Gloria Steinem Essay Example for Free

Gloria Steinem Essay Gloria Steinem views America as a largely male-dominant culture. In her efforts to speak out and fight against this unbalanced form of society she strongly enforces her views of female anti-submissiveness. Because of the seemingly unfair amount of rights men have deprived American women of, Steinem calls for drastic changes in the way women view themselves and are viewed both in the society and within the home. Steinems biggest problem with our society is the harsh stereotypical views that are laced all throughout the culture. Children are raised with the ideas that men dominate certain areas of life, and women others, and crossing these dividing lines into areas reserved for the other gender is an act seen as both unnatural and taboo. In her essay Life Between the Lines Steinem touches upon the common marital problem of housework. (Steinem, 8) Because of the deeply rooted tradition of females and housework, many women struggle with feelings of helplessness and even embarrassment when trying to get their husbands to help out around the home. In Huston and History, Steinem writes that because of the secondary status women are traditionally seen as having, they are more likely to relate to minorities and those seen as less fortunate. Frederick Douglass recognized this when he stated that the cause of the slave has been peculiarly womens cause. Relating back to the fight to end slavery, which was most enthusiastically fought by the women. The essay Sisterhood presses on this topic as well when it declares that the deep and personal connections among women living under patriarchy often causes them to leap barriers of age, economics, worldly experience, race, [and] culture. (123) Even though society builds many walls between different people, the common goal of subordination remains a very strong uniting factor. Male and female roles in society have always been seen as vastly different. The common childrens poem: What are little girls made of? Sugar and spice, And everything nice, Thats what little girls are made of. What are little boys made of? Snips and snails, And puppy dog tails, Thats  what little boys are made of. (internet: http://showcase.netins.net/web/marys/LittleBoys.htm) is a perfect illustration of the generalizations our country has towards the two genders. Steinem suggests in her essay College Reunion that, through education, the boundaries between the two sexes might start to dissolve. Steinem states that Womens colleges have rarely taught us to fight for ourselves, or for other women. (137) Only in teaching women the skills necessary to break down the walls that tradition has built up, and equality and full humanity of women and men is achieved, can true feminism be accomplished. (5) Another major topic illustrated in this book is the authors concern about the sexual relationships between male and female. According the Steinem, our cultures stereotypical views of the sexes often envelopes all aspects of life, bringing male-dominance even into the bedroom. Three essays focusing primarily upon the sexual dominance of men are Erotica vs. Pornography, I was a Playboy Bunny , and If Men Could Menstruate. Erotica vs. Pornography centers on way the American society frequently sees sex. In America, children are raised with images of female sex symbols strewn all across the media which make women vulnerable for the pleasure of men. Steinem attributes the sexual male-supremacy to this trendy media tool. A common quote illustrating this point is sex will sale anything. Because of the steady moral decline in society, sex is also confused with violence and aggression in all forms of popular culture. (239) Pictures of females are seen in every form of media, from the television to the internet to the paper. This imagery drastically influences the way females think of themselves, and are viewed by others. I was a Playboy Bunny speaks of the time in which the author went undercover to become one of the famed Playboy Bunnies. Once within the Playboy realm the glamour and intrigue quickly started to fade. Steinem saw that the bunnies were used in affect as cheap labor to feed the vastly popular Playboy clubs. Working long hours with no or little pay (54), outrageous regulations on hair, heels, clothing, and even the bunny demeanor all added to the unspectacular life of a Bunny. If Men Could Menstruate is a comical look at how the world would be different if it was in fact the male sex who was on a periodic menstrual cycle. Clearly, menstruation would become an enviable, boast-worthy masculine event: Men would brag about how long and how much, and Sanitary supplies would be federally funded and free. (367) Although the essay is an interesting satire on what could be, no real arguments are held or reinforced. It is in affect an amusing look at how the culture might react if men were given the attributes of the weaker sex. Although many of Steinems arguments are well supported and easily seen as valid, they frequently focus on either to broad, or to narrow a topic. Essays like Men and Women Talking express the communication habits between males and females all over the world, from Europe (193), Australia (194), Japan (203), and the U.S. a very large base from which drawing any solid conclusions becomes drastically more difficult. The other extreme argumental stance occurs in being to narrow. Essays like Ruths Song concentrate on a single instance and circumstance. Because of the narrow focal point it is hard to relate a specific example to a larger, more common instance. In Ruths Song Steinem says that the biggest reason that my mother was cared for but not helped for twenty years was the simplest her functioning was not that necessary to the world. (143) Inferring that because her mother was a female, Steinem suggests that her only role in the economy was to produce and care for her offspring, and that because she no longer could do either one, she was not an important member in society. Although her point may be well made, it relates directly to only those females who have, or are directly effected by a mental breakdown. Because of the illness of one woman, it is hard to conclude that the fate of a single person would be the same for everyone else having a similar fortune. Steinems arguments all have the underlying theme of female limitation in a male-dominant society. To combat this she proposes that women learn to stand up for themselves and take action. Only through active change in every individual, can full and complete equilibrium among the sexes take place.

Earnings Management and Accrual Accounting

Earnings Management and Accrual Accounting Contents (Jump to) Introduction Motivations for Earnings Management   Techniques 11 Groups to Manage Earnings Modified Jones Model   Limitations of the Earnings Management Models Implications and Application of Earnings Management References EARNINGS MANAGEMENT Introduction There has been significant attention placed on earnings management from regulators, the financial press, and academic researchers in recent years. Most are in agreement that earnings management does occur; however, there is no uniform definition for what it is or how to detect it. What are earnings and what is earnings management? Simply stated, earnings are the accounting profits of a company. Stakeholders (current or potential providers of debt and equity capital, employees, suppliers, customers, auditors, analysts, rating agencies, and regulators) use earnings to make important financial decisions. Many investors view earnings as value relevant data that is more informative than cash flow data. (Healy and Wahlen 1999) Others have suggested that current earnings are better predictors of future cash flows than are current cash flows. (Dechow 1994) In the US, these profits are derived using Generally Accepted Accounting Principles (GAAP) a system based on the accrual method, which measures the performance and position of a company by recognizing economic events regardless of when cash transactions occur. The generalidea is thateconomic events are recognized by matching revenues to expensesat the time in which the transactionoccurs rather than when payment is made (or received). This methodallows the current cashinflows/outflowsto be combined withfuture expected cash inflows/outflowsto give a more accurate picture of a companys current financial condition.The objectives of financial reporting and how these relate to the definition of accrual accounting, as laid out by the FASB in various Statement of Financial Accounting Concepts: The primary focus of financial reporting is information about an enterprises performance provided by measures of earnings and its components [CON1, para. 43]. Accrual accounting attempts to record the financial effects on an entity of transactions, events, and circumstances that have cash consequences for the entity in the periods in which those transactions, events, and circumstances occur rather than only in the periods in which cash is received or paid by the entity [CON6, para. 139]. It uses accrual, deferral, and allocation procedures whose goal is to relate revenues, expenses, gains, and losses to periods to reflect an entitys performance during a period instead of merely listing its cash receipts and outlays. Thus, recognition of revenues, expenses, gains, and losses and the related increments or decrements in assets and liabilities including matching of costs and revenues, allocation, and amortization is the essence of using accrual accounting to measure performance of enti ties [CON6, para. 145]. The principal goal of accrual accounting is to help investors assess the entitys economic performance during a period through the use of basic accounting principles such as revenue recognition and matching. There is evidence that as a result of the accruals process, reported earnings tend to be smoother than underlying cash flows (accruals tend to be negatively related to cash flows) and that earnings provide better information about economic performance to investors than cash flows (Dechow 1994) This idea raises the following key questions: What is the objective of accrual accounting? How far should management go in helping investors form rational expectations about the firms performance through their accruals choices and when does this activity become earnings management? To the extent that these accruals choices often operate to smooth reported earnings relative to the underlying cash flows, when does the appropriate exercise of managerial discretion become earnings management? Perhaps by its very nature, accrual accounting dampens the fluctuations in an entitys underlying cash flows to generate a number that is more useful to investors (for assessing economic performance and predicting future cash flows) than current-period operating cash flows. To characterize this as earnings management, we need to define the point at which managers accrual decisions result in too much smoothing and becomes earnings management. To think more generally about how earnings management is defined, consider the following representative definitions from the academic literature: a purposeful intervention in the external financial reporting process, with the intent of obtaining some private gain Schipper (1989) Earnings management occurs when managers use judgment in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of the company, or to influence contractual outcomes that depend on reported accounting numbers. Healy and Wahlen (1999) Although widely accepted, these definitions are difficult to operationalize directly using attributes of reported accounting numbers since they center on managerial intent, which is unobservable. Turning to the professional literature, clear definitions of earnings management are just as difficult to discern from pronouncements, statements, and speeches by regulators. An extreme form of earnings management, financial fraud, is well-defined (again in terms of managerial intent) as: the deliberate misrepresentation of the financial condition of an enterprise accomplished through the intentional misstatement or omission of amounts or disclosures in the financial statements to deceive financial statement users. (Certified Fraud Examiners, 1993) In recent speeches and writings, regulators at the SEC seem to have a broader concept in mind than financial fraud when they talk about earnings management, although a strict definition has not been made explicit. In particular, while financial reporting choices that explicitly violate GAAP can clearly constitute both fraud and earnings management, it also seems that systematic choices made within GAAP can also constitute earnings management according to recent SEC discussions. The notion that earnings management can occur within the bounds of GAAP is consistent with the academic definitions described above but is somewhat startling if the idea is that this type of earnings management will lead to explicit adverse consequences for managers and firms (in the form of SEC enforcement activity) in the same way as financial fraud. This is an important point because of the question as to whether income smoothing and other similar processes constitute earnings management and whether they ar e to be treated in the same manner as fraud. Former SEC Chairman Levitt indicated that flexibility in accounting allows firms to keep pace with business innovations. Abuses such as earnings management occur when people exploit this pliancy. Trickery is employed to obscure actual financial volatility. This in turn, masks the true consequences of managements decisions. (1998). This implies that within-GAAP choices can be considered to be earnings management if they are used to obscure or mask true economic performance, bringing us back again to managerial intent. This idea is reinforced by our reading of SAB 99, which also points to the intent to deceive. As accounting researchers have discovered, implementing this type of definition requires a reliable measure of the true consequences of managements decisions that is, the earnings number that would have resulted from a neutral operation of the process (absent some form of managerial intent). The crucial issues seems to be why firms choose to manage earnings, how do firms manage their earnings, how do we measure earnings management given that implementing GAAP requires management to make judgments and estimates, and what are the implications of earnings management. Motivation Management can have many motivations for managing their earnings. The ultimate motive for earnings management, however, is to aesthetically enhance the performance of a company in the eyes of its stakeholders. The literature cites motives such as stock market incentives, signaling or concealing private information, political cost, internal motives, lending contracts, management compensation contracts, and regulatory issues. A primary purpose of earnings management is to enhance the wealth of its stakeholders such as owners since they are hired by the board of directors and the board of directors is hired by the owners.   To enhance the benefits of the owners of a firm, management may manage earnings in order to meet analyst forecasts for present and future periods (Burgstahler and Eames 1998). An owner of that firms stock may be rewarded by the appreciation of its stock value which directly relates to the owners wealth. Meeting earnings forecast is an important factor on the stocks price. The more consensuses among analysts forecasts, the stronger incentive management has to meet those forecasts (Payne and Robb 2000).   Moreover, the direction of analysts recommendation (buy or sell) about a company can bias managements decision to manage earnings. If the company misses its earnings this can have a negative impact on stock returns and negatively impact managements compensation (Matsunaga and Park 2001).   However, if management can meet or beat analyst expectations, then this can result in higher stock returns (Bartov et al., 2002). The management of earnings has also been seen prior to a firms equity offering such as seasoned equity offers (Teoh, Welch, and Wong 1998b), initial public offerings (Teoh, Welch, and Wong 1998a; Teoh, Wong, and Rao 1998), and stock financed acquisitions (Erickson and Wang 1999). Management may have the incentive to signal positive information or to conceal negative information.   If a firm is performing poorly or having financial struggles, management may conceal this performance using earnings management (Rosner 2003). On the other hand, management may want to signal the firms future performance by revealing more information about a companys future earnings and cash flow prospects (Tucker and Zarowin 2006). Earnings management can also be used to shift earnings to other periods for optimal tax planning (Shane and Stock 2006). The shifting of earnings for tax purposes can be a sign of strength. Other reasons to manage earnings can include meeting bank loan covenants. In order to maintain bank loan covenants, management may have to achieve a certain level of earnings. Failure to reach the requisite earnings can cause the lender to call the loans due, creating liquidity problems for the firm and signaling firm weakness to the bank and other creditors. The li terature finds that firms that have violated covenants are more likely to manage earnings, possibly to prevent future defaults (Sweeney 1994).   When earnings management is conducted, managers use it as a tool to enhance perception of their management capabilities during the current reporting period, implying that this type of performance will continue in future reporting periods. They expect to be compensated handsomely for their business acumen.   However, Guidry et al. (1998) found that divisional managers for large multinational firms are likely to defer income when the earnings target in their bonus plan will not be met. This indicates that management is willing to take a bath in the current period in order to reap the benefits in a future period.   Moreover, it was found in Murphy (2001) that management is more likely to smooth earnings when using internal performance standards (budget goals and prior year) than external standards. Another form of compensation manipulation happens when there is a cap on the bonus awards. Then management is more likely to report an accrual that defers income when the cap is reached ( Healy 1985 and Hotausen et al, 1995). Furthermore, management may manage earnings depending on whether they are joining or leaving the firm. A new CEO may be inclined to downwards earnings management (transferring the benefit to future periods), while a retiring CEO may use upward earnings management (reaping the benefits in the current period) (Godfrey et al., 2003). Certain businesses have regulatory requirements to stay in business. A popular study of earnings management in the literature is the application by banks to manage earnings in order to meet capital requirements and by insurance companies to manage earnings to meet risk regulatory requirements. The literature supports evidence that when banks are close to minimum capital requirements they overstate loan loss provisions, understate loan write-offs, and recognize abnormal realized gains on securities portfolios (Moyer 1990; Scholes et al. 1990; Beatty et al. 1995; Collins et al. 1995). Additionally, financially weak property casualty insurers that risk regulatory attention understate claim loss reserves (Petroni 1992). The literature has also shown that firms facing anti-trust or potential anti-trust scrutiny are likely to use earnings management. These firms or others vulnerable to adverse political consequences have incentives to manage earnings to appear less profitable (Watts and Zi mmerman 1978). Moreover, firms under investigation for anti-trust violations reported income decreasing abnormal accruals in investigation years (Cahan 1992). Techniques Earnings Management can take place by underestimating or overestimating either revenues or expenses. It can be done to affect future earnings as well as current earnings. There are two main types: Cosmetic Earnings Management using accounting choices from GAAP: also called accrual based earnings management. It happens when managers use their judgment and discretion to make choices related to accounting principles that can alter earnings in the current or a future period. An example is the modification of depreciation rates, where an increase (decrease) in the expense may occur in the current period leading to a decrease (increase) in the future (Nelson et. al. 2003). Real-Activity Earnings Management using operating decisions: this type of earnings management is when managers make decisions that affect the real operations in the firm. This type is more dangerous both to the firm and to the managers. Managers would be at a higher risk of being caught. As for the firms, real activities earnings management affects the cash flow, and consequently has a higher impact on the companys future. For example, a manager can give discounted sales prices in order to boost sales and consequently meet some target revenues (Roychowdhury 2006). The most popular and successful techniques used to manage earnings can be categorized into 11 groups: 1. Cookie jar (Cosmetic): managers create a reserve or a financial slack to boost earnings in future periods by recording more expenses in the present. For example, when the manager reports higher inventory cost in the current period, it will allow him to reduce this in the future. (Levitt 1998) 2. Big bath (Cosmetic): when the management decides to eliminate or restructure a subsidiary or an operation, GAAP permits the management to record an estimate charge against the income. Managers can record higher charges to dissimulate other charges. (Levitt 1998) 3. Big bet on the future (Cosmetic): when a company acquires another one, managers can get an immediate earnings boost by including the acquired companys earnings in consolidated earnings. On the other hand, to boost future earnings, managers can write-off the acquired in-progress RD costs against present earnings, and thus protecting future earnings from these charges. (Levitt 1998) 4. Flushing of investment portfolio (Real): passive investments (less than 20% ownership) can be classified as trading securities (reported in operating income) or available-for-sale securities (not reported in operating income until sold). Earnings can be managed by timing sales (sell securities that gained (lost) value to increase (decrease) earnings) or reclassifying the security portfolio (from trading security to available for sale to move gain or loss from or to the income statement) 5. Throw out a problem child (Real): When a subsidiary underperforms, it decreases the overall company earnings. It is usually expected to cause a bigger decrease in the future. Managers may act in several ways to counter that: sell the underperforming subsidiary and consequently report a gain or a loss (based on the managers discretion). Another way is to spin-off the subsidiary by distributing or exchanging the shares with current shareholders and in this way the burden is transferred to the latter. 6. Change in GAAP (Cosmetic): Management can manage earnings by undergoing changes to the present accounting standards. For example, it may volunteer for early adoption of new accounting standards, such as the 1985s standard, which allowed companies whose pension assets exceeded their pension liabilities to count the difference as income (Lev 1989). This technique allows for improved revenue and improved expense recognition. 7. Amortization, Depreciation, and Depletion (Cosmetic): Writing-off long-term assets can be managed by selecting write-off method and period, estimating salvage value, or reclassifying as non-operating use. 8. Sale/Leaseback and asset exchange (Real): selling a long-term asset that has unrealized gain (loss) can be used to manage earnings. For example, selling a building, which is carried in the balance sheet at $25 million, for $40 million, will give a boost to the current earnings by $15 million (not considering tax and transaction costs). Another way is to sell the building and lease it back (recording gains or losses). However, if the management wishes not to record any gains or losses, the long-term asset could be exchanged with a similar one (for example for exchanging a warehouse for another one that is nearer to a production site) 9. Operating vs. Non-operating Income (Cosmetic): Income items can be classified as Operating income (recurring or core income, expected to continue in the future) or non-operating income (non-recurring, not expected to affect future). GAAP permits to management to classify an item as one or the other. The managers judgment will then affect the financial analysts forecasts, which are based on the operating or core earnings. For instance, disposition of a major manufacturing plant can be classified either as special charges (Operating income) or discontinued charges (non-operating income) based on the managers discretion. 10.Early Retirement of Corporate Debt (Real): Managers may decide to prematurely sell long-term corporate debts (bonds) which are usually recorded at an amortized value. The timing of the sale may lead to gains or losses due to the difference between the amortized value and the book value. 11.Stock buybacks (Real): This technique does not affect earnings, however it does affect earnings per share. By repurchasing their own shares, an act that is considered internal and thus not required to be reported under GAAP, companies will report higher EPS. Consider a company with 1 million shares. If the earnings are $4 million, EPS = $4 million/1million shares = $4 per share. Now if the company buys back 100,000 shares, the same earnings would have to be divided by 900,000 shares, the reported EPS would be $4.44 per share. Earnings Management Models and The Accrual Generation Process Accruals have the desirable traits of giving summary measures of firms income and accounting choice.   In earnings management research, accruals are divided into discretionary (DA) and non-discretionary (NDA). Most research has focused on the detection of DA. It is customary to start earnings management studies with the study of behavior of sales over time. First, in the budgeting process, sales determine the firms production and inventory levels, which in turn determine cost of goods sold, operating expenses, and investment decisions. Second, sales have the highest persistence of any component of the income statement. Therefore, sales are an efficient statistic for describing the characteristics of the firm. The fundamental element of any test for earnings management is a measure of management discretion over earnings. Most studies use DA as a proxy for earnings management. Because DA cannot be observed directly from the financial statement, they have to be estimated using some kind of model. The literature has followed different approaches. According to McNichols (2000), the models can be broadly classified into 3 groups: aggregate accrual models, specific accrual models, and frequency distribution models.   Because of their wide use, we discuss the aggregate accrual models as follows: Models Starting with the first and simplest models, both Healy (1985) and DeAngelo (1986) used total accruals (TA) as the proxy for DA to test earnings management in the context of bonus and management buyouts respectively. However, DeAngelo (1986) used first differencing to correct for serial correlation, therefore his NDA will be less contaminated by past accruals that are irrelevant in estimating current DA. The most popular earnings management model is the Jones Model (1991). It has model has been modified in several ways. Analysis is conducted in 2 stages. In the estimation stage, the DA is assumed to be zero and firm specific coefficients of NDA will be determined. These coefficients are assumed to be stationary and are used to in the event period to determine the DA. In her model, unlike the previous models, NDA are expected to vary with the level of business activity, and revenues and property, plant, and equipment (PPE) are used as proxies to control for NDA. All the variables are deflated by lagged total assets to correct for heteroskedasticity. Dechow et al (1995) argued that earnings can be managed by inflating revenue via receivables. As a result, revenue should be adjusted for change in receivables. This adjusted model is known as the Modified Jones Model. The Modified Jones Model (1995) is: The Industry Model (1991) was developed by Deschow and Sloan when they dealt with RD spending during the last year of the tenure of an outgoing CEO. They assumed that the variation in NDA is common across all firms in the same industry and formulated a model of how the normal item under investigation behaves. However, this model applies only to event studies in which not all firms experience the same event and it cannot capture firm specific characteristics. The Industry Model is: NDA t+1 = ?1 + ? Median (TA t+1) Limitations All models come with limitations. The limitations of the earnings management models are: Strong assumptions that may not hold. These include the absence of earnings management in the estimation period, stationarity of firm specific characteristics over such a longer time horizon, and orthogonality of NDA with the error term (i.e.DA). All the models assume that abnormal accruals are discretionary. Variation in accrual could be the result of performance or business strategy. The consequence is that it produces a Type II error. The solution is to add variables to control for performance and business strategy (Hansen 1999), however, some performance and growth variables may have non-linear properties. Small samples sizes. Small samples generate higher standard error which can weaken the power for the tests (type II errors). Measurement error. Since DA cannot be observed, it has to be estimated. This produces biased estimate of coefficients. The Balance Sheet approach generates more measurement error than the Cash Flow approach. (Hirbar and Collins 2002) Omission of variables. Most models miss some important variables and this induces a bias on the included variables and higher standard errors. The obviously omitted variable is an expense. This can cause an accrual conundrum (Ronen et al, 2007). Efficiency of the existing models. Research has shown that most of these models wrongly identify abnormal but NDA as DA (Type I error) and fail to identify higher amount of induced earnings management (Type II errors). This is partly due to the linearity of the models and the non-linear behavior of the variables studied. Moreover, there are many endogenous factors that affect earnings management and it may not be captured by single equations. As a result, a shift to linear specification and non-linear specification of the models could improve the efficiency of the earnings management models. Further decomposition of accruals. The starting point for most earnings management studies is decomposition of TA and most studies decomposed TA into NDA and DA. However, accruals have reversal property that ensures the change in accrued balance to add up to zero. Therefore, reversal of accrued balance limits the opportunity of managed earnings. As a result, further decomposition of TA accrual could provide more information on the exact change in TA. Implications and Application of Earnings Management Literature related to earnings management implies that earnings management could not be completely eliminated. As long as managements can benefit from managing earnings, they would attempt to expand use of it. Earnings management could be reduced while public eyes such as regulators spend many resources to detect it. However, if they lower guard due to lack of perfect restriction methods, earnings management could be re-flourished since it is surely useful for management to achieve their goals. Therefore, firms earnings management activities continually are reiterated. This continued action without a complete elimination can cause various effects on our society. Firms which purposefully manage their earnings for their own good could negatively impact public well-fare. According to Beaver (1998), financial reporting can generate different kinds of economic consequences, mostly related to resource allocation such as wealth distribution, aggregate consumption and aggregate production, a nd resources devoted to private search for information. Since earnings management could affect the quality of information by producing less reliable financial statement, eventually it could cause various negative economic results. In other words, less reliable information produced because of earnings management may not only make the public worse-off, but may also make the overall economy less stable. For example, because of earnings management, if many investors believe that financial reporting has poor quality and less reliability, they would spend more of their resources to search for better information or private information. It could mean that society wastes resources or re-allocates them to inappropriate places. Several studies provide evidences of earnings management by testing various types of accruals. Teoh, Wong, and Rao (1998) found that depreciation estimates and bad debt provisions are used for earnings management surrounding initial public offers. Many other studies found proof of earnings management through bank loan loss provisions (Beaver, et al., 1989; Moyer, 1990; Scholes, et al., 1990; Wahlen, 1994; Beatty et al. (1995), Collins et al. (1995), Beaver and Engel (1996), Liu and Ryan (1995), Liu et al. (1997). Studies of insurance claim loss reserves, including Petroni (1992), Anthony and Petroni (1992), Beaver and McNichols (1998), Penalva (1998), Petroni et al. (1999), have provided evidence of earnings management among insurers. Visvanathan (1998), Miller and Skinner (1998), Ayers (1998) test the use of deferred tax assets as a tool of earnings management, but they only present little evidence of it. While research indicates evidence of earnings management in a few accruals, numerous studies suggest different methods which could contribute to reduce pervasiveness of earnings management. Such restriction methods could be broadly cauterized in three parts. The first proposed way is to restrict earnings management through the regulatory process. Tan and Jamal (2006) found that strict accounting standards relating to discretionary accruals may reduce earnings management through. However, they also emphasize that too much restriction for cosmetic earnings management could increase real activity earnings management. As such, restriction through regulation would not completely eliminate earnings management because there are trade-offs. Secondly, another method is an appropriate and effective audit procedure. Past studies have shown evidence that various factors related to audit procedure can help constrain earnings management (Krishnan, 2003; Van Caneghem, 2004; Van Caneghem, 2004; Vand er Bauwhede Whillekens, 2004; Kim, et al., 2003; Frankel, 2002; Ferguson, 2004; Carey Simnet, 2006). According to Kim, et al. (2003), Big 5 auditors were more effective in deterring earnings management when there was an income increasing accrual choice. The last suggested restriction method is effective and efficient corporate governance. This is associated with the firms structure. For example, if a firm is inclined to highlight effective corporate governance, this firm could make an effort to prohibit earnings management.   It is important to understand that these three methods correlate with each other. For instance, by requiring additional audit procedures or firm policies, regulation would affect audit procedure or corporate governance and would reduce earnings management. On the other hand, auditors or firms could propose new regulations to reduce earnings management. Hence, earnings management could possibly be reduced not through one method but through a combination of a ll three methods. References: Ayers, B. C. 1998. Deferred tax accounting under SFAS No. 109: An empirical investigation of its incremental value-relevance relative to APB No. 11. The Accounting Review 73 (2): 195-212 Bartov, E., Givoly, D. Hayn, C. (2002) The rewards to meeting or beating earnings expectations.  Journal of Accounting and Economics, 33,173-204 Beatty, A., S. Chamberlain, and J. Magliolo. 1995. Managing financial reports of commercial banks: The influence of taxes, regulatory capital and earnings. Journal of Accounting Research 33 (2): 231-261 Beaver, W., C. Eger, S. Ryan, and M. Wolfson. 1989. Financial reporting, supplemental disclosures and bank share prices. Journal of Accounting Research (Autumn): 157-178 Beaver, W., and E. Engel. 1996. Discretionary behavior with respect to allowances for loan losses and the behavior of security prices. Journal of Accounting and Economics 22: 177-206 Beaver, and M. McNichols. 1998. The characteristics and valuation of loss reserves of property-casualty insurers. Working paper, Stanford University. Burgstahl

Comparing The Prince and Measure for Measure Essay -- comparison compa

Parallels Between The Prince and Measure for Measure      Ã‚  Ã‚  Ã‚   The parallels between Machiavelli's Prince and Shakespeare's Measure for Measure are significant.   The great majority of characters in Measure for Measure - the Duke, Angelo, Claudio, Pompey and even Isabella - display Machiavellian qualities. A comparison of key passages, both of The Prince and Measure for Measure, will establish this clearly.    A study of kingship, arguably the entire premise for Measure for Measure, is immediately introduced in the first scene, with the Duke's declaration "Of government the properties to unfold/ Would seem in me t'affect speech and discourse." It is not until the third scene of act one, however, that this political discussion becomes specific and, ultimately, linked to the Machiavellian notion of statecraft. In this scene, which details the exchange between Vincentio and the Friar, we learn the reasons for the former's deputising of Angelo. Both of the Duke's significant dialogues - I.iii.20-33 and I.iii.36-55 - reveal that, for the last fourteeen years, the "strict statutes and most biting laws" (I.iii.20) punishing pre-marital intercourse have slipped into disuse. Although this scene is by no means extensive, it furnishes the reader with much food for thought.    Vincentio's Machiavellianism, as manifest in the above scene, is centred upon three main elements - his previous laxity, his present need to deflect responsibility and his use of Angelo as an instrument in effecting the enforcement of this "most biting law." Upon closer inspection, both of Measure for Measure and The Prince, we discern that the neglect apparent in the Duke's initial non-enforcement of the law may not really be neglect at all, but rathe... ...ouples) is profoundly Machiavellian. Not only does Vincentio conceal his knowledge of Claudio's safety from Isabella, he uses it in an impressive display of stagecraft, specifically designed to evoke a sort of mystical awe in all onlookers (including Isabella, who he later asks to marry him). The Duke has clearly enhanced his reputation by the "spectacular deeds" Machiavelli writes of in his Prince, "[finding] a way for punishing or rewarding[...] that is sure to be much talked about."    BIBLIOGRAPHY Shakespeare, William: Measure for Measure, ed. Brian Gibbons, Cambridge: Cambridge University Press, 1991. Machiavelli, Niccolà ²: The Prince in Machiavelli: The Chief Works and Others, vol. 1, trans. Allan Gilbert, Durham and London: Duke University Press, 1989 Machiavelli, Niccolà ²: The Prince, trans. George Bull, London: Penguin, 1995.      

Longing to Escape Essays -- Essays Papers

Longing to Escape When adversity stares people in the face, do they run away from it, or do they have the willpower to fight it head on? James Joyce, the author of Dubliners, at the young age of twenty-three, was able to take note of the struggles and hardships of the Irish people at a time when their once prosperous Dublin city was in retrograde. He took all the emotions and angers that his people had during this period in time, and summed it up into fifteen short stories. Throughout these stories Joyce places his characters into situations that leave them in constant states of dishevelment and agony. Some characters run away from and are left defeated by these situations and responsibilities, while other characters are depicted as being strong and confront and handle their crises. â€Å"The Boarding House† and â€Å"The Dead† are two stories in particular, where the characters find themselves longing to escape not only from Dublin society, but also from the obligations that they have in Dublin. Joyce uses the idea of marriage as a tug-of-war between escape and responsibility. In â€Å"The Boarding House,† Mr. Doran, a man of around thirty-five years old finds himself in a conflict over deciding what he should do about the ultimatum from Mrs. Mooney about the affair he has with Polly. He knew â€Å"the harm was done,† but â€Å"what could he do now but marry her or run away?† (61) Mr. Doran’s wild, irresponsible ways with women, that he tries to escape as a youth is resurfacing in his older days. Joyce uses this irresponsible act of Mr. Doran to help Mrs. Mooney lure him into her daughter’s marriage trap. He knows he is only part of the blame for this occurrence and â€Å"had a notion he was being had† (6... ...ng house to end the obligation he has of marrying Polly. No matter where a person lives or who that person may be; whether certain fictional characters of â€Å"The Dead,† and â€Å"The Boarding House,† or real life people, everybody at some point in their lives want to break loose from the duties that are holding them down. Works Cited Joyce, James. â€Å"The Boarding House.† Dubliners. New York: Penguin Books, 1993. 56-64. Kelly, Joseph. â€Å"Joyce’s Marriage Cycle.† Studies in Short Fiction 32.3 (1995): 374. Academic Search Premier. EBSCOhost. University of Dayton. Roesch Library. 24 Feb. 2004. http://www.epnet.com Paige, Linda Rohrer. â€Å"James Joyce’s Colored Portraits of a ‘Mother’ in Dubliners.† Studies in Short Fiction 32.3 (1995): 335. Academic Search Premier. EBSCOhost. University of Dayton. Roesch Library. 24 Feb. 2004. http://www.epnet.com.

Analysis of e. e. cummings’ Poem of all the blessings which to man Essa

Analysis of e. e. cummings’ Poem of all the blessings which to man      Ã‚   As Thomas Reed West puts it, "the predominant literary sentiment toward the discipline of the machine has been one of lament" (xii). Many authors have composed pieces dealing with industrialization and the correlated obsolescence of man. Poet e.e. cummings is among them. In his poem "of all the blessings which to man," cummings describes a world to which progress will doom mankind-- a place where technology rules over humanity.    Cummings's poem opens saying that the most supreme gift progress offers mankind is "the an/ imal without a heart" (3-4). This heartless living thing is the machine. Machines can be made to act, and can often appear as if they think, but cannot feel. This is the greatest present presented to us by progress? To view that as a gift is to hold logic highly supreme over emotion, a preference this piece laments as being unfortunately accepted.    This industrialization and elimination of the need for humans is similarly unfeeling and coldly logical. The age of machinery presents its nearly silent coup d'etat rebels, the mechanical beings themselves, as a huge "collective pseudobeast," aimed at eliminating not only a need for humanity but a need for emotion (5). The poem's speaker notes that this being only preexists "its hoi in its polloi" (8). This shows the aim these machines allegedly have-- not simply to overtake the teeming masses of people but to become the teeming masses (hoi polloi) themselves, even to make humanity forget that they were ever in charge. This hearkens to the government employees constantly rewriting history in George Orwell's 1984, as these machines hope to make the people forget how things eve... ...y have done too good of a job. Their creation will change them from tame rulers to beings whose prolific creation ("teem") overcomes them.    Movies and literature alike have often served to villainize technology. These topics survive and persist, perhaps because we are morbidly fascinated with our own predicted downfall. Many people will admit to being concerned, as cummings is in "of all the blessings which to man," that the world will one day be run by machines. This potential future governing force is "without a heart" and "couldn't use a mind," and that may scare humans most of all (25, 28).    Works Cited Rotella, Guy. "Nature, Time, and Transcendence in Cummings' Later Poems." Critical Essays on E.E. Cummings. Ed. Guy Rotella. Boston: G.K. Hall and Co., 1984. West, Thomas Reed. Flesh of Steel. Charlotte, NC: Heritage Printers, 1967.   

Jollibee Foods Corporation Essay

What were the strategy and competitive advantages of Jollibee in the Philippines? JFC observed that the fast food market in Philippines had a high growth potential. They were the first movers in the market and therefore able to build up brand recognition. JFC’s success could be attributed to its differentiation strategy that created and sustained a competitive advantage especially against McDonalds. The McDonalds was a global giant strictly following the philosophy of standardization especially with its hamburger line. JFC realized that it could attract customers with superior tasting products for more affordable prices due to their tight control over operations management. JFC was also aware that the founders of Jollibee (Tan family) had a family tradition (a capability) of making delicious food tailored for the needs (local tastes) of Filipino customer. In conclusion, JFC offered a more tailored menu with a sweeter hamburger, an innovative chicken product, a kid-oriented chicken plate in line with the preferences of consumers whereas McDonalds did little or nothing to modify its products due to mainly its US based decision process. This might be, because the global operating competitor McDonalds would jeopardize its brand image and values, if they would adapt local needs – the contrary applies for JFC. The flatter organizational structure allowed JFC to respond to market changes more quickly. In addition being closer to the market as well as better connected (Many franchisees were friends of Tan family) helped JFC to establish themselves better. JFC’s managers knew that offering tasty hamburgers were not sufficient. They took the initiative to replicate and improve the McDonalds operating structure so that Jollibee became more competitive at store level. Lessons learned from the competitor at the early stages of the small food chain enabled it to reduce production time and ensure consistency and cleanliness of its products. The combination of being the first in the market, service with innovative products and opening new and efficient store at good locations allowed  Jollibee to expand the growing fast food market to new consumers. In addition, Jollibee’s organizational culture and philosophy summarized by ‘Five Fs’ (Friendliness, flavorful food, fun atmosphere, flexibility in catering customer needs and focus on families) sustained the competitive advantage against competitors by enhancing the customer experience and optimizing processes to keep costs low and quality high.

Chapter 21 Hermione’s Secret

â€Å"Shocking business†¦ shocking†¦ miracle none of them died†¦ never heard the like†¦ by thunder, it was lucky you were there, Snape†¦Ã¢â‚¬  â€Å"Thank you, Minister.† â€Å"Order of Merlin, Second Class, I'd say. First Class, if I can wangle it!† â€Å"Thank you very much indeed, Minister.† â€Å"Nasty cut you've got there†¦ Black's work, I suppose?† â€Å"As a matter of fact, it was Potter, Weasley, and Granger, Minister†¦Ã¢â‚¬  â€Å"No!† â€Å"Black had bewitched them, I saw it immediately. A Confundus Charm, to judge by their behavior. They seemed to think there was a possibility he was innocent. They weren't responsible for their actions. On the other hand, their interference might have permitted Black to escape†¦ They obviously thought they were going to catch Black single-handed. They've got away with a great deal before now†¦ I'm afraid it's given them a rather high opinion of themselves†¦ and of course Potter has always been allowed an extraordinary amount of license by the headmaster –â€Å" â€Å"Ah, well, Snape†¦ Harry Potter, you know†¦ we've all got a bit of a blind spot where he's concerned.† â€Å"And yet — is it good for him to be given so much special treatment? Personally, I try and treat him like any other student. And any other student would be suspended — at the very least — for leading his friends into such danger. Consider, Minister — against all school rules — after all the precautions put in place for his protection — out-of-bounds, at night, consorting with a werewolf and a murderer — and I have reason to believe he has been visiting Hogsmeade illegally too –â€Å" â€Å"Well, well†¦ we shall see, Snape, we shall see†¦ The boy has undoubtedly been foolish†¦.† Harry lay listening with his eyes tight shut. He felt very groggy. The words he was hearing seemed to be traveling very slowly from his ears to his brain, so that it was difficult to understand†¦. His limbs felt like lead; his eyelids too heavy to lift†¦. He wanted to lie here, on this comfortable bed, forever†¦. â€Å"What amazes me most is the behavior of the Dementors†¦ you've really no idea what made them retreat, Snape?† â€Å"No, Minister†¦ by the time I had come 'round they were heading back to their positions at the entrances†¦.† â€Å"Extraordinary. And yet Black, and Harry, and the girl –â€Å" â€Å"All unconscious by the time I reached them. I bound and gagged Black, naturally, conjured stretchers, and brought them all straight back to the castle.† There was a pause. Harry's brain seemed to be moving a little faster, and as it did, a gnawing sensation grew in the pit of his stomach†¦. He opened his eyes. Everything was slightly blurred. Somebody had removed his glasses. He was lying in the dark hospital wing. At the very end of the ward, he could make out Madam Pomfrey with her back to him, bending over a bed. Harry squinted. Ron's red hair was visible beneath Madam Pomfrey's arm. Harry moved his head over on the pillow. In the bed to his right lay Hermione. Moonlight was falling across her bed. Her eyes were open too. She looked petrified, and when she saw that Harry was awake, pressed a finger to her lips, then pointed to the hospital wing door. It was ajar, and the voices of Cornelius Fudge and Snape were coming through it from the corridor outside. Madam Pomfrey now came walking briskly up the dark ward to Harry's bed. He turned to took at her. She was carrying the largest block of chocolate he had ever seen in his life. It looked like a small boulder. â€Å"Ah, you're awake!† she said briskly. She placed the chocolate on Harry's bedside table and began breaking it apart with a small hammer. â€Å"How's Ron?† said Harry and Hermione together. â€Å"He'll live,† said Madam Pomfrey grimly. â€Å"As for you two, you'll be staying here until I'm satisfied you're — Potter, what do you think you're doing?† Harry was sitting up, putting his glasses back on, and picking up his wand. â€Å"I need to see the headmaster,† he said. â€Å"Potter,† said Madam Pomfrey soothingly, â€Å"it's all right. They've got Black. He's locked away upstairs. The Dementors will be performing the kiss any moment now –â€Å" â€Å"WHAT?† Harry jumped up out of bed; Hermione had done the same. But his shout had been heard in the corridor outside; next second, Cornelius Fudge and Snape had entered the ward. â€Å"Harry, Harry, what's this?† said Fudge, looking agitated. â€Å"You should be in bed — has he had any chocolate?† he asked Madam Pomfrey anxiously. â€Å"Minister, listen!† Harry said. â€Å"Sirius Black's innocent! Peter Pettigrew faked his own death! We saw him tonight! You can't let the Dementors do that thing to Sirius, he's –â€Å" But Fudge was shaking his head with a small smile on his face. â€Å"Harry, Harry, you're very confused, you've been through a dreadful ordeal, lie back down, now, we've got everything under control†¦Ã¢â‚¬  â€Å"YOU HAVEN'T!† Harry yelled. â€Å"YOU'VE GOT THE WRONG MAN!† â€Å"Minister, listen, please,† Hermione said; she had hurried to Harry's side and was gazing imploringly into Fudge's face. â€Å"I saw him too. It was Ron's rat, he's an Animagus, Pettigrew, I mean, and –â€Å" â€Å"You see, Minister?† said Snape. â€Å"Confunded, both of them†¦ Black's done a very good job on them†¦.† â€Å"WE'RE NOT CONFUNDED!† Harry roared. â€Å"Minister! Professor!† said Madam Pomfrey angrily. â€Å"I must insist that you leave. Potter is my patient, and he should not be distressed!† â€Å"I'm not distressed, I'm trying to tell them what happened!† Harry said furiously. â€Å"If they'd just listen –â€Å" But Madam Pomfrey suddenly stuffed a large chunk of chocolate into Harry†s mouth; he choked, and she seized the opportunity to force him back onto the bed. â€Å"Now, please, Minister, these children need care. Please leave.† The door opened again. It was Dumbledore. Harry swallowed his mouthful of chocolate with great difficulty and got up again. â€Å"Professor Dumbledore, Sirius Black –â€Å" â€Å"For heaven's sake!† said Madam Pomfrey hysterically. â€Å"Is this a hospital wing or not? Headmaster, I must insist –â€Å" â€Å"My apologies, Poppy, but I need a word with Mr. Potter and Miss Granger,† said Dumbledore calmly. â€Å"I have just been talking to Sirius Black –â€Å" â€Å"I suppose he's told you the same fairy tale he's planted in Potter's mind?† spat Snape. â€Å"Something about a rat, and Pettigrew being alive –â€Å" â€Å"That, indeed, is Black's story,† said Dumbledore, surveying Snape closely through his half-moon spectacles. â€Å"And does my evidence count for nothing?† snarled Snape. â€Å"Peter Pettigrew was not in the Shrieking Shack, nor did I see any sign of him on the grounds.† â€Å"That was because you were knocked out, Professor!† said Hermione earnestly. â€Å"You didn't arrive in time to hear.† â€Å"Miss Granger, HOLD YOUR TONGUE!† â€Å"Now, Snape,† said Fudge, startled, â€Å"the young lady is disturbed in her mind, we must make allowances –â€Å" â€Å"I would like to speak to Harry and Hermione alone,† said Dumbledore abruptly. â€Å"Cornelius, Severus, Poppy — please leave us.† â€Å"Headmaster!† sputtered Madam Pomfrey. â€Å"They need treatment, they need rest –â€Å" â€Å"This cannot wait,† said Dumbledore. â€Å"I must insist.† Madam Pomfrey pursed her lips and strode away into her office at the end of the ward, slamming the door behind her. Fudge consulted the large gold pocket watch dangling from his waistcoat. â€Å"The Dementors should have arrived by now,† he said. â€Å"I'll go and meet them. Dumbledore, I'll see you upstairs.† He crossed to the door and held it open for Snape, but Snape hadn't moved. â€Å"You surely don't believe a word of Black's story?† Snape whispered, his eyes fixed on Dumbledore's face. â€Å"I wish to speak to Harry and Hermione alone,† Dumbledore repeated. Snape took a step toward Dumbledore. â€Å"Sirius Black showed he was capable of murder at the age of sixteen,† he breathed. â€Å"You haven't forgotten that, Headmaster? You haven't forgotten that he once tried to kill me?† â€Å"My memory is as good as it ever was, Severus,† said Dumbledore quietly. Snape turned on his heel and marched through the door Fudge was still holding. It closed behind them, and Dumbledore turned to Harry and Hermione. They both burst into speech at the same time. â€Å"Professor, Black's telling the truth — we saw Pettigrew — he escaped when Professor Lupin turned into a werewolf –â€Å" â€Å"– he's a rat –â€Å" â€Å"– Pettigrew's front paw, I mean, finger, he cut it off –â€Å" â€Å"– Pettigrew attacked Ron, it wasn't Sirius –â€Å" But Dumbledore held up his hand to stem the flood of explanations. â€Å"It is your turn to listen, and I beg you will not interrupt me, because there is very little time,† he said quietly. â€Å"There is not a shred of proof to support Black's story, except your word — and the word of two thirteen-year-old wizards will not convince anybody. A street full of eyewitnesses swore they saw Sirius murder Pettigrew. I myself gave evidence to the Ministry that Sirius had been the Potters' Secret-Keeper.† â€Å"Professor Lupin can tell you –† Harry said, unable to stop himself â€Å"Professor Lupin is currently deep in the forest, unable to tell anyone anything. By the time he is human again, it will be too late, Sirius will be worse than dead. I might add that werewolves are so mistrusted by most of our kind that his support will count for very little and the fact that he and Sirius are old friends –â€Å" â€Å"But –â€Å" â€Å"Listen to me, Harry. It is too late, you understand me? You must see that Professor Snape's version of events is far more convincing than yours.† â€Å"He hates Sirius,† Hermione said desperately. â€Å"All because of some stupid trick Sirius played on him –â€Å" â€Å"Sirius has not acted like an innocent man. The attack on the Fat Lady — entering Gryffindor Tower with a knife — without Pettigrew, alive or dead, we have no chance of overturning Sirius's sentence.† â€Å"But you believe us.† â€Å"Yes, I do,† said Dumbledore quietly. â€Å"But I have no power to make other men see the truth, or to overrule the Minister of Magic†¦.† Harry stared up into the grave face and felt as though the ground beneath him were falling sharply away. He had grown used to the idea that Dumbledore could solve anything. He had expected Dumbledore to pull some amazing solution out of the air. But no †¦ their last hope was gone. â€Å"What we need,† said Dumbledore slowly, and his light blue eyes moved from Harry to Hermione, â€Å"is more time.† â€Å"But –† Hermione began. And then her eyes became very round. â€Å"OH!† â€Å"Now, pay attention,† said Dumbledore, speaking very low, and very clearly. â€Å"Sirius is locked in Professor Flitwick's office on the seventh floor. Thirteenth window from the right of the West Tower. If all goes well, you will be able to save more than one innocent life tonight. But remember this, both of you: you must not be seen. Miss Granger, you know the law — you know what is at stake†¦You — must — not — be –seen.† Harry didn't have a clue what was going on. Dumbledore had turned on his heel and looked back as he reached the door. â€Å"I am going to lock you in. It is –† he consulted his watch, â€Å"five minutes to midnight. Miss Granger, three turns should do it. Good luck.† â€Å"Good luck?† Harry repeated as the door closed behind Dumbledore. â€Å"Three turns? What's he talking about? What are we supposed to do?† But Hermione was fumbling with the neck of her robes, pulling from beneath them a very long, very fine gold chain. â€Å"Harry, come here,† she said urgently. â€Å"Quick!† Harry moved toward her, completely bewildered. She was holding the chain out. He saw a tiny, sparkling hourglass hanging from it. â€Å"Here –â€Å" She had thrown the chain around his neck too. â€Å"Ready?† she said breathlessly. â€Å"What are we doing?† Harry said, completely lost. Hermione turned the hourglass over three times. The dark ward dissolved. Harry had the sensation that he was flying very fast, backward. A blur of colors and shapes rushed past him, his ears were pounding, he tried to yell but couldn't hear his own voice — And then he felt solid ground beneath his feet, and everything came into focus again — He was standing next to Hermione in the deserted entrance hall and a stream of golden sunlight was falling across the paved floor from the open front doors. He looked wildly around at Hermione, the chain of the hourglass cutting into his neck. â€Å"Hermione, what –?† â€Å"In here!† Hermione seized Harry's arm and dragged him across the hall to the door of a broom closet; she opened it, pushed him inside among the buckets and mops, then slammed the door behind them. â€Å"What — how — Hermione, what happened?† â€Å"We've gone back in time,† Hermione whispered, lifting the chain off Harry's neck in the darkness. â€Å"Three hours back†¦Ã¢â‚¬  Harry found his own leg and gave it a very hard pinch. It hurt a lot, which seemed to rule out the possibility that he was having a very bizarre dream. â€Å"But –â€Å" â€Å"Shh! Listen! Someone's coming! I think — I think it might be us!' Hermione had her ear pressed against the cupboard door. â€Å"Footsteps across the hall†¦ yes, I think it's us going down to Hagrid's!† â€Å"Are you telling me,† Harry whispered, â€Å"that we're here in this cupboard and we're out there too?† â€Å"Yes,† said Hermione, her ear still glued to the cupboard door. â€Å"I'm sure it's us. It doesn't sound like more than three people†¦ and we're walking slowly because we're under the Invisibility Cloak — â€Å" She broke off, still listening intently. â€Å"We've gone down the front steps†¦.† Hermione sat down on an upturned bucket, looking desperately anxious, but Harry wanted a few questions answered. â€Å"Where did you get that hourglass thing?† â€Å"It's called a Time-Turner,† Hermione whispered, â€Å"and I got it from Professor McGonagall on our first day back. I've been using it all year to get to all my lessons. Professor McGonagall made me swear I wouldn't tell anyone. She had to write all sorts of letters to the Ministry of Magic so I could have one. She had to tell them that I was a model student, and that I'd never, ever use it for anything except my studies†¦ I've been turning it back so I could do hours over again, that's how I've been doing several lessons at once, see? But†¦ â€Å"Harry, I don't understand what Dumbledore wants us to do. Why did he tell us to go back three hours? How's that going to help Sirius?† Harry stared at her shadowy face. â€Å"There must be something that happened around now he wants us to change,† he said slowly. â€Å"What happened? We were walking down to Hagrid's three hours ago†¦.† â€Å"This is three hours ago, and we are walking down to Hagrid's,† said Hermione. â€Å"We just heard ourselves leaving†¦.† Harry frowned; he felt as though he were screwing up his whole brain in concentration. â€Å"Dumbledore just said — just said we could save more than one innocent life†¦Ã¢â‚¬  And then it hit him. â€Å"Hermione, we're going to save Buckbeak!† â€Å"But — how will that help Sirius?† â€Å"Dumbledore said — he just told us where the window is — the window of Flitwick's office! Where they've got Sirius locked up! We've got to fly Buckbeak up to the window and rescue Sirius! Sirius can escape on Buckbeak — they can escape together!† From what Harry could see of Hermione's face, she looked terrified. â€Å"If we manage that without being seen, it'll be a miracle!† â€Å"Well, we've got to try, haven't we?† said Harry. He stood up andvpressed his ear against the door. â€Å"Doesn't sound like anyone's there†¦ Come on, let's go.† Harry pushed open the closet door. The entrance hall was deserted. As quietly and quickly as they could, they darted out of the closet and down the stone steps. The shadows were already lengthening, the tops of the trees in the Forbidden Forest gilded once more with gold. â€Å"If anyone's looking out of the window –† Hermione squeaked, looking up at the castle behind them. â€Å"We'll run for it,† said Harry determinedly. â€Å"Straight into the forest, all right? We'll have to hide behind a tree or something and keep a lookout –â€Å" â€Å"Okay, but we'll go around by the greenhouses!' said Hermione breathlessly. â€Å"We need to keep out of sight of Hagrid's front door, or we'll see us! We must be nearly at Hagrid's by now!† Still working out what she meant, Harry set off at a sprint, Hermione behind him. They tore across the vegetable gardens to the greenhouses, paused for a moment behind them, then set off again, fast as they could, skirting around the Whomping Willow, tearing toward the shelter of the forest†¦. Safe in the shadows of the trees, Harry turned around; seconds later, Hermione arrived beside him, panting. â€Å"Right,† she gasped. â€Å"We need to sneak over to Hagrid's†¦. Keep out of sight, Harry†¦.† They made their way silently through the trees, keeping to the very edge of the forest. Then, as they glimpsed the front of Hagrid's house, they heard a knock upon his door. They moved quickly behind a wide oak trunk and peered out from either side. Hagrid had appeared in his doorway, shaking and white, looking around to see who had knocked. And Harry heard his own voice. â€Å"It's us. We're wearing the Invisibility Cloak. Let us in and we can take it off.† â€Å"Yeh shouldn've come!† Hagrid whispered. He stood back, then shut the door quickly. â€Å"This is the weirdest thing we've ever done,† Harry said fervently. â€Å"Let's move along a bit,† Hermione whispered. â€Å"We need to get nearer to Buckbeak!† They crept through the trees until they saw the nervous Hippogriff, tethered to the fence around Hagrid's pumpkin patch. â€Å"Now?† Harry whispered. â€Å"No!† said Hermione. â€Å"If we steal him now, those Committee people will think Hagrid set him free! We've got to wait until they've seen he's tied outside!† â€Å"That's going to give us about sixty seconds,† said Harry. This was starting to seem impossible. At that moment, there was a crash of breaking china from inside Hagrid's cabin. â€Å"That's Hagrid breaking the milk jug,† Hermione whispered. â€Å"I'm going to find Scabbers in a moment –â€Å" Sure enough, a few minutes later, they heard Hermione's shriek of surprise. â€Å"Hermione,† said Harry suddenly, â€Å"what if we — we just run in there and grab Pettigrew –â€Å" â€Å"No!† said Hermione in a terrified whisper. â€Å"Don't you understand? We're breaking one of the most important wizarding laws! Nobody's supposed to change time, nobody! You heard Dumbledore, if we're seen –â€Å" â€Å"We'd only be seen by ourselves and Hagrid!† â€Å"Harry, what do you think you'd do if you saw yourself bursting into Hagrid's house?† said Hermione. â€Å"I'd — I'd think I'd gone mad,† said Harry, â€Å"or I'd think there was some Dark Magic going on –â€Å" â€Å"Exactly! You wouldn't understand, you might even attack yourself! Don't you see? Professor McGonagall told me what awful things have happened when wizards have meddled with time†¦ Loads of them ended up killing their past or future selves by mistake!† â€Å"Okay!† said Harry. â€Å"It was just an idea, I just thought –â€Å" But Hermione nudged him and pointed toward the castle. Harry moved his head a few inches to get a clear view of the distant front doors. Dumbledore, Fudge, the old Committee member, and Macnair the executioner were coming down the steps. â€Å"We're about to come out!† Hermione breathed. And sure enough, moments later, Hagrid's back door opened, and Harry saw himself, Ron, and Hermione walking out of it with Hagrid. It was, without a doubt, the strangest sensation of his life, standing behind the tree, and watching himself in the pumpkin patch. â€Å"It's Okay, Beaky, it's okay†¦Ã¢â‚¬  Hagrid said to Buckbeak. Then he turned to Harry, Ron, and Hermione. â€Å"Go on. Get goin'.† â€Å"Hagrid, we can't –â€Å" â€Å"We'll tell them what really happened –â€Å" â€Å"They can't kill him –â€Å" â€Å"Go! It's bad enough without you lot in trouble an' all!† Harry watched the Hermione in the pumpkin patch throw the Invisibility Cloak over him and Ron. â€Å"Go quick. Don' listen†¦.† There was a knock on Hagrid's front door. The execution party had arrived. Hagrid turned, around and headed back into his cabin, leaving the back door ajar. Harry watched the grass flatten in patches all around the cabin and heard three pairs of feet retreating. He, Ron, and Hermione had gone†¦ but the Harry and Hermione hidden in the trees could now hear what was happening inside the cabin through the back door. â€Å"Where is the beast?† came the cold voice of Macnair. â€Å"Out — outside,† Hagrid croaked. Harry pulled his head out of sight as Macnair's face appeared at Hagrid's window, staring out at Buckbeak. Then they heard Fudge. â€Å"We — er — have to read you the official notice of execution, Hagrid. I'll make it quick. And then you and Macnair need to sign it. Macnair, You're supposed to listen too, that's procedure –â€Å" Macnair's face vanished from the window. It was now or never. â€Å"Wait here,† Harry whispered to Hermione. â€Å"I'll do it.† As Fudge's voice started again, Harry darted out from behind his tree, vaulted the fence into the pumpkin patch, and approached Buckbeak. â€Å"It is the decision of the Committee for the Disposal of Dangerous Creatures that the Hippogriff Buckbeak, hereafter called the condemned, shall he executed on the sixth of June at sundown –â€Å" Careful not to blink, Harry stared up into Buckbeak's fierce orange eyes once more and bowed. Buckbeak sank to his scaly knees and then stood up again. Harry began to fumble with the knot of rope tying Buckbeak to the fence. â€Å"†¦ sentenced to execution by beheading, to be carried out by the Committee's appointed executioner, Walden Macnair†¦Ã¢â‚¬  â€Å"Come on, Buckbeak,† Harry murmured, â€Å"come on, we're going to help you. Quietly†¦ quietly†¦Ã¢â‚¬  â€Å"†¦ as witnessed below. Hagrid, you sign here†¦Ã¢â‚¬  Harry threw all his weight onto the rope, but Buckbeak had dug in his front feet. â€Å"Well, let's get this over with,† said the reedy voice of the Committee member from inside Hagrid's cabin. â€Å"Hagrid, perhaps it will be better if you stay inside –â€Å" â€Å"No, I — I wan' ter be with him†¦. I don' wan' him ter be alone –â€Å" Footsteps echoed from within the cabin. â€Å"Buckbeak, move!† Harry hissed. Harry tugged harder on the rope around Buckbeak's neck. The Hippogriff began to walk, rustling its wings irritably. They were still ten feet away from the forest, in plain view of Hagrid's back door. â€Å"One moment, please, Macnair,† came Dumbledore's voice. â€Å"You need to sign too.† The footsteps stopped. Harry heaved on the rope. Buckbeak snapped his beak and walked a little faster. Hermione's white face was sticking out from behind a tree. â€Å"Harry, hurry!† she mouthed. Harry could still hear Dumbledore's voice talking from within the cabin. He gave the rope another wrench. Buckbeak broke into a grudging trot. They had reached the trees†¦. â€Å"Quick! Quick!† Hermione moaned, darting out from behind her tree, seizing the rope too and adding her weight to make Buckbeak move faster. Harry looked over his shoulder; they were now blocked from sight; they couldn't see Hagrid's garden at all. â€Å"Stop!† he whispered to Hermione. â€Å"They might hear us.† Hagrid's back door had opened with a bang. Harry, Hermione, and Buckbeak stood quite still; even the Hippogriff seemed to be listening intently. Silence†¦ then — â€Å"Where is it?† said the reedy voice of the Committee member. â€Å"Where is the beast?† â€Å"It was tied here!† said the executioner furiously. â€Å"I saw it! Just here!† â€Å"How extraordinary,† said Dumbledore. There was a note of amusement in his voice. â€Å"Beaky!† said Hagrid huskily. There was a swishing noise, and the thud of an axe. The executioner seemed to have swung it into the fence in anger. And then came the howling, and this time they could hear Hagrid's words through his sobs. â€Å"Gone! Gone! Bless his little beak, he's gone! Musta pulled himself free! Beaky, yeh clever boy!† Buckbeak started to strain against the rope, trying to get back to Hagrid. Harry and Hermione tightened their grip and dug their heels into the forest floor to stop him. â€Å"Someone untied him!† the executioner was snarling. â€Å"We should search the grounds, the forest.† â€Å"Macnair, if Buckbeak has indeed been stolen, do you really think the thief will have led him away on foot?† said Dumbledore, still sounding amused. â€Å"Search the skies, if you will†¦. Hagrid, I could do with a cup of tea. Or a large brandy.† â€Å"O' — o' course, Professor,† said Hagrid, who sounded weak with happiness. â€Å"Come in, come in†¦.† Harry and Hermione listened closely. They heard footsteps, the soft cursing of the executioner, the snap of the door, and then silence once more. â€Å"Now what?† whispered Harry, looking around. â€Å"We'll have to hide in here,† said Hermione, who looked very shaken. â€Å"We need to wait until they've gone back to the castle. Then we wait until it's safe to fly Buckbeak up to Sirius's window. He won't be there for another couple of hours†¦. Oh, this is going to be difficult†¦.† She looked nervously over her shoulder into the depths of the forest. The sun was setting now. â€Å"We're going to have to move,† said Harry, thinking hard. â€Å"We've got to be able to see the Whomping Willow, or we won't know what's going on.† â€Å"Okay,† said Hermione, getting a firmer grip on Buckbeak's rope. â€Å"But we've got to keep out of sight, Harry, remember†¦.† They moved around the edge of the forest, darkness falling thickly around them, until they were hidden behind a clump of trees through which they could make out the Willow. â€Å"There's Ron!† said Harry suddenly. A dark figure was sprinting across the lawn and its shout echoed through the still night air. â€Å"Get away from him — get away — Scabbers, come here –â€Å" And then they saw two more figures materialize out of nowhere. Harry watched himself and Hermione chasing afte r Ron. Then he saw Ron dive. â€Å"Gotcha! Get off, you stinking cat –â€Å" â€Å"There's Sirius!† said Harry. The great shape of the dog had bounded out from the roots of the Willow. They saw him bowl Harry over, then seize on†¦. â€Å"Looks even worse from here, doesn't it?† said Harry, watching the dog pulling Ron into the roots. â€Å"Ouch — look, I just got walloped by the tree — and so did you — this is weird?C† The Whomping Willow was creaking and lashing out with its lower branches; they could see themselves darting here and there, trying to reach the trunk. And then the tree froze. â€Å"That was Crookshanks pressing the knot,† said Hermione. â€Å"And there we go†¦Ã¢â‚¬  Harry muttered. â€Å"We're in.† The moment they disappeared, the tree began to move again. Seconds later, they heard footsteps quite close by. Dumbledore, Macnair, Fudge, and the old Committee member were making their way up to the castle. â€Å"Right after we'd gone down into the passage!† said Hermione. â€Å"If only Dumbledore had come with us†¦Ã¢â‚¬  â€Å"Macnair and Fudge would've come too,† said Harry bitterly. â€Å"I bet you anything Fudge would've told Macnair to murder Sirius on the spot†¦.† They watched the four men climb the castle steps and disappear from view. For a few minutes the scene was deserted. Then — â€Å"Here comes Lupin!† said Harry as they saw another figure sprinting down the stone steps and halting toward the Willow. Harry looked up at the sky. Clouds were obscuring the moon completely. They watched Lupin seize a broken branch from the ground and prod the knot on the trunk. The tree stopped fighting, and Lupin, too, disappeared into the gap in its roots. â€Å"If he'd only grabbed the cloak,† said Harry. â€Å"It's just lying there†¦.† He turned to Hermione. â€Å"If I just dashed out now and grabbed it, Snape'd never be able to get it and –â€Å" â€Å"Harry, we mustn't be seen!† â€Å"How can you stand this?† he asked Hermione fiercely. â€Å"Just standing here and watching it happen?† He hesitated. â€Å"I'm going to grab the cloak!† â€Å"Harry, no!† Hermione seized the back of Harry's robes not a moment too soon. Just then, they heard a burst of song. It was Hagrid, making his way up to the castle, singing at the top of his voice, and weaving slightly as he walked. A large bottle was swinging from his hands. â€Å"See?† Hermione whispered. â€Å"See what would have happened? We've got to keep out of sight! No, Buckbeak!† The Hippogriff was making frantic attempts to get to Hagrid again; Harry seized his rope too, straining to hold Buckbeak back. They watched Hagrid meander tipsily up to the castle. He was gone. Buckbeak stopped fighting to get away. His head drooped sadly. Barely two minutes later, the castle doors flew open yet again, and Snape came charging out of them, running toward the Willow. Harry's fists clenched as they watched Snape skid to a halt next to the tree, looking around. He grabbed the cloak and held it up. â€Å"Get your filthy hands off it,† Harry snarled under his breath. â€Å"Shh!† Snape seized the branch Lupin had used to freeze the tree, prodded the knot, and vanished from view as he put on the cloak. â€Å"So that's it,† said Hermione quietly. â€Å"We're all down there†¦ and now we've just got to wait until we come back up again†¦.† She took the end of Buckbeak's rope and tied it securely around the nearest tree, then sat down on the dry ground, arms around her knees. â€Å"Harry, there's something I don't understand†¦. Why didn't the Dementors get Sirius? I remember them coming, and then I think I passed out†¦ there were so many of them†¦.† Harry sat down too. He explained what he'd seen; how, as the nearest Dementor had lowered its mouth to Harry's, a large silver something had come galloping across the lake and forced the Dementors to retreat. Hermione's mouth was slightly open by the time Harry had finished. â€Å"But what was it?† â€Å"There's only one thing it could have been, to make the Dementors go,† said Harry. â€Å"A real Patronus. A powerful one.† â€Å"But who conjured it?† Harry didn't say anything. He was thinking back to the person he'd seen on the other bank of the lake. He knew who he thought it had been†¦ but how could it have been? â€Å"Didn't you see what they looked like?† said Hermione eagerly. â€Å"Was it one of the teachers?† â€Å"No,† said Harry. â€Å"He wasn't a teacher.† â€Å"But it must have been a really powerful wizard, to drive all those Dementors away†¦ If the Patronus was shining so brightly, didn't it light him up? Couldn't you see –?† â€Å"Yeah, I saw him,† said Harry slowly. â€Å"But†¦ maybe I imagined it†¦ I wasn't thinking straight†¦ I passed out right afterward†¦.† â€Å"Who did you think it was?† â€Å"I think –† Harry swallowed, knowing how strange this was going to sound. â€Å"I think it was my dad.† Harry glanced up at Hermione and saw that her mouth was fully open now. She was gazing at him with a mixture of alarm and pity. â€Å"Harry, your dad's — well — dead,† she said quietly. â€Å"I know that,† said Harry quickly. â€Å"You think you saw his ghost?† â€Å"I don't know†¦ no†¦ he looked solid†¦.† â€Å"But then –â€Å" â€Å"Maybe I was seeing things,† said Harry. â€Å"But†¦ from what I could see†¦ it looked like him†¦. I've got photos of him†¦.† Hermione was still looking at him as though worried about his sanity. â€Å"I know it sounds crazy,† said Harry flatly. He turned to took at Buckbeak, who was digging his beak into the ground, apparently searching for worms. But he wasn't really watching Buckbeak. He was thinking about his father and about his father's three oldest friends†¦ Moony, Wormtail, Padfoot, and Prongs†¦. Had all four of them been out on the grounds tonight? Wormtail had reappeared this evening when everyone had thought he was dead†¦ Was it so impossible his father had done the same? Had he been seeing things across the take? The figure had been too far away to see distinctly†¦ yet he had felt sure, for a moment, before he'd lost consciousness†¦. The leaves overhead rustled faintly in the breeze. The moon drifted in and out of sight behind the shifting clouds. Hermione sat with her face turned toward the Willow, waiting. And then, at last, after over an hour†¦ â€Å"Here we come!† Hermione whispered. She and Harry got to their feet. Buckbeak raised his head. They saw Lupin, Ron, and Pettigrew clambering awkwardly out of the hole in the roots. Then came Hermione†¦ then the unconscious Snape, drifting weirdly upward. Next came Harry and Black. They all began to walk toward the castle. Harry's heart was starting to beat very fast. He glanced up at the sky. Any moment now, that cloud was going to move aside and show the moon†¦ â€Å"Harry,† Hermione muttered as though she knew exactly what he was thinking, â€Å"we've got to stay put. We mustn't be seen. There's nothing we can do†¦.† â€Å"So we're just going to let Pettigrew escape all over again†¦Ã¢â‚¬  said Harry quietly. â€Å"How do you expect to find a rat in the dark?† snapped Hermione. â€Å"There's nothing we can do! We came back to help Sirius; we're not supposed to be doing anything else!† â€Å"All right!† The moon slid out from behind its cloud. They saw the tiny figures across the grounds stop. Then they saw movement — â€Å"There goes Lupin,† Hermione whispered. â€Å"He's transforming.† â€Å"Hermione!† said Harry suddenly. â€Å"We've got to move!† â€Å"We mustn't, I keep telling you –â€Å" â€Å"Not to interfere! Lupin's going to run into the forest, right at us!† Hermione gasped. â€Å"Quick!† she moaned, dashing to untie Buckbeak. â€Å"Quick! Where are we going to go? Where are we going to hide? The Dementors will be coming any moment –â€Å" â€Å"Back to Hagrid's!† Harry said. â€Å"It's empty now — come on!† They ran as fast as they could, Buckbeak cantering along behind them. They could hear the werewolf howling behind them†¦. The cabin was in sight; Harry skidded to the door, wrenched it open, and Hermione and Buckbeak flashed past him; Harry threw himself in after them and bolted the door. Fang the boarhound barked loudly. â€Å"Shh, Fang, it's us!† said Hermione, hurrying over and scratching his ears to quieten him. â€Å"That was really close!† she said to Harry. â€Å"Yeah†¦Ã¢â‚¬  Harry was looking out of the window. It was much harder to see what was going on from here. Buckbeak seemed very happy to find himself back inside Hagrid's house. He lay down in front of the fire, folded his wings contentedly, and seemed ready for a good nap. â€Å"I think I'd better go outside again, you know,† said Harry slowly. â€Å"I can't see what's going on — we won't know when it's time –â€Å" Hermione looked up. Her expression was suspicious. â€Å"I'm not going to try and interfere,† said Harry quickly. â€Å"But if we don't see what's going on, how're we going to know when it's time to rescue Sirius?† â€Å"Well†¦ okay, then†¦ I'll wait here with Buckbeak†¦ but Harry, be careful — there's a werewolf out there — and the Dementors.† Harry stepped outside again and edged around the cabin. He could hear yelping in the distance. That meant the Dementors were closing in on Sirius†¦. He and Hermione would be running to him any moment†¦. Harry stared out toward the lake, his heart doing a kind of drumroll in his chest†¦. Whoever had sent that Patronus would be appearing at any moment†¦. For a fraction of a second he stood, irresolute, in front of Hagrid's door. You must not be seen. But he didn't want to be seen. He wanted to do the seeing†¦. He had to know†¦ And there were the Dementors. They were emerging out of the darkness from every direction, gliding around the edges of the lake†¦. They were moving away from where Harry stood, to the opposite bank†¦. He wouldn't have to get near them†¦. Harry began to run. He had no thought in his head except his father†¦ If it was him†¦ if it really was him†¦ he had to know, had to find out†¦. The lake was coming nearer and nearer, but there was no sign of anybody. On the opposite bank, he could see tiny glimmers of silver — his own attempts at a Patronus — There was a bush at the very edge of the water. Harry threw himself behind it, peering desperately through the leaves. On the opposite bank, the glimmers of silver were suddenly extinguished. A terrified excitement shot through him — any moment now — â€Å"Come on!† he muttered, staring about. â€Å"Where are you? Dad, come on –â€Å" But no one came. Harry raised his head to look at the circle of Dementors across the lake. One of them was lowering its hood. It was time for the rescuer to appear — but no one was coming to help this time — And then it hit him — he understood. He hadn't seen his father he had seen himself — Harry flung himself out from behind the bush and pulled out his wand. â€Å"EXPECTO PATRONUM! † he yelled. And out of the end of his wand burst, not a shapeless cloud of mist, but a blinding, dazzling, silver animal. He screwed up his eyes, trying to see what it was. It looked like a horse. It was galloping silently away from him, across the black surface of the lake. He saw it lower its head and charge at the swarming Dementors†¦. Now it was galloping around and around the black shapes on the ground, and the Dementors were falling back, scattering, retreating into the darkness†¦. They were gone. The Patronus turned. It was cantering back toward Harry across the still surface of the water. It wasn't a horse. It wasn't a unicorn, either. It was a stag. It was shining brightly as the moon above †¦ it was coming back to him†¦. It stopped on the bank. Its hooves made no mark on the soft ground as it stared at Harry with its large, silver eyes. Slowly, it bowed its antlered head. And Harry realized†¦ â€Å"Prongs,† he whispered. But as his trembling fingertips stretched toward the creature, it vanished. Harry stood there, hand still outstretched. Then, with a great leap of his heart, he heard hooves behind him. He whirled around and saw Hermione dashing toward him, dragging Buckbeak behind her. â€Å"What did you do?† she said fiercely. â€Å"You said you were only going to keep a lookout!† â€Å"I just saved all our lives†¦Ã¢â‚¬  said Harry. â€Å"Get behind here behind this bush — I'll explain.† Hermione listened to what had just happened with her mouth open yet again. â€Å"Did anyone see you?† â€Å"Yes, haven't you been listening? I saw me but I thought I was my dad! It's okay!† â€Å"Harry, I can't believe it†¦ You conjured up a Patronus that drove away all those Dementors! That's very, very advanced magic.† â€Å"I knew I could do it this time,† said Harry, â€Å"because I'd already done it†¦ Does that make sense?† â€Å"I don't know — Harry, look at Snape!† Together they peered around the bush at the other bank. Snape had regained consciousness. He was conjuring stretchers and lifting the limp forms of Harry, Hermione, and Black onto them. A fourth stretcher, no doubt bearing Ron, was already floating at his side. Then, wand held out in front of him, he moved them away toward the castle. â€Å"Right, it's nearly time,† said Hermione tensely, looking at her watch. â€Å"We've got about forty-five minutes until Dumbledore locks the door to the hospital wing. We've got to rescue Sirius and get back into the ward before anybody realizes we're missing†¦.† They waited, watching the moving clouds reflected in the lake, while the bush next to them whispered in the breeze. Buckbeak, bored, was ferreting for worms again. â€Å"Do you reckon he's up there yet?† said Harry, checking his watch. He looked up at the castle and began counting the windows to the right of the West Tower. â€Å"Look!† Hermione whispered. â€Å"Who's that? Someone's coming back out of the castle!† Harry stared through the darkness. The man was hurrying across the grounds, toward one of the entrances. Something shiny glinted in his belt. â€Å"Macnair!† said Harry. â€Å"The executioner! He's gone to get the Dementors! This is it, Hermione –â€Å" Hermione put her hands on Buckbeak's back and Harry gave her a leg up. Then he placed his foot on one of the lower branches of the bush and climbed up in front of her. He pulled Buckbeak's rope back over his neck and tied it to the other side of his collar like reins. â€Å"Ready?† he whispered to Hermione. â€Å"You'd better hold on to me –â€Å" He nudged Buckbeak's sides with his heels. Buckbeak soared straight into the dark air. Harry gripped his flanks with his knees, feeling the great wings rising powerfully beneath them. Hermione was holding Harry very tight around the waist; he could hear her muttering, â€Å"Oh, no — I don't like this oh, I really don't like this –â€Å" Harry urged Buckbeak forward. They were gliding quietly toward the upper floors of the castle†¦. Harry pulled hard on the left-hand side of the rope, and Buckbeak turned. Harry was trying to count the windows flashing past — â€Å"Whoa!† he said, pulling backward as hard as he could. Buckbeak slowed down and they found themselves at a stop, unless you counted the fact that they kept rising up and down several feet as the Hippogriff beat his wings to remain airborne. â€Å"He's there!† Harry said, spotting Sirius as they rose up beside the window. He reached out, and as Buckbeak's wings fell, was able to tap sharply on the glass. Black looked up. Harry saw his jaw drop. He leapt from his chair, hurried to the window and tried to open it, but it was locked. â€Å"Stand back!† Hermione called to him, and she took out her wand, still gripping the back of Harry's robes with her left hand. â€Å"Alohomora!† The window sprang open. â€Å"How — how –?† said Black weakly, staring at the Hippogriff. â€Å"Get on — there's not much time,† said Harry, gripping Buckbeak firmly on either side of his sleek neck to hold him steady. â€Å"You've got to get out of here -the Dementors are coming — Macnair's gone to get them.† Black placed a hand on either side of the window frame and heaved his head and shoulders out of it. It was very lucky he was so thin. In seconds, he had managed to fling one leg over Buckbeak's back and pull himself onto the Hippogriff behind Hermione. â€Å"Okay, Buckbeak, up!† said Harry, shaking the rope. â€Å"Up to the tower — come on.† The Hippogriff gave one sweep of its mighty wings and they were soaring upward again, high as the top of the West Tower. Buckbeak landed with a clatter on the battlements, and Harry and Hermione slid off him at once. â€Å"Sirius, you'd better go, quick,† Harry panted. â€Å"They'll reach Flitwick's office any moment, they'll find out you're gone.† Buckbeak pawed the ground, tossing his sharp head. â€Å"What happened to the other boy? Ron?† croaked Sirius. â€Å"He's going to be okay. He's still out of it, but Madam Pomfrey says she'll be able to make him better. Quick — go –â€Å" But Black was still staring down at Harry. â€Å"How can I ever thank –â€Å" â€Å"GO!† Harry and Hermione shouted together. Black wheeled Buckbeak around, facing the open sky. â€Å"We'll see each other again,† he said. â€Å"You are — truly your father's son, Harry†¦Ã¢â‚¬  He squeezed Buckbeak's sides with his heels. Harry and Hermione jumped back as the enormous wings rose once more†¦ The Hippogriff took off into the air†¦ He and his rider became smaller and smaller as Harry gazed after them†¦ then a cloud drifted across the moon†¦. They were gone.