldn't know about me! About vampires! That would put him on a hit list that even the Cullens couldn't save him from. â€Å"No!† Edward spoke through his teeth. â€Å"Jacob's on his way in now.† It must have started raining farther east. Jacob came through the door shaking his wet hair like a dog, flipping droplets on the carpet and the couch where they made little round gray spots on the white. His teeth glinted against his dark lips; his eyes were bright and excited. He walked with jerky movements, like he was all hyped-up about destroying my father's life. â€Å"Hey, guys,† he greeted us, grinning. It was perfectly silent. Leah and Seth slipped in behind him, in their human forms – for now; both of their hands were trembling with the tension in the room. â€Å"Rose,† I said, holding my arms out. Wordlessly, Rosalie handed me Renesmee. I pressed her close to my motionless heart, holding her like a talisman against rash behavior. I would keep her in my arms until I was sure my decision to kill Jacob was based entirely on rational judgment rather than fury. She was very still, watching and listening. How much did she understand? â€Å"Charlie'll be here soon,† Jacob said to me casually. â€Å"Just a heads-up. I assume Alice is getting you sunglasses or something?† â€Å"You assume way too much,† I spit through my teeth. â€Å"What. Have. You. Done?† Jacob's smile wavered, but he was still too wound up to answer seriously. â€Å"Biondie and Emmett woke me up this morning going on and on about you all moving cross-country. Like I could let you leave. Charlie was the biggest issue there, right? Well, problem solved.'7 â€Å"Do you even realize what you've done? The danger you've put him in?† He snorted. â€Å"I didn't put him in danger. Except from you. But you've got some kind of supernatural self-control, right? Not as good as mind reading, if you ask me. Much less exciting.† Edward moved then, darting across the room to get in Jacob's face. Though he was half a head shorter than Jacob, Jacob leaned away from his staggering anger as if Edward towered over him. â€Å"That's just a theory, mongrel,† he snarled. â€Å"You think we should test it out on Charlie? Did you consider the physical pain you're putting Bella through, even if she can resist? Or the emotional pain if she doesn't? I suppose what happens to Bella no longer concerns you!† He spit the last word. Renesmee pressed her fingers anxiously to my cheek, anxiety coloring the replay in her head. Edward's words finally cut through Jacob's strangely electric mood. His mouth dropped into a frown. â€Å"Bella will be in pain?† â€Å"Like you've shoved a white-hot branding iron down her throat!† I flinched, remembering the scent of pure human blood. â€Å"I didn't know that,† Jacob whispered. â€Å"Then perhaps you should have asked first,† Edward growled back through his teeth. â€Å"You would have stopped me.† â€Å"You should have been stopped – â€Å" â€Å"This isn't about me,† I interrupted. I stood very still, keeping my hold on Renesmee and sanity. â€Å"This is about Charlie, Jacob. How could you put him in danger this way? Do you realize it's death or vampire life for him now, too?† My voice trembled with the tears my eyes could no longer shed. Jacob was still troubled by Edward's accusations, but mine didn't seem to bother him. â€Å"Relax, Bella. I didn't tell him anything you weren't planning to tell him.† â€Å"But he's coming here!† â€Å"Yeah, that's the idea. Wasn't the whole let him make the wrong assumptions' thing your plan? I think I provided a very nice red herring, if I do say so myself.† My fingers flexed away from Renesmee. I curled them back in securely. â€Å"Say it straight, Jacob. I don't have the patience for this.† â€Å"I didn't tell him anything about you, Bella. Not really. I told him about me. Well, show is probably a better verb.† â€Å"He phased in front of Charlie,† Edward hissed. I whispered, â€Å"You what?† â€Å"He's brave. Brave as you are. Didn't pass out or throw up or anything. I gotta say, I was impressed. You should've seen his face when I started taking my clothes off, though. Priceless,† Jacob chortled. â€Å"You absolute moronl You could have given him a heart attack!† â€Å"Charlie's fine. He's tough. If you'd give this just a minute, you'll see that I did you a favor here.† â€Å"You have half of that, Jacob.† My voice was flat and steely. â€Å"You have thirty seconds to tell me every single word before I give Renesmee to Rosalie and rip your miserable head off. Seth won't be able to stop me this time.† â€Å"Jeez, Bells. You didn't used to be so melodramatic. Is that a vampire thing?† â€Å"Twenty-six seconds.† Jacob rolled his eyes and flopped into the nearest chair. His little pack moved to stand on his flanks, not at all relaxed the way he seemed to be; Leah's eyes were on me, her teeth slightly bared. â€Å"So I knocked on Charlie's door this morning and asked him to come for a walk with me. He was confused, but when I told him it was about you and that you were back in town, he followed me out to the woods. I told him you weren't sick anymore, and that things were a little weird, but good. He was about to take off to see you, but I told him I had to show him something first. And then I phased.† Jacob shrugged. My teeth felt like a vise was pushing them together. â€Å"I want every word, you monster.† â€Å"Well, you said I only had thirty seconds – okay, okay.† My expression must have convinced him that I wasn't in the mood for teasing. â€Å"Lemme see†¦ I phased back and got dressed, and then after he started breathing again, I said something like, ‘Charlie, you don't live in the world you thought you lived in. The good news is, nothing has changed – except that now you know. Life'll go on the same way it always has. You can go right back to pretending that you don't believe any of this.' â€Å"It took him a minute to get his head together, and then he wanted to know what was really going on with you, with the whole rare-disease thing. I told him that you had been sick, but you were fine now – it was just that you'd had to change a little bit in the process of getting better. He wanted to know what I meant by ‘change,' and I told him that you looked a lot more like Esme now than you looked like Renee.† Edward hissed while I stared in horror; this was headed in a dangerous direction. â€Å"After a few minutes, he asked, real quietly, if you turned into an animal, too. And I said, ‘She wishes she was that cool!'† Jacob chuckled. Rosalie made a noise of disgust. â€Å"I started to tell him more about werewolves, but I didn't even get the whole word out – Charlie cut me off and said he'd ‘rather not know the specifics.' Then he asked if you'd known what you were getting yourself into when you married Edward, and I said, ‘Sure, she's known all about this for years, since she first came to Forks.' He didn't like that very much. I let him rant till he got it out of his system. After he got calmed down, he just wanted two things. He wanted to see you, and I said it would be better if he gave me a head start to explain.† I inhaled deeply. â€Å"What was the other thing he wanted?† Jacob smiled. â€Å"You'll like this. His main request is that he be told as little as possible about all of this. If it's not absolutely essential for him to know something, then keep it to yourself. Need to know, only.† I felt relief for the first time since Jacob had walked in. â€Å"I can handle that part.† â€Å"Other than that, he'd just like to pretend things are normal.† Jacob's smile turned smug; he must suspect that I would be starting to feel the first faint stirrings of gratitude about now. â€Å"What did you tell him about Renesmee?† I struggled to maintain the razor edge in my voice, fighting the reluctant appreciation. It was premature. There was still so much wrong with this situation. Even if Jacob's intervention had brought out a better reaction in Charlie than I'd ever hoped for†¦ â€Å"Oh yeah. So I told him that you and Edward had inherited a new little mouth to feed.† He glanced at Edward. â€Å"She's your orphaned ward – like Bruce Wayne and Dick Grayson.† Jacob snorted. â€Å"I didn't think you'd mind me lying. That's all part of the game, right?† Edward didn't respond in any way, so Jacob went on. â€Å"Charlie was way past being shocked at this point, but he did ask if you were adopting her. ‘Like a daughter? Like I'm sort of a grandfather?' were his exact words. I told him yes. ‘Congrats, Gramps, and all of that. He even smiled a little.† The stinging returned to my eyes, but not out of fear or anguish this time. Charlie was smiling at the idea of being a grandpa? Charlie would meet Renesmee? â€Å"But she's changing so fast,† I whispered. â€Å"I told him that she was more special than all of us put together,† Jacob said in a soft voice. He stood and walked right up to me, waving Leah and Seth off when they started to follow. Renesmee reached out to him, but I hugged her more tightly to me. â€Å"I told him, Trust me, you don't want to know about this. But if you can ignore all the strange parts, you're going to be amazed. She's the most wonderful person in the whole world.' And then I told him that if he could deal with that, you all would stick around for a while and he would have a chance to get to know her. But that if it was too much for him, you would leave. He said as long as no one forced too much information on him, he'd deal.† Jacob stared at me with half a smile, waiting. â€Å"I'm not going to say thank you,† I told him. â€Å"You're still putting Charlie at a huge risk.† â€Å"I am sorry about it hurting you. I didn't know it was like that. Bella, things are different with us now, but you'll always be my best friend, and I'll always love you. But I'll love you the right way now. There's finally a balance. We both have people we can't live without.† He smiled his very most Jacob-y smile. â€Å"Still friends?† Try as hard as I could to resist, I had to smile back. Just a tiny smile. He held out his hand: an offer. I took a deep breath and shifted Renesmee's weight to one arm. I put my left hand in his – he didn't even flinch at the feel of my cool skin. â€Å"If I don't kill Charlie tonight, I'll consider forgiving you for this.† â€Å"Whenyou don't kill Charlie tonight, you'll owe me huge.† I rolled my eyes. He held out his other hand toward Renesmee, a request this time. â€Å"Can I?† â€Å"I'm actually holding her so that my hands aren't free to kill you, Jacob. Maybe later.† He sighed but didn't push me on it. Wise of him. Alice raced back through the door then, her hands full and her expression promising violence. â€Å"You, you, and you,† she snapped, glaring at the werewolves. â€Å"If you must stay, get over in the corner and commit to being there for a while. I need to see. Bella, you'd better give him the baby, too. You'll need your arms free, anyway.† Jacob grinned in triumph. Undiluted fear ripped through my stomach as the enormity of what I was about to do hit me. I was going to gamble on my iffy self-control with my pure human father as the guinea pig. Edward's earlier words crashed in my ears again. Did you consider the physical pain you're putting Bella through, even if she can resist? Or the emotional pain if she doesn't? I couldn't imagine the pain of failure. My breathing turned to gasps. â€Å"Take her,† I whispered, sliding Renesmee into Jacob's arms. He nodded, concern wrinkling his forehead. He gestured to the others, and they all went to the far corner of the room. Seth and Jake slouched on the floor at once, but Leah shook her head and pursed her lips. â€Å"Am I allowed to leave?† she griped. She looked uncomfortable in her human body, wearing the same dirty t-shirt and cotton shorts she'd worn to shriek at me the other day, her short hair sticking up in irregular tufts. Her hands were still shaking. â€Å"Of course,† Jake said. â€Å"Stay east so you don't cross Charlie's path,† Alice added. Leah didn't look at Alice; she ducked out the back door and stomped into the bushes to phase. Edward was back at my side, stroking my face. â€Å"You can do this. I know you can. Ill help you; we all will.† I met Edward's eyes with panic screaming from my face. Was he strong enough to stop me if I made a wrong move? â€Å"If I didn't believe you could handle it, we'd disappear today. This very minute. But you can. And you'll be happier if you can have Charlie in your life.† I tried to slow my breathing. Alice held out her hand. There was a small white box on her palm. â€Å"These will irritate your eyes – they won't hurt, but they'll cloud your vision. It's annoying. They also won't match your old color, but it's still better than bright red, right?† She flipped the contact box into the air and I caught it. â€Å"When did you – â€Å" â€Å"Before you left on the honeymoon. I was prepared for several possible futures.† I nodded and opened the container. I'd never worn contacts before, but it couldn't be that hard. I took the little brown quarter-sphere and pressed it, concave side in, to my eye. I blinked, and a film interrupted my sight. I could see through it, of course, but I could also see the texture of the thin screen. My eye kept focusing on the microscopic scratches and warped sections. â€Å"I see what you mean,† I murmured as I stuck the other one in. I tried to not blink this time. My eye automatically wanted to dislodge the obstruction. â€Å"How do I look?† Edward smiled. â€Å"Gorgeous. Of course – â€Å" â€Å"Yes, yes, she always looks gorgeous,† Alice finished his thought impatiently. â€Å"It's better than red, but that's the highest commendation I can give. Muddy brown. Your brown was much prettier. Keep in mind that those won't last forever – the venom in your eyes will dissolve them in a few hours. So if Charlie stays longer than that, you'll have to excuse yourself to replace them. Which is a good idea anyway, because humans need bathroom breaks.† She shook her head. â€Å"Esme, give her a few pointers on acting human while I stock the powder room with contacts.† â€Å"How long do I have?† â€Å"Charlie will be here in five minutes. Keep it simple.† Esme nodded once and came to take my hand. â€Å"The main thing is not to sit too still or move too fast,† she told me. â€Å"Sit down if he does,† Emmett interjected. â€Å"Humans don't like to just stand there.† â€Å"Let your eyes wander every thirty seconds or so,† Jasper added. â€Å"Humans don't stare at one thing for too long.† â€Å"Cross your legs for about five minutes, then switch to crossing your ankles for the next five,† Rosalie said. I nodded once at each suggestion. I'd noticed them doing some of these things yesterday. I thought I could mimic their actions. â€Å"And blink at least three times a minute,† Emmett said. He frowned, then darted to where the television remote sat on the end table. He flipped the TV on to a college football game and nodded to himself. â€Å"Move your hands, too. Brush your hair back or pretend to scratch something,† Jasper said. â€Å"I said Esme† Alice complained as she returned. â€Å"You'll overwhelm her.† â€Å"No, I think I got it all,† I said. â€Å"Sit, look around, blink, fidget.† â€Å"Right,† Esme approved. She hugged my shoulders. Jasper frowned. â€Å"You'll be holding your breath as much as possible, but you need to move your shoulders a little to make it /oo/clike you're breathing.† I inhaled once and then nodded again. Edward hugged me on my free side. â€Å"You can do this,† he repeated, murmuring the encouragement in my ear. â€Å"Two minutes,† Alice said. â€Å"Maybe you should start out already on the couch. You've been sick, after all. That way he won't have to see you move right at first.† Alice pulled me to the sofa. I tried to move slowly, to make my limbs more clumsy. She rolled her eyes, so I must not have been doing a good job. â€Å"Jacob, I need Renesmee,† I said. Jacob frowned, unmoving. Alice shook her head. â€Å"Bella, that doesn't help me see.† â€Å"But I need her. She keeps me calm.'7The edge of panic in my voice was unmistakable. â€Å"Fine,† Alice groaned. â€Å"Hold her as still as you can and I'll try to see around her.† She sighed wearily, like she'd been asked to work overtime on a holiday. Jacob sighed, too, but brought Renesmee to me, and then retreated quickly from Alice's glare. Edward took a seat beside me and put his arms around Renesmee and me. He leaned forward and looked Renesmee very seriously in the eyes. â€Å"Renesmee, someone special is coming to see you and your mother,† he said in a solemn voice, as if he expected her to understand every word. Did she? She looked back at him with clear, grave eyes. â€Å"But he's not like us, or even like Jacob. We have to be very careful with him. You shouldn't tell him things the way you tell us.† Renesmee touched his face. â€Å"Exactly,† he said. â€Å"And he's going to make you thirsty. But you mustn't bite him. He won't heal like Jacob.† â€Å"Can she understand you?† I whispered. â€Å"She understands. You'll be careful, won't you, Renesmee? You'll help us?† Renesmee touched him again. â€Å"No, I don't care if you bite Jacob. That's fine.† Jacob chuckled. â€Å"Maybe you should leave, Jacob,† Edward said coldly, glaring in his direction. Edward hadn't forgiven Jacob, because he knew that no matter what happened now, I was going to be hurting. But I'd take the burn happily if that were the worst thing I'd face tonight. â€Å"I told Charlie I'd be here,† Jacob said. â€Å"He needs the moral support.† â€Å"Moral support,† Edward scoffed. â€Å"As far as Charlie knows, you're the most repulsive monster of us all.† â€Å"Repulsive?† Jake protested, and then he laughed quietly to himself. I heard the tires turn off the highway onto the quiet, damp earth of the Cullens' drive, and my breathing spiked again. My heart ought to have been hammering. It made me anxious that my body didn't have the right reactions. I concentrated on the steady thrumming of Renesmee's heart to calm myself. It worked pretty quickly. â€Å"Well done, Bella,† Jasper whispered in approval. Edward tightened his arm over my shoulders. â€Å"You're sure?† I asked him. â€Å"Positive. You can do anything† He smiled and kissed me. It wasn't precisely a peck on the lips, and my wild vampiric reactions took me off guard yet again. Edward's lips were like a shot of some addictive chemical straight into my nervous system. I was instantly craving more. It took all my concentration to remember the baby in my arms. Jasper felt my mood change. â€Å"Er, Edward, you might not want to distract her like that right now. She needs to be able to focus.† Edward pulled away. â€Å"Oops,† he said. I laughed. That had been my line from the very beginning, from the very first kiss. â€Å"Later,† I said, and anticipation curled my stomach into a ball. â€Å"Focus, Bella,† Jasper urged. â€Å"Right.† i pushed the trembly feelings away. Charlie, that was the main thing now. Keep Charlie safe today. We would have all night___ â€Å"Bella.† â€Å"Sorry, Jasper.† Emmett laughed. The sound of Charlie's cruiser got closer and closer. The second of levity passed, and everyone was still. I crossed my legs and practiced my blinks. The car pulled in front of the house and idled for a few seconds. I wondered if Charlie was as nervous as I was. Then the engine cut off, and a door slammed. Three steps across the grass, and then eight echoing thuds against the wooden stairs. Four more echoing footsteps across the porch. Then silence. Charlie took two deep breaths. Knock, knock, knock. I inhaled for what might be the last time. Renesmee nestled deeper into my arms, hiding her face in my hair. Carlisle answered the door. His stressed expression changed to one of welcome, like switching the channel on the TV. â€Å"Hello, Charlie,† he said, looking appropriately abashed. After all, we were supposed to be in Atlanta at the Center for Disease Control. Charlie knew he'd been lied to. â€Å"Carlisle,† Charlie greeted him stiffly. â€Å"Where's Bella?† â€Å"Right here, Dad.† Ugh! My voice was so wrong. Plus, I'd used up some of my air supply. I gulped in a quick refill, glad that Charlie's scent had not saturated the room yet. Charlie's blank expression told me how off my voice was. His eyes zeroed in on me and widened. I read the emotions as they scrolled across his face. Shock. Disbelief. Pain. Loss. Fear. Anger. Suspicion. More pain. I bit my lip. It felt funny. My new teeth were sharper against my granite skin than my human teeth had been against my soft human lips. â€Å"Is that you, Bella?† he whispered. â€Å"Yep.† I winced at my wind-chime voice. â€Å"Hi, Dad.† He took a deep breath to steady himself. â€Å"Hey, Charlie,† Jacob greeted him from the corner. â€Å"How're things?† Charlie glowered at Jacob once, shuddered at a memory, and then stared at me again. Slowly, Charlie walked across the room until he was a few feet away from me. He darted an accusing glare at Edward, and then his eyes flickered back to me. The warmth of his body heat beat against me with each pulse of his heart. â€Å"Bella?† heasked again. I spoke in a lower voice, trying to keep the ring out of it.†It's really me.† His jaw locked. â€Å"I'm sorry, Dad,† I said. â€Å"Are you okay?† he demanded. â€Å"Really and truly great,† I promised. â€Å"Healthy as a horse.† That was it for my oxygen. â€Å"Jake told me this was†¦ necessary. That you were dying.† He said the words like he didn't believe them one bit. I steeled myself, focused on Renesmee's warm weight, leaned into Edward for support, and took a deep breath. Charlie's scent was a fistful of flames, punching straight down my throat. But it was so much more than pain. It was a hot stabbing of desire, too. Charlie smelled more delicious than anything I'd ever imagined. As appealing as the anonymous hikers had been on the hunt, Charlie was doubly tempting. And he was just a few feet away, leaking mouthwatering heat and moisture into the dry air. But I wasn't hunting now. And this was my father. Edward squeezed my shoulders sympathetically, and Jacob shot an apologetic glance at me across the room. I tried to collect myself and ignore the pain and longing of the thirst. Charlie was waiting for my answer. â€Å"Jacob was telling you the truth.† â€Å"That makes one of you,† Charlie growled. I hoped Charlie could see past the changes in my new face to read the remorse there. Under my hair, Renesmee sniffed as Charlie's scent registered with her, too. I tightened my grip on her. Charlie saw my anxious glance down and followed it. â€Å"Oh,† he said, and all the anger fell off his face, leaving only shock behind. â€Å"This is her. The orphan Jacob said you're adopting.† â€Å"My niece,† Edward lied smoothly. He must have decided that the resemblance between Renesmee and him was too pronounced to be ignored. Best to claim they were related from the beginning. â€Å"I thought you'd lost your family,† Charlie said, accusation returning to his voice. â€Å"I lost my parents. My older brother was adopted, like me. I never saw him after that. But the courts located me when he and his wife died in a car accident, leaving their only child without any other family.† Edward was so good at this. His voice was even, with just the right amount of innocence. I needed practice so that I could do that. Renesmee peeked out from under my hair, sniffing again. She glanced shyly at Charlie from under her long lashes, then hid again. â€Å"She's†¦ she's,well, she's a beauty.† â€Å"Yes,† Edward agreed. â€Å"Kind of a big responsibility, though. You two are just getting started.† â€Å"What else could we do?† Edward brushed his fingers lightly over her cheek. I saw him touch her lips for just a moment – a reminder. â€Å"Would you have refused her?† â€Å"Hmph. Well.† Heshook his head absently. â€Å"Jake says you call her Nessie?† â€Å"No, we don't,† I said, my voice too sharp and piercing. â€Å"Her name is Renesmee.† Charlie refocused on me. â€Å"How do you feel about this? Maybe Carlisle and Esme could – â€Å" â€Å"She's mine,† I interrupted. â€Å"I want her.† Charlie frowned. â€Å"You gonna make me a grandpa so young?† Edward smiled. â€Å"Carlisle is a grandfather, too.† Charlie shot an incredulous glance at Carlisle, still standing by the front door; he looked like Zeus's younger, better-looking brother. Charlie snorted and then laughed. â€Å"I guess that does sort of make me feel better.†His eyes strayed back to Renesmee. â€Å"She sure is something to look at.† His warm breath blew lightly across the space between us. Renesmee leaned toward the smell, shaking off my hair and looking him full in the face for the first time. Charlie gasped. I knew what he was seeing. My eyes – his eyes – copied exactly into her perfect face. Charlie started hyperventilating. His lips trembled, and I could read the numbers he mouthed. He was counting backward, trying to fit nine months into one. Trying to put it together but not able to force the evidence right in front of him to make any sense. Jacob got up and came over to pat Charlie on the back. He leaned in to whisper something in Charlie's ear; only Charlie didn't know we could all hear. â€Å"Need to know, Charlie. It's okay. I promise.† Charlie swallowed and nodded. And then his eyes blazed as he took a step closer to Edward with his fists tightly clenched. â€Å"I don't want to know everything, but I'm done with the lies!† â€Å"I'm sorry,† Edward said calmly, â€Å"but you need to know the public story more than you need to know the truth. If you're going to be part of this secret, the public story is the one that counts. It's to protect Bella and Renesmee as well as the rest of us. Can you go along with the lies for them?† The room wasfull of statues. I crossed my ankles. Charlie huffed once and then turned his glare on me. â€Å"You might've given me some warning, kid.† â€Å"Would it really have made this any easier?† He frowned, and then he knelt on the floor in front of me. I could see the movement of the blood in his neck under his skin. I could feel the warm vibration of it. So could Renesmee. She smiled and reached one pink palm out to him. I held her back. She pushed her other hand against my neck, thirst, curiosity, and Charlie's face in her thoughts. There was a subtle edge to the message that made me think that she'd understood Edward's words perfectly; she acknowledged thirst, but overrode it in the same thought. â€Å"Whoa,† Charlie gasped, his eyes on her perfect teeth. â€Å"How old is she?† â€Å"Urn†¦Ã¢â‚¬  â€Å"Three months,† Edward said, and then added slowly, â€Å"rather, she's the size of a three-month-old, more or less. She's younger in some ways, more mature in others.† Very deliberately, Renesmee waved at him. Charlie blinked spastically. Jacob elbowed him. â€Å"Told you she was special, didn't I?† Charlie cringed away from the contact. â€Å"Oh, c'mon, Charlie,† Jacob groaned. â€Å"I'm the same person I've always been. Just pretend this afternoon didn't happen.† The reminder made Charlie's lips go white, but he nodded once. â€Å"Just what is your part in all this, Jake?† he asked. â€Å"How much does Billy know? Why are you here?† He looked at Jacob's face, which was glowing as he stared at Renesmee. â€Å"Well, I could tell you all about it – Billy knows absolutely everything – but it involves a lot of stuff about werewo – â€Å" â€Å"Ungh!† Charlie protested, covering his ears. â€Å"Never mind.† Jacob grinned. â€Å"Everything's going to be great, Charlie. Just try to not believe anything you see.† My dad mumbled something unintelligible. â€Å"Woo!† Emmett suddenly boomed in his deep bass. â€Å"Go Gators!† Jacob and Charlie jumped. The rest of us froze. Charlie recovered, then looked at Emmett over his shoulder. â€Å"Florida winning?† â€Å"Just scored the first touchdown,† Emmett confirmed. He shot a look in my direction, wagging his eyebrows like a villain in vaudeville. â€Å"‘Bout time somebody scored around here.† I fought back a hiss. In front of Charlie? That was over the line. But Charlie was beyond noticing innuendos. He took yet another deep breath, sucking the air in like he was trying to pull it down to his toes. I envied him. He lurched to his feet, stepped around Jacob, and half-fell into an open chair. â€Å"Well,† he sighed, â€Å"I guess we should see if they can hold on to the lead.†

Japan Invades China (1931-37)

Japan invades China (1931-37) Japan’s main objectives of invading China in 1931 were to destroy communism and poses control over neighboring areas on the Asian continent. It was believed such a control was necessary to be able to issue possible military threats and inquire the natural resources needed to insure Japan’s economic independence. â€Å"By defeating Russia in the Russo-Japanese War of 1904–1905, Japan acquired possession of Russia’s Liaodong Peninsula Leasehold, which she renamed the Kwantung Leased Territory, and the South Manchurian Railroad† (BJorge, 2011).After Korea was captured in 1910, Manchuria was filled with mineral wealth, gorgeous farmland, and potential value as a defensive Korea from both China and Russia. In the 1920s, many of the Kwantung army believed Japan should take over Manchuria just like they did in Korea. Plotting began to conquer Manchuria with direct military action which led to the first invasions of China in th e 1930s. (BJorge, 2011) The plan was made to be easy; a railroad on the Southern side of Mukden was made to explode to give the Kwantung an excuse to attack the nearby Manchurian army stations and the storage of weapons in the city.Once that was complete, the Kwantung army was easily expandable until all of Manchuria was captured. The government officials of Tokyo tried to stop the plot, but the Kwantung army attacked before the warning was issued. The bomb was set off on September 18, 1931 and the Kwantung army started moving into action. (BJorge, 2011) China turned to the League of Nations for support. At the time, the nationalist government did not want a war with Japan and either did the Japanese government and therefore ordered the Kwantung army to fall back and negotiate a reasonable solution.But the Kwantung army refused and continued attacking other cities and ended up sending troops into Manchuria. The Kwantung army was very powerful because of their popularly Japanese citi zens. Even though it was unacceptable for the Kwantung army to disobey, the separation of Manchuria from China would be in Japan’s favor. (BJorge, 2011) In May 1935, Japan’s Tinainjin fort demanded all Guomindang military units and officers to leave the Hebei state. Jiang Jieshi was still dedicated to his goal of destroying his communist enemies. Japan, it seemed, was well on the way to achieving her goal of separating north China from Nanjing government administration† (BJorge, 2011). In October 1935, the Japanese prime minster wanted China to accept Manchukuo to join with Japan to build up north China’s economy. This proposal was seen as impossible for the reason of the anti-Japanese anger in China. The anger forced Jiang to end his anti-communist cause. (BJorge, 2011) On the night of July 7, 1937, some Chinese fired shells where the Japanese troops were planning at the Marco Polo Bridge, which is about ten miles from Beijing.Japanese thought a missing s oldier was caught by the Chinese and the Japanese officer ordered a search. On July 8, when his requested was denied, he bombed the city. Chinese tried to attack the Japanese but failed. Several days later, five divisions were made in Japan by the Japanese War Ministry, four divisions were sent to southern Hebei, and the Japanese troops from Manchuria attacked northern China. Then on July 19, an agreement was signed, by the Chinese general Song Zheyan, to withdraw troops from Wanping. Six days later a fight broke out close to the Marco Polo Bridge and Japanese troops detained the bridge.On July 28, the Chinese evacuated to save themselves before it was too late, while Japanese forces captured Tianjin two days later. That was the day Jiang decided that he will lead Japan and fight to finish the operation until the end. (Beck, 2007) On August 11, Jiang Jieshi moved 80,000 men into Shanghai. China tried to air force bomb the Japanese warships, but ended up missing and killing hundreds of civilians in Shanghai. At the end of August the Chinese forces tried to fight and attack the Japanese in Shanghai, but were unsuccessful and turned back to the defensive side in September and October.The Chinese lost 250,000 soldiers compared to 40,000 Japanese soldiers. In November, thanks to French priest Jacquinot de Bessage, some Chinese civilians were given a place to live after losing their home. (Beck, 2007) The Shanxi capital Taiyuan fell on November 9. In late September, the Communists won at Pingxingguan successfully killing about 500 Japanese and gained a hundred equipment trucks. They would have retrieved more, but the remaining Japanese destroyed their equipment and committed suicide. Beck, 2007) The Japanese broke through enemy lines in Shanghai and Chinese began withdrawing toward Nanjing on November 11. Jiang felt the world was on his side, even though the League of Nations did not take any action, and the signing of the non-aggression pact with the Soviet Union h ad no impact. But Japan was well on their way of completing their mission; the forces took over Beijing in September, Shijiazhuang in October, Taiyuan in November, Qingdao in August, and Jinan in December. (Beck, 2007) The former warlord Tang Shengzhi was ordered to hold Nanjing.The Japanese were promising the civilians to treat them well as their follow Chinese soldiers were killing and robbing people to take everything they could to escape. Jiang refused to stop fighting and the Japanese began bombing on December 10. Before the Japanese army arrived, half of the population had already left Nanjing. â€Å"The Presbyterian missionary W. Plumer Mills had learned of Bessage’s neutral zone, and the Americans and Europeans organized a safety zone that included Nanjing University, Ginling Women’s Arts and  Science College, the American embassy, and Chinese government buildings† (Beck, 2007).On November 22, the International Committee was made for the Nanjing Safety Zone. Three days later Adolf Hitler was asked to negotiate with the Japanese government to respect the neutral zone for the noncombatants. After all of that was settled, the Japanese continued their bombing to the military targets. More than one hundred thousand people were protected in the Safety Zone. (Beck, 2007) On December 12, Tang Shengzhi abandoned Nanjing and the Japanese troops entered the city the next day.For the seven weeks after that they killed about 30,000 Chinese soldiers, thrashed most of the civilians not in the safety zone, and burned most of the city. Between 20,000 and 80,000 women were raped or taken as slaves. It was estimated more than 200,000 Chinese civilians were exterminated by Japanese soldiers in Nanjing after the war. The Japanese dragged and murdered some of the ex-soldiers in the Safety Zone. â€Å"Jiang and Yan Xishan approved the Communist base in the Jin-Cha-Ji border region on January 22, 1938, but that was the first and last Communist base beh ind enemy lines that the Nationalists recognized† (Beck, 2007).The outcome of this invasion was terrible on China as the Chinese’s soldiers tried to fight to survive but were weaken and about 30 million Chinese civilians were forced to leave their homes and live in regions of their country unfamiliar to them as immigrants. Japan believed the invasion was going to be quick and easy, but they found themselves stuck in an unexpected marsh as China refused to surrender and the invasion turned into the beginning of the second Sino-Japanese War. Since it was too late to escape this battle, Japan reacted to the outbreak of war in Europe, which in time led them to attack the United States.With this action, Japan made China become part of World War II and with the defeat, Japan was forced to give up everything they gained in China since 1931. With the result of the war, the Japanese failed their main objective for the reason that the communist’s strength grew greater than it ever was. This marked the end of Japanese expansion. Reference List Beck, S. (2007). China at war 1937-1949. Retrieved from http://www. san. beck. org/21-5-ChinaatWar1937-49. html Benton, G. (2012). The Battle for China: Essays on the Military History of the Sino–Japanese War of 1937-1945. China Journal, (67), 189-191.BJORGE, G. J. (2011, November 13). China, invasion of (1931, 1937–1945). Retrieved from http://onlinelibrary. wiley. com/doi/10. 1002/9781444338232. wbeow112/pdf Burrell, R. S. (2011). The Battle for China: Essays on the Military History of the Sino-Japanese War of 1937-1945. Naval History, 25(2), 78. Cho, A. (2011). In a Sea of Bitterness: Refugees During the Sino-Japanese War. Library Journal, 136(15), 88 Falk, S. (2011). Varied Fare. Army Magazine, 61(6), 73-74. Farrell, B. P. (2011). Book Review: The Battle for China: Essays on the Military History of the Sino-Japanese War of 1937—1945.Edited by Mark Peattie, Edward Drea and Hans van de Ven . Stanford, CA: Stanford University Press. 2011. xxv+614 pp. US$65 hbk. ISBN 978 0 .. War In History, 18(4), 566-568. doi:10. 1177/09683445110180040809 Historical Boys' Clothing. (2005, February 05). Second sino-japanese war: Japanese invasion of china (1937-45)). Retrieved from http://histclo. com/essay/war/ww2/camp/pac/china/w2c-inv. html History Learning Site. (n. d. ). The japan. Retrieved from http://www. historylearningsite. co. uk/china_war. htm Wikipedia. (n. d. ). Second sino-japanese war. Retrieved from http://en. wikipedia. org/wiki/Second_Sino-Japanese_War

John Locke the State of Nature Essay

In the chapter five of The Second Treatise of Government and A Letter Concerning Toleration, John Locke expresses his opinion about property. According to the Bible, all human being is the descendants of Adam and Eve, which mean that this world is common to all humankind. However, in order to that the property is significant to people, the property must be your own private property. The individuals are different from the land and other properties. Everyone is entitled to the private rights; the personal private property may be obtained by the working, and the personal private property is out of the scope of the public property. Therefore, through manual labour, the public properties become privatization. Nevertheless, the privatization of public property is limited; the way to obtain the private property is only in the situation that does not damage others will be accepted by others. Only under such situation that people have provided appropriate resources to others, can they gain own properties to achieve their satisfactory goals through contribution and work. God gives treasure to humans, but does not look forward to seeing humans using it improperly. God expects humans to share and use the treasure in proper way and by their own work. How much treasure people should earn should be decided according to how much they contribute and need. However, it is not ethical to get properties by violating others. When people cannot implement or distribute natural resources in proper ways, others turn such resources into their own properties via ethically appropriate implementation. The right of gaining property from work is prior than land’s public-owned status, since most of what people gain is via their hard work instead of natural resources. Above all, if people are willing to work on and properly implement public-owned resource properly, such work will give property as a return. In addition, John Locke indicates that the reason why currency came out was people was making efforts on storing some resource which tended easily to go bad, and making them better use and higher profits. Currency does not have actual value, but its value is from the exchange of other resources. It is pointless to occupy extra property which exceeds the actual need and ability of using it, and is not honest either.

Freedom Rider Essay Example | Topics and Well Written Essays - 500 words

Freedom Rider - Essay Example It may be that we are in poverty- after all, we were once slaves. Our ancestors left us with no riches to inherit and no lands to claim but their legacy remains skin deep: our freedom to voice out what we feel and think. This legacy has been brought about by the history of our people who have been burdened by issues such as slavery and persecution and yet we have chosen to rise from our conditions. Our history has made us strong and persevering in the face of obstacles and in times of crises. All these we inherited from our ancestors and with all these attributes that I have called into mind, I ask you not to fear for my life in my participation of the freedom rides. Like our ancestors, I am strong, I will persevere, I shall rise above our prejudiced conditions, for the main reason that I want to voice out what I feel and think is right. Being a â€Å"freedom rider† is a paradox of some sort. As you might know already, we will be riding interstate buses into the segregated southern United States. I assure you that we’re not riding with the flow of current events, that is, were not just riding on the issue about segregation in the south just to get mileage. Instead, what we really aim to do is to challenge the status quo of having racially segregated waiting rooms and terminals. Though we know that we face arrest by authorities and possible attacks from mobs, we choose to fight back with non-violence and willful determination. We choose not just to go above our social conditions such as racial bias and injustice, but we choose to be above those who have fought with much bloodshed and violence, precisely because we have freedom. We are free to choose our goals and our means to achieve those goals, and we choose to be peaceful just like many who have come before us. This is a learning experience for me as it is a learning experience for our society. Our very ways will show society that the end doesn’t necessarily justify the means. On my part, I hope to realize

EXAM Essay Example | Topics and Well Written Essays - 500 words - 1

EXAM - Essay Example Space geodesy is also known as satellite geodesy. Point positioning is a major application that accurately determines the coordinates of points in space, land and sea. The locations of points are determined by linking measurements of known points with terrestrial positions that are not known.It may include transformation between astronomical C.S and terrestrial C.S. Use of GPS satellites, triangulation and other satellite geodesy are used to for the known points positioning. The satellite geodesy is relevant in intersatellite tracking. Space geodesy determines the positions of points, both relatively and absolutely. Space geodesy, currently, has been formed to provide abundant and accurate geodetic data than the classical systems. Satellite geodesy helps in determination of precise local or regional geodetic control, earth’s gravitational pull determination and modelling and measurement of geodynamic phenomenon. Geodynamic phenomenon include polar motion,crustal deformation and the earth’s rotation. Space geodesy consists observation and computational techniques which allow for solutions above geodetic problems by precise measurements to or from artificial satellites. This is the geodesy aspect that strictly concerns geometrical relationships of the earth’s surface. The earth’s surface is measured in different ways, such as triangulation, electronic surveys and trilateration for the purpose of determining the shape, size of the earth and the precise location of points on the surface of the earth. Geometric geodesy is a science that considers the geoid by the use of astrogeodetic method. Most of the spatial data errors are processing errors: Numerical errors, cascading errors, topological errors, digitizing and geocoding errors. Processing errors are those errors that are introduced during digitizing and processing. For example, conversion of data from raster to

Project2 Essay Example | Topics and Well Written Essays - 1250 words

Project2 - Essay Example An FMCG company requires heavy capital investment because from product development to marketing and advertising, capital is necessary in every sector. Moreover, FMCG companies are no more limited to a particular geographic location; instead they are pursuing overseas ventures. Therefore, threat of new entrant at international market is relatively limited. P&G is one of the reputed FMCG companies and its brand, Head & Shoulders is well-recognized in the hair care industry. Consequently, it can be suggested that threat of new entrant is limited for the company and the product (Reuters, 2013). FMCG industry is one of those industries that are heavily vulnerable to substitution, as local as well as a number of international brands are taking entry in the industry on a regular basis. However, studies suggest that P&G is a global leader in the hair care segment and have more than 20 percent of market share thereof from Pantene and Head &Shoulders (Reuters, 2013). The company has invested significantly in marketing and brand building of Head & Shoulders. The outcome is that the brand image is spreading from that of a medicated shampoo to a mass consumer product. Head & Shoulders is often marketed using celebrity endorsement which has significant positive impact on consumer buying behavior. Therefore, it can be suggested that threat of substitute is relatively less for the product (Reuters, 2013). Purchasing behavior of consumers has significant impact on revenue of FMCG companies. However, consumer buying pattern is strongly influenced by number of competitors or substitute products and their prices within the industry. It was ascertained that consumers have relatively strong bargaining power as the choices in hair care products in large and are mostly from well-known brands such as Unilever, L’Oreal, Colgate-Palmolive and Johnson & Johnson. These companies are

Marketing Essay Example | Topics and Well Written Essays - 2000 words - 1

Marketing - Essay Example However, this is not the only concern that will eventually give out the whole picture of Apple’s marketing environment. There is a substantial need to actually look in detail the two major components of marketing environment. The first component is the microenvironment which substantially deals with concerns regarding the company, suppliers, marketing intermediaries, customers and publics (Kotler et al., 1999). The second component on the other hand is the macroenvironment which consists of influential forces such as demographic, economic, natural, tefchnological, political and cultural (Kotler et al., 1999; Boone and Kurtz, 2006). The Microenvironment and Macroenvironment Since its manufacturing and logistics are relied on the third parties, Apple Incorporated tries to give significant emphasis on the level of impact of this relationship on its actual marketing operation (Apple Incorporated, 2011). This gives Apple a more meaningful approach in order to come up with effective service that could sustain the current needs and trends in the market. Apple does not need to keep too much focus on its suppliers since as mentioned earlier; it relies on its manufacturing activity on the third parties. Apple does not need to give time on where to find the needed resources in order to address effective customer value delivery system for product manufacturing. As Kotler et al. (1999) emphasised, the effective customer value system is the basic impact of suppliers in the marketing environment. It seems this is true in other organisations which have integrated manufacturing activity in their operation. However, it is definitely different from Apple. Such of this difference from other ongoing activities in other organisations of the same industry gives Apple considerable time to monitor effectively its products’ quality, innovation and substantive differentiation. This offers a competitive advantage for Apple to give more priority for its total quality manageme nt system. In fact, this can be elaborately pointed out as one of the reasons why Apple was able to reach for its competitive advantage. The good thing about this full reliance of Apple of its manufacturing activities on the third parties is a close monitoring of other related marketing intermediaries such as promotion and other marketing related activities. With this, Apple has remarkably created control over its entire marketing operation from the manufacturing point of view. Since Apple is one of the leading organisations in its industry, it can substantially demand higher quality for its line of products. It can demand the most innovative design that would greatly enhance its marketing performance. Marketing intermediaries are able to help Apple to promote and distribute its line of products to prospective customers. After all, marketing intermediaries are an organisation’s alliances prior to creating services and offerings that will substantially address the needs of cus tomers (Kotler et al., 1999). Marketing is also about the study of customer market in the first place which substantially involved customer, business, reseller, institutional, government and international markets (Kotler et al. 1999). All of these are actually considered by Apple prior to creating on-time and quality service for its customers (Apple Incorporated, 2011). It gives too much emphasis on its relationship with resellers for there is substantive control of its marketing system in here. Apple Incorporated (2011) emphasises that its performance particularly in

Media, Information and Societal Problems Essay Example | Topics and Well Written Essays - 1250 words

Media, Information and Societal Problems - Essay Example They manipulate the sources of information in a manner that suits their purpose. This way, only ideas that are allowed to prosper are the ones that the ruling class wants the masses to have. Amongst them one is the concept that social classes are natural and cannot be changed. The main cause of most social problems arises when people are led to act in a manner that is against their will, just so they can conform to the societal standards. Classes and Societal Problems Firstly, this concept of the lower-class cannot reach beyond their material means can actually have dramatic impact on their performance due to self-fulfilling prophecy. This also means if people belonging to lower stratum of the society are led to believe that they cannot achieve more actually may not achieve more if the concept is forced onto them (Ornstein & Levine 11). This I believe is very detrimental to growth of the society. Secondly the damage to intellectual thought and idea generation I believe, is the main p roblem caused by the â€Å"hegemony† proposed by Gramsci: if thought and ideas are trapped and left to conform to societal standards that serve only the affluent, there would not be any progress. ... This way we end up incurring a great deal of cost which then appears to be necessary. It is hegemony because the producers would not just let us buy the product we actually need. This blind following of the popular opinion leads the masses to do acts that are against their will. Practically the proletariat follows the ideology propagated by the bourgeois; they incur unnecessary expenses push themselves into debt just to meet the social pretences that have been laid out by the prevalent ideology. So in an attempt to serve societal interests the masses are actually damaging their own interests. An example would be that it was perceived that masses should have significant cash in deposits for their future needs, perhaps investments were high risk. So the US banks had a huge influx of deposits. On the surface it appears that banks would be happy with the investments, but managing such huge deposits also means they would be required to pay interests on them. So eventually some banks chose to charge fees on accounts that had large deposits. This way it was the end-consumer who had to pay the price. Role of Media One of the key distinctions of mass media from other forms of media is its ability to address a large number of people at the same time. Media is the mouth piece of the society; it is supposed to express popular public opinion. However in light of Marxist Capitalist economy, the media is controlled by the upper classes that use it to serve their interests. Media play a key role in shaping the perceptions of the society; they do this by means of advertising and programming. Both advertising and programming serve as a means of creating hegemony. This is

Text analyses Essay Example | Topics and Well Written Essays - 500 words

Text analyses - Essay Example The writer introduces the topic by giving the details on Sydney Central Station. This introduction gives information on its location, the people it serves and its purpose. The same paragraph also introduces the major discussion in the text. The writer then discusses the topic in the subsequent paragraphs before making a conclusion in the last paragraph to recap the content of the body. There is a positive attempt in sentence structure and development of paragraphs. The sentences contain a noun and verb such as in â€Å"As a public sector, Sydney central station is the largest railway station in Australia.† The paragraphs have an introductory sentence and the subsequent sentences support the idea before the concluding sentence recaps them as indicated in the fifth paragraph. Right from the introductory paragraph, the writer exhibits proper coordination through appropriate use of conjunctions such as although, indeed, generally and therefore. For example, â€Å"Although Sydney central station is...† and â€Å"Therefore, in order to give some useful advises†¦Ã¢â‚¬  used to introduce a contradictory sentence and to express an eventuality respectively. There is good use of noun phrases such as â€Å"poor facilities† and â€Å"long queues†. Both simple and complex sentences have been correctly used. Examples include â€Å"Therefore, all the series of problems are to be solved† and â€Å"Typically, the Sydney central railway station is responsible for satisfying all customers and improving the high level of service† respectively. The writer uses active voice to show authority in expressing own opinion. This is seen in â€Å"In my opinion, it is†¦Ã¢â‚¬  This is critically used in the conclusion paragraph to stam p authority in the essay. On the other hand, the writer portrays some weaknesses in the essay. There is inappropriate use of conjunctions such as above all in â€Å"above all, the most obvious symbol of the station’s problem†¦Ã¢â‚¬  The writer sought

Findings and Analysis Dissertation Example | Topics and Well Written Essays - 3500 words

Findings and Analysis - Dissertation Example Fig. 4.1 Key Themes The findings and analysis shall also include basic information on employees of B&M and their views on how they think management of B&M can improve on recruitment and selection process in the future and how management can retain workers who come into the company. 4.2 PRESENTATION AND DESCRIPTION OF RESULTS/FINDINGS Background Information on the Company and Workers B&M is a non profit organisation that offers free advice on issues relating to housing, money, debt, and welfare benefits services to the members of community. The company is located in London. It has been operating for more than forty (40) years and has been supported by the government such as The Home Office, City Council, and Community Initiative; Local Housing Association and Charity donations. The company recruits both paid and unpaid workers from the community and it has been run by voluntary committee of Management. The size of the organisation is very small consisting of operation manager, money a dvisor, debt advisor, administrator and volunteers to deliver the service. The sample for the interview was made up of five out of six workers of the company who were all females. ... On the role of workers in the company, all two (2) student-workers are trainee case workers. One (1) fulltime worker is a case worker, one (1) is a senior case worker and the other one (1) is the operations manager of the company. All participants acknowledged that their roles were very important in the running of the company. Among the five workers interviewed, the two student-workers have worked in the company for three and four months respectively. All the three full time workers have worked in B&M for three years. It was however revealed that the operations manager has over twenty years of experience working in similar work set up. Recruitment and Selection Methods and Processes used by B&M Recruitment as the recruitment is the process of identifying and hiring best-qualified candidate (from within or outside of an organization) for a job vacancy, in a most timely and cost effective manner (www.businessdictionary.com). When a company recruits from among its existing workers, we s ay they are practicing internal recruitment. On the other hand, when the company involves people who are outside its staff base in the recruitment, it is said to be undertaking external method of recruitment. Because of the staff size of B&M, the organisation uses external recruitment and selection method exclusively to get applicants to apply for vacancies. The mode of advertisement for vacancies, according to participants was mainly through the use of local community newspaper and university career employability. Reasons given by fulltime workers on why the organisation uses of community newspaper was that the organisation did not have enough funds to run expensive and wide range advertisement. It was also

The Death Penalty, the American Public Opinion, and the Factors Essay

The Death Penalty, the American Public Opinion, and the Factors Affecting the Americans Position on the Death penalty - Essay Example Historical crimes punishable by death in the U.S. were concealing birth, slave revolts, piracy, witchcraft, and guerrilla activity.1 In the late 1970s, lethal injection was developed as a more humane alternative than electric chair, which had been the principal execution method in the United States for more than 7 decades.2 Under discretionary statutes, juries control decisions on the death sentence of defendants which could result in arbitrary verdicts. This arbitrariness was ruled by the court as a violation of both the Eighth Amendment’s prohibition of cruel and unusual punishment and the 14th Amendment’s assurance of equal protection under the law. The constitutionality of capital punishment was questioned and the states stopped executions. In 1972, the Supreme Court decided to suspend the death penalty in all executing states. Four years after the 1972 decision, the court ruled that death penalty sentencing laws should include a set of objective guidelines that wou ld help judges and juries in deciding whether a death sentence is deserved and just. The amendments led to the death penalty’s reinstatement in 1976. The court likewise affirmed that the death sentence was constitutional under the Eighth Amendment.3 The Poll Trends Today, the American public opinion on the death penalty has only fairly changed although with far less support than in the mid-1990s when public acceptance was at a remarkable climax. In a survey performed in November 9-14, 2011 by the Pew Research Center for the People & the Press and the Pew Forum on Religion & Public Life, in two thousand adults, 62% are in favour of the death penalty for persons convicted of murder while 31% are opposed to it. In 1996, 78% favoured death penalty for murder offenders. Support for capital punishment then declined, dropped to 66% in 2001, 62% in 2005, and 58% in October 2011.4 In Gallup’s first survey about the death penalty in 1936, â€Å"Are you in favour of the death pe nalty for a person convicted of murder?† 59% recorded support and dropped to an unsurpassed decline of 42% in 1966, which was the first time there was more opposition than support over the 75-year course of the survey. Between 1970 and 1980, the support for capital punishment rose again and peaked in the mid-1990s.5 Factors That Might Change the Americans’ Position on the Death Penalty In some old analyses, it was recorded that not many death penalty supporters are influenced by information that death penalty is not a deterrent to crimes and that it is not cruel and unjust.6 On a recent study, 42% of respondents stated that a non-white defendant has higher probability of receiving the death sentence than a white defendant.7 In another study, 49% concurred that a black would more likely be sentenced to death than a white, and 67% agreed that a poor defendant was more likely to receive a death sentence than a non-poor.8 On a survey regarding deterrence issue, death penalt y supporters were asked if they would still support capital punishment even if new substantiation confirms that it does not decrease the rate of murders. 69% to 73% of respondents affirmed their support.9 Incapacitation: Prevents Murderers from Killing Again Life imprisonment without parole is an alternative that renders the death penalty unnecessary. From views, majority of the death penalty supporters consider incapacitation as a relatively insignificant concern. In the 1991 Gallup survey, merely 19% of supporters cited incapacitation ("Keeps them from killing again") as a basis for their support, while 50% cited retribution ("A life for a life").10 This result, nevertheless,

The Crumbling Taj Essay Example for Free

The Crumbling Taj Essay The reaction rate, however, should decrease as the experiment progresses because as the reaction time increases the number of hydrochloric acid molecules present will decrease as they have been reacted to form water calcium chloride and carbon dioxide. The additional water and calcium chloride present as the experiment progresses should decrease the rate of reaction because of decrease in concentration. This should make a graph of the reaction curved as the reaction rate slows down. Kinetic theory is based on the assumption that chemical reactions take place as a result of reacting particles colliding successfully. Successful collisions need a sufficient amount of energy. Particles that posses more kinetic energy than the activation energy are able to react more successfully. The reacting particles all have different kinetic energies due to collisions hanging their speeds. Maxwell and Boltzmann presented the distribution in kinetic energies for two temperatures (high and low) in graphs called distribution curves on which the areas under the curves past the points called energy barriers represent the number of kinetic energies. The bigger the area under the curve, the greater the number of particles with a certain energy that will promote a chemical reaction. Hotter particles have extra kinetic energy after surmounting the number of collisions in unit time. These collisions are more likely to be successful as there would be more than enough energy for them. Although I will not be looking at the factor of TEMPERATURE, I can extend my investigation and experiment the effects of temperature on the rate of reaction. HYPOTHESIS FOR EXPERIMENT 1 COUNTING BUBBLES Counting bubbles is an experiment which I personally think is not very fair. There may be many mistakes in counting the number of bubbles produced for five continuous minutes and so the experiment would not be accurate. Although this experiment isnt so accurate, I think that the results will still show a trend in the pattern of results. I predict that if the concentration of the HCl is doubled then the experiment will happen twice as fast. HYPOTHESIS FOR EXPERIMENT 2 COLLECTING GAS OVER WATER By putting more particles into the reaction, the chance of them colliding increases and so the rate increases. Concentration is a variable that is continuous and independent. I shall test this variable by observing the rate at which hydrogen gas collects over water against the concentration of hydrochloric acid used with CaCO3. I predict that by doubling the concentration of the acid, the rate of reaction will also double. The higher the concentration, the higher the rate of reaction. HYPOTHESIS FOR EXPERIMENT 3 COLLECTING GAS IN A SYRINGE This experiment is very similar to experiment 2 (collecting gas over water) but this experiment is the most accurate out of the three that I will be carrying out. I predict that I will have a very similar type of results and graphs as in experiment 2. I predict that the graph will have more better and accurate trend lines in the graphs showing a curved line of best fit. The higher you raise the concentration the more the particles will collide therefore corrosion of the marble will occur. Plan for the investigation. I will ensure that the goggles are worn throughout the experiments. Care will be taken not to spill any of the acid. Glass will be handled with care to prevent breakages and cuts. If any sort of accident occurs amends will be made with the help of trained technicians. Large volumes of acid will not be carried around to reduce the risk of a spillage. Containers will be kept well away from edges of the benches. Low molar concentration of hydrochloric acid will be used for safety. FAIR TEST To perform a fair test I will do as follows: In the experiment I will measure each substance accurately. I will carry out the experiment at the same room temperature of 20oc each time. I will wash the conical flask with distilled water after each experiment to make sure that there isnt any solution left over from the previous experiment. I will have to stay alert when counting bubbles and will have to concentrate hard. I will also repeat the test again and take the average of the two results to get an average set of results which will be more reliable. By following my fair testing the results will hopefully come out accurate. I will be alert and take the timings accurately for each of the experiments. METHOD FOR EXPERIMENT 1 COUNTING BUBBLES. This is how I will be carrying out my 1st experiment to find out the rate of reaction between marble and hydrochloric acid: When doing my experiments I will use the same procedure throughout. I will first get the necessary equipment that will be needed and will set it up as show below. I will then get 30ml of 0. 1M hydrochloric acid and will put it into the conical flask. To make sure the volumes of acid and water were right we will measure the volumes of each in a measuring cylinder to be accurate. To make sure the mass of marble chips are right we would measure them on the electronic balance to one decimal place. I will then get 2grams of marble chips (roughly the same size) and I will gently put the marble chips into the solution of hydrochloric acid and will spontaneously close the conical flask with the delivery tube that is attached to a bung at the end. As soon as I close the top of the flask, I will start the stopwatch and I will start counting the bubbles, which will be coming out from the test tube. I will record the number of bubbles produced each minute up to five minutes. The bubbles that will be produced will indicate how much CO2 is being given off by the reaction between CaCO3 and 2HCl. I will carry out this experiment again for Distilled water, 0. 5, 1. 0, 1. 5 and 2 molar to see how the concentration affect the rate of reaction. I will keep the amount of marble chips and hydrochloric acid the same for every test I carry out so it would be fair. At the end I will also carry out this experiment on distilled water so I can compare the two substances. In this experiment I will have to concentrate all the time as I will have to count the bubble for five minutes and will have to make sure that I dont miss out on counting a single bubble. After the experiment is over, I will carry out the experiment again to confirm my results and to make sure that I was counting the bubbles correctly. This picture shows how I am going to set-up my experiment and I am going to count the bubbles that come out of the test tube. METHOD FOR EXPERIMENT 2 COLLECTING MEASURING GAS This is how I will be carrying out my 2nd experiment to find out the rate of reaction between marble and hydrochloric acid: When doing my experiments I will use the same procedure throughout. I will first fill the tub with tap water about half way up and fill the measuring cylinder with water and then turn the measuring cylinder upside down into the tub of water so the cylinder would still be filled with water. By doing this, we will create a slight margin of error because some of the water will be displaced when doing this although it will be very little. Then we will clamp the measuring cylinder in place. We will change the size of the cylinders; however, this will not make the test unfair. We then will put the delivery tube under the cylinder so the air from the experiment could displace the water. To make sure the volumes of acid and water were right we will measure the volumes of each in a measuring cylinder to be accurate. I will then get 30ml of 0. 1M Hydrochloric acid and put it into the conical flask. To make sure the mass of marble chips are right we would measure them on the electronic balance to one decimal place. As soon as we put the Marble chips and the acid in the conical flask and close it with the bung which will be attached to a delivery tube; we will immediately start the stopwatch. We will see how long it takes (In seconds) for the measuring cylinder to fill up with 100cm3 of Carbon Dioxide gas. We will carry this experiment out on a range of different concentrations of Hydrochloric acid. I will be carrying out this experiment on 0. 5M, 1. 0M, 1. 5M and 2. 0M to see how the concentrations affect the rate of reaction. I will also use distilled water to compare it against the hydrochloric acid. After the experiment is over I shall carry out a retest to confirm my results and I will take the average out of the two results. Below it show exactly how the experiment was set up. METHOD FOR EXPERIMENT 3 SYRINGE TEST This is how I will be carrying out my 3rd experiment to find out the rate of reaction between marble and hydrochloric acid: When doing my experiments I will use the same procedure throughout. I will first get the necessary equipment that will be needed and will set it up as show below. In this experiment I will again experiment the time it will take for the syringe to fill up with 100cm3 of Carbon Dioxide gas. Although this experiment will be very similar to Experiment 2, this will be more accurate as the equipment used will be more appropriate. I would assume the results in this test to be very similar to Experiment 2 so I will change the amount of Marble chips and the volume of the Hydrochloric acid to experiment what different it makes. I will used 5 grams of marble chips and 50 cm3 of Hydrochloric acid in this test but will used the same range of concentrations which are, 0. 1M, 0. 5M, 1. 0M, 1. 5M, 2M and will also use distilled water. I will do the same, starting of with 0. 1M Hydrochloric acid and put it into the conical flask. As soon as we put the Marble chips and the acid in the conical flask and close it with the bung which will be attached to a delivery tube; we will immediately start the stopwatch. We will see how long it takes (In seconds) for the measuring cylinder to fill up with 100cm3 of Carbon Dioxide gas. After the experiment is over I shall carry out a retest to confirm my results and I will take the average out of the two results. Table of Results for the method of counting the bubbles. Mass of marble /g Concentration of HCl in 30cm3 / M Time In Mins Bubbles collected Expt. 1 Bubbles collected Expt. 2 Bubbles collected Average Initial temperature / oC 2g Distilled water 1 2 3 4 5u.

Corporate Governance Score and Firm Performance

Corporate Governance Score and Firm Performance Limited liability company structure is the most preferred structure for a large business. In this structure, a large number of investors provide the risk capital. They are called shareholders, the deemed owners of the company. They delegate the power to manage the company to board of directors. The board delegates the same to managers while retaining its role to monitor and control the executive management. Shareholders are viewed as the principal and the manager as their agents and this relationship is described as principal-agent relationship. The shareholders, of a widely held firm, practically do not have any control on the managers. They are only informed of the financial results on a periodical basis while the managers controls the firms assets. This structure provides an opportunity to the managers to expropriate shareholders wealth and misappropriate the funds by way of transfer of money as loans to his own companies, or sale of the company assets to themselves at a lesser pr ice or pay themselves more perks. The divergence of interest between the owners and the managers, due to the separation of ownership from control, results in the agency costs. It is not just separation of ownership and control that gives rise to the agency problem between shareholders and managers; but also the atomistic or diffused nature of corporate ownership, which is characterized by a large number of small shareholders. In such ownership structure, there is no incentive for any one owner to monitor corporate management, because the individual owner would bear the entire monitoring costs, yet all shareholders would enjoy the benefits. Thus, both the magnitude and nature of agency problems are directly related to ownership structures. The fundamental theoretical basis of corporate governance is agency costs. The core of corporate governance is designing and putting in place disclosures, monitoring, oversight and corrective systems that can align the objectives of the shareholders and managers as closely as possible and hence, minimize agency costs. It deals with conducting the affairs of a company such that there is fairness to all stakeholders and that its actions benefit the greatest number of stakeholders. There are two kinds of mechanisms to overcome the agency problem and hence, improve corporate governance viz., the internal control mechanisms and the external control mechanisms. Internal control mechanisms are internal to the functioning of a company and broadly consist of the board composition, the board size, the leadership structure and the managerial compensation. External control mechanisms are the mechanisms that are external to the functioning of the firm over which the firm has no control. An increasingly important external control mechanism affecting governance worldwide is the emergence of institutional investors as equity owners. Although the role that the institutional investors can play in the corporate governance system of a company is a controversial question and a subject of continuing debate. While some believe that the institutional investors must interfere in the corporate governance system of a company, others believe that these investors have other investment objectives to follow. The group of observers who believe that institutional investors need not play a role in the corporate governance system of a company, argue that the investment objectives and the compensation system in the institutional investing companies often discourage their active participation in the corporate governance system of the companies. Institutional investors are answerable to their investors the way the companies (in which they have invested) are answerable to their shareholders. And the shareholders do invest their funds with the institutional investors expecting higher returns. The primary responsibility of the instituti onal investors is therefore to invest the money of the investors in companies, which are expected to generate the maximum possible return rather than in companies with good corporate governance records. While the other group strongly believes that if the corporate governance system in the companies has to succeed then the institutional investors must play an active role in the entire process. By virtue of their large stockholdings, they have the opportunity, resources, and ability to monitor, discipline and influence managers, which can force them to focus more on corporate performance and less on self-serving behavior. Most of the reports on corporate governance have also emphasized the role that the institutional investors have to play in the entire system. Given the increasing presence of institutional investors in financial markets, it is not surprising that they have become more active in their role as shareholders. Activism by institutional investors has been both private and public, with the public activism being most visible in many countries. The role of institutional investors is visualized in two perspectives, the corporate governance and the firm performance. 7.2 Objectives of Study In light of the above discussion, the present study attempts to achieve the following objectives: To construct the corporate governance score To establish relationship between institutional holdings and corporate  governance score To establish relationship between institutional holdings and firm performance To establish relationship between corporate governance score and  firm performance In order to achieve the objectives stated above, the present study conceptualized the following null hypotheses for the validation of positive relationship between institutional holdings, corporate governance and firm performance 7.3 Hypotheses: H01: Institutional/its components Holdings and Corporate Governance score are  very closely related in a manner as to depict a positive relationship between  the two H02: Corporate Governance Score and Institutional/its components Holdings are  also very closely related in a manner as to depict positive relationship  between the two H03: Institutional/its components Holdings and various measures of firm  performance are very closely related in a manner as to depict  positive relationship between the two H04: Corporate Governance Score and various measures of firm performance  are very closely related in a manner as to depict positive relationship between  the two 7.4 The Sample Design and Data: To achieve the above objectives, a sample of 200 companies has been taken. The present study is based on the secondary data. It covers a period of five financial years from 1st April 2004 to 31st March 2008. Institutional holdings are further segregated into three constituents. The mutual funds being the first one. The second constituent includes various public and private sector banks, all the developmental financial institutions (like IFCI, ICICI, IDBI, SFC) and insurance companies like the LIC, GIC, and their subsidiaries. The last constituent comprise of foreign institutional investors. Data has been collected on the institutional holdings in total as well as on different constituents of institutional holdings from nseindia.com. The secondary data regarding annual reports to construct the corporate governance score have been collected from respective company websites and sebiedifar.com. . The firm performance measures have been divided into two categories, one being the accountin g measures while others are based on market returns. The accounting return measures include (%) return on networth, (%) return on capital employed, Profit After Tax, (%) Return on Assets, Net Profit Margin and Earning Per Share. Whereas, market return based measures include Tobins Q, (%) Risk Adjusted Excess Return and (%) Dividend Yield. Data for the study period on financial performance measures have been collected from Prowess Database. 7.5 Statistical Tools: Simple linear regression analysis has been used as a statistical tool to investigate the relationship between different variables. An attempt has been made to ascertain the causal effect of one variable upon another. Data has been assembled on the variables of interest and employed regression to estimate the quantitative effect of the causal variables upon the variable that they influence. The study also typically assesses the statistical significance at 5 percent level of the estimated relationships, that is, the degree of confidence that the true relationship is close to the estimated relationship. Section A 7.6 Construction of Corporate Governance Score Review of Literature Some researchers have used board characteristics as an effective measure of corporate governance as Hermalin and Weisbach (1998, 2003) have used board independence, Bhagat, Carey and Elson (1999) have used stock ownership of board members and Brickley, Coles and Jarrell (1997) have used the occupation of Chairman and CEO positions by the same or two different individuals. Whereas, Gompers, Ishii and Metrick (2003) have constructed a governance measure comprising of an equally weighted index of 24 corporate governance provisions compiled by the Investor Responsibility Research Center (IRRC), such as, poison pills, golden parachutes, classified boards, cumulative voting, and supermajority rules to approve mergers. Bebchuk, Cohen and Ferrell (BCF, 2004) created an entrenchment index comprising of six provisions – four provisions that limit Shareholder rights and two that make potential hostile takeovers more difficult. While the above noted studies use IRRC data, Brown and Caylor (2004) used Institutional Shareholder Services (ISS) data to create their governance index. This index considered 51corporate governance features encompassing eight corporate governance categories: audit, board of directors, charter/bylaws, director education, executive and director compensation, ownership, progressive practices, and state of incorporation. In the present study, Corporate Governance Score has been developed on the basis of key characteristics of Standard and Poors Transparency and Disclosure Benchmark. Standard and Poors provides a range of corporate governance analyses and services, the crux of which is the Corporate Governance Score. Corporate Governance Scores are based on an assessment of the qualitative aspects of corporate governance practices of a company. Information has been collected on the attributes from the latest available annual reports of sample companies. The methodology, with 98 questions in three categories and 12 sub-categories, is designed to balance the conflicting requirements of the range of issues analyzed and the tractability of the analysis. Transparency and Disclosure is evaluated by searching company annual reports for the 98  possible attributes broadly divided into the following three broad categories: Ownership structure and investor rights (28 attributes) Financial transparency and information disclosure (35 attributes) Board and management structure and process (35 attributes) Resume Various researchers have considered alternate measures of corporate governance. Some of them have used single measure, while others have used the multiple measures in the form of indices. In the present study, Corporate Governance Score has been developed on the basis of key characteristics of Standard and Poors Transparency and Disclosure Benchmark because two broad instruments that reduce agency costs and hence improve corporate governance are financial and non-financial disclosures and independent oversight of management. Improving the quality of financial and non-financial disclosures not only ensures corporate transparency among a wide group of investors, analysts and the informed intelligentsia, but also persuades companies to minimize value-destroying deviant behavior. This is precisely why law insists that companies prepare their audited annual accounts, and that these be provided to all shareholders is deposited with the Registrar of Companies. This is also why a good deal o f effort in global corporate governance reform has been directed to improve the quality and frequency of disclosures. Section B Relationship between Institutional Holdings and Corporate Governance: Review of Literature Coombes and Watson (2000) on the basis of a survey of more than 200 institutional investors with investments across the world showed that governance is a significant factor in their investment decision. McCahery, Sautner and Starks (2009) have relied on the survey data to investigate governance preference of 118 institutional investors in U.S. and Netherlands. The study found that the majority of institutions that responded to the survey take into account firm governance in portfolio weighting decisions and are willing to engage in activities that can improve the governance of their portfolio firms. Chung, Firth, and Kim (2002) hypothesized that there will be less opportunistic earnings management in firms with more institutional investor ownership because the institutions will either put pressure on the firms to adopt better accounting policies. Hartzell and Starks (2003) provided empirical evidence suggesting institutional investors serve a monitoring role with regard to executive compensation contracts. One implication of these results, consistent with the theoretical literature regarding the role of the large shareholder, is that institutions have greater influence when they have larger proportional stakes in firms. . Denis and Denis (1994) found no evidence to suggest that there is any relationship between institutional holdings and corporate governance. They stated that if companies that create shareholders wealth are the ones with poor corporate governance practices, and then one really cannot blame the institutional investors for having invested in such companies. For, after all, a fund manager will be evaluated on the basis of stock returns he creates for the unit holders and not on the basis of the corporate governance records of the company he invests the money in. If however, one finds that companies with poor corporate governance practices are the ones, which have consistently destroyed shareholders wealth, then the contention that the institutional investors need not look at corporate governance records cannot be justified. David and Kochhar (1996) provided empirical evidence regarding impact of institutional investors on firm behaviour and performance is mixed and that no definite concl usions can be drawn. They argued that various institutional obstacles, such as barriers stemming from business relationships, the regulatory environment and information processing limitations, might prevent institutional investors from effectively exercising their corporate governance function. Almazan, Hartzell and Starks (2003) provided evidence both theoretical and empirical that the monitoring influence of institutional investors on executive compensation can depend on the current or prospective business relation between the institution and the corporation. They concluded that the monitoring influence of institutions is associated more with potentially active institutions (investment companies and pension fund managers who would be less sensitive to pressure from corporate management due to lack of potential business relations) than with potentially passive institutions (banks and insurance companies who would be more pressure-sensitive). Davis and Kim (2006) found that mutual funds with conflicts of interest (based on management of pension assets) more often vote with management in general. On the other hand, mutual funds have more incentive and power to oppose management in firms in which they have a larger stake. Marsh (1997) has argued that short-term performance measurement does work against the active monitoring by institutional investors. The performance of fund managers is evaluated over a shorter time period. Hence, they act under tremendous pressure to beat some index. So, when they find a case of bad governance, they find it economical to sell the stock rather than interfere in the functioning of the company and incur monitoring costs. Ashraf and Jayaman (2007) examined mutual funds trading behavior after the release of voting records. The study found that funds that support shareholder proposals reduce holdings after the release of voting records. Since the time of releasing voting records could be very far from the shareholder meeting date, mutual funds trading behavior after the release of voting records may be unrelated to the votes cast in the meeting. Aggarwal, Klapper and Wysocki (2003) found that U.S. mutual funds tend to invest greater amounts in countries with stronger share holder rights and legal frameworks (controlling for the countrys economic development). In addition, within the countries, the mutual funds also discriminate on the basis of governance in that they allocate more of their assets to firms with better corporate governance structures. Payne, Millar, and Glezen (1996) focussed on banks as one type of institutional investor that would be expected to have business relations with the firms in which they invest. They examined interlocking directorships and income-related relationships, and noticed that when such relations exist; banks tend to vote in favor of management anti-takeover amendment proposals. When such relations dont exist, banks tend to vote against the management proposals. Brickley, Lease and Smith (1988) found evidence supporting the hypothesis that firms with greater holdings by pressure-sensitive shareholders (banks and insurance companies) have more proxy votes cast in favor of managements recommendations. Moreover, firms with greater holdings by pressure-insensitive shareholders (pension funds and mutual funds) have more proxy votes against managements recommendations. The authors differentiated between the different types of institutional investors, noting the difference between pressure-sensitive and pressure-insensitive institutional shareholders and arguing that pressure-sensitive institutions are more likely to go along with management decisions. Dahlquist et al. (2003) analyzed foreign ownership and firm characteristics for the Swedish market. The study found that foreigners have greater presence in large firms, firms paying low dividends and in firms with large cash holdings. Haw, Hu, Hwang and Wu (2004) found that firm level factors cause information asymmetry problems to FII. It found evidence that US investment is lower in firms where managers do not have effective control. Foreign investment in firms that appear to engage in more earnings management is lower in countries with poor information framework. Choe, Kho, Stulz (2005) found that US investors do indeed hold fewer shares in firms with ownership structures that are more conducive to expropriation by controlling insiders. In companies where insiders are dominating information access and availability to the shareholders will be limited. With less information, foreign investors face an adverse selection problem. So they under invest in such stocks. Leuz, Lins, and Wa rnock (2008) found that foreign institutional investors prefer to invest in firms with better governance practices. In the present study, the analysis has been conducted in three perspectives: Dynamics of institutional holdings and its composition (2) Relationship between Institutional Holdings (explanatory variable) and the Corporate Governance Score (dependent variable) (3) Relationship between the Corporate Governance Score (explanatory variable) and Institutional Holdings (dependent variable) The major findings of the present study on the above aspects are summarized as under: The results outputs of the first segment depict that the institutional investors have increased their proportional holdings in the companies over the years. The number of sampled companies with higher institutional holdings has increased where as the number of companies with lower proportions of institutional holdings has decreased over the study period. Hence, institutional holdings have shown an increasing trend of investment in the sampled companies over the study period. As far as the dynamics of components of institutional investors is concerned, no specific trend is observed in investments of mutual funds. On the other hand Banks, Financial Institutions and Insurance Companies have shown declining trends of investments over the same period. Where as, foreign institutional investors have shown the increasing trends of investments in line with institutional holdings. The results outputs pertaining to the analysis of relationship between institutional holdings and corporate governance state that the larger proportions of institutional holdings have higher corporate governance scores in sampled companies and the smaller proportions of institutional holdings have lower governance scores in the sampled companies over the study period. Thus, very strong and positive relationship is established between institutional holdings and corporate governance. Hence, H01 is accepted. The results outputs of the section analyzing the relationship between corporate governance score and institutional holdings describe that the companies with higher governance scores have larger proportions of investments from institutional investors than the companies with lower governance scores. Therefore, very strong and positive relationship also exists between corporate governance score and institutional holdings. Hence, H02 is accepted. The inference can be drawn that institut ional holdings pre-empts good corporate governance still at other times, good corporate governance endues institutional investment in the firm. The results outputs pertaining to the analysis of relationship between mutual funds and corporate governance reveal out that smaller proportions of mutual funds holdings have higher governance score in the sampled companies and larger proportions of mutual funds holdings have lower governance scores in the sampled companies over the study period. Therefore, weak relationship exists between mutual funds holdings and corporate governance score. Hence, H01 is rejected. Alternatively, the results outputs pertaining to the analysis of relationship between corporate governance and components of institutional holdings reveal out that the companies with lower governance scores have larger proportions of mutual funds holdings to the companies with higher governance scores over the study period. Hence, weak relationship also exists between corporate governance score and mutual funds holdings. Hence, H02 is rejected. It can be inferred from the above outcomes that mutual funds companies do not observe good governance practices in companies and simultaneously, good governed companies also do not attract higher mutual funds investments. The results outputs as to the relationship between Banks, FIs and ICs and corporate governance depict that larger proportions of Banks, Financial Institutions and Insurance Companies holdings have higher governance score and smaller proportions of holdings have lower governance score in the sampled companies over the study period. Therefore, very strong and positive relationship is established between Banks, Financial Institutions and Insurance Companies holdings and corporate governance score. Hence, H01 is accepted. Similarly, the sampled companies with higher governance scores have larger proportions of Banks, FIs and ICs holdings to the companies with lower governance scores. Thus, very strong and positive relationship also exists between corporate governance score and Banks, FIs and ICs holdings. Hence, H02 is also accepted. The inference can be drawn on the basis of above results that Banks, FIs and ICs consider governance practices in companies while taking investment decision and alternatively, good governed companies also attract these investments. The results outputs pertaining to the relationship between FII holdings and corporate governance reveal out that the companies in which FIIs have larger proportions of holdings have higher governance score to the companies in which FIIs have smaller proportions of holdings. Therefore, very strong and positive relationship is observed between FII holdings and corporate governance score. Hence, H01 is accepted. Likewise, the sampled companies with higher governance scores have also larger proportions of Foreign Institutional Investors holdings. Thus, very strong and positive relationship also exists between corporate governance score and FII holdings. Hence, H02 is accepted. It can be inferred on the basis of above result that foreign institutional investors prefer to invest in firms with better governance practices and their investment do improve the governance practices in the companies. Resume The theoretical and empirical literature provides mixed evidence as to the relationship between institutional holdings and corporate governance. Some of the studies put forth the evidence that corporate governance is the significant factor for institutional investment decision and their significant investment improve the governance practices in companies, while the other studies state otherwise. Where as the research findings of the present study further validate, support and enrich the literature on positive association between institutional holdings and corporate governance. Likewise, the studies provide inconclusive evidence as to the relationship between mutual funds holdings and corporate governance. But the findings of present study state that neither the mutual funds care about the governance practices of companies or their presence improve them. Similarly, the empirical literature provides indeterminate evidence on the relationship between Banks, FIs and ICs and corporate governance. But the findings of present study observe very strong and positive relationship between the two. The empirical studies observe consistent results as to foreign institutional investors invest in better-governed companies but lacks evidence that their significant presence result in better governance. The findings of present study indicate that FIIs do not care for the corporate governance only, rather their higher stake ensure better governance too. Section C 7.8 Relationship between Institutional Holdings and Firm Performance: Review of Literature Pound (1988) explored the influence of institutional ownerships on firm performance and proposed three hypotheses on the relation between institutional shareholders and firm performance: efficient-monitoring hypothesis, conflict-of-interest hypothesis, and strategic-alignment hypothesis. The efficient-monitoring hypothesis says that institutional investors have greater expertise and can monitor management at lower cost than the small atomistic shareholders. Consequently, this argument predicts a positive relationship between institutional shareholding and firm performance. Holderness and Sheehan (1988) found that for a sample of 114 US firms controlled by a majority shareholder with more than 50% of shares, both Tobins Q and accounting profits are significantly lower for firms with individual majority owners than for firms with corporate majority owners. McConnell and Servaes (1990) found a strong positive relationship between the value of the firm and the fraction of shares held by institutional investors. They found that performance increases significantly with institutional ownership. Majumdar and Nagarajan (1994) found that levels of institutional investment are positively related to the current performance levels of firms. However, a less-stronger, though positive, effect is established between changes in performance levels and changes in institutional ownership. The results are based on a study investigating U.S. institutional investors investment strategy. Han and Suk (1998) found (for a sample of US firms) that stock returns are positively related to ownership by institutional investors, thus implying that these corporate owners are actively involved in the monitoring of incumbent management. Douma, Rejie and Kabir (2006) investigated the impact of foreign institutional investment on the performance of emerging market firms and found that there is positive effect of foreign ownership on firm performance. They also found impact of foreign investment on the business group affiliation of firms. Investor protection is poor in case of firms with controlling shareh olders who have ability to expropriate assets. The block shareholders affect the value of the firm and influence the private benefits they receive from the firm. Companies with such shareholders find it expensive to raise external funds. Studies examining the relationship between institutional holdings and firm performance in different countries (mainly OECD countries) have produced mixed results. Chaganti and Damanpour (1991) and Lowenstein (1991) find little evidence that institutional ownership is correlated with firm performance. Seifert, Gonenc and Wright (2005) study does not find a consistent relationship across countries. They conclude that their inconsistent results may reflect the fact that the influence of institutional investors on firm performance is location specific. The above studies generally consider institutional investors as a monolithic group. However, Shleifer and Vishnys (1986) as well as Pounds (1988) theorizations and later empirical examinations by McConnell and Servaes (1990) suggest that shareholders are differentiable and pursue different agendas. Jensen and Merkling (1976) also show that equity ownerships by different groups have different effects on the firm performance. Agrawal and Kno eber (1996), Karpoff et al. (1996), Duggal and Miller (1999) and Faccio and Lasfer (2000) find no such significant relation between institutional holdings and firm performance. In the present study, the analysis has been conducted in two perspectives: Institutional Holdings and Firm performance (b) Constituents of institutional holdings and Firm performance The major findings of the present study on the above aspects are summarized as under: The results outputs of the first segment indicate that there is no conclusive evidence as to larger proportions of institutional holdings in sampled companies have higher average return on networth or average net profit margin and smaller proportions of institutional holdings in sampled companies have lower average return on networth or average net profit margin over the study period. To the contrary, strong and positive relationship is observed between institutional holdings and return on capital employed as well as institutional holdings and earning per share. As the average return on capital employed and average earning per share are higher in the sampled companies with higher proportions of institutional holdings and lower in the sampled companies with lower proportions of institutional holdings over the study period. Therefore, it is stated that institutional holdings and two accounting returns (return on capital employed and earning per share) are significantly correlated where as institutional holdings and other two accounting returns (return on networth and net profit margin) are not related. Hence, there is no clear evidence that institutional holdings and accounting returns are related. Likewise, strong and positive relationship is observed between institutional holdings and Tobins q. But on the other hand, weak relationship is observed between institutional holdings and risk adjusted excess return. Therefore, institutional holdings and one market-based return are significantly correlated while the institutional holdings and another market-based return are not. Thus, the findings depict contradictory results as to the relationship between institutional holdings and market Corporate Governance Score and Firm Performance Corporate Governance Score and Firm Performance Limited liability company structure is the most preferred structure for a large business. In this structure, a large number of investors provide the risk capital. They are called shareholders, the deemed owners of the company. They delegate the power to manage the company to board of directors. The board delegates the same to managers while retaining its role to monitor and control the executive management. Shareholders are viewed as the principal and the manager as their agents and this relationship is described as principal-agent relationship. The shareholders, of a widely held firm, practically do not have any control on the managers. They are only informed of the financial results on a periodical basis while the managers controls the firms assets. This structure provides an opportunity to the managers to expropriate shareholders wealth and misappropriate the funds by way of transfer of money as loans to his own companies, or sale of the company assets to themselves at a lesser pr ice or pay themselves more perks. The divergence of interest between the owners and the managers, due to the separation of ownership from control, results in the agency costs. It is not just separation of ownership and control that gives rise to the agency problem between shareholders and managers; but also the atomistic or diffused nature of corporate ownership, which is characterized by a large number of small shareholders. In such ownership structure, there is no incentive for any one owner to monitor corporate management, because the individual owner would bear the entire monitoring costs, yet all shareholders would enjoy the benefits. Thus, both the magnitude and nature of agency problems are directly related to ownership structures. The fundamental theoretical basis of corporate governance is agency costs. The core of corporate governance is designing and putting in place disclosures, monitoring, oversight and corrective systems that can align the objectives of the shareholders and managers as closely as possible and hence, minimize agency costs. It deals with conducting the affairs of a company such that there is fairness to all stakeholders and that its actions benefit the greatest number of stakeholders. There are two kinds of mechanisms to overcome the agency problem and hence, improve corporate governance viz., the internal control mechanisms and the external control mechanisms. Internal control mechanisms are internal to the functioning of a company and broadly consist of the board composition, the board size, the leadership structure and the managerial compensation. External control mechanisms are the mechanisms that are external to the functioning of the firm over which the firm has no control. An increasingly important external control mechanism affecting governance worldwide is the emergence of institutional investors as equity owners. Although the role that the institutional investors can play in the corporate governance system of a company is a controversial question and a subject of continuing debate. While some believe that the institutional investors must interfere in the corporate governance system of a company, others believe that these investors have other investment objectives to follow. The group of observers who believe that institutional investors need not play a role in the corporate governance system of a company, argue that the investment objectives and the compensation system in the institutional investing companies often discourage their active participation in the corporate governance system of the companies. Institutional investors are answerable to their investors the way the companies (in which they have invested) are answerable to their shareholders. And the shareholders do invest their funds with the institutional investors expecting higher returns. The primary responsibility of the instituti onal investors is therefore to invest the money of the investors in companies, which are expected to generate the maximum possible return rather than in companies with good corporate governance records. While the other group strongly believes that if the corporate governance system in the companies has to succeed then the institutional investors must play an active role in the entire process. By virtue of their large stockholdings, they have the opportunity, resources, and ability to monitor, discipline and influence managers, which can force them to focus more on corporate performance and less on self-serving behavior. Most of the reports on corporate governance have also emphasized the role that the institutional investors have to play in the entire system. Given the increasing presence of institutional investors in financial markets, it is not surprising that they have become more active in their role as shareholders. Activism by institutional investors has been both private and public, with the public activism being most visible in many countries. The role of institutional investors is visualized in two perspectives, the corporate governance and the firm performance. 7.2 Objectives of Study In light of the above discussion, the present study attempts to achieve the following objectives: To construct the corporate governance score To establish relationship between institutional holdings and corporate  governance score To establish relationship between institutional holdings and firm performance To establish relationship between corporate governance score and  firm performance In order to achieve the objectives stated above, the present study conceptualized the following null hypotheses for the validation of positive relationship between institutional holdings, corporate governance and firm performance 7.3 Hypotheses: H01: Institutional/its components Holdings and Corporate Governance score are  very closely related in a manner as to depict a positive relationship between  the two H02: Corporate Governance Score and Institutional/its components Holdings are  also very closely related in a manner as to depict positive relationship  between the two H03: Institutional/its components Holdings and various measures of firm  performance are very closely related in a manner as to depict  positive relationship between the two H04: Corporate Governance Score and various measures of firm performance  are very closely related in a manner as to depict positive relationship between  the two 7.4 The Sample Design and Data: To achieve the above objectives, a sample of 200 companies has been taken. The present study is based on the secondary data. It covers a period of five financial years from 1st April 2004 to 31st March 2008. Institutional holdings are further segregated into three constituents. The mutual funds being the first one. The second constituent includes various public and private sector banks, all the developmental financial institutions (like IFCI, ICICI, IDBI, SFC) and insurance companies like the LIC, GIC, and their subsidiaries. The last constituent comprise of foreign institutional investors. Data has been collected on the institutional holdings in total as well as on different constituents of institutional holdings from nseindia.com. The secondary data regarding annual reports to construct the corporate governance score have been collected from respective company websites and sebiedifar.com. . The firm performance measures have been divided into two categories, one being the accountin g measures while others are based on market returns. The accounting return measures include (%) return on networth, (%) return on capital employed, Profit After Tax, (%) Return on Assets, Net Profit Margin and Earning Per Share. Whereas, market return based measures include Tobins Q, (%) Risk Adjusted Excess Return and (%) Dividend Yield. Data for the study period on financial performance measures have been collected from Prowess Database. 7.5 Statistical Tools: Simple linear regression analysis has been used as a statistical tool to investigate the relationship between different variables. An attempt has been made to ascertain the causal effect of one variable upon another. Data has been assembled on the variables of interest and employed regression to estimate the quantitative effect of the causal variables upon the variable that they influence. The study also typically assesses the statistical significance at 5 percent level of the estimated relationships, that is, the degree of confidence that the true relationship is close to the estimated relationship. Section A 7.6 Construction of Corporate Governance Score Review of Literature Some researchers have used board characteristics as an effective measure of corporate governance as Hermalin and Weisbach (1998, 2003) have used board independence, Bhagat, Carey and Elson (1999) have used stock ownership of board members and Brickley, Coles and Jarrell (1997) have used the occupation of Chairman and CEO positions by the same or two different individuals. Whereas, Gompers, Ishii and Metrick (2003) have constructed a governance measure comprising of an equally weighted index of 24 corporate governance provisions compiled by the Investor Responsibility Research Center (IRRC), such as, poison pills, golden parachutes, classified boards, cumulative voting, and supermajority rules to approve mergers. Bebchuk, Cohen and Ferrell (BCF, 2004) created an entrenchment index comprising of six provisions – four provisions that limit Shareholder rights and two that make potential hostile takeovers more difficult. While the above noted studies use IRRC data, Brown and Caylor (2004) used Institutional Shareholder Services (ISS) data to create their governance index. This index considered 51corporate governance features encompassing eight corporate governance categories: audit, board of directors, charter/bylaws, director education, executive and director compensation, ownership, progressive practices, and state of incorporation. In the present study, Corporate Governance Score has been developed on the basis of key characteristics of Standard and Poors Transparency and Disclosure Benchmark. Standard and Poors provides a range of corporate governance analyses and services, the crux of which is the Corporate Governance Score. Corporate Governance Scores are based on an assessment of the qualitative aspects of corporate governance practices of a company. Information has been collected on the attributes from the latest available annual reports of sample companies. The methodology, with 98 questions in three categories and 12 sub-categories, is designed to balance the conflicting requirements of the range of issues analyzed and the tractability of the analysis. Transparency and Disclosure is evaluated by searching company annual reports for the 98  possible attributes broadly divided into the following three broad categories: Ownership structure and investor rights (28 attributes) Financial transparency and information disclosure (35 attributes) Board and management structure and process (35 attributes) Resume Various researchers have considered alternate measures of corporate governance. Some of them have used single measure, while others have used the multiple measures in the form of indices. In the present study, Corporate Governance Score has been developed on the basis of key characteristics of Standard and Poors Transparency and Disclosure Benchmark because two broad instruments that reduce agency costs and hence improve corporate governance are financial and non-financial disclosures and independent oversight of management. Improving the quality of financial and non-financial disclosures not only ensures corporate transparency among a wide group of investors, analysts and the informed intelligentsia, but also persuades companies to minimize value-destroying deviant behavior. This is precisely why law insists that companies prepare their audited annual accounts, and that these be provided to all shareholders is deposited with the Registrar of Companies. This is also why a good deal o f effort in global corporate governance reform has been directed to improve the quality and frequency of disclosures. Section B Relationship between Institutional Holdings and Corporate Governance: Review of Literature Coombes and Watson (2000) on the basis of a survey of more than 200 institutional investors with investments across the world showed that governance is a significant factor in their investment decision. McCahery, Sautner and Starks (2009) have relied on the survey data to investigate governance preference of 118 institutional investors in U.S. and Netherlands. The study found that the majority of institutions that responded to the survey take into account firm governance in portfolio weighting decisions and are willing to engage in activities that can improve the governance of their portfolio firms. Chung, Firth, and Kim (2002) hypothesized that there will be less opportunistic earnings management in firms with more institutional investor ownership because the institutions will either put pressure on the firms to adopt better accounting policies. Hartzell and Starks (2003) provided empirical evidence suggesting institutional investors serve a monitoring role with regard to executive compensation contracts. One implication of these results, consistent with the theoretical literature regarding the role of the large shareholder, is that institutions have greater influence when they have larger proportional stakes in firms. . Denis and Denis (1994) found no evidence to suggest that there is any relationship between institutional holdings and corporate governance. They stated that if companies that create shareholders wealth are the ones with poor corporate governance practices, and then one really cannot blame the institutional investors for having invested in such companies. For, after all, a fund manager will be evaluated on the basis of stock returns he creates for the unit holders and not on the basis of the corporate governance records of the company he invests the money in. If however, one finds that companies with poor corporate governance practices are the ones, which have consistently destroyed shareholders wealth, then the contention that the institutional investors need not look at corporate governance records cannot be justified. David and Kochhar (1996) provided empirical evidence regarding impact of institutional investors on firm behaviour and performance is mixed and that no definite concl usions can be drawn. They argued that various institutional obstacles, such as barriers stemming from business relationships, the regulatory environment and information processing limitations, might prevent institutional investors from effectively exercising their corporate governance function. Almazan, Hartzell and Starks (2003) provided evidence both theoretical and empirical that the monitoring influence of institutional investors on executive compensation can depend on the current or prospective business relation between the institution and the corporation. They concluded that the monitoring influence of institutions is associated more with potentially active institutions (investment companies and pension fund managers who would be less sensitive to pressure from corporate management due to lack of potential business relations) than with potentially passive institutions (banks and insurance companies who would be more pressure-sensitive). Davis and Kim (2006) found that mutual funds with conflicts of interest (based on management of pension assets) more often vote with management in general. On the other hand, mutual funds have more incentive and power to oppose management in firms in which they have a larger stake. Marsh (1997) has argued that short-term performance measurement does work against the active monitoring by institutional investors. The performance of fund managers is evaluated over a shorter time period. Hence, they act under tremendous pressure to beat some index. So, when they find a case of bad governance, they find it economical to sell the stock rather than interfere in the functioning of the company and incur monitoring costs. Ashraf and Jayaman (2007) examined mutual funds trading behavior after the release of voting records. The study found that funds that support shareholder proposals reduce holdings after the release of voting records. Since the time of releasing voting records could be very far from the shareholder meeting date, mutual funds trading behavior after the release of voting records may be unrelated to the votes cast in the meeting. Aggarwal, Klapper and Wysocki (2003) found that U.S. mutual funds tend to invest greater amounts in countries with stronger share holder rights and legal frameworks (controlling for the countrys economic development). In addition, within the countries, the mutual funds also discriminate on the basis of governance in that they allocate more of their assets to firms with better corporate governance structures. Payne, Millar, and Glezen (1996) focussed on banks as one type of institutional investor that would be expected to have business relations with the firms in which they invest. They examined interlocking directorships and income-related relationships, and noticed that when such relations exist; banks tend to vote in favor of management anti-takeover amendment proposals. When such relations dont exist, banks tend to vote against the management proposals. Brickley, Lease and Smith (1988) found evidence supporting the hypothesis that firms with greater holdings by pressure-sensitive shareholders (banks and insurance companies) have more proxy votes cast in favor of managements recommendations. Moreover, firms with greater holdings by pressure-insensitive shareholders (pension funds and mutual funds) have more proxy votes against managements recommendations. The authors differentiated between the different types of institutional investors, noting the difference between pressure-sensitive and pressure-insensitive institutional shareholders and arguing that pressure-sensitive institutions are more likely to go along with management decisions. Dahlquist et al. (2003) analyzed foreign ownership and firm characteristics for the Swedish market. The study found that foreigners have greater presence in large firms, firms paying low dividends and in firms with large cash holdings. Haw, Hu, Hwang and Wu (2004) found that firm level factors cause information asymmetry problems to FII. It found evidence that US investment is lower in firms where managers do not have effective control. Foreign investment in firms that appear to engage in more earnings management is lower in countries with poor information framework. Choe, Kho, Stulz (2005) found that US investors do indeed hold fewer shares in firms with ownership structures that are more conducive to expropriation by controlling insiders. In companies where insiders are dominating information access and availability to the shareholders will be limited. With less information, foreign investors face an adverse selection problem. So they under invest in such stocks. Leuz, Lins, and Wa rnock (2008) found that foreign institutional investors prefer to invest in firms with better governance practices. In the present study, the analysis has been conducted in three perspectives: Dynamics of institutional holdings and its composition (2) Relationship between Institutional Holdings (explanatory variable) and the Corporate Governance Score (dependent variable) (3) Relationship between the Corporate Governance Score (explanatory variable) and Institutional Holdings (dependent variable) The major findings of the present study on the above aspects are summarized as under: The results outputs of the first segment depict that the institutional investors have increased their proportional holdings in the companies over the years. The number of sampled companies with higher institutional holdings has increased where as the number of companies with lower proportions of institutional holdings has decreased over the study period. Hence, institutional holdings have shown an increasing trend of investment in the sampled companies over the study period. As far as the dynamics of components of institutional investors is concerned, no specific trend is observed in investments of mutual funds. On the other hand Banks, Financial Institutions and Insurance Companies have shown declining trends of investments over the same period. Where as, foreign institutional investors have shown the increasing trends of investments in line with institutional holdings. The results outputs pertaining to the analysis of relationship between institutional holdings and corporate governance state that the larger proportions of institutional holdings have higher corporate governance scores in sampled companies and the smaller proportions of institutional holdings have lower governance scores in the sampled companies over the study period. Thus, very strong and positive relationship is established between institutional holdings and corporate governance. Hence, H01 is accepted. The results outputs of the section analyzing the relationship between corporate governance score and institutional holdings describe that the companies with higher governance scores have larger proportions of investments from institutional investors than the companies with lower governance scores. Therefore, very strong and positive relationship also exists between corporate governance score and institutional holdings. Hence, H02 is accepted. The inference can be drawn that institut ional holdings pre-empts good corporate governance still at other times, good corporate governance endues institutional investment in the firm. The results outputs pertaining to the analysis of relationship between mutual funds and corporate governance reveal out that smaller proportions of mutual funds holdings have higher governance score in the sampled companies and larger proportions of mutual funds holdings have lower governance scores in the sampled companies over the study period. Therefore, weak relationship exists between mutual funds holdings and corporate governance score. Hence, H01 is rejected. Alternatively, the results outputs pertaining to the analysis of relationship between corporate governance and components of institutional holdings reveal out that the companies with lower governance scores have larger proportions of mutual funds holdings to the companies with higher governance scores over the study period. Hence, weak relationship also exists between corporate governance score and mutual funds holdings. Hence, H02 is rejected. It can be inferred from the above outcomes that mutual funds companies do not observe good governance practices in companies and simultaneously, good governed companies also do not attract higher mutual funds investments. The results outputs as to the relationship between Banks, FIs and ICs and corporate governance depict that larger proportions of Banks, Financial Institutions and Insurance Companies holdings have higher governance score and smaller proportions of holdings have lower governance score in the sampled companies over the study period. Therefore, very strong and positive relationship is established between Banks, Financial Institutions and Insurance Companies holdings and corporate governance score. Hence, H01 is accepted. Similarly, the sampled companies with higher governance scores have larger proportions of Banks, FIs and ICs holdings to the companies with lower governance scores. Thus, very strong and positive relationship also exists between corporate governance score and Banks, FIs and ICs holdings. Hence, H02 is also accepted. The inference can be drawn on the basis of above results that Banks, FIs and ICs consider governance practices in companies while taking investment decision and alternatively, good governed companies also attract these investments. The results outputs pertaining to the relationship between FII holdings and corporate governance reveal out that the companies in which FIIs have larger proportions of holdings have higher governance score to the companies in which FIIs have smaller proportions of holdings. Therefore, very strong and positive relationship is observed between FII holdings and corporate governance score. Hence, H01 is accepted. Likewise, the sampled companies with higher governance scores have also larger proportions of Foreign Institutional Investors holdings. Thus, very strong and positive relationship also exists between corporate governance score and FII holdings. Hence, H02 is accepted. It can be inferred on the basis of above result that foreign institutional investors prefer to invest in firms with better governance practices and their investment do improve the governance practices in the companies. Resume The theoretical and empirical literature provides mixed evidence as to the relationship between institutional holdings and corporate governance. Some of the studies put forth the evidence that corporate governance is the significant factor for institutional investment decision and their significant investment improve the governance practices in companies, while the other studies state otherwise. Where as the research findings of the present study further validate, support and enrich the literature on positive association between institutional holdings and corporate governance. Likewise, the studies provide inconclusive evidence as to the relationship between mutual funds holdings and corporate governance. But the findings of present study state that neither the mutual funds care about the governance practices of companies or their presence improve them. Similarly, the empirical literature provides indeterminate evidence on the relationship between Banks, FIs and ICs and corporate governance. But the findings of present study observe very strong and positive relationship between the two. The empirical studies observe consistent results as to foreign institutional investors invest in better-governed companies but lacks evidence that their significant presence result in better governance. The findings of present study indicate that FIIs do not care for the corporate governance only, rather their higher stake ensure better governance too. Section C 7.8 Relationship between Institutional Holdings and Firm Performance: Review of Literature Pound (1988) explored the influence of institutional ownerships on firm performance and proposed three hypotheses on the relation between institutional shareholders and firm performance: efficient-monitoring hypothesis, conflict-of-interest hypothesis, and strategic-alignment hypothesis. The efficient-monitoring hypothesis says that institutional investors have greater expertise and can monitor management at lower cost than the small atomistic shareholders. Consequently, this argument predicts a positive relationship between institutional shareholding and firm performance. Holderness and Sheehan (1988) found that for a sample of 114 US firms controlled by a majority shareholder with more than 50% of shares, both Tobins Q and accounting profits are significantly lower for firms with individual majority owners than for firms with corporate majority owners. McConnell and Servaes (1990) found a strong positive relationship between the value of the firm and the fraction of shares held by institutional investors. They found that performance increases significantly with institutional ownership. Majumdar and Nagarajan (1994) found that levels of institutional investment are positively related to the current performance levels of firms. However, a less-stronger, though positive, effect is established between changes in performance levels and changes in institutional ownership. The results are based on a study investigating U.S. institutional investors investment strategy. Han and Suk (1998) found (for a sample of US firms) that stock returns are positively related to ownership by institutional investors, thus implying that these corporate owners are actively involved in the monitoring of incumbent management. Douma, Rejie and Kabir (2006) investigated the impact of foreign institutional investment on the performance of emerging market firms and found that there is positive effect of foreign ownership on firm performance. They also found impact of foreign investment on the business group affiliation of firms. Investor protection is poor in case of firms with controlling shareh olders who have ability to expropriate assets. The block shareholders affect the value of the firm and influence the private benefits they receive from the firm. Companies with such shareholders find it expensive to raise external funds. Studies examining the relationship between institutional holdings and firm performance in different countries (mainly OECD countries) have produced mixed results. Chaganti and Damanpour (1991) and Lowenstein (1991) find little evidence that institutional ownership is correlated with firm performance. Seifert, Gonenc and Wright (2005) study does not find a consistent relationship across countries. They conclude that their inconsistent results may reflect the fact that the influence of institutional investors on firm performance is location specific. The above studies generally consider institutional investors as a monolithic group. However, Shleifer and Vishnys (1986) as well as Pounds (1988) theorizations and later empirical examinations by McConnell and Servaes (1990) suggest that shareholders are differentiable and pursue different agendas. Jensen and Merkling (1976) also show that equity ownerships by different groups have different effects on the firm performance. Agrawal and Kno eber (1996), Karpoff et al. (1996), Duggal and Miller (1999) and Faccio and Lasfer (2000) find no such significant relation between institutional holdings and firm performance. In the present study, the analysis has been conducted in two perspectives: Institutional Holdings and Firm performance (b) Constituents of institutional holdings and Firm performance The major findings of the present study on the above aspects are summarized as under: The results outputs of the first segment indicate that there is no conclusive evidence as to larger proportions of institutional holdings in sampled companies have higher average return on networth or average net profit margin and smaller proportions of institutional holdings in sampled companies have lower average return on networth or average net profit margin over the study period. To the contrary, strong and positive relationship is observed between institutional holdings and return on capital employed as well as institutional holdings and earning per share. As the average return on capital employed and average earning per share are higher in the sampled companies with higher proportions of institutional holdings and lower in the sampled companies with lower proportions of institutional holdings over the study period. Therefore, it is stated that institutional holdings and two accounting returns (return on capital employed and earning per share) are significantly correlated where as institutional holdings and other two accounting returns (return on networth and net profit margin) are not related. Hence, there is no clear evidence that institutional holdings and accounting returns are related. Likewise, strong and positive relationship is observed between institutional holdings and Tobins q. But on the other hand, weak relationship is observed between institutional holdings and risk adjusted excess return. Therefore, institutional holdings and one market-based return are significantly correlated while the institutional holdings and another market-based return are not. Thus, the findings depict contradictory results as to the relationship between institutional holdings and market