Children Who See Too Much - 1584 Words

What goes in the mind of a mother when she first finds out about her pregnancy? Maybe she might feel extremely happy or maybe this news hit as a shock to her. Regardless, the majority of parents always think if they will be able to provide an adequate childhood to their child. After reading the book Children Who See Too Much, I realize that children are very sensitive to their environment. In this paper, I will try to discuss certain concerns expressed by the author regarding exposure to violence to the children. To begin with, in the first chapter of this book, it is described that there are three levels of exposure to violence. These are exposure to media violence, community violence, and violence in the home. The media has been†¦show more content†¦Moreover, these are natural hazards and keeping kids away from the truth maybe equal to showing them an unrealistic view of the world. Nevertheless, there is a variety of programs telecasted on television. Therefore, saying that the exposure to television is solely responsible for encouraging violence would not be true. The selection of program plays a major role, due to television children get different learning opportunity. Education regarding the selection of the program is critically important for the caregiver of the child. I believe the internet is more popular among children as compared to the television. Moreover, there is a conscious effort made by organizations like Public Broadcasting Service to bring a collection of age ap propriate shows for children. Here I am not trying to say that television shows are completely good for children, my point is that this facility should be provided but with good supervision. However, the synergistic effect of family and community violence and television violence is more dangerous for the child. In addition, to understand the effect of external environment on a child it is really important to understand how do they interpret the violent event. This can be explained with the help of Jean Piaget theory of cognitive development, according to which a child’s intellectual development is based on a sequence of stages that a child passes through on the way to achieving the adult capacity for

The Strategic Plan of Pfizer Incorporated A Research

Strategic Plan of Pfizer Pfizer Brief Company Profile Pfizer Inc is a multinational investment company. It ventures in the medical and pharmaceutical industry. It is renowned as a giant pharmaceutical company, founded in 1849. It is based in the United States, New York, Manhattan at Midtown. It is the largest universal producer and trader of pharmaceuticals (Turner, 2005, pg 161). Some of the products availed to the market by the company are Lipitor, Lyrica, Diflucan, Zithromax, Zoloft, Viagra and Celebrex. These products are targeted to patients and persons in need of enhancements in their body systems and anatomy. It has an employee capacity of 12000 people in all its departmental sectors and sub-branches. The sub-branches are distributed all over and in all continents (Turner, 2005, pg 163). Implementation Plan Establishment of implementation plans in the company has been documented to address the strategic processes it carries out, and to guarantee a solid relationship between the companys pharmaceutical producers, suppliers and consumers. Implementation plans in Pfizer is carried out a sourcing process that offers reliability in confining to a common framework. The framework provides consistency and supports the company to do away with redundancies and espouse practices advocating for optimization of costs and streamlined efficacies. Similarly, planning and implementing the strategic plan at Pfizer ensures that it achieves its long term goals. It hasShow MoreRelatedStrategic Analysis for Pfizer Company4528 Words   |  19 PagesStrategic Analysis for Pfizer Incorporated Strategic Analysis Competition, typically the most powerful external force, is increased by the advent of globalization. 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MUHAMMAD HAZWAN BIN GHAZALI SHM O8-01-1379 Task 1 : 1.1 Using information from your own research, conduct an external / environmental audit on the given company. (PFIZER) In order to do the external audit on PFIZER, I choose to use the SWOT Analysis (Threats and Opportunities) and PEST. As I think it is the most suitable auditors in making a research for PFIZER external situation. SWOT ANALYSIS www.google/image.com Based on Marketing notes books, SWOT analysisRead MorePrinciples And Practices Of Organizational Change Management1377 Words   |  6 Pagesoffering training incentives. Many companies are beginning to see the importance of training and investment in staff. Like any other business investment, however, there needs to be an organized plan put in place. This will help provide more structure and allow employees know what to expect. Pfizer Pfizer is committed to providing effective training to employees, managers, officers and directors in the Compliance Program. Training resources include compliance online education and online access policiesRead MoreSample Resume : Chemical Engineering And Project Management1717 Words   |  7 Pagesconstruction and operations of large scale mining and water and wastewater treatment facilities; ï‚„ Team leadership and management of technical expertise to support the implementation of water research and development initiatives and strategies in the area of water treatment technology; ï‚„ Undertaking strategic business investigations and implementation of projects and processes to optimise project delivery and mitigate budget and schedule impacts; ï‚„ Preparation of approval applications, project submissionsRead MoreUnited States Response For Corporations From Fleeing The U.s. And Integrating Abroad2907 Words   |  12 PagesRESEARCH PROPOSAL ASSESSING THE UNITED STATES RESPONSE TO PREVENT CORPORATIONS FROM FLEEING THE U.S. AND INCORPORATING ABROAD TABLE OF CONTENTS I. Abstract †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 3 II. Introduction to the Problem †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦4-8 a. Economic Background †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦... 4-5 b. Defining Corporate Inversion †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 5-6 c. Historical Analysis and Political Response †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦... 6-7 d. Research Question †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 7 e. Hypothesis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 8 f. SignificanceRead MoreGrowth Strategies Innovation Essay examples2951 Words   |  12 Pagesemployees throughout the globe, is comprised of three strategic business segments (SBU’s), and has a presence in almost every country in the world (Johnson and Johnson, 2012). Johnson and Johnson spends nearly $5 billion on pharmaceutical research and development annually. Johnson and Johnson has a long history of acquisition and diversification strategies and works collaboratively with other like kind organizations, universities, and research institutes around the world (Hoovers, 2012). For moreRead MoreBiogen Analysis7823 Words   |  32 Pages Biogen is a global biotechnology company headquartered in Cambridge, Massachusetts. Biogen is engaged in the research and development of biopharmaceuticals for human health care. Its main product is Avonex, a drug for the treatment of Multiple Sclerosis. Eighty-two percent of its revenues in 2000 came from the sale of this sole product. Biogen is also involved in the research of drugs for psoriasis, Crohn s disease, congestive heart failure, and cancer. Biogen believes that its success isRead MoreGsk Marketing Planning4419 Words   |  18 PagesAppendices16 1.0 Introduction This assignment is a SOSTAC analysis for our marketing project with GSK whilst incorporating all things associated with SOSTAC. In this assignment we will in detail look at the various aspects effecting out marketing plan and strategy. The Aim of this marketing plane is to regulate and maintain GSK’s positioning in the market, an arrangement of objectives is introduced with filed dates to ensure GSK is moving forward and retaining their market share. GlaxoSmithKlineRead MoreInformation Technology in the Health Care Industry6281 Words   |  26 Pagestechnology within the healthcare industry. It presents some broad strategies for approaching information technology investments and various tools available. 1. Introduction Today, information technology is considered not just a supporting tool but a â€Å"strategic necessity† by world class organizations. As competition increases, the use of more sophisticated information technology tools and techniques, such as information warehousing and the Internet, is imperative in order for organizations to obtain a competitive

Exports Of Wool And Woollen Commodities While Encouraging National Cul

Question: Exports Of Wool And Woollen Commodities While Encouraging National Culture. Answer: Introduction It is saddening that despite the large scale on which wool is produced and the low cost incurred; the woollen and worsted textile industry in Australia remains undeveloped. Wool is the second most exported agricultural produce from the country and makes up 11 percent of the total exports of farm products (Wool Producers Australia, 2016). Not only is Australia a major producer and exporter of natural fibres including wool; but textiles and clothing are a heavily protected sector in Australia. In fact, wool is counted among the most exported items in Australia. Historically speaking, Australia continues to export the raw product and not the finished goods. While more than 75 percent of greasy or non-processed wool is exported; only 5 percent of the total wool produced in the country is processed into the finished textile products within the country (Lloyd, 1989). The lack of development of this sector has been attributed to several factors, particularly the low demand for woollen products within the country due to the tropical climate prevalent here. Therefore, although the climate is perfect for rearing sheep for producing wool; not much has been done for the industry as there remains a lack of demand for the product within the country (Lloyd, 1989). This sorry state of affairs needs to be rectified on a war footing in order to ensure that the finished product may be exported in order to increase the forex earnings from this sector. This initiative would also contribute to a decrease in the import of finished products from this material. Aims And Objectives This study on the promoting the export of wool and woollen products in order to encourage the local economy and national culture is undertaken in order to understand the advantages that the country enjoys as a major producer of wool and the reasons why the industry remains in its infancy even after more than half a decade of open markets and globalisation. Background Research An increase in the actual level of protection extended to wool, woollen and worsted textiles would significantly decrease the share of imports of the finished product in the country (Lloyd, 1989). The lack of efficiency in the industry can be seen not only in the low level of security afforded to the substantially large production of wool; but also in the lack of infrastructure (Ville Boyce, 2006) which would help take advantage of the easy supply of raw material to manufacture the finished textile that can be exported with huge profits (Wilcox, 2015). All efforts that are currently geared towards increase the exports of greasy wool should now be concentrated on improving the export of finished products using wool. literature review The export of greasy wool and the import of the finished product is a matter of concern for Australia (Lloyd, 1989), despite the country being the first among producers of premium quality wool across the world (Wool Producers Australia, 2016). International trade and culture are closely linked since both are highly emotional issues albeit for different reasons. While trade shapes our sense of culture; national culture exemplifies the manner in which we conduct our international trade and maintain our relationship(s) with other countries (Cowen, 2009). The inter-organisational communication is of significance in the given situation (Ville Boyce, 2006). While the make or buy decision remains ambiguous and without any logical explanation (Peng, Zhou, York, 2006); the factors that influence the decision include factors like national culture (Cowen, 2009), governmental regulations (Wool Producers Australia, 2016), product complexity (Peng, Zhou, York, 2006), lack of adequate infrastruc ture(Ville Boyce, 2006) and market distance (Peng, Zhou, York, 2006). Significance Of The Subject Despite textiles enjoying a high level of security in the country; woollen and worsted products continue to remain neglected. This is indeed a sorry situation for a country that boasts of the highest production and export of wool in its raw state, globally. The reasons for this state of neglect can be traced back to the level of protection for woollen products and their demand within the country remains low (Lloyd, 1989). The decrease in imports of the finished products would coincide with a decrease in the export of greasy wool and an increase in the exports of finished woollen textiles (Wool Producers Australia, 2016). Research Question What is the correlation between national culture and international trade, particularly with reference to the export of raw wool, the import of finished woollen and worsted fabric? What is the potential for export of the finished woollen commodities? Is there any means by which the country can tap into the huge international market of woollen products through improving its infrastruture and internal processing of wool and limiting the exports to finished goods? Gnatt Chart Assessment Milestones Decide the broad area of the Project 23-July-2016 Identify the research topic 24-July-2016 Complete the background reading and research 24-July-2016 Complete literature review 24-July-2016 Preliminary investigation, if any 01-August-2016 Analysis and evaluation of data 12-August-2016 Preparation of final report 15-August-2016 Team Charter Team purpose The team will analyse the potential for improving exports of woollen commodities rather than greasy wool in the country. Duration and Time Commitment The total project is expected to last not more than 3 weeks. The daily effort has been shown in the schedule above. All members need to dedicate an hour each day at the least for combined effort and the balance may be done individually. Scope All matters relating to the export of wool are considered. Most of the data would be from secondary sources Members Expected results The potential for exporting finished products from wool as well as an estimate on the cost involved. Resources The University Library as well as online sources. Reporting Plan A daily report of all activities during the previous day must be given by each team member at the start of the daily meeting. This would be noted by the team leader, who would be maintaining the minutes of the meeting as well as a daily report. Deliverables A project report on the impact of national culture on improving the exports of woollen products in order to increase forex earnings for the country. References Cowen, T. (2009). Creative Destruction: How Globalization Is Changing the World's Cultures. Princeton: Princeton University Press. Lloyd, P. (1989). Textiles, clothing and fibres in Australia and New Zealand. Parkville: University of Melbourne. Peng, M. W., Zhou, Y., York, A. S. (2006). Behind make or buy decisions in export strategy: A replication and extension of Trabold. Journal of World Business, 289-300. Ville, S. P., Boyce, G. a. (2006). Investing in Inter-Organisational Communication: The Melbourne Wool Brokers Association. The Melbourne Wool Brokers Association, 171-197. Wilcox, C. (2015, May 8). The National Council of Wool Selling Brokers of Australia Inc : Newsletter. Retrieved from www.elders.com.au: https://www.elders.com.au/upload/NCWSBA%20Newsletter%20150508.pdf Wool Producers Australia. (2016). Wool trade. Retrieved from www.woolproducers.com.au: https://www.woolproducers.com.au/about-us/trade/

Napolean Bonaparte Essays (1183 words) - House Of Bonaparte

Napolean Bonaparte Napoleon Bonaparte Napoleon I (1769-1821), emperor of the France, who made reforms after the French Revolution. One of the greatest military commanders of all time, he conquered the larger part of Europe and did much to modernize the nations he conquered. Napoleon was born on August 15, 1769, in Ajaccio, Corsica, and was given the name Napoleon. He was the second of eight children of Carlo Bonaparte and Letizia Ramolino Buonaparte, both of the Corsican-Italian ancestry. Napoleans father was a lawyer who had fought for Corsican independence, but after the French occupied the island in 1768, he served as a prosecutor and a judge and entered the French nobility as a count. Through his father's influence, Napoleon was educated at the expense of King Louis XVI, in Paris. Napoleon graduated in 1785, at the age of 16, and joined the artillery as a second lieutenant. After the Revolution began, he became a lieutenant colonel. In 1793, however, Corsica declared independence, and Bonaparte, a French patriot and a Republican, fled to France with his family. He was assigned, as a captain, to an army besieging Toulon, a naval base that, aided by a British fleet, was in revolt against the republic. Replacing wounded artillery general, he seized ground where his guns could drive the British fleet from the harbor, and the port fell. As a result Napoleon was promoted to brigadier general at the age of 24. In 1795 he saved the revolutionary government by dispersing an insurgent mob in Paris. In 1796 he married Josephine de Beauharnais, the widow of an aristocrat murdered in the Revolution. Also in 1796, Napoleon was made commander of the French army in Italy. He defeated four Austrian generals, each with superior numbers, and forced Austria and its allies to make peace. In northern Italy he founded the Cisalpine Republic (later known as Italy) and strengthened his position in France by sending millions of francs worth of treasure to the government. In 1798, to strike at British trade with the East, he led an expedition to Turkish-ruled Egypt, which he conquered. The British admiral Horatio Nelson, leaving him stranded, however, destroyed his fleet. Undaunted, he reformed the Egyptian government and law, abolishing serfdom and feudalism and guaranteeing basic rights. The French scholars he had brought with him began the scientific study of ancient Egyptian history. In 1799 he failed to capture Syria, but he won a smashing victory over the Turks. France, meanwhile, faced a new army; Austria, Russia, and lesser powers had allied with Britain. Napoleon, was no meek soul, he decided to leave his army and return to save France. In Paris, he joined a conspiracy against the government. November 9-10, 1799, he and his friends seized power and established a new regime. Under its constitution, Napolean, as first consul, had almost completely dictatorial powers. The constitution was revised in 1802 to make Bonaparte consul for life and in 1804 to create him emperor. Each change received the overwhelming assent of the French electorate. In 1800, he assured his power by crossing the Alps and defeating the Austrians. He then negotiated a general European peace that established the Rhine River as the eastern border of France. He also concluded an agreement with the pope, which contributed to French domestic tranquillity by ending the quarrel with the Roman Catholic Church that had arisen during the Revolution. In France the administration was reorganized, the court system was simplified, and all schools were put under centralized cont rol. French law was standardized in the Code of Napoleon. They guaranteed the rights and liberties won in the Revolution, including equality before the law and freedom of religion. In April 1803 Britain, provoked by Napoleon's aggressive behavior, resumed war with France on the seas; two years later Russia and Austria joined the British in a new coalition. Napoleon then abandoned plans to invade England and turned his armies against the Russian forces. In 1806 he seized the kingdom of Naples and made his elder brother Joseph king, converted the Dutch Republic into the kingdom of Holland for his brother Louis, and established the Confederation of the Rhine of which he was the protector. Napoleon had meanwhile established the Continental System; a French-imposed blockade of Europe

8 Warning Signs You Need to Update Your Resume

8 Warning Signs You Need to Update Your Resume While job searching, you want to make sure you’re coming across as the best and freshest person for the job. Here are 8 warning signs you need to update your resume. 1. Too much historyGet out of the past. You don’t need to list every single position you’ve ever had, just the most recent and relevant ones. This is the first thing hiring managers look at on a resume. Make yours sing. If you’re going back 10 or  15  years? Consider de-emphasizing that content and focusing instead on the good and grabbing most current stuff.2. Too much textFormat your resume to be reader friendly and to give the hiring manager the information they need most as quickly and as pleasingly as possible. Avoid long paragraphs and big sentences. Keep it short and snappy and keyword heavy.3. Too longKeep it to a page, unless your field demands something different. Make sure that a potential hirer can see what you need them to see in six seconds- which is sometimes all the time yo u get. Tailor your resume specifically to the job you’re applying for, and leave the rest of the content on your standard or generic document for other positions where it might be more relevant.4. Wasted address spaceYou don’t need to give out your personal snail mail address, unless otherwise specified. Current resume etiquette maintains that all you need in the way of contact information is your name, phone, and email. Anything more just wastes valuable space and could make you appear hopelessly retro.5. Your home numberBusiness line or cell, please. Who even has a home number anymore? This isn’t 1990. Plus, you want to set up boundaries. Do you really want recruiters calling while you’re sitting down to dinner with your kids?6. No links to social mediaThis is necessary nowadays. Add a link to your Twitter, LinkedIn, or Facebook profile. LinkedIn at the very least. But do make sure you’ve double-checked your profiles before linking them, and scou red for any inappropriate or inflammatory content!7. Career objectiveThis is way out of fashion, takes up valuable space, and bores the recruiter to tears before they even get to the part where you list your qualifications. Write a brief professional summary instead- two or three sentences that synthesize your strengths and experience and show why you’d be a unique and ideal fit for the position and the company.8. â€Å"References upon request†This is a way outdated and redundant thing to include. Obviously you’ll provide references if requested. Take that sentence out and put something more valuable in its place.

Whats a Good SAT Score for an Honors Student

What's a Good SAT Score for an Honors Student SAT / ACT Prep Online Guides and Tips e It can be hard to tell the difference between a goodSAT score and a bad one, especially for high-achieving students. To help you see how you stack up against your peers,we've done a thorough statistical analysis to determine what counts as a good SAT score for an honors student. In this guide, I'll give you a sense of what a high score looks like for a top student and help you understand what that means for you. But before we get into the data,let's define our terms. What Is an Honors Student? Honors students are high achievers. Whether we think of them as student enrolled in honors classes, students on the honor roll, or students earning a certain class rank, the basic premise remains the same: they strive towards loftier academic standards than most of their colleagues do. Since this is certainly true when it comes to grades in school, it ought, by rights, to extend to standardized testing. What qualifies, then, as a "good" SAT score for any given student is determined largely by the performance of that student's scholastic peers. What Is a Good SAT Score? When you think about it, there's really no universal cut-off between a "great" score and a "not-so-great" score- not one that every single student will agree on.What trulymakes a score a good one is its ability to get you where you want to gothat is, its ability to make you attractive to the schools you'd like to attend. Honors students are generally gearing towards more competitive schools. Thus, they're going to need more exceptional scores to earn their way in! I'm not sure what the statistics in this picture mean, but they sure do look official! Good SATScores for Honors Students We at PrepScholar ran some statistical analyses to answer the delicate question of what a good score really looks like for an honors student. We used what's called a Monte-Carlo method, which is a lot more accurate than just lining up percentiles and comparing those. You see, just because you're in the top tenth of students at your school, that doesn't necessarily put you in the top tenth of standardized test takers. Why not, you may ask? Well, high schools select honors students based on different criteria than the SAT. Based on our analysis, we've compiled high, average, and low scores for both honors and high honors students. Honors Students We're defining these as the top third of high school students. It's possible that some of these students are not recognized as honors students at their schools, and it's possible that some students recognized as honors students at their schools are not among this third. Let's look at the range of scores for this group: A low score(25th percentile) is 1117 An average score (median) is 1207 Ahigh score (75th percentile) is 1285 Now, statistically, for the best of the best... High Honors Students We're defining these as the top tenth of high school students. These students are the ones most likely to be in high honors programs, though the same disclaimer applies here as it did before. Let's look at the range of scores for this group: A low score(25th percentile) is 1885(or 1257on the New SAT) An average score (median) is 2000(or 1333on the New SAT) Ahigh score (75th percentile) is 2102(or 1401on the New SAT) Take-Aways Sadly, there's truly no rest for the weary. The competition is a lot stiffer among more elite groups of students. It takes a much higher SAT score to stand out among high honors students than it does to stand out from among the common crowd. Having a good class rank combined with a stellar SAT score, though, is totally worth the effort. What's Next? Put in the work preparing for the test. Let us clue you in as to why it's so crucial. Aiming high along the way? A perfect score is tough to get, but it's possible. Are you still unclear on what a good SAT score is- or do you want a more general picture? We've got you covered. Want to improve your SAT score by 160points?We've written a guide about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

Bioinformatics assignment Example | Topics and Well Written Essays - 1000 words

Bioinformatics - Assignment Example Tasks 1-7 are related to the material in Section B. Task 8 is to be found in Section C and uses the peptide sequence that was allocated to you. Marks are shown in parentheses. Task 1 (no marks) Write down the peptide sequence (near the start of section B) in single letter format (put a space between each letter): C G L V P V L A E N Y N K S Task 2 (8 marks) What do you conclude about the top seven matches for the peptide sequence? The results show that the matches are all peptide sequences which code for transferrin protein, except for one match, ICA, which codes for an inhibitor of carbonic anhydrase in pigs. The sequence matches code for different forms of transferrin proteins in various species. For example the 14 amino acid sequence is codes for serotransferrin in humans while it forms part of the protein code for lactotransferrin in horse. This shows that the same peptide sequence codes for the same protein in different species. Task 3 (1 + 1 marks) Write down: a) The number of amino acid residues: 698 b) The relative molecular mass (Mr): 77,064 Task 4 (2 marks) What are the details against TITLE? Protein Chain A: 329 residues Ligands: CO3 338(A) Metal: FE 339(A) Water: ?138 Task 5 (1 + 2 + 1 + 4 marks) a) What is the number of cleavages for pepsin (at pH 1.3)? 214 b) Why is the pH quoted? The pH can affect the catalyst activity of an enzyme. Extreme pH can denature the active site of the enzyme. pH also gives an idea of the optimum temperature at which the enzyme is able to work. Changes in pH affect the actions of the enzyme. Therefore, at different pH, the hydrolytic action of the pepsin differs. Therefore, it is important to quote the pH. c) What is the number of cleavages for trypsin? 79 d) By reference to average peptide fragment lengths, which of the above two enzymes would be better for producing peptides for amino acid sequencing (and why)? Pepsin can cleave at a greater number of sites than trypsin. This means that cleavage by pepsin can produce much shorter peptide fragments compared to cleavage by trypsin. For amino acid sequencing, usually if the peptide is less than 50 amino acid residues, there is no need to further cleave the peptide. The peptides which are 50 AA residues or less can be sequenced by a cyclic procedure, where the AA is first labelled, cleaved and indentified; the process is then repeated on the shortened fragment. However if the peptide is longer than 50 residues, there is a need to first shorten the protein chain before the cyclic procedure is carried out. This means that the enzyme which makes smaller fragments is suitable for sequencing in this case. Calculating the length of the peptide fragments: Pepsin: 698/214? 3 AA Trypsin: 698/79?8 AA In this case, pepsin makes a fragment which is equal to a single AA. This means that pepsin is more suitable. Task 6 (1 + 1 + 4 marks) a) What is the name of the amino acid residue to which carbohydrate is attached? Asparagine b) What is the position number of th is amino acid in the protein’s amino acid sequence? 432 c) How are sugars attached to proteins? Via glycosidic bonds Task 7 (1 + 1 + 1 + 4 marks) a) Number of disulphide bridges: 8 b) Number of strands: 13 c) Number of helices: 15 d) Why are disulphide bridges important for those proteins that have them? Disulphide bonds have an important role in the stability of proteins. They also help to bring about folding in the proteins. The disulphide bond lowers the entropy of the unfolded form of the protein, thus lowering its

Technology determinism and media convergence Research Paper

Technology determinism and media convergence - Research Paper Example In media convergence, the strategy involves three elements; corporate concentration, digitization and government deregulation. This strategy allows companies to cut labour cost by transmitting the same media content over the other media outlets. The purpose of this would be attracting increased advertisement simply by providing better package for advertisers. For the company, material and administrative costs are reduced since they transmit similar things in many media station the company owns. It also helps in increasing brand recognition and brand royalty. Furthermore, it also raises the barriers for new customers seeking a chance to enter the media markets hence limiting advancing competition from other companies (Jorda 2008). An example of media convergence could be could be the merger between Warner Brothers and Time Inc in 1989 in order to create the world’s largest media house. The merger also had businesses in the entertainment sector, magazine publishing, film production, music recording and distribution. In 2001, AOL bought Time Warner in an attempt to expand the merger to accommodate the internet (Jorda 2008). Another example of media convergence is BCE Inc, a telephone company that expanded into the television industry, purchased the national CTV network, expanded to publishing newspapers, acquired The Globe and Mail: plus a new media together with a family of websites.

Facts of the Case Essay Example for Free

Facts of the Case Essay On May 1967, Carole D. , an international model and Gerald D. , a top executive in a French Oil company got married. They established a home where they lived as husband and wife. Two years later, Carole got involved in an adulterous affair with her neighbor Michael H. Subsequently, Carole gave birth to Victoria D. and in the birth certificate Gerald was named the father of the child. Immediately after the delivery of the child, Carole D. confided to Michael H. that she had strong reasons to believe that he was the real father. A group blood test was taken which only confirmed their suspicions that indeed Michael was the real father. In light of this discovery, Carole paid Michael a brief visit at his place, during which time, Michael held out the daughter as his very own. Not long after, Carole left Michael to live with another man and later returned to Gerald. After a series of failed attempts to see his daughter and having been rebuffed by Carol a few times, Michael filed a filiation action in California Superior Court to establish his paternity and right to visitation. The child Victoria, in a cross-complaint filed through an appointed attorney and guardian ad litem, asseverates that if she had more than one psychological or de facto father, she was entitled to maintain her filial relationship, with all of the attendant rights, duties, and obligations, with both. Issues of Law: The law at issue in the case at bar is the California statute holding that â€Å"a wife cohabiting with her husband, who is not impotent or sterile, is conclusively presumed to be parents of a child of the marriage†, unless such presumption is rebutted by competent blood-group test results declaring otherwise. Likewise, a motion for which must be filed in court not later than two years from the date of the child’s birth by the husband, or by the natural father after an affidavit recognizing paternity has been filed in the appropriate period allotted by law, [Cal. Evid. Code Ann. 621(a), (c), (d) (West Supp. 1989)]. Legal questions: Petitioner avers an abridgment of his rights to procedural and substantive due process of law insofar as he was barred from demonstrating his paternity through blood tests, and that the overriding social policy of protecting the integrity of the family unit, stemming from the husband and wife relationship, prevented him from exerting his natural rights as a father over his natural daughter. He argues that the protection of Gerald’s and Carol’s marital union is an insufficient state interest to deny him the right to continue filial relationships with Victoria. Tradition espoused in marital union must give way to his inalienable natural right as a father. The main issue is whether or not the relationship between Michael and Carol, as a family unit, has been recognized as valid in society, or that history has in any way accorded special protection to their extra-marital union. Cross-complainant, on the other hand, invokes the equal-protection clause in addition to her right to due process. She argues that by denying her full enjoyment of being with her natural father, the State does, in turn, discriminate against her status as an illegitimate child. Court Opinion and Holding: The decision of the California Superior court appealed from is affirmed. The State, its laws and the society in which they are ensconced largely favor the strength and solidarity of marital unions. Absent a clear showing that neither the husband nor the wife are incapable of conceiving and bearing a child, or that the husband had no access to his wife when the child was conceived, the presumption that the child born out of their marriage is theirs can not be refuted. Presumption of legitimacy in a valid marital union is a fundamental principle of common law. The rationale for applying the presumption lies at the fact that the heirs must be protected against allegations of illegitimacy when the rights of succession and inheritance are in question. It is also a means to prevent indiscriminate and spurious claims to the illegitimacy of the children of the family in order that the stability of state and family is preserved. Michael’s claims find no meaning in the extant pages of jurisprudence and history where a man was ever successful in asserting his paternity of a child with a woman as the wife of another man in the subsistence of a valid marriage. Thus, Michael’s contention is devoid of social merit and legal cognizance. Cross-complainant’s concern that she is discriminated against as an illegitimate child is likewise unmeritorious. For one, she is considered legitimate in the eyes of law and second, she possesses all the rights and obligations of a legitimate child. No discrimination whatsoever arises. Student Opinion: Dura lex sed lex. The law is harsh but is the law. In this case, the court understandably had to uphold social traditions and legal construct against the claims of natural rights of Michael simply because the technological means of proving paternal filiations are not that abjectly convincing. The court’s adamant refusal to at least grant Michael the right of a natural father, much less give him visitation rights bespeaks of its desire to maintain social order no matter the psychological and social ramifications it may bear on both Michael and Victoria. Yet science has progressed at such a gallop that was then science fiction is now science fact. DNA typing and other competent methods of accurately confirming a person’s legitimacy, may completely trump legal rhetoric argued in this case. Perhaps, in future test cases, in light of DNA technology, the court would be more willing to deviate from the norm in favor of fathers of children outside of a legally subsisting marriage. Hopefully, the presumption espoused in this case will no longer find application before concrete and hard scientific facts and the court would be more lenient to the Michael’s and Victoria’s of society.

Are You Experienced? :: essays research papers

The Jimi Hendrix Experience released its first album in early 1967. Popular music had been leaning towards psychedelics for a couple years already and Are You Experienced? came out at about the same time as the Beatles' Sergeant Pepper's Lonely Hearts Club Band. Are You Experienced? far exceeded the Beatles' triumph in complexity, capturing the essence of the late 1960's culture. Naturally the newer band did not share the immediate success of the Beatles. But its staying power has been testified to by several generations. The British version of Are You Experienced? contained a few subtle differences. Most prominent were the absence of "Purple Haze" and the addition of Hendrix standard "Red House". "Purple Haze" caught fire in America after the Monterey Pop Festival and became Jimi's signature song. Although it was said to have endless verses, Jimi generally sang only the shortened version from the album (with a few ad lib changes). The single was sent to radio stations with a note: "This song was intentionally distorted. Do not adjust." Are You Experienced?, as with most of the Experience's music, sounds heavy no matter how many times you listen to it. In actuality, the stony "Purple Haze" is about as close as they ever come to hard rock. The next song, "Manic Depression" comes in strong with the opening chords and then reveals Mitch Mitchell's trademark rolling drums. It also contains another of Jimi's solos worth listening to by any new or Experienced fan. Chas Chandler chose the quietest song on the album to give the world its first taste of Jimi Hendrix's talents. Its first single, "Hey Joe", a song written by turn-of-the-century bluesman Billy Roberts debuted at number on the pop charts. No other song written or performed by Jimi Hendrix had as much success as this one. It topped out at number 2, behind the Beatles' "Lucy In the Sky With Diamonds". When there are other people around, it makes you feel alive. But when you sit alone and listen to the music, every chord catches in your throat. "Love or Confusion" has happened upon me more than once when I was suddenly realizing the dispair of yet another relationship. If the answer to his question is not obvious during the song itself, Jimi answers it for you with his very last whisper. "Love or Confusion" is a wicked twister of emotion. It shakes you up and when you lose your sense of direction, it drops out from under you, leaving you to fall mercilessly to

The Suffragettes

What was the aim of the suffragettes? The suffrage movement was mainly women from middle class backgrounds. These women were frustrated by their social and economic situation and wanted an outlet through which to initiate change. The word suffrage comes form French and means being allowed to vote. They were fighting for their legal right to vote and the injustice of the women situation of not having equal rights as men in the early 20th century. But men in power denied it, so they resorted to violence. They started to fire mailboxes, smashing windows and blowing bombs.Tactics how did they get their point across? This group of women, the suffragettes, used a variety of tactics during their fight for equal rights as men. Tactics varied from passive such as using uniforms in order to attract publicity or staging marches, public meetings even printing their own newspaper. They also visited factories aiming to convince workingwomen to join their cause. They indeed got noticed; all kinds o f women joined the movement. Nevertheless, the parliament didn’t grant them the right to vote.As a reaction to this denial, they responded with more destructive tactics like smashing shop windows, setting fire and bombs in buildings. They purposely tried to get arrested in order to shock people and make them realize that they were being treated like criminals. When they were in prison suffragettes went on hunger strike. Eventually the women were forced-fed. A tube was forced down their throat and liquid was poured down. It was very painful. After this violent strategy, some participants thought they had gone to far and resigned.Leadership: Emily Davidson an English women from a modest background who struggled her way through college, was a well-known participant of the suffragettes movement. She is a great example of their determination and perseverance. During her years as a suffragette, she was arrested for various offences, including a violet attack on a man. During these arrests, she was tortured and force fed after a hunger strike, and suffered from severe spinal damage when throwing herself down an iron staircase as a protest.Her tactics became more and more extreme as planting bombs. Her motto was â€Å"Rebellion against tyrants is obedience to God. † The final act that earned her eternal fame as suffragette and demonstrated her strong will power and bravery was when she threw herself under the King's horse, Anmer, as it rounded Tattenham Corner becoming like this the first martyr of the suffragette cause. Success of the cause: With the outbreak of the war in 1914, the WSPU ended their political activities.All suffragettes were released from prison and they focused on supporting the war. Many women worked very hard during the war, they took jobs normally reserved for men. The huge numbers of men needed to fight the war and the high numbers of wounded amongst the soldiers, forced men to employ women as gas workers, coal heavers, transport w orkers, and ambulance drivers. When the war ended, these female workers were rewarded with a law that allowed women over 30 years of age with property, to vote in parliamentary elections and even become Members of Parliament.Finally in 1928 all women over the age of 21 were given the right to vote. Relevance of the suffragette movement: The suffragettes confronted, for the first time, the prejudice against women that has always existed throughout history. They attacked it both political and culturally, and they realized that they needed to win the right to vote because without political power they didn’t have a chance to change their position in society. The belief of the time was that women were not competent enough to compete with men and to participate in politics.They had nothing to loose in the beginning and their ideas of how far they could take their actions in the name of their principles had no limits. They would do anything that was needed to change the future of th e women who would follow them. Still this political movement remains very important for modern society today, there are still many challenges limiting the rights of women. Even though the suffragettes accomplished quite a lot, equality between men and women has yet to be achieved. Their example teaches us perseverance and commitment to a cause even when there seems to be no hope of winning.

Modified Fingernails †Symbols of Social Essay

Western society has not been traditionally attuned to see body adornment as a form of social status. Thus over the years people in the West attribute it to less developed societies which lay emphasis on rituals. Thus body modification was seen as an articulation of values which were essentially non western. (Krakow, 1994). However this does not seem to be the case any more as a greater number of people are willing to modify their bodies thus making body beautification acceptable thereby giving a person social as well as individual identity in a society. Body modification is thus seen as enabling a person to exemplify and attenuate him or her personality through alteration of natural color, shape, tone and tenor. By decoration such as nail painting, gloss and enhancement, a person can project himself in the manner he wants others to perceive. Thus a girl with long nails, fully adorned with polish is seen as one who is in tune with the social image of somebody who has arrived in society. As greater numbers of people are adopting this mode, nail or other forms of body adornment is becoming an expression of actual position held by a person in society. Thus through external embellishments a person is able to define herself to others. Increased acceptance of this practice is indicated by forms adopted in nail adornment such as gluing of plastic to increase the length of the nails so that bright colors, paints and sparklers can be applied to these. (Andersen. Taylor. 2005) The reason for extension of nails is quite obvious, this is to enhance visibility through added length of the body object which is otherwise quite innocuous. By making it longer, the same can be decorated and made more noticeable. But the process also needs specialized treatment, which can come about at a certain level of monetary standing indicating the link between wealth and length or adornment of nails. As societies become more complex, they tend to provide opportunities to people to define their status through adornment of the body. Nails are perfect symbols of such social embellishment. The first requirement of a well kept hand is absence of manual labor. Thus there is obvious connection between a person of high society and well kept hands which indicates social as well as wealth status of a person. This has been ancient tradition and has been carried forth in the modern World. (Peters. Lock, Eds, 1999) Since a large degree of artistry of the body is now made by instruments as lasers, surgical and other tools by experts this has become expensive. Thus body art studios and fingernail manicure specialists have established high end shops, where they are able to manipulate your nails to the desired shape, size and color. By being exclusive in nature, they establish a distinction of economic status. As society has evolved thus body art has assumed proportions of social as well as wealth standing. (Jeffreys, 2000). Over a period this distinction is also translated from overall to individual social status. Thus a person who has manicured, well kept finger nails is associated with wealth as well as standing through a process of exclusion. This exclusion works first monetarily in that as it is expensive those who cannot afford it are denied an opportunity of being in the same class. In the second stage it is seen to work socially as shapes, colors and contours are so distinctive that a person wearing a superior shade of nail polish is easily identified as one who can afford it and hence ipso facto assumes higher standing. Thus from abhorrence as practices which were aboriginal to adoption of body adornment as a form of celebration of ones arrival in high society, fingernail manipulation has assumed a social symbol even in Western society today. Vantoch (1999) explored this evolution of the new American female by denoting the large number of nail adornments of different colors and shapes present in a pre teen’s room. The girl was sporting what can be described as talons, two inches long finger nails. (Vantoch, 1999). The fingernail was converted into a symbol of expression of the persona just like any other accoutrement at a very early age in life. The refined development of the art of the make up in modern times is also responsible for such an evolution. Thus nails have been converted into objects of art and ornamentation by using these for nail jewelry, nail art, air brush design, sculpturing of nails as well as providing green glitter. This has also provided a common touch thereby enhancing a wider number of females in society to higher standing. (Vantoch, 1999). Most interestingly it denotes how society has evolved, from considering these as a possible aboriginal practice to be abhorred by the West, more and more people are using it to express their state of social as well as economic evolution. The utilitarian view of nails as symbol of health has been known over the ages and is seen to continue even to this day. Thus fingernails are many times the first to be seen by a doctor. (Anatomy, 2005). Yellow or green fingernails invariably indicate ill health, a bronchial disease or other conditions which are diagnosed by the family physician. When nail problems persisted, these also indicated that the person required sustained treatment. The ultimate in nail care which has emerged is a combination of health, fashion and social status. Manicure and the higher forms of nail care and manipulation seen in advanced societies today is seen as a symbol of the rich, as one who has arrived in society and also some body who maintains good health. How long will this trend persist remains to be seen, for there are many periods in human evolution wherein short nails were as popular as long. Reference: 1. Anatomy. (2005) Anatomy of a healthy fingernail. Accessed at http://www. cnn. com/HEALTH/library/WO/00020. htmlon 23 March 2007 2. Andersen, Margaret L. Taylor, Howard F. (2005). Sociology: The Essentials. Belmont : Thomson. 3. Jeffreys, Sheila. ‘Body Art’ and Social Status: Cutting, Tattooing and Piercing from a Feminist Perspective. Feminism & Psychology, Vol. 10, No. 4, 409-429 (2000) 4. Krakow, A. (1994) The Total Tattoo Book , New York : Warner Books. 5. Peters, Charles, R. Lock, Andrew. (1999). Handbook of Human Symbolic Evolution. Oxford : Blackwell. 6. Vantoch, Vicki. (1999). Fingernail Fashion Choices. The Washington Post. December 28, 1999. Accessed at http://www. washingtonpost. com/wp-srv/style/feed/a41653-1999dec28. htm on 23 March 2007.

Custom Harvesting essays

Custom Harvesting essays Custom harvesting is usually associated with the harvesting of wheat in North America. Actually, custom harvesting is needed for all kinds of different crops. Custom harvesting is the cutting of a farmers crop by a custom harvester and not the farmer himself. Custom harvesters are people that do the harvesting for the farmers. Custom harvesters endure many different things during their work. Harvesters work long hours and spend various amounts of time away from home. They hire crews and entrust a lot of their livelihood in these crews. An average custom harvesters year is broken up into three parts; the wheat harvest, the fall harvest, and the down time during the winter. Custom harvesters own their own machinery. Harvesters all have some type of combine with header attachments, some type of truck, and some type of trailer. Combines are usually new, so they do not breakdown a lot. Harvesters do not want their equipment to breakdown, because time is truly money in the custom harvesting business. The number of combines a harvester owns depends on how many acres they do for farmers in a years time. Harvesters own various combinations of header attachments that are attached to the front of the combine. The types of header attachments that a custom harvester owns are based on what kind of crops they harvest. For example, if they harvest corn, they use a corn head. If they harvest soybeans, they use a flex-head. If they harvest wheat, they use hard platforms, etc. Harvesters have different types of trucks. They either use a semi or a straight truck. A semi is a tractor-trailer combination. A straight truck is the tractor with the body stretch ed out and a dump box put on it. Harvesters have various types of trailers. There are trailers used to haul one or two combines, and other trailers used to haul the headers. They need to haul their equipment, because they spend part of the year moving aro ...

The Chemistry of Changing the Color of Egg Yolk

The Chemistry of Changing the Color of Egg Yolk Chickens and other poultry naturally produce eggs with pale yellow to orange yolks, largely depending on their diet. You can change the color of an egg yolk by changing what the chicken eats or by injecting a fat-soluble dye into an egg yolk. Egg Color and Nutrition Eggshell and yolk color are unrelated to the nutritional content or flavor of an egg. The shell color naturally ranges from white to brown depending on the breed of chicken. Yolk color depends on the diet fed to the hens. The shell thickness, cooking quality, and value of an egg is not affected by its color.​ Can I Dye Egg Yolks? The short answer is yes, you can dye them. However, because egg yolks contain lipids, you need to use a fat-soluble dye. Ordinary food colors can be used to change egg white color, but wont spread throughout an egg yolk. You can find oil-based food dyes at Amazon and at cooking stores. Simply inject the dye into the yolk and allow time for the color to permeate the yolk. Changing Yolk Color at the Source If you raise chickens, you can change the color of the yolks of the eggs they produce by controlling their diet. Specifically, you control the carotenoids  or xanthophylls they eat. Carotenoids are pigment molecules found in plants, responsible for the orange of carrots, red of beets, yellow of marigolds, purple of cabbages,  etc. Certain commercial pigments are available as supplements added to feed to influence egg yolk colors, such as  BASFs   Lucantin(R) red and Lucantin(R) yellow. Natural foods also affect yolk color. Yellow, orange, red, and possibly purple may be obtained, but for blue and green you likely have to resort to synthetic dyes. Yolk Color Ingredient nearly colorless white cornmeal pale yolks wheat, barley medium yellow yolks yellow cornmeal, alfalfa meal deep yellow yolks marigold petals, kale, greens orange to red yolks carrots, tomatoes, red peppers Foods That Naturally Influence Egg Yolk Color    Hard Boiled Green Egg Yolks You can get grayish green egg yolks by hard boiling eggs. The discoloration results from a harmless chemical reaction in which hydrogen sulfide produced by sulfur and hydrogen in the egg whites reacts with iron in the yolks. Few people consider this an attractive food color, so you may wish to prevent this reaction by immediately chilling eggs with cold water after hard boiling them.

Synthesis apaer Essay Example | Topics and Well Written Essays - 1250 words

Synthesis apaer - Essay Example According to them, ‘communication is a central phenomenon in organizations and is especially important for management. Certainly, as an activity it occupies a vast majority of a manager’s time, and thus any increase in manager’s effectiveness or skill as a communicator should contribute directly or indirectly to improved organizational performance’ (cited in Hargie, Dickson & Tourish, 1999; p.1). Communication in an organization constitutes two major roles, information flow and maintaining harmonious relations. In both cases, managers and/or leaders play a major part in their execution. All essentials of driving the right management principles and organizational culture, i.e. leadership, teambuilding, and assertiveness, require, not just good or excellent, but appropriate communication skills. Communication, as a concept, emphasizes on getting the point across effectively and setting the right expectations with people. Effectiveness of communication is measured by the results or actions in response. Effective communication does not need to be very complex or use sophisticated language, and should effectively focus on its main aim of informing others. Effective communication is the one which is complete and clear. Business communication happens through various media, verbal, written, electronic etc. Whatever be the medium, effectiveness in the content delivered is what matters the most. Managers’ role in management communication is much beyond ‘delivering information,’ and extends to gaining people’s confidence, convincing them, and displaying and promoting the right behavior and attitude. Good communication skills entail certain characteristics to be possessed by the managers. Working as a manager at IBM, my work is accomplished majorly through communication, and hence these characteristics or attributes become essential skills to be possessed in order to make

Rewrite Essay Example | Topics and Well Written Essays - 500 words

Rewrite - Essay Example Customer satisfaction is seen as our companys top most priority. Our company responds and adapts quickly to customer requirements. Not only that, but our company goes beyond the expectation of defect and error reduction, merely meeting specifications, and minimizing customer complaints. Prestige International, Inc. works to constantly improve product and service attributes that meet basic requirements. This helps them to gain a competitive advantage. Ongoing improvement of all operations, activities and tasks is highly valued by Prestige International, Inc. Once it is realized that a product’s top quality is demanded by a customer, continuous development is immediately put into effect to assure the highest level of customer satisfaction. We also recognize that the quality of our product is a direct result of the process involved. As a result, there is a strong focus on continuous improvement of our companys processes. Improvement cycles are encouraged and maintained for all the companys activities like, product development and the proper management of customer relationships. Eliminating waste is another component of the continuous improvement approach. The customer-driven approach helps to prevent errors, decrease mistakes, and achieve defect-free production. Prestige International, Inc. adopted TQM as a code of life for the company. It was introduced and directed by top management where commitment, dedication and personal involvement has always been a top priority of theirs. This has efficiently helped in creating and deploying clear quality values and goals consistent with the objectives of the company while at the same time ensuring and deploying well-defined systems, methods and performance measures for achieving those goals. These systems and methods put in place actively guide all quality activities and encourage employee participation. Prestige International,

[Japan nuclear and chernobyl syndrome] Essay Example | Topics and Well Written Essays - 1750 words

[Japan nuclear and chernobyl syndrome] - Essay Example The nuclear disaster at Fukushima once again revived the memories of the debilitating things that happened at Chernobyl just a few years ago. A large section of media and scientific community went ahead to compare the possible radiation impact of Fukushima disaster with that of Chernobyl. The print and digital media was replete with the reports placing Fukushima and Chernobyl nuclear reactor side by side, portending the two disasters to be very similar and akin in their fallout and intensity. It was only a very few critical minds and concerns who took the time to point out the differences between the two seemingly similar situations. At large, the world seemed to have been taken over by the ghost of Chernobyl, without waiting to critically analyze the facts. Fukushima-the Facts On 11 March 2011, Japan was hit by an earthquake of magnitude 9.0, accompanied by a devastating tsunami. One of the major fallouts of this calamity was the tragic accidents that took place at the Fukushima nuc lear plant. ... When the earthquake occurred, the functional reactors number 1, 2 and 3 automatically came to a halt (Jones: Online). Also, the emergency generators efficiently started to run the water pumps and the emergency control electronics put in place to tackle such exigencies (Jones: Online). The bad thing was that though the Fukushima nuclear plant was well protected by a sea wall, it failed to withstand the massive 14 m tsunami that flooded the reactor in a matter of minutes (Jones: Online). This flooding of the reactor simply jeopardized the low lying water pumps and electronic cooling equipment and spoiled the electrical grid (Jones: Online). With the shutting down of the cooling mechanisms and a zero possibility of extending assistance and support from outside, the reactors 1, 2 and 3 suffered a core meltdown (Jones: Online). The resultant hydrogen explosions blasted the lids capping the buildings in which reactors 1, 3 and 4 were placed (Jones: Online). This was soon followed by rampan t fires caused by the overheating of the reactors (Jones: Online). It is a fact that many of the workers employed at Fukushima nuclear plant suffered radiation exposure and were evacuated. Also, owing to the fears of radiation leakage, people residing in a 20 km radius around the plant were also evacuated (Jones: Online). On 17 March 2011, one of the generators deployed in the reactor number 6 was restarted, thus allowing for the cooling of partially damaged reactor number 5 and 6 (The Straits Times: Online). The restoration of Grid power on 20 March 2011 did not achieve the desired results, because of the largely damaged machinery and infrastructure. Besides, any attempts to repair the reactors were also hampered owing to the

Understand the Effects of Sport in the Development of Children Essay Example for Free

Understand the Effects of Sport in the Development of Children Essay Social effects Children who regular play sport have showed differences compared with those who dont. There are many social factors but I have highlighted the main ones. These social factors can be used later in life maybe to have respect for work colleagues. Learning respect for others When participating in local sports teams children tend to have respect for their team mates, but also their opponents. Due to the sex difference during school boys tend to be outside whereas girls play indoors. Because of boy playing sport outside they tend to learn goal setting, independent roles, techniques to improve performance and settle dispute. Whereas girls tend to cooperate better and have good patience. Development of coping ability When children play matches or games there are only one winning team but there is also a losing team. When losing the children will have to cope with disappointment and have respect for teamwork and the opposing team. When winning it will teach the children to have respect for the opposing side. Improved cooperation skills A successful team will need to cooperate to do well in a competition, so when children play in a competition in a team sport the performers will need to cooperate with each other, when older they can cooperate with people and consider other peoples feelings and views. Improved emotional wellbeing Participating in regular sports can decrease stress, it has been shown that boy and girls who play for teams have shown a greater ability to relax and avoid headache and back pains to those who dont play regular sports. Psychological effects Playing sport at an early age can have psychological effects which include an increase of motor skills, development of a sense of success and failure, these all can be used later in life. Increase range of motor skills Coaches and family encourage their children to play a range of sport because regular participation in sports improves hand eye coordination, coordination and balance. This means they will be good at a range of sports and when they grow up they can use these motor skills to understand tasks. Greater confidence and self esteem Children who participate in sport tend to more confident in their abilitys compared to those who dont. This means they will be comfortable in social situations and when a challenge comes across they will find a solution. Developed sense of success and failure As a regular participant in sport you will have to face success and failure when losing you will need to accept your loss and look where you went wrong, when winning you will need to have respect for your opponent. Increased motivation Children play sport for many reasons they can include pride, challenge of competition, desire and determination to succeed. These reasons will make children determined and motivated to succeed in their sport. Physiological effects Physiological effects can include a number of factors which include improved general health and improved fitness. Improved general health Sports serve as an excellent physical exercise. Those who play sports have a more positive body image than those who do not. Playing sports often involves physical activities like running, jumping and stretching and moreover a constructive expenditure of energy. Playing sports since an early age strengthens the bones and muscles and tones ones body. Thus sports provide the body with a complete exercise. Improved fitness After all, nearly every sport involves some kind of physical exercise, which is one of the key components of a healthy lifestyle. While a single sport can still do wonders for your body, by participating in a variety of them, you can work different muscles. For example, while football is more about strength, rugby involves more speed.

Dance In Public School Curricular Essay -- essays research papers

DANCE IN PUBLIC SCHOOL CURRICULA Dancing is a form of art that allows many children to express themselves through body motion while developing many skills. Children throughout the world have been dancing since the day they began walking. When a child to take their first steps and puts together the simplest combination of movements, that would be considered as dancing. Music also plays a major role in the development of children understanding dance, because it is can be used as an accompaniment, and can help children get a better feel for the rhythm in dances. Over the past century educators have come to the conclusion that dance serves as a form of art, and should be taught in public schools and colleges to help the growth in children of all ages both physically, mentally, and academically. The development in dance in education, during the 19th century in the United States, was linked to the sudden increase of elementary schools, secondary programs, colleges, as well as the establishment of private dance academies throughout the nation. Dance had always been thought as being just a form of socializing and not as a form of art. Private academies introduced dance as an art form before public schools. The private academies felt that through dance children would benefit greater academically, and physically, than those children who did not have the luxury of taking dance. Enrollment increased in private academies, while throughout the United States the enrollment in public schools steadily decreased. This was when educators decided to begin including dance in public school curricula. Kraus (1969) found that " a major influence in helping to bring dance into public schools and colleges was the work of the French dramatic teacher, Francois Delsante " (p.127). By the beginning of the 20th century, dance had become accepted by public schools throughout the United States and was now a required class. The only negative part about dance being taught in public schools, was that not all teachers who taught the dance classes were certified because there main objectives were to teach core classes. Throughout the United States, dance classes provided a form of exercise for children, but the dance were so basic it was not until public schools adopted the concept of modern dan... ...dance education is to continue growing throughout public schools and colleges in the United States, students, parents, and the rest of the community will need to stand behind their dance educators. Dance has always served a form of great exercise that allows people to express themselves through movement, and will continue to do so into the future. Dance education in the elementary level is a place that may need some help in child development, and the way to solve this problem is by getting classroom teachers who are skilled in dance and creative movement instruction. Dance education in the secondary level also needs to get highly skilled teachers who are also certified in dance themselves. It would also help attract more students if dance was presented in a different department other than physical education. Dance education in the college level is taught by certified dance instructors, therefore dancers in this level are able to explore movements, while being critiqued by someone who knows what is happening. Dance education has played a major role in the development of children of all ages, and will continue to do so, as long as dance educators and dancers have the proper support.

Fin 331 Study Guide

Finance Final Study Guide FIN 331 – Moser – Study Guide for Exam 1 – Spring 2011 Important Concepts * Forms of Business Organization * Proprietorship- an unincorporated business owned by one individual * Partnership- legal arrangement between two or more people who decide to do business together * Advantages * Ease of formation * Subject to few regulations * No corporate income taxes * Disadvantages * Limited life * Unlimited liability * Difficult to raise capital * Corporation- legal entity created by a state, and it is separate and distinct from its owner and managers. Advantages * Unlimited life * Easy transfer of ownership * Limited liability * Ease of raising capital * Disadvantages * Double taxation * Cost of set-up and report filing * Conflicts between Managers and Stockholders * Managers are naturally inclined to act in their own best interests (which are not always the same as the interest of stockholders). * But the following factors affect managerial b ehavior: * Managerial compensation packages * Direct intervention by shareholders * The threat of firing * The threat of takeover * Shareholder Value The price at which the stock would sell if all investors had all knowable information about a stock. * The primary financial goal of management is shareholder wealth maximization, which translates to maximizing stock price. * Value of any asset is present value of cash flow stream to owners. * Most significant decisions are evaluated in terms of their financial consequences. * Stock prices change over time as conditions change and as investors obtain new information about a company’s prospects. * Intrinsic value * In equilibrium, a stock’s price should equal its â€Å"true† or intrinsic value. Intrinsic value is a long-run concept. * To the extent that investor perceptions are incorrect, a stock’s price in the short run may deviate from its intrinsic value. * Ideally, managers should avoid actions that reduc e intrinsic value, even if those decisions increase the stock price in the short run. * Capital allocation process * In a well-functioning economy, capital flows efficiently from those who supply capital to those who demand it. * Suppliers of capital – individuals and institutions with â€Å"excess funds. † These groups are saving money and looking for a rate of return on their investment. Demanders or users of capital – individuals and institutions who need to raise funds to finance their investment opportunities. These groups are willing to pay a rate of return on the capital they borrow. * Direct transfers * Investment banking house * Financial intermediaries * Types of financial markets * Physical asset markets versus financial asset markets * Physical asset markets are for products such as wheat, autos, real estate, computers, and machinery. * Financial asset markets, on the other hand, deal with stocks, bonds, notes, and mortgages. Spot markets versus futu re markets * Spot markets are markets in which assets are bought or sold for â€Å"on-the-spot† delivery. * Future markets are markets in which participants agree today to buy or sell an asset at some future date * Money markets versus capital markets * Money markets are the markets for short-term, highly liquid debt securities. The New York, London, and Tokyo money markets are among the world’s largest. * Capital Markets are the markets for intermediate- or long-term debt and corporate stocks. The NYSE * Primary markets versus secondary markets Primary markets are the markets in which corporations raise new capital. If a company were to sell a new issue of common stock to raise capital. * Secondary markets are markets in which existing, already outstanding securities are traded among investors. * Private markets versus public markets * Private markets, where transactions are negotiated directly between two parties, are differentiated from†¦public markets. Ex. Com mon stock and corporate bonds * Public markets, where standardized contracts are traded on organized exchanges. Ex.Bank loans and private debt payments to an insurance company. * Importance of financial markets * Well-functioning financial markets facilitate the flow of capital from investors to the users of capital. * Markets provide savers with returns on their money saved/invested, which provides them money in the future. * Markets provide users of capital with the necessary funds to finance their investment projects. * Well-functioning markets promote economic growth. * Economies with well-developed markets perform better than economies with poorly-functioning markets. * Derivatives A derivative security’s value is â€Å"derived† from the price of another security (e. g. , options and futures). * Can be used to â€Å"hedge† or reduce risk. For example, an importer, whose profit falls when the dollar loses value, could purchase currency futures that do well w hen the dollar weakens. * Also, speculators can use derivatives to bet on the direction of future stock prices, interest rates, exchange rates, and commodity prices. In many cases, these transactions produce high returns if you guess right, but large losses if you guess wrong. Here, derivatives can increase risk. * Financial institutions Commercial banks * Bank of America, Citibank, Wells Fargo * Investment banks * Help companies raise capital * Financial services corporations * Conglomerates that combine many different financial institutions within a single corporation. * Credit unions * Employees, members or organization * Pension funds * Life insurance companies * Mutual funds * Hedge funds * Largely unregulated * Large minimum investment * Exchange traded funds (ETF’s) * Private equity companies * Like hedge funds * IPO * An initial public offering (IPO) is where a company issues stock in the public market for the first time. â€Å"Going public† enables a companyâ €™s owners to raise capital from a wide variety of outside investors. Once issued, the stock trades in the secondary market. * Public companies are subject to additional regulations and reporting requirements. * Efficient market hypothesis – implications * Securities are normally in equilibrium and are â€Å"fairly priced. † * Investors cannot â€Å"beat the market† except through good luck or better information. * Efficiency continuum * When markets are efficient, investors can buy and sell stocks and be confident that they are getting good prices.When markets are inefficient, investors may be afraid to iinvest and may put their money â€Å"under the pillow,† which will lead to a poor allocation of capital and economic stagnation. * Balance sheet * Provides a â€Å"snapshot† of a firm’s position at a specific point in time. The left side shows the assets that the company owns, while the right side shows the firm’s liabilities and stockholders’ equity, which are claims against the firm’s assets. * Assets * Current assets: * Cash and equivalents * A/R * Inventories * Total Current Assets * Net fixed assets: Net plan and equipment(cost minus depreciation) * Other assets expected to last more than a year * Total Assets * Liabilities and Equity * Current liabilities: * A/P * Accruals * Notes Payable * Total current liabilities * Long-term bonds * Total debt * Common equity: * Common stock * Retained earning * Total common equity * Total liabilities and equity * Income statement * Summarizes a firm’s revenues and expenses over a given period of time. * Sales * (COGS) * (Other Expenses) * (Depreciation) * EBIT * (Interest Expense) * EBT * (Taxes) * Net Income Statement of cash flows * Reports the impact of a firm’s activities on cash flows over a given period of time. Shows how much cash the firm is generating. * Cash @ end 2007 * O/A * I/A * F/A * Cash @ end 2008 * Working capital * An ything that is cash or can be converted to cash within a year. A/R and Inventory * Net working capital (NWC) * Current assets (A/R, Inventory, Cash) – (Payables + Accruals) * Free cash flow (FCF) * Everything left over for investors. Amount of cash that can be withdrawn to investors without harming the ability of the company to operate and produce. FCF = EBIT(1-T) + Depreciation – (Capital expenditures + Increase in NWC) (Income Statement) ( in gross FA/current) Balance Sheet * Corporate and personal taxes * Both have a progressive structure (the higher the income, the higher the marginal tax rate). * Corporations * Rates begin at 15% and rise to 35% for corporations with income over $10 million, although corporations with income between $15 million and $18. 33 million pay a marginal tax rate of 38%. * Also subject to state tax (around 5%). * Individuals * Rates begin at 10% and rise to 35% for individuals with income over $349,700. May be subject to state tax. * Tax t reatment of interest and dividends * Interest paid – tax deductible for corporations (paid out of pre-tax income), but usually not for individuals (interest on home loans being the exception). * Interest earned – usually fully taxable (an exception being interest from a â€Å"muni†). * Dividends paid – paid out of after-tax income. * Dividends received – Most investors pay 15% taxes. * Investors in the 10% or 15% tax bracket pay 0% on dividends in 2008-2010. * Dividends are paid out of net income which has already been taxed at the corporate level, this is a form of â€Å"double taxation†. A portion of dividends received by corporations is tax excludable, in order to avoid â€Å"triple taxation†. * Taxes – carrybacks and carryforwards * Tax Loss Carry-Back and Carry-Forward – since corporate incomes can fluctuate widely, the Tax Code allows firms to carry losses back to offset profits in previous years or forward to offs et profits in the future. * Taxes – capital gains * Defined as the profits from the sale of assets not normally transacted in the normal course of business, capital gains for individuals are generally taxed as ordinary income if held for less than a year, and at the capital gains rate if held for more than a year.Corporations face somewhat different rules. * Importance of ratios * Ratios standardize numbers and facilitate comparisons. * Ratios are used to highlight weaknesses and strengths. * Ratio comparisons should be made through time and with competitors. * Trend analysis. * Peer (or industry) analysis. * 5 categories of ratios * Liquidity: Can we make required payments? * Current = current assets/current liabilities * Quick = Current assets-inventories/current liabilities * Asset management: right amount of assets vs. sales? * Inventory T/O Ratio = Sales/Inventories * Days sales outstanding(DSO) = AR/(Sales/365) Fixed Asset T/O Ratio = Sales/Net Fixed AssetsNet FA=Balanc e Sheet * T/A Turnover = Sales/Total AssetsTA=Balance Sheet * How many times the PM is earned each year * Below avg. T/A T/O means that it has more assets than it needs * Debt management: Right mix of debt and equity? * Debt Ratio = Total Debt/Total AssetsBalance Sheet * Times-Interest-Earned(TIE) = EBIT/Interest ExpenseIncome Statement * Profitability: Do sales prices exceed unit costs, and are sales high enough as reflected in PM, ROE, and ROA? * Operating Margin = EBIT/Sales * Profit Margin = Net income/Sales PM is how much a firm earns on its sales * Below avg. PM means that the firm’s costs are not being controlled as well as they should be, therefore they cannot charge premium prices * Basic Earning Power(BEP) = EBIT/Total Assets * ROA = Net Income/Total Assets * ROE = Net Income/total common equityBalance Sheet * ROE and shareholder wealth are correlated, but problems can arise when ROE is the sole measure of performance. * ROE does not consider risk. * ROE does not co nsider the amount of capital invested. * Might encourage managers to make investment decisions that do not benefit shareholders. ROE focuses only on return and a better measure would consider risk and return. * Market value: Do investors like what they see as reflected in P/E and M/B ratios? * Price/Earnings (P/E) ratio = Price per share/Earnings per share * Earnings per share * Market/Book Ratio (M/B)= Market price per share/Book value per share * Book Value per share = Common equity/Shares outstandingBalance Sheet * P/E: How much investors are willing to pay for $1 of earnings. * M/B: How much investors are willing to pay for $1 of book value equity. For each ratio, the higher the number, the better. * P/E and M/B are high if ROE is high and risk is low. * DuPont system * ROE = Profit Margin(PM) X Total Asset Turnover X Equity Multiplier(EM) NI/Sales Sales/TA TA/Total common equity I______ _______I I ROA * ROA Focuses on expense control (PM), asset utilization (TA TO), and debt ut ilization (equity multiplier). * Uses of freed up cash * Old A/R * (New A/R) * Cash freed up * Uses: * Repurchase stock * Expand business * Reduce debt * All these actions would likely improve the stock price. * Limitations of ratio analysis Comparison with industry averages is difficult for a conglomerate firm that operates in many different divisions. * â€Å"Average† performance is not necessarily good, perhaps the firm should aim higher. * Seasonal factors can distort ratios. * â€Å"Window dressing† techniques can make statements and ratios look better. * Different operating and accounting practices can distort comparisons. * Sometimes it is hard to tell if a ratio is â€Å"good† or â€Å"bad. † * Difficult to tell whether a company is, on balance, in strong or weak position. * Sales forecast * Use historical sales data (approx. 5 years) Collect input from product development, marketing, and operations * Sales growth has a cost * Bad forecasts have a cost * Forecasting sales is the most important input in predicting future financial performance * Additional Financing Needed (AFN) * AFN = (A*/S0)? S – (L*/S0) ? S – M(S1)(RR) * = Projected asset increase – Spontaneous liabilities increase – Increase in retained earnings (How many assets to buy)L*(liab. Bs) M(S1)=future profits * A* = assets * L* = spontaneous liabilities * S = sales * M = profit margin * RR = retention ratio * FIN 331 – Moser – Study Guide for Midterm II – Spring 2011Important Concepts * Time Value of Money * The  idea that money available at the present time is worth more than the same amount in the future due to its potential earning capacity. This  core principle of finance holds that, provided money can earn interest, any amount of money is worth more the sooner it is received. * Future Value (FV) * The amount to which a cash flow or series of cash flows will grow over a given period of time when compounded at a given interest rate. * Finding the FV of a cash flow or series of cash flows is called compounding * What is the FV of an initial $100 after 3 years, if I/YR = 10%? N=3I/YR=10PV=100PMT=0FV=CPT * Future Value = 133. 10 * Present Value (PV) * The value today of a future cash flow or series of cash flows * What is the PV of $100 due in 3 years, if I/YR= 10%? * N=3I/YR=10PV=CPTPMT=0FV= 100 * PV=-75. 13 * Solving for Interest Rate * Solving for I: What interest rate would cause $100 to grow to 125. 97 in 3 years? * N=3I=CPTPV=100 PMT=0FV=125. 97 * Interest Rate = 8% * Solving for # of Time Periods * N = Number of periods involved in the analysis. * If sales grow at 20% per year, how long before sales double? * N=? I/YR=20PV=-1PMT=0 FV=2 * N=3. 8 * Ordinary Annuity vs. Annuity Due Ordinary Annuity * Payments occur at the end of each year(deferred annuity) * Set calculator to END * FV * 3-year ordinary annuity of $100 at 10%? * N=3 I/YR=10 PV=0 PMT=100 FV=CPT * FV=331 * PV * N=3 I/YR =10 PV=CPT PMT=100 FV=0 * PV=-248. 69 * Annuity Due * Set calculator to BEGIN * The payments are made at the beginning of each year * FV * 3-year annuity due of $100 at 10%? * N=3 I/YR=10 PV=0 PMT=100 FV=CPT * FV=364. 10 * PV * N=3 I/YR=10 PV=CPT PMT=100 FV=0 * PV=273. 55 * Perpetuity * An annuity with an extended life. * N=infinity * PV of a perpetuity = PMT/I * PV=PMT/I=$100/0. 1 = $1,000 Compound Interest * A 20-year-old student wants to save $3 a day for her retirement. Every day she places $3 in a drawer. At the end of the year, she invests the accumulated savings ($1,095) in a brokerage account with an expected annual return of 12%. * How much money will she have when she is 65 years old? * N=45 I/YR= 12 PV=0 PMT= 1095 FV=CPT * FV = 1,487,262 * Solving for annual payment * PV of uneven cash flows * * Effect of compounding more often * Compounding more often results in building interest upon interest * Nominal vs. Periodic vs. Effective Interest Rate * Written into contracts, q uoted by banks and brokers.Not used in calculations or shown on time lines. * Nominal rate (INOM) – also called the quoted or stated rate. An annual rate that ignores compounding effects. * INOM is stated in contracts. Periods must also be given, e. g. 8% quarterly or 8% daily interest. * Periodic rate (IPER) – amount of interest charged each period, e. g. monthly or quarterly. * * IPER = INOM/M, where M is the number of compounding periods per year. M = 4 for quarterly and M = 12 for monthly compounding. * Effective (or equivalent) annual rate (EAR = EFF%) – the annual rate of interest actually being earned, accounting for compounding. Used to compare returns on investments with different payments per year. Used in calculations when annuity payments don’t match compounding periods. * EFF% for 10% semiannual investment * EFF%= ( 1 + INOM/M )M – 1 * = ( 1 + 0. 10/2 )2 – 1 = 10. 25% * Should be indifferent between receiving 10. 25% annual inte rest and receiving 10% interest, compounded semiannually. * Semiannual/quarterly/monthly compounding * Annually * N=3 I/YR=10. 25 PV=0 PMT=100 FV=CPT * FV=331. 80 * 100(1. 025)^3=331. 80 * Semiannual * N=6 I/YR=5. 125 PV=0 PMT = 100 FV=CPT * FV=682. 33 * 100(. 5125)^6 * Quarterly * N=12 I=2. 6 PV=0 PMT=100 FV=CPT * * Loan Amortization * Amortization tables are widely used for home mortgages, auto loans, business loans, retirement plans, etc. * Financial calculators and spreadsheets are great for setting up amortization tables. * A loan that is to be repaid in equal amounts on a monthly, quarterly, or annual basis * Bonds * A long-term debt instrument in which a borrower agrees to make payments of principal and interest, on specific dates, to the holders of the bond. * Treasury * Government bonds * No default risk * Municipal * Bonds issued by state and local governments * Some default risk Advantage: Munis are exempt from Federal Taxes and from state taxes if the holder is resident of issuing state. * Corporate * Issued by business firms * Exposed to default risk * Higher the risk, the higher interest rate is demanded * Foreign * Issued by a foreign government * Currency exchange issues * Par value * face amount of the bond, which is paid at maturity (assume $1,000). * Coupon interest rate * Stated interest rate (generally fixed) paid by the issuer. Multiply by par value to get dollar payment of interest. * Maturity date * Years until the bond must be repaid. * Yield to maturity Rate of return earned on a bond held until maturity (also called the â€Å"promised yield†). * Call Provision * Allows issuer to refund the bond issue if rates decline (helps the issuer, but hurts the investor). * Borrowers are willing to pay more, and lenders require more, for callable bonds. * Most bonds have a deferred call and a declining call premium. * Sinking Fund * Provision to pay off a loan over its life rather than all at maturity. * Similar to amortization on a term loan. * Reduces risk to investor, shortens average maturity. * But not good for investors if rates decline after issuance. * Convertible Bond May be exchanged for common stock of the firm, at the holder’s option. * Warrant * Long-term option to buy a stated number of shares of common stock at a specified price. * Puttable bond * Allows holder to sell the bond back to the company prior to maturity. * Indexed bond * Interest rate paid is based upon the rate of inflation. * Valuing a bond * Problem * Discount bond vs. Premium bond and how you can tell by comparing the coupon and the YTM * Bond Values over time * Solving for YTM * Expected Total return= YTM = (Expected Current Yield) + (Expected Capital Gains Yield) * CY=Annual coupon payment/Current Price . 09(1000)/887 * CGY= Change in price/Beginning price * Or CGY = Current yield + Capital gains yield * Interest rate risk * The concern that rising interest rates will cause the value of a bond to fall. * 10year bond has more r isk than just a 1 year bond * Reinvestment rate risk * Reinvestment rate risk is the concern that rd will fall, and future CFs will have to be reinvested at lower rates, hence reducing income. * EXAMPLE: Suppose you just won $500,000 playing the lottery. You intend to invest the money and live off the interest. * You may invest in either a 10-year bond or a series of ten 1-year bonds.Both 10-year and 1-year bonds currently yield 10%. * If you choose the 1-year bond strategy: * After Year 1, you receive $50,000 in income and have $500,000 to reinvest. But, if 1-year rates fall to 3%, your annual income would fall to $15,000. * If you choose the 10-year bond strategy: * You can lock in a 10% interest rate, and $50,000 annual income for 10 years, assuming the bond is not callable. * Semiannual bonds * Multiply years by 2: Number of periods = 2N * Divide nominal rate by 2: Periodic rate (I/YR) = rd/2 * Divide annual coupon by 2: PMT = Annual coupon/2 * Yield to Call * Problem * Default risk If an issuer defaults, investors receive less than the promised return. Therefore, the expected return on corporate and municipal bonds is less than the promised return. * Influenced by the issuer’s financial strength and the terms of the bond contract. * Mortgage bond vs. debenture * Mortgage bond- backed up by collateral e. g. house,car,jewelry * Debenture- Not backed up * Investment-grade vs. junk bond * Investment grade-GE bond, lower risk and thus lower return * Junk bond- Speculative bonds that have high risk, but sometimes higher return * Significant risk of going default * 2 chapters of bankruptcy Two main chapters of the Federal Bankruptcy Act: * Chapter 11, Reorganization * If company can’t meet its obligations †¦ * It files under Chapter 11 to stop creditors from foreclosing, taking assets, and closing the business and it has 120 days to file a reorganization plan. * Court appoints a â€Å"trustee† to supervise reorganization. * Management u sually stays in control. * Company must demonstrate in its reorganization plan that it is â€Å"worth more alive than dead†. * If not, judge will order liquidation under Chapter 7. * Chapter 7, Liquidation * Typically, a company wants Chapter 11, while creditors may prefer Chapter 7. Priority of Claims in Liquidation * Secured creditors from sales of secured assets. * Trustee’s costs * Wages, subject to limits * Taxes * Unfunded pension liabilities * Unsecured creditors * Preferred stock * Common stock * Reorganization * In a liquidation, unsecured creditors generally get zero. This makes them more willing to participate in reorganization even though their claims are greatly scaled back. * Various groups of creditors vote on the reorganization plan. If both the majority of the creditors and the judge approve, company â€Å"emerges† from bankruptcy with lower debts, reduced interest charges, and a chance for success.Formulas that will be provided * Chapters 5 and 7 from Appendix C * Instructions on switching your calculator from END to BGN mode Chapter 8 * Investment Risk * Investment risk is related to the probability of earning a low or negative actual return. * The greater the chance of lower than expected or negative returns, the riskier the investment. * stand-alone risk * The asset is considered by itself * The risk an investor would face if he or she held only this one asset. * Portfolio risk * Asset is held as one of a number of assets in a portfolio * Average returns (stocks vs. bonds) Bonds offer relatively low returns, but with relatively little risk * Stocks offer the chance of higher returns, but stocks are generally riskier than bonds * Expected return r^ * The rate of return expected to be realized from an investment; the weighted average of the probability distribution of possible results * Standard deviation (sigma) * A statistical measure of the variability of a set of observations * The tighter the probability distributio n, the lower the risk * Measure of how far the actual return is likely to deviate from the expected return * Coefficient of variation (CV) The standardized measure of the risk per unit of return; calculated as the standard deviation divided by the expected return * CV= ? /r^ * Risk aversion * Assumes investors dislike risk and require higher rates of return to encourage them to hold riskier securities. * Risk premium * The difference between the return on a risky asset and a riskless asset, which serves as compensation for investors to hold riskier securities. * Portfolio expected return r^p The weighted average of the expected returns on the assets held in the portfolio * The weights being the percentage of the total portfolio invested in each asset * Diversification effects on a portfolio * ? p decreases as stocks added, because they would not be perfectly correlated with the existing portfolio. * Expected return of the portfolio would remain relatively constant. * Eventually the diversification benefits of adding more stocks dissipates (after about 10 stocks), and for large stock portfolios, ? p tends to converge to 20%. * Market risk vs. diversifiable risk Stand-alone risk = Market risk + Diversifiable risk * Market risk – portion of a security’s stand-alone risk that cannot be eliminated through diversification. Measured by beta. * Diversifiable risk – portion of a security’s stand-alone risk that can be eliminated through proper diversification. * Failure to diversify * If an investor chooses to hold a one-stock portfolio (doesn’t diversify), would the investor be compensated for the extra risk they bear? * NO! * Stand-alone risk is not important to a well-diversified investor. * Rational, risk-averse investors are concerned with ? , which is based upon market risk. * There can be only one price (the market return) for a given security. * No compensation should be earned for holding unnecessary, diversifiable risk. * Ca pital Asset Pricing Model (CAPM) * Model linking risk and required returns. CAPM suggests that there is a Security Market Line (SML) that states that a stock’s required return equals the risk-free return plus a risk premium that reflects the stock’s risk after diversification. * ri = rRF + (rM – rRF)bi * Primary conclusion: The relevant riskiness of a stock is its contribution to the riskiness of a well-diversified portfolio. Beta * Measures a stock’s market risk, and shows a stock’s volatility relative to the market. * Indicates how risky a stock is if the stock is held in a well-diversified portfolio. * Can the beta of a security be negative? * Yes, if the correlation between Stock i and the market is negative (i. e. , ? i,m < 0). * If the correlation is negative, the regression line would slope downward, and the beta would be negative. * However, a negative beta is highly unlikely. * The Security Market Line (SML) (calculating required rates of return) * SML: ri = rRF + (rM – rRF)bi * ri = rRF + (RPM)bi Assume the yield curve is flat and that rRF = 5. 5% and RPM = 5. 0%. * Market risk premium * Additional return over the risk-free rate needed to compensate investors for assuming an average amount of risk. * Its size depends on the perceived risk of the stock market and investors’ degree of risk aversion. * Varies from year to year, but most estimates suggest that it ranges between 4% and 8% per year. * Portfolio beta * The beta of a portfolio is the weighted average of each of the stock’s betas. * bP = wHTbHT + wCollbColl * bP = 0. 5(1. 32) + 0. 5(-0. 87) * bP = 0. 225 * Portfolio required returns The required return of a portfolio is the weighted average of each of the stock’s required returns. * Or, using the portfolio’s beta, CAPM can be used to solve for expected return. * rRF + (rpm)(stocks beta) * Discounted dividend model * Value of a stock is the present value of the future divide nds expected to be generated by the stock. * * Valuing stock with constant growth * A stock whose dividends are expected to grow forever at a constant rate, g. * D1 = D0(1 + g)1 * D2 = D0(1 + g)2 * Dt = D0(1 + g)t * If g is constant, the discounted dividend formula converges to: * * Dividend yield vs. capital gains yield Dividend yield * = D1/P0 = $2. 12/$30. 29 = 7. 0% * Capital gains yield * = (P1 – P0)/P0 * = ($32. 10 – $30. 29)/$30. 29 = 6. 0% * Valuing stock with nonconstant growth * During nonconstant growth, dividend yield and capital gains yield are not constant, and capital gains yield ? g. * Corporate Valuation model * Also called the free cash flow method. Suggests the value of the entire firm equals the present value of the firm’s free cash flows. * Remember, free cash flow is the firm’s after-tax operating income less the net capital investment. * FCF = EBIT(1 – T) – Net capital investment * Terminal value Often preferred to the discounted dividend model, especially when considering number of firms that don’t pay dividends or when dividends are hard to forecast. * Similar to discounted dividend model, assumes at some point free cash flow will grow at a constant rate. * Terminal value (TVN) represents value of firm at the point that growth becomes constant. * Firm Multiple method * Analysts often use the following multiples to value stocks. * P/E * P/CF * P/Sales * EXAMPLE: Based on comparable firms, estimate the appropriate P/E. Multiply this by expected earnings to back out an estimate of the stock price. Preferred stock * Hybrid security. * Like bonds, preferred stockholders receive a fixed dividend that must be paid before dividends are paid to common stockholders. * However, companies can omit preferred dividend payments without fear of pushing the firm into bankruptcy. Chapter 10 * Sources of capital * Long-term capital * Long-term debt * Preferred Stock * Common Stock * Retained earnings * New common stock * Weighted average cost of capital (WACC) * WACC=Wdrd(1-T) + Wp rp + Wc rs * W’s refer to the firms capital structure weights * r’s refer to the cost of each component Before-tax vs. after-tax capital costs * Stockholders focus on A-T CFs. Therefore, we should focus on A-T capital costs, i. e. use A-T costs of capital in WACC. Only rd needs adjustment, because interest is tax deductible. * Historical costs vs. Marginal costs * The cost of capital is used primarily to make decisions that involve raising new capital. So, focus on today’s marginal costs (for WACC). * How weights are determined * Use accounting numbers or market value (book vs. market weights)? * Use actual numbers or target capital structure? * Cost of debt * WACC = wdrd(1 – T) + wprp + wcrs rd is the marginal cost of debt capital. * The yield to maturity on outstanding L-T debt is often used as a measure of rd. * Why tax-adjust; i. e. , why rd(1 – T)? * Cost of preferre d stock * rp is the marginal cost of preferred stock, which is the return investors require on a firm’s preferred stock. * Preferred dividends are not tax-deductible, so no tax adjustments necessary. Just use nominal rp. * Our calculation ignores possible flotation costs. * The cost of preferred stock can be solved by using this formula: * rp= Dp/Pp * = $10/$111. 10 * = 9% * Cost of equity * Is there a cost of retained earnings? Earnings can be reinvested or paid out as dividends. * Investors could buy other securities, earn a return. * If earnings are retained, there is an opportunity cost (the return that stockholders could earn on alternative investments of equal risk). * Investors could buy similar stocks and earn rs. * Firm could repurchase its own stock and earn rs. * CAPM * CAPM: rs = rRF + (rM – rRF)b * DCF * DCF:rs = (D1/P0) + g * Bond-yield-plus-risk-premium * rs = rd + RP * Flotation costs * Flotation costs depend on the firm’s risk and the type of ca pital being raised. * Flotation costs are highest for common equity.However, since most firms issue equity infrequently, the per-project cost is fairly small. * We will frequently ignore flotation costs when calculating the WACC. * What affects WACC * Market conditions. * The firm’s capital structure and dividend policy. * The firm’s investment policy. Firms with riskier projects generally have a higher WACC. * The composite WACC reflects the risk of an average project undertaken by the firm. Therefore, the WACC only represents the â€Å"hurdle rate† for a typical project with average risk. * Different projects have different risks. The project’s WACC should be adjusted to reflect the project’s risk.