A Study On Dividend Signaling Theories Finance Essay

A Study On Dividend Signaling Theories Finance Essay Introduction Dividend announcement is a significant event that is closely scrutinized by a firms important stakeholders such as investors and financial analysts. Typically, dividend announcement contains information that signals firms earnings condition. Consequently, financial markets may react to these information releases by directly affecting the announcing firms stock price. Finance literature suggests that dividend announcement affects a firms stock price. Stock price may react positively or negatively to dividend announcements. For example, Dewenter and Warther (1998) and Fukuda (2000) both provide evidence of a positive (negative) market reaction to dividend increases (decreases). Dividend signaling is a tool which investors can use to investigate the impact of dividend announcements on stock prices. Literature review is focused on dividend signaling and more specifically on the effect of dividend announcement to the stock price. Relatively to the literature review, it hasnt been directed any research attention about dividend signaling but it has been analyzed some empirical studies in an order to examine the stock price effect to dividend announcement in real markets. Moreover, the studies will be compared and analyzed, based on signaling theory, in an effort to explain further dividend signaling effect. The paper is organized as follows: Section 1 describes generally about dividend signaling based on empirical and theoretical evidence. Section 2 describes the analysis of some empirical studies and section 3 concludes the results of these studies. Signaling theory The signaling theory claims that dividends should reflect the managers superior inside information about the firms future earnings conditions. Future earnings and trigger price can change any time, therefore, managers use dividends as an instrument to signal their superior information about the changes in earnings conditions. (C. Chen and C. Wu, 1999). Signaling theory also predicts that higher dividends signal better earnings performance and therefore, lead to a higher market value of the firm (Kathleen P. Fuller, 2002). There are numeral studies about different scenarios for dividend signaling. Bhattacharya (1979) and Miller and Rock (1985) argue that when there are information asymmetries between firms and outside shareholders, it is possible to induce a signaling role for dividends. Furthermore, managers are well informed about dividends payments but they dont reveal always the necessary information about firms profitability to the shareholders. (As it is found in M. Donga, C. Robinson and C. Veld, 2005 p. 127) Miller and Modigliani (1961) claim, in their dividend signaling hypothesis, that firms increase dividends to convey positive information about earnings prospects. According to this hypothesis, dividend changes can be interpreted as forecasts of future profitability (as it is found in K. Harada, P. Nguyen, 2005, p. 504) Campbell and Shiller (1987) state that the stock price reflects all information about future dividends and therefore, stock price forecasts future dividends and any changes in the process of dividends affects the behavior of the future dividend.( as it is found in C. Chen and C. Wu, 1999, p.30) Consistent with theoretical predictions, studies support that when dividends are increased stock prices tend to increase and when dividends are decreased stock prices tend to decrease. Based on these studies there is a positive correlation between dividend and stock price. On the other hand, some researchers argue that there is not any significant relationship between dividend changes and stock price. Michaely, and Thaler (2002) counter-argue that dividends signal the past and not the future. (as it is found U. S. Dhillon et al, p.2) 2. Stock price reaction to dividend announcements According to financial literature about dividend signaling hypothesis, dividend increasing companies earn positive stock return and dividend decreasing companies earn negative stock return. To understand better this event, it is important to analyze some empirical studies about the market reaction to dividend announcements and to compare their results. Researchers use variable models of signaling dividends in an order to examine the influence of dividend announcement in the stock price. These studies attempt to reconcile the theory with the evidence by considering the fundamentals of numerous companies and detailing the context in which the dividend changes takes place. Generally, it has been examined what happens when the dividend increases and when the dividend decreases. REGULAR DIVIDENTS H. DeAngelo et al. ( 1996) have constructed a sample of 145 large firms by searching Compustats primary and research tapes for NYSE-listed firms (public utilities, limited partnerships, American depositary receipts (ADRs), and Canadian companies) with a decline in annual earnings that follows at least ten earnings reports indicating strictly increasing earnings, i.e., after nine or more consecutive annual earnings increases. According to this sample, they have analyzed the stock markets announcement, day and over longer horizon (1-3 years), reaction to firms dividend increases. Sample firms have experienced an economically small, but statistically significant average equity value increase ~ roughly one-half of 1% ~ when there was an announcement of dividend increase. These findings indicate a positive association among stock market views and dividend increases because the information that company provides, justify a higher quality value. (H. DeAngelo et al. ,1996) U. S. Dhillon et al (2003) have developed a sample of 1700 firms (updated on a quarterly basis) with dividend forecasts in the Value Line Investment Survey. Their analysis contains, among other items, forecasts of the dividend for the current calendar year (and, in some cases, the next year) along with the publication date. Consistent to dividend signaling hypothesis, they have focused on the results of stock price reaction, at a two-day cumulative excess return, to dividend announcements using two different methods. In their study, they have presented the stock price reaction for positive, negative and no dividend changes. Capturing on the fraction of the sample that reflects the analysts expectation of a dividend increase, it has been noted a strong market reaction to dividend increases. In other words it has observed that for positive dividend announcements there was a positive stock price reaction. In the case that the dividend decreases, there is a significant negative price rea ction meaning that for negative dividends announcements there was a negative price reaction. In this study is also be examined the announcements of no dividend changes. The sample, in this case, is divided into three sub-samples: (1) positive dividend surprises, when analysts expectations of a dividend decrease did not materialize, (2) negative dividend surprises, when analysts expectations of a dividend increase did not occur, and (3) no dividend surprise, when analysts forecast of no dividend change was met. The results have demonstrated a significant relation between dividend changes and market reaction. Furthermore, whether dividends increase or remain unchanged, a significant positive reaction is observed when announced dividends exceed analysts forecasts. In contrast, a significant negative price reaction is observed when announced dividends are below analysts forecasts, and the price reaction is insignificant when announced dividends match expectations. (U. S. Dhillon et al, 2003) K.P. Fuller (2003) has used a sample of firms with unexpected dividend increases announced and has examined how the trading behavior of various investors affect a firms need to employ dividend changes to signal private information to the market. He has hypothesized that insider buying (selling) prior to a dividend increase is associated with significant and positive (negative) price reactions. The results have supported that the greater the amount of informed trading, the lower the price reaction to a dividend signal. Further, the larger the buy demand relative to the sell demand prior to the signal, the smaller the price reaction to an unexpected dividend increase. (K.P. Fuller, 2003) K. Harada and P. Nguyen (2005) have examined the relationship between dividend adjustments and long-term stock returns for a large sample of Japanese firms, over three different holding periods. A very significant issue in the research is the conditions under which the adjustments take place using the model of dividend changes. Based on signaling hypothesis, there is a significant association between dividend changes and subsequent earnings. At the 12-month horizon, firms were expected to increase their dividends (about 3.5%) but risk adjusted returns were found significantly negative (about -2.7%). At the 24-month horizon, stock returns were found also negative for the firms that expected to increase dividends (about -2.5%). In this research, it has to be mentioned that the results are much less significant, at less than 5% level due to the larger dispersion of (risk-adjusted) returns. At the 36-month period, the firms that did not present the appropriate conditions for a dividend increase have displayed a negative stock performance of dividend-increasing (about -6.35%). But when the firm was expected to increase the dividend (under appropriate conditions) , there was resulted a significantly positive association between dividend increases and risk-adjusted returns (about +14.5%). Overall, the stock performance evaluated over 12-24 months appears that stock returns are consistent with improved profitability only after an extended period of 36 months. That happens because the information presents a good portrait of the company, after 1 or 2 years, and the market participants react positive to this favorable information. On the other hand, in the research was examined the dividend decreases and the relationship with the stock price. The researchers supported that there is a significant positive association between the dividend decreases and stock price. More specifically, at the 12-month horizon, it is noted that dividend reductions are associated with a positive market reaction. (about +2.3%). Over the time, it was observed a significant positive increase association (about 4.5%, from 2.3% at 12-month horizon to 6.8% at 36-month horizon). These results concern firms that decrease their dividends. Regarding the firms that are expected to decrease their dividends, at the 12-month horizon expected dividend reductions that have been implemented result a significantly positive abnormal return (about +3.12%) that continues to increase at the 24-month horizon (+5.98%). An interesting observation that is provided among the two types is that only the first type of expected dividend reductions is associated w ith a positive stock performance, whereas the second type does not generate a significant change in the firms value. (K. Harada, P. Nguyen, 2005) SPECIAL DIVIDENTS Brickley (1982, 1983) has examined how the special dividend announcement related with the stock price. He supported that when firms announce unanticipated special dividends the stock prices increase by about 2%. According to his study, investors treat special dividends as hedged managerial signals about future profitability, in a way that unanticipated specials are associated with weaker stock market reactions than are regular dividend increases of comparable size. He also claims that regular dividend increases have a significantly more favorable market impact than do unanticipated specials. (Brickley, 1983) H. DeAngelo et al. (2000) have studied the stock markets reaction to special dividends. Their study indicates that the sign of special dividend changes do not systematically convey significant information. They observed a positive average stock market reaction (about 1%) when firms increase special dividends. The results have shown that the stock market typically reacts positive to the special dividend increases. Furthermore, they found that the stock market typically reacts favorably to the fact that a special dividend is declared (holding regular dividends constant), but that the market reaction is not systematically related to the sign or magnitude of the change from one positive special dividend payment to another. (H. DeAngelo et al., 2000) Conclusion According to the dividend-signaling hypothesis (Miller and Modigliani, 1961), firms increase their dividends to signal a growth in subsequent earnings. Moreover, dividend increase announcement may have a significant effect in the stock market price. Therefore, a number of studies have been examined in an attempt to understand the relation between dividend announcement and stock price. Many researchers have analyzed dividend signaling effect, based on different models, and they have found almost the same results. H. DeAngelo et al. (1996), U. S. Dhillon et al (2003) and K. Harada and P. Nguyen (2005) have found a significant positive association between dividend increases announcement and stock price, contrary to K.P. Fuller (2003) that has found a significant negative association between dividend increases announcement and stock price response. Other researchers have examined how special dividend announcement affects stock price. Brickley (1983) and H. DeAngelo et al. (2000) have resulted that stock market typically reacts favorably to the declaration of a special dividend, holding the regular dividend constant. Furthermore they have found that the stock market response averages approximately 1%, both when firms increase specials and when they reduce them to a still-positive level. Overall, their data indicate that although special dividends generally convey good news to investors, any such signaling content is typically small. To assume, the signaling models that have been chosen predict a positive relationship between dividend (regular and special) changes and stock price reaction to the announcement. The results are related with the financial literature, which provides extensive evidence that stock prices react to dividend changes. Even though a great number of researchers have resulted a positive association between the two factors, there is a researcher that has supported a negative association between the factors and that has led some analysts to question the signaling role of dividends. Analysts claim that dividend signaling is a very important issue and that it is related with other factors too. For example, the greater the number of informed traders active in a firms stock, the less likely it is that the firm needs to signal its intrinsic value. To conclude, analysts must continue to study the dividend signaling effect and more specifically to examine other significant factors associated with divid end announcement.

The Just or Unjust

In reading Dante’s Inferno, there were many just punishments that correlated with there punishments. There are three that stand out as just and equal to the sins that were committed. The fortune tellers, hypocrites and thieves are some examples of suitable punishments. The fortune tellers predicted the future and for a just punishment they have their heads on backwards, because they looked into the future and now they can only see what is behind them. The hypocrites posed as things that they weren’t, so now in hell, they are in lead cloaks and can’t pose as something they are not. Lastly, the thieves stole from people, now in hell their hands are bound by reptiles and they are in a pitch full of other reptiles. Dante give the fortune tellers, hypocrites, and thieves a suitable and just punishment for their sin. First, Bolgia 4 is about the Fortune Tellers/Diviners. Their sin was to see into the future. The punishment for the fortune tellers was their heads were turned backwards. They now can’t see ahead of them, which is a difficult thing to do. In this case, it is not really torture because it isn’t painful and it correlates with their sin. God would maybe encourage this as a punishment for those who try to look into the future. In the canto, Dante sees these people with their heads on backwards and the sight of them could possibly lead you to the conclusion of them being fortune tellers or diviners. Dante could have been cruel and made some kind of painful punishment that caused them agony, but he gave them one of which brings them no pain. It just makes their eternal life a struggle of not being able to see where they are heading. Next, the hypocrites are punished accordingly to their sin. They acted as if they supported a topic, then turn around and say they don’t support that same topic. This could have applied to people, politics, life lessons etc. Dante gives them the punishment of being in cloaks made of lead and walking in circles. This punishment is an acceptable consequence for being a hypocrite. The cloaks hide them from everyone and they can’t mislead people. This seems to be a possible God encouraged punishment for these people. It would be a little hard to tell what sin the people committed in this canto, but if it were pondered, one could come to understand why Dante chose this punishment for these people. The thieves also have a just punishment for their sin. They are stuck in a pit full of reptiles while they’re hands are bound behind their backs with snakes. During their entire life they used their hands to steal and commit crimes. Now that they are in hell, they have their hands tied behind their backs so they can’t be used. With their hands immobile, they can’t steal from anyone ever again. God would encourage this because back in the medieval times they had the saying of â€Å"an eye for an eye†. They stole with their hands and now their hands are basically stolen from them. Dante give the fortune tellers, hypocrites, and thieves a suitable and just punishment for their sin. In conclusion, Dante picked acceptable punishments for the sins committed by these people. God might find these consequences suitable in that they go along with the sins. Dante didn't place these people here just because he thought they should or out of hate, he put them there with a just punishment.

Examine the Key Influence on Operations Which Contributes to the Business Success Essay

This Report will examine how the major influences on Operations which contribute to the success of the business with focus all of the major eight influences, these include Globalisation, Technology, Environmental Sustainability, Legal Regulations, Corporate Social Responsibility, Quality Expectations, Government Policies and Cost based Competition. This report will also examine the impact of the influences on businesses such as Billabong, Westpac, Holden, Woolworth and Coca-Cola. Globalisation Globalisation is the internationalization of trade and often forces businesses to adopt new strategies for operations to suit different cultures and economies. The often easily saturated domestic market has triggered many large businesses to expand globally for the purpose of increased sales and profits. Globalisation allows businesses to enter new markets, increase the size of their product range and the size of their operations, thus leading to the successful business. One such business that has successfully undergone the process of Globalisation is Billabong. Billabong’s approach in their expansion into foreign markets has allowed the stakeholders of the business to access to the numerous advantages of globalisation, such as the expansion through new markets. New Markets Billabong commenced with global expansion with the aim to increase revenue and profitability as their original domestic niche market became increasing hard to expand, as the surfing demographics geographically was limited to coastal areas. Today, Billabong is a major transnational surfing brand, producing mass customized outputs to meet the demand of the potential customers at the global market. This is done through the Global web strategy, which allowed Billabong to carefully select from a list of appropriate proximity global suppliers which can make up a predictable and reliable supply chain that is highly responsive to changes in demand that will be experienced by the business. It is evident that Billabong has successfully been influenced by Globalisation with over 70% of its revenue being generated from overseas markets. Technology Many business use existing cutting edge technology to design, construct and or apply innovative devices, machinery and methods upon the operations process. The goal is to provide opportunities for their businesses to apply new breakthroughs, innovations, and inventions to both administrative and processing level of Operations, with aims to increase efficiency and logistics in production process, lower prices, increase their market share and a higher return for the business’s shareholders and thus gain competitive advantage in their target market and leading the business a path to success. One particular business that has integrated very well with technology is Woolworths. Woolworths’s approach to technology, especially in its processing level has let opportunity for the business to increase efficiency of operations via improving the supply chain management. Woolworths Project refresh was put in place on the operation process in 1999 with aims to increase efficiency via utilising technology and is prove successful. An example of technology used in Woolworth is the IT system called AutoStockR. It is used to forecast when supermarket shelves need to be replenished. This type of technology can effectively prevent stock from running out, which leads to increase of customer satisfaction and reliability on the brand and ultimately leading the business to success. Quality Expectation Consumers are becoming increasing orientated to the marketing process of a business; as a result, customers began to have an expectation to the level of quality that they will receive from the product outputs by businesses. These expectations involve: *Quality of design *Fitness for purpose *Durability An operations manager needs to make sure that the goods produced are of the required quality that is expected by the consumers that is they are safe and reliable. For any businesses not able to achieve the expectations assumed by the customers on the quality of the product produced by the business, can lead to a decline in sales and ultimately business failure. Cost-Based Competition Cost has traditionally being a major influence on all business as all businesses desire to achieve maximum efficiency as it is a vital factor for businesses in order to reach the ultimate goal and success. Businesses sees cost as the key value to success and aims to become as much cost efficient as possible, by implementing a cost-leadership style approach to the operations variable cost or fixed cost ,while maintain the expected profit margin, business is able to gain a competitive advantage over their competitors in their target market. This is called cost-based competition. By determining the break-even point and applying cost saving strategies, to reducing cost, businesses who apply cost-based competition in their operations is able to maximize the profits and lead business to success. Government Policies Regardless of the nation of the business may be operating in, all aspect of any business must comply by the laws and policies of businesses set by the government of that nation in order to success. Political policies often alter business legal regulations and thus leading to business opportunity, such as taxation rates, WH&S standards, public safety and health policy, and environment policies all contribute to business success. An example of recent government policy is Carbon Tax. The introduction of the Carbon Tax in 2012 will see many carbon-intensive businesses, such as electricity companies, restructure their operations to more renewable energy sources, as this will reduce business costs and possibly allow them a competitive advantage thus leading business to success. Legal Regulations The legal influence on the business is a complex issue as the legal system with each nation has a fundamental difference on how the legal regulation influences on the operations of a global business. The range of laws set by each individual nation which businesses must comply is collectively termed compliance. The cost of expenses to meet and integrate the legal regulations to meet the compliance is very influential on the business’s cost and ultimately the operations process. In Australia, the legal system recognizes the contemporary issues exists many large industries exploiting their workers and place upon businesses to protect the labor market and the public health and environment. Some of these laws include: *Workers Health and Safety Act:  *Anti-Discrimination and Equal Opportunity Act: *Fair work and Anti-discrimination law Environmental Sustainability As global consumers became increasing aware of the current environmental problems, such as pollution, global businesses are required to identify the key structural changes needed, which may affect demand and supply conditions for their products and eventually their success. This is done through integrating the goals outlined by the environment sustainability laws into their resources and operations planning and practices in order to receive a good image with their target market and maintain their market share which leads the business to success. One of the businesses has completely complied with the legal regulations to sustain the environment is Holden. Holden’s approach to sustain the world environment, such as the integration of the business goals with the goals outlined in the environmental sustainability laws has maintained a good image of the business assumed by the market.To comply with the legal regulations set by the government, and to maintain customer satisfaction, Holden focus on reducing energy, water and waste as operating performance indicators has successfully reduced their carbon footprint demanded by the government and consumers and maintained their market share. Corporate Social Responsibility (CSR) Business in the modern global market extends their objectives from just complying with the legal regulations in their operations to reach maximum financial gain to â€Å"service to society and community† by taking account of their business practices based on the respect for people, community and the broader environment. Businesses who have that change of objectives are aiming to achieve corporate social responsibility. Formerly known as the triple bottom line, corporate social responsibility places same value on profitability with social justice and environmental protection. Businesses with a positive CSR image will gain high reputations among the stakeholders, thus leading to business efficiency and ultimately business success. However, the notion of CSR can also be exploited as a marketing ploy, thus criteria and measures have been established for prevention. Some of these measures are: *Ethical responsibility It is standard for many businesses to operate at the level of legal compliance permissible as it means to maintain cost efficiency and thus maintain profit at a maximum. However for businesses who truly integrate corporate social responsibility into their business practices aims to meet all legal obligations and taking into account broader social, community and environmental concerns. One of the businesses who have taken on ethical responsibility on their business operations practices is Westpac. Westpac demonstrate ethical responsibility in many ways, such as its target of 40% of senior management positions being held by women by 2014. *Environmental Sustainability As mentioned earlier the principle of ecological sustainability requires business to evaluate their operations strategies affected by the environment and produce new and better products in an ecologically sustainable manner as the business focus coincides with stakeholder expectations. For example; Coca-Cola demonstrates corporate social responsibility in regards to environmental sustainability through its extensive water recycling program, which has significantly reduced water wastage at the company’s production facilities in Australia and around the world. This type of CSR actions by Coca-Cola has led the stakeholders’ good impression of the business which ultimately leads to business success. Conclusion This Report has examined how each of the major influences such as: Globalisation, Technology, Environmental Sustainability, Legal Regulations, Corporate Social Responsibility, Quality Expectations, Government Policies and Cost based Competition on Operations contributes to the success of the business. This report also had examined the impact of the influences on the businesses such as Billabong, Westpac, Holden, Woolworth and Coca-Cola.

Should Schools have School Uniforms - Free Essay Example

Sample details Pages: 6 Words: 1690 Downloads: 5 Date added: 2019/02/15 Category Education Essay Level High school Tags: School Uniforms Essay Did you like this example? The idea of schools requiring a uniform poses many questions for parents and students. School uniforms can benefit the learning environment, but can also provide some issues for students throughout the school day. Some of these issues include costs, free expression, stopping bullying of the students that have â€Å"old† clothes or hand-me downs, and academic performance. Parents have many questions regarding these issues. They want their children to have the best education they can obtain and school uniforms may help with it or suppress their education. Traditionally uniforms were favored in private parochial institutions.Today, school uniforms are being adopted in the United States in increasing numbers in both public and private schools. England had the first documented school uniforms dated back 1222 when students wore robe-like outfits called â€Å"cappa clausa.† The origin of the modern school uniform can be traced to 16th Century England, when the impoverished â€Å"charity children† attending boarding school wore blue cloaks and yellow stockings. As uniforms became more popular, they became associated with the upper-class in England. Some schools in England required students to wear top hats and tails on and off of campus until 1972. The uniforms used in the United States were similar to the traditional uniforms used in England. The first US schools that established uniform policies were in Washington DC and Baltimore, Maryland in 1987. Students in these schools were said to have an improved frame of mind and di scipline issues were reduced. These students did not have to worry about wearing the latest trends and buying designer fashion like the student that was wounded in a fight over a pair of $95 sunglasses in 1986. This is the origin of the uniform policy in Baltimore. The requirement of school uniforms has increased from 13 percent in the 2003-2004 school year to 19 percent during the 2011-2012 school year. Some cities require all schools to have uniforms such as Philadelphia, who requires all schools to have uniforms and New Orleans, who requires 95 percent of schools to have uniforms (ProCon 4). Don’t waste time! Our writers will create an original "Should Schools have School Uniforms?" essay for you Create order President Clinton told Congress on January 3, 1996 during his State of the Union speech: â€Å"[I]f it means that teenagers will stop killing each other over designer jackets, then our public schools should be able to require their students to wear school uniforms† ( ProCon 2). On February 25, 1996, Clinton repeated his message about uniforms in his weekly radio address and during a series of media appearances. He ordered the distribution of a school uniform manual to the country’s 16,000 school districts. In Tinker v. Des Moines Independent Community School District, the Supreme Court ruled 7-2 that schools could not curtail students’ freedom of expression as long as the students’ choices were â€Å"not disruptive, and did not impinge upon the rights of others.† The students that were in question had worn black armbands in protest of the US participation in the Vietnam War. School uniform opponents used the ruling to argue that school uniforms sile nce free expression and freedom of speech. What are the pros of having school uniforms? Supporters of school uniforms believe that they make schools safer, create a â€Å"level playing field† that reduces socioeconomic disparities, and encourage children to focus on their studies rather than their clothes. School violence is reduced. Students do not have to be bullied about their clothing. The teasing about whether you are wearing less expensive clothes can stop, thus increasing their self esteem. Some students cannot afford designer clothes and the latest trends. Students have more time to focus on their schoolwork and education and not their clothes. Students do not have to worry about picking out their clothes. They do not have to worry about fitting in with their peers because they are all wearing the same outfit. This leaves more time for schoolwork. Students are not able to tell the â€Å"have† from the â€Å"have nots.† Wearing school uniforms can enhance school pride and unity. Schools can show t heir pride when their students feel like they belong to the school and feel like they fit in. School uniforms make it easier to recognize intruders. Those who want to harm a student or take one will not want to sign in at the office when they enter the school. The intruder will be easier to recognize. In 2017, there were 65 school shootings according to ABC 15. As of October 2018, there have been 65 school shooting. Not all of these were caused by students bringing a weapon to the school. Requiring students to wear uniforms, along with teachers wearing certain outfits to school may eliminate the high number of shootings because students and staff will be able to identify the intruder much easier than they normally would. It will become easier to obtain and disarm the intruder once identified. The intruder may be looking for a specific student, but if all of the students are wearing similar outfits, it makes it harder to recognize or find that student. Students from other schools that are attempting to hurt another student will be more visible and will not be able to make it very far in the school before being noticed. What about the cons? Opponents say school uniforms infringe upon students’ right to express their individuality, have no positive effect on behavior and academic achievement, and emphasize the socioeconomic disparities they are intended to disguise. School uniforms restrict students’ freedom of expression. Students do not get to show who they are and their personality. They cannot be themselves and show what they believe in. They cannot show their individuality. Opponents say the uniforms do not reduce school violence. They feel that the violence is an act of the school environment and not the way students are dressed. Much of the violence is from students that receive abuse in their home environments, whether it’s physical, mental, or emotional. In schools with uniform policies, students that are a member of gangs will find other ways to show who they are by tattoos, piercings, or scars. They believe that social classes will remain intact and students will segre gate themselves during the school day based their classes. Through a student’s schooling, they learn about many historical figures that spoke out for their rights. They tried and most succeed in making changes. Students learn about historical figures such as Rosa Parks and Martin Luther King. They learn about their individuality and how they worked to make changes. Students cannot do things like that when they cannot express themselves within the school walls. Schools are all about making sure their students are their own self and having their personality, but uniforms does not allow for that. Uniforms make students conform to the school’s standards. Students cannot express themselves. This could lead to depression and other health issues could arise in some cases. This could lead to schools removing the uniforms requirement after so long. School uniforms have many pros and cons that affect the lives of students everyday. School uniforms can improve students’ academic performance and how they approach their schoolwork. Students have an easier time focusing on their work when they do not have to worry about what they will wear to school and fit in among their classmates. School pride will increase because students will feel that they will belong to the school. Violence among students will decrease. Students will wear the same clothes and bullies will not have anyone to make fun for what they wear. Intruders are easier to recognize because they will stand out among those in the school. Students will be able to save money because they will not have the worry of buying the best clothes for school. There are many reasons why schools should and should not require school uniforms. Uniforms can help students perform better in the classroom, but they can suppress their freedom of expression and their individuality. Uniforms can reduce violence, but members of gangs will find ways to show who they are. Supporters believe students will not have to worry about their backgrounds and their social class. Opponents say that students will automatically separate based on their social classes. This paper weighs the pros and cons of the use of school uniforms. School uniforms can increase academic performance, decrease bullying, and improve school pride. However, they can also limit freedom of speech and expression. I liked the historical context you gave for school uniforms. You also did a good job of weighing the pros and cons of school uniforms. Your formatting looks good, just be cautious of extra spaces (like on the top of page 3). You did a good job of providing two perspectives on the issue, but I think you could look further into other ideas that meet in the middle such as partial uniforms, or maybe talk about the differences in how much a dress code can be uniformed. For example, schools could require a specific top and leave the rest of the outfit up to the student. Throughout the paper I inserted comments where I didn’t quite understand what you were talking about or if it needed more elaboration. I also think you could dive a little deeper into the facts and use actual statistics rather than â€Å"he says/she says†. While reading through this, you would give a lot of facts of what could potentially be a result of school uniforms. See if you can find any studies done that have hard numbers. The one thing that was really lacking for me was your opinion on the issue. As you move forward, try to incorporate and defend your own thoughts on the matter, rather than just stating the opposing perspectives from a neutral stance. Otherwise, great work! I’m really excited to see how this progresses! References Jeffrey, C. (2018, October 04). School shootings in U.S.: When, where each shooting has occurred in 2018. Retrieved December 5, 2018, from https://www.abc15.com/news/data/school-shootings-in-u-s-when-where-each-shooting- as-occurred-in-2018 Oppenheimer, M.. (n.d.). The Downsides of School Uniforms. Opposing Viewpoints Online, 2018. Roguski, P. (1997). School uniforms: Background of and descriptive research(Masters thesis, State University of New York, 1997). Brockport: Paula Roguski. School uniforms. (2018). In ProCon.org (Ed.), Procon. Santa Monica, CA: ProCon. Retrieved from https://search.credoreference.com/content/entry/procon/school_uniforms/0