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Okonkwo Great Man, Tragic Hero - 981 Words

Ugonna Onyeukwu Period 4 January 15, 2013 Okonkwo: A Great Man, Tragic Hero A tragic hero is a archetype who fails to overcome or surpass his/her conflict. The book â€Å"Things Fall Apart† included a tragic hero. The book was written by the name of Chinua Achebe. The tragic hero in the book was Okonkwo, a warrior from a village called Umuofia. Chinua Achebe wrote the book with the purpose of showing how someone with high esteem can fall from greatness so dramatically because of that person’s actions. Okonkwo exhibited hubris, had a tragic flaw, and fell from a position of greatness. These were the things that showed that he was tragic hero. An important aspect of a tragic hero is their exhibition of hubris (a Greek term,†¦show more content†¦If he were to be in his village during that time maybe he could have protected his village from their control. There is another instance when Okonkwo’s fall from greatness is seen. During Okonkwo’s early his was shown to be a very strong man, both physically and mentally. Because of this he was known throughout all the villages as a great warrior in wars. This is also seen when he beats the wrestler â€Å"The Cat†, was previously unbeaten in a wrestling match (page 39). But because of his penultimate showing of his tragic flaw (uncontrollable rage), he is forced to kill himself to avoid punishment (page 207), which is the opposite of being strong mentally. These examples reveal his fall from greatness. A tragic hero is an archetype who fails to overcome or surpass his/her conflict. I think we see tragic heroes in literature because of what they can teach readers. The tragic hero of â€Å"Things Fall Apart†, Okonkwo exhibited hubris, had a tragic flaw, and fell from a position of greatness, all aspects of a tragic hero. From the points and explanations that were given earlier in this essay, it has been proven that Okonkwo is in fact a tragic hero. This topic is important because it can happen to anyone with some type of power and esteem. It cou ld be beneficial to think about tragic heroes because it could lead to the change of actions of well known and respected people because would gain a fear of a fall from greatness like whatShow MoreRelatedThe Tragic Hero Of Chinua Achebe s Things Fall Apart1453 Words   |  6 PagesIs a tragic hero really that tragic? A tragic hero is a person who is a character that makes the wrong decisions which cause the character destruction. The definition of a tragic hero is terrible because of how a hero ends up being in a downfall. According to Aristotle, a tragic hero is a character of noble stature and has greatness. The character must have high status position, but must also have nobility and virtue. In the book, Things Fall Apart by Chinua Achebe, Okonkwo, the great warrior whoRead MoreThings Fall Apart- Achebe1000 Words   |  4 PagesFall Apart, Okonkwo is a tragic hero. Aristotle’s Poetics defines a Tragic Hero as a good man of high status who displays a tragic flaw (â€Å" hamartia†) and experiences a dramatic reversal (â€Å"peripeteia†), as well as an intense moment of recognition (â€Å"anagnorisis†). Okonkwo is a leader and hardworking member of the Igbo community of Umuofia whose tragic flaw is his great fear of weakness and failure. Okonkwo’s fall from grace in the Igbo community and eventual suicide, makes Okonkwo a tragic hero by Aristotle’sRead MoreEssay on No Tragic Hero in Chinua Achebes Things Fall Apart892 Words   |  4 PagesNo Tragic Hero in Things Fall Apart   Ã‚  Ã‚   According to Aristotle a tragedy is a drama...which recounts an important and casually related series of events in the life of a person of significance, such events culminating in an unhappy catastrophe, the whole treated with great dignity and seriousness. The novel Things Fall Apart, written by Chinua Achebe begins as a story about the life of a man named Okonkwo. It recounts the events beginning with his childhood and ending with his deathRead MoreThings Fall Apart875 Words   |  4 PagesOkonkwo is a tragic hero in Things Fall Apart Question ( 2 ): Discuss Okonkwo in Chinua Achebe s â€Å"Things Fall Apart† is a tragic hero. Answer: In Chinua Achebe’s novel â€Å"Things Fall Apart† Okonkwo is a tragic hero. Aristotle’s Poetics defines a Tragic Hero as a good man of high status who displays a tragic flaw ‘hamartia’ and experiences a dramatic reversal ‘peripeteia’, as well as an intense moment of recognition ‘anagnorisis’. Okonkwo is a leader and hardworking member of the Igbo communityRead MoreOkonkwo Tragic Hero Analysis821 Words   |  4 PagesAlexander the Great was also the mind behind the concept of tragic hero. A tragic hero, he depicts, is a hero who falls from affluence to calamity. This fall must be caused not by ill luck but at the fault of the tragic hero himself. To be considered a tragic hero aristotle had specific criteria. Goodness, being the first. A tragic hero must have good morals and their actions should follow suit. Appropriateness, the character must fit into the role they play in society. Lifelike, the tragic hero must be Read MoreIs Okonkwo A Tragic Hero709 Words   |  3 PagesAristotle says a tragic hero is someone who makes a decision that inadvertently brings an end to their life. In Things Fall Apart by Chinua Achebe the main character Okonkwo is considered a tragic hero, he faces all his challenges with great Courage and Pride. But all of his challenges he brought upon himself because of his tragic flaw, which is his hatred for his father Unoka. Unoka was a lazy drunk with no titles, this hatred drove Okonkwo to become a very good man. He became one of the greatestRead MoreCharacter Analysis Of Okonkwo831 Words   |  4 PagesOkonkwo: Tragic Hero According to dictionary.com, a tragic hero is â€Å"a great or virtuous character in a dramatic tragedy who is destined for downfall, suffering, or defeat.† In the book, Things Fall Apart by Chinua Achebe, the main character Okonkwo struggles with the fear of being like his father. Okonkwo also has a hard time dealing with the Christian missionaries and the British colonialism influencing his clan. Okonkwo is a tragic hero because of his fatal judgment errors and outside forces buildingRead MoreThings fall Apart and Okonkwo; A Classic Greek Tragedy and Tragic Hero1112 Words   |  5 Pagesand Okonkwo; A Classic Greek Tragedy and Tragic Hero Both the novel Things Fall Apart by Chinua Achebe, and its main character Okonkwo closely adhere to the definitions of a classic Greek tragedy and a typical tragic hero. First of all, Okonkwo is a tragic hero by the Greek definition. While Okonkwo wasn’t born to a nobleman or king (as the definition of a tragic hero states), he was a man of high status and respect in his community, as Obierika stated near the end of the book. â€Å"That man wasRead MoreThe Tragic Hero Of Things Fall Apart 1283 Words   |  6 PagesMacbeth and Okonkwo What comes to mind when you hear the word hero? You may think of superheroes, a significant figure in your life or anyone else who generally brings greatness about the world. A tragic hero on the other hand is a character who has a flaw that eventually helps aid to their downfall as a tragic hero. In the novel Things Fall Apart written by Chinua Achebe and Macbeth written by Shakespeare, we meet two prime examples of tragic heros. The elements of a tragic hero include hamartiaRead MoreChinua Achebe s Things Fall Apart1314 Words   |  6 PagesChinua Achebe masterpiece â€Å"Things Fall Apart† (1959) is the classic story of Okonkwo, a young man who strives to be revered by his village and family but because of his own internal character flaws meets his own demise. In the Igbo culture, family traditions are an important narrative throughout the novel. Okonkwo, the protagonist character of this story, begins with many attributes of what would be concluded as a hero with hi s cultural society. He is hard working, a material provider, feared and

Impact of Stock Split on Stock Return Free Essays

string(157) " reacts so fast to all past information that no investor can earn an above normal return \(higher than the market or the return on the SP 500 index\)\." Proceedings of ASBBS Volume 16 Number 1 THE IMPACT OF STOCK SPLIT ANNOUNCEMENTS ON STOCK PRICE: A TEST OF MARKET EFFICIENCY Garcia de Andoain, Carlos Longwood University carlos. garciadeandoain@live. longwood. We will write a custom essay sample on Impact of Stock Split on Stock Return or any similar topic only for you Order Now edu Bacon, Frank W. Longwood University 2O1 High Street Farmville, VA 23909 baconfw@longwood. edu Phone: 434-395-2131 Fax: 434-395-2203 ABSTRACT The purpose of this study is to test whether the investor can make an above normal return by relying on public information impounded in a stock split announcement. Using risk adjusted event study methodology, this study tests â€Å"how† and â€Å"when† public announcements of forward and reverse stock splits affect stock price. Stock split announcement samples include 38 two for one, 39 three for two, and 10 reverse splits. A total of 36,714 observations for the announcement samples and the corresponding SP 500 stock index were analyzed using standard risk adjusted event study methodology. Results suggest that the firms’ public stock split announcements did not affect stock price on the announcement day. Rather, for the two for one and three for two forward split samples, stock price exhibited a significant positive reaction up to 27 days prior to the announcement. For the reverse split sample, stock price exhibited a significant negative reaction up to 30 days prior to the announcement. Results support the semi- strong form efficient market hypothesis since stock prices adjust so fast to public information that no investor can earn an above normal return by trading on the announcement day. Investors greet forward stock split announcement with a positive sign, whereas they view reverse splits as bad news. Management may be using stock splits to adjust stock price to a more marketable range, downward with forward and upward for reverse splits. Evidence here suggests signs of insider trading activity up to twenty-seven days prior to the announcement of the stock split. INTRODUCTION Stock split announcements have always been very common phenomena among firms and continue to be one of the least understood topics in finance. A stock split announcement increases the number of shares of a company while decreasing the price per share. The two for one split is most common, for example a company with 500 shares at $10 per share will issue 500 additional shares bringing the total to 1000 shares theoretically dropping the stock price to $5 per share. A stock split usually takes place after an increase in the price of the stock, and it carries a positive stock price reaction. (Asquith) This phenomenon has not yet been fully understood, regardless the numerous studies in the field. ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 BACKGROUND Barker (1956) presented one of the most popular theories to explain stock split behavior. Barker findings failed to consider the split action itself. Barker’s study concluded that price changes occurred because of the increase in cash dividends and not from the split action. (Johnson). According to the â€Å"signaling hypothesis†, managers use stock split announcements to convey positive information about the firm (Ikenberry, Rankine, Strice). Investors see a stock split announcement as a positive thing, whereas a reverse split does not convey favorable information. Fama (1969) suggests that the stock market is â€Å"efficient†, meaning that stock prices adjust very fast to new information. The theory of market efficiency is concerned with whether prices reflect all the public available information or not (Fama 1970). Efficiency implies that it is impossible for the investor to earn an above normal return from public information. PURPOSE The purpose of this event study is to test market efficiency theory by analyzing the impact of three samples of stock split announcements on the firm’s stock price. Stock split announcement samples include 38 two for one, 39 three for two, and 10 reverse splits. Specifically, how fast does the market price of the firms’ stock react to the samples of regular and reverse stock split announcements examined? The study tests whether the investor can make an above normal return by relying on public information imbedded in a stock split announcement, as well as if stock price is affected by a stock split announcement. This study investigates if acting on public information is enough to have an unusual return, or if there must be an illegal action such as inside trading to be able to â€Å"outperform† the stock market. Which form efficiency is the market? Research shows that the market is semi-strong form efficient. An above normal return can only be gained from inside information, and not when acting in public information. LITERATURE REVIEW Fama defined market efficiency in terms of how quick the stock market reacts to the information and suggested three kinds of market efficiency: Weak form, semi-strong and strong form efficiency. If market is weak for efficient, then stock price reacts so fast to all past information that no investor can earn an above normal return (higher than the market or the return on the SP 500 index). You read "Impact of Stock Split on Stock Return" in category "Papers" This study shows how investors will not earn a high return from acting on public information (stock split announcement), while investors having access to inside information will make an abnormal return. A second kind of market efficiency is semi-strong. It states that stock price reacts so fast to all public information that no investor can earn an above normal return (higher than the market or the return on the SP 500 index) by acting on this type of information. (Fama 1970). Splits usually result in high market valuations, but study done by Fama (1970), Dodd, Patell and Wolfson, found that there is no evidence of abnormal return after the release of public information. They concluded that the market assimilates and takes into consideration public information very fast, within 5 to 15 minutes after the disclosure (Malkiel). This supports the idea that an investor acting on public information will not earn an above normal return. When this happens the market is said to be semi-strong form efficient. If the market is strong form efficient, then stock price reacts so fast to all information (both public and private), that no investor can earn an above normal return (higher than the market or the return on the SP 500 index) by acting on this kind of information. Studies made by Friend, Brown concluded that profit can only be gained by having access to private or inside information, which is illegal. Fama ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 presents evidence supporting that efficiency is not met in the strong form and that the semi-strong form is more accurate. This study agrees that stock split announcement are affected in a company stock price according to the semi strong form efficiency which states that stock prices reacts so fast to all public information that no investor can earn an above normal return after the announcement is made. An example would be information concerning a merger. If an investor would buy shares on the announcement day of the merger, the semi strong market efficiency believes that the investor would never be able to earn an above normal return, because adjustments had already been done in the stock price. The market has already been adjusted, so therefore the only way to outperform the market in this case would be by using inside information. METHODOLOGY: This study includes samples of companies that announced a two for one, three for two or reverse stock split announcement. These companies trade their stock in either the NYSE or NASDAQ. The Data for this study was collected from http://finance. yahoo. com/. The announcement date (Day 0) is the day that the stock splits are announced. Every stock return from the companies and from the SP 500 index was also collected. The Event Study proceeds as following: 1. Historical prices for both the firms and the SP 500 were collected from day -180 to day +30, being the event period -30 to +30 and Day 0 the announcement day. 2. Holding Period Return was calculated for all the companies as well as for the SP 500 on the event period days (-180 to +30). HPR was obtained from the following formula: Current Daily Return = (current day close price – previous day close price) / prev. Day close price 3. A regression analysis was performed, being the current firm return the dependent variable and the SP return the independent variable. The data that was used was the one belonging to the pre-event period (from day -181 to -30). The alpha and the beta were obtained from the regressions. 4. The expected return for each firm as well as for the SP 500 was calculated: Expected Return = (Alpha + Beta) x SP actual return 5. Excess Return was obtained from the difference between Actual and Expected Return. Excess Return = Actual Return – Expected Return 6. Average Excess Return (for the Event period) was calculated as: Average Excess Return (AER) = Total Excess Return / n (number of firms in the sample) 7. Cumulative Average Excess Return for the event period (Day -30 to Day +30) was calculated by adding the AER for each day in the event period. 8. A correlation test was done with AER and CAER. The graphs represent AER and CAER plotted against Time. ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 Table 1 describes 38 companies that split their stock on a two for one basis between December 1, 2006 and May 14, 2007, along with their respective alphas and betas. TABLE 1: TICKER AFAM ACLI COMPANY NAME Almost Family Inc. American Commercial Lines Inc Selective Insurance Group Inc. ZOLL Medical Corp Trimble Navigation Ltd. Albemarle Corp Guess? Inc. Cooper Industries Ltd Jacobs Engineering Group, Inc GameStop Corp Sealed Air Corp. Carlisle Companies Inc CarMax Inc. Harsco Corp. Amphenol Corp Cabot Oil Gas Corp Nike Inc Cummins Inc Greif Inc DATE ANNOUNCED Dec 11 Feb 06 TRADED INDEX NASDAQ NASDAQ ALPHA 0. 01665915 -0. 000394377 BETA 0. 08530878 2. 602491516 SIGI ZOLL TRMB ALB GES CBE JEC GME SEE CSL KMX HSC APH COG NKE CMI GEF Jan 30 Jan 25 Jan 25 Feb 07 Feb 14 Feb 14 Jan 26 Feb 12 Feb 16 Feb 08 Feb 22 Jan 23 Jan 17 Feb 26 Feb 15 Mar 08 Feb 26 NASDAQ NASDAQ NASDAQ NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE -0. 000319706 0. 004077614 -0. 000187534 0. 00223 7728 0. 001589658 0. 000761731 0. 001074342 0. 000477979 0. 00085897 -0. 001167829 0. 003087277 -0. 001056001 0. 000467862 0. 000826123 0. 001079523 -0. 000720045 0. 02203648 1. 38328513 1. 207411999 1. 321541131 1. 327988752 2. 246784079 1. 308635864 1. 946533548 1. 721660362 1. 172042857 1. 346601558 1. 240366727 1. 658082593 1. 86971211 1. 568927816 0. 553921446 1. 980439113 1. 880200397 ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS VLGEA AZZ ATR TSO GEO TSBK VSEC MRO GIL NRG CROX AGN PMFG MIDD SJR PVA GILD PBR STR Village Super Market Inc AZZ incorporated AptarGroup Inc Tesoro Corporation Geo Group Inc Timberland Bancorp Inc. VSE Corp Marathon Oil Corp. Gildan Activewear NRG Energy Inc. Crocs, Inc Allergan Inc PMFG Inc Middleby Corp Shaw Comm CL Penn Virginia CP Gilead Sciences Petroleo Brasileiro Questar CP Mar 21 Apr 09 Apr 18 May 01 May 01 Apr 25 May 01 Apr 25 May 03 May 02 May 03 May 02 May 04 May 04 May 10 May 08 May 08 May 11 May 14 NASDAQ NYSE NYSE NYSE NYSE NASDAQ NASDAQ NYSE NYSE NYSE NASDAQ NYSE NASDAQ NASDAQ NYSE NYSE NASDAQ NYSE NYSE Volume 16 Number 1 0. 00054113 0. 002118906 0. 00174286 0. 00160687 0. 002825174 0. 000615586 0. 001278324 0. 000144992 0. 003089016 0. 00241574 0. 00282982 -0. 000453038 0. 002024817 0. 02028334 0. 001186211 -0. 00050926 . 000009116 -0. 00064373 -. 000142796 1. 351096108 0. 681656728 0. 033542167 0. 973844695 1. 578867077 0. 107464578 2. 457597999 0. 986395517 0. 000111517 0. 316285515 1. 783171812 0. 952984111 0. 039990601 1. 964415725 0. 938731083 1. 1695925 1. 517629839 1. 817825121 . 706466451 Table 2 describes 39 companies that split their stock on a three for two bases between August 23, 2006 and May 15, 2007, along w ith their respective alphas and betas. TABLE 2: ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS TICKER NGA EPIQ BAM WMS VIVO IEX ATLS VSEA BWS WCN RSG JCTCF MDCI PFBC CMCSA SWS BKE VOL SSI FMD CRVL GBCI AFG SPAR COMPANY NAME North AM Gav Epiq Systems Inc Brookfield Asset MGT V M S Industries Inc Meridian Bioscience IDEX Cop Atlas America Inc Varian Semicond Brown shoe corp Waste connections Republic SVCS Jewett Cameron Inc Medical Action IND Preferred Bank LA Comcast Cp A SWS Group Inc Buckle Inc Volt Info Science Inc Stage Stores Inc First Marblehead Corp Corvel CP Glacier Bancorp American Financial Group Spartan Motors Inc DATE ANNOUNCED May 15 May 10 May 02 May 07 April 19 April 04 April 27 April 24 March 08 Feb 12 Feb 01 March 13 Jan 09 Jan 25 Feb 01 Nov 30 Dec 12 Dec 20 Jan 09 Nov 10 Nov 13 Nov 29 Nov 15 Nov 02 TRADED INDEX NASDAQ NASDAQ NYSE NYSE NASDAQ NYSE NASDAQ NASDAQ NYSE NYSE NYSE NASDAQ NASDAQ NASDAQ NASDAQ NYSE NYSE NYSE NYSE NYSE NASDAQ NASDAQ NYSE NASDAQ Volume 16 Number 1 ALPHA -0. 001032797 0. 001183339 0. 000859066 0. 002219704 0. 0011736 22 0. 000243421 0. 000488161 0. 001788461 0. 000592124 -0. 000187979 -0. 000441765 0. 000124622 0. 001559912 0. 000301413 0. 001381697 0. 000530857 -. 000641295 0. 001338437 0. 000540995 0. 004563185 0. 003763906 0. 000329484 0. 000736169 0. 003450361 BETA 1. 997738247 1. 038735222 1. 251257403 1. 094503791 1. 550013068 1. 509306631 0. 38871871 2. 207840195 2. 599167684 0. 92152423 0. 761431985 -0. 512126102 1. 004029551 0. 867741293 0. 927831638 2. 477624454 1. 602298009 2. 358292804 1. 756904894 0. 830932855 2. 113368174 1. 743070573 0. 936337426 0. 519840545 ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS SBIB AEO CTBK IRM PERY EAT AME WGNB ACAP UBSH EML MCBI CASS CCFH Sterlin Bancshares American Eagle Outfitters Inc Trico Bankshares Iron Mountain Inc Perry Ellis International Brinker International Inc Ametek Inc WGNB Corp American Physicians Cap Union Bankshares Corp Eastern Co Metrocorp Bancshares Cass Information Systems CCF Holding Co Oct 31 Nov 14 Nov 08 Dec 07 Nov 21 Nov 02 Oct 25 Sep 18 Sep 26 Sep 07 Sep 28 Aug 04 Jul 24 Aug 23 NASDAQ NYSE NASDAQ NYSE NASDAQ NYSE NYSE NASDAQ NASDAQ NASDAQ AMEX NASDAQ NASDAQ NASDAQ Volume 16 Number 1 0. 001127642 0. 003616084 0. 001058586 -0. 0000284 0. 002794647 -0. 000020642 0. 00005895 0. 00024115 0. 000317657 -0. 00058103 0. 000419721 0. 000941528 0. 003356848 0. 002118726 1. 165421403 1. 593723526 1. 432917191 0. 627633001 0. 919648907 0. 886164833 1. 31003146 -0. 00226624 0. 066171033 1. 663620313 0. 22686963 0. 121493122 0. 113211419 -0. 08732041 Table 3 describes 10 samples of companies that split their stock on a reverse basis between August 27, 2003 and September 15, 2008, along with their respective alphas and betas. TABLE 3: TICKER OPWV ERIC IWOV SIG COMPANY NAME Openwage Systems LM Ericcson Telephone Co Interwoven Inc Signet Jewelers LTD DATE ANNOUNCED Oct 09 Oct 18 Aug 27 Sept 11 TRADED INDEX NASDAQ NASDAQ NASDAQ NYSE ALPHA 0. 00680888 -0. 006696905 0. 001398048 -0. 000938713 BETA 2. 51286756 1. 949328188 1. 469236928 0. 891488791 ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS BFLY REV CNXT IACI TMTA ERIC Bluefly Inc Revlon Inc Conexant Systems Inc. IAC/ InterActiveCorp Transmeta Corporation LM Ericcson Telephone Co April 3 Sep 15 June 2 June 09 Aug 15 April 09 NASDAQ NYSE NASDAQ NASDAQ NASDAQ NASDAQ Volume 16 Number 1 -0. 00449535 0. 000925943 -0. 004900502 -0. 001442165 -0. 002052045 -0. 004006643 0. 070525685 0. 902722337 1. 73193906 0. 982384488 1. 265168622 -0. 16807384 To test for semi-strong market efficiency the following null and alternative hypotheses are used for the three stock split samples: H10: The risk adjusted return of the stock price of the sample of firms announcing stock splits is not significantly affected by this type of information on the announcement date. H11: The risk adjusted return of the stock price of the sample of firms announcing stock splits is significantly positively affected by this type of information on the announcement date. H20: The risk adjusted return of the stock price of the sample of firms announcing stock splits is not significantly affected by this type of information around the announcement date as defined by the event period. H21: The risk adjusted return of the stock price of the sample of firms announcing stock splits is significantly positively or negatively affected around the announcement date as defined by the event period. QUANTITATIVETESTS AND RESULTS: Did the market react to the announcements of regular two for one, the regular three for two, and the reverse stock splits? Was the information surrounding the event significant? A’priori, one would expect there to be a significant difference in the Actual Average Daily Returns (Day -30 to Day +30) and the Expected Average Daily Returns (Day -30 to Day +30) if the information surrounding the event impounds new, significant information on the market price of the firms’ stock. If a significant risk adjusted difference is observed, then we support our hypothesis that this type of information did in fact significantly either increase or decrease stock price. To statistically test for a difference in the Actual Daily Average Returns and the Expected Daily Average Returns over the event period day -30 to day +30, we conducted a paired sample t-test for the three samples and found a significant difference at the 5% level between actual average daily returns and the risk adjusted expected average daily returns. Average Excess Return (AER) graphs are shown below. Results here support the alternate hypothesis H21: The risk adjusted return of the stock price of the sample of firms announcing stock splits is significantly affected around the announcement date as defined by the event period. This finding supports the significance of the information around the event since the market’s reaction was observed. ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 Is it possible to isolate and observe the samples’ daily response to the announcement from day -30 to day +30? If so, at what level of efficiency did the market respond to the information and what are the implications for market efficiency? Another purpose of this analysis was to test the efficiency of the market in reacting to the three samples of stock split announcements. Specifically, do we observe weak, semi-strong, or strong form market efficiency as defined by Fama, 1970, in the efficient market hypothesis? The key in the analysis is to determine if the AER and CAER are significantly different from zero or that there is a visible graphical or statistical relationship between time and either AER or CAER. T-tests of AER and CAER both tested different from zero at the 5% level of significance. Likewise, observation of the following CAER Charts (graphs of CAER from day –30 to day +30 for each sample) confirm the significant positive reaction of the risk adjusted returns for the two forward split samples up to 27 pre-announcement and a significant negative reaction for the reverse split sample up to 30 days prior to the stock split announcement. Two for one stock split announcements: ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 Three for two split announcement: ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 Reverse split announcement: ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 There are three forms of market efficiency as defined by Fama, which are strong, semi-strong and weak form efficiency. Observation of the CAER graphs against time for two for one and three for two stock split announcements shows a positive reaction twenty seven days prior to the announcement date. Reverse splits are normally done in order make the stock more appealing for investors with an unusual low market price. (Lawson) Also, reverse splits might be used in order to reduce the number of shareholders of the company. As an example if a 1-10 reverse stock split is made effective, the investor will have ten times less shares than before, but at ten times the price. In the reverse split case, the CAER graph suggests that return falls from day -30 until day -15, while then increasing until day 10. After day 10 the stock starts to level off. CAER graphs for two for one and three for two stock splits show how excess return rises up to 27 days prior to the announcement day. From Day 0 until Day 30 stock returns start to level off. This evidence supports Hypothesis H10, which states that stock price is not affected by this type of information on the announcement date. The stock return has already been adjusted before the stock split announcement is made. The investor cannot outperform the market by using public information. The price has already been affected by the announcement of two for one and three for two stock split announcement. After the announcement day, from days 6 to 16 the return goes up, which is caused by investors that react favorably to the announcement by buying more shares. After this small increase, stock price decreases and levels off. The CAER graphs support the idea that the market is semi- strong form efficient. For the samples analyzed, public information does not affect stock price on the announcement day. Reaction is observed up to 27 days prior to the announcement date which suggests that to be able to â€Å"outperform† the market you must be aware of inside information. CONCLUSION: The purpose of this study was to test whether the investor can make an above normal return by relying on public information impounded in a stock split announcement. Using risk adjusted event study methodology, this study tests â€Å"how† and â€Å"when† public announcements of forward and reverse stock splits affect stock price. Stock split announcement samples include 38 two for one, 39 three for two, and ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 10 reverse splits. A total of 36,714 observations for the announcement samples and the corresponding S 500 stock index were analyzed using standard risk adjusted event study methodology. Results suggest that the firms’ public stock split announcements did not affect stock price on the announcement day. Rather, for the two for one and three for two forward split samples, stock price exhibited a significant positive reaction up to 27 days prior to the announcement. For the reverse split sample, stock price exhibited a significant negative reaction up to 30 days prior to the announcement. Results support the semi- strong form efficient market hypothesis since stock prices adjust so fast to public information that no investor can earn an above normal return by trading on the announcement day. Investors greet forward stock split announcement with a positive sign, whereas they view reverse splits as bad news. Management may be using stock splits to adjust stock price to a more marketable range, downward with forward and upward for reverse splits. Evidence here suggests signs of insider trading activity up to twenty-seven days prior to the announcement of the stock split. ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS REFERENCES: Volume 16 Number 1 Asquith, Paul, Paul Healy, and Krishna Palepu. â€Å"Earnings and Stock Splits. † The Accounting Review 64 (1989): 387-403. Barker, C. A. , â€Å"Effective Stock Splits,† Havard Business Review, XXXIV (January-February, 1956), pp. 101-106 Easely, David, Maureen O’hara, and Gideon Saar. â€Å"How Stock Splits Affect Trading: a Microstructure Approach. † The Journal of Financial and Quantitative Analysis 36 (2001): 25-51. Fama, Eugene F. Efficient Capital Markets: a Review of Theory and Empirical Work. † The Journal of Finance, 25 (1970): 383-417. 9 Dec. 2007 . Fama, Eugene F. , Lawrence Fisher, Michael C. Jensen, and Richard Roll. â€Å"The Adjustment of Stock Prices to New Information. † International Economic Review 10 (1969): 1-21. 9 Dec. 2007 . Ikenberry, David L. , Graeme Rankine, and Earl K. Stice. â€Å"What do stock splits really signal?. † Journal of Financial and Quantitative Analysis 31. n3 (Sept 1996): 357(19). General OneFile. Gale. Longwood University. 9 Dec. 2007 . Johnson, Keith B. â€Å"Stock Splits and Price Change. † The Journal of Finance 21 (1966): 675-686. 9 Dec. 2007 . Lakonishok, Josef, and Baruch Lev. â€Å"Stock Splits and Stock Dividends: Why, Who, and When. † The Journal of Finance 42 (1987): 913-932. Lamoureux, Christopher G. , and Percy Poon. â€Å"The market reaction to stock splits. † Journal of Finance 42. n5 (Dec 1987): 1347(24). General OneFile. Gale. Longwood University. 9 Dec. 2007 . Lawson, Michael J. â€Å"Reverse Stock splits: The Fiduciary’s obligations under State LAw. † California Law Review 63 (1975): 1226-249. Malkiel, Burton G. â€Å"Is the stock market efficient?. † Science 243. n4896 (March 10, 1989): 1313(6). General OneFile. Gale. Longwood University. 9 Dec. 2007 . ASBBS Annual Conference: Las Vegas February 2009 How to cite Impact of Stock Split on Stock Return, Papers

Leadership in Organizational Change Business Networks

Question: Describe about the Leadership in Organizational Change for Business Networks? Answer: Article 1 Is continual change always a good thing? https://business.fiu.edu/newsletters/BusinessNetworks/2007/10/business_insight.cfm Author Authenticity The author is a corporate author and the source is reliable as it is prepared by the Florida International System. The journal article has been published by the Business Networks in October 2007. Summary This article argues on the topic if continual change is always considered to be a good thing. According to the article, change itself is a constant factor in the present business world that affects organizations of all sizes and even joint ventures. It has been identified in the article that regardless of the motivation type behind a belief in the positive effects of occasional change, change that is continual may not likely be positive for joint ventures on international grounds. Evaluation Conventional wisdom suggests that in the present competitive and volatile business environment, managers must change their structures with the simultaneous change of internal as well as external environments. In fact, adaptive structural change gives feasible as well as beneficial outcomes since it manages the alignment amidst organizational structure as well as the environment. Article 2 Conflict in Organizations https://www.airpower.maxwell.af.mil/airchronicles/aureview/1976/nov-dec/peppers.html Author Authenticity Lieutenant Colonel Russell Pierre, Jr., USA(M. S., Air Force Institute of Technology; M. A., Central Michigan University) Jerome G. Peppers, Jr.,(M. L. S., University of Oklahoma), is Associate Professor of Management, School of Systems and logistics, Air Force Institute of Technology The source is highly reliable since it is an official publication of Air University in November, 1976. Summary This article highlights on the issue whether organizational conflict is a good or bad thing. Conflict is prevalent in the society and this concern can cover significant acts of harmony as well as cooperation that reflect general organizational or social life. It has been agreed upon conflict is a major reality within an organization. Therefore, managers are required to become effectively able in managing conflict within any environment. According to the article, conflict must be considered neither good nor bad in a conceptual manner. The actual outcomes of any conflict situation may be determined by the feelings, values, and beliefs of people involved. Individuals are the ones who actually determine the true meaning of conflicts. Evaluation As organizational managers or member, it is our responsibility to manage organizational conflicts to attain profitable return out of it. Management of conflict needs our considerations in guidance as well as control for keeping the conflict acceptable so that it may encourage others positively. Article 3 Why Is Change Important in an Organization? https://smallbusiness.chron.com/change-important-organization-728.html Author Authenticity Leigh Richards, Demand Media; published by the Small Business journal Summary The article specifies the significance of change within the organizational environment. It has been identified that in the fast-moving circumstances, any business that looks for the change options is at beneficiary. It has been assessed that businesses must embrace organizational change. Without the change any firm is likely to lose its competitive edge as well as fail in satisfying the needs of what required to be basis for loyal consumers. According to the article, the major areas of importance of organizational change have been considered to be technological advancements, customer needs, the economy, growth opportunities, and challenging the current state. Evaluation It may be evaluated from the assessment of the article that organizational change is inevitable and any resistance that aims to prevent change is sure to demolish with time. Change is considered to be inevitable and every change has a definite purpose behind it. On account of various available factors in the surroundings, change may be influenced by several aspects. In order to go with the flow, organizations are required to incorporate the changes in business conducts and operations and this finally leads to organizational success and growth. Article 4 THE ROLE OF LEADERSHIP IN ORGANIZATIONAL CHANGE https://www.diva-portal.org/smash/get/diva2:326289/fulltext01 Author Authenticity Wasim Abbas; Imran Asghar Summary Leadership plays a central role within the evolution as well as cultivation of an organization, and the process of change needs quite effective and competent leadership which is capable of perceiving the most needed organizational shape, thereby addressing the issue of change in the most preferred manner. The article highlights on the need to have effective leadership in order to conduct organizational change. Evaluation It may be evaluated from the article analysis that leadership is a crucial requisite to bring about organizational change. A leader is an individual who is experienced and highly influential to bring about positive changes within an organization. Hence, any change to be brought about must be conducted under the guidance of a leader. Leadership attributes of a leader encourages the accomplishments of several functions that make the entire process quite convenient. References Abbas, W. and Asghar, I. (2010). the role of leadership in organizational change. Conflict in Organizations. (1976). Air University Review. Is continual change always a good thing?. (2007). Business Networks. Richards,, L. and Media, D. (2015). Why Is Change Important in an Organization?.

The impact of media on society

Table of Contents Introduction Role of media in the society Impact of media on society Works Cited Introduction Media is one of the world’s power and force that can not be undermined. Media has a remarkable control in almost every aspect of our lives; in politics, social and cultural or economic welfares. Perhaps the best analysis of the impact that media has played in the society is through first acknowledging its role in information flow and circulation.Advertising We will write a custom essay sample on The impact of media on society specifically for you for only $16.05 $11/page Learn More It is would be unjust to overlook the importance of information to the society. Information is the significant to the society in the sense that, all that happens in the society must be channeled and communicated among the society’s habitats. Without media, the habitats or else the population will be left clueless on what is happening or what is ough t to happen. From another perspective, the society benefits from the media in a number of ways and as well it derives a lot of misfortunes from the society. However, regardless of the impact that is made by media on the society, the media remains to be one of the strongest forces that influence the pillars of the society. This essay paper highlights the impacts that media has continued to assert on the society either in a positive or in a negative manner. Role of media in the society The most common role that media has played in the society has been; to inform people, to educate people and sometimes to offer leisure or entertainment. The role of media in the society is stretched back in the ancient traditions when, there were approaches on which media role in the society was perceived. Some of these approaches included a positive approach, critical approach, production approach, technological approach, information approach and finally a post colonial approach. A positivist approach assumed that media’s role in the society was to achieve predetermined objectives of the society, usually from a beneficial perspective. The critical approach assumes that media is pertinent can be used in struggle for power and other issues in the society that were preceded by a spark of a new or old ideology. The production approach is that media plays a greater role in society by providing a new experience of reality to the masses by providing an avenue of new perceptions and visions. The information approach assumes that the key role of media in the society is to provide information channels for the benefit of the society (Fourie178). Impact of media on society With the above roles being achieved in one of the most remarkable means over centuries, media has some solid impacts that have been imprinted on the society. Some of these impacts and effects are to remain for ever as long as media existence will remain while others require control and monitoring due to their negati ve effects on the society. The best approach to look at this is by first describing the positive impacts that media has had on the society (Fourie 25).Advertising Looking for essay on communications media? Let's see if we can help you! Get your first paper with 15% OFF Learn More The development of media and advancement of mass media is such positive impact that media has accomplished in recent times. It has been proven that mass communication has influenced social foundation and governments to means that only can be termed pro-social (Preiss 485). An example of such can be use of mass media in campaigns to eradicate HIV and AIDS in the society. Mass communication through media avenues such as the internet, television and radio has seen great co-operation of government, government agencies, non-government organizations, private corporations and the public in what is seen as key society players in mutual efforts towards constructing better society. In this context, med ia has contributed to awareness, education of the society and better governance of the society. Were it not for media, the worlds most historical moments would probably be forgotten today especially in the manner they reshape our contemporary society in matters regarding politics, economics and culture (Fourie 58). However, media has had its shortcomings that have negative influence on the society. These negatives if not counterchecked or controlled will continue to ruin the values and morals of a society that once treasured morality and value of information. These negative impacts include: media has contributed to immense exposure of violence and antisocial acts from media program that are aimed at entertaining the public. Media roles in the society have been reversed by merely assuming a role of society visibility thus controlling the society rather than being controlled by society. Media has continued to use biased tactics to attract society attention and thus having a negative i mpact on the society’s culture due to stereotyping of other cultures. Media has continued to target vulnerable groups in the society such as children and youths be exposing them to pornographic materials that has sexual immorality consequence on the society’s young generations. It is through such shortcomings that the cognitive behavior’s which shape the moral fiber of the society gets threatened by media (Berger 106). However, regardless of the impacts of the media on the society, the future of the media will evolve with time and its role in the society will unlikely fade.Advertising We will write a custom essay sample on The impact of media on society specifically for you for only $16.05 $11/page Learn More Works Cited Berger, Arthur. Media and society: a critical perspective. Maryland: Rowman Littlefield. 2007 Fourie, Pieter. Media studies: media history, media and society. Cape Town: Juta and company ltd. 2008 Preiss, Raymond. Mass media effects research: advances through meta-analysis. New York: Routledge. 2007 This essay on The impact of media on society was written and submitted by user Amos Rollins to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

John Locke and American Foundations in Government essays

John Locke and American Foundations in Government essays John Lockes ideas and theories on the state of nature and how it applies to government are used in many American historical documents. These documents, such as the Declaration of Independence and the Constitution of the United States, are essential in the way that our government functions today. John Locke, a philosopher during the Age of Enlightenment, wrote the Second Treatise on Civil Government. This writing contained his theories and opinions on the reason there is a government, and how it should be run. John Lockes theories on natural rights of man, equality, and a properly functioning government are incorporated into our earliest historical documents, and lay a foundation for the government that exists today. In the Second Treatise on Civil Government, John Locke writes that men exist in a natural state of freedom and equality. In this state of nature, there is a law. This law states that no man ought to harm another in his life, liberty, or possessions.(Locke) But there is a problem with this state of nature. According to Locke, the property he [man] has in this state [of nature] is very unsafe, very insecure.(Locke) So in order to preserve ones natural rights, one would have to find some means of protection. The end result is that men will unite under a commonwealth, and put themselves under a government, for the mutual preservation of their lives, liberties, and estates.(Locke) Locke believes that government is a natural occurrence, and that government is a necessity for survival. Without government, the world would eventually deteriorate into chaos, and most peoples rights would be lost. Locke also states that there is a need for a fair government with established laws. Lockes wri tings also demand a fair and just ruler. Locke writes, when a long train of abuses and usurpations, pursuing invariably the same object evinces a design to reduce them unde...

Legal Research on the laws, which impose caps or limits on punitive Paper

Legal on the laws, which impose caps or limits on punitive damages for tort recovery in all the states of USA - Research Paper Example Alabama Alabama Code S. 6-5-410 (a) states that punitive damages can be levied for unfair actions, negligence or omission of any individual or company. Upon proving negligence, the above section allows to claim for punitive damages. S 6-11-20(a) permits for punitive damages in civil cases where it has been demonstrated that â€Å"the defendant wantonly or consciously involved in fraud, malice or fraud.† For proving malice and fraud, there should be a presence of an intentional act. Alabama State proscribes the award of punitive damages in litigation against a master when a case is filed under vicarious liability or against state agencies. Alaska Sec.09.17.020 of Alaska statute permits to claim punitive damages.As per this section , the punitive damages for outrageous , reckless acts will be awarded either of the following, and it should not exceed the greater of ; Three times of compensatory damages levied to the claimant. â€Å"A sum of $ 500,000.† There are separate limits for employees who have been injured by the action of employers. If a claimant is awarded punitive damages, then the court will insist that half of the punitive damages awarded shall have to be paid into general fund of the state. If the punitive damages is covered by an insurance policy , then the insurer will have to pay the punitive damages to the claimant on behalf of the defendant unless if there is any exclusion clause for the coverage of PD.PD. Christopher T.Stidvent , Tort Reform in Alaska : Much Ado about Nothing? , 16 Alaska L.Rev. 61 (1999) (March 30, 2012), http://www.lexis.com 3 Arizona There is no statute setting cap on punitive damages under tort in Arizona. However , there exists case laws on the subject. In Hyatt Regency Phoenix Hotel Co. v Winston & Strawn , it was held that for recovering punitive damages under Arizona’s law , the claimant has to demonstrate that defendant involved in outrageous and aggravated demeanor with an ‘evil mind’. The same view was held in some Arizona cases like Rawlings v Apodaca , Thompson v Better-Bit Aluminums Prod. Co also. In†Gurule v Illinois Mutual Life & Cas. Co.† , it was held that if a defendant acts with the required evil mind , thereby by defrauding , injuring or intentionally mediating with the privileges of others , by disrespecting the risk of poignant harm to them. Bruce C .King and Carol J.Patterson, Ethics, 25 Construction Lawyer Journal. 5, (2005) (March 30, 2012), http://www.lexis.com 4 Arkansas Under ARK CODE ANN  § 16-55-207 as amended in 2010 , a claimant should convince the onus of evidence demanded under  § 16-55-206 by obvious and convincing proof so as to recover punitive damages

The changing of Dim Sum Essay Example | Topics and Well Written Essays - 500 words

The changing of Dim Sum - Essay Example This paper will thus focus on the Dim Sum as a Chinese delicacy or food and the cultural weight and implication it bears relative to the Chinese people. Thus, just as the cultural tenets and principles of people do change, so does the Dim Sum as a delicacy and important treat of a meal (Nahm, 152). To begin with, the words Dim Sum in the loosest of translations refers to a light touch on the heart. In the past society and generations, dim sum was served as a unifying meal. This happened since the delicacy revives feelings of friendship in the good way. Just as culture is learnt and shared from one generation to the next, the dim sum as a concept has also been passed from one generation to the next (Watson and Melissa, 7). This means that even the ingredients and spices that were used to make the original dim sum are slightly different from the subsequent ones. For instance, in the ancient times, dim sum was treated in a casual manner where acquaintances, family and friends shared as an equivalent of â€Å"tea testing.† Dim sum was often served to the friends when they were waiting for the main meal, thus it was used as an appetizer. In principle, the preparation of the dim sum included spices such as prawn, chicken, dumplings, rice noodle rolls which are known as  "cheong fun† (Fung, Hung-Gay, Derrick and Yau, 19). As the times have changed, chefs and most restaurants have introduced pork and vegetables to and spice and give variety to consumers. This is aimed at responding to the people who may not be consumers of meat thus, allowing them the option of having dim sum in the form of vegetables (Alperson, 23). This has been necessitated by changing demands of the people in the society who are strict vegetarians but would still wish to enjoy their exquisite cuisine. It is important to note and mention that the traditional society did serve dim sum for the better part of the morning up to mid-afternoon. However, in the face of the changing dynamic times,

Government vs. Private Sector Coursework Example | Topics and Well Written Essays - 250 words

Government vs. Private Sector - Coursework Example This set of practices, including double-entry accounting formula, is used in ensuring that uniformity and financial accuracy is achieved. According to Gauthier (2010), these methods can also be used in the public sector, but there is room for deviation to other methods in some cases such as during budgeting (Gauthier, 2010). The application of accrual and cash accounting and budgeting basis is a great divide between the private and the public sector, with the private sector employing accrual accounting, while the public sector employing cash accounting and budgeting (Finkler, 2010). However, there is a constant development of bridging between the two approaches by most governments, with the view of attaining better financial information. The context of public and private sector finance and accounting management also differs in such a way that the private sector has more autonomy to make any financial and accounting decisions in order to achieve what ought to be achieved (Finkler, 2010). On the other hand, the public sector financial and accounting is limited to rules and regulations that limit their reach in terms of incorporating practice to have ends meet. For instance, the Governmental Accounting Standards Board (GASB) Statement No. 20 restricts state and local governments to using private sector standards that were only issued prior to November 30, 1989, consistent with GASB guidance (Gauthier,

Development of Space Power in India

Development of Space Power in India SPACE POWER- A FORCE MULTIPLIER â€Å"The vastness of space is a key factor in the war-form of the future† Alvin Heidi Toffler[1] CHAPTER I INTRODUCTION The Space has always been a matter of great interest to human race, which gazed and tried to explore this cosmic world for thousands of years. Even our own epics talk a lot about space and its utilisation. The space warfare is as old as Indian mythology. However, Science flourished during the European Renaissance and fundamental physical laws governing planetary motion were discovered, and the orbits of the planets around the Sun were calculated. The Chinese were the first to develop a rocket in around 1212 AD. In 1883, a Russian schoolmaster, Konstantin Tsiolkovsky, first explained the mechanics of how a rocket could fly into space.[2]. In the 17th century, astronomers pointed a new device called the telescope at the heavens and made startling discoveries[3]. On 03 Oct 1942, German scientists launched an A-4 rocket, which travelled a distance of 190 km and reached an altitude of over 80 km. Orbital operations started with Soviet Sputnik-1 satellite in 1957[4]. Since then exploration and exploitation of the space has been a continued effort. This led to the unfolding of mysteries of the space world and thus using it for own advantages. Military use of space started with the launch of an American reconnaissance satellite in 1960.[5] Since then, the utilisation of space has been a matter of debate and controversies as far as direct war fighting military roles and missions are concerned. However, the support operations like Intelligence, communication and reconnaissance, which came first, did not face much of resistance. The benefits possible from the space-based support operations were realised very quickly and these operations were extended further to surveillance, mapping, navigation, ground mapping, environmental monitoring etc. Space systems have brought better intelligence and stronger defences by enabling the collection of new types of data and information; significantly increasing communications capabilities and capacities; revolutionizing precision navigation and timing; enriching science; establishing new markets; providing safer air, land, and sea transportation; and enabling faster disaster relief as well as more effective civil planning[6]. The phenomenal utilization and exploitation of the space medium has finally provided the users the power to gain advantage over the enemy. Traditionally, power has been related to explosive ordinance and target destruction. But in the post-Cold War world, the power most often delivered by airmen has taken the form of humanitarian aid: food, medical supplies, and heavy equipment.[7] Also Knowledge is the purest form of power and is the reason that overhead surveillance, reconnaissance, and intelligence-gathering efforts are so important in both war and peace. Information delivered from above can be used to strengthen a friendly regime, discredit an enemy regime, or directly attack the morale of an adversarys frontline troops. They can detect missile launches, nuclear tests and they can provide secure real time communications all over the world. The resolution available with satellite reconnaissance is more than adequate for military needs. The accuracy of GPS is known to us all. In le ss hostile circumstances, the information might consist of humanitarian warnings about impending natural disasters or news about disaster-relief efforts[8]. The meteorological satellites provide accurate weather data from any part of the world. Thus in past few years, space-based systems have enabled dramatic improvement in military and intelligence operations thus enhancing its capability, accuracy and fire power. Thus the Space medium emerging as Space Power and the most effective and widely used force multiplier. METHODOLOGY Statement Of Problem To study and analyse the feasibility of Space Power to evolve as a frontline force multiplier for India and to critically examine the road ahead. Justification Of Study Indias achievement in the field of space capability may not seem to be very advanced especially when compared with the accomplishments of the superpowers and elite members of the satellite club. However, one needs to look at the Indian space programme in isolation to fully understand the tremendous progress and achievements that have been made from such a humble beginning. All the countries have developed launch vehicles as an offshoot of their ballistic missile projects, and their satellites were primarily intended for military use. Non- military applications were a spinoff of the military programmes, whereas India has developed space applications and launch vehicles for totally civilian use. The technology was also used within a broader framework to achieve socio-economic development, and military spin-offs have been incidental. Therefore, India has an inherent advantage as far as civilian support role is concerned however it needs special effort and attitude to develop military support application. Utilization of Space medium and Control of space based assets will be an important ingredient of future world power. President APJ Kalam has stated that accomplishments in space have traditionally been a barometer of international status, technological prowess and enhanced military capability. Rapid advancements in Information Technology, Internet and Com munications are increasingly utilising space based assets. These assets play a decisive role in shaping the outcome of conflicts and are engines that drive economic growths. India and China are likely to be the economic powerhouses of the 21st Century. India is also emerging as a key balancer of Asian stability. By its combined military and space technology, India would be required to contain regional conflicts and prevent unscrupulous exploitation of the Indian Ocean region[9]. Therefore development of space power both for military and civilian use, especially as a force multiplier is must to climb up the pyramid of world power. Perceptions determine actions. The militarys perception of the air and space environment influences the type of space forces it will develop in the future[10]. In Indias context which has belligerent neighbours, space based capabilities are the definite force multiplier. In fact, military strategist call space the new ‘High Ground. Which will bring in revolutionary changes in military affairs. Therefore we need to decide the kind of space force which we need to develop to exploit Space medium to the maximum as a force multiplier to maintain edge in the region. Scope This study analyses the exploitation of Space Force as a force multiplier in the Indian Context. Methods Of Data Collection The information and data for this dissertation has been gathered through internet, various books, papers, journals and newspapers. In addition, lectures delivered by dignitaries at DSSC have been utilised to gather information. The bibliography of sources is appended at the end of the dissertation. Organisation Of The Dissertation It is proposed to study the subject in the following manner:- (a) Chapter I Introduction and Methodology. (b) Chapter II Understanding Space power. (c) Chapter III Roles and Application of Space Power. (d) Chapter IV Space Power as Force Multiplier. (e) Chapter V Indian Capability and the Road Ahead. (f) Chapter VI Recommendations and Conclusion. CHAPTER II UNDERSTANDING SPACE POWER The beginning of wisdom is calling things by their right names. —Confucius Space has fascinated many thinkers, philosophers and Air Warriors equally for a long time. Many a researches and money has gone in exploring and exploiting space but still the concepts are not very clear to many of us. It is extremely important for us to have clear understanding of space before we can evaluate the role and utilization of space medium. Definitions Space Space is void of substance, offers no protection from harmful radiation, and allows only the balance between thrust and gravity with which to maneuver.[11] Space begins where satellites can maintain orbit (81 miles) and extends to infinity.[12] Power is control or authority to influence; the ability to produce an act or event.[13] And Space power is a nations ability to exploit and control the space medium to support and achieve national goals.[14] Gravity The driving force behind all orbital dynamics is the force of gravity and is defined by the law of universal Gravitation given by Isaac Newton in 1687. It states â€Å" Every particle in the universe attracts every other particle with a force that is proportional to the product of their masses and inversely proportional to the square of the distance between the particle†.[15] Escape Velocity Satellites maintain orbit around a planet (Earth in our case) at a particular speed at a given height. If the speed is increased, the satellite goes into a higher orbit. Escape velocity is the speed at which the centrifugal force becomes greater than the pull of planetary gravity. The object would then cease to be an Earth-satellite, and start moving away from the earth. At 500 km the escape velocity is 10.8 km/sec.[16] Satellite Inclination Every satellite orbits within a plane that passes through Earths gravitational centre. The angle formed between the orbital plane of the satellite and the plane of the Earths equator. BY convention, it is measured anticlockwise from the equator to the orbital plane at the point where the satellite crosses, passing to north[17]. Orbits with inclination at or closer to 90 degrees are known as ‘polar orbits. ‘Equatorial orbits are those in or very close to the plane of the equator. The rest, between these two limits, are ‘inclined orbits. The combination of the satellites own motion and that of the rotating planet beneath produces a ‘ground track joining the successive points on the planet which fall directly beneath the satellite. The surface area of the planet in line-of-sight or direct communication with any satellite is a function of its altitude and ground track. In the lowest feasible orbits, the area that can be ‘seen by satelli te sensors is no more than that of one of Earths larger cities. Orbital Decay With a perfectly spherical planet of even density, no air resistance, and no minute gravitational pulls from neighbouring bodies (such as Sun, the Moon, and the other planets), a satellite would stay in orbit forever. In the real world these factors upset the balance of forces which sustains the orbit, which causes it to ‘decay, so that the satellite eventually falls to the Earth. For practical purposes, satellites which go below 300 km encounter air resistance serious enough to require intermittent use of on-board boosters to maintain their orbits.[18] Low Earth Orbit (LEO). This orbit ranges from a height of 200 and 5000 km. Polar and highly inclined orbits are favoured for general reconnaissance missions since they give planet-wide coverage. The periods of such range between 90 minutes and a few hours. Sun Synchronous orbit It is the orbit where in the satellite is used for surveillance at optical wave length and whose orbital motion will bring it periodically over the same area of interest at the same sunlight conditions from day to day. These orbital planes are called as Sun Synchronous orbit[19]. These are low earth orbits inclined at about 98 °. Semi-synchronous Orbit. This is circular orbit at 20,700 km with a period of 12 hours. The term is sometimes extended to all orbits between LEO and this orbit. Molniya Orbit. This is a highly elliptical orbit, at an altitude of between 500 40000 km, with a 12 hour period. This orbit is most stable at an inclination of 63 degrees. (At other inclinations gravitational anomalies resulting from irregularities in the shape and density of the planet cause the major axis of such an orbit the line joining the apogee and the perigee points to rotate inconveniently.) This orbit was used by the Soviet Union to provide satellite spending 11 hours out of 12 hours above the northern hemisphere.[20] Geostationary Satellite As the orbital height increases, so orbital period increases. If the orbital height increases to 35875km, the orbital period will be synchronised with the rotation rate of the Earth. Such a satellite would be called a geosynchronous satellite. If these satellite have zero degree of inclination such that these satellites will appear stationary in the sky over a point on the equator to an observer on earth. Such a satellite would be called a geostationary satellite[21]. This is a circular, equatorial orbit at an altitude of 35,700 km. With a period of 24 hours, such satellites appear to remain almost stationary above a fixed point over the equator. In practice, they sometimes describe a very small ‘ of eight ground tracks about such a point. Three or more evenly spaced geostationary satellites can cover most of the planet, except the Polar Regions. These satellites are mainly used for communications or early warning of missiles. Geosynchronous Orbit has li ttle military or other uses because of its large ‘ of eight ground tracks, depending on its inclination. In military discussions the term ‘geostationary, is tending to be replaced by ‘geosynchronous, because the former is the limiting case of the latter. Even a small inclination causes a geostationary satellite to become a ‘strictly speaking geosynchronous one. Military geostationary satellites may sometimes have a use for such a ground track, though seldom for the much wider, true geosynchronous orbit.[22] Super-synchronous Orbit. The orbits above GEO have had little use so far, but offer many options for future military satellites taking refuge from ground based or LEO anti-satellites. Certain points of equilibrium between solar, lunar and terrestrial gravitation are especially interesting.[23] (a) Near-Earth Orbit (NEO) or aerospace extends 50 to 200 kilometers above the Earths surface, incorporating the mesosphere and the lower edge of the ionosphere in an intermediate region where aerodynamics and ballistics interact or succeed each other. In the short term, NEO will remain the primary location for the deployment of manned and unmanned military systems and probable major space industrialization facilities such as a manned space operations center (SOC)[24]. It is through this zone that ballistic missiles must proceed during and after their boost phase and are most vulnerable to antiballistic missile (ABM) systems. However, minimum long-range effects from nuclear explosions are found at altitudes between 50 and 150 kilometers: above 50 kilometers, the mechanical effects of shockwave pressures almost disappear as a consequence of the relatively low air density; below 150 kilometers, the air density is still high enough to reduce the range of corpuscular radiation through di spersion and absorption so that the long-range thermal effect is also not maximum.[25] Therefore, even very powerful nuclear devises in the megaton range must be detonated at relatively close proximity to their intended target at NEO to be effective, although electromagnetic pulse (EMP) effects could seriously disrupt unhardened electronic systems at long-range distances. Nevertheless, targets at NEO, compared to those at higher gravity well zones, are relatively vulnerable to Earth-based intervention because of an inherently short warning time available for the implementation of countermeasures and the minimal amount of energy that the enemy must expend to reach this zone. Conversely, a weapon system such as a fractional orbital bombardment system (FOBS) at NEO could attack targets on Earth with a minimum of warning[26]. (b) (c) The cislunar zone consists of all space between NEO and Lunar Surface Orbit (LSO), including Geosynchronous Earth Orbit (GEO). The cislunar zone provides military systems situated here the defensive option of a longer reaction time to implement countermeasures against Earth- or NEO-based intervention[27]. (d) (e) LSO consists of the zone of space where the Moon orbits the Earth, including Near Lunar Orbit (NLO) or the space immediately surrounding the Moon. (f) (g) The translunar zone is comprised of the space from LSO to approximately one million kilometers from the Earths surface, where the solar gravity well begins to predominate and includes the five Lagrangian points. These final zones will attain increasing military significance as the process of space industrialization evolves. Eventually the Moon and Lagrangian points could be used to dominate the entire Earth-Moon system.[28] Outer Space In the denomination of legal material dealing with the space exploration and nearly the entire space law, the term outer space is commonly used. But this term has not been defined to date with precision despite many attempts undertaken by jurists, International non-governmental and the United Nations bodies[29]. The difference between space and the outer space is generally not recognised. But the former term is wider than the latter and means the whole universe including the earth while outer space means all spaces other than the earth. In fact, outer space begins where the earths atmosphere ends and extends on in all directions infinitely. The upper limit of the air space constitutes the lowest limit of outer space. The outer space in a broader sense also consists of the entire space beyond celestial bodies and their atmosphere. Celestial bodies include all land masses in space and their atmosphere except Earth. Therefore, air space is excluded from outer space. The diff erence between space and outer space is insignificant in so far as the exploration and use of such domain is concerned[30]. (h) The tactical space environment The tactical space environment of the Earth-Moon system can be conceptualized as a series of gravity well zones that are somewhat analogous to terrestrial hills, promontories, and mountains in that much effort and energy must be initially expended to situate forces in such locations. Once attained, however, these positions can be used to dominate the terrain below with relative ease. 1 illustrates in two-dimensional form the gravity well zones of the Earth-Moon system, which are in reality three dimensional spheres[31]. (i) (j) During the next two decades, military space activities and the development of various commercial space enterprises (or space industrialization) will be primarily restricted to this system. Possible military missions in this tactical environment include direct intervention on the Earths surface form space, regulation of the flow of space traffic, protection of military and industrial space facilities, denial of strategic areas of space to others (such as choice satellite orbits at Geosynchronous Earth Orbit and the various Lagrangian points at which objects revolve with the same period as the gravitational Earth-Moon system and thus remain effectively stationary), and various surveillance, reconnaissance, navigation, command, control, and communication functions[32]. CLICHÉ ABOUT SPACE POWER The space power being the latest addition to the force of a Nation, there is still a huge dilemma about its placement, its use whether military or civilian and also its control. Currently, a fully developed space power theory does not exist. USSPACECOM, recognizing the void, has commissioned Dr. Brian R. Sullivan as lead author to develop this theory.[33] Therefore there is requirement to develop a fully fledged theory and doctrine to guide the developed of space power straight from its infancy. Space is the next great arena for exploration and exploitation. We are limited only by imagination to the wonders, challenges and excitement the next century will bring as far as space forces are concerned. Already, civil and commercial sectors have invested billions of dollars in space and the nations military recognizes its role to protect these interests. The debate within the military on how to best exploit this new medium continues. But there is a need to go over few of the basic issues about Space Power to understand it clearly. The militarys current view of the air and space environment seems to simultaneously focus on opposing relationships between the two mediums. Air and space represent two distinct realms and at the same time, they are difficult to separate because of their similarities. These two relationships exist simultaneously and come together to form the following organizational paradigm of the air and space environment: Space and the atmosphere represent two distin ct medium environments physically different from each other; while at the same time, they are physically linked, and theoretically and historically tied.[34] There are few of these set of fundamental issues which require to be vetted if we are to understand space power with the kind of clarity with which we now understand air power and if we are to understand their nexus[35]. First of the issue, is regarding direct use of space as a Space power or weaponising of space to use it as a force itself. We must determine whether space power apply great power quickly to any tangible target on the planet? Many people would answer no to this question because of political restraints on weaponising space. Others would argue for an affirmative answer based on technical, if not political, feasibility. In either case, the question concerning the applicability of the essence remains assumed but undemonstrated. Or perhaps there exists a space power version of the essence that differs from all other military operations, including air power[36]. Also there are concerns regarding the future of space power and the kinds of military operations that are likely to migrate to space. Space may become another battle space, or it may become only a home to military operations focussed on non-lethal activities in support of combat elsewhere. So the major concern is whether space will be used as direct source of force or will continued to be used as a force multiplier only. Why does the military need a space force? The answers to this question shape military space force development by providing a sense of long-term direction, describing how such a force would serve national interests, and prescribing a force structure to fulfill that need. They are foundational answers that ultimately form the basis for space power theory and enable the military to articulate and justify reasons for a military space force. As the military more clearly articulates why space forces are needed, the better it is able to identify specific requirements necessary to achieve those forces. Thus, this question and the next are closely tied together[37]. What should the military do in space? The answers to this question bring the focus from broad to specific. They help formulate the functions and missions of a military space force, and provide the framework for establishing detailed force requirements. To summarize, the answers to the question of who establish the advocates for a military space force development. The answers to the questions of why and what together develop and identify long term direction, and offer short-term input to the resource allocation process.[38] The next issue is to do with the control of space power. This will mainly emerge from our innovation, imagination and farsightedness. Air Power being the strongest contender of claiming the control of space, there is need to deeply study the relationship between Space power and Air Power. This relationship can be well understood only by defining and studying the relationship between space and Air. Who should lead and develop military space forces? This question addresses the need to focus on finding the best organization, or mix of organizations, to advocate a military space force. Military space advocates must be able to justify—on military grounds alone—the necessity of military forces in space. These organizations are the stewards that provide both administrative control over the forces that support military space power, and the war-fighting control of these forces during employment of that power. A space force advocate embraces and promotes the ideals for a military space force, and garners the support necessary to establish such a force[39]. Air and Space relationship The defining characteristic of air power is an operational regime ele ­vated above the earths surface. Conceptually, space power would seem to be more of the same at a higher elevation. The term aerospace, coined in the late 1950s, echoes this same theme, as do official pronouncements such as although there are physical differences between the atmosphere and space, there is no absolute boundary between them. The same basic military activities can be performed in each, albeit with different platforms and methods.[40] The move from earth to space transitsis through the air environment, thereby inherently bringing about a linkage as no space launch or recovery can take place without transiting through the air medium. Any differentiation between the two would be superficial and indefinable. In future, the air and space mediums would provide a seamless environment where Trans Atmospheric Vehicles (TAVs) and re-usable hypersonic vehicles could exploit it freely. In addition, with increas ed proliferation of Ballistic Missiles and development of potent nuclear warheads, there is a need to extend the current Air Defence capabilities to space to ensure that the threats emanating from the air and space environment can be effectively tackled.[41] While the physical borders between the land, sea and air are readily evident, the physical border between air and space is not as clear. The atmosphere gradually disappears and space gradually starts. Furthermore, from a physical point of view, earths entire connection to space is through the atmosphere. Every movement into space begins with movement through air. Thus, from a physical point of view, space is linked with air.[42] Conceptually thinking, we cannot easily ignore the vast differences between operations in the atmosphere and in space? Current military thought suggests that space is a medium separate and distinct from the atmosphere with physical characteristics unique enough that a barrier forms between the two. The atmosphere is a realm of substance offering the advantages of protection from radiation, thermal transfer of heat and the ability to produce and control lift and drag. These aspects of the air medium make it considerably different than the realm of space.[43] Space assets are differentiated from air platforms by being non-air breathing. Military force includes all of the civilian elements such as contractor support that are required to sustain air or space operations.[44] It is difficult to analyse these and many more issues dealing with space without a general, overarching theory of space power. The task is made even more difficult by several other factors, such as the limited experience base in military space operations, the tight security classification concerning much of what goes on in space, and the thoroughly sub-divided responsibility for space operations. Thus, we have a conundrum-a jig-saw puzzle that will someday picture how space power fits or doesnt fit with air power. Solving the puzzle represents a major leadership challenge.[45] The answers to these questions will drive the future direction the military takes in space. Fundamentally influencing these answers is the militarys organizationally held perceptions of the air and space environment itself. The militarys view of this environment not only shapes the role the military sees for itself in space, but affects how it develops space forces necessary to support that role.[46] CHAPTER III Air and space power is a critical—and decisive—element in protecting our nation and deterring aggression. It will only remain so if we as professional airmen study, evaluate, and debate our capabilities and the environment of the future. Just as technology and world threat and opportunities change, so must our doctrine. We, each of us, must be the articulate and knowledgeable advocates of air and space power. —General Michael E. Ryan ROLES AND APPLICATIONS OF SPACE POWER Victory smiles upon those who anticipate the changes in the character of war not upon those who wait to adapt themselves after the changes occur. Guilio Douhet Man has a compelling urge to explore, to discover and to try to go where no one has ever been before. As most of the Earth has already been explored and even though it is going to be there for a very long time, men have now turned to space exploration as their next objective.[47] Space has provided us with huge capability because of its reach and ubiquity. The roles and applications of Space range widely from direct military roles of using it as a platform to launch weapons or support role of enhancing the capabilities of human beings in both military and civil field. Thus as we race into the next decade, a new frontier seems to be opening up in space with vast potential for military, science and exploration activities. So far as the armed forces are concerned, the sensor like satellites would provide them with unheard-of capabilities in a large number of fields.[48] Space power is becoming an in ­creasingly important aspect of na ­tional strength, but experts disagree about how best to develop its poten ­tial. Like airpower, space power relies heavily upon advanced technology, but technology is useless unless space professionals apply it properly. Air Force leaders recognize that the service needs to nurture a team of highly dedicated space professionals who are prepared to exploit advanced technologies and operating concepts. Concern about the fu ­ture direction of military activities in space has spurred debate over which technologies to produce and how best to develop space professionals. Moral, theoretical, and doc ­trinal questions also loom large. Underlying all of these considerations are political and diplomatic factors[49]. Supporting Role Today, space power pro ­vides supporting functions such as commu ­nications, reconnaissance, and navigation by global positioning system (GPS) satellites. By the end of 1999, at least 2300 military oriented satellites had already been launched. The functions of military satellites, which constitute about 75% of all satellites orbited, ranged from navigation, communications, meteorological and reconnaissance[50]. New technologies move large amounts of data around the world at the speed of light. Al-though a century ago people would have con ­sidered such feats science fiction, modern space capabilities make these and so many more things, reality. Space power has transformed our society and our military. Today, at the outset of the twenty-first century, we simply cannot live—or fight and win—without it. Operation Desert Storm is considered as the first space war, however the supporting role of space like providing near real time data from communicati on and meteorological satellites, was present during the war in Vietnam also. The Gulf War of 1991, however, was the â€Å"first conflict in history to make comprehensive use of space systems support.† [51] The support provided by the space based operations has enhanced the military capabilities drastically such that these operations have become inseparable part of every military operation. Some of these roles have been described as under: (a) Communication Satellites Communicating with deployed forces has always presented the military commanders with a problem. This is especially true in todays fast moving world when troops may have to be deployed anywhere in the world at a very short notice. The orbit used by communication satellite is the geostationary orbit. Three of Development of Space Power in India Development of Space Power in India SPACE POWER- A FORCE MULTIPLIER â€Å"The vastness of space is a key factor in the war-form of the future† Alvin Heidi Toffler[1] CHAPTER I INTRODUCTION The Space has always been a matter of great interest to human race, which gazed and tried to explore this cosmic world for thousands of years. Even our own epics talk a lot about space and its utilisation. The space warfare is as old as Indian mythology. However, Science flourished during the European Renaissance and fundamental physical laws governing planetary motion were discovered, and the orbits of the planets around the Sun were calculated. The Chinese were the first to develop a rocket in around 1212 AD. In 1883, a Russian schoolmaster, Konstantin Tsiolkovsky, first explained the mechanics of how a rocket could fly into space.[2]. In the 17th century, astronomers pointed a new device called the telescope at the heavens and made startling discoveries[3]. On 03 Oct 1942, German scientists launched an A-4 rocket, which travelled a distance of 190 km and reached an altitude of over 80 km. Orbital operations started with Soviet Sputnik-1 satellite in 1957[4]. Since then exploration and exploitation of the space has been a continued effort. This led to the unfolding of mysteries of the space world and thus using it for own advantages. Military use of space started with the launch of an American reconnaissance satellite in 1960.[5] Since then, the utilisation of space has been a matter of debate and controversies as far as direct war fighting military roles and missions are concerned. However, the support operations like Intelligence, communication and reconnaissance, which came first, did not face much of resistance. The benefits possible from the space-based support operations were realised very quickly and these operations were extended further to surveillance, mapping, navigation, ground mapping, environmental monitoring etc. Space systems have brought better intelligence and stronger defences by enabling the collection of new types of data and information; significantly increasing communications capabilities and capacities; revolutionizing precision navigation and timing; enriching science; establishing new markets; providing safer air, land, and sea transportation; and enabling faster disaster relief as well as more effective civil planning[6]. The phenomenal utilization and exploitation of the space medium has finally provided the users the power to gain advantage over the enemy. Traditionally, power has been related to explosive ordinance and target destruction. But in the post-Cold War world, the power most often delivered by airmen has taken the form of humanitarian aid: food, medical supplies, and heavy equipment.[7] Also Knowledge is the purest form of power and is the reason that overhead surveillance, reconnaissance, and intelligence-gathering efforts are so important in both war and peace. Information delivered from above can be used to strengthen a friendly regime, discredit an enemy regime, or directly attack the morale of an adversarys frontline troops. They can detect missile launches, nuclear tests and they can provide secure real time communications all over the world. The resolution available with satellite reconnaissance is more than adequate for military needs. The accuracy of GPS is known to us all. In le ss hostile circumstances, the information might consist of humanitarian warnings about impending natural disasters or news about disaster-relief efforts[8]. The meteorological satellites provide accurate weather data from any part of the world. Thus in past few years, space-based systems have enabled dramatic improvement in military and intelligence operations thus enhancing its capability, accuracy and fire power. Thus the Space medium emerging as Space Power and the most effective and widely used force multiplier. METHODOLOGY Statement Of Problem To study and analyse the feasibility of Space Power to evolve as a frontline force multiplier for India and to critically examine the road ahead. Justification Of Study Indias achievement in the field of space capability may not seem to be very advanced especially when compared with the accomplishments of the superpowers and elite members of the satellite club. However, one needs to look at the Indian space programme in isolation to fully understand the tremendous progress and achievements that have been made from such a humble beginning. All the countries have developed launch vehicles as an offshoot of their ballistic missile projects, and their satellites were primarily intended for military use. Non- military applications were a spinoff of the military programmes, whereas India has developed space applications and launch vehicles for totally civilian use. The technology was also used within a broader framework to achieve socio-economic development, and military spin-offs have been incidental. Therefore, India has an inherent advantage as far as civilian support role is concerned however it needs special effort and attitude to develop military support application. Utilization of Space medium and Control of space based assets will be an important ingredient of future world power. President APJ Kalam has stated that accomplishments in space have traditionally been a barometer of international status, technological prowess and enhanced military capability. Rapid advancements in Information Technology, Internet and Com munications are increasingly utilising space based assets. These assets play a decisive role in shaping the outcome of conflicts and are engines that drive economic growths. India and China are likely to be the economic powerhouses of the 21st Century. India is also emerging as a key balancer of Asian stability. By its combined military and space technology, India would be required to contain regional conflicts and prevent unscrupulous exploitation of the Indian Ocean region[9]. Therefore development of space power both for military and civilian use, especially as a force multiplier is must to climb up the pyramid of world power. Perceptions determine actions. The militarys perception of the air and space environment influences the type of space forces it will develop in the future[10]. In Indias context which has belligerent neighbours, space based capabilities are the definite force multiplier. In fact, military strategist call space the new ‘High Ground. Which will bring in revolutionary changes in military affairs. Therefore we need to decide the kind of space force which we need to develop to exploit Space medium to the maximum as a force multiplier to maintain edge in the region. Scope This study analyses the exploitation of Space Force as a force multiplier in the Indian Context. Methods Of Data Collection The information and data for this dissertation has been gathered through internet, various books, papers, journals and newspapers. In addition, lectures delivered by dignitaries at DSSC have been utilised to gather information. The bibliography of sources is appended at the end of the dissertation. Organisation Of The Dissertation It is proposed to study the subject in the following manner:- (a) Chapter I Introduction and Methodology. (b) Chapter II Understanding Space power. (c) Chapter III Roles and Application of Space Power. (d) Chapter IV Space Power as Force Multiplier. (e) Chapter V Indian Capability and the Road Ahead. (f) Chapter VI Recommendations and Conclusion. CHAPTER II UNDERSTANDING SPACE POWER The beginning of wisdom is calling things by their right names. —Confucius Space has fascinated many thinkers, philosophers and Air Warriors equally for a long time. Many a researches and money has gone in exploring and exploiting space but still the concepts are not very clear to many of us. It is extremely important for us to have clear understanding of space before we can evaluate the role and utilization of space medium. Definitions Space Space is void of substance, offers no protection from harmful radiation, and allows only the balance between thrust and gravity with which to maneuver.[11] Space begins where satellites can maintain orbit (81 miles) and extends to infinity.[12] Power is control or authority to influence; the ability to produce an act or event.[13] And Space power is a nations ability to exploit and control the space medium to support and achieve national goals.[14] Gravity The driving force behind all orbital dynamics is the force of gravity and is defined by the law of universal Gravitation given by Isaac Newton in 1687. It states â€Å" Every particle in the universe attracts every other particle with a force that is proportional to the product of their masses and inversely proportional to the square of the distance between the particle†.[15] Escape Velocity Satellites maintain orbit around a planet (Earth in our case) at a particular speed at a given height. If the speed is increased, the satellite goes into a higher orbit. Escape velocity is the speed at which the centrifugal force becomes greater than the pull of planetary gravity. The object would then cease to be an Earth-satellite, and start moving away from the earth. At 500 km the escape velocity is 10.8 km/sec.[16] Satellite Inclination Every satellite orbits within a plane that passes through Earths gravitational centre. The angle formed between the orbital plane of the satellite and the plane of the Earths equator. BY convention, it is measured anticlockwise from the equator to the orbital plane at the point where the satellite crosses, passing to north[17]. Orbits with inclination at or closer to 90 degrees are known as ‘polar orbits. ‘Equatorial orbits are those in or very close to the plane of the equator. The rest, between these two limits, are ‘inclined orbits. The combination of the satellites own motion and that of the rotating planet beneath produces a ‘ground track joining the successive points on the planet which fall directly beneath the satellite. The surface area of the planet in line-of-sight or direct communication with any satellite is a function of its altitude and ground track. In the lowest feasible orbits, the area that can be ‘seen by satelli te sensors is no more than that of one of Earths larger cities. Orbital Decay With a perfectly spherical planet of even density, no air resistance, and no minute gravitational pulls from neighbouring bodies (such as Sun, the Moon, and the other planets), a satellite would stay in orbit forever. In the real world these factors upset the balance of forces which sustains the orbit, which causes it to ‘decay, so that the satellite eventually falls to the Earth. For practical purposes, satellites which go below 300 km encounter air resistance serious enough to require intermittent use of on-board boosters to maintain their orbits.[18] Low Earth Orbit (LEO). This orbit ranges from a height of 200 and 5000 km. Polar and highly inclined orbits are favoured for general reconnaissance missions since they give planet-wide coverage. The periods of such range between 90 minutes and a few hours. Sun Synchronous orbit It is the orbit where in the satellite is used for surveillance at optical wave length and whose orbital motion will bring it periodically over the same area of interest at the same sunlight conditions from day to day. These orbital planes are called as Sun Synchronous orbit[19]. These are low earth orbits inclined at about 98 °. Semi-synchronous Orbit. This is circular orbit at 20,700 km with a period of 12 hours. The term is sometimes extended to all orbits between LEO and this orbit. Molniya Orbit. This is a highly elliptical orbit, at an altitude of between 500 40000 km, with a 12 hour period. This orbit is most stable at an inclination of 63 degrees. (At other inclinations gravitational anomalies resulting from irregularities in the shape and density of the planet cause the major axis of such an orbit the line joining the apogee and the perigee points to rotate inconveniently.) This orbit was used by the Soviet Union to provide satellite spending 11 hours out of 12 hours above the northern hemisphere.[20] Geostationary Satellite As the orbital height increases, so orbital period increases. If the orbital height increases to 35875km, the orbital period will be synchronised with the rotation rate of the Earth. Such a satellite would be called a geosynchronous satellite. If these satellite have zero degree of inclination such that these satellites will appear stationary in the sky over a point on the equator to an observer on earth. Such a satellite would be called a geostationary satellite[21]. This is a circular, equatorial orbit at an altitude of 35,700 km. With a period of 24 hours, such satellites appear to remain almost stationary above a fixed point over the equator. In practice, they sometimes describe a very small ‘ of eight ground tracks about such a point. Three or more evenly spaced geostationary satellites can cover most of the planet, except the Polar Regions. These satellites are mainly used for communications or early warning of missiles. Geosynchronous Orbit has li ttle military or other uses because of its large ‘ of eight ground tracks, depending on its inclination. In military discussions the term ‘geostationary, is tending to be replaced by ‘geosynchronous, because the former is the limiting case of the latter. Even a small inclination causes a geostationary satellite to become a ‘strictly speaking geosynchronous one. Military geostationary satellites may sometimes have a use for such a ground track, though seldom for the much wider, true geosynchronous orbit.[22] Super-synchronous Orbit. The orbits above GEO have had little use so far, but offer many options for future military satellites taking refuge from ground based or LEO anti-satellites. Certain points of equilibrium between solar, lunar and terrestrial gravitation are especially interesting.[23] (a) Near-Earth Orbit (NEO) or aerospace extends 50 to 200 kilometers above the Earths surface, incorporating the mesosphere and the lower edge of the ionosphere in an intermediate region where aerodynamics and ballistics interact or succeed each other. In the short term, NEO will remain the primary location for the deployment of manned and unmanned military systems and probable major space industrialization facilities such as a manned space operations center (SOC)[24]. It is through this zone that ballistic missiles must proceed during and after their boost phase and are most vulnerable to antiballistic missile (ABM) systems. However, minimum long-range effects from nuclear explosions are found at altitudes between 50 and 150 kilometers: above 50 kilometers, the mechanical effects of shockwave pressures almost disappear as a consequence of the relatively low air density; below 150 kilometers, the air density is still high enough to reduce the range of corpuscular radiation through di spersion and absorption so that the long-range thermal effect is also not maximum.[25] Therefore, even very powerful nuclear devises in the megaton range must be detonated at relatively close proximity to their intended target at NEO to be effective, although electromagnetic pulse (EMP) effects could seriously disrupt unhardened electronic systems at long-range distances. Nevertheless, targets at NEO, compared to those at higher gravity well zones, are relatively vulnerable to Earth-based intervention because of an inherently short warning time available for the implementation of countermeasures and the minimal amount of energy that the enemy must expend to reach this zone. Conversely, a weapon system such as a fractional orbital bombardment system (FOBS) at NEO could attack targets on Earth with a minimum of warning[26]. (b) (c) The cislunar zone consists of all space between NEO and Lunar Surface Orbit (LSO), including Geosynchronous Earth Orbit (GEO). The cislunar zone provides military systems situated here the defensive option of a longer reaction time to implement countermeasures against Earth- or NEO-based intervention[27]. (d) (e) LSO consists of the zone of space where the Moon orbits the Earth, including Near Lunar Orbit (NLO) or the space immediately surrounding the Moon. (f) (g) The translunar zone is comprised of the space from LSO to approximately one million kilometers from the Earths surface, where the solar gravity well begins to predominate and includes the five Lagrangian points. These final zones will attain increasing military significance as the process of space industrialization evolves. Eventually the Moon and Lagrangian points could be used to dominate the entire Earth-Moon system.[28] Outer Space In the denomination of legal material dealing with the space exploration and nearly the entire space law, the term outer space is commonly used. But this term has not been defined to date with precision despite many attempts undertaken by jurists, International non-governmental and the United Nations bodies[29]. The difference between space and the outer space is generally not recognised. But the former term is wider than the latter and means the whole universe including the earth while outer space means all spaces other than the earth. In fact, outer space begins where the earths atmosphere ends and extends on in all directions infinitely. The upper limit of the air space constitutes the lowest limit of outer space. The outer space in a broader sense also consists of the entire space beyond celestial bodies and their atmosphere. Celestial bodies include all land masses in space and their atmosphere except Earth. Therefore, air space is excluded from outer space. The diff erence between space and outer space is insignificant in so far as the exploration and use of such domain is concerned[30]. (h) The tactical space environment The tactical space environment of the Earth-Moon system can be conceptualized as a series of gravity well zones that are somewhat analogous to terrestrial hills, promontories, and mountains in that much effort and energy must be initially expended to situate forces in such locations. Once attained, however, these positions can be used to dominate the terrain below with relative ease. 1 illustrates in two-dimensional form the gravity well zones of the Earth-Moon system, which are in reality three dimensional spheres[31]. (i) (j) During the next two decades, military space activities and the development of various commercial space enterprises (or space industrialization) will be primarily restricted to this system. Possible military missions in this tactical environment include direct intervention on the Earths surface form space, regulation of the flow of space traffic, protection of military and industrial space facilities, denial of strategic areas of space to others (such as choice satellite orbits at Geosynchronous Earth Orbit and the various Lagrangian points at which objects revolve with the same period as the gravitational Earth-Moon system and thus remain effectively stationary), and various surveillance, reconnaissance, navigation, command, control, and communication functions[32]. CLICHÉ ABOUT SPACE POWER The space power being the latest addition to the force of a Nation, there is still a huge dilemma about its placement, its use whether military or civilian and also its control. Currently, a fully developed space power theory does not exist. USSPACECOM, recognizing the void, has commissioned Dr. Brian R. Sullivan as lead author to develop this theory.[33] Therefore there is requirement to develop a fully fledged theory and doctrine to guide the developed of space power straight from its infancy. Space is the next great arena for exploration and exploitation. We are limited only by imagination to the wonders, challenges and excitement the next century will bring as far as space forces are concerned. Already, civil and commercial sectors have invested billions of dollars in space and the nations military recognizes its role to protect these interests. The debate within the military on how to best exploit this new medium continues. But there is a need to go over few of the basic issues about Space Power to understand it clearly. The militarys current view of the air and space environment seems to simultaneously focus on opposing relationships between the two mediums. Air and space represent two distinct realms and at the same time, they are difficult to separate because of their similarities. These two relationships exist simultaneously and come together to form the following organizational paradigm of the air and space environment: Space and the atmosphere represent two distin ct medium environments physically different from each other; while at the same time, they are physically linked, and theoretically and historically tied.[34] There are few of these set of fundamental issues which require to be vetted if we are to understand space power with the kind of clarity with which we now understand air power and if we are to understand their nexus[35]. First of the issue, is regarding direct use of space as a Space power or weaponising of space to use it as a force itself. We must determine whether space power apply great power quickly to any tangible target on the planet? Many people would answer no to this question because of political restraints on weaponising space. Others would argue for an affirmative answer based on technical, if not political, feasibility. In either case, the question concerning the applicability of the essence remains assumed but undemonstrated. Or perhaps there exists a space power version of the essence that differs from all other military operations, including air power[36]. Also there are concerns regarding the future of space power and the kinds of military operations that are likely to migrate to space. Space may become another battle space, or it may become only a home to military operations focussed on non-lethal activities in support of combat elsewhere. So the major concern is whether space will be used as direct source of force or will continued to be used as a force multiplier only. Why does the military need a space force? The answers to this question shape military space force development by providing a sense of long-term direction, describing how such a force would serve national interests, and prescribing a force structure to fulfill that need. They are foundational answers that ultimately form the basis for space power theory and enable the military to articulate and justify reasons for a military space force. As the military more clearly articulates why space forces are needed, the better it is able to identify specific requirements necessary to achieve those forces. Thus, this question and the next are closely tied together[37]. What should the military do in space? The answers to this question bring the focus from broad to specific. They help formulate the functions and missions of a military space force, and provide the framework for establishing detailed force requirements. To summarize, the answers to the question of who establish the advocates for a military space force development. The answers to the questions of why and what together develop and identify long term direction, and offer short-term input to the resource allocation process.[38] The next issue is to do with the control of space power. This will mainly emerge from our innovation, imagination and farsightedness. Air Power being the strongest contender of claiming the control of space, there is need to deeply study the relationship between Space power and Air Power. This relationship can be well understood only by defining and studying the relationship between space and Air. Who should lead and develop military space forces? This question addresses the need to focus on finding the best organization, or mix of organizations, to advocate a military space force. Military space advocates must be able to justify—on military grounds alone—the necessity of military forces in space. These organizations are the stewards that provide both administrative control over the forces that support military space power, and the war-fighting control of these forces during employment of that power. A space force advocate embraces and promotes the ideals for a military space force, and garners the support necessary to establish such a force[39]. Air and Space relationship The defining characteristic of air power is an operational regime ele ­vated above the earths surface. Conceptually, space power would seem to be more of the same at a higher elevation. The term aerospace, coined in the late 1950s, echoes this same theme, as do official pronouncements such as although there are physical differences between the atmosphere and space, there is no absolute boundary between them. The same basic military activities can be performed in each, albeit with different platforms and methods.[40] The move from earth to space transitsis through the air environment, thereby inherently bringing about a linkage as no space launch or recovery can take place without transiting through the air medium. Any differentiation between the two would be superficial and indefinable. In future, the air and space mediums would provide a seamless environment where Trans Atmospheric Vehicles (TAVs) and re-usable hypersonic vehicles could exploit it freely. In addition, with increas ed proliferation of Ballistic Missiles and development of potent nuclear warheads, there is a need to extend the current Air Defence capabilities to space to ensure that the threats emanating from the air and space environment can be effectively tackled.[41] While the physical borders between the land, sea and air are readily evident, the physical border between air and space is not as clear. The atmosphere gradually disappears and space gradually starts. Furthermore, from a physical point of view, earths entire connection to space is through the atmosphere. Every movement into space begins with movement through air. Thus, from a physical point of view, space is linked with air.[42] Conceptually thinking, we cannot easily ignore the vast differences between operations in the atmosphere and in space? Current military thought suggests that space is a medium separate and distinct from the atmosphere with physical characteristics unique enough that a barrier forms between the two. The atmosphere is a realm of substance offering the advantages of protection from radiation, thermal transfer of heat and the ability to produce and control lift and drag. These aspects of the air medium make it considerably different than the realm of space.[43] Space assets are differentiated from air platforms by being non-air breathing. Military force includes all of the civilian elements such as contractor support that are required to sustain air or space operations.[44] It is difficult to analyse these and many more issues dealing with space without a general, overarching theory of space power. The task is made even more difficult by several other factors, such as the limited experience base in military space operations, the tight security classification concerning much of what goes on in space, and the thoroughly sub-divided responsibility for space operations. Thus, we have a conundrum-a jig-saw puzzle that will someday picture how space power fits or doesnt fit with air power. Solving the puzzle represents a major leadership challenge.[45] The answers to these questions will drive the future direction the military takes in space. Fundamentally influencing these answers is the militarys organizationally held perceptions of the air and space environment itself. The militarys view of this environment not only shapes the role the military sees for itself in space, but affects how it develops space forces necessary to support that role.[46] CHAPTER III Air and space power is a critical—and decisive—element in protecting our nation and deterring aggression. It will only remain so if we as professional airmen study, evaluate, and debate our capabilities and the environment of the future. Just as technology and world threat and opportunities change, so must our doctrine. We, each of us, must be the articulate and knowledgeable advocates of air and space power. —General Michael E. Ryan ROLES AND APPLICATIONS OF SPACE POWER Victory smiles upon those who anticipate the changes in the character of war not upon those who wait to adapt themselves after the changes occur. Guilio Douhet Man has a compelling urge to explore, to discover and to try to go where no one has ever been before. As most of the Earth has already been explored and even though it is going to be there for a very long time, men have now turned to space exploration as their next objective.[47] Space has provided us with huge capability because of its reach and ubiquity. The roles and applications of Space range widely from direct military roles of using it as a platform to launch weapons or support role of enhancing the capabilities of human beings in both military and civil field. Thus as we race into the next decade, a new frontier seems to be opening up in space with vast potential for military, science and exploration activities. So far as the armed forces are concerned, the sensor like satellites would provide them with unheard-of capabilities in a large number of fields.[48] Space power is becoming an in ­creasingly important aspect of na ­tional strength, but experts disagree about how best to develop its poten ­tial. Like airpower, space power relies heavily upon advanced technology, but technology is useless unless space professionals apply it properly. Air Force leaders recognize that the service needs to nurture a team of highly dedicated space professionals who are prepared to exploit advanced technologies and operating concepts. Concern about the fu ­ture direction of military activities in space has spurred debate over which technologies to produce and how best to develop space professionals. Moral, theoretical, and doc ­trinal questions also loom large. Underlying all of these considerations are political and diplomatic factors[49]. Supporting Role Today, space power pro ­vides supporting functions such as commu ­nications, reconnaissance, and navigation by global positioning system (GPS) satellites. By the end of 1999, at least 2300 military oriented satellites had already been launched. The functions of military satellites, which constitute about 75% of all satellites orbited, ranged from navigation, communications, meteorological and reconnaissance[50]. New technologies move large amounts of data around the world at the speed of light. Al-though a century ago people would have con ­sidered such feats science fiction, modern space capabilities make these and so many more things, reality. Space power has transformed our society and our military. Today, at the outset of the twenty-first century, we simply cannot live—or fight and win—without it. Operation Desert Storm is considered as the first space war, however the supporting role of space like providing near real time data from communicati on and meteorological satellites, was present during the war in Vietnam also. The Gulf War of 1991, however, was the â€Å"first conflict in history to make comprehensive use of space systems support.† [51] The support provided by the space based operations has enhanced the military capabilities drastically such that these operations have become inseparable part of every military operation. Some of these roles have been described as under: (a) Communication Satellites Communicating with deployed forces has always presented the military commanders with a problem. This is especially true in todays fast moving world when troops may have to be deployed anywhere in the world at a very short notice. The orbit used by communication satellite is the geostationary orbit. Three of