Glossary of Visual Basic Terms

Euthanasi Assisted Suicide And Euthanasia Essay - 2335 Words

Physician- Assisted Suicide Framing the Issue Many legal, ethical and personal issues and dilemmas have been identified in relation to physician- assisted suicide and euthanasia. Issues such as whether physician- assisted suicide or euthanasia is ethically acceptable, or what criterion is legally and socially necessary to determine whether a person can receive assisted suicide measures to end ones life. A variety of literature reviews have been created to address this topic and generate knowledge and information for health care professionals. With this in mind, there are many phrases associated and utilized synonymously with the term physician- assisted suicide that need to be addressed such as physician- assisted death, euthanasia, and aid in dying, however each has been defined separately throughout the literature. Westefeld et al., (2013) and Landry, Foreman and Kekewich (2015) define physician- assisted death as voluntary termination of life through the administration, from the person requesting termination, of a lethal dose to end ones life. The Canadian Medical Association (2014) refers to euthanasia as â€Å"the practice of knowingly and intentionally performing an act with or without consent, that is explicitly intended to end another person life† (p. 2) by a physician. Lastly, aid is dying is the request of a prescription for medication; provided by a physician, that patients can self-administer to end ones life peacefully (American Nurses Association [ANA], 2013). ForShow MoreRelatedEuthanasi Euthanasia And Assisted Suicide1332 Words   |  6 PagesEuthanasia/Assisted Suicide Many people here in the United States believe that euthanasia, often called assisted suicide is wrong because of the Hippocratic Oath doctors take. Others argue it should be up to the patient. In most cases if a physician says they are terminal and only have six months to live they can agree up receiving a prescription for a lethal dosage of medication to end their lives. I believe it is a personal freedom that we should not deny people; we should not force them to haveRead MoreEuthanasi Voluntary Active Euthanasia, Passive Euthanasia And Physician Assisted Suicide1143 Words   |  5 PagesAmerican Heritage Dictionary euthanasia is defined as the art or practice of ending the life of a person or animal having a terminal illness or a medical condition that causes suffering. Euthanasia should be a individual choice to end a patient s life. This keeps them from going through excruciating pain due to an incurable disease. Some people think euthanasia should be out of the picture while others inquiry the effectiveness of these actions. With effectiveness, euthanasia is classified in three

Universally Accepted Declaration of Human Rights Essay Example For Students

Universally Accepted Declaration of Human Rights Essay The preamble of the Universal Declaration of Human Rights (UDHR) proclaims that the rights discussed in the document are a common standard of achievement for all peoples and all nations. This document, along with the International Covenant on Economic, Social, and Cultural Rights (ICESCR) as well as the International Covenant on Civil and Political Rights (ICCPR), are meant to be global agreements that span all cultures and traditions. These documents however do not live up to their intent. In fact, the Cairo Declaration on Human Rights in Islam and the African Charter on Human and Peoples Rights prove this unrealized and unrealistic expectation of the earlier universal and international treaties. Theoretically perhaps, there does exist a set of universal human rights, but in this diverse world any set of human rights that is to be recognized internationally must be more of a universally accepted set of human rights. This Declaration of Universally Accepted Human Rights would be a document focused on overlapping consensus of many cultures. In order to accomplish this, first, an all inclusive document must be drawn up that deals with those rights that fall under an overlapping consensus of the many different cultures of the world. Specifically, more input from African, Asian, and Middle Eastern cultures must be included in this consensus. Second, the legacy of imperialism and slavery must be acknowledged and addressed. Many African and island cultures have suffered and continue to suffer because of these practices. The novels Things Fall Apart, by Chinua Achebe, and A Small Place, by Jamaica Kincaid, deal with many of these issues. The purpose of the Universal Declaration of Human Rights was to establish a standard of human rights that is universal. Unfortunately, shortly after the United Nations adopted and proclaimed the Universal Declaration of Human Rights on December 10, 1948 the United States found itself politically and ideologically at odds with the Soviet Union and China, the latter falling to the Communists in 1949 (Donnelly 7). As a result, human rights issues became just another political outlet for the world superpowers to attack each other (Donnelly 7). Much work for the advancement of human rights was put on the back burner because of cold war politics. The ICESCR and ICCPR were put off for over a decade and split into two separate entities as a result of ideological conflicts between the US and USSR (Donnelly 8). This weakened their effectiveness as universal treaties. The political arm wrestling between the US and Soviet Union also shows why building an overlapping consensus was so difficult during the cold war. Additionally, many African and Asian countries were under Western colonial rule during the initial drafting of the Universal Declaration of Human Rights (Donnelly 8). This left many voices unheard. As a result, documents such as the Cairo Declaration on Human Rights in Islam and the Banjul Charter have been drafted and signed by Islamic and African nations, respectively. The Cairo Declaration on Human Rights in Islam was signed by the Organization of the Islamic Conference on August 5th, 1990. In the preamble it states a wish to protect man from exploitation and persecution, and to affirm his freedom and right to a dignified life in accordance with the Islamic Shariah. Article One of the Cairo Declaration states that All human beings form one family whose members are united by submission to God and descent from Adam. These religious references to the Shariah, God, and Adam are all aspects of the Islamic viewpoint that are obviously not in the Universal Declaration of Human Rights because in the UDHRs attempts at universality it can not embrace one religion openly. Some articles in the Cairo Declaration could be interpreted at odds with the Universal Declaration of Human Rights. Article 6a of the Cairo Declaration specifies that women are equal to men in human dignity and have rights to enjoy as well as duties to perform. Article 6b declares the husband as the caretaker of the family. The Universal Declaration of Human Rights makes no mention of gender roles for the family. .ue82f5e92d9a2edc7c2a777cb6d29cdf0 , .ue82f5e92d9a2edc7c2a777cb6d29cdf0 .postImageUrl , .ue82f5e92d9a2edc7c2a777cb6d29cdf0 .centered-text-area { min-height: 80px; position: relative; } .ue82f5e92d9a2edc7c2a777cb6d29cdf0 , .ue82f5e92d9a2edc7c2a777cb6d29cdf0:hover , .ue82f5e92d9a2edc7c2a777cb6d29cdf0:visited , .ue82f5e92d9a2edc7c2a777cb6d29cdf0:active { border:0!important; } .ue82f5e92d9a2edc7c2a777cb6d29cdf0 .clearfix:after { content: ""; display: table; clear: both; } .ue82f5e92d9a2edc7c2a777cb6d29cdf0 { 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; } .ue82f5e92d9a2edc7c2a777cb6d29cdf0:active , .ue82f5e92d9a2edc7c2a777cb6d29cdf0:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ue82f5e92d9a2edc7c2a777cb6d29cdf0 .centered-text-area { width: 100%; position: relative ; } .ue82f5e92d9a2edc7c2a777cb6d29cdf0 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ue82f5e92d9a2edc7c2a777cb6d29cdf0 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ue82f5e92d9a2edc7c2a777cb6d29cdf0 .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; } .ue82f5e92d9a2edc7c2a777cb6d29cdf0:hover .ctaButton { background-color: #34495E!important; } .ue82f5e92d9a2edc7c2a777cb6d29cdf0 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ue82f5e92d9a2edc7c2a777cb6d29cdf0 .ue82f5e92d9a2edc7c2a777cb6d29cdf0-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ue82f5e92d9a2edc7c2a777cb6d29cdf0:after { content: ""; display: block; clear: both; } READ: Hate Crimes Essay Article 16a of the Universal Declaration of Human Rights addresses the right to marriage without discrimination due to race, nationality or .

Sir Robert Peel free essay sample

The History of Police The Law enforcement officers and many of their policies are centered on the twelve principles constructed by Sir Robert Peel, and his statement of, â€Å"the people are the police, and the police are people† (Johnson, Wolfe, 2003). Robert Peel perceived that officers did not need to encroach into citizens lives when preventing criminal activity in communities. Peel created the principles that attributed to Community policing for crime prevention like neighborhood watch, and social institution programs for youth (Johnson, Wolfe, 2003). Community –policing also invests and synchronize in the promotion of processions, problem solving, militia-cultural competency, analysis of problems, alleviations, interconnections, resolutions for conflicts, and initiative identification. Disorder and criminal acts were the primary mission that Peel constructed as part of his principles which are; 1. The first principle suggests officers need to be trained as military soldiers, for the purpose of staying organized and efficient while patrolling communities. We will write a custom essay sample on Sir Robert Peel or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Officers need to interact with outside sources for criminal activity as tips, and never engage in police brutality, but work with the community for a sense of stability. 2. ) The second principle suggest officers are directed from government state and federal laws influence, if a witness wants to provide information on a case, the documentation must be noted, whether the officer is in agreement or not with it. . ) The third principle suggests that if there is no alerting of criminal activities going on in the communities then they don’t proving efficiency of police work. 4. ) The third principle suggests officers need to inform the media about the crime as news to distribute. These way citizens are aware of what goes on in their communities, along with possible ways to assist like Amber Alerts for missing children, and the realization of the crimes of murders that occur every day as factors. 5. ) The fifth principle suggested police strength of dispositions. When multiple officers are placed in a inner city community, the crime does not necessarily decline, in fact officers could be in potential danger if this were the case, and police officers should not be used as controlling crowds primarily without a systematic approach. The confidence those citizens should feel knowing police presence is vital. 6. ) The sixth principle focuses on the temper police officers need to sustain in events that become hostile. Police officers are trained to using their common discretion in apprehending suspects without excessive force. . ) The seventh principle suggests a proper appearance demands respect. Police officers always need to be in a neat order, hair groomed and poses a positive demeanor, so that the attitude they give will be returned by society. 8. ) The eighth principle suggests officers to be trained to handle all the hectic tasks of being an officer consists of so they are mentally ready for the various obstacles and ready to assist and prot ect the communities. 9. ) The ninth principle suggests police officers were a badge number at all times. This badge number signifies who they are especially for security, and specialized forces that need to have it in plain view. 10. ) Police Headquarter locations. This principle states that the central police stations need to be accessible for community citizens to find easily, commonly in the town hall, with visible signs of its existence. 11. ) Police officers are hired on a probation term. This suggests that there should be a time period for officers to past in order to be a full time officer. 12. ) The records of police officers. This principle is essential for crime control for officers to have access to its jurisdiction crimes and the whereabouts of offenders in the area for selling drugs (H, Johnson, N, Wolfe, (2003). Sir Robert Peel perceived that officers should get citizen approval regarding securing the communities as respect. This is evident today for officers who need to be culturally diverse so they can effectively communicate with individuals in the areas and build trust and bonds, opposed to the fear and disparities that exist. Peel was also against police brutality and excessive force, and perceived that order needed to be restored, by exercising persuasion in cases in observance of the law without using force to apprehend. This is not used in modern society, because there is no trust, and racial disparities, that people fear the outcome so they fight to resist arrest or communicating with officers, that in turn officers protect themselves and restore order by any means necessary including violence. There are many crimes that are in order of physical restraining which Peel was against, however criminals will kill officers that try to persuade the situation without forceful authority. Sir Robert Peel’s the father of policing, constructed principles and community policing as components of policing methods for law enforcement to use as a reform goals. There are some policing laws used today of since Peel’s construction of them in 1829, and are still very effective.

Distinction between Business Intelligence, Knowledge Management, Sales Forecasting, Market Research, and Common Sense in Business

Distinction between Business Intelligence, Knowledge Management, Sales Forecasting, Market Research, and Common Sense in Business One of the most important tasks undertaken in the business world is that of decision-making. Majority of the decisions made in the modern marketplace are aimed at maximizing profitability within a firm. In order to gain sufficient understanding on the decisions to be undertaken, businesses rely on the information technology; indeed, knowledge management and business intelligence are some of the study areas spawned to aid in business decision-making (Anon, n.d).Advertising We will write a custom essay sample on Distinction between Business Intelligence, Knowledge Management, Sales Forecasting, Market Research, and Common Sense in Business specifically for you for only $16.05 $11/page Learn More Prior to designing the marketing plan, sales forecast are normally undertaken in order to determine the potential of the market; hence, numerous kind of information from various sources are used (Longenecker, et al, 2006, p.154). According to Hague (1996), market resea rch is undertaken in various kinds of markets where both the buyer and the seller come together for the sole purpose of exchanging and increasing value. In this case, the buyer benefits by gaining profits while the seller achieves satisfaction (Hague, 1996, p.4). It is suggested by O’Connell (2003) that, despite one having expertise, experience, skills, and smartness, one might be lacking common sense. This is proven by the fact that, despite having smart people around, many dumb activities are normally accounted for, which in the first place ought not to happen, as they require the use of common sense (O’Connell, 2003). Distinctive nature of business intelligence, knowledge management, sales forecasting, market research, and common sense in business The various concepts used in decision-making are mainly distinguished by their definitions, as well as activities and processes associated with each concept. Business intelligence has numerous definitions; for instance, it has been defined as a wide area of technology where data is gathered, stored, accessed, and analyzed for the sole purpose of aiding business users in making better decisions. In addition to this, business intelligence has also been defined as systems that provide a background data that has been directed together with tools of reporting in order to aid in the process of decision-making. According to Williams and Williams (2007), a decision process is a type of business processes. In addition to this, businesses and companies tend to use business intelligence to bring about consistency in decision making, emphasize on incorporation of business information and analytical technique into tactical decisions and strategic processes and increase accountability, transparency and traceability of main decisions (Williams and Williams, 2007, p.186) According to Bergeron, knowledge management is characterized as a strategy in a business that is optimized in order to identify, organize, and pack age information that is important to the business of the firm, thus improving competitiveness among corporations and increasing employee performance (Bergeron, 2003, p. 89).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More From the definition, knowledge management is depicted as a way of introducing sense that results to a procedural management of intellectual assets and quality information for the sole purpose of providing a company with competitive advantage (Bergeron, 2003, p. 9). In spite of knowledge management being considered as an optimization strategy, its limits are not confined to one particular technology or a specific source of information. A key role played in knowledge management technology initiative results from the wide scope of information technologies (Bergeron, 2003, p. 9). In knowledge management practices, it is almost impossible for one to capture the belief s, behavior, and thoughts of the managers in the sense that one can provide quality information to another person (Bergeron, 2003, p. 8). The major differences between knowledge management business concept and business intelligence is brought about by the fact that in knowledge management, new knowledge is created and dispersed while in business intelligence there isn’t any dispersion or creation of knowledge. Sales forecasting according to Longenecker et al (2006) is defined as a prediction of the amount of product or service that can be purchased in a market for specific period. The market description should be defined accurately as it forms the prediction boundary (Longenecker, et al, 2006, p.154). In the construction of a business plan, the time has to be identified as short term or long term, as sales forecast implies on a specified period. In the assessing of the feasibility of a new venture, sales forecast is considered one of the essential components. Moreover, the sa les forecast is also useful in personnel decisions, inventory policies, and production schedules. Sale forecast is considered as a multi-step process mainly because it is a composite of various individual forecasts that have been merged accordingly. The forecasting process is categorized in two major dimensions 1) the starting point of a process 2) the nature used in predicting the variable (Longenecker, et al, 2006, p.156). Market research is normally applied in markets where the sellers and buyers come together to increase value and exchange. The nature of the market determines the techniques and approach to be used by the market researcher. Some of the techniques used in market research include qualitative technique that investigate the complex consumer perception and quantitative technique whose basis is formed on rigorous sampling (Hague, 1996, p.4).Advertising We will write a custom essay sample on Distinction between Business Intelligence, Knowledge Management, Sales Forecasting, Market Research, and Common Sense in Business specifically for you for only $16.05 $11/page Learn More Resources to be used are of outmost importance for the collection of valid data especially in the consumer market research (Hague, 1996, p.5). Information technology has had a great impact in the data processing sector of the market research. In addition to this, information technology is now finding its way in the data collection sector of the marketing research (Hague, 1996, p.12). Market research is hence applied in order to identify a business opportunity, problem identification, and commercial risks to be identified (Hague, 1996, p.14). In its application, market research aids in establishing a need for a service or product, assist in new product marketing and improve already existing product (Hague, 1996, p.14). In establishment of a new product a lot of expectations should not be expected as it offers an understanding of the surroundings upon w hich the new product will be sold and nothing more (Hague, 1996, p.18) In businesses, common sense is vital; this is because overly complicated regulations have become problematic. In order for the markets to work, O’Connell suggests that simplification of institutions should be encouraged together with innovative programs that promote existing systems that are formal (O’Connell,2003, p.6). In the business environs, the proposal, problem or solution should be written down and if you result in a complex idea, you might be heading in the wrong direction and hence one should retract the initial steps used in order to arrive at a simple direction. Lateral thinking has also been emphasized as the way the mind works and should be learned and implemented. In lateral learning, old ideas are done away with and new ones are generated by recognizing the wisdom gained from old ideas and searching for alternative ways (O’Connell, 2003, p.6). Conclusion Differences between th e various concepts used in decision-making are subtle and only minimal distinctions results can be noted due to similarity in their processes. Some of these concepts of the business studies are ascertained by the various existing business firms that provide them. These firms sell their decision support services to executives who make the decisions and implement them by way of manipulation so as to create reports to, show trends or even predict future events. Sale forecasting concept entails a specific period of time in which certain amount of products and services will have been purchased. It is a critical process especially while undertaking a new venture. The period in sale forecasting will be either short term or long term.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In market research, there is no prediction but contrarily actual data is collected in order to ascertain the difficulties, risks, and opportunities facing a particular market in question. The techniques used in data collection of marketing research can be either qualitative or quantitative depending on the data to be collected. Common sense in business simplifies the complex situations encountered in businesses. Common sense is not very common; this can be depicted by the way different people tackle and solve various problems. While tackling a problem basic steps are to be followed and on resulting into a complex idea, the steps earlier followed are to be retracted to arrive on a simple and a less complex idea. In knowledge management, creation and dispersion of new knowledge is significant as compared to business intelligence where the creation and dispersion of knowledge is lacking. References Anon. (N.d). Business Intelligence and Knowledge Management Differences. Web. Bergeron, B.P. (2003). Essentials of knowledge management. NJ: John Wiley and Sons. Hague, P.N. (1996). Market research: a guide to planning, methodology, evaluation. London: Kogan Page. Longenecker, J.G, et al. (2006). Small business management: an entrepreneurial emphasis. OH: Cengage Learning. O’Connell, E. (2003). The competitive advantage of common sense: using the power you already have. NJ: FT Press. Williams, S. and Williams, N. (2007). The profit impact of business intelligence. Oxford: Morgan Kaufmann.

Get a raise without asking for one

Get a raise without asking for one You’ve put in the time and work and want to see the results in your paycheck. But while just simply steeling yourself and asking might be your most direct bet, it’s tough. Many of us probably would rather suffer along with our current measly salaries than actually get up the courage to face our managers in person. If this sounds like you, never fear: there are ways of asking for a raise without directly asking for a raise. If you’re backwards about coming forwards, here’s what to try.Be everybody’s go-to guy or gal.If there’s a crisis or a conundrum, be the team member everybody else turns to: the port in a storm, the level head, or the problem solver. Bonus points if you’re also the one everybody likes and trusts the most.Do more/better.If you can bring on extra clients or customers or drastically cut cost by switching to a new supplier? Aces. Show your value by helping the company grow or by making a direct influence on its bottom li ne- especially if your company is suffering. If you don’t help bring in more business, how can they even afford to up your pay?Do everything you were hired to do- extremely well- plus take on as many additional value-adding projects as you can. If you rock everything you take on, everyone around you will notice.Make your boss look good.Your boss is human and therefore susceptible to this kind of vanity. Remember: she probably wants a pay bump as much as you do. Do whatever you can to make her look good and she’ll probably be more inclined to help you out by seeing that you receive extra monetary appreciation. After all, she’ll want to keep you around so the good work and accolades continue.Do the grunt work.You know those hot potato projects nobody wants to touch? That work no one wants to do? Volunteer and do it with style and vigor. Not only your boss will appreciate this- your whole team will be grateful and have you to thank. And the more popular you are com e review time, the better your odds of getting upgraded in the salary department.Get someone on the inside.If possible, seek out an advocate within your company- someone high up enough who really knows your capabilities and has influence over decisions. It could be your boss or another mentor within the company. Find someone you know likes you and your work to sing your praises when the time comes- a trusted company voice lobbying for you is gold come review time.Make yourself irreplaceable.The more you render yourself indispensable, the more valuable you become. If your boss and company realize they could not perform without you, they’ll do what it takes to keep you around.Go beyond your job description.Don’t just get good at what you do and train up on the skills and experience you need for your specific job. Inform yourself on current industry trends and the evolution of your field and company. Follow the latest developments and challenges and start thinking about p ossible changes you can make within your company. Ask the questions the higher-ups don’t have time to delve into and find viable solutions. There’s no way people won’t notice you if you make a long-lasting change that gets tangible results.

Is marihuana beneficial or destructive to society Essay

Is marihuana beneficial or destructive to society - Essay Example The rate of substance abuse among youths was higher compared to the number of adults aged 26 years old and older who have5% rate of marijuana usage. What could have possibly provoked them to use marihuana? We know that children decide to try marihuana because of pressure from other individuals, problems related to school and family, depression, and self-esteem. According to Dr. Bruce Beckum, child psychologist and noted authority on young adult drug use, â€Å"Seventy percent of young people who use drugs report difficulties at home and at school†¦Ã¢â‚¬  The alarming rates of increase marihuana among youths might be attributed to these intrapersonal and interpersonal factors and partnerships among government, parents, and youths themselves must be worked on in order to address these issues and completely eliminate marihuana use among youths. Marihuana puts children in danger. It is not the only drug that is most commonly used, but is also known to cause many other problems. An article from the Journal of the American Medical Association states that teens who use marijuana are 77 % more likely to try harder drugs (Smith, 64). How can people say that our society would benefit from the legalization of marihuana when this is only hurting and influencing children in a negative way? Are we only thinking in adults when we speak about marihuana? Probably, adults had thought of legalizing marihuana because of the medical benefits that can be derived from using it such as alleviation of undesirable effects of certain medications, treatments, and diseases. If just in case marihuana would have been legalized, patients will no longer experience extreme discomforts. However, legalizing marihuana would cause a lot of consequences even if it is for medical benefits. Well, let me tell you something that is not the case. Usually, the mos t affected by our

Huffman Trucking Company Inc. Telephony Service Profiling Essay

Huffman Trucking Company Inc. Telephony Service Profiling - Essay Example To connect to an external number or to place an outside call a trunk access code is normally pressed like 0 for operator and overseas/ international calls, or 9 for local calls after which if given the tone you can dial your outside number directly. A department normally has 2 to 3 trunk lines based on call volume load and other specific criteria. Normal features includes forwarding, conferencing, call pick up groups, intercoms and transferring. In a telephone company, one has to pay separate for these features, but with PBX everything is already built in. A gateway is needed to communicate with others within the network. In some locations like MO in Saint Louis, New Jersey and Ohio office, they are already using an upgraded VOIP like a CISCO 10mb Hub. A Voice enabled talk switch model is used to integrate VOIP and handle the traditional telephone network. This uniquely connects your cell phones and any other telephones anywhere. They are remote extensions of this talk switch which connects your mobile and teleworkers. Limitation of the subscription is only for internal or within the company premises use. A switch of the least features afforded. We shall discuss this further in the recommendations later. The main idea is the opportunity cost we get from choosing PBX phone system over other regular phone system. With the estimates that it is 50% cheaper considering add on features, we can say PBX is already a good deal in terms of cost accounting measures. But choosing PBX of minimal cost and regular features may also cost more when it comes to consideration for the present connections and features upgrade especially if we talk of the present technology re PC based call integration applications. Disadvantages: There is a time delay incurred in routing calls from the central box to the trunk lines. Somehow if the customer knows the local number they aim to eliminate seconds of the delay by automatic elimination of an operator use. If we go on a recording voice first for the identification of local trunk lines, we tend to test the patience of our callers and of our best customers who would want trucking services that are literally fast movers in every sense of the word. Susceptibility to tapping is very liable when it comes to unguarded PBX installations. Disclosure of and unauthorized recording of information by eavesdropping from the central box and routing of address data made possible thru unauthorized access including data modifications. Emergency dial is not accessible. There is a big difference in using a PBX phone line than a regular phone line for it needs to be routed to the central box before it gets to access outside lines. II. Network Protocols A. Identifying Network Protocols On locations CA office and CA Plant, MO Plant, NJ Office, NJ Plant, OH Plant uses the TCP/IP protocols. For locations MO Office and OH Office uses both IPX/SPX and Apple-Talk. TCP means Transmission Control Protocol while IP means Internet Protocol. Nature of the application sends data in 8-bit data bytes to TCP. TCP then divides these bytes to smaller segments and pass thru IP to TCP module on the

Far from the madding crowd Essay Example for Free

Far from the madding crowd Essay Although this may portray him as being practical, he does not wear any clothes that are flamboyant. He is also foolishly and naively presumptuous, expecting Bathsheba to say yes the instant he asks her to marry him. He thinks that the pursuit of love is a simple and straightforward affair; but in this novel he discovers the opposite is true. However, Oak is a young man of sound judgement, being honest and hard working. For example, he immediately discerns Bathshebas character that of being vain. He even knows about Troys character, warning Bathsheba of this, but she takes no notice. He is very practical and trustworthy, being able help out in a crisis like that of Bathshebas where there her hayricks were on fire. Unfortunately, she does not realise that Troy is tricking her and that Oak is the right one for her through his ways. She is too vain to realise this and that is why she falls into Troys trap. She refuses to marry Oak because she wants excitement and, therefore, she marries Troy who is just tricking her. Otherwise, Oak is the right one overall out of the three men. Oak has a high social status and receives respect because he is a farmer. If we look at Oaks history we will find that he has never experienced love or a sort of relationship similar to that of Bathshebas and Troys. However, he is in a way wise in this case because he advises Bathsheba not to marry Troy. We, as the readers, know that what Oak is saying is right because we have seen what Troy was like with Fanny. However, because Oak has never had a relationship like this before, Bathsheba feels that it would be foolish listening to Oak. Therefore, she refuses to listen to Oak in chapter 29 and continues to marry Troy. Oak does warn her that he is not good enough for her and tells her not to trust Troy due to her not knowing Troy very well. She knows what he says is right, but she does not want to hear it. Bathsheba also likes the fact that he is very well educated and that he is a soldier where she likes his looks I must say that Sergeant Troy is an educated man and quite worthy of any women. We can see from this that Bathsheba is deluding herself. Troy is extremely wealthy and as a consequence he enjoys throwing money around. This is another factor that Bathsheba likes. However, little does she realise is that Troy has had relationships with many other women, including Fanny, and upholds a bad reputation. When having the conversation with Oak she mentions that she likes the fact that Troy goes to church He is very particular, too, about going to church yes he is! However, Oak mentions that nobody has ever seen Troy at church before, but Bathsheba says that Troy told her that he goes in privately and sits at the back. This shows that Troy lies to her a lot, but because he had lured her into his trap she will believe anything that she tells her. When Bathsheba tells Oak this, she tells him eagerly, showing that because she loves Troy so much she is really trying to back up Troy. So we can see that there is no way where Oak would be able to persuade Bathsheba that Troy is not the right one until she sees for herself. Due to Bathshebas fondness for Troy the relationship between her and Troy deepens into romance where they both marry. The relationship is deepened by some of the things that Troy does as discussed earlier such as the time when he shows off his sword skill to Bathsheba, when he kisses her and when she helps him put on the veil. Her relationship declines with Oak, however, thus leaving him out of the picture. Her relationship with Boldwood is quite weak too. We notice this through various ways, one of them being their actions. The actions that actually do occur between Boldwood and Bathsheba are out of mere duty when she moves into Weatherbury Farm. It his duty to welcome new comers just like Bathsheba, not because he is interested in her. This shows that they do not have any physical attraction between each other. However, the relationship between her and Troy declines rapidly once they marry. There are several factors that cause this rapid decline in the relationship. One of the factors is that he often borrowed money from her to spend at racehorse tracks and almost always lost. Another was his drinking problem, which led to his irresponsibility. On return to the farm as its new owner, he organised a wedding celebration at which he got himself and all the workers drunk. He had a love of women. As Liddy has told Bathsheba, he was a womaniser who had countless women under his thumb and didnt care a bit about how they felt, as long as he got what he wanted, especially when it came to leaving them. It became apparent later in the novel that his one true love was indeed Fanny Robin, the girl he had left for dead. When he tried to pay back the debt he felt he owed her by buying a gravestone for her, as well as laying flowers by her graveside, the weather destroyed what he had done, leaving him to believe that because of his abandonment of her he had been damned forever, and even worse he now abandoned a second woman, his wife Bathsheba. When he disappeared after he had been presumed dead, he did not return for at least seven months and this shows his lack of concern for Bathsheba. At one point before this, he had become bored with her, and even said this to her face: You are nothing to me nothing, showing that he was not serious enough about their marriage. Her relationship with Oak, however, increases because he helps her whenever there is a crisis, thus allowing Bathsheba to trust him even more. This also helps her to realise that she made an unwise decision in marrying Troy, especially because he abandons her. Oak sees the weakness of Bathshebas relationship with Troy and realises how incompetent at running the farm Troy is. Troy ends up controlling most aspects of the farm and ignoring Bathshebas wishes even though he is uncertain of what he is doing. Bathsheba married Troy between jealously and distraction and it is clear that she is discontent with him as a husband. With a storm brewing and the men drunk Oak covers the hayricks with Bathsheba helping him but when lightning strikes they are in the barn, together as they should be. She knows that Gabriel Oak will always love her, be there for her, and she thanks him for his devotion. Bathsheba is now able to see that Oak is the right one to marry and so she does when he is the only one left as discussed at the beginning. She also married him because she doesnt want to be left alone until she dies. This shows that she has matured now because she makes a right decision of marrying Oak, realising that she should have married him in the first place instead of marrying Troy. At first we see Bathshebas immaturity, which is seen when she sends a valentine to Boldwood as a joke. She is also seen as being capricious where she goes from one man to another: hearts were imagined as lost and won. She gives the impression of not being wise enough to discern Troys character. However, Bathsheba soon becomes mature and wise towards the end of the novel where she eventually realises that Oak is the man she should marry. From all the above we can see who of these three male suitors was right for Bathsheba and why he was. That man is Gabriel Oak, who loved her genuinely, tenderly and patiently from the moment he first saw her to the very last line of the book. He had never given up on her, had never let her be harmed in anyway and always gave her advice which was sound and right, even if she refused to accept it. In the end, Bathsheba admitted to him that if he had only been more forward then he would have been the first choice if it had even come to that. Troy was obviously the worst possible husband for her because of his gambling, drinking and womanising vices, but mainly because he still loved Fanny Robin. Bathsheba had just been a passing fancy whom he quickly got tired of. Boldwoods relationship with Bathsheba was much more genuine and acceptable at the start but tragically it became a fatal obsession for poor desperate Boldwood. Gabriels relationship with her was a lengthy one, tried and tested, totally unselfish. Bathsheba was indeed very fortunate that Gabriel was patient enough to wait until she matured enough to recognise his good qualities. As in most good stories, the best man wins in the end.

Grandparents House Essay -- Descriptive Writing Examples

Grandparents' House The car ride to my grandparents' house seemed to take half a day even though it was only a twenty-minute drive to Cedaredge. Although the back road over Redlands Mesa was a twisty tourney road, it drug on like a boring documentary. When the car finally pulled into the driveway of the long, white house with a neatly kept green lawn, I knew it was going to be a great day of fun, relaxation, and great food. As I walked around to the back door, my eyes took in the beauty of the grass swaying in the wind and the weathered barn off to the left of the pasture. Inside the barn I could see all sorts of different odds and ends hanging from the walls. When I opened the door to my grandparent's old house, a sweet, sensational smell of cooking food filled my nostrils and made my empty stomach growl. The aroma in the air was always a tease to my stomach and made me think my stomach was starting to eat away at itself. The normal activity of everyday life sends my family in a hundred different directions. My mom and dad both go to work, and my sisters and I go to school. After school, there are practices that all of us kids attend, and when we get home, we eat, do homework and go to bed. There is no time to sit down and play a game as a family or to just hang out together and talk about how the day went. Weekends and holidays are a time that we get to go to my grandparents' house as a family and have a day of fun visiting with family that I don't get to see very often. Their old house was to the west of the small town of Cedaredge, so there was not that many houses around it. When we went to my grandparents' house, we would ride our bikes around the neighborhood. My sisters and I would race on our bikes to see who ... ...d watch. Usually we were still playing on the Nintendo when it was time to leave, so it was a struggle to get everybody to stop right away. After my whole family was piled into the car, which as my sisters and I got bigger was a harder and harder task, we would wave goodbye to my grandparents and any other relatives that had come for the day. As we would pull out of the driveway, I would think back on the day and realize that I had to go back to the hustle and bustle of my everyday life. The trip home was not as long as the way over, but I could never wait until the next time we could go back to my grandparents' house in Cedaredge, for a relaxing day of spending time with my family and forgetting about our hectic life for at least a little while. Now, with both my sisters in college, the day when we go to my grandparents' house does not seem to come often enough.

Nursing Research Utilization Project Essay

Plans to Decide the Future of Your Solution This evidence-based practice method will be implemented as a proposed solution to decreasing heart failure (HF) readmission rates. Transitional care activities ensure health care continuity, reduce risk of poor health outcomes, and facilitate safe transfer between levels of care or health care settings (Naylor et al., 2011). Methods and Specific Plans to Maintain a Successful Project Solution Methods and Specific Plans to Extend a Successful Project Solution This proposal will be implemented as a pilot program between the Heart Hospital and the Norfolk branch of the home care agency. If this transitional care program is successful in reducing HF readmission rates, additional sites will be given the opportunity to participate. Preference will be given to those agency locations that have a large HF population served by the Heart Hospital. The project team will reach out to the branch administration and clinical educators to share program details and current data related to readmission rates as a result of program implementation. The team will also assess whether this program proposal is feasible at other hospitals within the health system. The team will gather input from hospital administrators and the informatics department to decide which hospitals would be best suited to pilot this program. In addition, there must be a home health agency that is part of the system located within 25 miles of the hospital. The end goal of this proposal is to achieve system wide implementation of the transitional care program at all 12 acute care facilities and 19 home health branches in Virginia. Methods and Specific Plans to Revise an Unsuccessful Project Solution Ongoing monitoring of the transitional care program for HF readmissions will be performed by the representatives of the hospital and home health agency. On the hospital side, a clinical nurse specialist on the cardiac unit and a program analyst will ensure that referrals are made to appropriate patients and discharge plans include the transitional care activities. On the home health side, the Norfolk branch team leader, clinical informaticist, and information technology data specialist will monitor program operations. This team will collaborate closely to ensure that program implementation is successful. If the program is not yielding the expected outcomes then a strengths, weaknesses, opportunities, and threats (SWOT) analysis will be performed. All barriers identified will be addressed in a timely manner and changes may be made to the initial plan to promote success. In addition, staff and patients will be surveyed to ascertain challenges not readily apparent to the implementation team. These surveys will be designed and conducted by the clinical education department for the hospital and home health agency. The timeframe for conducting patient surveys will occur within seven days of admission into the program and then every 60 days. Since patients will need to be reassessed every 60 days for continuation of home health services, it is feasible to conduct the transitional care program survey concurrently. The team reserves the right to conduct additional patient surveys if a patient is readmitted to the hospital at any time during program participation or opts out of the transitional care program. Staff at the hospital and home health agency will be surveyed 90 days from their training date on the transitional care program and then every six months. Results of these surveys will be shared with the project team implementation coordinators during the monthly team meeting. Methods and Specific Plans to Terminate an Unsuccessful Project Solution Specific Plans for Feedback in the Work Setting and for Communicating the Project and its Results to Professional Groups External to the Project Conclusion Despite its high prevalence, HF care is often fragmented and uncoordinated. The transitional care program proposed by the team seeks to address these gaps in care and to reduce HF readmission rates. Discussion Questions References Melnyk, B.M., & Fineout-Overholt, E. (2011). Evidence-based practice in nursing & healthcare: A guide to best practices. (2nd ed.). Philadelphia, PA: Wolters Kluwer Health/Lippincott Williams & Wilkins. Retrieved from University of Phoenix eBooks. Russell, D., Rosati, R.J., Sobolewski, S., Marren, J., & Rosenfeld, P. (2011). Implementing a transitional care program for high-risk heart failure patients: Findings from a community- based partnership between a certified home healthcare agency and regional hospital. Journal for Healthcare Quality, 33(6), 17-24. Retrieved from EBSCOhost.

Language and Literacy in Social Practice Essay

Language and Literacy in Social Practice is one of a set of four readers which looks at literacy and language practices as they are moulded and shaped by the cultures of the societies they serve. Edited by Janet Maybin, the book is a collection of key articles by seminal writers in the field who investigate the role of language and literacy as part of social practice. Broken down into four sections, the book begins with articles by Malinowski, Dell Hymes, Halliday and Volosinov and sets the scene for an anthropoligical/historical exploration of the sophisticated interaction and interrelationships between language, culture and social structure. Section two then provides ethnographic accounts of recent research by researchers like Taylor and Heath who document detailed evidence of literacy practices in a wide range of situations. They show in effect how literacy practices are very much the product of economic, religious, cultural and political processes and in particular the profound effect of differing socio-cultural expectations on the educational experiences and successes of learners at the macro level of the family and the local community. Section three moves away from a local focus to review literacy practices from a cross-cultural and historical perspective drawing on the writings of Street, Graff and Gee to look at literacy and language not so much as competencies and skills but rather as a product shaped by sociocultural parameters and some socioeconomic ‘myths’. The final section draws on the cultural and historical perspectives presented thus far and adds the further specific dimension of the political aspects of language planning and teaching to investigate how literacy and language teaching is very much a product of the rhetoric of governments and a tool to control and disposses minorities and to maintain a status quo that is elitist and exclusivist. What then is the value of Maybin’s book? It certainly doesn’t work as a sourcebook or a handbook of how to improve literacy practices in any given situation – and nor is it meant to. What it does work as is as a body of readings for reflective practitioners who would like to explore the significance of the crucial place language and literacy teaching holds in most Western societies and to look at the ways in which even the most ‘mundane’ literacy practices are heavily influenced by discrete parameters of culture, society and history. Its merit lies in the way that it, through historical perspective, social theory and current research, strongly encourages the reader to value what McGinitie has referred to as ‘the power of uncertainty’. Language and Literacy in Social Practice forces the reader to consider the complex and interrelated nature of language learning and the nature of literacy acquisition as value laden activity – value laden because of the variety of social factors which vie for dominance in the formation and maintenance of a majority Discourse. The structure of the book is logical and easy to follow. For myself, I found the first section to be the least valuable in terms of what it had to offer me, but, given its intention to provide a theory base for the sociological perspective of language as a social semiotic, it achieved its aim adequately. What was much more thought provoking were the articles in section two which detailed the ways in which literate practices were inextricably related to social and cultural practices and values. Of particular value to me as well were the articles by Rockhill on Gender, language and the politics of literacy and Paolo Freire on Adult literacy processes . Language and Literacy in Social Practice is not a book of readings preaching to the converted. Rather it is a thought provoking collection of writings which will encourage the sensitive literacy educator to examine again the values one transmits. Particularly in the culturally plural Australian context, Maybin’s book provides readings that, while not specific to the Australian context, are nevertheless very easily transferrable in the principles and understandings they embody. So much so that if one were to carefully think through and implement by negotiation the broad principles outlined in the book, Language and Literacy in Social Practice could well serve as a blueprint for a policy framework for literacy education in any society that truly valued its cultural diversity and which was determined to provide the sort of education that would question the status quo. Additionally, it would offer all participants real access to those constructions of empowering literate behaviour that are the staple of the disourse practices and power relationships of everyday life. It is not, I don’t believe, overly strong when Rockhill says that ‘the politics of literacy are integral to the cultural genocide of a people†¦ ‘. Language and Literacy in Social Practice raises the sorts of issues that will help us re-examine our own personal politics to prevent just that sort of ‘cultural genocide’ no matter how well intentioned or how genteel our motives. It is a book for all educators, cutting across cultures and specifics, providing a body of thought that, if it doesn’t change existing practice, will at the very least strongly encourage a reappraisal of what it is that one actually does in the classroom.

Alchemy in the Middle Ages

Alchemy in the Middle Ages Alchemy in the Middle Ages was a mixture of science, philosophy, and mysticism. Far from operating within the modern definition of a scientific discipline, medieval alchemists approached their craft with a holistic attitude; they believed that purity of mind, body, and spirit was necessary to pursue the alchemical quest successfully. At the heart of medieval alchemy was the idea that all matter was composed of four elements: earth, air, fire, and water. With the right combination of elements, it was theorized, any substance on earth might be formed. This included precious metals as well as elixirs to cure disease and prolong life. Alchemists believed that the transmutation of one substance into another was possible; thus we have the clichà © of medieval alchemists seeking to turn lead into gold. Medieval alchemy was just as much art as science, and practitioners preserved their secrets with an obfuscating system of symbols and mysterious names for the materials they studied. Origins and History of Alchemy Alchemy originated in ancient times, evolving independently in China, India, and Greece. In all these areas the practice ultimately degenerated into superstition, but it migrated to Egypt and survived as a scholarly discipline. In medieval Europe, it was revived when 12th-century scholars translated Arabic works into Latin. The rediscovered writings of Aristotle also played a role. By the end of the 13th century, it was discussed seriously by leading philosophers, scientists, and theologians. The Goals of Medieval Alchemists To discover the relationship of man to the cosmos and take advantage of that relationship to the betterment of mankind.To find the philosophers stone, an elusive substance that was believed to make possible the creation of an elixir of immortality and the transmutation of common substances into gold.In the later Middle Ages, to use alchemy as a tool in the advancement of medicine (as Paracelsus did). Achievements  of Alchemists in the Middle Ages Medieval alchemists produced hydrochloric acid, nitric acid, potash, and sodium carbonate.They were able to identify the elements arsenic, antimony, and bismuth.Through their experiments, medieval alchemists invented and developed laboratory devices and procedures that are, in modified form, still used today.The practice of alchemy laid the foundation for the development of chemistry as a scientific discipline. Disreputable Associations of Alchemy Due to its pre-Christian origins and the secrecy in which its practitioners carried out their studies, alchemy was viewed by the Catholic Church with suspicion and ultimately condemned.Alchemy was never taught in Universities but was instead transmitted from teacher to apprentice or student clandestinely.Alchemy attracted followers of the occult, with which it is still associated today.There was no shortage of charlatans who used the trappings of alchemy to defraud. Notable Medieval Alchemists Thomas Aquinas was an eminent theologian who was permitted to study alchemy before it was condemned by the Church.Roger Bacon was the first European to describe the process for making gunpowder.Paracelsus used his understanding of chemical processes to advance the science of medicine. Sources and Suggested Reading   Alchemy: Science of the Cosmos, Science of the Soul  by Titus Burckhardt; translated by William Stoddart Alchemy: The Secret Art  by Stanislas Klossowski De Rola Alchemy: the medieval alchemists and their royal art  by Johannes Fabricius The Philosophers Stone: A Quest for the Secrets of Alchemy  by Peter Marshall

Reading Comprehension for Presidential Elections

Reading Comprehension for Presidential Elections This reading comprehension focuses on Presidential elections. Its followed by key vocabulary relating to the US elections system. Presidential Elections Americans elect a new president on the first Tuesday in November. Its an important event that happens once every four years. Currently, the president is always elected from one of the two main parties in the United States: the Republicans and the Democrats. There are other presidential candidates. However, it is unlikely that any of these third party candidates will win. It certainly hasnt happened in the last one hundred years. In order to become the presidential nominee of a party, the candidate must win the primary election. Primary elections are held throughout each state in the United States in the first half of an election year. Then, the delegates attend their party convention in order to nominate their chosen candidate. Usually, as in this election, its clear who will be the nominee. However, in the past parties have been divided and choosing a nominee has been a difficult process. Once the nominees have been selected, they campaign throughout the country. A number of debates are usually held in order to better understand the candidates points of view. These points of view often reflect their partys platform. A party platform is best described as the general beliefs and policies a party holds. Candidates travel the country by plane, bus, train or by car giving speeches. These speeches are often called stump speeches. In the 19th century, candidates would stand on tree stumps to deliver their speeches. These stump speeches repeat the candidates basic views and aspirations for the country. They are repeated many hundreds of times by each candidate. Many people believe that campaigns in the United States have become too negative. Each night you can see many attack ads on the television. These short ads contain sound bites which often distort the truth  or something the other candidate has said or done. Another recent problem has been voter turnout. There is often less than 60% turnout for national elections. Some people dont register to vote, and some registered voters dont show up at the voting booths. This angers many citizens who feel that voting is the most important responsibility of any citizen. Others point out that not voting is expressing an opinion that the system is broken. The United States maintains an extremely old, and some say inefficient, voting system. This system is called the Electoral College. Each state is assigned electoral votes based on the number of senators and representatives that state has in Congress. Each state has two Senators. The number of representatives is determined by the states population but is never less than one. The electoral votes are decided by the popular vote in each state. One candidate wins all of the electoral votes in a state. In other words, Oregon has 8 electoral votes. If 1 million people vote for the Republican candidate and one million and ten people vote for the Democratic candidate all 8 electoral votes go to the Democratic candidate. Many people feel that this system should be abandoned. Key Vocabulary to electpolitical partyRepublicanDemocratthird partycandidatepresidential nomineeprimary electiondelegateto attendparty conventionto nominatedebateparty platformstump speechattack adssound biteto distort the truthvoter turnoutregistered votervoting boothElectoral CollegeCongresssenatorrepresentativeelectoral votepopular vote

African Americans Essay Example | Topics and Well Written Essays - 1250 words

African Americans - Essay Example In the short story â€Å"Drinking Coffee Elsewhere†, Dina is an African American student admitted to the Yale University, which by itself is a great achievement considering her neglected upbringing. Her metamorphosis is evident from the way she is portrayed in the beginning of the story as a somewhat timid character, while towards the end of the story, she is characterized as an independent minded person who is willing to speak her mind freely. Initially, even though life seems to be going well for her, she is battling to cope with her white elitist environment as a young African American. The story is able to highlight Dina’s ongoing struggles and her self-discovery process. It is seen how throughout the story, Dina has to put up a fight to maintain her integrity in the face of racial discrimination and finding a name for herself. In a world where racial equality is unheard of, she still manages to admit herself into Yale. Additionally, towards the end, she even befrie nds Heidi, who is a white lesbian young woman. This is proof of her growth. The short story â€Å"Every Tongue Shall Confess†, also highlights the metamorphosis of another young African American woman known as Sister Clareese. Just like Dina, she is struggling with her own life experiences which eventually shape the way that she perceives herself and others. Sister Clareese is not only a devout member of her Pentecostal Church, but she is also a nurse which makes her stand out above the ordinary women in her community.

Fair Use of Web Content Essay Example | Topics and Well Written Essays - 500 words

Fair Use of Web Content - Essay Example Exclusion of credit is equivalent to unoriginality or taking. Giving fitting credit establish that the works that were utilized were not stolen. Coombe states that when protected intellectual property works are utilized for personal use, it is with the comprehension that the individual utilizing the works wont gain money from this use, nor will they mishandle the exemption rights allowed under present Federal statutes. (1998). Boyle argues that at the point when people utilize the copyrighted materials of others for particular increase, they may well lose any reasonable use exemptions and be obliged to acquire particular authorization from the copyright holder. (2000). The data framework, in the same way as the communication network on which it builds, is worldwide, yet there is respectable variety in distinctive countries laws, implementation arrangements, and even cultural attitudes to IP. The Constitution sanctions Congress to secure an administrative plan " to promote Science and the useful Arts, by securing for limited Times to Authors . . . the exclusive right to their writings . . . ." Accordingly, Congress instituted the Copyright Act of 1909, which it later replaced with the Copyright Act of 1976 (the "Copyright Act"). The prior dangers demonstrate that copyright holders face generous dangers online. All things considered, we recently have adequate proof that licensed innovation is as of now being made for distribution on the Internet (Boyle, 2000). In reality, a stunning very nearly unmanageable-amount of licensed innovation keeps on being processed and made accessible online in spite of these threats. Therefore, regardless of the statements of the individuals who accept that the dangers postured online to copyrighted works might bring about disincentives to make and disseminate meets expectations, it seems different strengths are grinding away on the

Strategic Position of McDonalds in the Fast Food Industry Essay

Strategic Position of McDonalds in the Fast Food Industry - Essay Example According to Derdak and Pederson, McDonald’s Corporation is the leading hamburger fast-food restaurant chain in the world. Maurice McDonald and Richard McDonald initially started the company in 1940 as a barbecue restaurant but Ray Kroc later brought it in 1995; Kroc was initially a franchise agent of the restaurant and he is the one who initiated the global expansion of the restaurant chain.According to Derdak and Pederson, McDonald’s Corporation is the leading hamburger fast food restaurant chain in the world. Maurice McDonald and Richard McDonald initially started the company in 1940 as a barbecue restaurant but Ray Kroc later brought it in 1995; Kroc was initially a franchise agent of the restaurant and he is the one who initiated the global expansion of the restaurant chain. Presently the McDonald’s Corporations has its own restaurants that it manages and there are licensed franchisees and affiliates that operate under the corporation’s portfolio. The refore, the net income of the company is attributed to sales from its own restaurants, licensing fees from franchisees, and royalties. The present headquarters of the corporation are in Oak Brook, Illinois in the United States, and it has presence in over thirty four thousand locations across the world. Among the popular dishes served at the McDonald’s restaurants include French fries, hamburger, Chicken, coffee, milk shakes, soft drinks, salads and desserts.

A History of Autism Developments

A History of Autism Developments In Autistic Space Temple Grandin is a professor of animal science at Colorado State University, and consultant to the livestock industry on animal behavior. She completed her PhD in Animal Science at the University of Illinois in Urbana and invented the hug box, a device to calm those on the autism spectrum. She is one of the first individuals on the autism spectrum to publicly share insights from her personal experience of autism. Grandin was diagnosed with brain damage when she was two. She could not speak until age three and struggled with severe behavioral issues through her teens. She thanked her mother who never lost faith in her and fought many battles to ensure that she got an education, and her high school science teacher, William Carlock, who built up her confidence and channeled her teenage fascination with cows into a career in animal science. At the University, she came to see her profound emotional connection with animals as autistic, and crucial for her work. In May 1989, she moderated a round table discussion at the conference of autism professionals and educators in Chapel Hill, North Carolina. Her presentation prompted Rimland to introduce her 1986 memoir, Emergence, as the first book written by a recovered autistic individual. By then, she was on her way to becoming the most recognized autistic people on earth. In his 1995 book An Anthropologist on Mars, neurologist Oliver Sacks depicted Grandin as a mature autistic person with a complex inner life. The title of his book was inspired by Grandin when she said all her life she felt like an anthropologist observing human interactions from a distance. But by now, Grandin wouldnt consider herself as a recovered autistic. Autism is part of who I am, she told Sacks, If I could snap my fingers and be non-autistic, I would not, because then I wouldnt be me. But Grandins perspective did not take root among the advocacy organizations. When parent-run advocacy organizations get online in the 1990s, they continued to feature images of children on their websites, as if autistic adults didnt exist. The presentation at conferences dwelled on the usual deficits and impairments, rather than on exploring the atypical gifts that Grandin found so useful in her work. Jim Sinclair, a young man in the audience, determined to change that. Besides being on the spectrum, Sinclair was born with the physical characteristics of both genders. His parents had raised him as female on the advice of their doctor, but he had never felt female. He was speaking in echolalia until he was twelve. The complex rules of the social world seemed incomprehensible to him when he was a teenager. By the time he was in graduate school, his efforts to pass as non-autistic fell apart. When Sinclair saw Portrait of an Autistic Young Man, he had a profound sense of recognition. He could see what the experts in the film could not see: that Joseph was trying to communicate through his behavior. He wanted to connect with other autistic people, so he subscribed to a quarterly publication called the MAAP (for more able autistic people) and submitted poems and letters to the editor hoping his peers would contact him. One of Sinclairs poems attracted Gary Mesibovs attention. Mesibov, a cofounder of TEACCH, offered Sinclair a scholarship to attend the Chapel Hill conference and write an essay about his experience. Sinclairs essay on the conference appeared in a TEACCH anthology along with contributions from Lorna Wing and Catherine Lord. A year later, Sinclair was invited to sit on a panel in California by the Autism Society of America. He felt like a self-narrating zoo exhibit. Rather than being the token autistic on a panel at a conference in Indianapolis, Sinclair conspired with other members of the MAAP list to make their presence visible throughout the proceedings. Each of them would make a point of raising their hands during the QA sessions, identifying themselves as autistic people, and then asked questions or make a relevant comment so that people would notice they were there. *** In 1992, Sinclair launched the first autistic-run organization in history, called Autism Network International (ANI), with Donna Williams and Kathy Lissner. ANI would stand up for the civil rights and self-determination of people all across the spectrum. ANI organized its first Autreat at Camp Bristol Hills in Canandaigua, New York, in July 1996. The theme of the conference was Celebrating Autistic Culture. Autreat became an annual event and provided a template for similar conferences in other countries. *** A new idea was brewing in the autistic community. It turned out to be an old idea from Asperger that people with the traits of his syndrome have always been part of the human community, standing apart, making the world a better place. In the late 1990s, Judy Singer, an autistic student of anthropology and sociology in Australia called it neurodiversity. After her daughters diagnosis of Asperger syndrome at age nine, Singer recognized autistic traits in herself. She joined a mailing list called Independent Living on the Autism Spectrum (InLv). People with dyslexia, ADHD, and other conditions were also welcome to join the list. It was in telephone conversations with Harvey Blume, a list member and writer in the New York Times, that Singer came up with the term neurodiversity. *** In 2004, two teenagers named Alex Plank and Dan Grover launched Wrong Planet, one of the first autistic spaces in the internet. They were both digital natives with Asperger syndrome. The community grew slowly and steadily at first, and then it went viral with Planks interview with Bram Cohen, the autistic creator of BitTorrent. *** In December 2007, a series of billboards appeared on street corners in Manhattan. One ad read, We have your son. We will make sure he will not be able to care for himself or interact socially as long as he lives. This is only the beginning. These ads were sponsored by the Child Study Center (CSC) of New York University to alert the public to the silent public health epidemic of childhood mental illness. Then from out of nowhere, an organization called the Autistic Self-Advocacy Network (ASAN) along with outraged parents and prominent disability rights groups launched a storm of e-mails and blogs in NYUs direction objecting to the demeaning wording of the ads. This is the first time in history that autistics were challenging the mainstream media without the help of a parent-run organization. The architect of the protest was a nineteen-year-old cofounder of the ASAN named Ari Neeman. Neeman was diagnosed with Asperger syndrome when he was twelve years old. On December 6, the day after the CSCs ad campaign, Neeman called the CSC expressing his concerns and left phone messages, but got no reply. Two days later, ASAN blasted out an action alert. The next day when the major media outlets were running stories on the controversy, the CSC agreed to pull the ads. In 2010, President Obama nominated Neeman to the National Council on Disability (NCS). In recent years, the ASAN had played a significant role in formulating the federal disability policy. *** For parents like Craig and Shannon Rosa, the neurodiversity movement has offered ways of fighting for a better future for their children that dont depend on hopes of recovery. One of the most important lessons they had learned on their journey with Leo is patience. They have to accept that he is unfolding at his own pace. Shannon and her circle of friends launched a website called Thinking Persons Guide to Autism for parents just starting out on the journey so that they dont have to go through the ordeal that the Rosas did.

To Kill a Mockingbird by Harper Lee :: essays research papers

I’ve been reading a fascinating book about a little community in Alabama called To Kill A Mockingbird by Harper Lee. This book portrays lessons about life and the importance of telling the truth. One of the best lessons taught in this book is that doing the right thing isn’t always rewarded. There are three characters in this story that I’d like to tell how they play a part in this small community of Maycomb. These characters are Boo Radley, Scout, and Atticus. First let me talk about Boo Radley, also known as Arthur. Boo is the object of fascination for Jem, Scout, and Dill. He is a recluse who has remained in the house down the street from the Finch house for years. When he was younger he got into some trouble when he became involved with a group of rowdy kids from Old Sarum. One night they resisted arrest by Maycomb County’s beadle and locked him in the courthouse outhouse. After that, Arthur’s father, Mr. Radley, took him home and he wasn’t seen again for fifteen years. But it was said that one day Boo Radley stabbed his father in the leg with a pair of scissors while cutting newspaper clippings for his scrapbook. For this he was locked in the courthouse basement for many years before he came home again. From these stories learned from gossiping neighbors, Jem, Scout, and Dill made ghost stories of Boo Radley, and the other children in town were afraid of him as well. They said that he only came out at night to eat cats and squirrels, and he was the local spook. Boo, however, begins to win Scout and Jem over by leaving gifts for them in the knothole of an oak tree until his brother, Nathan, cements the knothole. Boo even covers Scout with a blanket on a cold night she and Jem spent in front of the Radley house while Miss Maudie’s house burned down. Boo was so quiet that Scout never even realized he’d covered her shoulders with the blanket until after the fact. After all the children’s attempts to drag Boo Radley from his house, he ends up saving them from Bob Ewell. Now let me talk about Scout. Originally named Jean Louise Finch, scout is the narrator. In the story she is looking back as an adult to the two years of her life when she learned courage and kindness and the importance of doing the right thing.

Examine different ways in which ‘good’ is used in Meta Ethics Essay

In the modern degrading society we live in today, people are constantly questioning the highly debatable topic of morals. We would like to think that we are trying our hardest to strive to do what is right in society to make us decent people. However it is hard to do what is ‘good’ when there are so many different ways of defining the meaning of good itself. There are three main types of ethics, Descriptive, Prescriptive and Meta ethics. Descriptive ethics presents the facts in the way people live and how they make moral choices in life. It simply states the facts without making any moral judgement of ‘good’ or ‘bad’. Prescriptive ethics states the norm about what is right or wrong by examining the choices and the reasons behind the issues. It says how we should live or behave setting standards for everyone to live by. This is the most widely used form of ethical language when debating morality. Meta ethics is a philosophical analysis of different words used in ethical language. It closely examines the words themselves and their exact meaning in different contexts. The subject of Meta ethics is to intimately study the moral language to be able to reach a better understanding of its meaning. Without the knowledge and intense understanding of the language we use in moral debates, we cannot argue our points successfully or be able to come to any logical conclusion. Therefore it is vitally necessary that we determine the meaning of the words we use so we can successfully take part in these ethical discussions. The most important ethical term, which unfortunately is so loosely used in society, is the term ‘good’. We frequently hear of a concert being ‘good’ or that person is a ‘good’ person or it is ‘good’ to be peaceful. But when we so casually use the term ‘good’ do we actually know what we are implying? What does the term ‘good’ mean in itself? Surely we should all be able to instantly provide an answer to this question because we all use the term ‘good’ on a regular basis. However we find that when posed with this question, many are not sure themselves of the core meaning of the word. In this essay I shall be examining the intensity of the ethical term ‘good’ and what people mean when they determine something to be ‘good’ of ‘bad’. We need to decide in fact, if it is actually possible to define the word ‘good’ at all or does it depend totally on the situation, having a slightly different meaning in every different context. The meaning of the term ‘good’ is not necessarily something that we all naturally agree on. There are many factors that affect the reasons why we perceive the meaning of ‘good’ to be what it is. Some examples of this include the sources of our values and morals, how we are brought up and the way our conscience plays a part in our every day lives. Naturally everyone may see different situations to be different degrees of ‘good’ or ‘bad’ in their opinion. A key concept leading to the understanding of something being ‘good’ is Definism. This idea is that we need to define accurately what we mean by the term ‘good’ before we can specifically distinguish if something is good or bad. Once we have classified the meaning of ‘good’ we can then accordingly judge every situation or act against it. When we have identified the essence of the term in itself we can grasp the ideas and understandings behind it. However many ask, † can the term ‘good’ universally be defined?† We shall now look at the different ways society tries to identify the word ‘good’. There are two main ways of defining a moral act, these being absolute and relative terms. Absolute moral terms are when something is perceived as always being ‘good’ or ‘right’ regardless of the situation or the facts involved. This is also known as an objective term, it is completely independent of all conditions to determine its moral ‘goodness’. All absolute moral terms are known universally as always being correct regardless. For example, many argue that Peace will always be ‘good’ along with happiness. These terms should apply to everyone in society in every situation because they will always be right and striving to reach them can never be wrong. Relative terms are the direct opposite of absolute terms. When something is relative, it totally depends on the specific situation it is in. It is also dependent on people’s personal opinions. Everyone views situations in their own way, which is slightly different to everyone else. It all relies on what you believe it to be in your own individual opinion. The term ‘good’ therefore can only be determined in its particular context. This is also known as Subjectiveness, for example euthanasia or fighting for a cause you believe in are two examples of relative situations of doing a ‘good’ thing. There are several theories’ we can look at in which the term ‘good’ is used in Meta ethics. The first of these is the utilitarian theory of good. According to this theory, a term is determined as being good pending the results of a specific moral act. For example, if we were in the situation where we had to kill one person to save the lives of thousands of others then this would be seen as ‘good’. This is because although the sacrifice of one life is not ‘good’ in itself alone, because it saves the lives of many more it is seen as the greater ‘good’ because it is the lesser of two evils. The results of killing one person to save many are much greater than the act of killing one in the first place. The ‘evil’ of killing one is cancelled out by the ‘good’ of saving so many others. Therefore the utilitarian theory of good can be measured by what it achieves. Another important theory is that of Natural law. The term ‘good’ is used in this part of Meta ethics according to how well something fulfils its purpose. The key philosopher that brought this idea into ethical recognition was Aristotle in ancient Greece many years ago. He believed that everything existing has a natural purpose in life in which it is aiming towards as its ultimate goal. This means that the level of ‘goodness’ something is, is measured by how much a particular act contributes to the ultimate purpose the object has. If it helps to fulfil this purpose then it is a morally ‘good’ act, however if it makes it harder to fulfil its purpose then it is considered ‘bad’. This idea of Natural law lead on to the development of Christian theology, especially by the greatly admired philosopher St Thomas Aquinas who linked Aristotle’s ideas with Christianity. In religion, the term ‘good’ is related to what God would or wouldn’t approve of. If God saw a certain act as acceptable or if it fulfilled a command from him from a religious Holy Book then it would be seen as ‘good’. For example devoting time to worship him would be seen as ‘good’ but committing adultery would be seen as ‘bad’ in Gods eyes. The ultimate ‘good’ example in Christianity is Jesus whose life was seen to be morally ‘good’ because everything he did was approved of by God. He was perfect and therefore Christians today try to follow in his footsteps and do as he did. ‘Goodness’ is unlike any other quality and the ultimate aim for all living things according to many people. Something can therefore be determined as ‘good’ because it is unique, individual and supreme. We can detect this by the simple skill of human intuition because the ‘goodness’ is self-evident. This approach is known as Intuitionism or Ethical non-naturalism. Because it is a unique feature, it is very dependent on different situations or circumstances. The term ‘good’ will therefore have an individual meaning for different acts that will only apply to that one situation and could have a totally different meaning in another circumstance. We can also determine ‘good’ because intuition tells us the results it has are beneficial to others or ourselves. However, even though the consequences may benefit and be ‘good’, it is impossible to define the word from an intuitional point of view because it is always c hanging depending on the factors involved. G E Moore is the most famous example of an Intuitionist. He claimed the term ‘good’ was ‘incapable of definition because it is simple and has no parts.’ He believed too that the term had a different meaning that changed depending the circumstances or different situations the word is used. He likened this to a horse, they have many properties and qualities that make a horse a horse but if you ‘reduce a horse to its simplest terms, you can not define these terms.’ The phrase ‘good’ will have a certain meaning not only for different situations but also for different people. Many people can observe an act but they may disagree as to whether the act was good or not depending on their conscience and opinion. Intuitionism means it has a distinct meaning for you. G E Moore gave the example of the colour yellow, we cannot define a colour, we may be able to give examples of things that are yellow but to give an actual definition of yellow is quite impossible. He believed that we should judge the goodness of an action based on its results, aiming to maximise ‘good’ in the world. He was a strong intuitionist, which involved the belief that within us we have a â€Å"moral faculty† which reveals â€Å"moral truth† to us, showing us what was morally ‘good’. Another focal area of Meta ethics, which involves language, is Emotivism or ethical non-Cognitivism. Emotivism is sometimes viewed as merely the expression of feelings of the speaker. They can be seen more as commands or rules the speakers wants its audience to follow. These feelings are the opinions of the speaker saying what they believe to be right or wrong and are dependent on a matter of taste. The term ‘good’ is accordingly defined depending on what the speaker believes to be right. They state a moral preference of what they do or do not approve of and not the core meaning itself. The preferences of the speaker therefore, try to influence the opinions of the audience. They are not concerned with the moral statements themselves or their meaning but more focused on the purpose of the statement. The speaker indents on promoting a response from the audience relating to what is right or wrong. This theory is also known as the ‘Boo’ and ‘Hooray’ theory which can be seen as offensive because it is seen to reduce morality to simple cheers or boo’s. It is called this because when listening to a point of view, the audience simply shouts ‘hooray’ to say something is ‘good’ or that they approve of it or ‘boo’ if they disagree and think it is morally ‘bad’. However one problem with this theory is that in a modern society, we do not irrationally act merely on our feelings and emotions alone. We use logical thinking and reasoning too and this therefore must be included. Prescriptivism solved this problem by using reason to determine ‘goodness’. R M Hare who tried to examine what was actually happening when a person was making a moral statement took the best example of this approach. He tried to find out what was it meant to do and if moral statements had a purpose. This type of Meta ethics tries to prescribe a course of action that is recommended. . For example, the speaker may say ‘ To be considered a ‘good’ person, we should try our hardest to help those less fortunate than ourselves’. By saying this he is expressing what a good person is and also is suggesting a course of action we should take, i.e. helping others. As a result of this way of talking, the speaker is very opinionated and thus forcing an action as a result of his beliefs. The speaker is giving advice that applies to all situations at any given time regardless of other factors. It is Universable and therefore applies to all people in every situation. The theory of Universability is a general idea that can be applied to past, present and future and to all other people. In conclusion we can see that there are many different ways in which the term ‘good’ is used in Meta ethics. In Intuitionism it is used to describe moral principles that are self evidently right. In Emotivism, when we say something is ‘good’, it is what we see as being right according to out emotions and feelings. Prescriptivism on the other hand uses reason and logic to determine what is ‘good’. Utilitarianists perceive something to be ‘good’ pending the results that follow the action. How we determine what is ‘good’ or ‘bad’ to ourselves, greatly depends on which ethical view we take to situations as a result of our opinion. There is no one definition for what is ‘good’ and so it is down to us to decide which one we believe to be right and then try to live our lives accordingly.

Financial Management Chapter 8 K

ey Chapter 8 Stocks and Their Valuation LEARNING OBJECTIVES After reading this chapter, students should be able to: †¢ Identify some of the more important rights that come with stock ownership and define the following terms: proxy, proxy fight, takeover, and preemptive right. †¢ Briefly explain why classified stock might be used by a corporation and what founders’ shares are. †¢ Differentiate between closely held and publicly owned corporations and list the three distinct types of stock market transactions. Determine the value of a share of common stock when: (1) dividends are expected to grow at some constant rate, (2) dividends are expected to remain constant, and (3) dividends are expected to grow at some super-normal, or nonconstant, growth rate. †¢ Calculate the expected rate of return on a constant growth stock. †¢ Apply the total company (corporate value) model to value a firm in situations when the firm does not pay dividends or is privately he ld. †¢ Explain why a stock’s intrinsic value might differ between the total company model and the dividend growth model. Explain the following terms: equilibrium, marginal investor, and Efficient Markets Hypothesis (EMH); distinguish among the three levels of market efficiency; briefly explain the implications of the EMH on financial decisions; and discuss the results of empirical studies on market efficiency and the implication of behavioral finance on those results. †¢ Read and understand the stock market page given in the daily newspaper. †¢ Explain the reasons for investing in international stocks and identify the â€Å"bets† an investor is making when he does invest overseas. Define preferred stock, determine the value of a share of preferred stock, or given its value, calculate its expected return. 1. LECTURE SUGGESTIONS This chapter provides important and useful information on common and preferred stocks. Moreover, the valuation of stocks reinforc es the concepts covered in both Chapters 6 and 7, so Chapter 8 extends and reinforces those chapters. We begin our lecture with a discussion of the characteristics of common stocks, after which we discuss how stocks are valued in the market and how stock prices are reported in the press. We conclude the lecture with a discussion of preferred stocks.The details of what we cover, and the way we cover it, can be seen by scanning Blueprints Chapter 8. For other suggestions about the lecture, please see the â€Å"Lecture Suggestions† in Chapter 2, where we describe how we conduct our classes. DAYS ON CHAPTER: 3 OF 58 DAYS (50-minute periods) ANSWERS TO END-OF-CHAPTER QUESTIONS 8-1True. The value of a share of stock is the PV of its expected future dividends. If the two investors expect the same future dividend stream, and they agree on the stock’s riskiness, then they should reach similar conclusions as to the stock’s value. -2A perpetual bond is similar to a no-grow th stock and to a share of preferred stock in the following ways: 1. All three derive their values from a series of cash inflows–coupon payments from the perpetual bond, and dividends from both types of stock. 2. All three are assumed to have indefinite lives with no maturity value (M) for the perpetual bond and no capital gains yield for the stocks. 8-3Yes. If a company decides to increase its payout ratio, then the dividend yield component will rise, but the expected long-term capital gains yield will decline. 8-4No. The correct equation has D1 in the numerator and a minus sign in the denominator. -5a. The average investor in a listed firm is not really interested in maintaining his proportionate share of ownership and control. If he wanted to increase his ownership, he could simply buy more stock on the open market. Consequently, most investors are not concerned with whether new shares are sold directly (at about market prices) or through rights offerings. However, if a ri ghts offering is being used to effect a stock split, or if it is being used to reduce the underwriting cost of an issue (by substantial underpricing), the preemptive right may well be beneficial to the firm and to its stockholders. . The preemptive right is clearly important to the stockholders of closely held firms whose owners are interested in maintaining their relative control positions. SOLUTIONS TO END-OF-CHAPTER PROBLEMS 8-1D0 = $1. 50; g1-3 = 5%; gn = 10%; D1 through D5 = ? D1 = D0(1 + g1) = $1. 50(1. 05) = $1. 5750. D2 = D0(1 + g1)(1 + g2) = $1. 50(1. 05)2 = $1. 6538. D3 = D0(1 + g1)(1 + g2)(1 + g3) = $1. 50(1. 05)3 = $1. 7364. D4 = D0(1 + g1)(1 + g2)(1 + g3)(1 + gn) = $1. 50(1. 05)3(1. 10) = $1. 9101. D5 = D0(1 + g1)(1 + g2)(1 + g3)(1 + gn)2 = $1. 50(1. 05)3(1. 10)2 = $2. 1011. 8-2D1 = $0. 50; g = 7%; ks = 15%; [pic] = ? [pic] -3P0 = $20; D0 = $1. 00; g = 10%; [pic] = ? ; ks = ? [pic] = P0(1 + g) = $20(1. 10) = $22. ks= [pic] + g = [pic] + 0. 10 = [pic] + 0. 10 = 15. 50%. ks = 15. 50%. 8-4Dp = $5. 00; Vp = $60; kp = ? kp = [pic] = [pic] = 8. 33%. 8-5a. The terminal, or horizon, date is the date when the growth rate becomes constant. This occurs at the end of Year 2. b. 0 1 2 3 | | | | 1. 25 1. 50 1. 80 1. 89 37. 80 = [pic] The horizon, or terminal, value is the value at the horizon date of all dividends expected thereafter. In this problem it is calculated as follows: pic] c. The firm’s intrinsic value is calculated as the sum of the present value of all dividends during the supernormal growth period plus the present value of the terminal value. Using your financial calculator, enter the following inputs: CF0 = 0, CF1 = 1. 50, CF2 = 1. 80 + 37. 80 = 39. 60, I = 10, and then solve for NPV = $34. 09. 6. The firm’s free cash flow is expected to grow at a constant rate, hence we can apply a constant growth formula to determine the total value of the firm. Firm Value = FCF1/(WACC – g) Firm Value = $150,000,000/(0. 10 – 0. 05) F irm Value = $3,000,000,000.To find the value of an equity claim upon the company (share of stock), we must subtract out the market value of debt and preferred stock. This firm happens to be entirely equity funded, and this step is unnecessary. Hence, to find the value of a share of stock, we divide equity value (or in this case, firm value) by the number of shares outstanding. Equity Value per share = Equity Value/Shares outstanding Equity Value per share = $3,000,000,000/50,000,000 Equity Value per share = $60. Each share of common stock is worth $60, according to the corporate valuation model. 8-7a. 0 1 2 3 4 | | | | 3,000,000 6,000,000 10,000,000 15,000,000 Using a financial calculator, enter the following inputs: CF0 = 0; CF1 = 3000000; CF2 = 6000000; CF3 = 10000000; CF4 = 15000000; I = 12; and then solve for NPV = $24,112,308. b. The firm’s terminal value is calculated as follows: [pic] c. The firm’s total value is calculated as follows: 0 1 2 3 4 5 | | | | | | 3, 000,000 6,000,000 10,000,000 15,000,000 16,050,000PV = ? 321,000,000 = [pic] Using your financial calculator, enter the following inputs: CF0 = 0; CF1 = 3000000; CF2 = 6000000; CF3 = 10000000; CF4 = 15000000 + 321000000 = 336000000; I = 12; and then solve for NPV = $228,113,612. d. To find Barrett’s stock price, you need to first find the value of its equity. The value of Barrett’s equity is equal to the value of the total firm less the market value of its debt and preferred stock. Total firm value$228,113,612 Market value, debt + preferred 60,000,000 (given in problem) Market value of equity$168,113,612Barrett’s price per share is calculated as: [pic] 8-8FCF = EBIT(1 – T) + Depreciation – [pic] – ([pic] = $500,000,000 + $100,000,000 – $200,000,000 – $0 = $400,000,000. Firm value = [pic] = [pic] = [pic] = $10,000,000,000. This is the total firm value. Now find the market value of its equity. MVTotal= MVEquity + MVDebt $10,000,0 00,000= MVEquity + $3,000,000,000 MVEquity= $7,000,000,000. This is the market value of all the equity. Divide by the number of shares to find the price per share. $7,000,000,000/200,000,000 = $35. 00. 8-9a. Terminal value = [pic] = [pic]= $713. 33 million. . 0 1 2 3 4 | | | | | -20 30 40 42. 80 ($ 17. 70) 23. 49 522. 10 753. 33 $527. 89 Using a financial calculator, enter the following inputs: CF0 = 0; CF1 = -20; CF2 = 30; CF3 = 753. 33; I = 13; and then solve for NPV = $527. 89 million. c. Total valuet=0 = $527. 89 million. Value of common equity = $527. 89 – $100 = $427. 89 million. Price per share = [pic] = $42. 79. 8-10The problem asks you to determine the value of [pic], given the following facts: D1 = $2, b = 0. 9, kRF = 5. %, RPM = 6%, and P0 = $25. Proceed as follows: Step 1:Calculate the required rate of return: ks = kRF + (kM – kRF)b = 5. 6% + (6%)0. 9 = 11%. Step 2:Use the constant growth rate formula to calculate g: [pic] Step 3:Calculate [pic]: [pic] = P0 (1 + g)3 = $25(1. 03)3 = $27. 3182 ( $27. 32. Alternatively, you could calculate D4 and then use the constant growth rate formula to solve for [pic]: D4 = D1(1 + g)3 = $2. 00(1. 03)3 = $2. 1855. [pic] = $2. 1855/(0. 11 – 0. 03) = $27. 3182 ( $27. 32. 8-11Vp = Dp/kp; therefore, kp = Dp/Vp. a. kp = $8/$60 = 13. 3%. b. kp = $8/$80 = 10. 0%. c. p = $8/$100 = 8. 0%. d. kp = $8/$140 = 5. 7%. 8-12[pic] 8-13a. ki = kRF + (kM – kRF)bi. kC = 9% + (13% – 9%)0. 4 = 10. 6%. kD = 9% + (13% – 9%)(-0. 5) = 7%. Note that kD is below the risk-free rate. But since this stock is like an insurance policy because it â€Å"pays off† when something bad happens (the market falls), the low return is not unreasonable. b. In this situation, the expected rate of return is as follows: [pic] = D1/P0 + g = $1. 50/$25 + 4% = 10%. However, the required rate of return is 10. 6 percent. Investors will seek to sell the stock, dropping its price to the following: pic] At this point, [p ic], and the stock will be in equilibrium. 8-14Calculate the dividend cash flows and place them on a time line. Also, calculate the stock price at the end of the supernormal growth period, and include it, along with the dividend to be paid at t = 5, as CF5. Then, enter the cash flows as shown on the time line into the cash flow register, enter the required rate of return as I = 15, and then find the value of the stock using the NPV calculation. Be sure to enter CF0 = 0, or else your answer will be incorrect. D0 = 0; D1 = 0; D2 = 0; D3 = 1. 0; D4 = 1. 00(1. 5) = 1. 5; D5 = 1. 00(1. 5)2 = 2. 25; D6 = 1. 00(1. 5)2(1. 08) = $2. 43. [pic] = ? 0 1 2 3 4 5 6 | | | | | | | 1. 00 1. 50 2. 25 2. 43 0. 658 +34. 71 = 0. 858 18. 378 36. 96 $19. 894 = [pic] [pic] = D6/([pic] – g) = $2. 43/(0. 15 – 0. 08) = $34. 71. This is the stock price at the end of Year 5.CF0 = 0; CF1-2 = 0; CF3 = 1. 0; CF4 = 1. 5; CF5 = 36. 96; I = 15%. With these cash flows in the CFLO register, press NPV to g et the value of the stock today: NPV = $19. 89. 8-15a. The preferred stock pays $8 annually in dividends. Therefore, its nominal rate of return would be: Nominal rate of return = $8/$80 = 10%. Or alternatively, you could determine the security’s periodic return and multiply by 4. Periodic rate of return = $2/$80 = 2. 5%. Nominal rate of return = 2. 5% ( 4 = 10%. b. EAR = (1 + NOM/4)4 – 1 EAR = (1 + 0. 10/4)4 – 1 EAR = 0. 103813 = 10. 3813%. -16The value of any asset is the present value of all future cash flows expected to be generated from the asset. Hence, if we can find the present value of the dividends during the period preceding long-run constant growth and subtract that total from the current stock price, the remaining value would be the present value of the cash flows to be received during the period of long-run constant growth. D1 = $2. 00 ( (1. 25)1 = $2. 50PV(D1) = $2. 50/(1. 12)1= $2. 2321 D2 = $2. 00 ( (1. 25)2 = $3. 125PV(D2) = $3. 125/(1. 12)2= $2 . 4913 D3 = $2. 00 ( (1. 25)3 = $3. 90625PV(D3) = $3. 0625/(1. 12)3= $2. 7804 ( PV(D1 to D3)= $7. 5038 Therefore, the PV of the remaining dividends is: $58. 8800 – $7. 5038 = $51. 3762. Compounding this value forward to Year 3, we find that the value of all dividends received during constant growth is $72. 18. [$51. 3762(1. 12)3 = $72. 18. ] Applying the constant growth formula, we can solve for the constant growth rate: [pic]= D3(1 + g)/(ks – g) $72. 1807= $3. 90625(1 + g)/(0. 12 – g) $8. 6616 – $72. 18g= $3. 90625 + $3. 90625g $4. 7554= $76. 08625g 0. 0625= g 6. 25%= g. 8-17First, solve for the current price. P0 = D1/(ks – g) P0 = $0. 50/(0. 2 – 0. 07) P0 = $10. 00. If the stock is in a constant growth state, the constant dividend growth rate is also the capital gains yield for the stock and the stock price growth rate. Hence, to find the price of the stock four years from today: [pic] = P0(1 + g)4 [pic] = $10. 00(1. 07)4 [pic] = $13. 1079 6 ? $13. 11. [pic] 8-18a. [pic] b. [pic] 8-19 0 1 2 3 4 | | | | | D0 = 2. 00 D1 D2 D3 D4 g = 5% [pic] a. D1 = $2(1. 05) = $2. 10; D2 = $2(1. 05)2 = $2. 21; D3 = $2(1. 5)3 = $2. 32. b. Financial Calculator Solution: Input 0, 2. 10, 2. 21, and 2. 32 into the cash flow register, input I = 12, PV = ? PV = $5. 29. c. Financial Calculator Solution: Input 0, 0, 0, and 34. 73 into the cash flow register, I = 12, PV = ? PV = $24. 72. d. $24. 72 + $5. 29 = $30. 01 = Maximum price you should pay for the stock. e. [pic] f. No. The value of the stock is not dependent upon the holding period. The value calculated in Parts a through d is the value for a 3-year holding period. It is equal to the value calculated in Part e except for a small rounding error.Any other holding period would produce the same value of [pic]; that is, [pic] = $30. 00. 8-20a. 1. [pic] 2. [pic] = $2/0. 15 = $13. 33. 3. [pic] 4. [pic] b. 1. [pic] = $2. 30/0 = Undefined. 2. [pic] = $2. 40/(-0. 05) = -$48, which is nonsense. Th ese results show that the formula does not make sense if the required rate of return is equal to or less than the expected growth rate. c. No. 8-21The answer depends on when one works the problem. We used the February 3, 2003, issue of The Wall Street Journal: a. $16. 81 to $36. 72. b. Current dividend = $0. 75. Dividend yield = $0. 75/$19. 8 ( 3. 9%. You might want to use ($0. 75)(1 + g)/$19. 48, with g estimated somehow. c. The $19. 48 close was up $0. 98 from the previous day’s close. d. The return on the stock consists of a dividend yield of about 3. 9 percent plus some capital gains yield. We would expect the total rate of return on stock to be in the 10 to 12 percent range. 8-22a. End of Year: 02 03 04 05 06 07 08 | | | | | | | D0 = 1. 75 D1 D2 D3 D4 D5 D6 Dt= D0(1 + g)t D2003= $1. 75(1. 15)1 = $2. 01. D2004= $1. 5(1. 15)2 = $1. 75(1. 3225) = $2. 31. D2005= $1. 75(1. 15)3 = $1. 75(1. 5209) = $2. 66. D2006= $1. 75(1. 15)4 = $1. 75(1. 7490) = $3. 06. D2007= $1. 75(1. 15)5 = $1. 75(2. 0114) = $3. 52. b. Step 1: PV of dividends = [pic]. PV D2003 = $2. 01/(1. 12)= $1. 79 PV D2004 = $2. 31/(1. 12)2= $1. 84 PV D2005 = $2. 66/(1. 12)3= $1. 89 PV D2006 = $3. 06/(1. 12)4= $1. 94 PV D2007 = $3. 52/(1. 12)5= $2. 00 PV of dividends= $9. 46 Step 2: [pic] This is the price of the stock 5 years from now. The PV of this price, discounted back 5 years, is as follows: PV of [pic] = $52. 80/(1. 12)5 = $29. 6. Step 3: The price of the stock today is as follows: [pic]= PV dividends Years 2003-2007 + PV of [pic] = $9. 46 + $29. 96 = $39. 42. This problem could also be solved by substituting the proper values into the following equation: [pic]. Calculator solution: Input 0, 2. 01, 2. 31, 2. 66, 3. 06, 56. 32 (3. 52 + 52. 80) into the cash flow register, input I = 12, PV = ? PV = $39. 43. c. 2003 D1/P0 = $2. 01/$39. 43= 5. 10% Capital gains yield= 6. 90* Expected total return= 12. 00% 2008 D6/P5 = $3. 70/$52. 80= 7. 00% Capital gains yield= 5. 00 Expected total return= 12 . 00% We know that ks is 12 percent, and the dividend yield is 5. 10 percent; therefore, the capital gains yield must be 6. 90 percent. The main points to note here are as follows: 1. The total yield is always 12 percent (except for rounding errors). 2. The capital gains yield starts relatively high, then declines as the supernormal growth period approaches its end. The dividend yield rises. 3. After 12/31/07, the stock will grow at a 5 percent rate. The dividend yield will equal 7 percent, the capital gains yield will equal 5 percent, and the total return will be 12 percent. d.People in high income tax brackets will be more inclined to purchase â€Å"growth† stocks to take the capital gains and thus delay the payment of taxes until a later date. The firm’s stock is â€Å"mature† at the end of 2007. e. Since the firm’s supernormal and normal growth rates are lower, the dividends and, hence, the present value of the stock price will be lower. The total ret urn from the stock will still be 12 percent, but the dividend yield will be larger and the capital gains yield will be smaller than they were with the original growth rates. This result occurs because we assume the same last dividend but a much lower current stock price. . As the required return increases, the price of the stock goes down, but both the capital gains and dividend yields increase initially. Of course, the long-term capital gains yield is still 4 percent, so the long-term dividend yield is 10 percent. 8-23a. Part 1: Graphical representation of the problem: Supernormal Normal growth growth 0 1 2 3 ( | | | | †¢Ã¢â‚¬ ¢Ã¢â‚¬ ¢ | D0 D1 (D2 + [pic]) D3 D( PVD1PVD2 [pic] P0 D1 = D0(1 + gs) = $1. 6(1. 20) = $1. 92. D2 = D0(1 + gs)2 = $1. 60(1. 20)2 = $2. 304. [pic] [pic]= PV(D1) + PV(D2) + PV([pic]) = [pic] = $1. 92/1. 10 + $2. 304/(1. 10)2 + $61. 06/(1. 10)2 = $54. 11. Financial Calculator solution: Input 0, 1. 92, 63. 364(2. 304 + 61. 06) into the cash flow register, in put I = 10, PV = ? PV = $54. 11. Part 2: Expected dividend yield: D1/P0 = $1. 92/$54. 11 = 3. 55%. Capital gains yield: First, find [pic], which equals the sum of the present values of D2 and [pic] discounted for one year. [pic] Financial Calculator solution: Input 0, 63. 364(2. 304 + 61. 6) into the cash flow register, input I = 10, PV = ? PV = $57. 60. Second, find the capital gains yield: [pic] Dividend yield = 3. 55% Capital gains yield = 6. 45 10. 00% = ks. b. Due to the longer period of supernormal growth, the value of the stock will be higher for each year. Although the total return will remain the same, ks = 10%, the distribution between dividend yield and capital gains yield will differ: The dividend yield will start off lower and the capital gains yield will start off higher for the 5-year supernormal growth condition, relative to the 2-year supernormal growth state.The dividend yield will increase and the capital gains yield will decline over the 5-year period until divid end yield = 4% and capital gains yield = 6%. c. Throughout the supernormal growth period, the total yield will be 10 percent, but the dividend yield is relatively low during the early years of the supernormal growth period and the capital gains yield is relatively high. As we near the end of the supernormal growth period, the capital gains yield declines and the dividend yield rises. After the supernormal growth period has ended, the capital gains yield will equal gn = 6%.The total yield must equal ks = 10%, so the dividend yield must equal 10% – 6% = 4%. d. Some investors need cash dividends (retired people), while others would prefer growth. Also, investors must pay taxes each year on the dividends received during the year, while taxes on capital gains can be delayed until the gain is actually realized. 8-24a. ks = kRF + (kM – kRF)b = 11% + (14% – 11%)1. 5 = 15. 5%. [pic] = D1/(ks – g) = $2. 25/(0. 155 – 0. 05) = $21. 43. b. ks = 9% + (12% â€⠀œ 9%)1. 5 = 13. 5%. [pic] = $2. 25/(0. 135 – 0. 05) = $26. 47. c. ks = 9% + (11% – 9%)1. 5 = 12. 0%. [pic] = $2. 25/(0. 12 – 0. 5) = $32. 14. d. New data given: kRF = 9%; kM = 11%; g = 6%, b = 1. 3. ks = kRF + (kM – kRF)b = 9% + (11% – 9%)1. 3 = 11. 6%. [pic] = D1/(ks – g) = $2. 27/(0. 116 – 0. 06) = $40. 54. 8-25a. Old ks = kRF + (kM – kRF)b = 9% + (3%)1. 2 = 12. 6%. New ks = 9% + (3%)0. 9 = 11. 7%. Old price: [pic] New price: [pic] Since the new price is lower than the old price, the expansion in consumer products should be rejected. The decrease in risk is not sufficient to offset the decline in profitability and the reduced growth rate. b. POld = $38. 21. PNew = [pic]. Solving for ks we have the following: $38. 1= [pic] $2. 10= $38. 21(ks) – $1. 9105 $4. 0105= $38. 21(ks) ks= 0. 10496. Solving for b: 10. 496% = 9% + 3%(b) 1. 496% = 3%(b) b = 0. 49865. Check: ks = 9% + (3%)0. 49865 = 10. 496%. [pic] = [pic] = $38. 21 . Therefore, only if management’s analysis concludes that risk can be lowered to b = 0. 49865, or approximately 0. 5, should the new policy be put into effect. SPREADSHEET PROBLEM 8-26The detailed solution for the spreadsheet problem is available both on the instructor’s resource CD-ROM and on the instructor’s side of South-Western’s web site, http://brigham. swlearning. com. INTEGRATED CASEMutual of Chicago Insurance Company Stock Valuation 8-27ROBERT BALIK AND CAROL KIEFER ARE SENIOR VICE-PRESIDENTS OF THE MUTUAL OF CHICAGO INSURANCE COMPANY. THEY ARE CO-DIRECTORS OF THE COMPANY’S PENSION FUND MANAGEMENT DIVISION, WITH BALIK HAVING RESPONSIBILITY FOR FIXED INCOME SECURITIES (PRIMARILY BONDS) AND KIEFER BEING RESPONSIBLE FOR EQUITY INVESTMENTS. A MAJOR NEW CLIENT, THE CALIFORNIA LEAGUE OF CITIES, HAS REQUESTED THAT MUTUAL OF CHICAGO PRESENT AN INVESTMENT SEMINAR TO THE MAYORS OF THE REPRESENTED CITIES, AND BALIK AND KIEFER, WHO WILL MAKE THE ACTUA L PRESENTATION, HAVE ASKED YOU TO HELP THEM.TO ILLUSTRATE THE COMMON STOCK VALUATION PROCESS, BALIK AND KIEFER HAVE ASKED YOU TO ANALYZE THE BON TEMPS COMPANY, AN EMPLOYMENT AGENCY THAT SUPPLIES WORD PROCESSOR OPERATORS AND COMPUTER PROGRAMMERS TO BUSINESSES WITH TEMPORARILY HEAVY WORKLOADS. YOU ARE TO ANSWER THE FOLLOWING QUESTIONS. A. DESCRIBE BRIEFLY THE LEGAL RIGHTS AND PRIVILEGES OF COMMON STOCKHOLDERS. ANSWER:[SHOW S8-1 THROUGH S8-5 HERE. ] THE COMMON STOCKHOLDERS ARE THE OWNERS OF A CORPORATION, AND AS SUCH THEY HAVE CERTAIN RIGHTS AND PRIVILEGES AS DESCRIBED BELOW. 1. OWNERSHIP IMPLIES CONTROL.THUS, A FIRM’S COMMON STOCKHOLDERS HAVE THE RIGHT TO ELECT ITS FIRM’S DIRECTORS, WHO IN TURN ELECT THE OFFICERS WHO MANAGE THE BUSINESS. 2. COMMON STOCKHOLDERS OFTEN HAVE THE RIGHT, CALLED THE PREEMPTIVE RIGHT, TO PURCHASE ANY ADDITIONAL SHARES SOLD BY THE FIRM. IN SOME STATES, THE PREEMPTIVE RIGHT IS AUTOMATICALLY INCLUDED IN EVERY CORPORATE CHARTER; IN OTHERS, IT IS NEC ESSARY TO INSERT IT SPECIFICALLY INTO THE CHARTER. B. 1. WRITE OUT A FORMULA THAT CAN BE USED TO VALUE ANY STOCK, REGARDLESS OF ITS DIVIDEND PATTERN. ANSWER:[SHOW S8-6 HERE. ] THE VALUE OF ANY STOCK IS THE PRESENT VALUE OF ITS EXPECTED DIVIDEND STREAM: [pic] = [pic]HOWEVER, SOME STOCKS HAVE DIVIDEND GROWTH PATTERNS THAT ALLOW THEM TO BE VALUED USING SHORT-CUT FORMULAS. B. 2. WHAT IS A CONSTANT GROWTH STOCK? HOW ARE CONSTANT GROWTH STOCKS VALUED? ANSWER:[SHOW S8-7 AND S8-8 HERE. ] A CONSTANT GROWTH STOCK IS ONE WHOSE DIVIDENDS ARE EXPECTED TO GROW AT A CONSTANT RATE FOREVER. â€Å"CONSTANT GROWTH† MEANS THAT THE BEST ESTIMATE OF THE FUTURE GROWTH RATE IS SOME CONSTANT NUMBER, NOT THAT WE REALLY EXPECT GROWTH TO BE THE SAME EACH AND EVERY YEAR. MANY COMPANIES HAVE DIVIDENDS THAT ARE EXPECTED TO GROW STEADILY INTO THE FORESEEABLE FUTURE, AND SUCH COMPANIES ARE VALUED AS CONSTANT GROWTH STOCKS.FOR A CONSTANT GROWTH STOCK: D1 = D0(1 + g), D2 = D1(1 + g) = D0(1 + g)2, AND SO ON. WI TH THIS REGULAR DIVIDEND PATTERN, THE GENERAL STOCK VALUATION MODEL CAN BE SIMPLIFIED TO THE FOLLOWING VERY IMPORTANT EQUATION: [pic] = [pic] = [pic]. THIS IS THE WELL-KNOWN â€Å"GORDON,† OR â€Å"CONSTANT-GROWTH† MODEL FOR VALUING STOCKS. HERE D1 IS THE NEXT EXPECTED DIVIDEND, WHICH IS ASSUMED TO BE PAID 1 YEAR FROM NOW, kS IS THE REQUIRED RATE OF RETURN ON THE STOCK, AND g IS THE CONSTANT GROWTH RATE. B. 3. WHAT HAPPENS IF A COMPANY HAS A CONSTANT g THAT EXCEEDS ITS ks? WILL MANY STOCKS HAVE EXPECTED g > ks IN THE SHORT RUN (THAT IS, FOR THE NEXT FEW YEARS)?IN THE LONG RUN (THAT IS, FOREVER)? ANSWER:[SHOW S8-9 HERE. ] THE MODEL IS DERIVED MATHEMATICALLY, AND THE DERIVATION REQUIRES THAT ks > g. IF g IS GREATER THAN ks, THE MODEL GIVES A NEGATIVE STOCK PRICE, WHICH IS NONSENSICAL. THE MODEL SIMPLY CANNOT BE USED UNLESS (1) ks > g, (2) g IS EXPECTED TO BE CONSTANT, AND (3) g CAN REASONABLY BE EXPECTED TO CONTINUE INDEFINITELY. STOCKS MAY HAVE PERIODS OF SUPERNORMAL GR OWTH, WHERE gS > ks; HOWEVER, THIS GROWTH RATE CANNOT BE SUSTAINED INDEFINITELY. IN THE LONG-RUN, g < ks. C. ASSUME THAT BON TEMPS HAS A BETA COEFFICIENT OF 1. , THAT THE RISK-FREE RATE (THE YIELD ON T-BONDS) IS 7 PERCENT, AND THAT THE REQUIRED RATE OF RETURN ON THE MARKET IS 12 PERCENT. WHAT IS THE REQUIRED RATE OF RETURN ON THE FIRM’S STOCK? ANSWER:[SHOW S8-10 HERE. ] HERE WE USE THE SML TO CALCULATE BON TEMPS’ REQUIRED RATE OF RETURN: ks= kRF + (kM – kRF)bBon Temps = 7% + (12% – 7%)(1. 2) = 7% + (5%)(1. 2) = 7% + 6% = 13%. D. ASSUME THAT BON TEMPS IS A CONSTANT GROWTH COMPANY WHOSE LAST DIVIDEND (D0, WHICH WAS PAID YESTERDAY) WAS $2. 00 AND WHOSE DIVIDEND IS EXPECTED TO GROW INDEFINITELY AT A 6 PERCENT RATE. 1.WHAT IS THE FIRM’S EXPECTED DIVIDEND STREAM OVER THE NEXT 3 YEARS? ANSWER:[SHOW S8-11 HERE. ] BON TEMPS IS A CONSTANT GROWTH STOCK, AND ITS DIVIDEND IS EXPECTED TO GROW AT A CONSTANT RATE OF 6 PERCENT PER YEAR. EXPRESSED AS A TIME LINE, WE HAVE THE FOLLOWING SETUP. JUST ENTER 2 IN YOUR CALCULATOR; THEN KEEP MULTIPLYING BY 1 + g = 1. 06 TO GET D1, D2, AND D3: 0 1 2 3 | | | | D0 = 2. 00 2. 12 2. 247 2. 382 1. 88 1. 76 1. 65 . . . D. 2. WHAT IS THE FIRM’S CURRENT STOCK PRICE? ANSWER:[SHOW S8-12 HERE. WE COULD EXTEND THE TIME LINE ON OUT FOREVER, FIND THE VALUE OF BON TEMPS’ DIVIDENDS FOR EVERY YEAR ON OUT INTO THE FUTURE, AND THEN THE PV OF EACH DIVIDEND DISCOUNTED AT k = 13%. FOR EXAMPLE, THE PV OF D1 IS $1. 8761; THE PV OF D2 IS $1. 7599; AND SO FORTH. NOTE THAT THE DIVIDEND PAYMENTS INCREASE WITH TIME, BUT AS LONG AS ks > g, THE PRESENT VALUES DECREASE WITH TIME. IF WE EXTENDED THE GRAPH ON OUT FOREVER AND THEN SUMMED THE PVs OF THE DIVIDENDS, WE WOULD HAVE THE VALUE OF THE STOCK. HOWEVER, SINCE THE STOCK IS GROWING AT A CONSTANT RATE, ITS VALUE CAN BE ESTIMATED USING THE CONSTANT GROWTH MODEL: pic] = [pic] = [pic] = [pic] = $30. 29. D. 3. WHAT IS THE STOCK’S EXPECTED VALUE ONE YEAR FROM NOW? ANS WER:[SHOW S8-13 HERE. ] AFTER ONE YEAR, D1 WILL HAVE BEEN PAID, SO THE EXPECTED DIVIDEND STREAM WILL THEN BE D2, D3, D4, AND SO ON. THUS, THE EXPECTED VALUE ONE YEAR FROM NOW IS $32. 10: [pic] = [pic] = [pic] = [pic] = $32. 10. D. 4. WHAT ARE THE EXPECTED DIVIDEND YIELD, THE CAPITAL GAINS YIELD, AND THE TOTAL RETURN DURING THE FIRST YEAR? ANSWER:[SHOW S8-14 HERE. ] THE EXPECTED DIVIDEND YIELD IN ANY YEAR n IS DIVIDEND YIELD = [pic], WHILE THE EXPECTED CAPITAL GAINS YIELD ISCAPITAL GAINS YIELD = [pic] = k – [pic]. THUS, THE DIVIDEND YIELD IN THE FIRST YEAR IS 7 PERCENT, WHILE THE CAPITAL GAINS YIELD IS 6 PERCENT: TOTAL RETURN = 13. 0% DIVIDEND YIELD = $2. 12/$30. 29 = 7. 0% CAPITAL GAINS YIELD = 6. 0% E. NOW ASSUME THAT THE STOCK IS CURRENTLY SELLING AT $30. 29. WHAT IS THE EXPECTED RATE OF RETURN ON THE STOCK? ANSWER:THE CONSTANT GROWTH MODEL CAN BE REARRANGED TO THIS FORM: [pic] = [pic]. HERE THE CURRENT PRICE OF THE STOCK IS KNOWN, AND WE SOLVE FOR THE EXPECTED RETURN. FOR BON TEMPS: pic] = $2. 12/$30. 29 + 0. 060 = 0. 070 + 0. 060 = 13%. F. WHAT WOULD THE STOCK PRICE BE IF ITS DIVIDENDS WERE EXPECTED TO HAVE ZERO GROWTH? ANSWER:[SHOW S8-15 HERE. ] IF BON TEMPS’ DIVIDENDS WERE NOT EXPECTED TO GROW AT ALL, THEN ITS DIVIDEND STREAM WOULD BE A PERPETUITY. PERPETUITIES ARE VALUED AS SHOWN BELOW: 0 1 2 3 | | | | 2. 00 2. 00 2. 00 1. 77 1. 57 1. 39 . . . P0 = 15. 38 P0 = D/kS = $2. 00/0. 13 = $15. 38. NOTE THAT IF A PREFERRED STOCK IS A PERPETUITY, IT MAY BE VALUED WITH THIS FORMULA. G.NOW ASSUME THAT BON TEMPS IS EXPECTED TO EXPERIENCE SUPERNORMAL GROWTH OF 30 PERCENT FOR THE NEXT 3 YEARS, THEN TO RETURN TO ITS LONG-RUN CONSTANT GROWTH RATE OF 6 PERCENT. WHAT IS THE STOCK’S VALUE UNDER THESE CONDITIONS? WHAT IS ITS EXPECTED DIVIDEND YIELD AND CAPITAL GAINS YIELD IN YEAR 1? YEAR 4? ANSWER:[SHOW S8-16 THROUGH S8-18 HERE. ] BON TEMPS IS NO LONGER A CONSTANT GROWTH STOCK, SO THE CONSTANT GROWTH MODEL IS NOT APPLICABLE. NOTE, HOWEVER, THAT THE STO CK IS EXPECTED TO BECOME A CONSTANT GROWTH STOCK IN 3 YEARS. THUS, IT HAS A NONCONSTANT GROWTH PERIOD FOLLOWED BY CONSTANT GROWTH.THE EASIEST WAY TO VALUE SUCH NONCONSTANT GROWTH STOCKS IS TO SET THE SITUATION UP ON A TIME LINE AS SHOWN BELOW: 0 1 2 3 4 | | | | | 2. 600 3. 380 4. 394 4. 65764 2. 301 2. 647 3. 045 46. 114 54. 107 SIMPLY ENTER $2 AND MULTIPLY BY (1. 30) TO GET D1 = $2. 60; MULTIPLY THAT RESULT BY 1. 3 TO GET D2 = $3. 38, AND SO FORTH. THEN RECOGNIZE THAT AFTER YEAR 3, BON TEMPS BECOMES A CONSTANT GROWTH STOCK, AND AT THAT POINT [pic] CAN BE FOUND USING THE CONSTANT GROWTH MODEL. pic] IS THE PRESENT VALUE AS OF t = 3 OF THE DIVIDENDS IN YEAR 4 AND BEYOND AND IS ALSO CALLED THE TERMINAL VALUE. WITH THE CASH FLOWS FOR D1, D2, D3, AND [pic] SHOWN ON THE TIME LINE, WE DISCOUNT EACH VALUE BACK TO YEAR 0, AND THE SUM OF THESE FOUR PVs IS THE VALUE OF THE STOCK TODAY, P0 = $54. 107. THE DIVIDEND YIELD IN YEAR 1 IS 4. 80 PERCENT, AND THE CAPITAL GAINS YIELD IS 8. 2 PERCENT: DI VIDEND YIELD = [pic] = 0. 0480 = 4. 8%. CAPITAL GAINS YIELD = 13. 00% – 4. 8% = 8. 2%. DURING THE NONCONSTANT GROWTH PERIOD, THE DIVIDEND YIELDS AND CAPITAL GAINS YIELDS ARE NOT CONSTANT, AND THE CAPITAL GAINS YIELD DOES NOT EQUAL g.HOWEVER, AFTER YEAR 3, THE STOCK BECOMES A CONSTANT GROWTH STOCK, WITH g = CAPITAL GAINS YIELD = 6. 0% AND DIVIDEND YIELD = 13. 0% – 6. 0% = 7. 0%. H. SUPPOSE BON TEMPS IS EXPECTED TO EXPERIENCE ZERO GROWTH DURING THE FIRST 3 YEARS AND THEN TO RESUME ITS STEADY-STATE GROWTH OF 6 PERCENT IN THE FOURTH YEAR. WHAT IS THE STOCK’S VALUE NOW? WHAT IS ITS EXPECTED DIVIDEND YIELD AND ITS CAPITAL GAINS YIELD IN YEAR 1? YEAR 4? ANSWER:[SHOW S8-19 AND S8-20 HERE. ] NOW WE HAVE THIS SITUATION: 0 1 2 3 4 | | | | | 2. 00 2. 0 2. 00 2. 00 2. 12 1. 77 1. 57 1. 39 20. 99 25. 72 = [pic] DURING YEAR 1: DIVIDEND YIELD = [pic] = 0. 0778 = 7. 78%. CAPITAL GAINS YIELD = 13. 00% – 7. 78% = 5. 22%. AGAIN, IN YEAR 4 BON TEMPS BECOMES A CONSTANT GROWTH STOCK; HENCE g = CAPITAL GAINS YIELD = 6. 0% AND DIVIDEND YIELD = 7. 0%. I. FINALLY, ASSUME THAT BON TEMPS’ EARNINGS AND DIVIDENDS ARE EXPECTED TO DECLINE BY A CONSTANT 6 PERCENT PER YEAR, THAT IS, g = -6%. WHY WOULD ANYONE BE WILLING TO BUY SUCH A STOCK, AND AT WHAT PRICE SHOULD IT SELL? WHAT WOULD BE THE DIVIDEND YIELD AND CAPITAL GAINS YIELD IN EACH YEAR?ANSWER:[SHOW S8-21 AND S8-22 HERE. ] THE COMPANY IS EARNING SOMETHING AND PAYING SOME DIVIDENDS, SO IT CLEARLY HAS A VALUE GREATER THAN ZERO. THAT VALUE CAN BE FOUND WITH THE CONSTANT GROWTH FORMULA, BUT WHERE g IS NEGATIVE: [pic] = [pic] = [pic] = [pic] = [pic] = $9. 89. SINCE IT IS A CONSTANT GROWTH STOCK: g = CAPITAL GAINS YIELD = -6. 0%, HENCE: DIVIDEND YIELD = 13. 0% – (-6. 0%) = 19. 0%. AS A CHECK: DIVIDEND YIELD = [pic] = 0. 190 = 19. 0%. THE DIVIDEND AND CAPITAL GAINS YIELDS ARE CONSTANT OVER TIME, BUT A HIGH (19. 0 PERCENT) DIVIDEND YIELD IS NEEDED TO OFFSET THE NEGATIVE CAPITAL GAINS YIELD.J. BON TEMPS EMB ARKS ON AN AGGRESSIVE EXPANSION THAT REQUIRES ADDITIONAL CAPITAL. MANAGEMENT DECIDES TO FINANCE THE EXPANSION BY BORROWING $40 MILLION AND BY HALTING DIVIDEND PAYMENTS TO INCREASE RETAINED EARNINGS. THE PROJECTED FREE CASH FLOWS FOR THE NEXT THREE YEARS ARE -$5 MILLION, $10 MILLION, AND $20 MILLION. AFTER THE THIRD YEAR, FREE CASH FLOW IS PROJECTED TO GROW AT A CONSTANT 6 PERCENT. THE OVERALL COST OF CAPITAL IS 10 PERCENT. WHAT IS BON TEMPS’ TOTAL VALUE? IF IT HAS 10 MILLION SHARES OF STOCK AND $40 MILLION TOTAL DEBT, WHAT IS THE PRICE PER SHARE? ANSWER:[SHOW S8-23 THROUGH S8-28 HERE. 0 1 2 3 4 | | | | | -5 10 20 21. 20 $ -4. 545 8. 264 15. 026 398. 197 $416. 942 = TOTAL VALUE VALUE OF EQUITY = TOTAL VALUE – DEBT = $416. 94 – $40 = $376. 94 MILLION. PRICE PER SHARE = $376. 94/10 = $37. 69. K. WHAT DOES MARKET EQUILIBRIUM MEAN? ANSWER:[SHOW S8-29 AND S8-30 HERE. ] EQUILIBRIUM MEANS STABLE, NO TENDENCY TO CHANGE. MARKET EQUILIBRIUM MEANS THAT PRICES ARE STABLEâ₠¬â€œAT ITS CURRENT PRICE, THERE IS NO GENERAL TENDENCY FOR PEOPLE TO WANT TO BUY OR TO SELL A SECURITY THAT IS IN EQUILIBRIUM.ALSO, WHEN EQUILIBRIUM EXISTS, THE EXPECTED RATE OF RETURN WILL BE EQUAL TO THE REQUIRED RATE OF RETURN: [pic] = D1/P0 + g = k = kRF + (kM – kRF)b. L. IF EQUILIBRIUM DOES NOT EXIST, HOW WILL IT BE ESTABLISHED? ANSWER:[SHOW S8-31 AND S8-32 HERE. ] SECURITIES WILL BE BOUGHT AND SOLD UNTIL THE EQUILIBRIUM PRICE IS ESTABLISHED. M. WHAT IS THE EFFICIENT MARKETS HYPOTHESIS, WHAT ARE ITS THREE FORMS, AND WHAT ARE ITS IMPLICATIONS? ANSWER:[SHOW S8-33 THROUGH S8-37 HERE. ] THE EMH IN GENERAL IS THE HYPOTHESIS THAT SECURITIES ARE NORMALLY IN EQUILIBRIUM AND ARE â€Å"PRICED FAIRLY,† MAKING IT IMPOSSIBLE TO â€Å"BEAT THE MARKET. WEAK-FORM EFFICIENCY SAYS THAT INVESTORS CANNOT PROFIT FROM LOOKING AT PAST MOVEMENTS IN STOCK PRICES–THE FACT THAT STOCKS WENT DOWN FOR THE LAST FEW DAYS IS NO REASON TO THINK THAT THEY WILL GO UP (OR DOWN) IN THE FUTURE. THIS FORM HAS BEEN PROVEN PRETTY WELL BY EMPIRICAL TESTS, EVEN THOUGH PEOPLE STILL EMPLOY â€Å"TECHNICAL ANALYSIS. † SEMISTRONG-FORM EFFICIENCY SAYS THAT ALL PUBLICLY AVAILABLE INFORMATION IS REFLECTED IN STOCK PRICES, HENCE THAT IT WON’T DO MUCH GOOD TO PORE OVER ANNUAL REPORTS TRYING TO FIND UNDERVALUED STOCKS.THIS ONE IS (WE THINK) LARGELY TRUE, BUT SUPERIOR ANALYSTS CAN STILL OBTAIN AND PROCESS NEW INFORMATION FAST ENOUGH TO GAIN A SMALL ADVANTAGE. STRONG-FORM EFFICIENCY SAYS THAT ALL INFORMATION, EVEN INSIDE INFORMATION, IS EMBEDDED IN STOCK PRICES. THIS FORM DOES NOT HOLD–INSIDERS KNOW MORE, AND COULD TAKE ADVANTAGE OF THAT INFORMATION TO MAKE ABNORMAL PROFITS IN THE MARKETS. TRADING ON THE BASIS OF INSIDER INFORMATION IS ILLEGAL. N. PHYFE COMPANY RECENTLY ISSUED PREFERRED STOCK. IT PAYS AN ANNUAL DIVIDEND OF $5, AND THE ISSUE PRICE WAS $50 PER SHARE. WHAT IS THE EXPECTED RETURN TO AN INVESTOR ON THIS PREFERRED STOCK?ANSWER:[SHOW S8-38 AND S8-39 HERE. ] [pic]= [pic] = [pic] = 10%. ———————– ks = 15% gn = 6% ( 1/(1. 15)3 ( 1/(1. 13)3 ( 1/(1. 13)2 ( 1/1. 13 gs = 50% gn = 8% [pic] ks = 12% gs = 15% gn = 5% WACC = 10% [pic] = 30. 29 = [pic] g = 0% g = 0% g = 0% gn = 6% ks = 13% [pic] = $66. 54 = [pic] gs = 30% gs = 30% gs = 30% gn = 6% ks = 13% g = 0% ks = 13% g = 6% ks = 13% ks = 10% gs = 20% gs = 20% gn = 5% WACC = 12% WACC = 12% gn = 7% [pic] WACC = 13% gn = 7% 530 = [pic] ( 1/(1. 15)4 ( 1/(1. 15)5 ks = 12% ( 1/1. 13 ( 1/(1. 13)2 ( 1/(1. 13)3 ( 1/(1. 13)2 ( 1/(1. 13)2 ( 1/1. 13 ( 1/(1. 13)2 ( 1/(1. 13)3 ( 1/(1. 13)3 ( 1/1. 13 ( 1/1. 13 (%89