Nursing Research Assignment Example | Topics and Well Written Essays - 250 words - 1

Nursing Research - Assignment Example e surgeries and the outcome indicated that torment levels of patients made do with proof based practice were lower when contrasted with the controlled example. Torment evaluations of patients in the mediation wards were surveyed very still since medical procedure, on development since medical procedure and most exceedingly awful agony on development and it indicated that they were altogether diminished contrasted and those in the control wards (Bolfman 2014). That is, post-employable torment the board utilizing proof based practice help decreases torment levels of post strategy patients accordingly encouraging quicker mending. End of life care has been noted to be one of the key regions to improve nature of patient consideration. It is a period of life when an individual is living with an ailment, which will in the end compound and cause demise. An investigation was done on palliative consideration improvement of indications with proof based intercessions and it demonstrated that patients who were made do with proof based practice had diminished emergency clinic stays, decreased medical clinic confirmations and brought about lower costs (Whitehead, 2011). Palliative consideration for these patients was overseen as indicated by their side effects and inclinations. In this manner, use proof based practice under the watchful eye of patients on end-of-life care will fundamentally diminish or forestall their

Guajilote Case Study Essay -- Business Management Strategy Formulation

Guajilote Case Study This exposition looks at the contextual analysis of the Guajilote co-usable, a co-employable with a permit to gather and sell fallen timber in the Honduras. The paper is in five areas; giving an impression of the co-usable as an undertaking, directing a SWOT examination of the organization, taking a gander at any upper hand or methodology. Portraying the worth chain and considering key choices open to the co-employable. Arrangement 1. The business is absolutely situated in country territories and contemplations of how this may influence ancestral individuals ought to be thought of. The utilization of common assets can be productive yet natural considertaions, for example, the effect of deforestation on the worldwide atmosphere needs are imperative. Mahogany is an uncommon wood and the tree takes quite a while to develop. This undertaking should plant such a large number of trees for every Mahogany tree it finds felled. 2. SWOT Qualities: 1. Setting up hand sawmills at the fallen trees. 2. Building up an information on business sectors and strategic policies. Shortcomings: 1. Gigantic financing required to drive activities. 2. Size and development of the organization is constrained by the measure of mahogany delivered. 3. Elusive and process the trees. 4. Absence of sufficient transportation. Openings: 1. Adding to Honduras' financial development. 2. Build up a decent working relationship with merchants like Santos Munguia. 3. Building up direct connections with neighborhood furniture creators. Dangers: 1. Deforrestation and effects on the earth. 2. Weight bunches like Greenpeace and CITES. 3. Cataclysmic events like woodland fires. 4. Decrease in quantities of trees. 5. Slippery territory and wet climate. 6. Absence of co-activity from Honduran specialists. 7. Degenerate merchants not paying the laborers for the wood worth. 3. This comapny has an upper hand in that it can build up its connections with nearby furniture producers. It is conceivable to work inside the requirements of Cites, if transport costs are met by neighborhood purchasers. Help gave to these nearby producers might be accomplished by setting up IT frameworks that screen info and yield of wood. Guajilote's procedure is frail in managing deforestation issues. It ought to participate in planting more mahogany trees. Nurseries could be set up to develop the seedlings. The nearby populace ne... ...lso annihilate their seeds. Mahogany could in this way be immediately killed from a site. Every year, Guajilote lost more territory from which it could take mahogany. To exacerbate the situation, numerous Hondurans considered the territory around La Muralla National Park to be a boondocks open to settlement via landless campesinos (worker ranchers). In escaping neediness and desertification, individuals were moving to the Olancho area in huge numbers. In addition to the fact that they cleared the backwoods for development, yet they additionally cut wood for fuel and for use in building their homes. The vast majority of the new settlements were being set up in the zone's best mahogany developing natural surroundings. Another worry was that of potential limitations by CITIES (the universal show on exchange jeopardized species). In spite of the fact that exchange mahogany was still allowed, it should be observed intently. In the event that the populaces of the twelve mahogany species kept on diminishing, it was conceivable that mahogany would be given considerably more noteworthy insurance under the CITIES structure. This could incorporate significantly more tight limitations on the exchange mahogany, or could even bring about a through and through boycott like the overall restriction on ivory exchanging.

Pros and Cons of Introduction of Information Technology Essay

Upsides and downsides of Introduction of Information Technology - Essay Example Since economy, instruction, society, brain research, religion, training and science and innovation are correspondingly interconnected, the adjustment in one legitimately impact the change in other. In the present paper, the development of data innovation and the effect of presentation of Information innovation on different circles of human life have been contemplated. The effect of data innovation on a portion of the regular highlights, for example, efficiency, wellbeing and majority rules system has been considered. The favorable circumstances and disservices of presentation of data innovation in these zones have likewise been examined. Development of Information Technology: The creation of mechanical PC by Charles Babbage, an English mathematician in 1822 opened the entryway for present day processing. During 1840’s the electrochemical age gained a precarious ground and along these lines the change of data to electric drive outfit the processing and later Herman Hollerith made an electromechanical PC in the year 1880. Howard Aiken, an examination researcher at Harvard University made first present day PC in 1942 that was 8 feet tall and 51 feet in length and it is known as original PC (Kumar, 2003). In the year 1948, first rapid general PC called as ENIAC (Numerical integrator and PC) was created by the scientists at United States. It was having many vacuum cylinders and it was having huge size. Transistors were created in the year 1943 and these were later presented in the PCs during 1960s.

The U.S. Immigration Policy Social Sciences Research - 1925 Words

The U.S. Immigration Policy Social Sciences Research (Research Paper Sample) Content: THE U.S. IMMIGRATION POLICYByInstitutionThe US Immigration PolicyThe U.S. Immigration Policy provides a framework through which individuals enter, live, and work in the U.S. under temporary or permanent citizenship. The policy is wide and has several sections, highlighting different criteria for the different types of citizenship. This study revisits the policy making of the policy and its impacts in the society.Description of the PolicyThe US Immigration Policy is the law governing the entry of foreigners into the boundaries of the Unites States for personal, social, and economic related activities. The Immigration and Naturalization Act (INA) is the current body of law governing matters concerned with immigration, and provides an annual threshold of 675,000 individuals who can enter the United States legally (AIC, 2016). The immigration policy allows the entry of individuals only when unifying with their families, seeking protection as refugees, seeking asylum, prom otion of diversity, and sourcing skilled workers for the U.S. economy (Kammer, 2015). The policy allows foreigners to live permanently and work in the U.S. under the lawful permanent residency (LPR) (AIC, 2016). Admission of non-residence also occurs each year for a temporary basis; for activities such as visits, conferences, games among other activities.The Hart-Celler Act of 1965 replaced the defunct Immigration and Nationality Act of 1924, which sought to reduce immigration of foreigners from the eastern hemisphere into the United States. Many deemed the law discriminatory as it allows 70% of the immigrants to come from the United Kingdom, Ireland, and Germany, with the remaining portion left for residents from countries in eastern and southern Europe (Kammer, 2015). Many leaders including presidents tried unsuccessfully to amend the law, which they termed un-American because it portrayed racial and regional segregation; a problem the country was grappling with at the time. Presi dents Truman, Dwight Eisenhower, and John F. Kennedy descried the law as cruel and hampering international interdependence; a statement that many congressional representatives lauded as true.The Hart-Celler Act was originally for spreading civil sentiments across the border, an act of solidarity against racisms and regional discrimination. Civil Rights Acts passed by congress in 1957, 1960, 1964, and 1965 preceded the act (Kammer, 2015). The congress adopted the act with the aim of increasing the number of immigrants from eastern hemisphere and southern Europe, who had previously had difficulty entering the U.S. due to the quota system. Through the new law, there was allocation of 170,000 and 120,000 visas for countries in the Western and Eastern hemisphere respectively (CIS, 1995). The new law considered families of American citizens and permanent non-residents highly to immigrants with special job skills. Scientists, professionals, refugees, and personality seeking asylum also got special considerations.Implementation of the PolicyThe implementation of the policy placed a preference on family unification. The law required the petitioners to reach a certain age limit in order to request citizenship for their spouses, children, or parents. Immediate family members of U.S. citizens got first priority, with limited visas available for adult children, brothers and sisters and unmarried children of the U.S. citizens (AIC, 2016). The policy allowed for about 226,000 immigrants per year through the family based system. For admission through the family preference system, the U.S. citizen petitioning for the family member must provide proof for connection and must meet minimum financial requirements since they shall be responsible for their family members while in the U.S.Through the policy, employers could source for skilled and non-skilled workers who could work for a limited period until their contract expires or upon termination of their employment (AIC, 2016). Th ere are different types of visas for each category of workers, and allows the workers to carry their dependants along. Through the policy, only 140,000 immigrants on permanent employment basis, together with their children and spouses enter the country (AIC, 2016). The policy also placed a cap on per country immigration, allowing less than 7% of the total immigrants to come from a specific country. This is to reduce the possibility of immigrants from a specific country dominating the immigration patterns. Through this, the policy brings diversity in the United States, ensuring a balance in regional distribution.The country admits a maximum of 85,000 refugees annually, with each region of the world allocated its share of number of immigrants that can qualify admission. The refugees must show proof of potential persecution form their country based on religion, race, political opinion, or affiliation with a specific group (AIC, 2016). The policy also grants admission to asylum seekers, who together with the refugees may seek for LPR after one year of admission. The policy includes a Diversity Visa Program, where immigrants from countries that admit fewer than 50,000 immigrants to the U.S. receive visas (AIC, 2016). The program allows about 55,000 immigrants gaining admission through this criterion. Additionally, the policy offers protection and delayed deportation to immigrants whose countries face war, political instability, or natural disaster, that may make it dangerous for them to go back.The implementation of the policy saw the influx of immigrants increasing to nearly a million individuals annually. The number of illegal immigrants rose to nearly 500,000 annually, which forced the congress to enact the Immigration Responsibility Act that introduced border enforcement (History Vault, 2016). The plan has seen deportation of thousands of illegal refugees caught in the border and around the country. Additionally, the policy intended to unite American citizens w ith their families, and attract skilled workers to the U.S.; a plan that has worked well until now.Contexts Driving the PolicySeveral factors determine the success of the policy. Although the main aim for enacting the policy was to end regional discrimination and enhance good relations with other countries, the benefits of immigration mainly deal with the economic aspect. The U.S. government allows immigration to replenish the need for skilled labor. Immigration increases the supply of labor to the American economy, which aids in economic growth as emerging firms and industries benefit from the unlimited labor supply in all facets of production (Camarota, 2005). Immigrants have aided in supplying innovative and skilled workers, who have aided to build companies like Google, EBay, and Intel, which are leading the world of innovation.The successful nature of the United States and availability of opportunities for everyone has attracted individuals from all over the world, coming to ch ase the American Dream. Immigrants make up about 15% of the overall U.S. workforce, with nearly 40% lacking a high school education (Camarota, 2005). This means they end up getting lower jobs as compared to the learned natives, who earn much more than them. However, this benefit from immigrants is negligible as the nation produces enough workers to sustain the economy. The policy has successfully served its intended purpose. Through the years, many individuals have found protection in the United States after fleeing from their politically unstable and war torn countries. For example, after the Vietnam War, more than 800,000 Vietnamese moved to the U.S. to start their lives afresh (History Vault, 2016).However, most immigrants travel to the United States for economic reasons. This is evident with the low influx of immigrants to the U.S. during hard economic times and recessions. There was reduction in immigrants in the 1990, 2001, and 2008 when the American market was undergoing rece ssion (History Vault, 2016). Additionally, immigration has served in the development of many countries, as individuals leave the United States with skills, exposure, and knowledge base they can implement in their countries (Policy, 2010). This is evident in the development of the vibrant and successful information technology industry in India. Some who go through the education system and experience the democratic process carry these values to their home countries.People who work in the United States also earn higher wages than in their home countries; improving their ways of life and reducing poverty (Policy, 2010). Although these aspects drive the policy, studies have shown that immigrants have a higher tendency of staying permanently in the U.S. than going back to their home countries. Immigrants also contribute in remittances to their home countries, helping to encourage economic development and investments (Policy, 2010). Through immigration, the government has succeeded in prom oting democracy and equality, benefiting in attracting skilled workers to replenish the market needs while spreading good values across the world.The Analysis and Effects of the PolicyDuring the policy making process, many proponents of the policy supported it with the faith that it would not result to increasing immigrants influx. Many congressional representatives, including the Attorney General Robert Kennedy and the Bill sponsor Emmanuel Celler stated that the policy would not cause an increase in immigrant population, since many Asians and Africans had no relatives in America (CIS, 1995). The congress was preoccupied with improving international image and increasing connections with African and Asian countries, which were gaining independence. There was also need to create positive relations with other countries midst competition from Russia during the cold war era.The adoption of the Bill saw a perpetual influx of immigrants,...

Understanding Point of View in Literature

When you read a story, have you ever thought about who is telling it? That component of story-telling is called the point of view (often abbreviated as POV) of a book is the method and perspective an author uses for conveying the story. Writers use point of view as a way to connect with the reader, and there are various ways in which a point of view can impact the experience of the reader. Read on to learn more about this aspect of storytelling and how it can enhance the emotional impact of the narrative.   First-Person POV A first-person point of view comes from the narrator of the story, which may be the  writer or the main character. The storyline will use  personal pronouns, like I and me,   and can sometimes sound a little bit like reading a personal journal or listening to someone talk. The narrator witnesses events first hand and expresses how it looks and feels from his or her experience. The first-person point of view can also be more than one person and will use we when referencing the group.   Check out this example from Huckleberry Finn - Toms most well now, and got his bullet around his neck on a watch-guard for a watch, and is always seeing what time it is, and so there aint nothing more to write about, and I am rotten glad of it, because if Id a knowed what a trouble it was to make a book I wouldnt a tackled it, and aint a-going to no more. Second Person POV A second person point of view is seldom used when it comes to novels, which makes sense if you think about it. In second person, the writer speaks directly to the reader. This would be awkward and confusing in that format! But, its popular in business writing, self-help articles and books, speeches, advertising and even song lyrics. If you are talking to someone about changing careers and giving advice for writing a resume, you might address the reader directly. In fact, this article is written in second person point of view.  Check out the introductory sentence of this article, which addresses the reader: When you read a story, have you ever thought about who is telling it?   Third Person POV The third person is the most common type of narration when it comes to novels. In this point of view, there is an external narrator who is telling the story. The narrator  will use pronouns like he or she or even they if they are talking about a group. The omniscient narrator provides an insight to the thoughts, feelings, and impressions of all the characters and events, not just one. We receive information from an all-knowing vantage point—and we even know what’s going on when nobody is around to experience it. But the narrator can also provide a more objective or dramatic point of view, in which we are told events and allowed to react and have feelings as an observer. In this format, we are not provided the emotions, we experience emotions, based on the events we read about. While this may sound impersonal, it is just the opposite. This is much like observing a film or a play—and we know how powerful that can be! Which point of view is best? When determining which of the three points of view to use, its important to consider what type of story youre writing. If youre telling a story from a personal perspective, such as that of your main character or of your own perspective, youll want to use the first person. This is the most intimate type of writing, as it is quite personal. If what youre writing about is more informational and is providing the reader with information or instructions, then second-person is best. This is great for cookbooks, self-help books, and educational articles, like this one! If you want to tell a story from a broader point of view, knowing everything about everyone, then the third person is the way to go.  Ã‚   The importance of point of view A well-executed point of view is a crucial foundation for any piece of writing. Naturally, the point of view provides the context and backstory you need for the audience to understand the scene, and helps your audience best see your characters and interpret the material in the way you intend. But what some writers dont always realize, is that a solid point of view can actually help drive the crafting of the story. When you take narration and point of view into account, you can decide what details need to be included (an omniscient narrator knows everything, but a first-person narrator is limited to just those experiences) and can bring inspiration for creating drama and emotion. All of which are crucial to creating a quality creative work.   Article edited  by  Stacy Jagodowski

The Roots Of The Industrial Revolution - 1131 Words

The roots of the industrial revolution started in Great Britain and Europe. There are many conditions and characteristics that attributed to the industrial revolution being born there. First, in the time leading up to the industrial revolution, when every other country was still using rudimentary agricultural techniques, the British were devising their own techniques to cheaply and more efficiently produce food. Next, The British had the upper hand leading to the industrial revolution because of their historic trade with other countries. Also, a huge plus for Britain was her natural resources, especially the abundance of coal and iron that were used in most products of the industrial revolution. Last, Britain’s effective central bank and established credit institutions combined with the protestant work ethic of the British people built a solid financial foundation for the beginning of the industrial revolution. The birth of the industrial revolution in Britain and Europe can be traced back to many attributing factors as to why it began and flourished in Britain rather than other countries, such as Germany and Belgium. First and foremost, the industrial revolution began in Great Britain and Europe because of Great Britain’s improvement in agriculture during the Eighteenth Century. Prior to the industrial revolution, British farmers were constantly looking for ways to improve the efficiency of their farms. This motivation led to the invention of devices such as theShow MoreRelatedJohn Beckett s The Glorious Revolution971 Words   |  4 PagesJohn Beckett mentions that â€Å"the Glorious Revolution† has been considered a historical event related to the political issues. The main target of this historical event was to create a commercial freedom in Europe. After this revolution was done, trade relations in Europe went up, and the Bill of Rights was also created in 1689. Today, the Bill of Rights is shown and knowns that it was the fir st building stone for â€Å"the British constitution† because it limited the monarchic power. During the eighteenthRead MoreSecond Industrial Revolution1000 Words   |  4 PagesSecond US Industrial Revolution, 1870 -1910 Darris Adkins Abstract In this brief paper, a description of two developments of industrialization that positively affected the United States and two developments that negatively affected the United States will be discussed. An analysis of whether or not industrialization was generally beneficial or detrimental to the lives of Americans and the history of the United States will be outlined. Second US Industrial Revolution, 1870 -1910 In this briefRead MoreThe Industrial Revolution Essay742 Words   |  3 PagesThe Industrial Revolution The Industrial Revolution is the name given to the movement in which machines changed peoples way of life as well as their methods of manufacturer. 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Marx recognized the distinction between the working class, or the Proletariat and the upper class, or the Bourgeoisie was becoming increasingly clear with the industrial revolution noted as the inciting event of the two new clashing classes. The CM was distributed among the German, communist league and served as the parties platform explaining the main components of the economic theory. The main idea of the CM was thatRead MoreThe Steam Engine Of The First Steam Powered Engine1470 Words   |  6 Pagesmuch safer than before. Small railways made of steel were formed underground to transport the coal out of the mines by the use of small railcars. The idea to use steel in the process of transportation was nothing new at the beginning of the industrial revolution. Britain was known to have vast amounts of steel and had been working since about 1800 on using steel as tracks and a train or buggy type to transport things. 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Capital structure free essay sample

Capital structure describes how a corporation has organized its capital—how it obtains the financial resources with which it operates its business. Businesses adopt various capital structures to meet both internal needs for capital and external requirements for returns on shareholders investments. As shown on its balance sheet, a companys capitalization is constructed from three basic blocks: Long-term debt. By standard accounting definition, long-term debt includes obligations that are not due to be repaid within the next 12 months. Such debt consists mostly of bonds or similar obligations, including a great variety of notes, capital lease obligations, and mortgage issues. Preferred stock. This represents an equity (ownership) interest in the corporation, but one with claims ahead of the common stock, and normally with no rights to share in the increased worth of a company if it grows. Common stockholders equity. This represents the underlying ownership. On the corporations books, it is made up of: (I) the nominal par or stated value assigned to the shares of outstanding stock; (2) the capital surplus or the amount above par value paid the company whenever it issues stock; and (3) the earned surplus (also called retained earnings), which consists of the portion of earnings a company retains after paying out dividends and similar distributions. Put another way, common stock equity is the net worth after all the liabilities (including long-term debt), as well as any preferred stock, are deducted from the total assets shown on the balance sheet. For investment analysis purposes, security analysts may use the companys market capitalization—the current market price times the number of common shares outstanding—as a measure of common stock equity. They consider this market-based figure a more realistic valuation. CHOOSING DEBT VERSUS EQUITY It should be noted that companies may operate without funded debt or, more frequently, without any preferred stock. By the very nature of corporate structure, however, they must have common stock and the related stockholders equity account—though, when the company fares badly, the equity can be a negative amount. In arranging a companys financial structure, management normally aims for the lowest feasible cost of capital; whereas an investor seeks the greatest possible return. While these desires can conflict, they are not necessarily incompatible, especially with equity investors. The cost of capital can be kept low and the opportunity for return on common stockholders equity can be enhanced through leverage—a high percentage of debt relative to common equity. But increased leverage carries with it increased risk. This is the inescapable trade off both management and investors must factor into their respective decisions. The leverage provided by debt financing is further enhanced because the interest that corporations pay is a tax-deductible expense, whereas dividends to both preferred and common stockholders must be paid with after-tax dollars. Thus, it is argued, the lower net cost of bond interest helps accrue more value for the common. But, of course, increased debt brings with it higher fixed costs that must be paid in good times and bad, and can severely limit a companys flexibility. The Financial Handbook, spells out four problems that tend to increase as leverage escalates: (1) a growing risk of bankruptcy; (2) lack of access to the capital markets during times of tight credit; (3) the need for management to concentrate on finances and raising additional capital at the expense of focusing on operations; (4) higher costs for whatever additional debt and preferred stock capital the company is able to raise. Aside from the unpleasantness involved, it is noted that each of these factors also entails tangible monetary costs. Still, because of its tax advantages and stability relative to equity capital (common stock), some finance theorists have argued that higher proportions of debt capital may be advantageous to corporations. Their advice is not always heeded, however. Although periodically companies use debt to buy back common shares, a practice that can improve stock performance, most large companies rely heavily on equity financing. The elusive optimal capital structure is that which minimizes the total cost of a corporations capital. While complex mathematical formulas abound for devising varying capital structures and projecting potential returns under a vast number of scenarios, there is no proven way to arrive at an optimal structure except, to some extent, by hindsight. In practice, there are no fixed rules on what represents an ideal capitalization. In any case, an appropriate capitalization must depend greatly on the nature of the business, prevailing economic and financial conditions, and sundry other shifting factors. There is a good body of research that suggests companies tend to employ debt under certain circumstances more than others. For example, a survey from the late 1980s reported that CFOs of major companies decided whether to use debt based on the nature and risks of the cash flows associated with the capital investment. Another mid-1990s study produced compatible findings. When diversifying into new lines of business, the study suggested, companies that are moving into related fields tend to use equity capital and those entering unrelated fields tend to use debt. Ownership structure is also an influence. Firms with a high degree of management ownership, for instance, are less likely to carry high levels of debt, as are corporations with significant institutional ownership. Regulated utilities represent a special case. Agencies and organizations acting as consumer advocates regularly argue that utilities should be held to an optimal capitalization standard—optimal invariably meaning a heavy layer of debt so as to permit a higher percentage of profits to flow to the common, thus reducing the need for rate increases. Utility management in its turn warns of the danger of too much debt and the need for a stronger equity cushion—a structure that will require more revenues (i. e. , higher rates) for the utility to earn its authorized rate of return. In earlier days, a debt-free structure was often considered a sign of strength and many industrial companies that were able to finance their growth with an all-common capitalization prided themselves on their clean balance sheet. Especially in the rapid expansion after World War II, however, the vast demand for capital and low interest rates—made even lower thanks to tax deductions—made debt financing increasingly attractive. Not only was the immediate demand on income relatively modest but since the interest requirement remained fixed, all future income growth financed by this debt capital would flow straight through to the common. Benjamin Graham and David Dodd, often considered the fathers of modern security analysis and noted for their advocacy of prudent investing, long ago pointed to the advantages of a sound but not excessive amount of debt in the corporate structure. In confronting the debt-free is best argument, they shrewdly asked how one could advise a conservative investor to buy good-quality bonds if the very act of issuing bonds implied that the company had taken a dangerous and unwise step? Graham and Dodd recommended: In most enterprises, a bond component no more than—[but] not too far below—the amount that careful financial institutions would be ready to lend †¦ would probably be in the interest of the owners. STRATEGIC LEVERAGE The leveraged buyout (LBO) stampede of the 1980s brought a new twist to the capitalization issue. Large corporations with conservative, low-debt capitalizations became especially vulnerable to capture. Corporate raiders with limited financial resources, had the ability to raise huge amounts of noninvestment-grade (junk) debt to swing the deals. The captured companies could then be dismembered and stripped of cash holdings so the raiders could pay down their borrowings; in short, the preys own assets were used to pay for its capture. As a takeover defense, many potential targets began to assume heavy debt themselves, often to finance an internal buyout by its own management. Again, success would often depend on the successful sale of major assets. The raiders make no apology for such actions. As described by Harvard professor Michael C. Jensen, they can purposely leverage the firm so highly (at times with current income insufficient to meet current interest requirements) so the company cannot continue to exist in its old form. But, he argued, this generates benefits. It creates the crisis to motivate cuts in [low-return] expansion programs and the sale of those divisions which are more valuable outside the firm. The problem with this theory, to some observers, is that it assumes any value tucked away by existing management is automatically fair game for distribution to stockholders—including those who move in for just that purpose—and makes no allowance for the companys long-term needs. As applied, the theory also made little distinction between good and bad management, but tended to brand the management of any targeted company as either inept or feathering-its-own-nest or both. Whatever the merits of the opposing arguments, the flood of LBOs brought with it an essentially new type of security—the junk bond, a bond rated as noninvestment grade or speculative. The position of junk bonds in a capital structure, from a legal and accounting standpoint, is clearly that of debt. It is usually subordinated to the claims of many other lenders, but ranks ahead of any equity holders. From the investors standpoint, if the bond portion of the portfolio is intended to represent a relatively safe anchor, with a dependable return on well-protected principal, it is important to stick to investment grade issues. For those willing to assume (and able to recognize) the increased risk, a holding of junk bonds, preferably a well-diversified selection, can be justified as part of the more speculative part of the portfolio.