Best Crucible Act 2 Summary

Best Crucible Act 2 Summary SAT / ACT Prep Online Guides and Tips Act 2 of The Crucible takes us to the Proctor household, where we learn just how crazy things have gotten in Salem after the initial flood of accusations. We'll also find out the extent to which John Proctor's relationship with Elizabeth has suffered after his affair. By the end of Act 2, characters who were thought to be beyond reproach will find themselves in mortal peril as a result of unchecked hysteria. I'll provide two different summaries. The first is a short summary intended for quick review of the plot, and the second is a long summary (the "oops I didn't read it" summary) for those of you who want more specific details on exactly what happened, including smaller side conversations and minor plot points. The CrucibleAct 2 Summary - Short Version John and Elizabeth discuss the trials in Salem, and they both realize things are getting out of hand (though John still believes the court would never actually hang anyone). Elizabeth tells John he has to go into town and inform them that Abigail is lying. John’s hesitance leads to an argument rooted in his affair and the lack of trust that continues to pervade their marriage. Mary Warren, who went to Salem to testify against the Proctors’ wishes, returns to the house and gives Elizabeth a poppet (doll) she made in court. Mary reveals that Elizabeth was accused in court, but she spoke up in her defense. It’s clear that Abigail is accusing Elizabeth because she hopes to take her place as John Proctor’s wife. This leads to another argument where Elizabeth urges John to tell Abigail that there’s absolutely no possibility of them ever being together. Hale arrives and questions the Proctors about their religious devotion based on the accusations levied against Elizabeth. John tells him that the girls are frauds, and Hale actually starts to doubt the validity of the accusers’ claims. Giles Corey and Francis Nurse come to the house in distress, revealing that both of their wives have been arrested for witchcraft. Then, Ezekiel Cheever and Marshal Herrick arrive with a warrant for Elizabeth’s arrest. They find the doll that Mary gave her and notice that it has a needle stuck in it. This matches up with the â€Å"attack† on Abigail allegedly perpetrated by Elizabeth’s spirit. Proctor gets Mary to tell the truth about the doll. She says that she made it in court and stuck the needle in herself with Abigail sitting right next to her. However, the authorities are not convinced by this story. Proctor tears up the arrest warrant in frustration, but Elizabeth agrees to go peacefully. When everyone else has left, Proctor tells Mary that she must testify on Elizabeth’s behalf in court. Mary is terrified to do this because she knows that Abigail will turn the rest of the court against her. Proctor begins to feel a sort of relief because he senses that he and all the other hypocrites are finally being punished for their sins. Judgment, both internal and external, is a constant throughout The Crucible. The CrucibleAct 2 Summary - â€Å"Oops, I Didn’t Read It† Version Act 2 takes place at the Proctor household eight days after Act 1.Elizabeth Proctor serves John dinner, and they chat about his day.There’s some tension between them because of the lingering effects of John’s affair with Abigail. Elizabeth says that Mary Warren went to Salem that day, and John is angry because he forbid her to go.Elizabeth claims she tried to stop her, but Mary insisted on participating in the court proceedings. Elizabeth then reveals the full extent of the situation in Salem to John.Four judges have been summoned from Boston to preside over the trials, and fourteen people are jailed on accusations of witchcraft.Abigail has been exercising a great deal of power in court and continues to feign being attacked by witches.Elizabeth says John must go to Salem to tell the court that Abigail is a fraud.He has some reservations because it will be his word against hers.She thinks he wouldn’t be so hesitant to do this if he had to discredit a different girl.John gets angry that Elizabeth still won’t fully trust him around Abigail, and he feels liks he's always being judged.Elizabeth points out that it’s really his internal guilt about the affair that's making him feel judged. At this point, Mary arrives back from Salem appearing drained from the day’s proceedings.She gives Elizabeth a poppet (a rag doll, essentially) that she made in court.Mary tells the Proctors that there are now 39 people arrested.She breaks down and starts crying.Mary reveals that Goody Osburn is set to hang, but Sarah Good confessed, so she will live.Mary is genuinely convinced that Sarah Good tried to kill her by sending out her spirit.She then claims to remember other times that she was bewitched by Sarah Good.Sarah Good was ultimately condemned after being unable to recite her commandments. Mary insists on going back to court the next day because she feels that she’s doing God's work. JohnProctor tries to whip Mary for her insolence, but Mary interjects that she saved Elizabeth’s life by defending her against accusations in court.Proctor dismisses Mary.After this, Elizabeth is pretty sure that Abigail wants her dead.She thinks Abigail is trying to take her place as Proctor’s wife and will continue to accuse her until she is arrested.Proctor tries to allay these suspicions even though he knows that she’s probably right. Elizabeth insists that John go to Abigail and tell her explicitly that there is no possibility of them ever being together in the future.John gets angry (again) that Elizabeth presumes that he’s still attached to Abigail and is leading her on in some way. At this point, Reverend Hale arrives at the house to speak with the Proctors about the accusations made against Elizabeth.He has just come from questioning Rebecca Nurse, who was accused despite her solid reputation in town.Hale asks why John doesn’t go to church often, and he says it’s because his wife has been sick and he dislikes Parris’ displays of materialism.Hale asks Proctor to say his commandments, and, ironically, the only one he forgets is adultery.Hale is not satisfied. Elizabeth insists that John tell Hale that the girls are faking.After hearing what Proctor has to say, Hale starts to doubt the accusers as well.Still, Proctor balks at testifying in court because the atmosphere sounds so hysterical ("I falter nothing, but I may wonder if my story will be credited in such a court." pg. 65).Elizabeth says she actually doesn’t believe in witches at all, and Hale is taken aback because witches are specifically mentioned in the Bible. Giles Corey enters the house accompanied by Francis Nurse.They reveal to Hale and the Proctors that their wives have been arrested and sent to jail.Rebecca Nurse is suspected of murdering Ann Putnam’s babies.Hale says if Rebecca Nurse has fallen under the control of the Devil, no one is safe.Corey now realizes he made a mistake by voicing his suspicions about his wife’s reading habits in the previous act.The man who accused Martha Corey bought a pig from her that died soon after.He was bitter that Martha wouldn’t refund him the money, so to get revenge he accused her of casting spells with her books. Ezekiel Cheever and Marshal Herrick then arrive at the house.They have a warrant for Elizabeth Proctor’s arrest, and they confirm that she was accused by Abigail.Cheever orders Elizabeth to hand over any dolls she has in the house.Elizabeth is confused and says she hasn’t had dolls since she was a kid.She forgot about the one Mary gave her earlier, which Cheever sees and examines.John Proctor tells Elizabeth to go get Mary so she can confirm that the doll was a gift.Cheever finds a needle in the doll, which he takes as proof of Elizabeth’s guilt.Abigail fell on the floor screaming at dinner andpulled a needle out of her stomach, claiming that Elizabeth’s familiar spirit stabbed her. Mary and Elizabeth return, and Mary admits she made the doll in court while Abigail was sitting next to her.John Proctor thinks that this makes it pretty clear that Abigail is lying, but it’s not enough for Hale to discount the â€Å"proof.†Hale warns Mary that she’s making severe accusations against Abigail. Proctor is fed up with the court’s blind trust in Abigail and the other accusers.He rips up the arrest warrant and tells everyone to leave. Elizabeth sees that there is no way out of the current situation and agrees to go with the marshal to avoid a scene.John promises to bring her back soon and calls Hale a coward for being too passive about the situation.Hale counsels patience and reason so that they can get to the bottom of what’s really happening. Everyone exits the house except Mary and John Proctor.Proctor tells Mary she must testify in court about the real story behind the doll.She is concerned about Abigail’s potential reaction.Mary knows about the affair, and she thinks Abigail will come clean about it and ruin Proctor’s reputation if Mary tries to discredit her. Mary also believes that the court will turn against her if she tells the truth.Proctor is adamant that Elizabeth will not die for his mistakeswith Abigail and starts getting aggressive with Mary to scare her into telling the truth.Mary continues to insist that she can’t testify because of the potential consequences. Does your target always get stabbed with the same implement that you used to poke the voodoo doll? And does that mean you can only use voodoo dolls to give people you hate superficial puncture wounds? Luckily for Abigail, no one is in the right state of mind to care about how little sense all of this makes. The CrucibleAct 2 Quotes This section lists themost important quotes in Act 2. I've written short explanations for each that elaborate on their significance. â€Å"I have not moved from there to there without I think to please you, and still an everlasting funeral marches round your heart. I cannot speak but I am doubted, every moment judged for lies,as though I come into a court when I come into this house!† (John Proctor pg. 52) In this quote, John Proctor criticizes his wife for continuing to mistrust him after he ended things with Abigail.He claims that â€Å"an everlasting funeral marches round [her] heart,† meaning that she insists on continuing to mourn for the damage the affair did to their relationship rather than allowing him to repair it. He feels that Elizabeth is constantly suspicious of him now, to the point where he can’t do anything without being judged.In fact, Elizabeth doesn’t show many signs of being overly judgmental of John (she’s actually doing pretty well considering he just had an affair with a teenager), and most of these issues are a projection of his own guilt. â€Å"I do not judge you. The magistrate sits in your heart that judges you.† (Elizabeth Proctor pg. 52) The real court in Salem is mirrored by a metaphorical court within the mind of John Proctor. Here,Elizabeth points out that John is his own harshest judge.If anyone is judging him, it’s a mini-John Proctor with a judge wig banging a tiny gavel right on his heart strings.Since he's unable to forgive himself for the affair, he projects his guilt onto her even when she’s not acting particularly judgmental. â€Å"I am amazed you do not see what weighty work we do.† (Mary Warren pg. 56) Mary uses â€Å"weighty† as a synonym for â€Å"important† or â€Å"vital.† She feels that she’s doing God’s work, and she is given a sense of purpose and duty through her participation in the trials.In a sense, the trials really are â€Å"weighty work† because they overhaul the entire community.They provide an outlet for the repressed resentments and jealousies that were simmering under the surface. â€Å"Theology, sir, is a fortress; no crack in the fortress may be accounted small.† (Reverend Hale pg. 64) This quote from Hale is a testament to the power of the church in this community and the perception of religion at the time.There is an â€Å"either you’re with us or you’re against us† mentality that encourages persecution of anyone who deviates even slightly from accepted Christian behavior.One misstep can derail a reputation completely, so everyone is eager to conform out of concerns for self-preservation. â€Å"There is a misty plot afoot so subtle we should be criminal to cling to old respects and ancient friendships. I have seen too many frightful proofs in court - the Devil is alive in Salem, and we dare not quail to follow wherever the accusing finger points!† (Reverend Hale pg. 68) This quote from Hale sums up the atmosphere of hysteria that has emerged in Salem.Everyone is afraid to question any of the accusers because that might mean falling for the Devil’s tricks.They feel that the consequences of doubting these accusations could be more dire than the risk of having some innocent people caught up in the mix.Reputation has been conquered by paranoia. Both Parris and Hale will cite different theological examples over the course of the play where someone who was once thought to be virtuous turned out to be evil.In this case, it’s â€Å"Man, remember, until an hour before the Devil fell, God thought him beautiful in Heaven† (Reverend Hale pg. 68).In the next act, Parris will say â€Å"You should surely know that Cain were an upright man, and yet he did kill Abel† (Reverend Parris pg. 85).On some occasions in the Bible, people who were thought to be good turned out to be bad. This shaky precedent is extrapolated to the current situation and gives the church leaders reason to mistrust even the most well-reputed citizens of Salem. â€Å"Why do you never wonder if Parris be innocent, or Abigail? Is the accuser always holy now? Were they born this morning as clean as God’s fingers? I’ll tell you what’s walking Salem - vengeance is walking Salem. We are what we always were in Salem, but now the little crazy children are jangling the keys of the kingdom, and common vengeance writes the law!† (John Proctor pg. 73) John is incredibly frustrated because the accusers are all taken at their word, and the accused are denied a fair opportunity to defend themselves.He points out that many of these accusations are clearly driven by revenge.Though that desire for vengeance was always there within the people of Salem, it has only now begun to affect judicial processes and societal power structures in dramatic ways.â€Å"The little crazy children† are the accusers, mostly teenage girls who previously had no power in Salem. They are now â€Å"jangling the keys of the kingdom,† or testing their ability to provoke widespread chaos that favors their own agendas. â€Å"Now Hell and heaven grapple on our backs, and all our old pretense is ripped away - make your peace!Peace. It is a providence, and no great change; we are only what we always were, but naked now.† (John Proctor pg. 76) This an aside John makes to himself at the end of Act 2. He views the witch trials as an unveiling of the true nature of the people of Salem.No one has suddenly become vengeful, paranoid, and unjust - they were always like this underneath a shallow layer of decorum.Proctor has also been burdened by the secret of his affair with Abigail and the guilt he has about it.He sees himself as an immoral person, and he is relieved in a certain sense that he’s about to be exposed for the hypocrite he is so his sins will stop eating him up inside. John was referring to his two cats, Heaven and Hell. Metaphorical pet names were all the rage in 17th century New England. The CrucibleAct 2 Thematic Analysis This is a brief analysis of the most prevalent themes in Act 2. I'll come out with a more comprehensive thematic analysis for the whole play very soon! Irony This act sees one of the most blatant examples of irony in the play. When John is asked to recite the ten commandments, the only one he forgets is the one most applicable to him, adultery (â€Å"Thou shalt not covet thy neighbor’s wife."). This shows how hard John is trying to repress his guilt. He hopes to leave the affair in the past and pretend it never happened, but he can't ignore the impact it has had on his relationship with Elizabeth, his sense of self-worth, and Abigail's psyche. Hysteria Act II is when the full extent of the hysteriainSalem becomes apparent.Mary says that there are now not 14 but 39 people who have been thrown in jail on suspicion of witchcraft.The hysteria has been heightened by several confessions which seem to confirm the existence of an evil witchy plot.People are told they will be executed if they refuse to confess, so obviously false confessions abound. The authorities and citizens of the town are so scared of the possibility that these coerced confessions could be the truth that they ignore any logical objections to the proceedings ("I have seen too many frightful proofs in court - the Devil is alive in Salem, and we dare not quail to follow wherever the accusing finger points!" Hale pg. 68).They instead continue to push for more confessions, which are then counted as â€Å"evidence† of a grand Satanic plot.Anyone who doubts the existence of this plot is brought under suspicion. When the poppet is discovered in Elizabeth’s possession, it is taken as concrete proof that she’s involved in witchcraft. Elizabeth'sside of the story immediately becomes virtually irrelevant because Abigail’s testimony is much scarier and more dramatic: "She sat to dinner in Reverend Parris's house tonight, and without word nor warnin' she falls to the floor. Like a struck beast, he says, and screamed a scream that a bull would weep to hear. And he goes to save her, and, stuck two inches in the flesh of her belly, he draw a needle out." (Cheever pg. 71). The idea that a witch's familiar spirit could be going around stabbing people willy-nilly is too horrifying for people who genuinely believe in witchcraft to give Elizabeth the benefit of the doubt. Everyone severely underestimates Abigail's ambition and deviousness. Reputation Goody Good, an old beggar woman, is one of the first to be accused because she is already held in such low regard. It’s easy for respectable citizens to accept that she’s in league with the Devil because she is an "other" in Salem, just like Tituba.Elizabeth knows that Abigail has it in for her because there's no other reason she would take the risk of accusing a farmer’s wife with a solid reputation.Elizabeth is an upstanding member of the community, whereas other women who have been accused were already at the bottom of the totem pole. Elizabeth knows that her high status still affords her some credibility, but this is the point at which the value of reputation in Salem starts to butt heads with the power of hysteria and fear to sway people’s opinions (and vengeance to dictate their actions).In this act it is also revealed that Rebecca Nurse has been accused, a woman whose character was previously thought to be unimpeachable. This is taken as evidence that things are really getting out of control ("if Rebecca Nurse be tainted, then nothing's left to stop the whole green world from burning." Hale pg. 67) , but still people hesitate to discredit the accusers out of fear for their own reputations. Power and Authority In Act 2, we see that Mary Warren has been given a new sense of her own power through the value placed on her testimony in court. Elizabeth notes that Mary's demeanor, previously very meek, is now like that of â€Å"the daughter of a prince† (pg. 50). Mary has never felt like she was a part of something significant like this before, which likely adds to her conviction that the people she's accusing are truly witches. Mary and the other girls are riding on a high of attention and respect from powerful people in the community, so they are especially motivated to stick to their stories (and even genuinely believe their own lies). At this point, Abigail has gone from a nobody to (unofficially) one of the most powerful people in Salem. It would be incredibly difficult for her to go back on her accusations now. Abigail’s low status in normal times ironically gives her a great deal of power in her current situation. No one thinks she’s smart or devious enough to make up all these insane stories, so she is taken at her word. In the words ofJohn Proctor, â€Å"the little crazy children are jangling the keys of the kingdom† (pg. 73). Guilt This themeisprominent in the dynamic between John and Elizabeth. John is frustrated with Elizabeth because she still doesn’t fully trust him, but he’s really projecting his internal guilt about his affair with Abigail onto her. John gets worked up because he’s angry at himself for essentially setting these accusations in motion against his wife.He’s frustrated that he hasn’t been allowed to leave the affair behind him and hates that he now has to face up to real consequences.He underestimated Abigail and is now paying the price.John’s guilt is a huge thematic undercurrent throughout the play, as we will see to an even greater extent in the next two acts. Even before his arrest (spoiler alert), John is a prisoner of his own guilt. He kinda deserves it, tbh. The CrucibleAct 2 SummaryConclusion In Act 2, the situation in Salem goes from worrisome to straight up horrifying. It becomes clear just how far the characters are willing to go to protect themselves against the town's burgeoning hysteria (even if it means setting others on a path to the gallows). Let's recap the most important events: Elizabeth informs John that more people have been arrested, and he needs to go to Salem to tell the court that Abigail is a fraud. Mary returns from Salem after participating in the trials and gives Elizabeth a ragdoll she made in court. Mary tells the Proctors that Elizabeth was mentioned briefly, but the accusations were dismissed thanks to Mary's favorable testimony. Elizabeth knows Abigail will continue to accuse her until something sticks, and she tells John he has to go directly to Abigail and tell her that they're NEVER gonna be a thing. Hale warily questions the Proctors about their skimpy church attendance, and John tells him Abigail is a fraud. Hale has fleeting doubts about the legitimacy of the girls' accusations. Francis Nurse and Giles Corey come to the house and say that their wives have been arrested. Then, Ezekiel Cheever and Marshal Herrick arrive with a warrant for Elizabeth's arrest. They find a needle in the doll Mary gave Elizabeth that corresponds to the needle that Elizabeth's familiar spirit supposedly used to stab Abigail. Elizabeth goes with them peacefully after realizing she can't prove her innocence. John angrily insists that Mary must tell the court Abigail is lying. Mary says she's too scared of the consequences and doesn't think she can do it. This is all a set-up for the heightened drama of Act 3. John Proctor is prepared to tell the whole truth about Abigail to save his wife and the rest of the accused, but will that be enough to stem the tide of witch-related hysteria? Hint: no. What's Next? Want a full summary of the play all in one place? Check out our complete overview of the plot of The Crucible, including descriptions of the main characters and a list of major themes. If you're looking for a deeper thematic discussion to help you write a killer essay, read this article on how each theme manifests in the play and what larger conclusions can be drawn as a result. We've also written comprehensive analyses of the most significant characters in The Crucible. Read all about the traits, actions, and thematic relevance of John Proctor, Abigail Williams, Rebecca Nurse, Giles Corey, and Mary Warren. Have friends who also need help with test prep? Share this article! Tweet Samantha Lindsay About the Author Samantha is a blog content writer for PrepScholar. Her goal is to help students adopt a less stressful view of standardized testing and other academic challenges through her articles. Samantha is also passionate about art and graduated with honors from Dartmouth College as a Studio Art major in 2014. 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Green IT Strategies and Applications Essay Example | Topics and Well Written Essays - 1000 words

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International Real Estate Investments Essay Example | Topics and Well Written Essays - 7500 words

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Improving Pay for Performance with SOP

Improving Pay for Performance with SOP INTRODUCTION: Executive pay has been a big controversial issue over the past twenty years due to various governance failures which have generated a forceful policy debate on the appropriate role of shareholder voice in corporate governance (e.g., Bebchuk 2007; Bainbridge 2006). Some say the pay is too high and is set by captured boards while some say it reflects the marketplace in action. Therefore, some companies are either willing to or mandated to give shareholders an advisory vote on the prior years compensation of top executives-a say on pay (SOP). SOP is a term used for a rule in corporate governance whereby stakeholders are given the opportunity to vote on the enumeration of executives. SOP potentially not only gives shareholders an advisory vote on pay practices, but also increases scrutiny from shareholders over top managements compensation at most companies. Therefore, this study illustrates how SOP improves pay for performance. Under certain circumstances, this study will show that pay for performance has been increasing significantly after the adoption of SOP. When further decomposing executive pay into its cash-based and equity-based components, this study finds evidence of an increase at most companies in the relationship between performance and these compensation components, and the potential to enhance transparency, governance, and accountability, which, in turn, should lead to greater efficiency and social responsiveness (Bebchuk, Friedman, and Friedman, 2007). MAIN: This study is going to discuss further about the principal of SOP and its effect on pay for performance in firms and the related principal-agency problems in corporate governance. SOP might have not been a new concept in corporate governance in the UK, but some firms in developed and developing countries have been implementing this concept over these years around the world. SOP is known as one of the recent phenomenon of shareholder activism, a voice mechanism for shareholders (Hirschman, 1970). It is the effectuation of providing shareholders the right to vote on executive compensation program at the annual meeting. The regulation changes a variety of attitudes toward corporate governance and disclosure habitudes of all public companies. This concept allows shareholders to either raise their voices or express their opinions against executive compensation programs. In other words, instead of letting top executives to decide the level of compensation plans, shareholders can use their voting rights to either approve or give advice on executive compensation plans that link to top executives performance. To clearly justify, SOP is seen as a friendly tool to express, improve the dissent, giving advice on remuneration, but not an aggressive governance rule to destroy firm value or dissociate the relationship between principal and agent. While companies are not bound by SOP advisory votes, the act not only requires firms to disclose the vote results after the shareholders meeting, but also report whether and how the board considers the voting results in the following year. Consistent with this argument, De Franco, Hope and Larocque (2013) find that additional disclosures improves board effectiveness at monitoring executive c ompensation and in strengthening the link between pay and performance. SOP was used formally in UK in 2003, but in fact it was unofficially started and practiced in July 1999 as non-binding vote on executive compensation or remuneration. In the early of 2001, there are various companies beginning to propose the remuneration committee report, and there is an evidence that the number of firms submitting the proposal grew rapidly in 2002. After the UK, several EU countries consequently adopted this principle such as Netherlands, Norway, Sweden, then it spreaded to Australia and USA. It has been lasting for nearly 15 years in the UK while in the USA, this concept started in 2010 and became compulsory in the same year, which is relatively brief and the current knowledge of SOPs results and effects are still limited along with many academic discussion and practices. Basically, the objectives and models of SOP vary considerably across the world. Under Dodd-Frank, SOP in the USA requires companies to hold a non-binding vote on compensation at least once every three years. Afterwards, firms are also required to request shareholders to regulate the frequency of future say on pay votes at least once every six years but no less than that, also the shareholders are given the option of doing annually or every two or three years. However, in the UK, the government presented the Directors Remuneration report to record for a shareholders vote on current level of compensation at every annual general meeting. Pay for performance is currently a big issue in corporate governance due to several executive compensation scandals. Additionally, House Report 110088 noted that the average of a CEO in a top company earned approximately 140 times higher than the pay of a regular employee in 1991; nonetheless, this ratio increased exponentially to about 500 to 1 in 2003. The compensation for CEOs is divided into 2 parts which are fixed compensation such as cash and bonuses, and variable compensation ,also called performance-based compensation. The variable compensation which strongly relates to CEOs performance, including option grants, stocks option,.etc will be determined comprehensively in this study so as to favour the practical impact of SOP. Refer to Jensen and Meckling (1976), the traditional principal-agent theories stated that the owner of the firm constructed the compensation contracts to the agent in terms of maximizing the value of the firm. Muller-Kahle (2013) finds some evidence that, w hen CEOs have a dominant ownership stake, firm monitoring is diminished and firm performance suffers. However, most of public companies generates it infeasible for shareholders to debate the managerial compensation. In the phenomenon, the executive compensation scandals occurred frequently and severally than we could imagine. For examples, Tyco International was reported a CEOs scandal in 2005, its CEO Dennis Kozlowski and CFO Mark H. Swartz were convicted of stealing $600 million, these money was symbolized as the excess of executive remuneration, i.e. Kozlowski gave his wife $2 million birthday gift on Islands Mediterranean at companys expense. From our point of view, if Say on Pay was introduced and implemented earlier, those compensation scandals would had possibly not happened and also its reasonable to achieve and practice the SOP policy at the moment. According to Vicente Cuà ±at, Mireia Gine, and Maria Guadalupe (2013), the main purposes of Say on Pay is to raising shareholders voices, concentrating on the shareholders interests but also focusing on values that CEOs added to the firm and the transparency of CEOs interests. It leads to the improvement of the agency problem. Although a variety of evidence are against the benefits of Say on Pay, Bebchuk (2007) contended that a formalized say on pay vote is able to overcome the psychological barriers and support the negotiation of better compensation contracts. Indeed, many articles suggest that the approach of SOP does have a positive correlation between both firms value and the issue of pay for performance. We believe that there is nothing 100% right or wrong in all circumstances and its inherently difficult to determine precisely influences of any corporate governance regulation. Hence, the objective of this paper is to approve the improvements of Say on Pay on pay for performance in corporations in terms of increasing firms values, shareholders values, reducing agency problems and enhancing the transparency of executive compensation under certain conditions. First condition is firms with excessive or ineffectiveness CEO remuneration, as stated by Core at el. (1999), less effective boards are regularly related to high abnormal CEO compensation and low sensitivity pay for performance, which means that SOP is likely to benefit to the firm with weaker corporate governance and incompetent remuneration design. Secondly, firms with independent-minded shareholders willing to vote against management are likely to face more pressure if the say on pay is achieved; thirdly, firms are willing to b oost performance, enhance compensation and reform as a consequence of shareholder pressure. Due to Baird and Stowasser (2002), the first benefit of implementing SOP is certainly promoting accountability and transparency in the compensation report. To earn stakeholders support or prevent litigation, boards not only have sought to enhance disclosures concerning executive compensation plans but also publish an annual directors remuneration report over the past year, which causes directors more carefully to consider shareholder interests when designing executive pay plans. The recent trend confirmed the increased directors accountability after the introduction of say on pay (Cai et al. 2007, 2009; Del Guercio et al. 2008). As found in the previous articles, Davis (2007) stated that the Say on Pay proposal did associate smoothly with the communication and relationship between shareholders and board of directors. Refer to the UK evidences, after annual general meeting and the accurately analysis of remuneration report, there is a substantially development in the connection and tr ansmission between compensation committees and shareholders. Firms are more opened to a dialogue with shareholders to justify a broader compensation decisions and practices. Companies will not only have the opportunity to include additional resolutions on specific compensation decisions, but also have the opportunity to ask shareholders views on specific compensation decisions, including decisions related to various aspects or categories of pay. Each company, however, will be required to permit shareholders to vote on a resolution addressing all of the compensation disclosed in the annual proxy. This finding may advance scrutiny and also lead to more informed voting decision and the acceptance of a remarkable premium. Also, Deane (2007) and Davis (2007) suggested that SOP probably superior adjusts for principal-agent interests and enhance corporate governance and performance. The SOP allows shareholder to raise their voices in executive which definitely better align with CEO and shareholders interests, consequently, it comes up with the reduction of agency cost and a more adequately compensation contracts. Due to Peter Iliev and Svetla Vitanova (2015), the market reacted positively to the practices of Say on pay votes and the general supports of directors from shareholders are spotted to be increased. In practices in the UK, the impact of SOP was found to be positive as well, Fabrizio and David A. Maber (2013) analysed that the adoption and implementation of say on pay to the UK regulation was escorted with positive stock price reactions at firms with high dissent compensation conflicts and particularly practices diluting punishment for poor performance. By the same token, enforcing SOP may potentially increase Earnings per shares (EPSs), Return on assets (ROA) and Return on equity (ROE), the appliance also gains profitability and efficiency, higher growth in labour yield and constructive effect on accounting statement in the following years after the binding vote. As a result of Vicente Cuà ±at, Mireia Gine, and Maria Guadalupe (2013), the shareholder value increased by 5.4 percent after Say on Pay implementation, this such high market gains were explained by the improvement of CEOs performance under shareholder pressure and the effect of better alignment of pay for performance and also the reduction of pay for failure. Those evidences are consistent with the aims of this study that say on pay is used as a value-creating governance mechanism to contribute value to firm and shareholders. According to Stephen Davis Millstein Center Fellow (2007), advisory Say on Pay votes are extensively seen as having been an influential committing factor in taming the rate of increase, reduce controversial compensation of CEO, pressure firm to increase sensitivity between compensation and performance curbing opportunities for reward for failure and tying compensation dramatically closer to performance. As we mentioned above, not every firms reported the same results on the impact of SOP. However, we do find the strong positive influence in the firm with high dissent between shareholders and directors and the firm with excessive CEOs compensation based on the managerial power viewpoint (Bertrand (2009), Frydman and Jenter (2010), Murphy (2013). As documented by Fabrizio and David A. Maber (2013), their tests were coherent with Core et al(1999) s research that the introduction of SOP was followed by positive stock price reaction, especially in the firms with controversial compensation report and those which abate penalties for poor performance. Correa and Lel (2013) also recorded a numerical decrease in CEO pay of 6.1% after implementation of Say-on-Pay regulation in a sample of countries. Moreover, by using regression analysis on large sample of UK firms, Fabrizio and David (2013) tested on some vital elements in CEO pays including bonuses, equity awards to evaluate whether the sensitivity of CEO compensation is highly adequated to performance along with economics factors before and after the regulation. In general, they concluded that even though others economic elements persist unchanged, there is still a significant rise in the sensitivity of CEO pay to poor performance in less observable elements of pay. Moreover, this finding is consistent with the result of Ertimur, Muslu, and Ferri (2011) which is the most pronounced in high dissent firms and firms maintaining excessive executive compensation before SOP, means that SOP policy does reduce the excessive performanced-base salary to create value and link the remuneration more dramatically to the performance. Various companies either removed or altered provisions that investors considered as rewards for failure such as generous severance contracts and low performance hurdles, often in response to institutional investors explicit requests. Fabrizio and David A. Maber (2013) examined this issue on high dissent(HD) firm (with 20% dissent vote) and low dissent(LD) firm (with less than 5% dissent vote) before and after the vote , the result showed that the high dissent firms reducing the notice periods of severance contracts after the first vote (80%) are likely to be higher than before the vote (20%) and also substantially higher than the low dissent firms (33.3%). Therefore, this figures suggested that say on pay is the reason of reduction of controversial compensation, besides, 70% of low dissent firms scaling down the notice period before the vote which is the evidence of elimination of dissension between shareholders and executives. Moreover, a variety of firms established a formal proces s for proactive consultation with their major shareholders going forward (Ferri and Maber, 2011). As a result, the threat of a vote was effective in inducing firms to revise CEO pay practices ahead of the annual meeting and decreasing the situation of pay for failures and the growth rate of pay. Meanwhile, they also analysed the second most influenced remuneration item which is performance-based vesting conditions in equity grants. During the following years that performance targets are not accomplished, this retesting provision is seemed to contribute for reexamining and subsequently assists for the potential pay for failure. After the research, they concluded that before the first vote, HD firms and LD firms achieved 5% and 25% respectively to reduce or remove this issue. Nonetheless, the result changed significantly after the SOP vote, HD firms agreed to shorten or abolish retesting provision with statistically 76.3%, while the LD gained 28%. Generally, several evidences support that these contractual modification are the direct repercussion of SOP regulation. Base on the top 100 companies 2016 surveys in the US, SOP is raising shareholders voices and putting more pressure on CEO in order to perform better, however, we found that shareholder doesnt empower themselves to manipulate the CEOs compensation. In fact, the number of companies adopting this policy is increasing, in 2016 there are 95 over top 100 US companies holding say on pay vote in 2016, 94 out of 95 firms held approval say-on-pay votes which is higher than 2015 and only 1 firm didnt approve which also failed in both 2014 and 2015. As being reported, 41 corporations reviewed and elected not to significantly change the compensation report, while 20 noted modification into the remuneration in response to the vote. In table 4, the Say on Pay approval rate in 2016 is relatively high with 78% receiving approval rates in excess of 90% and only 6% for-voting below 70%. This figures coordinate with data in the last 2 years 2014 and 2015, which the approval rates are comparably high. Th is finding suggests that the even shareholders have more control power in the firm, they are not likely to destroy the value or raise the unfairness and dissension through the firm. In contrast, they seem to use this policy as a friendly tool, not an aggressive regulation, to raise their voice and cut down excessive expense in compensation. Furthermore, this regulation is contributing to the competitiveness of the British economy and the attraction of London as an international capital market (Stephen Davis Millstein Center Fellow,2007). The UK Department of Trade and Industry confirmed that the votes lead to a better planning by corporations, fewer surprises, better dialogue with shareholders, and apparently, it can reduce downside risks and big scandals among quoted companies in recent years. Due to London Stock Exchange, by involving Say on Pay voting rights, London will possibly be equipped with a more competitive border in order to attract capital, comparing to New York. Last but not least, while companies are not bound by SOP advisory votes, it requires companies to disclose the vote results after the shareholders meeting. In addition, firms must report whether and how the board considers the voting results in the following year. Ferri and Maber (2013) study the market reaction in 2002 to SOP that mandates non-binding but advisory vote on the compensation report and find that firms with high dissent alter the compensation composition, thereby improving pay for performance. Moreover, in a sample of the largest UK companies from 2002 to 2006, boards reduced excess salary as well as the dilutive effect of stock option grants in response to past negative non-binding votes (Carter and Zamora,2009). Consequently, shareholders right of non-binding votes could provide a useful mechanism that addresses the potential problem of incomplete firms management, suggesting that monitoring and reward mechanism dynamics can effectively coexist between owners and firm managers, thereby improving corporate governance (Kimbro and Xu, 2016). Conclusion To conclude, we investigate the impact of the right of shareholders non-binding but advisory votes on say-on-pay. We find evidence that firms either modified or altered their compensation structures in order to win shareholders positive votes. CEOs compensation decreases in most firms while larger decreases are found in firms that overpaid their CEOs in the previous year. Similarly, affected firms linked their pay mix to more close for performance. In terms of voting itself, shareholders are not more likely to vote for executive compensation when the firm pays excessive pay for top management, or has a large increase in CEO compensation compared to previous years. Moreover, among the components of the compensation plan, shareholders are more likely to vote against the plan when they contain other compensation, such as private bonuses unrelated to performance, which have been opposed by critics of executive pay. Most importantly, SOP does not limit the level of compensation or empower shareholders to control the interests of top management. It can be seen as a friendly corporate governance tool to prevent conflicts of the issues between top management and shareholders regarding pay for performance. Additionally, this study finds that the increase in pay for performance after the implementation of SOP is larger in firms with excessive pay for CEO relative to firms with average level of pay for CEO. The evidence suggests that SOP do increase the executive compensation monitoring ability for investors who care about the long-term value of a firm but who are lack of the ability to influence executive compensation structure before SOP. By contrast to most prior studies on the impact of SOP on executive incentives and compensation, the evidence shown in this study is consistent with SOP improves rather than weakens the alignment of managerial wealth and shareholder interests in certain circumstances. References: Bainbridge S. 2006. The Case for Limited Shareholder Voting Rights. UCLA Law Review, 53: 601-636. Bainbridge, Stephen M. The Corporate Governance Provisions of Dodd-Frank. (2010). Bainbridge, Stephen M. Is Say on PayJustified?. (2009). Baird, J. and Stowasser, P. (2002) Executive compensation disclosure requirements: The German, UK, and US approaches, PracticalLaw.com, PLC Document 4-101-7960, September 23. BBC News. 2003. Glaxo defeated by shareholders. May 19. http://news.bbc.co.uk/1/hi/business/3038381.stm Bebchuk, L. (2007) Written testimony submitted before the Committee on Financial Services, United States House of Representatives, Hearing on Empowering Shareholders on Executive Compensation, March 8. Bebchuk, L., Friedman, A. T., Friedman, W. J. 2007. Empowering shareholders on executive compensation: hearing on H.R. 1257 before the H. Comm. on Fin. Ser., 110th Cong. 68: Cai J. and R. Walkling. 2007. Shareholders Say on Pay: Does It Create Value?. Working Paper, Drexel University, Philadelphia, PA. Cai J., J. Garner and R. Walkling. 2009. Electing Directors. Journal of Finance   forthcoming. Carter, M. E., Zamora, V. 2009. Shareholder remuneration votes and CEO compensation design, Work. Pap. Boston College. Cheffins B. and R. Thomas. 2001. Should shareholders have a greater say over executive pay? Learning from the US experience. Working Paper, Vanderbilt University Law School, Nashville, TN. Choi, S., J. Fisch and M. Kahan, 2009. Director Elections and the Role of Proxy Advisors. Southern California Law Review 82, 649-702. Core, J.; R. Holthausen; and D. Larcker. Corporate Governance, Chief Executive Officer Compensation,and Firm Performance. Journal of Financial Economics, 51 (1999), 371-406. Core, J., and W. Guay. The Use of Equity Grants to Manage Optimal Equity Incentive Levels. Journal of Accounting and Economics, 28 (1999), 151-184. Cuà ±at, V., Ginà ©, M. and Guadalupe, M. (2013). Say Pays! Shareholder Voice and Firm Performance. Review of Finance, 20(5), pp.1799-1834. Davis, Stephen. Does say on paywork? Lessons on making CEO compensation accountable. Policy Briefing 1 (2007). Deane, S. Say on Pay: Results from Overseas. The Corporate Board (July/August 2007), 11- 18. De Franco, G. Hope, O.K., Larocque, S. 2013. The effect of disclosure on the pay-performance relation. J. Account. Public Policy 32(5), 319-341. Del Guercio, D., L. Wallis, and T. Woidtke. 2008. Do Boards Pay Attention When Institutional Investor Activists Just Vote No? Journal of Financial Economics 90: 84-103. Deloitte, Executive Directors Remuneration (London: September 2006) Digital.shearman.com. (2017). Corp Gov Survey 2016 Corporate Governance Survey. [online] Available at: http://digital.shearman.com/i/739764-2016-corporate-governance-survey/59? [Accessed 22 Mar. 2017]. Ertimur, Yonca, Fabrizio Ferri, and David Oesch. Shareholder votes and proxy advisors: Evidence from say on pay. Journal of Accounting Research 51.5 (2013): 951-996. Ertimur, Y., F. Ferri, and V. Muslu. 2011. Shareholder Activism and CEO Pay. Review of Financial Studies 24(2): 535-592. Ferri, F., and D. Maber. Solving the Executive Compensation Problem Through Shareholder Votes? Evidence from the U.K. Working paper, Columbia University and Harvard Business School (2007). Ferri, F., Maber, M. 2013. Say on pay votes and CEO compensation: Evidence from the UK. Rev. Financ. (17), 527-563. Financial Times (1998) The fat cats keep getting fatter, August 1. Fortune.com. (2017). Surprise surprise: Say on Pay appears to be working. [online] Available at: http://fortune.com/2015/07/08/say-on-pay-ceos/ [Accessed 22 Mar. 2017]. Gordon, J., 2009. Say on Pay: Cautionary Notes on the U.K. Experience and the Case for Shareholders Opt-in. Harvard Journal on Legislation 46:323-64. Hodgson, Paul. A brief history of say on pay. Ivey Business Journal 73 (2009): 1. Kimbro, Marinilka B., and Danielle Xu. Shareholders have a say in executive compensation: Evidence from say-on-pay in the United States. Journal of Accounting and Public Policy 35.1 (2016): 19-42. Jensen, M. C., and W. H. Meckling. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 4 (1976), 305-360. Jeffrey N. Gordon, Say on Pay: Cautionary Notes on the U.K. Experience and the Case for Shareholder Opt-in, 46 Harv. J. Legis. 323, 325 (2009) Larcker, David F., et al. Ten Myths ofSay on Pay. (2012). List25.com. (2017). Cite a Website Cite This For Me. [online] Available at: http://list25.com/25-biggest-corporate-scandals-ever/ [Accessed 22 Mar. 2017]. Magnan, Michel, and FCA Claudine Mangen. Is say on pay an effective governance tool? Analysis and recommendations. (2011). Manifest and MMK, The Executive Director Total Remuneration Survey (London: May 2007); RREV, Trends in Executive Remuneration 2006 (London: April 2007); New Bridge Street Consultants, The 2006 FTSE 100 Executive Directors Remuneration Survey (London: 2006); PIRC Corporate Governance Annual Review 2006 (London: 2006). Muller-Kahle, M. I. 2013. The impact of dominant ownership: The case of Anglo-American firms . J. Manage. Gov. 19(1), 71-89. . SEC, Securities and Exchange Commission, 2010. Concept Release No. 34-62495, available at:http://www.sec.gov/rules/concept/2010/34-62495.pdf

Baroque Art

Challenge II Baroque Art: What is it and why do we care about it? The Baroque is often thought of as a period of artistic style that used exaggerated motion and clear, easily interpreted detail to produce drama, tension, exuberance, and grandeur in sculpture, painting, architecture, and music. The style began around 1600 in Rome, Italy and spread to most of Europe. It's defined as â€Å"a style of European architecture, music, and art of the 17th and 18th centuries that followed mannerism and is characterized by ornate detail.In architecture the period is exemplified by the palace of Versailles and by the work of Bernie in Italy. Major composers include Vivaldi, Bach, and Handel; Carving and Rueben are important baroque artists. † (Being Dictionary) However, the word â€Å"baroque† seems to have a slight negative connotation-the original translations of this word include Italian for â€Å"tortuous medieval pedantry' and Portuguese for â€Å"deformed pearl. In other a ccounts, Baroque is associated with strange, bizarre, and spectacle. This is probably because of the art side of the baroque period: controversial artists such as Peter Paul Rueben captured voluptuous women on canvas in The Rape of Lucrative and The Rape of the Daughters of Leucosis, and Giant Lorenz Bernie in The Ecstasy of Saint Teresa. So why is all this this important to us? Well, despite being a bit provoking and over-extravagant, the baroque period was also beneficial.In addition to producing the earliest European music familiar to most of us, including Bachelor's Canon and Vivaldi The Four Seasons, the baroque era also greatly expanded our horizons. The acceptance of Copernicus 16th century theory that the planets didn't evolve around the earth made the universe a much larger place, while Galileo work helped us get better acquainted with the cosmos.The philosophical aspect of the baroque makes it important; and the vestiges of the era are still heard today in music- some of t he most influential and beloved compositions are regularly performed in concert halls, and snippets of Bach and Vivaldi frequently appear in the solos of heavy metal guitarists. Having long since shed its derogatory connotations, â€Å"baroque† is now simply a convenient catch-all for one of the richest and most diverse periods in music and art history. Baroque Art By perpendicular

The Confidential Secrets of Writing Help

The Confidential Secrets of Writing Help The Lost Secret of Writing Help The biggest type of motivation occurs when you observe the way that your songs get better and better. You most likely already know that one of the principal keys to getting a specific job is writing the resume which will force you to stick out from everyone else, to the point at which an employer will choose to hire you. In fact, it's an outstanding training for individuals wishing to supercharge their writing abilities. There are plenty of avenues you may turn to for the type of assistance you will need. Typically letter writing is quite direct. Without regard to the topic of your academic paper, an expert writer can help you make a superb academic document. If you need assistance with essay writing, we are among the best companies to rely on. Apparently, there are scores of books in any particular bookstore for you to select from that could provide effective resume writing help. 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The Fundamentals of Writing Help Revealed If you should click the help menu with that screen, a context-sensitive sy stem would display help topics according to your existing place, in a try to prevent the time and effort necessary to start from a major menu and navigate from that point. You've got an opportunity to chat with our writers on your own personal purchase page if you desire to, that way you are able to pass across vital information and get an update on the development of your purchase. Placing an order on the website is something that you can do on your own because it is quite easy. At a first glance, you'll see the rather strange site design. Writing Help - Overview Writing your business plan will make it possible for you to plan your organization in a structured format. Between online writing groups and useful tools and resources for writers, it is possible to find all you will need to motivate and motivate you to finish writing the book you've been planning for decades. 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A Brief Look at the Industrial Revolution - 1130 Words

The Industrial Revolution began in 19th century England and eventually spread to Belgium, France, Germany, the United States and Japan. It was a fundamental change in the way goods were produced, due to the Agrarian Revolution and new technology; it altered the way people lived. The Industrial Revolution, a major turning point in world history, began in England because of the important pre existing economic abundance of natural resources that fueled industry, the agricultural revolution which provided the availability of workers by lessening the need for farmers, and the technological innovations made in England. The mixture of new technology and already existing resources that benefited the economy gave rise to the revolution having its start in England. The Agricultural or Agrarian Revolution is just one aspect of the start of the Industrial Revolution in England. It was a period where farming turned into a new, improved industry with the inventions and techniques that reduced the amount of labor needed for food production. For example, Jethro Tull invented the horse-drawn seed drill that planted seeds in a straight row; stock breeding by Robert Blakewell improved quality of animals to produce more meat, milk, and wool; and the addition of the mechanical reaper by Cyrus McCormick made grain harvesting easier [Document # 7]. Even Arthur Young, a campaigner for the improvement of agricultural worker conditions, believes that the Enclosure Acts along with the introduction ofShow MoreRelatedSecond 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. 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Youtube.1456 Words   |  6 PagesThe citation is: Indusrial Revolution Overview. Youtube. N.p., 18 Nov. 2011. Web. 1 Mar. 2017. . The video is about the Industrial Revolution time period. 2. This video was found in the chapter 20 video selection at the bottom of the study guide. 3. What is the geographic setting and historical time period? The setting took place in European countries, such as England as well as in North America during the eighteenth and nineteenth century. The Industrial Revolution immensely changed societyRead MoreThe Hungry Workshop, By Graphic Designers, Simon And Jenna Hipgrave1731 Words   |  7 Pagesthree sectors. The first is providing letterpress printing as a service, the second is design projects for clients on projects such as branding, packaging and invitations, and the third is self initiated studio projects such as fulfilling their own brief, working on collaborative works, or curate exhibitions. With each project that is completed, the studio maintains key values that underline the process that include ‘hold(ing) in equal regard the process and craftsmanship’ while ‘exploring the boundariesRead MoreInflation Is The Rise Of Priced Goods And The Fall Of Value Of Money989 Words   |  4 Pages Economists look for the decrease of it. Question 2: In the video, â€Å"Hans Rosling’s 200 Countries, 200 years†¦Ã¢â‚¬ , the authors of the video describe how factors affect world economic growth. In 1810, Hans Rosling describes how most countries were poor and sick. Many did not live to be 40 years old. The richest countries during this time were the Netherlands and the United Kingdom. These two countries were still pretty poor although they were considered rich. The Industrial Revolution allowed countriesRead MoreWhat Is Valuating The Unusual?993 Words   |  4 Pageseach other, especially in the economy of the United States. The industrial practices create expansionism, which leads to having a greater availability of products and business competition. Since the birth of the Industrial Revolution, Americans have strived to be more and more productive by creating policies that allow then to implement the best practices to innovate. The success of American movements like the Industrial Revolution and earlier movements lay not in the goods they produced, but theRead MoreEssay on Industrial Revolution1313 Words   |  6 PagesQuestion 1) What was the industrial revolution? When did it occur? How did industrialisation lead to the creation of the design profession? How was the industrial manufacturing of making products new and what role did the designer play in creating new products? The Industrial Revolution, which took place from the 18th to 19th centuries, was a period during which rural societies in Europe and America became industrial and urban. (www.history.com 2013-08-22) Prior to this the manufacture of