THE ROUND RIVER Essay Example For Students

THE ROUND RIVER Essay In the essay the Round River Aldo Leopold was trying to say many different ideas that related together in the fight for nature preservation and restoration. One of Aldo Leopolds main points in his essay was that we as humans can not replace, rebuild nature. So before it goes to far, and gets to destroyed we must restore it. As people though we can only do so much and we cant restore it with foreign plants, but only the natural plants that originated there. So if we destroy an areas ecosystem then we can never restore, and replenish it to its original state and land consistency. In his essay Leopold said that we have radically modified the biotic system because we had to. Food chains now begin with corn, and alfalfa instead of oaks and bluestem, flows through cows, hogs, and poultry instead of into elk, deer, and grouse. Therefore we can never restore damage done but only reroute it. Another point in his essay is that all land is one mechanism and if you damage one part then you inter n damage or affect another part. So we cannot fully preserve land because our scientists cannot recognize all of the earths mechanisms. For instance if you kill the wolves then the rabbit and deerpopulation may rise without as high of predation. We will write a custom essay on THE ROUND RIVER specifically for you for only $16.38 $13.9/page Order now Another major point in his essay is that if we are going to prevent a species from extinction we must do it everywhere not just in one specific place. The worlds whale population is not going to rise if only the United States bans whale hunting. And if we dont enforce poaching laws and regulations. This also refers to if you tamper with one organism you affect a lot more. If we kill all the whales not only can we not use them but larger sea predators like sharks cant either. So they will be forced to feed on smaller sea life and then damage our sea food supply by eating other fish that we eat. So we as a whole must conserve on our supplies of natural objects with our exponentially growing population. We are also over concerned with now compared to the future which I believe to be more important . The world is to caught up in todays tinkerings to think about the end effects. Leopold stated that with each substitution of a tame plant or animal for a wild one, or an artificial waterway for a natural one is accompanied by a readjustment in the circulating system of the land. We do not foresee or understand these things unless it affects us . The essay has defiantly stood the test of time well, or why else would I have to read and write about it now? All of his major points in the essay have proved themselves true and are still being referred to by scientists and naturalists today. Bibliography:

Uses and applications of Graphene Paper Essays

Uses and applications of Graphene Paper Essays Uses and applications of Graphene Paper Essay Uses and applications of Graphene Paper Essay Artificial appendages, Electrodes for energy constituents, Sun powered cells, batteries and capacitances and Thermal high temperature sinks for machine and electronic supplies ( Spasenovic,2013 ) . Distinctive requisitions of this-paper like stuff are invariably utilised these yearss, for illustration, as a portion of the conveyers, semiconducting materials and defenders where we can command the electrical force and belongingss without really releasing with the mechanical 1s. Graphene paper are similarly being assorted maintaining in head the terminal end to do cross strain stuffs which hold polymers, ceramics and metal motivating composite stuffs that will execute much superior to any current one as parts in, with regard to instance, in have oning great points, planes, constructions and autos. In a paper that was distributed in July issue of ( Nano letters ) , the assemblage reported that graphene paper could be made electrically conductive by infixing them into glass films. This kind of slender transparent films could be utilized within diverse requisitions, for illustration, in Sun oriented cells and crystalline appliances, for illustration, adaptable coloring material scree ns and electronic documents. Transforming of this sort of films give less expensive options to the normally utilised Tin Oxide coatings which are on a regular basis utilised as crystalline conductive films ( Fellman,2007 ) Since graphene paper are one of the strongest stuffs that are 100 times stronger than steel, its likewise one-particle midst and a planar stuff, Andre Geim and Konstantin Novoselov who are two research workers at the college of Manchester attempted to use graphene paper within what is rung Chicken wire made of C. Well all the more dumbfounding about Graphene is that negatrons do nt disperse to the extent that when they are traveling as they do in different stuffs, for illustration, Silicon. This all helped analysts with a specific terminal end to manage graphene-based transistors which are twice every bit speedy as the old conventional Si 1s which may hold an consequence on the rate of workstations to run quicker than ordinary ( Brody,2012 ) . Graphene will be utilized to blanket the surface of edifice notwithstanding the tops which is as of now being utilized because of its light weight, adaptability and optical density of visible radiation. Graphene is merely approximately crystalline to light nevertheless it can retain 2 % of visible radiation, ( for illustration, UV, Infrared and noticeable visible radiation ) . On the off opportunity that you join together this to the capableness of graphene to take power you will hold an electrical, meager and adaptable channels. This new kind of graphene Sun powered board is, no uncertainty a work in advancement and it will be made up of natural photovoltaic cells that are sandwiched between two beds of graphene and this cell are answerable for altering over suns verve to power. These adaptable and light weight Sun oriented boards are continuously formed so as to suit vehicles organic structure, for illustration, knapsacks that can resuscitate your IPod or telephone and in your garm ents as good. Additionally some adaptable Sun powered boards will be utilized within petition to bear down your smart phone ( Geim,2008 ) . The greater portion of the phones and tablet Pc these yearss have touch screen that permits the person to touch symbols or missive specifically on presentation screen and this idea is focused around a bed that shops electrical charges which are put on glass board on the screen. So when an single touches a screen with stylus pen or finger a charge is exchanged to the client and the charge on the bed will decrease which will be measured by a detector and this information will be taken into a processor to concentrate the move will be made. On history of touch screen made up of graphene that will be utilized within the hereafter in foldaway cell phones as their conductive constituents will be printed on flimsy plastic bed instead than glass so will do phones highly thin and foldaway that they can steal into pocket. With likewise the high quality capacity of graphene, they will do this telephones unbreakable and research workers are come offing off at the first graphene touch screen to de mo up subsequently on in concerns ( Tinnesand,2012 ) . Bionic devices ( the term bionic alludes to science and electronic ) are appliances that are, no uncertainty utilized as a portion of new curative surgeries and they are planted in peculiar life tissues or variety meats so as to verify that this organ is working suitably, for illustration, in manufactured Black Marias and cochlear inserts. Since graphene is thin, adaptable and imperviable to salty ionic consequences that are found inside populating life signifier, they are replacing metallic parts that was utilized within the past. Long retire live, digesting a life clip and no reaching of unsafe metals in the organic structure brings about a important betterment reply for bionic appliances ( Schmidt,2012 ) . Because of the capableness of Graphene paper to direct electrical marks, it can be joined with nerve cells and will direct frail electrical indexs get downing with one cell so onto the following. This can assist to treat Graphene transistors along harmed spinal twine which will assist them to detect nervus driving forces of nervousnesss in the undamaged country and behaviour them to the harmed district where nervousnesss in musculuss are discovered allowing the nervousnesss to work suitably. Consequently, this kind of invention will be utilized as a portion without bounds to command mechanical and fake legs and weaponries. On history of manufactured extremities, small engines are utilised instead than the musculuss within petition to do development and these graphene bionic appliances will hand-off electrical marks to these small engines doing the bogus extremity move ( Lin,2011 ) . One of the obstructors for the readying of graphene paper is coevals of huge adequate and speckless treasures that hold merely C molecules. The locality of Non-carbon shred may upset the ideal hexangular construction of graphene so in the current clip legion specimens are prepared nevertheless they are few square millimeters in size while sheet up to 76 centimeters crosswise over are, no uncertainty dealt with and accomplishments in graphene paper readying develop systematically. An alternate hindrance analysts are sing is the creative activity of one-molecule thick bed of atoms in speckless six sided rings and fixing unadulterated cherished rocks. There are one usually utilised method that is called mixture vapour statement which comprises of go throughing Methane gas at high temperature of 800oc and higher up to 1000oc over a sheet of Cu so the methane shops its Cs and will in a perfect universe produce hexangular sheets where H and different molecules are discharges. Different mod us operandis are utilised to boot, for illustration, fade outing black lead in a dissoluble and will be showered after it in flimsy beds using inkjet-sort pressmans so its warmed maintaining in head the terminal end to disappear the dissoluble and graphene corsets on the paper [ encephalon. 2011 ] [ Tinnesand,2012 ] . A lone bed of black lead is called graphene which could be made efficaciously using a tape. There are typical focal points of graphene as said before which incorporates fundamentally the quality of the graphene and fresh electrical capablenesss and belongingss. Graphene to boot shows diverse favorable fortunes, for illustration, the great adaptability, low atomic weight ( 0.2 g cm-3 ) , the size and form could be uninhibitedly traded in conclusion the high electrical conduction up to ( 15 ? sq?1 ) . A lone bed of black lead is called graphene which might be made efficaciously using a tape. There are typical favorable fortunes of graphene as said before which incorporates largely the quality of the graphene and fresh electrical capablenesss and belongingss. Graphene is known to be 100 times stronger than steel which can keep an car without anyone else s input. These capablenesss and more will act upon the outlining of cars, streets, extensions, planes and supplies that needs to be lig ht and solid will gain from the use of graphene paper. Samsung Company now is taking a shooting at another development by using graphene because of its thin, quality and its unbelievable music director capacity that influence machines, screens and french friess in another signifier of understanding Mobile phone to be foldaway and could be efficaciously slip effortlessly into your pocket [ Brain,2011 ] , [ Cong,2013 ] . Thus, Graphene is stronger than cherished rock, more adaptable than elastic and more conductive than Cu. In the other manus Graphene is waste of hard currency and may be helpful to some yet non all commissariats as a senior British instructor said toDavid Shukmana scientific discipline proofreaders in BBC intelligence. He to boot whined that graphene will neer turn into a radical stuff. More than 60 million dollar is a great trade of hard currency that is required to pump into one specific scope for extraction of graphene. In the dither of funding, high subsidising hard currency, the capableness to bring forth long and thick beds of graphene and conveying graphene into diverse supplies is the most well-known hinderances of Graphite. Additionally, scientists are detecting issues in the extraction of graphene from black lead as specified some clip late. Contempt position is non unusual ; peculiarly the hard currency gives off an feeling of being pointed on base out peculiar extend alte rnatively of the full field of indispensable scrutiny motivating convey significantly all the more in the long tally. in different words, the fuss of interchanging to graphene and costs need to portend good monetarily speaking. ( Shukman, 2011 ) Literature sites Ali.R Ranjbartoreh. ( 2011 ) Graphene paper: thin as paper and 10 times stronger than steel, InJournal of Applied Physics.Retrieved, from hypertext transfer protocol: //www.kurzweilai.net/graphene-paper-thin-as-paper-and-ten-times-stronger-than-steel. Brody, H. ( March 15, 2012 ) . Graphene nature Outlook, InNature.Retrieved vague, from hypertext transfer protocol: //www.nature.com/nature/outlook/graphene/ Charles Schmidt. ( 2012 ) . Bioelectronics: The bionic stuff. InReadcube.Retrieved vague, from hypertext transfer protocol: //www.readcube.com/articles/10.1038/483S37a. Dmitriy A. Dikin. Sasha Stankovich. Eric J. Zimney, Richard D. Piner, Geoffrey H. B. Dommett, GuennadiEvmenenko. ( 2007 ) .Preparation and word picture of grapheme oxide paper, In Nature. Retrieved from hypertext transfer protocol: //www.nature.com/nature /journal/v448/n7152/full/nature06016.html. Geim, A. K. and Kim, P.. ( 2008 ) . Carbon wonderland, InScientific American. Retrieved vague from pp 90-97 hypertext transfer protocol: //www.nature.com/scientificamerican/journal/v298/n4/pdf/scientificamerican0408-90.pdf Cartwright, J. ( , 2007 ) . Graphene oxide weaved into paper .Physicss World.Retrieved, , from hypertext transfer protocol: //physicsworld.com/cws/article/news/2007/jul/25/graphene-oxide-weaved-into-paper. Katharine Sanderson. ( 2007 ) . Carbon makes super-tough paper. InNature, Retrieved undefined, from hypertext transfer protocol: //www.nature.com/news/2007/070723/full/news070723-7.html. Lori Zimmer. ( April 20, 2011 ) . New Graphene Super Paper is 10x Stronger Than Steel. InInhabitat.Retrieved vague, from hypertext transfer protocol: //inhabitat.com/new-graphene-super-paper-is-10x-stronger-than-steel/ . Spasenovic, M. ( 2013 ) . American Graphite Technologies announces success with graphene paper.Graphene Tracker. Retrieved vague, from hypertext transfer protocol: //www.graphenetracker.com/american-graphite-technologies-announces-success-with-graphene-paper/ . Fellman, M. ( 2007 ) . Research workers at NorthWestern University have fabricated a new type of paper that is unusually stiff and strong yet lightweight and which should happen usage in a broad assortment of applications. Retrieved vague, from hypertext transfer protocol: //www.northwestern.edu/newscenter/stories/2007/07/ruoff.html. Tinnesand, M. ( 2012 ) . Graphene: The Following Wonder Material? .In American Chemistry Society Retrieved undefined, from hypertext transfer protocol: //portal.acs.org/portal/acs/corg/content? _ nfpb=true A ; _pageLabel=PP_MULTICOLUMN_T2_66 A ; node_id=893 A ; use_sec=false A ; sec_url_var=region1 A ; __uuid=e4e1e470-d2ff-4206-9bb4-ea8911ecf6a3. Physicss arXiv Blog. ( 2011 ) . How to Make Graphene Paper.In Technology Review.Retrieved from: hypertext transfer protocol: //www.technologyreview.com/view/423933/how-to-make-graphene-paper/ . Lin, YM, ( 2011 ) . High-frequency, scaled graphene transistors on diamond-like carbon..Retrieved, from hypertext transfer protocol: //www.nature.com/ nature/journal/v472/n7341/full/nature09979.html.

5 Helpful Study Tips for Visual Learners

5 Helpful Study Tips for Visual Learners All of us have a preferred learning style. This just means that your mind is specifically suited to one mode of informational input – hearing things (auditory learners), experiencing things (kinesthetic learners), or seeing things (visual learners) – more than another. No one is only suited to one mode of input, but most people have a clear preference and one of the inputs will be stronger than others. If you prefer being shown something to simply being told, you might be a visual learner. The problem with studying for visual learners is that most (bad) teachers will only use one style – its most likely to be the one they prefer themselves. And if youre in the latter years of your education, auditory input – lectures – is what youre mostly going to get. Try not to be discouraged, however. All types of learners face their own unique challenges. Instead, understand that you should simply adapt your study habits to suit your learning style. Heres how you do it: Use Video Lessons Use resources like Khan Academy that have created videos specifically with visual learners in mind. Everything is written down before your eyes by the instructor, and explained in-depth with lots and lots of examples. They utilize pictures and slides to explain everything from algebra to art history, and a visual learner will do well by watching them. If your professors teaching is not suited to your preferred learning style, use these visual lessons to catch up on any material you might have missed. Flashcards Flashcards are absolutely essential for visual learners. Use them in tandem with another visual learner and you can pick up on things at the same pace. These will be put to use when youre preparing for multiple-choice tests or when you have to memorize lots of facts rapidly. When making flashcards, try and aim for succinct descriptions and answers – those work best. Visual learners should try using different pens and markers to color-code prompts from different categories. Try adding a picture, so that you can associate an answer with a visual. Flowcharts, Graphs and Infographics Visual learners need a visual input to associate with a fact, and flowcharts, graphs and infographics are the best ways to do that. If youre reading your notes and cant make sense of them or youre getting lost, look up an inforgraphic to learn it more quickly and retain more information. Chances are, someone on the Internet has made one for whatever subject or topic you need. Slideshare.net and reddit.com/r/dataisbeautiful are great resources to use if you havent found one through your preferred search engine. Use Diagrams and Drawings to Visualize Your Notes In class, when youre trying to retain lots of information, it might be easier for you to draw a quick graph or diagram for future reference – for visual learners, this might be the part of the notes they will remember best. So, in history class, if there is a timeline of events, draw a line with branches coming from it and write short notes on the date and what happened for maximum retention. Start doing this, and youll find that most information can be broken down and systematized into a list or chart. If the instructor is using any drawings or diagrams in the PowerPoint, make sure to copy them down. Use Highlighters Lots of visual learners, interestingly, struggle with reading information from a book. If youre reading something and come to find that you havent been paying attention, try and read with a highlighter in your hand, noting important information. Firstly, this will force you to read more carefully. Secondly, you will retain more information by creating a visual marker for it. However, try to highlight as little as possible – if youre highlighting everything, its as if youre not highlighting anything at all. Hopefully, youll be putting these tips to good use. Most importantly, a blanket rule for visual learners should be to try to visualize all the information they receive. Train your mind to create an image to match what youre hearing – for instance, if someone is giving you directions, try and create a map in your mind. This will train your brain to retain information from other inputs better and become the best learner you can be.

Investment Portfolio Project Assignment Example | Topics and Well Written Essays - 2000 words

Investment Portfolio Project - Assignment Example Some of the advantages I shall enjoy include dividends from the companies. Common stock will account for 20,000 because -: Source of income as dividends Growth potential if the company splits its common stock to satisfy a large part of their financial needs' 10,000 shall go into preferred stock as such shareholders receive dividends before common stockholders are paid any cash. This is especially so when corporations are experiencing financial problems. I wish to invest both in corporate and governments bonds. A bond is a written pledge to repay specified sum of money a government to corporate with interest. When I buy a bond I will be loaning a government or corporate money for a given period. The period may extend between 1-30 years. I have two options: to keep them till maturity or redeem them to another investor. Corporate bonds shall be in Celco Corporation, D&E Corporation, and Alexander & Baldwin. Choosing blue chip stocks is a safe investment that generally attracts conservative investors. Some of the respected companies incorporate America includes AT&T, general electric and Kellogg. I will carefully look out for leadership in industrial group, history of stable earnings and consistency in paying dividends. These corporate bonds shall take 20,000 i.e. AT&T (8%), General Electric (91%) and Kellogg (3%). The Equity stocks shall include Dow Chemicals, Myers Squibb and Royal Dutch/ shell in and equal ratio of the 20,000. The main object for such investing shall be income, getting higher dividends than average stocks. Incase of defensive stock that could be included on the portfolio then Proctor and Gamble, Kellogg shall be good bets. A consistent dividend payout even during...My understanding of different investments in relation to risk depicted by the table below. Buying stocks in a corporation listed in a stock exchange allows ownership and participation in the success of the corporations. I will get an opportunity to sell and repurchase at later date possible at high price therefore getting capital gains. I wish to invest both in corporate and governments bonds. A bond is a written pledge to repay specified sum of money a government to corporate with interest. When I buy a bond I will be loaning a government or corporate money for a given period. The period may extend between 1-30 years. Choosing blue chip stocks is a safe investment that generally attracts conservative investors. Some of the respected companies incorporate America includes AT&T, general electric and Kellogg. I will carefully look out for leadership in industrial group, history of stable earnings and consistency in paying dividends. These corporate bonds shall take 20,000 i.e. AT&T (8%), General Electric (91%) and Kellogg (3%). The Equity stocks shall include Dow Chemicals, Myers Squibb and Royal Dutch/ shell in and equal ratio of the 20,000. The main object for such investing shall be income, getting higher dividends than average stocks. Investing in mutual funds would also be another wise investment vehicle.

Global Warming and Religion Essay Example | Topics and Well Written Essays - 1250 words

Global Warming and Religion - Essay Example Two thirds of the overall increase in the average temperature of Earth’s atmosphere since the 19th century has occurred since 1980. The environmental experts are certain of the fact that the increase in global warming is due to the rising concentrations of the greenhouse gases that are produced as a result of different human activities such as burning of fossil fuels and deforestation. The increasing debates regarding global warming have raised a question whether the action to reduce global warming is a theological and moral imperative or a matter of human and environmental expediency. The following paper would analyse the situation from both perspectives and it would be inferred whether the action to reduce global warming is linked with religion. There are a number of factors that have led the people to consider the religious and moral aspects of the actions to reduce global warming. A number of people hold the perspective that had everyone followed the religion properly the situation of global warming would not have arisen. The religion provides comprehensive details regarding the right way of life but these teachings have been ignored by the people and the global warming is one of the consequences of such ignorance.... It is one of the attributes held by the people who are inclined towards the religion. However people who do not follow the teachings of the religion properly moved towards luxury and in order to have an easier life, and they started to consume the natural resources in order to have luxuries. The scientists and environmental experts are certain that the main reason behind global warming is the consumption of fossil fuels and deforestation. In order to have luxurious ways of life, people got involved in the consumption of such rare resources and the situation has gotten worse ever since. Therefore, people who are inclined towards religion exercise simplicity which in itself is an action to reduce global warming (Stafford 1998). Stewardship of God’s Creation It is a common belief that stewardship of God’s creation is a biblical principle therefore man is responsible to take care of everything that has been bestowed upon him by God. The Earth and its many resources can be r egarded as God’s creation therefore man should ensure that all these resources are taken care of. However, the very cause of the global warming has been disclosed as the exploitation of natural resources. Each creation by God holds some purpose on Earth and moving it from its place may hold certain consequences, and this is being observed today in the form of rising global warming. Thus, the stewardship of God’s creation is one biblical principle that shows that the action to reduce global warming has a strong theological perspective (Nolen 2004). Rights of Non-Human Creatures The religion teaches that the rights of the inanimate planet and its non-human creatures are considered to be highly

SSEs acquisition of The Energy Solutions Group (ESG)

SSEs acquisition of The Energy Solutions Group (ESG) EXECUTIVE SUMMARY This report has been undertaken to come up with the intrinsic value of SSE plc which is operating in energy industry, using shareholder value analysis (SVA) model. The underlying value of the company is estimated to be  £12,122.14m, which is lower than the market value of  £15757.52m (FAME database, accessed on 19th January 2017). The discrepancy of the two values may be explained by referencing to Efficient Market Hypothesis, asymmetric information issue and shortcomings of SVA model. Based on sensitivity analysis, it is determined that SSEs intrinsic value is highly sensitive to changes in operating margin and WACC. It is found out that an adjustment of +2% made towards operating margin and WACC will remarkably change the company value by +86% and nearly -50% respectively. Therefore, analysts should pay more attention to these two variables when employing SVA model. The later section of the report identifies SSEs acquisition of The Energy Solutions Group (ESG) as a critical financial event, highlighting that the transaction will bring more synergy to the firms operation and enhance its competitive advantage in the energy industry. However, it is imperative for shareholders to keep track of the companys performance to alleviate problems of hubris or empire building. Objectives This financial report is expected to achieve two primary objectives. First, this report aims to provide the valuation and analysis of SSE plc a company operating in the energy industry by employing Shareholder Value Analysis (SVA) technique. Second, SSEs acquisition of The Energy Solutions Group (ESG) in 2014 will be evaluated with reference to finance theories in Mergers and Acquisitions. 1.2 Report structure This financial report is organized in five main parts: Section I: Introduction This section provides main purposes of the report and briefly describe structure of the report. Section II: Company Profile This section gives an overview of SSEs business activities, its market share and competitive positioning. Section III: Company Valuation This section covers the following contents: Evaluate the appropriateness of SVA model to value a company Perform the valuation of SSE plc using SVA model Provide justifications for variables and proxies used in the model Carry out comparative analysis and sensitivity analysis Section IV: Actual Corporate Financial Event This section critically evaluates SSEs acquisition of The Energy Solutions Group (ESG) with reference to finance theories. Some implications would also be proposed following the event evaluation. Section V: Conclusion This section summarizes the employment of SVA measure in case of SSE and then provide some recommendations. 2.1 Business Description SSE plc (Scottish and Southern Energy plc) is a British energy company headquartered in Perth, Scotland, United Kingdom. SSE was established in 1998 as a result of the merger between Scottish Hydro-Electric and Southern Electric. SSE is listed on London Stock Exchange and it stock forms part of FTSE 100, FTSE 350 and FTSE All-Share. SSEs business covers three segments: Wholesale, Networks and Retail. The Wholesale segment involves power generation from renewable and thermal plant in the United Kingdom, Ireland and Europe; the Networks segment is responsible for distributing electricity to customer premises in the North of Scotland and the South of England; meanwhile, the Retail segment supplies electricity and gas to residential and business customers in the United Kingdom and Ireland (Financial Times, 2017). Since SSE undertakes both generation and retail supply activities, it is considered a vertically integrated energy business. This makes SSE unique since SSE is the only company listed on London Stock Exchange involved in such a broad range of energy businesses (SSE, 2016a). Market share Regarding Wholesale business, in 2015 SSE had a small market share of 7%, accounting for only a quarter of EDFs share and about half of RWEs share (see Appendix 1). Referring to Ofgem (2016b), in 2015 the market shares of dominant energy producers in the UK remain relatively unchanged compared with these of 2014, which is also the case of SSE. With respect to Retail business, there were over 43 active energy suppliers in Britain by March 2016, most of which offering both gas and electricity supply (Ofgem, 2016a). SSE is included in Big 6 which are widely known as dominant leaders in the market, including British Gas, EDF Energy, E.ON, SSE, npower and ScottishPower. These companies supply gas and electricity to over 50 million household and businesses in Britain, with 87% share of domestic customers by March 2015 (Ofgem, 2016a). SSE is operating in a very competitive and well-functioning energy retail market. The firms market share in the market for energy supply can be illustrated in Appendix 2 and Appendix 3. By March 2016, SSE had the second largest market share of UK electricity supply market (about 15%), while its market share of gas supply (about 13%) only accounted for approximately one-third of British Gass share. Increasing competition in energy industry and SSEs competitive positioning Out of the three segments, Wholesale and Retail businesses have been facing increasing competition in recent years due to the entrance of new rivals in the GB Energy Supply market. There have been some concerns over barriers to entering wholesale and retail energy market such as the complexity and extent of credit requirements or low levels of liquidity in the market. Despite of these, new entry has taken place (see Appendix 4). The result of new suppliers entry is falling market share of the six large suppliers from 90% to 87% between March 2015 and March 2016 for electricity, and 90% to 86% for gas over the same period (Ofgem, 2016a). Specifically, the entry and growth of new suppliers has led to SSEs market share declining. There is a decreasing trend in the number of energy customer accounts for the past three years (see Appendix 5). In addition to the new rivalries entrance to the market, customers switching is another issue that reduce the market share of six large suppliers. Households are increasingly turning to smaller suppliers, with consumers complaining the sector is slow to pass on wholesale energy cuts and offers poor service. The total number of users switching suppliers in March 2016, 476,528 customers, was the highest since November 2013 (Energy UK, 2016). As the market become more and more competitive, attracting and retaining customers can pose challenges to SSE. However, SSE has a clear strategy to differentiate itself and create value by becoming a market-leading, digital and diversified retailer of energy and essential services. According to SSE (2015a), for the past few years SSE has: Launched its first large-scale advertising campaign for the SSE brand in both Britain and Ireland, known as Proud to make a difference campaign. The campaign has been implemented in many forms from TV, radio, billboards, print media to various digital and social media formats; Overhauled its digital channels in order to create a simple, seamless and intuitive customer experience and provide the best possible service at the lowest possible cost; Introduced a new customer relationship management (CRM) platform which facilitates better customer understanding and tailors communications and propositions to the needs of different customers; Developed and reopened sales channels and processes to ensure compliant growth. Additionally, SSEs commitment to decarbonization means that the firm will continue potential expansion in renewable energy portfolio which are comprised of onshore wind, offshore wind and conventional hydro. Furthermore, SSE is the leader in the UK energy industry to handle customer complaints. According to Energy Ombudsman in February 2016, only four out of 100,000 customer complaints required further investigation in the first three quarters of the year, pointing out the fact that 99.969% of SSEs customer issues were fully resolved (SSE, 2016a). 3.1 Evaluate the appropriateness of SVA Model There are many methods for estimating value of a company, including valuations based on asset, dividend, earnings and cash flows. Among these methods, discounted cash flow valuation is the most technical way of valuing a business as it is heavily dependent on assumptions about long-term business conditions. This measure is especially useful for cash-generating businesses which are stable and mature. Alfred Rappaport (1998) developed a simplified approach of cash flow discounting called shareholder value analysis (SVA). SVA model makes assumptions about steady changes in a number of cash flow factors as they are all relevant to sales level. There are obvious advantages associated with the use of this model. SVA is not subject to different accounting policies used by different companies and therefore can be applied across many business sectors. In addition, firms using SVA must concentrate on the future and customers, with specific focus on future cash flows. On the other hand, SVA is not a perfect model as it contains some shortcomings when being used in practice. Irrational assumptions about value drivers, as well as data unavailability are possible drawbacks that analyst frequently encounter when employing this model. 3.2 Justification of variables and proxies Employing the SVA Model to calculate a companys intrinsic value requires assumptions about a number of key variables. Sales growth might be the most important factor in the model, setting the foundation to come up with other variables values such as operating profit, incremental capital investment and incremental working capital investment. In case of SSE, sales growth is determined after careful consideration of historical growth rates, price forecast and potential future projects. For the last three years, sales growth has witnessed a decreasing trend, which can be explained by a number of reasons. First, energy prices in the UK are influenced by oil and coal prices; therefore, when these commodities prices move upward or downward, they are likely to drive gas and electricity prices in the same direction (Ofgem, 2016b). Since the second half of 2014, there were downward trends in oil and coal prices due to oversupplied markets for these commodities, contributing to declining energy prices and therefore SSEs revenues. The movements of oil price can be illustrated in the following figure: Figure 1: Brent Crude Oil price from 2010 to 2016 (Source: Bloomberg, 2016) Second, there are more and more energy suppliers in the UK market. Levels of new entry have been very high recently: 14 new suppliers became active between April 2015 and March 2016, compared to five between April 2014 and March 2015 (Ofgem, 2016a). The presence of new rivals leads to SSEs declining market share as well as the firms revenue. Third, more and more customers are switching to small and medium-sized suppliers, as shown in Figure 2. If this trend goes on, there will be much pressure on expected revenue of large energy suppliers. Figure 2: Monthly increases in the total number of domestic gas and electricity meters supplied by small and medium-sized suppliers (Source: Ofgem analysis of data provided by Xoserve, DNOs and iDNOs, 2016) From the above data, it might seem that SSEs revenue will be struggling in the next few years. However, there are evidences for investors to believe in SSEs sales growth for at least the next 5 years. First, oil price forecasts by World Bank, IMF and EIU indicate crude oil prices will observe steady increases from 2017 to 2025 (Knoema, 2016) (see figure 4, figure 4 and figure 6). Figure 3: World Bank Oil Price Forecast (Source: Knoema, 2016) Figure 4: IMF Oil Price Forecast (Source: Knoema, 2016) Figure 5: EIU Oil Price Forecast (Source: Knoema, 2016) Second, some renewable projects will be fully operational in 2017 and these will definitely support revenue growth in the next few years. As reported by SSE (2016c), three onshore wind projects under construction are expected to come into operation in 2017, including Dunmaglass (94MW), Clyde Extension (173MW) and Bhlaraidh (108MW). After above analysis has been taken into account, the sales growth is determined as the arithmetic average of the changes in sales over the previous three years, giving the result of 0.82%. This sales growth is reasonable given that SSE is operating in increasingly competitive industry, with customers tending to switch to small and medium-sized suppliers in recent years. The operating profit margin is predicted to be 2.87%, which can be worked out by taking the average of the margins in previous three years. The reason behind this assumption is that SSE is an efficient energy supplier committed to maintaining relatively low operating costs in order to make a fair profit. According to SSE (2015a), SSEs indirect costs per customer are around 20% lower than the average across the rest of the major suppliers. The effect of low operating costs can be demonstrated by stable operating profit margins for the last three years, and it is expected that this trend will continue for the coming financial years. The incremental capital investment of 53% is understandable as the company continues to develop secure, sustainable and low carbon energy infrastructure, given that the energy industry is switching to renewable energy sources. In its interim results for the six months to 30 September 2016, SSE announced it plans to invest a record  £1.85bn of capital expenditure and investment in Great Britain and Ireland in 2016/17 (SSE, 2016b). According to Alistair Phillips-Davies, SSE Chief Executive, the firm is making more investment in supporting the modernization of UKs energy facilities, and the total investment and capital expenditure by 2020 is forecast to reach approximately  £6bn. A relatively low working capital investment of 10% is determined since SSEs current assets are just enough to absorb current liabilities in the last few years. Trade and other receivables accounts for a large proportion of SSEs current assets due to the nature of the energy supply business. Meanwhile, current liabilities are mainly comprised of trade and other payables, which is because the company is making heavy investment in renewable energy infrastructure. Simply put, an incremental working capital investment of 10% is appropriate for SSE given that many potential energy projects will be under construction in the coming years. The corporation tax rate of 20% is applied to company profits (HMRC, 2016), and SSEs business is also subject to this rate. Another key variable in SVA is weighted average cost of capital (WACC). The cost of debt is determined as SSEs weighted average interest rate, which is 3.73% for year 2016. Meanwhile, the cost of equity is computed using CAPM model. SSEs beta (0.74) was obtained from FAME database, while the UK Gilt 10 Year Yield (1.40%) collected on Bloomberg website is used as the proxy for risk-free rate; all of these figures were retrieved on 19th January 2017. In addition, the UK market risk premium (5.3%) by Fernandez, et al., (2016) is another key component in the CAPM. Subsequently, a WACC of 4.59% is achieved and this is the required rate of return for SSEs capital providers. In short, the following seven value drivers will be applied in case of SSE: Table 1: Seven value drivers for SVA model Key Drivers Value Sales growth 0.82% Operating Profit margin 2.87% Tax rate 20% Incremental fixed capital investment 53% Incremental working capital investment 10% Planning Horizon 5 Required Rate of Return 4.59% Source: Analysts estimate 3.3 Employment of SVA Model Table 2 illustrates how SVA model is utilized in SSEs case. SSEs revenue of  £28,781m (recorded on 31st March 2016) was increased annually by a sales growth of 0.82% over a 5-year planning horizon. Subsequently, an operating margin of 2.87% was applied to revenues to come up with the firms operating profit. Before arriving at SSEs operating cash flows, a corporation tax rate of 20% was imposed on the operating profit, followed by subtractions of 53% in incremental capital investment and 10% in working capital investment. Afterwards, the present value of future cash flows was estimated by discounting the firms operating cash flows by 4.59% cost of capital. It is noted that SSEs terminal value at year 6+ was discounted twice, the first of which worked out the value at year 5 and the second one brought out the value in present day. After the net present value of  £18,930.7m was figured out, adjustments were made by adding  £360.2m cash and marketable securities, and then deducting  £7,168.8m total debt. After all, SSEs intrinsic value was determined at  £12,122.14m. Table 2: SSEs Shareholder value analysis (unit: million pounds) Year 1 2 3 4 5 6+ Sales 29,018.4 29,257.7 29,498.9 29,742.2 29,987.5 29,987.5 Profit 833.6 840.5 847.4 854.4 861.5 861.5 Associate Profit 206.5 208.2 209.9 211.6 213.4 213.4 Less Tax 166.7 168.1 169.5 170.9 172.3 172.3 Less ICI 125.1 126.1 127.2 128.2 129.3 0 Less IWCI 23.7 23.9 24.1 24.3 24.5 0 Operating Cash Flow 724.6 730.6 736.6 742.7 748.8 902.6 PV of cash flows 692.8 667.8 643.8 620.6 598.3 15,707.4 NPV 18,930.7 Add mkt secs 19,290.9 Less debt 7,168.8 Equity Value SVA 12,122.14 million Actual Value 15,757.52 million FAME access on 19th January 2017 Source: Analysts estimate 3.4 Comparative Analysis SSEs intrinsic value derived from SVA model was  £12,122.14m while its market capitalisation was recorded at  £15757.52m (FAME database, accessed on 19th January 2017), pointing the difference of  £3,635.38m between the two values. One possible explanation for this discrepancy is that all relevant information may not be incorporated into the share price. It could be inferred from Efficient Market Hypothesis (Fama, 1970) that the extent to which the share price is reliable depends on the efficiency of the markets. Under the strong form efficiency, the market value of  £15757.52m will fully reflect all past, present and insider information. On the other hand, if the market is under the weak form efficiency, the market value of  £15757.52m will only reflect the historical prices of the security, and hence lacking reliability. Furthermore, the information asymmetry, e.g. between management and investors and between investors themselves, is another explaining factor. Plesco Sobol (2013) states that investors who are ill-informed about financial disclosures can make unreasonable decisions in their investment. Due to irrational trading behaviours of these investors, share prices may not yield a fair market value. Another cause of the difference between the two values lies in the limitations of SVA model. The constant sales growth every year is not very realistic because the growth depends on potential development and firms strategies, which are subject to annual reviews. In the same manner, keeping WACC (4.59%) constant over 5-year planning horizon is not rational in practice, because the firms capital structure will change over time. Last but not least, the assumptions of sales growth and other key variables depend on each analysts subjective viewpoint. Changing these values by a small percentage might result in considerable change in eventual intrinsic value. 3.5 Sensitivity Analysis The sensitivity analysis performance indicates that SSEs underlying value is highly sensitive to changes operating profit margin. A positive adjustment of 2% made towards the operating margin will result in a substantial increase of 86% in the firms equity value (see Appendix 6). It is worth remembering that SSE is committed to preserve low operating costs so as to gain a fair profit. According to SSE (2015b), the firm has participated in a value program to ensure effective use of people and capital, the overall objective of which is business streamlining and simplification. This program comes with efficiency target, with expected  £100m of annual savings in overheads. In addition, the program involves reduction in offshore wind development as well as disposal of non-core assets. In general, this value scheme is likely to help SSE optimize its investment and re-balance its business. Moreover, it is noticeable that the firms intrinsic value is susceptible to changes in WACC. An adjustment of +2% in the WACC will lead to approximately 50% reduction in the firms equity value (see Appendix 6). According to Fitch Ratings (2016), SSEs equity has been diminishing recently due to the influence of sustained asset impairment losses and generous dividend pay-outs. In agreement with Pecking Order Theory, debt takes priority over equity in case external finance is required (Donaldson, 1961). Because SSEs cost of debt (3.73%) is lower than cost of equity (5.32%), it is appropriate for SSE to obtain  more bank loans to finance its long-term operations, while still making sure cost of capital is kept to a minimum. Particularly Fitch Ratings (2016) claims that SSE has a policy of accessing debt markets, ensuring that its committed borrowings equal to at least 105% of forecast borrowings over a six-monthly rolling period and adequate liquidity will be fulfilled until at least S eptember 2017. 4.1 Background information In the end of July 2014, SSE completed the acquisition of The Energy Solutions Group Topco Limited (ESG), the North west-based provider of energy management services, from Bridgepoint Development Capital for  £66m with an additional  £6m if agreed targets are achieved. Working with private and public sector customers, ESG identify improvements in their management of energy consumption; as well as install, maintain and support building management systems and solutions, saving customers around 20% to 30% of their energy consumption (SSE, 2014). 4.2 Evaluation of the issue in the context of finance theories This acquisition is classified into vertical MA (Mergers and Acquisitions). According to Arnold (2013), vertical MA occur between companies operating in the same industry at different stages of production, i.e. one company acquires another company that is either before or after it in the supply chain process. In case of SSEs acquisition, both SSE and ESG work in the energy industry. SSE involves in all many stages of energy supply chain including wholesale, networks (distribution) and retail; meanwhile ESG engages in the retail business where it is the designer and provider of energy management solutions. Therefore, SSEs acquiring ESG would be a downstream vertical acquisition. So, what is SSEs motivation behind this acquisition? Vertical integration has some advantages, including the attraction of increased certainty of supply or market outlet; reducing cost of search, contracting, payment collection, advertising, communication and co-ordination of production (Arnold, 2013). SSE (2014) states that the acquisition of ESG will strengthen SSEs services in competitive markets for industrial and commercial customers. These services are comprised of electrical and mechanical contracting, lighting services, private energy networks and telecoms, all of which are under the control of Enterprise division which forms part of SSEs retail business. According to Arnold (2013), one of the merger and acquisition motives is synergy in which the two firms together are worth more than the value of the firms apart; hence in this case, ESG will bring commercial synergies to SSEs Enterprise division. SSEs Chief Executive Alistair emphasized that managing energy costs and environmental impact are SSEs big priority for large industrial and commercial customers. Benefiting from ESGs expertise, SSE expects to meet the energy and related demands of these customers in an enhanced manner. It was confirmed that the ESGs existing management team would be in charge of the Enterprise division, and the firm believed that the commitment of the ESG management team and other employees will benefit its customers and the environment in terms of effective energy management solutions delivery. SSEs acquisition of ESG is considered a strategic acquisition in order to achieve external growth. There are two ways to categorize strategic acquisitions: by type of capability transferred and by their relation to corporate strategy (Goold Luchs, 1995). Regarding capability transfer, SSE (2015a) asserts that the acquisition of ESG added new capabilities to the business. (Goold Luchs, 1995) claims that value is created in an acquisition when competitive advantage of one firm is enhanced through the transfer of strategic capabilities including resource sharing, functional skill transfer and management skill transfer. The presence of ESG management team in SSEs Enterprise division will upgrade SSEs capability of strategic planning, ensuring that effective energy management solutions are delivered for the sake of customers. Generally, SSE is expected to benefit from management skill transferred from ESG. Another way to categorize strategic acquisitions is based on their contribution to corporate-level strategy. In other words, acquisitions are assessed considering their connections in maintaining and changing the balance between the firms existing domain and the renewal of its capabilities (Goold Luchs, 1995). An acquisitions contributions are classified into either domain strengthening, domain extension or domain exploration. In light of SSEs acquiring ESG, this would be an illustration of domain strengthening because this acquisition will deepen SSEs presence in retail business, especially reinforcing Enterprise divisions operation. Next, it is essential to see what happened with SSE stock price after the firm made announcement about the acquisition of ESG. Theoretically, when a firm acquires another one, a short-term impact on the stock price of both companies is expected. Specifically, a lot of practical studies point out that the acquiring firms stock price will go down while the acquired entitys stock price will rise (Investopedia, 2016a). With respect to the takeover company, its stock will go down mainly because of a number of uncertainties associated with the acquisition, such as turbulent integration process, lost productivity, additional debt or expense incurred and accounting issues (Investopedia, 2016a). Figure 6 demonstrates SSEs stock prices after the acquisition of ESG was disclosed. Figure 6: SSEs stock price movements after acquisition of ESG (Source: Hargreaves Lansdown, 2014) As can be seen from the above figure, SSEs stock prices witnessed decreases in two consecutive days after the acquisition and this conformed with the empirical studies implication m

Literary Analysis of Shakespeare’s Hamlet Essay

In the English Renaissance, identity was an important concern, particularly the construction of identity. As Stephen Greenblatt argues, â€Å"there is in the early modern period a change in the intellectual, social, psychological, and aesthetic structures that govern the generation of identities †¦ that is not only complex but resolutely dialectical† (1). The identity of the sovereign was of particular importance: how monarchs shaped their own identities, and how these identities affected their subjects. Taking Greenblatt’s argument, this paper examines the construction and manipulation of identity in Shakespeare’s Hamlet: in particular, the ways in which Elizabeth I’s self-representations inform the play. In addition, the paper will show how the characterization of Hamlet is shaped by the rule of Elizabeth I, who controlled her public image through elaborately constructed self-representations. Reflecting her use of these representations, Hamlet, who possesses stereotypically feminine attributes, fights to recreate himself as a masculine character to recover his family’s and kingdom’s honor. The late Elizabethan period was filled with anxiety and dismay over the aging of Queen Elizabeth I. Concern about her impending death was only made worse by her refusal to name a successor. When Shakespeare composed Hamlet in 1600, the playwright was subject to an aging, infirm queen, who at sixty-seven had left no heirs to the English throne. In Hamlet, Shakespeare thus addresses two political problems that England faced at the beginning of the seventeenth-century: royal succession and female sovereignty. As Tennenhouse argues, â€Å"History plays could not be written after Hamlet, †¦ because †¦ the whole matter of transferring power from one monarch to another had to be rethought in view of the aging body of the queen† (85). The preoccupation of the English public with who would become their new ruler, along with eager anticipation of male kingship, is expressed throughout Hamlet. Although the play is not written as a political allegory, undeniable similarities do exist between aspects of Queen Elizabeth I’s public persona and the character of Hamlet. Before further explaining this comparison, however, it is necessary to describe how Elizabeth I shaped her public persona. Elizabeth I’s Image As head of the Anglican Church, Elizabeth I was wary to align herself in marriage with a Catholic. Accordingly, Carole Levin argues that Elizabeth I promoted the image of herself as a pristine maiden well into the middle and advanced years of her life: â€Å"Elizabeth presented herself to her people as a symbol of virginity, a Virgin Queen† (64). Whether political or personal, her refusal to marry was in many ways advantageous, for she avoided the disaster of Mary I’s match with Phillip II. Yet it also caused a great deal of concern among the populace. As Levin observes, by not marrying, Elizabeth also refused the most obvious function of being a queen, that of bearing a child. Nor would she name a successor as Parliament begged her to do, since Elizabeth was convinced this would increase, rather than ease, both the political tension and her personal danger (66). Elizabeth I’s strategy to retain political power may have prevented the usurpation of her authority by a husband, but it did cause disfavor among the English citizens, especially as she grew older without announcing an heir. Anxiety over the succession led to contempt for Elizabeth I, with many people gossiping that she did not marry because she was an unnatural woman. Levin writes, â€Å"there were rumors that Elizabeth had an impediment that would prohibit regular sexual relations† (86). Levin provides an example for these rumors in an excerpt of a letter from her cousin Mary Stuart: â€Å"indubitably you are not like other women, and it is folly to advance the notion of your marriage with the Duke of Alencon, seeing that such a conjugal union would never be consummated† (86). Others claimed that Elizabeth I had illegitimate children who were kept secret (Levin 85). These accusations indicate that English citizens, as well as family relations, perceived Elizabeth Fs prolonged maidenhood as unnatural and even monstrous. Although Elizabeth I was willing to admit to Parliament that she had spent much of her strength, she was careful to cultivate the image of herself as a young woman to the public. One important example of this method is the famous Rainbow Portrait, which Elizabeth I commissioned in approximately 1600, the same period Hamlet was written. Even though Elizabeth I was sixty-seven years old when the painting was commissioned, she appears in the painting to be a young woman (Levin). Elizabeth I created an intricate and diverse image of herself. As an unmarried monarch, she became England’s Virgin Queen. Possessing two bodies, Elizabeth I established masculine authority as Prince and as mother to her subjects. As Elizabeth I grew older, she relied on iconography to deceive the English populace into viewing her as young and vital. These diverse representations of Elizabeth I are complexly reflected in Hamlet. The similarities between Elizabeth I and Gertrude are obvious: both women are perceived as indulgent, sensuous monarchs and are criticized for attempting to act like women younger than their true ages. To Gertrude, Hamlet even states, â€Å"O shame, where is thy blush? † (3. 4. 91). Despite these correspondences, a more interesting analogy exists between Elizabeth I and the character of Hamlet. The paper will compare Elizabeth I, who claimed to have â€Å"the heart and stomach of a king† (Levin 1) with Hamlet, a prince often castigated for acting in a stereotypically feminine manner. Reflections of Elizabeth I’s Constructed Identities in Hamlet One attempt by Elizabeth I to maintain her image as the Virgin Queen was a use of heavy cosmetics in an effort to make herself look younger and therefore stronger. Mullaney quotes Jesuit priest Anthony Rivers as describing Elizabeth I’s makeup at some celebrations in 1600, when Hamlet was written, to be â€Å"in some places near half an inch thick† (147). Unfortunately for Elizabeth I, this attempt to hide the weakness of her age seems only to have exacerbated her subjects’ contempt for the assumed weakness of her sex. M. P. Tilley observes that during the late Elizabethan period, there was a strong feeling against a woman using cosmetics (312). Women who used cosmetics, according to popular feeling, altered their bodies, the creations of God, and were therefore not only immodest but blasphemous. According to Mullaney, women who used cosmetics considered to be false women because they created a deceptive face to replace the one given to them by God; altering their natural female appearance made them not truly women. Not only were cosmetics blasphemous and dishonest, they were physically destructive. A woman who painted her face in the Renaissance thus arguably destroyed her person in every way possible: spiritually and bodily. Hamlet displays notable disgust toward painted women, yet critics have overlooked that many of the contemporary Renaissance objections to women’s use of cosmetics apply to Hamlet’s actions. Similar to the way that painted women used cosmetics to disguise the faces that God had given them, Hamlet puts on his â€Å"antic disposition† to disguise the faculties of reason which God has given him (1. 5. 192), faculties which in the Renaissance were an essential aspect of the virtuous man. Whether or not Hamlet is truly mad, he constructs a persona to dissimulate his purpose of revenge. Painted women were disparaged for poisoning their body with dangerous chemicals; Hamlet engages in a dangerous quest to avenge his father, and because of his quest for revenge, he is fatally poisoned. By assuming an â€Å"antic disposition,† a false face, Hamlet is physically poisoned by the bated sword of Laertes. Laertes’ poison destroys Hamlet’s body natural and symbolically disrupts the body politic, since Hamlet will be unable to rule Denmark. In addition to putting on an antic disposition, a type of face painting, Hamlet possesses other womanly attributes that would arguably have caused some anxiety. Mullaney asserts that popular opinion in the Renaissance, especially in the final years of Elizabeth I’s reign, was against the rule of a female monarch. The English people had always been hesitant to accept a female queen; as Elizabeth I grew older and more infirm, their tolerance for being ruled by a woman diminished. Mullaney further argues that this intolerance was a part of the English subjects’ realization that Elizabeth I was feeble and politically weakening: â€Å"for the Renaissance †¦ misogyny may in fact be an integral part of the mourning process when the lost object or ideal being processed is a woman, especially but not exclusively when that woman is a queen of England, too† (140). As the English public’s grief for the decline of their queen’s strength increased, so too did their contempt for her bodily weakness and inability to govern effectively. Reflecting anxiety about Elizabeth’s I old age and infirmity, Hamlet displays a stereotypically feminine quality that makes him problematic as heir to the Danish throne. Early in the play, Claudius chides Hamlet for his â€Å"unmanly grief concerning the passing of his father (1. 2. 98). Elaine Showalter claims that â€Å"Hamlet’s emotional vulnerability can †¦ readily be conceptualized as feminine† (223). Discussing Hamlet’s creation of a mad persona, Carol Thomas Neely also lists â€Å"passivity and loss of control† among Hamlet’s feminine attributes during his period of madness (326). Hamlet’s emotional vulnerability and passivity, when considered in the politically-charged atmosphere of the late Elizabethan period, can even be seen as his downfall. Mullaney, quoting Tennenhouse, argues that â€Å"Hamlet is a play keenly aware of its late Elizabethan status, in which the impending transfer of power ‘from one monarch to another had to be rethought in view of the aging body of the queen'† (149). He goes on to view Hamlet as inhabiting a male-constructed world. Mullaney asserts that â€Å"like other Shakespearean males, Hamlet achieves a partial if suicidal resolution of the contradictions of patriarchy by constructing a world that is not so much gendered as free from gender differentiation—a world that is all male† (158). It is believable that Hamlet’s true problem is actually the opposite—his world is too female, or rather feminine. Despite the small number of females in the play, Hamlet presents a feminine character in a male body, a twisted reflection of Elizabeth I, who claimed to have â€Å"the body of a weak and feeble woman, but †¦ the heart and stomach of a king† (Levin 1). Hamlet possesses the body of a prince, but the heart and stomach of a woman: a fusion which was particularly problematic in the misogynistic environment that prevailed during the sixteenth and seventeenth centuries. As a feminine character in the body of a male, particularly one who, as Claudius observes, is â€Å"most immediate to the throne† (1. 2. 113), Hamlet cannot be allowed to survive and assume the throne. His death, as well as the passage of the Danish monarchy to the quintessential warrior figure, Fortinbras, reflects the transition of the throne from Elizabeth I to James I. James I’s ascension to the English throne alleviated some anxiety of female sovereignty, although his reign showed his peevish, cowardly, and self-indulgent disposition. When Hamlet puts on an â€Å"antic disposition,† crafting himself as mad, he evinces natural traits that are usually associated with feminine weakness. Hamlet is beset with passivity and indecision, two qualities often ascribed to women in the Renaissance (Woodbridge 275-99). Passivity and indecision impede and nearly thwart his quest to obey his father’s demand for revenge. Davis D. McElroy claims that Hamlet, in addition to considering the ghost’s exhortation to avenge him, contemplates taking no action at all. McElroy examines the opening five lines of the â€Å"to be or not to be† soliloquy: To be, or not to be, that is the question: Whether is nobler in the mind to suffer The slings and arrows of outrageous fortune, Or to take arms against a sea of troubles, And by opposing, end them. (3. 1. 64-8) McElroy alleges that these lines, which are generally believed to be Hamlet’s argument regarding suicide, constitute a different deliberation on revenge: killing Claudius, as the alleged ghost of his father demands, or taking no action at all—a more cowardly decision, certainly, but definitely safer. McElroy compares the two options by examining the rhetoric of chiasmus—claiming that â€Å"to be† refers to â€Å"taking arms† against Claudius and â€Å"not to be† refers to â€Å"suffering †¦ outrageous fortune. † He argues that the speech pertains more reasonably to revenge than suicide because killing oneself is more like â€Å"avoiding† one’s troubles than â€Å"opposing† them (544). It can be posited that Hamlet’s indecision concerning his vow to avenge his father parallels Elizabeth Fs refusal to name an heir. As Tennenhouse observes, Where Claudius would be second to Hamlet and Hamlet’s line in a patrilineal system, the queen’s husband and uncle of the king’s son occupies the privileged male position in a matrilineal system.. . It is to be expected that Claudius could not legally possess the crown, the matrilinear succession having the weaker claim on British political thinking. (89) Hamlet’s duty is not merely to uphold his promise of vengeance. He also has an obligation to his country to see Claudius removed from the throne and Hamlet, the rightful ruler in patrilineal succession, put in his place. When Hamlet contemplates neglecting this obligation, he endangers the succession to the Danish throne in much the same way that Elizabeth I’s secrecy concerning her own succession endangers England. Arguably, Hamlet fails in his responsibility to protect the Danish succession: after Hamlet’s death, Fortinbras, a Norwegian, assumes the throne. Although Fortinbras is a better candidate than the corrupt Claudius, he is a member of Norway’s royal line, not Denmark’s. Elizabeth I’s refusal to marry consigns England to a similar fate regarding kingship and royal lines. James I is a member of the British royal family, but he is a Stuart, not a Tudor. As the Virgin Queen, Elizabeth I secures her own power by refusing to name a successor during her lifetime, but she allows her familial line to die with her. Elizabeth I also protected her political authority by crafting several personas. As seen in the Rainbow Portrait, she took liberally from mythological figures, such as Astraea, Flora, and Diana. Just as Elizabeth I appropriated the appearance and femininity of goddesses, Hamlet appropriates the masculine authority he observes in Fortinbras. Hamlet attempts to construct a persona that goes beyond an antic disposition, wanting to fashion himself as a strong son and leader of Denmark. After hearing of Fortinbras’s plan to attack a desolate stretch of Poland, Hamlet resolves to emulate the militant Fortinbras by fashioning himself as a â€Å"bloody† avenger: How stand I, then, That have a father killed, a mother stained, Excitements of my reason and my blood, And let all sleep †¦ †¦ O, from this time forth My thoughts be bloody or be nothing worth! (4. 4. 59-62, 68-9) Although Hamlet desires to construct himself as an aggressive and violent fighter, he is never able to attain Fortinbras’s forcefulness. Hamlet’s passivity here shows weakness and debility, not qualities appropriate in a military leader or a monarch. Although Hamlet attempts to assume the masculinity of Fortinbras, shaping himself as a potent agent of revenge, Hamlet’s attempted emulation of Fortinbras’s masculinity is merely another false front. Hamlet recognizes his own passivity, but however much he tries to counter and suppress it, his femininity is too firmly a part of his personality for him to overcome it completely. Even though Hamlet seeks to avenge his father’s murder, he is unable to kill Claudius in Act three, scene three. Hamlet decides not to kill Claudius at his attempted prayer, and he thus does not do what he has resolved to do. At this point in the play, the audience sees a fluid character, one who first fashions himself as mad, then earnestly attempts to mold himself like the soldier Fortinbras. However much Hamlet views himself as mutable, he cannot override his passive nature. Hamlet attempts to put on Fortinbras’s masculine disposition after killing Polonius and assuring the deaths of Rosencrantz and Guildenstern, yet even after returning from his voyage to England, Hamlet is caught in his feminine passivity. Despite his earlier resolve that â€Å"his thoughts be bloody or be nothing worth† (4. 4. 69), Hamlet makes no move against Claudius. He walks with Horatio in the graveyard, where he learns of Ophelia’s death (5. 1. 253), and he attacks Laertes at her gravesite (5. 1. 273), but he still clings to his false antic disposition. Gertrude calls his behavior â€Å"mere madness† and compares Hamlet to a â€Å"female dove† (5. 1. 302, 304). Hamlet’s shock and grief at learning about Ophelia’s death could excuse his distraction from attacking Claudius, but Hamlet delays his task too long. By waiting for Laertes’ challenge instead of choosing his own time to confront Claudius, Hamlet is forced to fight on the treacherous king’s terms and dies at the tip of Laertes’ poisoned sword. Hamlet’s struggle mirrors the rule of Elizabeth I, who controlled her public image through elaborately constructed personas. Similar to Hamlet, Elizabeth I attempted to disguise or suppress her feminine weakness. She proclaimed that she possessed a masculine body politic despite her female body natural. Elizabeth I maintained supremacy throughout her reign—no easy task for a woman in the Renaissance—yet her refusal to marry and produce heirs ended the Tudor line of succession. Hamlet’s plight reflects the anxiety experienced by many English subjects as Elizabeth I grew older with no children to succeed her: as Elizabeth I aged, the question of the sovereign’s role or representation to provide for the common welfare became increasingly critical. The Queen was still a mere woman, even though she had the â€Å"heart and stomach of a king† (Levin 1). Equally, Hamlet strives to create a public persona that corresponds with the masculine strength of Fortinbras, but he ultimately succumbs to feminine passivity, even though he is a prince. Conclusion Hamlet reflects the anxiety of many of Elizabeth I’s subjects concerning the strength of their Queen and the succession of the monarchy. With no husband and no heir to the throne, the political security of the country was at stake. Furthermore, many citizens were concerned with Elizabeth I’s aging body and her undignified attempts to appear younger. This concern developed in many cases into contempt for Elizabeth I’s deceptive manipulations of her image. Hamlet has many feminine characteristics that, especially in the climate of Elizabeth I’s decline, make him unsuitable as a ruler or potential king. Although he is not naturally suited to the masculine requirements of kingship, Hamlet strives to overcome his feminine nature in order to reinstate the honor and dignity of his family and kingdom. Although he accomplishes this end, his femininity delays him until he is betrayed by Claudius’ treachery. Hamlet removes Claudius from the throne, but at the cost of many lives, and the Danish monarchy passes to a Norwegian ruler. Like Elizabeth I, Hamlet tries to recreate his identity to gain needed respect and authority, but ultimately fails to protect his father’s line of succession. In Hamlet, readers can surmise some of the feelings Shakespeare may have experienced in the growing misogyny that permeated the final years of Elizabeth I’s reign. Like Hamlet, Elizabeth I was not without flaws, and her subjects came to resent her for these weaknesses, anticipating the advent of a more powerful—and masculine—monarch. As Shakespeare demonstrates with Hamlet’s poignant death and with Fortinbras’s triumph, a stronger, more manful monarch is not necessarily a more admirable or worthy one. Works Cited Greenblatt, Stephen. Renaissance Self-Fashioning: From More to Shakespeare. Chicago: U of Chicago P, 1980. Levin, Carole. â€Å"The Heart and Stomach of a King†: Elizabeth I and the Politics of Sex and Power. Philadelphia: U of Pennsylvania P, 1994. McElroy, Davis D. â€Å"To Be, or Not to Be’—Is That the Question? † College English 25. 7 (1964): 543-545. Mullaney, Steven. â€Å"Mourning and Misogyny: Hamlet, The Revenger’s Tragedy, and the Final Progress of Elizabeth I, 1600-1607. † Shakespeare Quarterly 45. 2 (1994): 139-62. Neely, Carol Thomas. ‘†Documents in Madness’: Reading Madness and Gender in Shakespeare’s Tragedies and Early Modern Culture. † Shakespeare Quarterly 42. 3 (1991): 315-38. Shakespeare, William. Hamlet. Eds. Barbara A. Mowat and Paul Werstine. New York: Washington Square P, 1992. Showaiter, Elaine. â€Å"Representing Ophelia: Women, Madness, and the Responsibilities of Feminist Criticism. † Hamlet: Complete, Authoritative Text with Biographical and Historical Contexts, Critical History, and Essays from Five Contemporary Critical Perspectives. Ed. Susanne L. Wofford. Boston: Bedford Books of St. Martin’s Press, 1994. Tennenhouse, Leonard. Power on Display: The Politics of Shakespeare’s Genres. New York: Methuen, 1986. Tilley, M. P, ‘†I Have Heard of Your Paintings Too’. (Hamlet III, i, 148). † The Review of English Studies 5. 19 (1929): 312-17