Discuss The Impacts of Taxation

Whenever a firm faces new venture openings (or to keep its working) which have positive net present qualities, financing needs go along. The choices extend from utilizing money produced from activities to just forego the ventures. In the event that the organization needs to take its tasks, when its money isn't sufficient, it can raise new assets from value or obligation. This mix of value and obligation which an organization chooses to utilize is known as its capital structure. This paper is about how a firm should build up its obligation/value proportion, centering in the focal points and weaknesses of taxes’ sway on this proportion. Capital StructureWhen alluding to the capital structure of a firm, it is difficult to keep away from Modigliani-Miller’s (MM) persuasive paper â€Å"The Cost of Capital, Corporation Finance and the Theory of Investment† (1958). Afterward, they distributed a few â€Å"follow-up† papers talking about these themes. MM set the es tablishments of the cutting edge hypothesis of capital structure. MM first speculation was that, under specific presumptions, the firm’s esteem is perpetual in spite of relative changes in its capital structure, along these lines â€Å"a firm can't change the complete estimation of its extraordinary protections by changing the extents of its capital structure. † (Ross, Westerfield and Jaffe, 2001.p. 401).This is known as MM suggestion I. In a general manner this recommendation is stating that an organization can't accomplish something for its investors that they can't do without anyone else. The MM second suggestion infers that the utilization of obligation for financing increment the normal future profit, however this expansion is combined with an increment in the hazard to value holders, accordingly the rebate rate used to esteem these future income additionally increments. As Fabozzi and Patterson state â€Å"the expanded expected income have on the estimation of v alue is balanced by the expanded rebate rate applied to these more hazardous profit. †(2003)Mathematically the recommendations can be expressed: Proposition I: VU=VL where VU is the estimation of an unlevered firm and VL is the estimation of a turned firm. Recommendation II: rs = r0 + B/S (r0 †rb) where rS is the expense of value, r0 is the expense of capital for an all value firm, rB is the expense of obligation and, B/S is the obligation to-value proportion. Be that as it may, these theories depend on a â€Å"perfect market† supposition. At the point when flaws are available into a specific market this speculation is deluding. Changes in a firm’s capital structure could change the firm worth. One of the most significant market flaws is the nearness of taxes.Capital Structure and the Presence of Corporate Taxes In the past segments is expressed that the firm worth is inconsequential to its capital structure, I. e. it doesn't rely upon its obligation/value p roportion. Yet, when charges are consolidated into the investigation this confirmation isn't correct, â€Å"in the nearness of corporate assessments, the firm’s esteem is decidedly identified with its obligation. † (Ross et al. 2001. ) Thus, the utilization of obligation has a preferred position over financing with value. The Internal Revenue Code (IRC) â€Å"allows intrigue paid on obligation to be deducted by the paying enterprise in deciding its available income† (IRC code 1963 qt.in Fabozzi and Patterson. 2003. P. 598) This advantage is known as Interest Tax Shield, because of the way that â€Å"interest cost shields salary from taxation† (p. 602). This is TaxShield=(TaxRate)(InterestExpense) Now is important to esteem this shield and perceive how this progressions the firm worth. Assessing the articulation above it very well may be said that whatever the available pay of an organization is without obligation, the available pay is currently less in a sum equivalent to the Tax Shield within the sight of obligation. This thought is likewise situated in MM ideas.In different words, the firm worth is: Firm Value = Unleveraged Firm Value + Tax Shield Value Going profoundly, this announcement suggests that all organizations ought to pick most extreme obligation, something that can not be seen into this present reality. This is because of the nearness of chapter 11 and different pain related costs that decrease the estimation of a turned firm. As a firm builds its influence position these costs increment. There is a moment that the current estimation of â€Å"these costs from an extra dollar of obligation rises to the expansion in the current estimation of the duty shield.† (Ross et al. 2001. p. 432)This is the obligation level which boosts the firm worth. Past this point the pain related costs increment quicker than the firm an incentive because of extra obligation. In this manner, there is an exchange off between tax cuts and the budgetary misery costs. There is an ideal measure of obligation for each firm, and this must be its obligation target level. Nearness of Personal Taxes In nearness of individual annual expenses could diminish, or even dispose of, the benefit of corporate charges related with obligation financing.Despite this, if the yields because of obligation and stocks cause charges at a similar rate that the individual duties, there is as yet a bit of leeway originating from corporate taxes(Van Horne, 1997). Merton Miller suggested that, in nearness of both, individual and corporate assessments, the choices about capital structure of a firm were immaterial (Miller, 1977). Notwithstanding this, individual charges have various rates; subsequently, with steady hazard, people who are in the lower rate section must incline toward obligation and the individuals who are at the upper piece of the scale must lean toward stocks.Fabozzi and Patterson sum up this point as follow: 1. In the event that ob ligation pay (intrigue) and value salary (profits and capital gratefulness) are charged at a similar rate, the intrigue charge shield expands the estimation of the firm. 2. In the event that obligation salary is charged at rates higher than value pay, a portion of the duty favorable position to obligation is counterbalanced by an assessment impediment to obligation pay. 3. On the off chance that speculators can utilize the expense laws successfully to decrease to zero their duty on value pay, firms will assume obligation up to where the assessment bit of leeway to obligation is simply balanced by the duty burden to obligation income.The main concern from consolidating individual duties is that there is a profit by utilizing obligation. (p. 603) Small Literature Survey In this segment it will be summed up certain feelings and discoveries about capital structure choices and charges. Panteghini in a work about multinationals capital structure found that â€Å"optimal influence is arri ved at when the minimal advantage of obligation financing (which is because of the deductibility of intrigue costs) likens its peripheral cost (which is identified with the normal expense of default).A methodology utilized is â€Å"Income shifting† which â€Å"raises the tax reduction of obligation financing, along these lines invigorating obligation financing, and defers default. † (2006) Verschueren research about Belgian organizations procedures indicated that â€Å"The speculation that organizations for which the expense bit of leeway of obligation financing is higher have higher obligation charge protecting proportions gets just pitiful help: increasingly productive firms have lower obligation charge protecting proportions. † She discovered â€Å"no signs that maintaining a strategic distance from organization clashes of any sort assumes a critical job in the assurance of obligation charge protecting. † (2002, p.22)She states that these outcomes are very near universal examination too. Graham and Tucker found a comparative outcome â€Å"Firms that utilization charge covers utilize less obligation on normal than do non-cover firms. † There is likewise a potential issue which is that â€Å"under-turned firms may have â€Å"off balance sheet† charge reasonings that are not effectively recognizable, and which are along these lines regularly overlooked in exact examinations. † (2005 p. 1) Irina Stefanescu shows up to a practically identical determination â€Å"There is a general agreement that noteworthy expense motivators are related with corporate borrowing.Nevertheless, numerous enormous and productive organizations with an okay of money related misery have moderately low obligation proportions. † (2006) Stewart Myers, clarifying Miller’s paper â€Å"Debt and Taxes†, estimates concerning why firms are not â€Å"awash in debt†Ã¢ · An intriguing point he states is that Miller’ s model â€Å"allow us to clarify the scattering of real obligation arrangements without presenting non-esteem amplifying directors. In the other hand he states additionally that â€Å"Firms have valid justifications to abstain from financing genuine venture by giving normal stock or other unsafe securities.They would prefer not to risk falling into the quandary of either passing by positive NPV tasks or giving stock at a value they believe is too low†. (1980) Conclusion It appears that few investigates have been acted in capital structure choices. In spite of the fact that not every one of them show up to a similar end it gives the feeling that the expense shields impactsly affect firms esteem; and the nearness of individual duties don't kill this fact.In the other hand, discoveries that organizations have not larges measures of obligation demonstrates that they may acquire a few favorable circumstances from different sources, e. g. reeling sheet benefits. Following a long time since Modigliani and Miller’s paper showed up, it tends to be said that â€Å"however, much stays to be done before the expense of capital can be taken care of on the rack among the tackled issues. † (Modigliani-Miller 1958)

Salvador Dali's History Backriound Essay Example | Topics and Well Written Essays - 500 words

Salvador Dali's History Backriound - Essay Example The article Salvador Dali's History Backriound means to break down Salvador Dali's experience. Salvador Dali is a Spanish painter. His folks impacted his turn of events and masterful practices as his father’s severe stickler approach added to Dali’s organized quest for workmanship, while his mother’s inventive nature affected his aesthetic procedure. In 1926 he would leave Spain and move to Paris, where he came into contact with Pablo Picasso. While Dali had explored different avenues regarding Cubist strategies during this time in Madrid, unmistakably he didn't completely comprehend the class. During the following hardly any years Dali would deliver work vigorously affected by Picasso and individual surrealist Joan Miro. Dali would then proceed to consolidate a wide assortment of impacts into his work. Among these impacts included the scholarly world, old style and pioneer procedures, just as ongoing mental investigations by psychoanalyst Sigmund Freud. Through World War II and his later life Dali would progressively concentrate on his exceptional way to deal with surrealist workmanship. While looking at Dali’s craftsmanship it’s away from there are various prominent components identified with topic, substance, which means, and iconography. One notes that in analyzing Dali’s craftsmanship inside this setting of understanding that his work has moved during various times of the artist’s life. In any case, all through these periods Dali actualized trademark types of oil on canvas in building his works. He turned out to be essentially keen on investigating unique ideas.

Essay Topics For Careers in Medical Assistant Programs

Essay Topics For Careers in Medical Assistant ProgramsThe number of schools offering programs in medical assistant programs have increased in recent years. There are a lot of schools that are offering a degree program in this field, but there are a few that stand out from the rest. Students and other professionals will want to check out essay topics for careers in this field.In many cases, a career in this field is very rewarding and offers a chance to make a living doing something that you enjoy. Many people feel that a career in this field can help them be successful in their lives. Whether you enjoy working with patients or are looking for a challenging position, a medical assistant might be a good choice for you. In order to help you in deciding which degree program to attend, there are a few essay topics that you will want to consider.One way to approach this type of essay topic is to talk about your financial aid. Most schools will require students to complete a FAFSA form in o rder to be approved for federal funding. This form requires information about your family, your situation at home, as well as your current income. In order to qualify for federal funds, your current level of income needs to be at or below the poverty line.If you are not sure how to fill out a FAFSA form, you should consider talking to an advisor in order to answer any questions you may have. If you are currently on aid, you should be eligible for financial aid, so it is very important to apply for financial aid when you are applying for a degree program in this field. Financial aid can be very helpful, but students will need to keep in mind that they need to find the right school in order to be approved for the most amount of federal funding available.Another essay topic for a medical assistant will be ethics. Ethics are something that every person in this industry should be aware of, regardless of where they work. There are a lot of ethical issues that come up in a variety of diffe rent situations, and students need to be aware of the laws and regulations that exist in the industry in order to do their jobs correctly. While being aware of ethics can be beneficial, it is also extremely important to be able to follow the rules and regulations that govern the industry.It is important to keep in mind that each school will have different rules and regulations that must be followed. There is nothing wrong with questioning these rules when necessary, and students should be willing to take the time to learn all of the rules and regulations. If you have ever worked with an organization that has had issues with a specific rule, you should take the time to research the company. This can be very helpful in knowing how to avoid having a problem in the future.These are just a few examples of essay topics for a medical assistant. Students who are interested in the field will want to find a school that best fits their interests. Knowing these topics can help students choose t he best programs in order to get a degree in this field.Choosing a college program can be quite difficult, but it is easier if you know what you are looking for. Essay topics for careers in this field can be used to help in choosing a program. Students who want to pursue a career in this field will want to find out about these topics before they commit to a program.

Prostitution The Oldest Profession On Earth - 1107 Words

Prostitution Prostitution is considered as the oldest profession on Earth. Sexual service in return for payment is called the prostitution. Prostitution is a big issue effecting women, men, and children all over the world. This is a world-wide controversy and it is something that people are not comfortable talking about. The question is whether people who are involved in the sex industry are willingly or are forced to do it. Our society has different points of view on this issue. Some people agree and want to legalize it; some people are strictly against it. Anyway, throughout our society people look at the work in sex industry as degrading work. In some jurisdictions, prostitution is approached by three ways –regimentation, abolition,†¦show more content†¦They also believe that legalizing prostitution would increase the spread of disease, stating that it takes several weeks to get the results from STD tests allowing an infected prostitute to continue infecting her cl ients. Many also believe that since most sex workers are female, the practice is demeaning to women and enhances the changes of rape and violence. Some go so far as defining prostitution as a type of rape, since it turns a woman into an object for a man s use. Others state that prostitution increases the involvement of sexual predators and the use of minors as sex slaves (Debate). First, prostitution is closely associated with many accompanying phenomena that threaten the internal security of the country; therefore, it is perceived very negatively by our society. This means that a serious crime such as a drug-related crime, human trafficking, and commercial-sexual exploitation of children goes along with prostitution. Also, health risks (sexual transmitted diseases) accompany this activity. â€Å"Reaching sex workers is a critical effort for public health. Not only are sex workers at risk for higher rates of HIV and other STIs, sex workers who are unaware of their HIV status can en danger their own health and increase their risk of transmitting HIV or STIs to others† (CDC). In eight European countries, such as Germany, the Netherlands, Austria, Hungary, Switzerland, Greece, Latvia, and Turkey prostitution by itself is legal.

Under the Influence - 1099 Words

ESSAY #1: UNDER THE INFLUENCE DROWNING IN ALCOHOL DROWNING IN ALCOHOL Throughout the decades, alcoholism has become a common issue that has become the cause of the deterioration of many relationships. In Scott Russell Sanders essay, â€Å"Under the Influence†, it is demonstrated how his relationship with his father continuously weakens due to the effects of alcohol. In order to create a deeper understanding of the impacts that alcohol consumption has on families, Sanders uses information from sources such as medical journals with actual statistics that increase the relevance of the story. In Sanders’ essay, â€Å"Under the Influence†, the author uses references such as dictionaries, medical journals, and the†¦show more content†¦Similarly, Sanders represents the seriousness of the effects of alcohol through medical statistics when he states, â€Å"I knew the odds of my becoming an alcoholic were four times higher than for the sons of nonalcoholic fathers. So I slipped warily,† (Sanders, 150). This affirmation of a c hild of a drunk being more likely to become an alcoholic through a medical source allows Sanders to broaden the span of his story by using facts that not only affect him personally, but overall all children that are in a similar situation. His experiences are easy to relate to for many readers because he uses intelligent sources that strengthen his arguments. Ultimately, Sanders is able to better connect with readers from his story through the use of facts and references from medical journals. Furthermore, Sanders develops a realistic tone and deeper connection with the audience of his essay through the use of references from the Bible. The author continuously broadens the theme of his essay by using different sources. When he mentions, â€Å"Over the grinning mask of Dionysus, the leering mask of Bacchus, these children cannot help seeing the bloated features of their own parents,† (Sanders, 142). Sanders refers to Dionysus who is known as the Greek god of wine and intoxicat ion as he explains how the laughter of others towards jokes made about drunks are not sources of laughter for the children of alcoholics. He illuminates alcoholism from aShow MoreRelated Driving Under the Influence Essay1409 Words   |  6 Pagesor other adults figures, have a beer or a cocktail and get in the car. Thus, making it seem like it is acceptable to drink and drive. â€Å"One in three people will be involved in an alcohol-related crash in their lifetime† (MADD). Driving under the influence is measured by a person’s blood alcohol level (BAC). BAC is determined by the concentration of alcohol in the bloodstream. 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It can also help in determining the effects of alcohol exposure in contrast to drugs and texting whileRead MoreA Woman Under The Influence1348 Words   |  6 PagesA Woman Under the Influence is an American dramatic film that was written in an entangled way to illustrate a story. The auteur John Cassavetes wrote and directed this film that was released in November of 1974. Cassavetes spent most of his career creating films that were more ‘off the grid’; A Woman Under the Influence is a prime example considering there was no other American film quite comparable to it. This was a rare film because the internal fluctuations effectively allowed formulating ofRead MoreUnder the Influence of the Media1433 Words   |  6 PagesUnder the Influence of Media The media is a big influence on people’s perception and the movies, in particular, give us not only entertainment but also an alternate way of thinking about the possibilities that can be given in life. In particular, action movies in America remind their young adult audience that good will always prevail. They teach us timeless morals that can be applied to our daily lives and with that, we may look at the starred protagonist as a role model since they take on realisticRead MoreAnalysis Of Under The Influence Essay1141 Words   |  5 Pages Nicole Fritz Professor Kacel English 121-049 2 November 2016 â€Å"Under the Influence† a Summary/Response Essay In the essay â€Å"Under the Influence,† Scott Russell Sanders uses his recollection and metaphors to portray an image of his father’s drinking customs. While certain people believe that children who are raised in a home with a drunk often follow in their footsteps, Sanders did the paradoxical and became a man whom his father was not. Although nothing but disappointment was demonstrated

The Physics of Pressure Cooker Essay - 1743 Words

The Physics of the Pressure Cooker Generally, water boils at 100 degree Celsius (212 degree Fahrenheit) in normal room temperature and pressure. If somebody boils the water for five minutes or for twenty minutes, the temperature will always remain the same. The pressure of air affects the boiling point of water. If air pressure is changed, then the boiling point will also change according to it (How does†). This is why a pressure cooker cooks food quickly as the pressure of the steam in the cooker gets as high as twice the normal pressure of the atmosphere. A this pressure, water gets boils at 120 degree centigrade (â€Å"Foundation†). Before defining the term pressure cooker, we have to know, what is pressure? Pressure is the†¦show more content†¦According to Bueche, Professor of Physics at University of Dayton, gases are greatly affected by the pressure and temperature. It was broadly studied during 1700s and earlier. He found two general laws by Boyle and Charles. â€Å"Boyle’s law relating the pressure of a gas at constant temperature to its volume states that the product of the pressure and the volume is a constant. In symbols, PV= (constant) temperature constant. A second law, Charles law, states that the pressure is proportional to the absolute temperature i.e. P= (constant) (T) volume constant† (Bueche, F. 194) where the temperature is measured on the Kelvin scale. If a gas is heated in a closed container, the pressure of the gas varies accordingly with the temperature and on the absolute temperature scale, the equation of which becomes P= (constant) (T). On combining the Boyle’s and Charles’s law we get the single equation PV= (constant) T where T is in degree Kelvin. If T (temperature) is constant, this equation resembles with the statement of Boyle’s law. Similarly, when V (volume) is constant, the equation resembles with the statement of Charles’s law (Bueche, F. 194). That is why when water boils, it produces steam and if it is not allowed to escape, pressure increases inside the cooker and results in higher temperature than possible normal conditions. The super-heated steam which is produced by high temperature makes the food cookShow MoreRelatedThe Existence Of Life And Energy1492 Words   |  6 Pagesbe a simple theory that had no impact on everything on the face of the earth. Energy is a part of what makes up the universe. The other part is matter, anything that takes up space and has mass. Energy is basically the capacity to do work, as per physics, and can be separated into two main forms: potential and kinetic. Potential energy is energy that is stored in everything around us, such as pencils, plants, and rocks. Interaction from another item is needed to release the potential energy in theseRead MoreInvestigatory Project3204 Words   |  13 PagesDioxide and living things 801. Homeopathy principles, facts and fictions PHYSICS   1. Fire and Burning- what factors affect burning?  (Quick) [Exp] 2. Fuels and their efficiency in producing energy. [Exp] 3. Musical instruments- the scientific principles behind them   [Exp] 4. Music Versus Noise- difference 5. Pendulums- how can a period of a pendulum be increased?   (Quick) [Exp] 6. Air Pressure (Code=IP050) - Water Pressure (Code=IP051) 7. How do you establish elevation from sea level? 8. Gears-Read MoreCelebrity Endorsements19810 Words   |  80 Pagesendorsements in advertising in India. Hindi film and TV stars as well as sportspersons began encroaching on a territory that was, until then, the exclusive domain of models. There was a spurt of advertising, featuring stars like Tabassum (Prestige pressure cookers), Jalal Agha (Pan Parag), Kapil Dev (Palmolive Shaving Cream) and Sunil Gavaskar (Dinesh Suitings). Of course, probably the first ad to cash in on star power in a strategic, long-term, mission statement kind of way was for Lux soap, a brand whichRead MoreFrench Terms for Ib Sl French B8316 Words   |  34 Pagessommeil sonner sonnette sourire surveiller tondeuse tondre vide to sit down to be wrong to bathe / to have a bath bath (tub) bath brush to brush to get changed lying down / in bed to lie down / go to bed to cook / to bake cooking, kitchen / chef, cook cooker / stove to clear away to go down / get off, out / to stay at to relax to sleep / dormitory shower / to shower asleep to go to sleep to keep / look after to dress inhabitant / to live introduce to wash to get up / stand up to read to put to set theRead MoreW1 Active Adj14109 Words   |  57 PagesW3 contract n S1, W1 contrast n W2 contribute v S3, W2 contribution n S2, W2 control n S1, W1 control v S2, W1 convenient adj S3 convention n W2 conventional adj W3 conversation n S1, W2 convert v W3 conviction n W3 convince v S3, W3 cook v S1, W3 cooker n S3 cookie n S3, W3 cool adj S2, W3 cool v S2 cooperation n S3, W3 cope v S2, W3 copy n S1, W2 copy v S2 core n W3 corn n S3 corner n S1, W2 correct adj S1, W2 correct v S3 corridor n S3, W3 cost n S1, W1 cost v S1, W2 cottage n S3, W3 cotton n W3Re ad MoreIgbo Dictionary129408 Words   |  518 PagesA. plentifulness; increase B. wealth; riches (cf. à  kà ¹Ã¯â‚¬ ¥) shout at; rebuke; chide; scold scold, etc.: á »Å' bà  Ãƒ  là ¬Ã¯â‚¬ ¬ yà   mÌ€ ba He scolded him peel (with knife) á »Å' nà  -à  ba jÄ « He is peeling yams peel completely break (under pressure); burst (as of weak clay pot with water in it being broken by pressure of the water; of fufu balls breaking in the pot during boiling): ÃÅ'tà ¨ afà ¹Ã¯â‚¬ ¥ akÄ rá »  aka, á »  gà  -à  ba mà   á »â€¹ tanye mmÄ «li n’imÄ“ ya That pot is not strong; it will break if you pour water into it breaking be (doing something);

Comparative Essay Heaney

Comparative Essay Heaney-Clarke In Mid-Term Break Seamus Heaney writes about a painful memory. Compare this poem with two others from this collection in which poets write about memories. Include one poem by Gillian Clarke and one poem from the Pre-1914 Bank. The painful memory that Seamus Heaney writes about is his brothers death and funeral and how it affects his family and social life. Gillian Clarkes poem is not about a painful memory but is more about the wonder of inherited memory (a memory which is passed down through the generations like a story) her poem though like Seamus Heaneys is about near death and its effects, even though Gillian Clarke is of no relation to the girl who nearly drowned, she is only included once her mother interferes. Ben Johnson is another painful memory and like the other two poems is about death, the death of his first born son. Cold Knap Lake, Gillian Clarkes poem and Mid-Term Break by Seamus Heaney are both structured loosely and irregularly, they both use the technique of stream of consciousness this creates an effect that the poets are writing down what they feel at that precise time, the same effect is created by On My First Sonne by Ben Johnson his structure is strict because it is in the form of a sonnet but it is not a traditional sonnet because it does not have 14 lines. Sonnets in that period were a great way of expressing feelings such as love and grief. Cold Knap Lake is a narrative which in the second part explores about memory; it has an alternate 4 and 6 line stanza and ends in a rhyming couplet. Mid-Term Break has an irregular structure with some regularities it has a 3 line stanza and ends in an isolated line which rhymes with the last line of the last stanza. On My First Sonne its structure is of an irregular sonnet because a traditional sonnet has 14 rhyming couplets written in iambic pentameter, which means 10 syllables per line. On My First Sonne has only 12 rhyming couplets. Cold Knap Lake and Mid-Term Break are 20th century poems which are written loosely, Cold Knap Lake is mainly about confusion because it is part rhyme and also loose rhyme. The Language in all three poems is completely different but all achieve the same effects. All three poems end in a rhyme on the final two lines this creates a strong, memorable, dramatic ending to the poem. Mid-Term Break at the end of this poem there is an isolated line which makes the poem very dramatic. The conclusion is formed in that isolated line and it also summarises the poets feelings clearly. In Cold Knap Lake the first three stanzas narrate the story of the girl nearly drowning, the last 2 stanzas explore Clarkes feelings and ideas about memory. On My First Sonne the end rhyme couplet is following the structure of the traditional sonnet and has regular rhyme and rhythm. In Cold Knap Lake and Mid-Term Break the end rhyme is the final piece of the jigsaw by explaining how old his brother is, or leaves a riddle like Gillian Clarke does by saying very vaguely all lost things lie under closing water in that lake with the poor mans daughter this is open to interpretation on different readers. All three poems Cold Knap Lake, Mid-Term Break which are modern poems and On My First Sonne which is a classical form of a sonnet, all these poems use literary techniques such as alliteration in Cold Knap Lake some examples of this and the meanings behind them are we once watched a crowd. The repeated sound of w and ow create a feel of water which is one of the main themes of Cold Knap Lake, there is also drawn by the dread of it creates a feeling of horror and fear, also the fact that people are curious about death. Mid- Term Break also uses alliteration such as counting bells knelling classes to a close which is like the sound of bells, knelling is the sound of funeral bells so the poet being able to hear the sound of funeral bells all ready and it being near the beginning of the poem means that there is a strong atmosphere of tension and sorrow already. Also four foot box a foot for every year is a repeating of the f sound which is soft and sorrowful. .u8a0f3bc79dac99bf7d01554a67d2e329 , .u8a0f3bc79dac99bf7d01554a67d2e329 .postImageUrl , .u8a0f3bc79dac99bf7d01554a67d2e329 .centered-text-area { min-height: 80px; position: relative; } .u8a0f3bc79dac99bf7d01554a67d2e329 , .u8a0f3bc79dac99bf7d01554a67d2e329:hover , .u8a0f3bc79dac99bf7d01554a67d2e329:visited , .u8a0f3bc79dac99bf7d01554a67d2e329:active { border:0!important; } .u8a0f3bc79dac99bf7d01554a67d2e329 .clearfix:after { content: ""; display: table; clear: both; } .u8a0f3bc79dac99bf7d01554a67d2e329 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u8a0f3bc79dac99bf7d01554a67d2e329:active , .u8a0f3bc79dac99bf7d01554a67d2e329:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u8a0f3bc79dac99bf7d01554a67d2e329 .centered-text-area { width: 100%; position: relative ; } .u8a0f3bc79dac99bf7d01554a67d2e329 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u8a0f3bc79dac99bf7d01554a67d2e329 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u8a0f3bc79dac99bf7d01554a67d2e329 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u8a0f3bc79dac99bf7d01554a67d2e329:hover .ctaButton { background-color: #34495E!important; } .u8a0f3bc79dac99bf7d01554a67d2e329 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u8a0f3bc79dac99bf7d01554a67d2e329 .u8a0f3bc79dac99bf7d01554a67d2e329-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u8a0f3bc79dac99bf7d01554a67d2e329:after { content: ""; display: block; clear: both; } READ: The cask of Amontillado by Edgar Allen Poe EssayThere was also many uses of sibilance which is a form of alliteration but is the repetition of the s sound and is used to give a sense of evil or as in Cold Knap Lake it is used to give a sense of water troubled surface something else shadowy in Mid-Term Break it is used as a sense of whispering, whispers informed strangers I was the eldest. and in On My First Sonne Ben Johnson is using it to describe that his son has so soone scapd worlds. There is also a lot of use of Onomatopoeia such as in Cold Knap Lake Gillian Clarke uses the words bleating to create a sense of innocence, a lamb and life. Also the word whistle which is used to describe the swans, and trying to draw attention towards memory. In Mid-Term Break the words used are knelling which describes the funeral bell sound. The baby cooed which shows the innocence of childhood and the obliviousness of youth to death. In On My first Sonne there is no onomatopoeia. Cold knap Lake uses rhetorical questions and statements to give a sense of confusion whereas in Mid-Term Break the poet records the timing exactly and in a direct statement, he remembers small details such as the names of people like his fathers friend Big Jim this gives a sense of clarity. Both poems Cold Knap Lake and Mid-Term Break touch on the ideas about the transition of childhood into adulthood. In Mid-Term Break Seamus Heaney is embarrassed and feels scared of being respected by the adults especially by the old men who stand up to shake my hand he realises he must mature quickly but shows that he is still a child as he holds his mothers hand who coughed out angry tearless sighs. Cold Knap Lake is about memory, the poetic personal or voice of the poem is an adult looking back at childhood. It is mainly about the loss of memory and childhood because as soon as dipped fingers touch the memory it changes into something else. It possibly touches on the powerlessness of youth and the power of adults, like he mother who was a heroine. On My First Sonne is mainly about losing something that is deeply loved, and the fear of loving something that much again only to be hurt. All three poems are about grief, death or near death. Mid-Term Break is the death of his 4 year old brother and the personal close family. Cold Knap Lake is about the near drowning of a young girl; it is impersonal, because the girl is a stranger and is distant. On My First Sonne is of the death of his firstborn son. Mid-Term Break and Cold Knap Lake is about memory , it is a theme of Mid-Term Break and is a central theme of Cold Knap Lake the memory is sometimes elusive and full of cloudiness as portrayed in Cold Knap Lake or is forever stuck in the mind as shown in Mid-Term Break, On My First Sonne is about his sons death and he is never likely to forget it as he has promised to love nothing as dearly as he loved his son. In Mid-Term Break another theme is death which is seen as cold and harsh by the words he uses such as corpse and hard blow. Death in Cold Knap Lake is described as beautiful and life as beautiful by words such as rosy or dressed in waters green silk

The Mack Essays - Characters In Macbeth, English-language Films

The Mack English Literature Period 2 Macbeth's Downfall or The Downfall of Macbeth One of the most hotly debated questions in English literature is: What was the primary cause of Macbeth's downfall? In my view, the primary cause of Macbeth's downfall was his wife, Lady Macbeth. Lady Macbeth caused Macbeth's downfall by her own ambition to be the queen of Scotland and by her constant belittling of her husband. The main reason for Macbeth's downfall was Lady Macbeth's ambition to be Queen of Scotland. Lady Macbeth originally was like any normal woman, wanting to outdo the other noblewomen of Scotland. After Macbeth related the three weird sisters' prophecies (that Macbeth would first be the Thane of Glamis, then the Thane of Cawdor, and finally the King of all Scotland) to Lady Macbeth, she started to aspire to becoming the queen of Scotland. She was already the Lady of Glamis, and then Cawdor, but she didn't have enough patience to see the third prophecy come true on its own. Her ambition is shown beautifully in the following quote: "'They met me in the day of success; and I have learned by the perfectest report, they have more in them than mortal knowledge. When I burned in desire to question them further, they made themselves air, into which they vanished. Whiles I stood rapt in the wonder of it, came missives from the king, who all-hailed me 'Thane of Cawdor'; by which title, before, th ese weird sisters saluted me, and referred me to deliver thee, my dearest partner of greatness, that thou mightst not lose the dues of rejoicing, by being ignorant of what greatness is promised thee. Lay it to thy heart, and farewell.' Glamis thou art, and Cawdor; and shalt be What thou art promised. Yet do I fear thy nature; it is too full o' the milk of human kindness To catch the nearest way. Thou wouldst be great; Art not with ambition, but without The illness should attend it. What thou wouldst highly That wouldst thou holily; would not play false, And yet wouldst wrongly win. Thou'ldst have, great Glamis, That which cries, 'Thus thou must do, if thou have it'; And that which rather thou dost fear to do Than wishest should be undone. Hie thee hither, That I may pour my spirits in thine ear, And chastise with the valor of my tongue All that impedes thee from the golden round, Which fate and metaphysical aid doth seem To have thee crowned withal" (Macbeth 1.5, 1-24). The quote sh ows Lady Macbeth's glee in reading Macbeth's letter about the three weird sisters' prophecies and how the first two had already come true. Lady Macbeth knew that the third one would definitely come true, but she decided to speed things up a little bit because she knew that her husband didn't have the will to do so. Lady Macbeth then planned the murder of good King Duncan of Scotland, framing the two guards in his chambers and blaming them for the foul deed. Macbeth then slew them after everyone else woke up, before the guards had a chance to deny that they killed Duncan. After that, Macbeth was chosen as the new King of Scotland because Duncan's two sons, Malcolm and Donalbain, fled to England and Ireland respectively. Macbeth then became a tyrant and killed many good people including Banquo (a fellow general in King Duncan's army), young Siward (the son of the great English general who helped Malcolm in his quest to wrest the throne of Scotland from Macbeth's clutches), and the wif e and children of Macduff (a good man, soldier, and the Thane of Fife). Macbeth was then just fully beheaded by Macduff, and Malcolm became king. If Lady Macbeth had not been so ambitious, Macbeth and she would have lived comfortably as the rulers of Glamis, then Cawdor, and eventually as King and Queen of Scotland. However she did not have patience, was not satisfied with what she had, and caused Macbeth to change from a good, noble, and brave man into an evil, tyrannical, and despised king. Lady Macbeth's constant belittling of her husband was another reason for Macbeth's downfall. If Lady Macbeth had not kept on getting after Macbeth to

Definition Essay on Passion

Definition Essay on Passion Live Not Only for YourselfDo we know what we want in life? Almost everyone wants happiness; a person wants to be successful in all of their endeavors. This is the main goal for just about everyone in this world because getting somewhere in life is the basis of life. We might ask ourselves: how we can achieve this tremendous task? The first step is to show passion. Yes, passion. Generally passion is defined* as a powerful emotion, such as love, and joy. To take that a step further passion means to have desire, to care, and most importantly to do whatever it takes to be successful and gain respect from our peers.If passion means to have desire, what does desire mean? Desire means to want something, to need something. There must be something in our life that we desire. It can be a personal goal; something that we want to accomplish one day.English: Curt Anderson interviews Muhammad AliIf we desire something we show passion towards it, no matter what it is. It is not a coincidence that w hich one desires most, he/she holds precious upon them. For example we would most likely treat a nice sports car much better than an old, rusty, and beat up station wagon. Why? Obviously because we would rather have a sports car that we would enjoy, instead of some old station wagon. We simply desire it more. In this world we have come to expect things from others, and taking those things for granted. Sometimes we judge others, without judging ourselves. As the future of this country and the world we have to be able to realize the true meaning of passion. Everyone has to encourage one another to do better, because everyone is capable of doing something great. We must desire more, we must strive to...

Cognitive Behavioral Therapy based approaches to mental health nursing Essay

Cognitive Behavioral Therapy based approaches to mental health nursing and their application to depression - Essay Example This paper presents a literature review of the cognitive behavioral therapy based approaches to mental health nursing and their application to depression. The most remarkable finding published thus far on the treatment of depression has been in a major research, conducted by Keller and colleagues (2000), weighing the outcomes of one of the more recent treatments, nefazodone, against a new treatment, the Cognitive Behavioral Analysis System of Psychotherapy (CBASP). The CBASP approach suggests that the mindset of individuals with chronic depression has become retarded or regressed to the most elementary developmental stage. The nature of this mindset makes patient indifferent to forces from the social environment, leading to the belief that they are not able to affect any of the circumstances in their lives. This kind of mindset leads to the submissiveness and vulnerability usual of patients with chronic depression. The technique underlying the therapy is to demonstrate to patients th at their decisions and behavior do in fact have significant effects, so that they will be encouraged to adopt behaviors that will yield positive outcomes. These positive outcomes, which stem mostly from social support, work to bring back motivation and enhance mood. Several techniques are implemented in adopting this approach such as the following (Keller et al., 2000, p. 1465): Provision of consistent feedback from the therapist on the interpersonal effects of the patient’s actions. Teaching patients to discriminate between aversive or abusive past interpersonal situations where they could not affect outcomes and current situations where they can. Teaching patients to evaluate systematically whether their actions are assisting them in achieving desired outcomes. The study of Keller and colleagues (2000) presented credible proof that CBASP is very useful in treating chronic depression. The speed of total remission with the combination of medication and CBASP in the study of K eller and colleagues (2000) was almost double the speed of total remission of patients who received medication and cognitive therapy. It is somewhat likely that CBASP will become the most successful therapy for chronic depression. However, this is not yet definite, since the speed of response to medication was significantly greater than in studies using cognitive therapy. Even though the research subjects used in the study of Kelly and colleagues (2000) seem to have higher levels of chronic depression than those in cognitive therapy studies, it is also probable that they were more responsive to treatment. Relapse preventive outcomes have also been reported applying other newer treatment approaches of cognitive therapy. Galante and colleagues (2013) formulated Mindfulness-Based Cognitive Therapy (MBCT) which incorporates several typical cognitive therapy policies into mindfulness approaches. MBCT is given in a group setting with individuals who have experienced severe depression. Thi s treatment was developed particularly with the purpose of enhancing meta-cognitive consciousness in patients who have recovered from depression and who are highly vulnerable to more episodes. By means of mindfulness exercise, MBCT seeks to build a mental ‘group’ of meta-cognitive consciousness that is broader than the meta-awareness associated only with a damaging

Performance Appraisal and Employee Performance Dissertation

Performance Appraisal and Employee Performance - Dissertation Example 53 List of Figures and Appendices Figure 1: Preference of companies for different performance appraisal measures†¦Ã¢â‚¬ ¦.. 32 Figure 2: Satisfaction levels of employee on different measures†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 32 Figure 3: Factors influencing motivation of employees†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦... 34 Figure 4: Alternative measures in influencing employee performance†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 35 Appendix 1: The Gantt Chart†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.... 46 Appendix 2: Questionnaire†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 47 I. Executive Summary Organizations in the modern times are all the more improving and adopting new measures towards their performances. Performance management has always been an integral part of every organization dealing with the employee performance study and determining ways to improve the employee performances. The current study deals with an understanding of the capability of a performance appraisal system in influencing the employee performance within an organization. The focus of the study has been to understand whether there is a need to incorporate alternative measures within organizations to effectively influence organizational employees. The study has taken both primary and secondary sources as its study materials. While the secondary sources based on the previous researches conducted on the concerned topic, the primary sources were based on the interviews and survey responses conducted on some of the companies in London, the participants being the organizational members and managers. The complete study has clearly reflected the fact that although performa nce appraisal systems are doing well and are quite significant in... From this dissertation it is clear that employees are an organization’s most important assets. Their satisfaction, good performance, positive attitude, creativity, adaptability etc. are very important for the growth of any organization. Human Capital in an organization does not refer simply to the people working for an organization. It can be seen in terms of the total collective worth of the capabilities, skill-sets, prior-experiences, knowledge and motivation present in an organizational workforce. Human capital is of supreme importance in organizations mainly because of the huge cost that is incurred on them and also because of the fact that if properly guided, human capital has the power to take an organization to a much higher level. Going by the huge amount of literature available on this topic, it can be said that the idea of monitoring and guiding the performance of both, an individual and the organization as a whole, is not a new concept. The origin of performance man agement can be traced back to the period of First World War when the assessment used to have the personality of the individual as the criteria of assessment. During the 1960s, the appraisal practice shifted its focus towards the setting of organizational goals and assessing an individual on the basis of performance related competencies and not personality. The late years of 1980 and the whole of 1990 witnessed the organizations undergoing a lot of quick change. During this period, the appraisal system had become the core process of managing the workforce and the organization as a whole.

The Adventures of Huckleberry Finn Essay Essay Example for Free

The Adventures of Huckleberry Finn Essay Essay In the novel, The Adventures of Huckleberry Finn, Huck faces many obstacles running away from his dad because he is accompanied by Jim, who is a run away nigger. While on their cruise they encounter a â€Å"duke† and a â€Å"king,† who only seem to bring them even more trouble, and later Huck meets his long time friend Tom. Throughout the whole story Huck faces different inner arguments over how things should be done to overcome a problem. One of them is when Huck leaves to the little village around Pikesville with the duke. He later returns to the raft to take off but he notices that Jim is no where to be found. Huck finds a boy around the area and the boy explains that some guy named Phelps has found a run away nigger (which is Jim) and plans on returning it for the cash reward. Later Huck gets into a big fuss about if it’s best for him to tell Miss Watson about where Jim is located. Huck evaluates the situation and determines that if he does write to Miss Watson, Jim would benefit in the way that he would rather be a slave at home close to his family than become a slave at Pikesville; but Huck would also be relieved of his sin of doing something wicked from the beginning and not ending up in the everlasting fire but clearing his conscious to the point were God will forgive him. Huck is appealing to pathos by expressing his thoughts when he says, â€Å" I was letting on to give up sin, but away inside of me I was holding on to the biggest one of all. † (Pg.190) In this phrase Huck reveals that he knows that he was doing wrong all along and was willing to give it up but his sin was more within him. His conscious was telling him he must do the right thing aside from what he thought was fair. Though if he does tell Miss Watson where Jim there may be some consequences. First of all, Miss Watson may be mad at Jim for running away and end up selling him or she might keep him but everyone would despite him for what he did. Secondly, Jim described Huck as his only friend who had saved him from some white men by telling them about smallpox. This may cause the friendship to brake and hatred to arise between them. Lastly, Huck would be looked upon disgrace for helping a nigger run away from his owner. This side of Huck is appealing to ethos by expressing, â€Å"That’s just the way: a person does a low-down thing, and then he don’t want to take no consequences of it. Thinks as long as he can hide, it ain’t no disgrace. †(Pg. 189) This shows how Huck is credible by explaining that doing something wrong is nothing to be proud of and hiding it isn’t going to take the wrongness from it. The argument is effective because it is a very important situation in the novel. It’s a turning point on how the story takes Huck on â€Å"stealing† the nigger again. Huck then decides it is best to not tell Miss Watson but for him to take his own action on setting him free again. Even though Huck understands the other point of view he sees, he determines that it is much better to lay low and not tell anyone. The side of Huck that says he shouldn’t announce where Jim is been kept is been more rational because he explains how Jim and him wouldn’t benefit in the long run and just defame themselves. The effect over the argument is that Huck decides to find a plan to set free Jim for them to run away together once again. Another inner self argument is brought upon when the king and the duke put on a â€Å"show† to the little town in Arkansaw and get $465. This causes the uneasiness of Jim and Huck. Huck then tries to find a way to get rid of the duke and king and confess to the town’s people that they are frauds. Once again, Huck gets stuck on what would be the right way to tell on these guys. If Huck decides to tell on the duke/king he will leave happiness to the town’s people by not letting them be fooled any longer and getting them arrested for Huck and Jim to leave in peace. Huck could also steal the money from them and give it back to Mary Jane and leading them on to stay and try to get the remaining money for them not to leave empty handed as said in page 158, â€Å"They’ve got a good thing here, and they ain’t a-going to leave till they’ve played this family and this town for all they’re worth. † From this phrase we can see Huck appealing to logos because he is been critical to how the men are going to react if he would steal the money from them. In the controversy, if Huck decides to tell the doctor or Mary Jane about the situation the outcome may not be the best. If Huck tells the doctor the king or the duke could ask who told him and the doctor would blame Huck and the frauds would hate him for it and cause even more problems. Now if he were to tell Mary Jane the frauds would suspect something and leave with the money and even if Mary Jane asked for help Huck would be involved in this mess. Huck is in this hand, appealing to ethos when he says, â€Å"Her face would give them a hint, sure; they’ve got the money, and they’d slide right out and get away with it,† showing how it’s reasonable that when your about to get caught with something people tempt to run away to get away with things because they know it’s not right. The argument is effective because Huck is been reasonable by knowing that the best thing to do is to bust these thief’s and not cause more pain to the family of Mary Jane. Huck see’s both points of views in order to work things right; enough to get the frauds arrested and not causing himself any trouble. The effect of the argument is that he tells Mary Jane the truth and plans out a way for the duke/king to get caught and Jim and him to leave without no fault. Mark Twains overall argument is that society has based things from right and wrong, but sometimes what’s right may not always be right but wrong. It’s this Right vs. Wrong kind of theme, were right is wrong and wrong is right in some cases. For example, it is bad in Huck’s society to be friends with a Negro but it is right to be friends with Jim because race shouldn’t matter since we are all equal. Another example provided in the novel was when it was said to be right to turn in Jim to her owner, Miss Watson, but it is bad to do so because every man deserves to be free. In this novel Huck is been attacked with many issues such as racism, friendship, war, religion, equality, freedom, and determination. Every decision made was a struggle between Hucks mind on what was best to be done over a conflict.

The Causes of World War II Essay -- American History, World War Two, p

From the Treaty of Versailles, to the rise of Hitler, and the failure of the League of Nations, there were many causes that lead up to World War II. World War I left Germany with many shortfalls, thus leaving them in the hands of the Treaty of Versailles. Rather unfair of a Treaty, this left Germany once again looking for another way out. A country resented by many had no other choice but to feel optimistic toward Adolph Hitlers empty promises†¦ making it substantially simple for him to gain power so quick. Throw in the Great Depression, and you have a vastly unstable world, which the Germans believed Hitler would lead them out of. After World War One, Germany was thrown into downward spiral. They were left with a monstrous amount of unemployed people, and they were still unhappy about being the scapegoat of World War One, thus according to the Treaty of Versailles. Looking for a way to rebuild, Hitler came in at a perfect time. Adolph Hitler made them many promises, ensuring them that in believing in him, Germany would be great once again. One of his many promises was that he would stimulate employment. To do this, he promised that he would employ the unemployed, by giving them jobs building roads, stadiums, etc. Hitler promised the middle class he would reinstate small business profits, and communist threat. He also promises farmers the reimbursement for their losses during the Great Depression, by raising the prices of their produce. Another one of Hitlers many promises was that he would destroy the Treaty of Versailles. The Treaty of Versailles basically blamed Germany for everything, stating that Germany accepted the guilt in causing the war. Germany signed under protest. It stated that Germany was to pay for the reparat... ... They weren't allowed any more than 100,000 men in their army, they were only entitled to keep six battleships, they were not to create and kind of powerful aircraft. The Germans believed this was only to keep them weak. Enter Hitler, and his obliterating the Treaty of Versailles. He led Germany in rearming in 1933, and Hitler proclaimed they would be ready for war by 1940. Hitler basically destroyed the Treaty of Versailles by 1939, and thus World War II began with the invasion of Poland. All in all, there were many events and a vast amount of problems that ignited World War II. It's amazing how so many different aspects can all snowball into having the same motive of causing a world war. With so many powerful individuals all wanting something different (peace, power), it was just a recipe for disaster. Evidently, a nation under stress isn't a sound nation at all.

Jetblue

Learning objectives 1. institutional aspects of equity issuance transaction 2. costs and benefits associated with public share offerings 3. develop a deeper appreciation for challenges of valuing unseasoned firms and enhance corporate valuation skills KEY QUESTIONS FOR CONISDERATION 1)What are the advantages and disadvantages of going public? 2)What different approaches can be used to value JetBlue’s shares? 3)At what price would you recommend that JetBlue offer their shares? Potential Questions to be addressed in report submission * What is an Initial Public Offering and why is it such a big deal? Is going public, particularly at the time they did, a good idea for JetBlue? * What do you believe JetBlue stock is really worth? * Does the financial forecast in case Exhibit 13 seem reasonable? * What are the key assumptions in the IPO valuation? * Is the length of the forecast period within the IPO valuation (exhibit 13) reasonable? * What discount rate is appropriate for the cas h flow forecast? * How would you suggest estimating the terminal value? What assumptions have you made? How have your assumptions affected the estimated value of JetBlue shares? IntroductionAfter the terrorist attacks on September 11, 2001, it was upset deeply because of the safety for the airline industry in the United States. The passenger demand suddenly reduced and many flights cancelled afterwards, which led a lot of American airlines declared bankruptcy afterwards, including US Airways and United Airlines. It was a challenging time for airline industry, however, David Neeleman, the CEO and Founder of JetBlue Airways, discovered an opportunity for the company. Barely two years after its foundation, the company decided to raise additional capital through initial public offering (IPO).This report is aimed to apply financial theories and concepts into analyse the real case study of JetBlue Airline. Firstly, the background of JetBlue will be introduced briefly. Also, the advantages and disadvantages of going public for JetBlue will be discussed in the following pages. In addition, the share valuation of JetBlue IPO will be estimated based on several assumptions. Last but not least, the recommendation will be provided in the last past of this report. Background JetBlue was founded by David Neeleman in 1999, which looked to fulfil the purpose of â€Å"humanity back to air travel†.By following the low-cost model of Southwest Airlines, JetBlue pursued to offer passengers an enjoyable flying experience by providing in-flight entertainment, comfortable room and high-quality customer service. In addition, in order to organise a strong and experienced working team, Neeleman employed several skilled senior managers, comprising of David Barger who was a former vice president of Continental Airlines to be president and COO and John Owen who was executive vice president and former treasurer of Southwest Airlines to be CFO in JetBlue.Moreover, as the founder of Jet Blue, Neeleman have own extensive experience with airline start-ups from managing low-fare flights during university period. Based on the explicit marketing strategy of JetBlue, barely less than one year, the company increased the routes to other cities in America and it continued to grow rapidly to 17 destinations in early 2002.And not only that, JetBlue adopted the active measures to increase expenditures for security by setting up equip cockpits with bulletproof doors and security cameras, which enhanced the confidence of US residences to take flights under the circumstance of few people was afraid of flying after September 11 hijackings. Advantages and disadvantages of going public Refer to Bodie, Kane and Marcus (2011), initial public offerings are stocks issued by a formerly privately owned company that is going public, which means that selling stock to the public for the first time.According to Rothberg, the following table are shown some advantages and disadvantages of going public. Pros| Cons| Potentially large bonuses for business owners| High explicit cost – roughly 7% of the funds raised| Ability to raise additional capital rapidly in the future| Pressure to meet investor expectations| Attraction and retention for the valuable talents| Less control on make business decisions – decisions should be based on the interest of shareholders and investors other than owners themselves| Easy to sell ownership shares when owners exit business or retire| Reporting disclosure on regular basis| Access to capital markets| |In relation to this case, JetBlue aimed to raise additional capital through an IPO in order to support company’s growth and offset portfolio losses by investors. Moreover, according to John Owen, JetBlue had prepared the initial registration statement with security and exchange commission (SEC) for the IPO on September 11, 2001. However, based on the September 11 attacks, they delayed IPO before it came into force. In fact, not only the terrorist attacks on September 11, 2001, but several events happened negatively affected the global economy during the period of going public for JetBlue.For example, the contagion of bird flu was quite severe during taking flights, which definitely influenced the demand of flights. The increasing oil price also raised the basic cost in any transportation industry. Another negative condition could be the economic downturn, including crash of the dot-com bubble and financial crisis in Asia. From this point of view, it seemed not to be an appropriate time to going public. However, faced with the weak financial markets, JetBlue measured the targeted strategies and made success in profitable operations.And IPO market is never dead for good company with real revenues and real earnings just like JetBlue. It then turned out that it was a suitable time for JetBlue to IPO during the economic downturn though. JetBlue’s shares valuation There are various methods to value s hares for a company, including free cash flow to equity (FCFE) method discounted by WACC, free cash flow to firm (FCFF) method discounted by cost of equity, dividend discount model and relative valuation techniques. Since JetBlue had not paid out any dividends on common stock, dividend discount model cannot be used to estimate company share value.In addition, FCFF method do not consider the effect of interest payment, however, as mentioned in the case, the Federal Reserve had attempted to stimulate economic activity by reducing interest rates. Therefore, from my point of view, it was more appropriate to value JetBlue share by FCFE method to consider the consequences of interest rate. The assumptions are made for evaluate JetBlue share value as follows. The long-run growth rate was expected to be 7% annually. And the company would have survived and would be a typical firm with an estimated cost of equity of 15% in 2010.Last but not least, the appropriate discount rate was assumed to be 30%. Additionally, there was a quite weird number disappeared in the Exhibit 13, which was the expected inflation rate was 4 times in 2002 than other years. After changing it back to the normal, the share value then could be calculated to be around $24. 60 per share. (Appendix 1) Recommendation Based on the assumptions, the calculated consequence is identical to the initial offering prices which ranged from initial price to implemented offering price ($24 to $25).Faced with sizable excess demand to potential investors, JetBlue took the appropriate measure to increase share value in order to avoid â€Å"money leave on the table†. In the long run, I believe that JetBlue will still grow at a stable stage as the innovative spirit and seasonable measures to the different types of events. Therefore, JetBlue’s stock was worth for the potential and incoming investors. We prepared to retristrict initial registration with SEC for the IPO on September 11, 2001. Based on the ev ent of that morning, we didnot .We waited until stock market settled down. We returned the profitability in November and December. We started to issue IPO gain in Christmas time. Obviously, we modified the document a bit. High growth, low cost profitable airline has rebounded substantially in the market place. It was a very good stands to do the IPO for JetBlue. Even though it was 2002, the IPO market was pretty much dead, the IPO market is never dead for good company with real revenues and real earnings. So we were confident even a small amount of – John Owen registration statement with underwritersFCFF we do not consider the effect of interest payment 1) In FCFF, we use EBIT (1-t) whereas in FCFE, we use Net Income; this is because while using EBIT (1-t) in FCFF we do not consider the effect of interest payment as mentioned above. 2) IN FCFE, we use Change in Non- Cash Working Capital*(1-D) – Capital expenditure*(1-D) whereas in FCFF we use Change in Non-Cash Working Capital – Capital Expenditure; this is because we just want to concentrate on cash flow due to equity only. Reference Bodie Z. , Kane, A. , & Marcus, A. J. (2011).Investments (9th ed. ). New York: McGraw-Hill Rothberg F. The Pros and Cons of Going Public. Retrieved from http://www. cfoedge. com/resources/articles/cfo-edge-the-pros-and-cons-of-going-public. pdf Appendix (Appendix 1: Share valuation of JetBlue Airways) ——————————————– [ 1 ]. Bodie Z. , Kane, A. , & Marcus, A. J. (2011). Investments (9th ed. ). New York: McGraw-Hill [ 2 ]. Rothberg F. The Pros and Cons of Going Public. Retrieved from http://www. cfoedge. com/resources/articles/cfo-edge-the-pros-and-cons-of-going-public. pdf

The Debate On College Tuition Essay - 951 Words

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