Company Law Essay Example | Topics and Well Written Essays - 1250 words

Company Law - Essay Example The specail committee has approved the payment of ?2 million as the consultation fees to Harry for effectively maneuvering acquisition of Durmstrang Ltd.At this juncture, we have to see the powers of such committees. If the main board has delegated the power to the committee to fix any amount as the consultation fees to any director without any ceiling, then the decision of such committee need not to be ratified by the main board. However , if the main board has not delegated the power to such a special committee to decide about any consultation fee to be paid to any director but only can make a recommendation to the main board and then, the main board has the final authority to accept or reject such a recommendation. In such scenario, as the main board has disapproved such payment, then the consultation fees paid to Harry has to be repaid to the company. However , it should be noted that taking Harry’s efforts in successfully handling such merger as it has added value to the company , it is suggested that Board should take into consideration before making any refusal to pay compensation as recommended by a special committee. ... y, is interested in a future business arrangement or transaction, he has the duty to divulge his extent and nature of his interest to other directors or to the Board2. S 177 also requires that the disclosure should be made to the company well before the start of such business arrangement or transaction3. Further, a director is expected that he is aware of the issues of which he ought to be known reasonably on such business transaction4. A director is bound to disclose his interest’s of another person also, if such other person’s interest tantamount to an indirect or a direct interest on the part of such director5. A director should divulge his interest when he ought practically conscious of the conflicting interest in any business transaction6. Further, the general rule as prescribed in s 175(1) restricts unauthorised clash of personal interest of directors with that of the company but not in duty to the company as decided in the case Bray v. Ford7 . In IDC v Cooley (19 72), it was held that Cooley was accountable only for not divulging a business opportunity when getting a sanction to pursue a new business, had the company itself might have seized the opportunity had it known previously8. In IDC v, Cooley case ,when a director who has received any information even in his private capacity but has only one capacity that it is in his capacity as director such information is being received . It was held in Bhullar v Bhullar9 that the infringement of duty emanates from the failure to exchange any relevant information to the company. The appellants were under an onus to divulge the necessary information to the company. (Mantysaari 2005:187). In Gardner v Parker10 , it was held that where the director had not divulged his interest in any business transaction, then such

KT boundary Essay Example | Topics and Well Written Essays - 500 words

KT boundary - Essay Example This unique layer in terms of its contents and age is believed to have been created sixty five million years ago. Geologists believe this demarcating line to be a clue to the extinction of dinosaurs and the spread of mammals on the earth. The contents of this layer are mainly clay in the bottom and in the upper layer it has got mixtures of minerals like quarts and broken pieces of prismatic crystal substances. The presence of iridium in this layer is very high. Supporting the theory of the mass impact as the presence of it is very less in earth whereas it is abundant in asteroids. The thickness of KT Boundary: Panelists unanimously agree that there is variation in the thickness of the layer. It becomes thinner in Northern America and Canada. But in Italy it is just one centimeter in thickness. The panelists observe that the line gets thinner when it moves from Southern American states into the Northern American states to Canada. The thickness of the layer is three centimeters in America whereas it is only 1 cm thick in Italy owing to the climate impacts on the boundary. KT Boundary and the Extinction of Dinosaurs: The most scientists believe that dinosaurs became extinct because of a single catastrophic event; a massive asteroid impact and gradually the earth witnessed the spread of mammals. The fall of the asteroid led to a kind of situation on the atmosphere where there was no sunlight and thus there was no process of photosynthesis which made a greater crack in the food chain which led to massive extinction. As a result, comparatively bigger animals got extinct whereas mammals and other minor organisms could survive as they were able to hibernate .Scientists are of the opinion that dinosaurs wanted a large area to live in and they could not withstand the impact of asteroid fall and the aftereffects.. In the talk, panelists tell us of crocodiles and turtles who could live underneath the water after the mass impact. Alternate Theory: Melvyn Brag after

Conflict between the debt holders and shareholders

Conflict between the debt holders and shareholders Myers and Majluf (1984) in their pioneering work on pecking-order theory show that if the investors are not well informed about the information which the insiders have, the equity of that firm may be severely mispriced. In their paper they also show that if any firm wants to fund its new project by new equity then the equity can be so undervalued that the new investors will be better off by getting more value than the projects NPV. So the organization will go for such a source which is not underpriced by the market like internal funds or riskless debt. So, in case of information asymmetry companies should follow an order of financing. Myers (1984) refers to this order as the pecking order. As per the pecking order the firm first goes for internal funds and then for low risk debt and finally equity. As we have three major capital structure theories in the literature, it becomes an interesting task to test which theory characterises the behaviour of Indian firms in their determining th e capital structure during the bullish phase of capital market. There are many empirical studies [Bradley, Jarrell, and Kim (1984), Titman and Wessels (1988), Rajan and Zingales (1995), Wald (1999) and Booth et al. (2001)] which have been done to test the applicability of the above mentioned capital structure theories in the developed and developing countries. Market Timing Theory Market timing, a comparatively old initiative (see Myers, 1984), is having a new surge of fame in the academic literature. In study by Graham and Harvey (2001), managers carry on to offer support for the plan. Consistent with the behavior of market timing, firms inclined to issue equity subsequent a stock price run-up. Furthermore, researches that analyze long-run stock profits following business financing events find proof reliable with market timing. Lucas and McDonald (1990) investigate a dynamic adverse selection model that mix essentials of the pecking order with the market timing theory, which can give details of pre-issue run-ups but not post issue Under performance. Baker and Wurgler (2002) said that capital structure is best perceived as the cumulative effect of precedent attempts to time the market. The basic suggestion is that managers look at existing circumstances in both debt market and equity markets. If they found a need of financing, they use whichever market present ly looks more favorable. If neither market looks positive, they may go for defer issuances. On the other hand, if present conditions look strangely favorable, funds possibly will be raised still if the firm has no need for any funds at this time. While this idea seems reasonable, it has not anything to say about most of the factors conventionally considered in studies of corporate financing. However, it does propose that stock returns and debt market circumstances will play an significant role in capital structure decisions. LITERATURE REVIEW The first paper on capital structure was written by Miller and Modigliani in 1958, Showing that subject to some restrictive situation, the impact of leveraging on the worth of firm is immaterial; the conceptually provided that the worth of firm is not dependent upon the capital structure decision given that certain conditions are met. Because of the unrealistic assumptions in MM irrelevance theory, research on capital structure gave birth to other theories. According to the traditional (or static) trade-of theory (TOT), firms select optimal capital structure by comparing the tax benefits of the debt, the costs of bankruptcy and the costs of agency of debt and equity, that is to say the corrective role of debt and the fact that debt effects from informational cost than outside equity. (Modigliani and Miller, 1963; Stiglitz, 1972; Jensen and Meckling, 1976; Myers, 1977; Titman, 1984.) The Trade Off theory says that a firms adjustment toward an optimal leverage is influenced by three factors namely taxes, xosts of financial distress and agency costs. Baxter (1967) argued that the extensive use of debt increases the chances of bankruptcy because of which creditors demand extra risk premium. He said that firms should not use debt beyond the point where the cost of debt becomes larger than the tax advantage. In the so-called Pecking Order Theory (POT) (Donaldson, 1961; Myers and Majluf, 1984; Myers, 1984), because of asymmetries of information between insiders and outsiders, the company will prefer to be financed first by internal resources, then by debt and finally by stockholders equity. The debt ratio depends then on the degree of information asymmetry, on the capacity of self-financing and on the various constraints which the company meets in the access to the various sources of financing. So, in the pecking order world, observed leverage reflects the past profitability and investment opportunities of the companies. The dynamic trade-off theory (DTOT) tries a compromise between TOT and POT (Fischer et al., 1989; Leland, 1994, 1998[1]). Although, due to information asymmetries, market imperfections and transaction costs, many companies allow their leverage ratios to drift away from their targets for a time, when the distance becomes large enough managers take steps to move their companies back toward the targets. While the POT explains short-run deviation from the target, the traditional TOT holds in the long run. Following this approach, leverage must converge toward a target leverage ratio. That would no be the case following POT because managers make no effort to turn around changes in leverage. Two additional theories also reject the idea of timely meeting toward a target leverage ratio. According to the theories of market timing and inertia, the capital structure is the result at a given time of an historical process. Supporters of the market timing approach (Jalilvand and Harris, 1984; Korajczyk et al., 1991; Lucas and McDonald, 1990; Jung et al., 1996; Loughran et al., 1994; Baker and Wurgler, 2002) argue that companies will sell overpriced equity shares. Companys share prices will fluctuate around their factual value, and managers inclined to issue shares when the market-to-book ratio is high. A small debt ratio must thus follow a long period of high market-to-book ratio. According to the managerial inertia approach (Welch, 2004) companies do not adjust their debt ratio to the fluctuations of the market value of their equity. High market-to-book ratio must thus be accompanied by small debt. Graham and Harvey (2001) find that chief financial officers in the USA express concern about earnings volatility in capital structure choices. According to Mohammad M. Omran and John Pointon (2009) study, one of our issues of interest is whether debt is negatively associated with earnings volatility, in which case firms react to the risk, and manage it by reducing debt. On the other hand, if debt is found to be positively associated with earnings volatility, then they do not appear to manage the risk. Ayesha Mazhar and Mohamed Nisar (1997) have discussed the determinants of capital structure of Pakistani firms. They selected a sample from Pakistani companies registered on Islamabad Stock Exchange. The sample is divided into two sub-samples of private and government owned companies to make comparison between both sectors. The sample comprised 91 Pakistani companies out of which 80 companies are private and 11 are government owned covering the period of 1999-2006. They have taken debt to equity as a proxy of leverage of a firm, and tangibility of assets, profitability, size, growth, tax provision and return on assets as independent variables. They use correlation to determine the degree of association between different variables. Spearmen correlation is used for all independent variables association with dependent variables. Regression is also used to measure the relationship between dependent and independent variables. Attaullah shah and saifullah khan (2007) they used two variants of penal data i.e. constant coefficient model and fixed effect model to calculate the determinants of capital structure of Karachi Stock Exchange listed non-financial firms from1994 to2002. Pooled regression investigation was applied with the hypothesis that there were no industry or time effects. Though, by means of fixed effect dummy variable regression, the coefficients for a amount of industries were significant displaying there were significant industry effects later we accepted the late model for our investigation. He had measured effect of seven explanatory variables is measured on leverage ratio which is designed by dividing the total debt by total assets. Safdar Ali Butt and ArshadHasan(2009) had explores the association between capital structure and corporate governance of stock exchange listed companies in an equity market. The study considered the period of 2002 to 2005 for which 58 randomly selected non-financial listed companies from Karachi Stock Exchange has been investigated by using multivariate regression line analysis with fixed effect model method. Managerial ownership has negative relationship with debt to equity ratio indicating that concentration of ownership induces the managers to lower the gearing levels. Institutional ownership has positive relationship with capital structure which is consistent with corporate governance philosophy but this relation is statistically insignificant. Traditional determinants of capital structure like size and profitability have significantly effect on corporate financing decisions. Profitability is negatively related with debt to equity ratio and it is consistent with pecking order hyp othesis. Similarly, size has positive relationship which shows that large firms can arrange debt financing due to long term Relationship and better collateral offering. NengjiuJu, Robert Parrino, Allen M. Poteshman, and Michael S. Weisbach Abstract (2005) this paper inspect optimal capital structure choice by means of a dynamic capital structure model that is standardized to reflect genuine firm features. They also examine the relation between firm value and capital structure. They estimate indicate that the impact on firm value of moderate deviations from optimal capital structure is small. This paper suggests that the trade-off model performs reasonably well in predicting capital structures for firms with typical levels of debt. This paper also shows that the major forces affecting a firms financing decisions are corporate taxes and bankruptcy costs. Mohamad H. Mohamad, Professor of Business Administration. School of Management, University Utara Malaysia (Northern University of Malaysia), Sintok, Kedah DarulAman, Malaysia (1995).they examine the determinants of firms capital structure in Malaysia covering the period between 1986 to 1990. There are significant inter-industry differences in capital structure among Malaysian companies. Highly-leveraged firms are more likely to earn higher profits than less-leveraged firms. Similarly the relation between firms profit and equity ratio is also positive and is reflected in terms of the importance of efficient capital markets. Laurence Booth, VaroujAivazian, AsliDemirguc-Kunt, Vojislav Maksimovic(1999) has analyzed capital structure of firms in ten developing countries and provide indication that these choices are affected by the same variables as in advanced countries. But, there are constantly repeated differences across countries, when corporations choose to use of debt financing; they are altering some predictable future cash flows away from equity pretenders in exchange for cash up front. The issues that drive this decision remain mysterious regardless of a vast theoretical literature and years of experimental tests. The quantity of proof is large, and so it is frequently all too relaxed to provide some pragmatic support for nearly any idea. It is satisfactory for a given paper but more challenging for the general expansion of our thoughtful of capital structure choice. As an outcome, in current decades the literature has not had a concrete experimental basis to differentiate the weaknesses and streng ths of the main theories. Numerous theories of capital structure have been proposed which theory shall we take seriously? Of course, opinions differ. Remarkably, nearly all corporate finance textbooks inclined to the trade-off theory in which bankruptcy costs and deadweight taxation are key operators. Myers (1984) projected the pecking order theory in which there is a financing hierarchy of retained earnings, debt, and then equity. In recent times, the idea that firms are engage in market timing has gain popularity. In conclusion, agency theory lurks in the background of a lot theoretical conversation. Agency concerns are frequently collected into the trade-off structure largely interpreted. Advocates of these types of models are frequently point to experimental proof to support their preferred theory. Often suggestion has been made to the survey by Harris and Raviv (1991) or to the experimental study by Titman and Wessels (1988). Both these two standard papers point up a serious empirical difficulty. They are disagreed over basic facts. According to Harris and Raviv (1991, p. 334), the accessible studies normally agree that leverage increases with tangible fixed assets, growth opportunities, non debt tax shields, firm size and decreases with advertising expenditures, volatility, research and development expenditures, profitability, bankruptcy probability, and uniqueness of the product. On the other hand, Titman and Wessels(1988, p. 17) find that their outcome do not provide sustain for an effect on debt ratios due to non debt tax shields, collateral value, volatility, or future growth. Therefore, advocates of exacting theories are presented a choice of absolutely opposing well-known summaries of what we all know from the preceding literature. Obviously this is unacceptable, and th e study aims to assist resolve this experimental difficulty.

whats good without evil Essay -- essays research papers

Without Evil What’s Good   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"If my devils are to leave me, I am afraid my angels will take flight as well.† Rainer Maria Rilke wrote this to explain the nature of humanity. He expressed his views on human behavior and how humans think. Without evil, one does not know exactly what goodness is. Everyone possesses good and evil qualities. For they are balanced and create stability in everyone. If the one doesn’t exist then humans would not be able to differentiate or comprehend whether their actions are right or wrong. In our nature life always presents two sides of a situation therefore, making us act and think the way we do every day.   Ã‚  Ã‚  Ã‚  Ã‚  In the beginning of the novel Lord of the Flies, by William Golding, there is a theme of society in which the boys begin to show order. Problems occur based on the sinful nature of man in desperate conditions. Jack and his hunters greatly illustrate the evil in human nature. Most of the story is made of the battle between good and evil through symbolism. While Ralph represented the good of the boys, Jack symbolized evil. Order is a great part of human behavior since it allows people to act upon rules and values. Ralph and Simon conducted order by guiding the boys. They built shelters and fires in order to stay civilized. As the novel began, they had rules and concerns and acted like civilized people who had some sort of governmental atmosphere. Ralph decided to choose a leader and every once in a while they would call assemblies. Ralph always seemed like the calmer on, but as time progressed he began to show his savage side towards Jacks group. At first, Jack woul d never think about killing a baby pig, yet later discover he is the first to turn into a savage hunter. Society was taken away from them and therefore they lost their values and innocent thoughts and began killing the other boys. Without knowing what bad was, none of them would feel guilty of what happened on their stay at the island. There is a great struggle between savage and civilization as the two groups of boys argue and try to live on their own until they are rescued.   Ã‚  Ã‚  Ã‚  Ã‚  In the same way, the novel Grendel, by John Gardner, reinforces the fact of evil and good in people. Grendel had both characteristics of human and of monster. He acts like a child and has the heart of one, ye... ...small occurrence could change someone and their bad side will automatically arise within them. Dick experienced inner conflicts within himself with the fact of being a black man and anything was able to strike his inner anger. He began committing crimes and killing people in his town. The mystery of his background and the reason he shot people symbolizes that evil is all around and nothing can stop it once it hits. Dick’s new personality shocked the boys to see how someone so nice and kind could turn out to be so uncivilized after all. No matter how pure and civilized someone seems to be, the â€Å"other† side eternally exists. Inevitably, all people must have the sense of right and wrong, angel and devil, in order to go through life and understand the meaning of it. Without knowing the good, the bad will not exist and vice versa. In humans the quality of dual nature exists. Each work of art will always have these views in characters because it shows how people think. Though Jack and Grendel were perceived as the devilish characters, they both had a sense of pureness. All were created with two consciences for learning through experience and observation.   Ã‚  Ã‚  Ã‚  Ã‚  

Stefan’s Diaries: Origins Chapter 29

When I next opened my eyes, I knew I was dead. But this death wasn't the death of my nightmares, with black nothingness all around. Instead, I could smell the faraway scent of a fire, feel rough earth beneath my body, could feel my hands resting by my sides. I didn't feel pain. I didn't feel anything. The blackness enveloped me in a way that was almost comforting. Was this what hell was? If so, it was nothing like the horror and mayhem of last night. It was quiet, peaceful. I tentatively moved my arm, surprised when my hand touched straw. I pushed myself up to a sitting position, surprised that I still had a body, surprised that nothing hurt. I looked around and realized that I wasn't suspended in nothingness. To my left were the rough-hewn slats of a wall of a dark shack. If I squinted, I could see sky between the cracks. I was somewhere, but where? My hand fluttered to my chest. I remembered the shot ringing out, the sound of my body thudding to the ground, the way I was prodded with boots and sticks. The way my heart had stopped beating and there had been a cheer that rose up before everything was quiet. I was dead. So then †¦ â€Å"Hello?† I called hoarsely. â€Å"Stefan,† a woman's voice said. I felt a hand behind my back. I realized I was wearing a simple, faded, blue cotton shirt and tan linen pants, clothes I didn't recognize as my own. And though they were old, they were clean. I struggled to stand, but the small, yet surprisingly strong, hand held me down by my shoulder. â€Å"Y ou've had a long night.† I blinked, and as my eyes adjusted to the light, I realized that the voice belonged to Emily. â€Å"Y ou're alive,† I said in wonderment. She laughed, a low, lazy chuckle. â€Å"I should be saying that to you. How are you feeling?† she asked, bringing a tin cup of water to my lips. I drank, allowing the cool liquid to trickle down my throat. I'd never tasted anything so pure, so good. I touched my neck where Katherine had bit me. It felt clean and smooth. I hastily yanked the shirt open, popping several buttons in the process. My chest was smooth, no hint of a bullet wound. â€Å"Keep drinking,† Emily clucked in a way a mother might do to her child. â€Å"Damon?† I asked roughly. â€Å"He's out there.† Emily pointed her chin to the door. I followed her gaze outside, where I saw a shadowy figure sitting by the water's edge. â€Å"He's recovering, just as you are.† â€Å"But how †¦Ã¢â‚¬  â€Å"Notice your ring.† Emily tapped my hand. On my ring finger was a gleaming lapis-lazuli stone, inset in silver. â€Å"It's a remedy and a protection. inset in silver. â€Å"It's a remedy and a protection. Katherine had me make it for you the night she marked you.† â€Å"Marked me,† I repeated dumbly, once again touching my neck, then allowing my fingers to drop to the smooth stone of the ring. â€Å"Marked you to be like her. Y ou're almost a vampire, Stefan. Y ou're well into the transformation,† Emily said, as if she were a doctor diagnosing a patient with a terminal illness. I nodded as if I understood what Emily was saying, even though it might as well have been a completely different language. Transformation? â€Å"Who found me?† I asked, starting with the question I cared least about. â€Å"I did. After the shots were fired on you and your brother, everyone ran. The house burned down. People died. Not just vampires.† Emily shook her head, her face deeply troubled. â€Å"They brought all the vampires to the church and burned them there. Including her,† Emily said, her tone impossible to comprehend. â€Å"Did she make me a vampire, then?† I asked, touching my neck. â€Å"Y But in order to complete the transition, es. you must feed. It's a choice you have to make. Katherine had the power of destruction and death, but even she had to allow her victims that choice.† â€Å"She killed Rosalyn.† I knew it in the same way I'd known Damon loved Katherine. It was as if a cloud had lifted, only to reveal more blackness. â€Å"She did,† Emily said, her face inscrutable. â€Å"But that has nothing to do with what happens. If you choose, you can feed and complete the transition, or let yourself †¦Ã¢â‚¬  â€Å"Die?† Emily nodded. I didn't want to feed. I didn't want Katherine's blood inside me. All I wanted was to go back several months, before I'd ever heard the name Katherine Pierce. My heart twisted in agony for all I'd lost. But there was someone who'd lost more. As if she'd read my mind, Emily helped me to my feet. She was tiny, but strong. I stood up and shakily walked outside. â€Å"Brother!† I called. Damon turned, his eyes shining. The water reflected the rising sun, and smoke billowed through the trees in the distance. But the clearing was eerily quiet and peaceful, harkening back to an earlier, simpler time. Damon didn't answer. And before I even realized what I was doing, I walked to the edge of the water. Without bothering to take off my clothes, I dove in. I came up for air and breathed out, but my mind still felt dark and dirty. Damon stared down at me from the water's edge. â€Å"The church burned. Katherine was inside,† he said tonelessly. â€Å"Y I didn't feel satisfaction or sadness. I just es.† felt deep, deep sorrow. For myself, for Damon, for felt deep, deep sorrow. For myself, for Damon, for Rosalyn, for everyone who'd gotten caught in this web of destruction. Father had been right. There were demons who walked the earth, and if you didn't fight them, then you became one. â€Å"Do you know what we are?† Damon asked bitterly. We locked eyes, and instantly I realized that I didn't want to live like Katherine. I didn't want to see the sunlight only with the aid of the ring on my finger. I didn't want to always gaze at a human's neck as if contemplating my next feeding. I didn't want to live forever. I ducked down under the surface of the water and opened my eyes. The pond was dark and cool, just like the shack. If this was what death was, it wasn't bad. It was peaceful. Quiet. There was no passion, but also no danger. I surfaced and pushed my hair off my face, my borrowed clothes hanging off my soaked limbs. Even though I knew what my fate was, I felt remarkably alive. â€Å"Then I'll die.† Damon nodded, his eyes dull and listless. â€Å"There's no life without Katherine.† I climbed out of the water and hugged my brother. His body felt warm, real. Damon briefly returned my embrace, then hugged his knees again, his gaze fixed on a spot far away from the water's edge. â€Å"I want it done,† Damon said, standing up and walking farther away toward the quarry. I watched his retreating back, remembering the time when I was eight or nine that my father and I had gone buck hunting. It was right after my mother had died, and while Damon had immersed himself in schoolboy antics like gambling and riding horses, I'd clung to my father. One day, to cheer me up, Father took me to the woods with our rifles. We'd spent over an hour tracking a buck. Father and I headed deeper and deeper into the forest, watching the animal's every move. Finally, we were in a spot where we saw the buck bowing down, eating from a berry bush. â€Å"Shoot,† Father murmured, guiding my rifle over my shoulder. I trembled as I kept my eye on the deer and reached for the trigger. But at the moment I released the trigger, a baby deer scampered into the field. The buck sprinted away, and the bullet hit the fawn in the belly. Its wobbly legs crumpled beneath it, and it fell to the ground. I'd run to try to help it, but Father had stopped me, holding on to my shoulder. â€Å"Animals know when it's time to die. Let's at least allow it the peace to do it alone,† Father said, forcibly marching me away. I'd wailed, but he was relentless. Now, watching Damon, I understood. Damon was the same way. â€Å"Good-bye, brother,† I whispered.

A Bad Experience and What I Learned From It Essay

When my dad asked if I wanted to participate in a recital contest, which was citywide, I agreed without hesitation. I was a proud peacock thinking that it was impossible for me not to win, so I neglected practicing. But when I turned on the microphone, I was faced with a problem: What was the stunning opening line that I used to start speeches with? I was too arrogant to start with the common â€Å"Good morning, ladies and gentlemen,† when I really couldn’t think of anything else. So there I stood, face ashen, eyes wide, holding on to the last hope that the lines would pop up. They didn’t, and the bell rang. I walked miserably off stage, trying hard not to trip to retain what little dignity I had left. The audience was quiet, and I was not used to it. Well goes the say,† No pain, no gain.† Were it not for the loss, I wouldn’t know the importance and essentiality of previous drills and being humble. Since then, I always make sure I practice till the last minute for anything that is to come. Read more:  No Pain No Gain Essay