Speech of Distinctively Visual free essay sample

Greetings everybody Today, I might want to give you how unmistakably visual components in my picked text, for example, motion, arrangement, feeling articulation, shading and lightning†¦ can be utilized by the arranger to influence an audience’s reaction to these subjects Suffering Poverty Love The particularly visual content I have picked is one out of a progression of photos of Agent Orange casualties after the Vietnam War. This photo was taken by a mysterious picture taker which shows an Agent Orange influenced youngster being shower by his mom. The picture taker had intentionally snapped this picture to delineate existences of individuals who have the warmth of Agent Orange. The picture taker has ably caught the passionate articulation in the photograph, and viably utilized the shading and lightning to propose the amount they more likely than not experienced Agent Orange. The photograph is for the most part in dark and dim. These are shades of obscurity and misery to demonstrate their enduring present and future life. We will compose a custom paper test on Discourse of Distinctively Visual or on the other hand any comparative subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Lightning is additionally adequately utilized as light is centered around the mother and her kid who draw the consideration of the crowds. Above all, the picture taker has caught the pictures of the scowling mother, the crying child which has leave solid impression to the crowds and make them mindful of their endure. These casualties are experiencing Agent Orange as well as live in destitution. Through the sythesis in the photograph, the neediness these individuals are living in has been effectively delineated. In this photograph, at the front of the house, where everything is uncovered, the mother washed her child in a bowl and with just an old, enormous pail to fill water. The house behind them is old, broken and overview. Everything has indicated an existence of hardship and wretchedness. Those are totally what occur in their every day life and are not intentionally organized. This reality has help cause the crowds to comprehend and make the sentiments of compassion towards them. Despite the fact that their life is in destitution and brimming with endure, they despite everything love each other as a family. It is demonstrated by their motion in the photograph. The mother utilizes her delicate hands to shower and furthermore to grasp and solace her child, who is crying in torment. By seeing this picture, we can perceive how the mother love towards her child can assist her with defeating the entirety of the obstructions throughout everyday life, which will profoundly move the crowds. Obviously my content is contain brutal pictures about the results of Agent Orange however edifying how much its casualties endured, their life in neediness just as their affection towards one another. The photographer’s utilization of unmistakably visual printed components has helped him effectively pass on his plans to the crowds.

John D. Rockefeller Essays (256 words) - Rockefeller Family

John D. Rockefeller John Davison Rockefeller (July 8, 1839 ? May 23, 1937) was an American industrialist and giver. Rockefeller changed the oil business and characterized the structure of present day magnanimity. In 1870, he established the Standard Oil Company and ran it until he formally resigned in 1897.[1] Standard Oil started as an Ohio organization shaped by John D. Rockefeller, his sibling William Rockefeller, Henry Flagler, scientific expert Samuel Andrews, and a quiet accomplice Stephen V. Harkness. Rockefeller kept his stock and as gas developed in significance, his riches took off and he turned into the world's most extravagant man and first American extremely rich person, and is frequently viewed as the most extravagant individual in history.[2][3][4][5] Standard Oil was sentenced in Federal Court of monopolistic practices and separated in 1911. Rockefeller went through the most recent 40 years of his life in retirement. His fortune was mostly used to make the cutting edge deliberate methodology of focused magnanimity with establishments that majorly affected medication, instruction, and logical research. His establishments spearheaded the improvement of clinical research, and were instrumental in the annihilation of hookworm and yellow fever. He is additionally the organizer of both The University of Chicago and Rockefeller University. He was a given Northern Baptist and upheld many church-based foundations for an amazing duration. Rockefeller clung to add up to restraint from liquor and tobacco all through his life.[6] He wedded Laura Celestia (Cettie) Spelman in 1864. They had four little girls and one child; John D. Rockefeller, Jr. Junior was to a great extent endowed with the oversight of the establishments

What makes an ideal SIPA student COLUMBIA UNIVERSITY - SIPA Admissions Blog

What makes an ideal SIPA student COLUMBIA UNIVERSITY - SIPA Admissions Blog One question we get asked a lot as students and as program assistants in admissions is “What is the PERFECT SIPA student?”  This is normally levied by applicants who are ready to mold themselves into whatever they need to go to guarantee admission. Although we appreciate the passion, it is a hard question to answer! SIPA’s students come with such a wide variety of experiences â€" from theatre to investment banking â€" that there is no one way to characterize what the perfect Seeple is. Below are student stories that give some contact as to how wide the gamut spreads in backgrounds, career goals, and approach.   George-Ann: What skills did you come to SIPA with/aim to improve here? I came to SIPA with some experience and knowledge in Economics and Economic research but not much of a policy background. In a lot of ways I was a jack of multiple small trades but truly a Master of none.   So, SIPA is where I came to add skill sets like policy expertise and formalized,non-academic writing to my repertoire and truly become a well-rounded individual.   How do you think you signaled your unique worth as a potential Seeple? Was it the fact that I, being extremely international, spelled colour with a “u” and said “learnt” rather than “learned”? Was it my quantitative experience? Who really knows. For me, a large part of my application was communicating both my worth as a student, a potential member of the student and student leader community, and a valuable alumna.   What would you tell yourself if you were applying now? The application reviewers are people too. Explain anything you think may be a weakness in your application and they’d be more than willing to take that into account. There’s no such thing as the “perfect” SIPA student but there is such a thing as a student for whom SIPA is the perfect school for. Communicate why you think SIPA is the one for you.   Steven: What skills did you come to SIPA with/aim to improve here? I came to SIPA with the aim of improving my economic analysis and quantitative skills. During my undergraduate years, I took a couple of economics classes and liked them but was always scared to do more difficult economic courses. I came to SIPA to stop dodging economics and dive head-first into it. I also came to SIPA to learn about urban/housing policy a bit. How do you think you signaled your unique worth as a potential Seeple? Truth be told, I’m not sure. I just told SIPA who I was and the experiences I have had. Of course, I thought they were unique because I’m the person that is living them, but I wasn’t sure since SIPA gets loads of applications and there could have been someone with a similar background/story. I also spoke on how SIPA fit into my long-term plans. What would you tell yourself if you were applying now? Probably the same thing I told myself back then: Just be yourself. There were times I felt that I was unsure of myself, that I didn’t fit the SIPA profile. I ignored that idea and just applied. The backgrounds of people at SIPA vary so much that you will stand out and not even realize it. Stuart: What skills did you come to SIPA with/aim to improve here? I came to SIPA to build some subject matter expertise in cyber policy as well as to generally improve my quantitative analysis skills. My undergraduate and professional experiences provided a strong background in international relations and national security, as well as strong writing skills. I didn’t, however, have a strong grounding in economics and quantitative analysis, nor did I have much experience in how technology and cybersecurity impacts the private sector. How do you think you signaled your unique worth as a potential Seeple? As everyone else has noted, you just never know. The community is so diverse here that there can be so many ways to stand out. The key thing I focused on was ensuring that my personal statement clearly explained my professional goals and how SIPA fit into that, as well as how I could contribute not only to academic life but to the community as well. I also carefully selected recommenders that could speak to different strengths (academic and professional) to provide the admissions committee with a holistic view. What would you tell yourself if you were applying now? I would tell myself to find mentors and friends to review my materials and point out my strengths and weaknesses. I did this when I applied, and it was so helpful to have a sounding board. You may be inclined to be too humble, or you may forget to mention an impressive part of your background, and a friend or mentor can point that out and help you articulate the things that may not be apparent on your resume or transcript. Nabila: What skills did you come to SIPA with/aim to improve here? Like Steven, I came to SIPA to build my quantitative and economic analysis skills. I came to SIPA with stronger skills in writing and communications and wanted to complement that by building out my quant skills (even though it terrifies me!), as I felt that it put me at a disadvantage in the workplace. I also wanted to learn more about policy analysis and the intersection between technology and policy.   How do you think you signaled your unique worth as a potential Seeple? I have no idea! Maybe it was my work experience? Maybe my letters of recommendation? Maybe what I hope to accomplish post SIPA? In reality, it’s probably a combination of those things but to be honest, I have no idea but I’m grateful to be here! I hope it was the passion that they could sense from my personal essay but again, no clue What would you tell yourself if you were applying now? Be you, be yourself and be honest about what you hope to accomplish. Those were the things I told myself when I was doing the application and that hasn’t changed because graduate school is an investment of both time and money so you want to be you! I’m not sure I have the right SIPA profile, but looking around at my classmates, we have such diverse backgrounds and experiences that I don’t think there is such as thing as the right or ideal SIPA student.

Masculinity And Gender Roles For Women Essay - 1807 Words

The definition of masculinity has periodically changed throughout history and has been consequently refabricated. It is no longer related solely to biological attributes but has evolved into emotional, physical, and intellectual beings, altering societies opinion of what â€Å"being a man† actually is. Subconsciously, feminism has drawn their swords in the art of picket fences and created a barrier towards men built off animosity and egotism. What started in the late 19th century, woman were seeking a larger role in society has now changed to pointing fingers and seemingly blaming men as a whole for the downfall of feminism. We sit amongst our communities and urge males to â€Å"man up† while we hypocritically fight for equality. Yet as we stand protesting for rights, we have overstepped our grounds when we take into account the effect we have on the image of masculinity. By protesting these views of feminism we are trying to shatter gender roles for women, yet we leave the definition of masculinity in question. By doing this we are throwing away all the work of the LGBTQ and the numerous women’s right campaigns. As described in the dictionary, masculinity is to, â€Å"have qualities appropriate to or usually associated with a man.† (Merriam-Webster Inc. 2004) Masculinity is defined more as a social than a biological convention. For example, society defines masculinity as a set of traits within behaviors and roles generally associated with boys or men. This is where the stereotypes ofShow MoreRelatedTaking a Closer Look at Gender1311 Words   |  5 Pagesbeginning of their lives, individuals are associated with a specific gender, influencing behaviour, opportunities and expectations. The basic inequalities and disparities between men and women are generally seen as the result of the innate, essential differences between the two biological sexes. This theory presumes that each and every member of the female gender is identical, and that the same can be said for males but â€Å"not all women are the same, just like all men aren’t the same† (Tarrant 63). OneRead MoreGender Roles And Attitudes Of A Teacher s Practice1189 Words   |  5 PagesThe present essay attempts to demonstrate the stereotypes around gender and and it’s relation to a teacher’s practice. In order for this objective to be met, the theory of gender will be introduced, followed by the stereotypes regarding the gender ‘’roles’’. Moreover the role of culture in the creation of gender roles and how popular culture-media carry stereotypes on children will be presented. This aims to show how a teacher can combat or prevent those stereotypes through her thoughtful, carefulRead MoreEssay on Equal and Alike1158 Words   |  5 Pagesbetween masculinity and femininity is less clear. Aaron H. Devor wrote in his 1989 article, Becoming Members of Society: Learning the Social Meanings of Gender, that due to the structure of American society, â€Å"masculinity thus becomes ‘innately’ valuable and femininity serves a contrapuntal function to de lineate and magnify the hierarchical dominance of masculinity† (430). Devor describes the role of femininity in current society as merely a way to put the value and superiority of masculinity into perspectiveRead MoreHow Gender Operates Within The Setting Of An Olivia Vacation1481 Words   |  6 PagesMinor Essay OPOL216 – Sex and Gender Matters Allysen Stewart 32579398 â€Æ' Assignment 1 – Minor Essay OPOL216 – Sex and Gender Matters This essay will critically discuss how gender operates within the setting of an Olivia Vacation (https://www.olivia.com), drawing from personal experiences from a recent trip to a Hawaiian Resort. The paper will focus on personal observations of the underlying forces involved in the reproduction and disruption of gender relations, and their resultingRead MoreA Critique Of The New Policies On Elite Female Athletes1152 Words   |  5 Pagesfeminist ethics, gender/ sexuality, intersex Research Question/Problem: The policies concerning female athletics were unfair and targeted only women and not men. Method/Approach: Describing the IAAF and IOC policies and uses an example of a female athlete (Caster Semenya). Argument/Conclusion: The policies concerning female athletics are made to seem fair but at the same time they target only those women who look more masculine than the others and as a result intensify the â€Å"gender policies† thatRead MoreThe And Its Effect On Their Emotional Health Essay1009 Words   |  5 Pages Without the existence of manliness, the gender itself would lose its identity. The majority of twenty first century society believe that certain traits are linked biologically to male and female genders. There is however, a movement toward ending this way of thinking. A new ideology is spreading that sets out to overcome the way society sees gender. This new way of thinking challenges men and can possibly change the current precedent set on gender roles. The current mainstream belief that certainRead MoreAn Ethnography Of Wall Street986 Words   |  4 PagesEmploying a Gender Lens When looking at the issue of corporate crime, it becomes apparent that gender is a factor that can play a significant role. Within the article An Ethnography of Wall Street, it is described that because of a social hierarchy, the majority of those in CEO positions are white males while those in lower positions tend to be more females. As discussed in the documentary Inside Job, the males in corporations featured tended to be impulsive risk takers which can be related to theRead MoreThe Illusion Of Masculinity And Its Effects On Society1607 Words   |  7 PagesThe Illusion of Masculinity The gender roles for males is a social construct in which sets men in the position to certain behavioral, emotional, and social norms within a society or specific culture in which individuals have to adhere in their social environment. How does that shape ones identity and sense of self? Also, what are the repercussions to ascribing to these roles as a base model for one’s social life? In this abstract I will explore the effects for hyper masculinity in American, theRead MoreFeminism, Gender, And Gender Studies767 Words   |  4 PagesEveryone defines masculinity in a different way. Growing up masculinity was only a term for men who brought an income to the home, otherwise known as the breadwinners. However, this was the typical stereotype which men were obligated to live up too. As time is passing the term masculinity is changing and instead of defining males and females separately, it is changing into a common definition of gender. Meaning no matter if you are female or ma le, gender will be known as a definition for both andRead MoreMasculinity And Social Construction Of Masculinity1461 Words   |  6 Pages(Itulua-Abumere 42). The presented concept of masculinity presumes that one has to believe in individual difference and personal agency. So, it is based on the concept of individuality that emerged in early-modern Europe, together with the increase of capitalist economic relations and colonial empires. Further, the conception is also inherently relational. Masculinity only exists in coherence with femininity. If a culture does not treat men and women as carriers of polarized character types, at least

Ministry of Fear- Seamus Heaney Analysis - 909 Words

Using Ministry of fear and another appropriately selected poem explore the sense of place Heaney conveys with reference to the troubles in N.I, with particular reference to the effects of any political and social context and Heaney’s own views. Ministry of Fear is from Heaney’s ‘North’ collection, written in 1975 while Heaney was staying in Wicklow, Casualty was written shortly after in ‘Field work’ in 1979. Through these two poems Heaney conveys a strong sense of place, namely Northern Ireland, through ‘Ministry of fear’ Heaney describes four events throughout his life in N.I that had a strong influence on him, ‘Casualty’ is similar but more focused on the Troubles in N.I and some of Heaney’s feelings towards those events. ‘Ministry†¦show more content†¦For each poet the fisherman is â€Å" the most unlike, a kind of anti self, who embodies independence, wisdom, integrity – a refusal to submit to the will of the crowd.† By hinting at Yeats- an Irish poet- Heaney further emphasises the sense of place conveyed in this poem, this time through a more social context as opposed to a political one. He also references a famous Christmas carol â€Å"while shepherds watched their flocks† which because of the very religious nature of the Irish Catholics and indeed the protestants is as much an indication of Northern Ireland then as it is now. In ‘Ministry of fear’ Heaney alludes to many other poems and poets, the most obvious of which was Patrick Kavanagh, An Irish Poet who’s work Heaney discovered in the early 1960’s and for which he developed an increasing respect throughout the decade, Kavanagh seemed to Heaney to illustrate the split he himself was experiencing between â€Å"the illiterate self that was tied to the little hills and earthed in the stony grey soil, and the literate self that pined for the city of kings, where art, music and letters were the real things† He also alludes to Yeats as in â€Å"Casualty.† Yeats’s ‘ Ancestral Houses’ which speaks of a ‘rich mans flowering lawns’ and of his ‘planted hills’ much in the same way as Haney describes the â€Å"fine lawns of elocution. By referencing all these other poets,

A Descriptive Essay Hiking in Payson, Arizona - 719 Words

It is amazing how some experiences stay so crisp in my memory, that if I were to close my eyes, I could almost swear that I was there right at that moment. Its as if my body can almost taste the sweet air, feel the cold, wet breeze on my skin, and recall the scent of the pine trees towering above our heads. Hiking in Payson, Arizona, after a snow storm is one of the best places I have ever visited in order to collect one of these memories. Payson is a great place to take the family dog hiking, but also you will be able to appreciate the beautiful landscape Payson has to offer, with it being conveniently located just a brief drive from the sweltering heat of the Desert Valley. Turning off of the main road I am always amazed by how†¦show more content†¦Paysons landscape is an ever changing experience of seasons, but my favorite has always been that first snow fall of the year. The way the snow trickles down from the foggy sky and lands on the towering birch trees, is lik e a scene from a movie. Little chirps eco through the canyon as the birds prepare their homes for a long-awaited winter. We sat and watched as the pine trees quietly gathered the flakes that snuck through the arms of the birch trees. The brisk powder like snow continued to pile up and slowly started to fill in our foot prints, erasing any sign that we were ever there. A few more steps on the trail lead us to one of our most memorable spots. Peering over the edge of the cliff is always a bewildering sight. The vast open valley below was covered in a blanket of milky white snow, and the sweet smelling, cool air was as refreshing as a tall glass of ice water during a smoldering desert summer night. In the distance the sound of the powerful water fall below breaking over the ice sickle reddened boulders is one that is truly breathtaking. After spending all day soaking in all of the beauty and fun, I think to myself how thankful I am that this amazing area is just a short drive fr om home. The winding narrow roads that lead us back down to the dry desert valley can be daunting at times. The steep walls of stone surround us and the loose rocks at the top make me

Information Systems for Business Professionals System

Question: Discuss about the Information Systems for Business Professionals System. Answer: Introduction The main objective of this report is to provide answers for some key business areas in terms of information technology. This assignment is based on a case study of Springfield Animal Hospital that is owned by Nigel Taylor. This animal hospital provides medications to pets kept by the residents living in the locality. When the business advanced, the owner Nigel began to face challenges in dealing with his business. Issue also arose when there was a lack of sufficient staffs in the hospital. Until further notice he understood, no one but information technology could help him in dealing with his business legitimately. He needs an upgraded information technology programming so he could manage issues and difficulties confronted by Springfield Animal Hospital. In any case, he does have much information in the IT field, is looking for assistance from IT expert, and needs to find the solution of a few inquiries so she can maintain her business easily and logically. Henceforth, this report tr ies to locate an important writing on the premise of which we could look to address his issues. At the same time, this specific task centers around looking for sufficient literature analysis that will help addressing the issues discussed. The structure of this paper will be presented in a form of annotated bibliography that will provide answers to address. This assignment deals with the analysis of seven unique literary sources that will help to address the issues mentioned in the case study. The assignment is structured by including an annotated bibliography that includes the seven literary sources and using the theories described in them, the case study is assessed and the questions at the end of the case study have been addressed accordingly. The aim of conducting an annotated bibliography is to gather different ideas from different authors in order to understand contextual investigation based on the provided case study. From the case study, it can be seen that SAH has both business and the business framework issues. The main problem areas are programming administration with existing information system, system development, data estimation and communication systems. The chosen article helps to analyze the situation and address the situation in the selected domain. This is important for SAH to gain a suitable business area in the animal healthcare business and manage all the business operations efficiently (Question 2). This chosen article explains different types of programming frameworks that are associated with the business systems of different organizations. The information system is used in business systems to store records, process data as well as execute computerized business operations. Use of information systems not only reduce manual workload but also increase accuracy of the operations. Moreover, it significantly reduces the risk of storing client information and records in physical storage devices as these devices may get damaged anytime. Information system provides virtual storage interface where the records and data are stored safely. Question 7 can be addressed with the help of this chosen article. In this article, the authors describe about the different challenges in business organizations faced by all the related stakeholders in terms of the moral and ethical issues. Most of these ethical issues are related to the existing security and communication system prevalent in the business organization. The chosen article emphasizes on different cases all over the world where one type of service is promised and another type of service is provided. Not only this is lack of communication by also it is a deliberate manual error. This can be solved by using dedicated information system that can address the issue and execute the operations automatically instead of manually. This article is chosen as it contains sufficient information regarding some moral issues associated with the information systems and business models. At the same time the article brings up different issues, for example, what are the moral issues identified with internet business, how they are unique in relation to the morals identified with conventional business, and how they can be tended to and so forth. Some moral issues that have identified are breaking of the standards and rules, poor customer-company relationship, security issues, breaking of trust and others. These issues can seriously damage the overall reputation of the business organization and it may lose its place in the market. The chosen article emphasizes on different cases all over the world where one type of service is promised and another type of service is provided. The information system is used in business systems to store records, process data as well as execute computerized business operations. Use of informati on systems not only reduce manual workload but also increase accuracy of the operations. The researchers investigate the case utilizing logical writing examination and case examination technique, to attempt to distinguish how the markdown e-shopping site illicitly offering the brand of "Ariel" has a place with American organization which is considered as a genuine ethical issue. As expressed in the article, Nigel Taylors clients are pulling in to other animal healthcare providers in light of administration disappointment and her inadequacy in managing the healthcare business due to lack of healthcare staffs. SAH has distinctive mistake issues, test to contend in a market, the request on telephone calls couldn't be overseen because of absence of legitimate specialized support. Along these lines, this article is significant for SAH to get further support on the most proficient method to create PC programming, how to utilize innovative headway, accessible assets in an unexpected way, in order to build up a decent business connection amongst client and providers and in addition to expand its benefit (Question 3). This article expresses that how innovation assists business visionaries with maintaining association with both existing and potential clients, safeguarding the long haul and greatest reviews from every client. It has characterized 'client relationship administration' as a system of an organization to pull in partner offering best alternative in order to expand its benefit. As per article, organizations need to utilizations frameworks to discover new clients, draw in them and accomplish their devotion and also to keep up existing one. This article important to look for the arrangement of the issues, SAH is confronting. This article is chosen to describe a new extranet feature that can be implemented by SAH in order to address the information system related issues. Moreover, this article provides a significant insight on the estimated costs and technical support needed by SAH in order to implement the new extranet framework. Extranet is a special framework to design business groups that help the organizations to prepare successful business plans. This article does not describe the other segments of the software framework intranet and internet. On the other hand, it helps the address the question 5. Moreover, this article does not provide a wide area of research. On the other hand, it deals with basic knowledge regarding extranet frameworks. Hence, this article cannot be used to define different factors related to extranet framework but it gives a significant insight on cost estimations and technical support needed to implement the extranet feature in the business system of the organization. Based on the ideas generated from this article, it can be said the issues of SAH can be addressed by implementing the extranet feature. However, the organization will encounter significant costs for purchasing the necessary softwares as well as upgrading their technical setup. This article is chosen to address the issues related to the information systems that comprise of a number of systems including client information, organizational information and data regarding costs and expenses (question 3). Not just this is absence of correspondence by additionally it is a consider manual mistake. This can be tackled by utilizing committed data framework that can address the issue and execute the operations naturally rather than physically. SAH has distinctive mistake issues, test to contend in a market, the request on telephone calls couldn't be overseen because of absence of legitimate specialized support. Along these lines, this article is significant for SAH to get further support on the most proficient method to create PC programming, how to utilize innovative headway, accessible assets in an unexpected way, in order to build up a decent business connection amongst client and providers and in addition to expand its benefit (Question 1). In this chosen article, there are a number of case studies that have used as examples to define the role of information systems in a number of small and medium sized business organizations. As a result, a significant idea can be gathered regarding the issues of information systems and how can they be mitigated in order to maintain the viability of business organizations. From the case study, it can be seen that SAH has both business and the business framework issues. The main problem areas are programming administration with existing information system, system development, data estimation and communication systems. The chosen article helps to analyze the situation and address the situation in the selected domain. This is imperative for SAH to gain significant benefits from the healthcare business and manage the operations related to the business. As expressed in the article, Nigel Taylors clients are pulling in to other animal healthcare providers in light of administration disappointment and her inadequacy in managing the healthcare business due to lack of healthcare staffs. SAH has distinctive mistake issues, test to contend in a market, the request on telephone calls could not be overseen because of absence of legitimate specialized support. Along these lines, this article is significant for SAH to get further support on the most proficient method to create PC programming, how to utilize innovative headway, accessible assets in an unexpected way, in order to build up a decent business connection amongst client and providers and in addition to expand its benefit. In this article, this model is described to have the right approach towards the utilization of information systems in different types of business. However, this article does not provide a specific strategy for the business organizations to implement. The business o rganizations like SAH can use a model described in this article and prepare a suitable strategy to maintain viability of the business organization. In spite of these confinements, the writers depict about the distinctive difficulties in business associations confronted by all the related partners as far as the good and moral issues. The vast majority of these moral issues are identified with the current security and correspondence framework common in the business association. The picked article stresses on various cases everywhere throughout the world where one sort of administration is guaranteed and another kind of administration is given. Not just this is absence of correspondence by additionally it is a consider manual mistake. This can be tackled by utilizing committed data framework that can address the issue and execute the operations naturally rather than physically. (question 6). From the case study, it can be seen that SAH has both business and the business framework issues. The main problem areas are programming administration with existing information system, system development, data estimation and communication systems. In order to solve these problems, the company needs to choose a suitable model of approach that will help them prepare a sufficient business strategy. However, no business strategy should be implemented before making suitable tests as it will be too risky for the organization to implement an entirely new strategy without gathering sufficient data points. References Baltzan, P. and Phillips, A., 2016.Business driven information systems. McGraw Hill Education. Galliers, R.D. and Leidner, D.E., 2014.Strategic information management: challenges and strategies in managing information systems. Routledge. Cassidy, A., 2016.A practical guide to information systems strategic planning. CRC press. Beynon-Davies, P., 2013.Business information systems. Palgrave Macmillan. Bernus, P., Mertins, K. and Schmidt, G.J. eds., 2013.Handbook on architectures of information systems. Springer Science Business Media. Stair, R. and Reynolds, G., 2013.Principles of information systems. Cengage Learning Willcocks, L., 2013.Information management: the evaluation of information systems investments. Springer.

The Mafia Helping Drive Capitalism free essay sample

Discusses the many illegal and legal businesses run by the Italian mafia in the U.S. and how they boost the economy. This paper examines the role of the Italian mafia as a business like any other, and its long history in the United States. The author discuses how the mafias illegal and legal enterprises help propel our capitalist society, and how their ties with major labor unions enable them to dominate major industries. The paper also looks at how the Italian mafia works with other ethnic crime organizations, such as the Russian mafia, and Colombian drug cartels. The mafia is a loose term in our country, as we as Americans are fascinated by the mysteriousness of it. Movies, books, plays, and now even a television series have been made depicting different real life stories regarding the mafia. The television show The Sopranos gives a great rendition about life in New Jersey as a mobster. We will write a custom essay sample on The Mafia: Helping Drive Capitalism or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This show allows viewers to see both sides of the story when thinking about gangsters. One is able to see their ruthless side in some situations, and then also the way they conduct business. Much of the business they conduct is with people who know what situation they are in, and are willing to accept the terms, based on a mutual agreement. In recent years, there have been several cases where a mafia member would go against their former family in order to lighten their jail sentence, breaking their code of conduct known as Omerta. The United States is a capitalist and free market society. The mafia helps in the expansion and existence of this capitalist society by their influences in legal and illegal businesses, with the help of political parties and leaders that are best placed to help them.

The concepts of race

The concepts of race, racism and cultural relativism are distinct issues that have influenced race relations today and in the past. This paper will describe each issue and its affect on slavery and the subjugation of Indians in America. Race and racism are often confused concepts. They do interrelate, but they are separate issues. Race can be strictly defined as the difference in human beings distinguished by physical features such as the color of skin, hair and eyes and the shape of features and body. The division of race by this definition can be very limited to the three primary divisions Caucasoid, Negroid, and Mongoloid. These divisions are broadened when the definition of race is expanded to include the difference in human beings based on geographic area and similar habits, beliefs, and traits. American Indians as a group do not fit into any of three primary divisions. In theory, Native Americans taken together belong to what most anthropologists would call a basic race. Yet, on the whole, they tend to be a loose residue of tribes rather than a racial entity. (Hacker p. 5) What is important to realize about the concept of race is that it is a human creation. (Hacker p. 4) It is a concept that dates back to whatever time in history people first started noticing a difference in one another and associating that difference with physical characteristics and perhaps even languages and lifestyles. Racism grew out of this recognition of differences between human beings. Certain beliefs started to be formed about the differences and those beliefs were then assigned to the entire race as it was defined. For example, when discoverers first came to America, they found the land inhabited by Indian tribes. Compared to western civilization, the Indians lifestyles, tools, customs, etc. seemed primitive. Similarly, African tribes were of a primitive nature in westerners opinion. The w...

Defentions and Financial Mesures Essay Example | Topics and Well Written Essays - 1750 words

Defentions and Financial Mesures - Essay Example Focus on shareholder value started gaining prominence in the 1980s and by the start of 21st century had become a key element in corporate governance in the US, UK, and most of leading European nations like Germany, France and Sweden; so much so that the OECD, in their document released in 1999, emphasised that firms be run first and foremost in the interest of shareholders. They further reinforced this thought in their 2004 release of OECD principles of corporate governance (OECD 2004). As the fad of focus on shareholder value began spreading, the understanding of the concept seemed to have started to erode somewhat as many executives began to focus on quarterly earnings as a key driver of their stock prices. The concept of shareholder value does not, however, imply that companies should target a short-term â€Å"never-before† high stock price at any cost. A company targeting only short-term stock price gains is likely to suffer in the long-term as it would be subject to makin g decisions that may seem beneficial in the short-term but could likely produce a negative long-term effect. Instead, the concept of shareholder value means that if a company builds value, its stock price will trace it; the objective for a firm’s management is then â€Å"to build value and let the stock price reflect this value† (Mauboussin, 2011). And, the value creation of a company is reflected in its ability to secure and increase its long-term cash flow. It is thus essential to understand how to and, more importantly, how not to create shareholder value. Creating shareholder value is not just about getting the numbers right in the short-term but more about taking the right decisions that create sustainable long-term value for the firm. For example, in order to â€Å"increase the shareholder value†, a firm could cut its cost on pollution abatement and lead to environmental damage; such actions, however, are not sustainable in the long-term and when the time comes to take corrective measures in the long-term, the associated costs could be several times higher. Another very recent example is how banks and other lenders blindly lent money to create the housing bubble in the US. From short-term perspective, the sub-prime lending seemed extremely attractive for creating value and seeing the stock prices skyrocket but it was probably not the best decision from long-term cash flow perspective. Thus, from the long-term perspective and in retrospection, the overlooking of fundamentals of lending without considering the ability of people to repay and the short-term focus on numbers was probably not the best strategy for creating value. This ideology of focussing on short-term was even criticised by Jack Welch, former CEO of GE, and a chief proponent of the idea of â€Å"shareholder value†. In an article on Financial times, Welch called the short-term focus on share price as an indicator of shareholder value as â€Å"the dumbest idea† (Guerrera, 2009). He said that rather than setting share price as their objective, managers should focus on aligning their short-term profits with an increase in the long-term value. It is therefore important to understand that the principle of shareholder value is the right one only as long as it is understood properly and in the right sense; that is constantly focussing on the long-term and

Euro Tours and Travels Pvt. Ltd Research Paper Example | Topics and Well Written Essays - 1000 words

Euro Tours and Travels Pvt. Ltd - Research Paper Example It is evidently clear from the discussion that the company wants to attract more international tourists to earn revenue in the 1st year. Some more objectives are presented in the study. The mission of Euro Tours and Travels Pvt. Ltd. is to provide top quality tourism services to the customers. They will focus on the 100% customer satisfaction and provide services on time. They are confident that the service of the company will exceed the traveler’s expectation. Euro Tours and Travels Pvt. Ltd. is going to start their tourism business in the market of Spain. The company will provide attractive tourist packages to its customers which includes various tourist destinations in Spain. The company gives the promise to understand their travel needs and design as per the criteria for individuals, groups and corporate. The company is small in size consists of 3 shareholders and the division of shares is 40%, 30%, and 30%. The company has one director, one managing director, one secretar y and a few more efficient employees to run the business. This company will provide community-based tourism to its clients. The services which they will provide must be quality based services. Their services include- all transfers, hotel and accommodation booking, all tours within Spain, Transport by private cars, trains, coach etc., and services of knowledgeable, well-trained guides who know the major languages in the world. The products the company will offer and the services they have designed to offer after keeping the customer’s priority in mind. Spain is the world leader in the holiday tourism and the cultural tourism is also growing steadily over the last few years. Museums, monuments, Aqueduct of Segovia, La Concha, Running of the Bulls, Palacio Real etc are the special attraction of Spain which also are included in the packages which are going to offer by this company.

Effect of Enzyme Catalase on Hydrogen Peroxide

Effect of Enzyme Catalase on Hydrogen Peroxide Introduction In this experiment, I am going to determine the effect of different concentration of enzyme catalase on the rate of reaction of decomposition of hydrogen peroxide. Normally, hydrogen peroxide is produced naturally in human or plant cell. Hydrogen peroxide is the by-product of respiration. As an oxidizer, it will decompose to form oxygen and water. The chemical equation for the decomposition of hydrogen peroxide is 2 H2O2 → 2 H2O + O2. The reaction is speeded up by the presence of enzyme, namely catalase which is used in this experiment. This mechanism is important in living organisms cells and body system particularly in human. This is because the corrosive characteristic of hydrogen peroxide may damage the wall of liver where it is largely produced during cellular respiration process. When it is present in high concentration, it is an aggressive and powerful oxidizer, whereby it is unstable and also hazardous as it will corrode many substances including human skin. Therefore, concentration of hydrogen peroxide in the cell should be constantly regulated. When hydrogen peroxide is used for the purpose of experiment, this highly corrosive material should be kept in a container made up of non-reactive material such as glass. However, at low concentration, hydrogen peroxide can be used as disinfectant and antiseptic for medicinal uses. In this context, catalase, a teramer of four polypeptide chains is made up of over 500 amino acids long. It is also categorised as globular protein in which the polypeptide chain is highly folded into a compact spherical shape. There is also active site available to bind to the hydrogen peroxide substrate to form enzyme-substrate complex. It is further adapted with four porphyrin heme groups to react with hydrogen peroxide. Besides, the enzyme catalase is known to be one of the enzymes that possess a high turnover number. Its turnover number can be up to 600 000 whereby one molecule of enzyme catalase can catalyse the decomposition of 600 000 molecules of hydrogen peroxide to oxygen and water at body temperature. This reaction is known as catabolic reaction as the hydrogen peroxide molecule is broken down into oxygen and water which are comparatively smaller. Sometimes, catalase also uses hydrogen peroxide to oxidise toxins including Phenols, Formic Acid, Formaldehyde and Alcohols. I n this experiment, potato is chosen to be tested due to the presence of catalase in it. However, other organisms such as fungi or yeast can be used as well as they are producers of enzyme catalase. Enzyme is used to speed up the rate of reaction by lowering the activation energy of a reaction. Activation energy or free energy of activation, is the initial investment of energy for starting a reaction the energy required to contort the reactant molecules so the bond can break for a reaction to occur. Enzyme functions as biological catalyst in many chemical reactions that occur inside our body. For example, saliva secretes enzyme amylase which catalyses the hydrolysis of carbohydrates in the mouth. Not only does enzyme play an important role in maintaining efficient function of body system, it is largely used in industrial field as well to speed up the production rate. For example, protease is commonly used in biological detergent for domestic washing and rennin is used in manufacture of cheese. For an enzyme to carry out its function effectively, active site should present on the surface of the polypeptide chain. An active site is a groove or pocket formed by the folding pattern of the protein. This active site has particular chemical composition and electrical charges on the amino acids, which make up the specificity of the enzyme, in which it allows only certain substances to bind to it. When the substrates bind to the active site, here the working mechanism of enzyme starts. The binding of the substrate to the active site bring the substrates closer and thus aids in bond formation in anabolic reaction. In catabolic reaction, the active site may distort the shape of substrate to break its bond. When the products are formed, the substances no longer fit into the specific shape of the enzyme and will leave the active site of the enzyme. The enzyme is free to bind to another substrate and catalyse another reaction. The enzyme is not altered at the end of reaction. As enzyme contains specific shape and charge on its active site, its activity is easily affected by the changes in the surrounding conditions. Generally, different pH, temperature, concentration of substrate or concentration of enzyme has a large impact on its efficiency in carrying out its function. Whenever the changes in surrounding such as change in pH or temperature alter the bonding between the R group of the amino acids in the polypeptide chain which form the active site, the shape of active site will change and thus the substrate will no longer bind to the site. At this point, the enzyme is said to be denatured. On the other side, when the temperature or pH is optimum for the reaction, the rate of reaction is the highest. Although the optimum pH and temperature may vary from one another, optimum temperature for most enzymes functioning in human body system is often 37 Â °C. However, the presence of inhibitors or cofactors may alter the enzyme activity as well. In this experi ment, the effect of enzyme concentration is chosen to be investigated on the rate of reaction catalysed by enzyme catalase. An increase in enzyme concentration will increase the active site available and thus increase the rate of reaction until it reaches maximum velocity when all active sites of the enzyme molecules are engaged. Problem Statement: Do different concentrations of enzyme affect the rate of reaction? Objectives: To investigate the effect of different concentrations of catalase on the rate of reaction to catalyse the decomposition reaction of hydrogen peroxide To determine the presence of catalase on the rate of reaction of hydrogen peroxide. To develop effective experimental skills throughout the experiment Aim: To determine the effect of different concentrations of enzyme on the enzyme activity Hypothesis: The higher the concentration of enzyme, the higher the rate of reaction until a maximum velocity is reached. Techniques: Use a water displacement technique to determine the volume of oxygen gas evolved Calculate the rate of reaction by using the gradient of the graph Materials: Freshly mashed or blended potato, 3.0 % hydrogen peroxide solution, buffer solution (pH 6.5), distilled water Apparatus: Boiling tubes, graduated tubes, 500 ml beaker, weighing balance, spatula, delivery tube, stop watch, measuring cylinder, dropper, rubber bung, weighing dish Variables: Variable How the variable is determined 1. Manipulated Concentration of catalase By using different mass of blended potato at 1g, 2g, 3g and 4g. Different masses of blended potato indicate the difference in concentration of catalase in its content. 2. Responding The volume of oxygen gas released By recording down the reading on the graduated tubes at 30 seconds interval. 3. Constant pH Volume and Concentration of hydrogen peroxide By using buffer solutions at pH 6.8 throughout the experiments By using the same volume and concentration of hydrogen peroxide, which is 2.5cm3of 3.0 % hydrogen peroxide throughout the experiment Procedure: 1 g of the freshly prepared or blended potato is transferred into a boiling tube. 5 cm3 of buffer solution is added into the tube and it is swirled to mix the substrate. A graduated tube is filled with water to the brim. It is placed carefully into a beaker of water. One end of the delivery tube is placed into the graduated tube with the other end with rubber bung ready to fix with boiling tube. 2.5 cm3 of hydrogen peroxide solution is measured and it is added into the boiling tube containing the potato and buffer solution. The tube is immediately closed with a rubber bung connected to the delivery tube. A stopwatch is started by one member of the pairs in conducting this experiment. The volume of gas released is measured for every 30 seconds for 5 minutes or until the gas evolution stops. The experiment is repeated using 2g, 3g and 4g of freshly blended potato. The results obtained are recorded in a table. Graphs for volume of gas released against time is plotted for each concentration or amount of enzyme used. The initial rate of reaction for each concentrations of enzyme used are worked out. Discussion: Based on the above experiment, the effect of different concentrations of enzyme on the rate of reaction is successfully determined. Five graphs are plotted based on the results obtained in the experiment to show the data in a clearer way and provides a better mean for analysing. The results show that the rate of reaction is increased by an increase in enzyme concentration. In this experiment, potato is used as source of catalyse. The first four graphs showing oxygen gas evolved against time are drawn based on respective mass of blended potato used. The initial rate of reaction is measured from each graph by obtaining the gradient of the graph. A predicted line is drawn on each graph. Generally, the longer the time taken, the higher the volume of oxygen gas evolved. In the beginning, all graphs show an rapid increase , the speed is the slow down as some of the substrates are converted to products. For the substrate at 1 and 2 g of bended potato used, the maximum volume of oxygen gas e volved has reached within 300 seconds and a plateau is obtained. This is because the reaction has completed for all substrates. Theoretically, the maximum volume of oxygen gas released should takes a shorter time as compared to 1g and 2 g of potato as more active site are offered. However, In the 3 and 4 g of blended potato which react, the maximum volume of oxygen is unable to be obtained within 300 seconds. This is probably due to some errors conducted throughout the experiment, particularly due to the vigorous and rapid reaction and in the process of changing the graduated tube. The errors will be discussed later. The initial rate is taken because the rate of reaction is rapid as the collision between the substrate and enzyme is the highest. The rate of reaction may not be reliable to be compared between data if readings are taken in the middle of the experiment because some reactions have reached the maximum rate. The initial rate of reaction for hydrogen peroxide with 1g, 2g, 3 g and 4g of blended potatoes are 0.0611, 0.2895, 0.6579 and 0.7000 cm3/ s respectively. The initial rate of reactions for all the experiments are then compiled into the fifth graph. This shows a clearer picture on the effect of concentration of substrate on the rate of reaction. Initially, there is an increase in the rate of reaction when the mass of blended potato increases. This is because the increase in the concentration of enzyme offers more active site for the binding of substrate. Then, the slope of increasing line becomes less steep with further increase in concentration of enzyme. This is because the active site has been occupied by the substrates or it is said to be saturated whereby the increase in substrate has no further effect on the rate of reaction. Theoretically, the graph should reach a maximum velocity where the plateau occurs in the graph. However, in this experiment, the plateau is not shown because most probably the concentration of enzyme is not high enough to bind to all the 3.0 % of hydrogen peroxide substrate. However, throughout the experiment some errors might occur in which the real values may not be obtained. Firstly, there is a high tendency for the reading obtained from water displacement method to be inaccurate especially when the volume of oxygen gas evolved are too much that the first graduated tube is fully filled with oxygen gas and when the delivery tube has to be transferred to the next prior-prepared graduated tube. The delivery tube transferring process may consume some time particularly if a rubber delivery tube is used instead of a glass delivery tube. This will cause some of the oxygen gas to escape into the water during the process. Next, parallax error may occur as well when the reading is taken from the graduated tube on the volume of oxygen gas evolved. This is because oxygen gas is a colourless gas, in which its level is not so clearly seen on the calibration of the graduated tube. To minimise the errors, the experiment is repeated twice and the mean reading is obtai ned. To further increase the accuracy of the results, a piece of white paper can be placed behind the graduated tube to make the reading easier. Next, the possible error is greater if the experiment is carried out individually. This is due to the human limited ability to record the reading and at the same time watch over the time. Inaccuracy may arise. In this case, a pair work is preferred in this experiment as one of the members times and the other one record the readings obtained. Next, when the mashed potato is poured into the boiling tube from the weighing dish, some potato may be left in the weighing dish. To minimise this error, a few drops of distilled water can be used to rinse the weighing dish to ensure there is no residue left. Consequently, there are a few precautions that ought to be taken to increase the accuracy of the results obtained. For each experiment, the potato used must be freshly mashed or blended. If the potato is prepared in a container, the lid of the container should be kept closed after the desired mass of blended potato is scooped out for each and every experiment. The preparation of blended potato in a beaker which is exposed to the air should be prevented because oxidation will occur and this may affect the activity of enzyme catalase in it. Changes in surrounding such as temperature may also induce changes in the enzyme. A blended potato is used instead of discs of potato so that it will react easier. Its viscosity should be reduced so that it is easier to use. Next, hydrogen peroxide has to be stored in an opaque container as it breaks down quickly when exposed to light. The lid of the container that contains hydrogen peroxide solution should be kept closed after each desired sample i s taken out using a dropper as the oxygen in the surrounding air may oxidise its content and causes the results to be inaccurate. A buffer solution is used to ensure the pH is kept constant throughout the experiment. The buffer solution of citric acid sodium phosphate solution which has a pH of 6.8 is used because this is the optimum pH for the enzyme catalase. Furthermore, a water bath is preferable as the surrounding temperature may change throughout the experiment. In addition, as the rubber bung of the delivery tube should be of the same size as the boiling tube to ensure all the opening of the boiling tube containing enzyme and substrate is fit tightly, it should be pushed and twisted with care. It should also be checked from time to time to ensure there is no leakage of product in gaseous form to the surrounding. Besides, the other open end of delivery tube should be placed in water all the time for the bubble of gas to form and rise to its surface. The presence of air bubbles ensure that the rubber bung is still in contact with the boiling tube unless the substrate and enzyme has completely reacted. To fix the graduated tube in place, a retort stand and clamp can be used. Besides, the boiling tube containing reactants and enzyme ought to be swirled throughout the experiment to ensure the substrate and enzyme react. This may increase the rate of collision between the reactants and enzymes and thus fasten the time taken for the reaction to complete. Throughout the experiment, some safety measures should be abided by. As the substrate used in this experiment which is hydrogen peroxide is highly corrosive, rubber glove should be used to protect the skin. After the hydrogen peroxide is used, it should be disposed off and not to be returned to stock bottles as any contaminants may result in decomposition and explosion may occur. The blended potatoes have to be handled carefully as well as it will irritate some peoples skin. A lab coat should be put on. The glass wares and the delivery tube used should be handled carefully as they are fragile. Conclusion: The hypothesis is accepted. The presence of enzyme increases the rate of reaction of hydrogen peroxide. When the concentration of enzyme increases, the rate of reaction increases until a maximum velocity is reached. Limitations: The species of potato Different species of potato may contain various concentration sof catalase The age of potato An older potato may have lower concentration of catalase The freshness of potato The concentration of catalase may vary in different potatoes which are stored in different ways before experiment. Storage at high temperature may cause the enzyme to denature Part of potato used Different parts on the potato may have different amount of catalase. Further Work: The effect of temperature on the enzyme activity The effect of different concentrations of substrate on the enzyme activity The effect of pH on the enzyme activity The effect of concentrations of enzyme on activity of other type of enzyme such as amylase on starch The effect on the rate of reaction of hydrogen peroxide by using different concentration of fungi as the source of catalase

The Maturation of Charlotte Brontes Jane Eyre :: Jane Eyre Essays Bronte

The overriding theme of Jane Eyre, is Jane's continual quest for love. Jane searches for love and acceptance through the five settings in which she lives: Gateshead, Lowood, Thornfield, Moor House, and Ferndean. Through these viewpoints, the maturation and self-recognition of Jane becomes evident, as well as traceable. It is not until Jane flees from Rochester and Thornfield, and spends time at Moor House, that her maturation to womanhood is complete. At this point, Jane is able to finally return to Rochester as an independent woman, fully aware of her desire to love, as well as to be loved. From the onset of the novel, we see the world through the eyes of Jane; a strong character who wishes to overcome her birth rite as an orphan in Victorian times. From this viewpoint, we are able to trace how Jane progresses in her struggle for individuality, as well as for love. At Gateshead, it becomes apparent that Jane is terrifically self-willed and possessive of a fiery temper. An example of this is when Jane stands up to her aunt saying, "You think I have no feelings, and that I can do without one bit of love or kindness, but I cannot live so: and you have no pity" (Bronte, 68). Here, Jane makes her first declaration of independence, contending that she will no longer be a secondary member in the Reed household. At Lowood, Jane is repulsed by Mr. Blocklehurst and his "two-faced" character and coarseness. However, while at Lowood, Jane finds her first true friend in the form of Helen Burns, another student at the school. Helen teaches Jane of love in the form of religion. By means of instruction as well as by example, Helen is able to convey this message. When Jane is punished in front of the whole school, she tries to accept it as though it has some higher purpose. However, Jane still desires human affection and is deeply hurt when she is scorned. Jane goes as far as to say, "If others don't love me, I would rather die than live." Helen's response, "You think too much of the love of human beings," is a testament to her devout faith (Bronte, 101). When Helen is dying of Typhus later on in the story, she reminds Jane, "I believe: I have faith: I am going to God" (Bronte, 113). Jane is able to draw strength from Helen's faith, ultimately making her (Jane) stronger.

Aes Cost of Capital

International Capital Structure and the Cost of Capital Agenda 1 2 3 4 5 International Capital Structure and the Cost of Capital Analyzing Cost of Capital among Countries Cross Border Listing of Stocks International Asset Pricing Model (IAPM) The Financial Structure of Subsidiaries Case Analysis – AES Corporation 6 International Capital Structure and the Cost of Capital Your Logo International Capital Structure and the Cost of Capital †¢ Firms are becoming multinational in both scope AND in capital structure †¢ Fully integrated financial markets = the same cost of capital both domestically and abroad o If not, opportunity may exists to decrease cost of capital Cost of Capital †¢ The minimum rate of return an investment must generate to cover its financing cost †¢ Firms will undertake projects if the return is expected to exceed the cost of capital †¢ Return = Cost of Capital : value unchanged †¢ Return > Cost of Capital : firm’s value incre ases †¢ Return < Cost of Capital : bad investment Weighted Average Cost of Capital (K) †¢ When a firm has both debt and equity financing, weighted average cost of capital: K = (1-? )K+ ? (1- t)i K = (1-? )KL + ? i(1- t) †¢ (1- ? = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capit al that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 0)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company s financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 K = 8. 53% Minimizing weighted average cost of capital(WACC) †¢ Lowest WAC C is obtained when the optimal combination of debt and equity are used †¢ Increases # of profitable capital expenditures o Firm value is increased as long as the return on new projects exceeds the firm’s WACC †¢ Internationalizing the firm’s capital structure helps to decrease the cost of capital Firm’s Investment Decision and the Cost of Capital †¢ A firm that can reduce it's cost of capital will be able to increase the profitable capital expenditures that they can invest in †¢ This results in increasing shareholder wealth †¢ We can do this by internationalizing our cost of capital Factors that affect the WACC Controllable Uncontrollable †¢1 Capital structure policy Proportion of debt and equity †¢ Interest rates Increases cost of debt, may indirectly increase cost of equity †¢ Investment Policy Degree of risk associated with new projects †¢ Tax rates Increase in corporate tax rate decreases cost of debt decreases WA CC Economic conditions Ie. Financial crisis of 2007/2008 Calculating the firm’s equity cost of capital Usually estimated using the Capital Asset Pricing Model (CAPM): †¢ Ri = Rf + ? (Rm – Rf) †¢ Ri: Expected return of security I †¢ Rf: Risk-free interest rate †¢ ? : measures volatility of security i compared to the market portfolio †¢ Rm: Market portfolio Cost of capital in segmented vs. integrated markets †¢ Ri = Rf + ? (Rm – Rf) †¢ In segmented markets, Rm is usually proxied by the S for the United States †¢ In integrated markets, Rm can be proxied using the MSCI World index Cost of capital in segmented vs. ntegrated markets†¦ continued †¢ Same future cash flows are likely to be priced differently in different countries in segmented markets, why? o ? is measured against the domestic market portfolio a this differs from country to country †¢ In fully integrated markets, same future cash flows will be priced the same as ? is now measured against the same world market portfolio Analyzing Cost of Capital among Countries Your Logo Does the Cost of Capital Differ among countries? ? Researches suggest that although international financial markets are not segmented anymore, they are still not fully integrated ? The empirical evidence is not clear-cut If the international financial markets = less than fully integrated, then there can be systematic differences To illustrate that capital markets are less than fully integrated, McCauley and Zimmer (1994) provided a direct comparison of the cost of capital among the 4 major countries: Germany, Japan, UK and US Method: 1. estimate the cost of debt and equity capital 2. compute the cost of funds (weighted average cost of capital) – using capital structure in each country as the weight 3. compute the cost of capital in real terms after adjusting for the inflation rate Effective Real After-Tax Cost of Debt Cost of Equity Debt -to-Equity Value Ratios Real After-Tax Cost of Funds Example – Novo Industri †¢ Produces industrial enzymes and health care products †¢ 1970s, management decided to finance planned future growth of company by entering international capital markets †¢ Danish stock market was small and illiquid – company needed to internationalize †¢ Novo management felt they were facing a higher cost of capital than competitors because of the segmented nature of the Danish stock market Example – Novo Industri Went international by: Increased transparency by presenting financial and technical statements in Danish and English †¢ Cross-listed on the London Stock Exchange, †¢ Listed ADRs (so that US investors can invest in US dollars rather than Danish) The Result: †¢ Novo Industri’s stock price increased while other Danish stocks didn’t Implications of the example Firms operating in small, segmented domestic capital market can gain access to new capit al and lower the cost of capital by listing their stocks on large, liquid capital markets like the New York and London Stock Exchanges. Cross border listing of stocks Your Logo Cross-Border Listings of Stocks †¢ Firms can potentially benefit from crossborder listings †¢ Why? o Gain access to additional sources of capital while lowering cost of capital by increasing investor base o Increase in stock prices due to more demand and trading of the stock Cross-Border Listings of Stocks †¢ Firms seem to prefer to list in neighbouring markets †¢ Why? o Similarities in markets o A â€Å"home bias† Cross-Border Listings of Stocks †¢ Generally, o Potentially expand investor base, which leads to a higher stock price and lower cost of capital lower transaction costs ? improvement in quality and quantity of firm specific information available to investors o Creates a secondary market for the company’s shares and facilitates raising new capital in foreign mar kets liquidity of a company’s stock o Enhance Cross-Border Listings of Stocks †¢ Generally, o Enhances the visibility of the company and it’s products in foreign markets shares may be used as the â€Å"acquisition currency† for taking over foreign companies o Cross-listed o May improve the company’s corporate governance and transparency Cross-Border Listings of Stocks May improve the company’s corporate governance and transparency† †¢ Once companies cross-lists its shares on foreign exchanges (NYSE, LSE), they are required to follow strong disclosure and listing requirements †¢ On average, foreign companies listed on U. S. exchanges are valued ~17% higher Cross-Border Listings of Stocks †¢ Disadvantages o Meeting disclosure and listing requirements can be costly (U. S. GAAP) in overseas markets o Volatility o Foreigners may take a controlling interest in the company and challenge domestic control International Asset Pricin g Model IAPM Your Logo IAPM For understanding the effects of international cross-listings. †¢ assuming cross-listed assets are internationally tradable assets and internationally nontradable assets. IAPM †¢ CAPM: Ri=Rf+(RM-Rf)Bi Bi = Cov(Ri , RM)/Var(RM) =; Ri=Rf+[(RM-Rf)/Var(RM)]Cov(Ri,RM) AMM risk-aversion: Y*=[E(r)-rf]/(A? 2)  » AM is a measure of aggregate risk aversion  » M is aggregate market value of market portfolio =; Ri=Rf+ AMM Cov(Ri,RM) IAPM †¢ Asset pricing mechanism under: †¢ Complete integration – assets are trade internationally according to world systematic risk Complete segmentation – assets are trade respected to country systematic risk. Suppose two countries: Domestic Country and Foreign Country †¢ IAPM Complete Segmentation †¢1 Domestic Country E(R): †¢ Foreign Country E(R): Rg = Rf + AFF Cov (Rg , RF) Ri = Rf + ADD Cov (Ri , RD) Complete Integration Both Domestic and Foreign: Ri = Rf + AwW Cov (Ri , RW) In re alty, assets are priced as partially integrated world financial markets IAPM Partially Integrated World Financial Markets †¢ Internationally tradable assets are priced as if world financial markets were completely integrated †¢ Non-tradable assets will be priced by world systematic risk (pricing spillover effect) and a country-specific systematic risk. o o Spillover effect – externalities of economic activity or processes those who are not directly involved in it. Pollution, technology, even financial markets IAPM Nontradable assets of the domestic country: Ri=Rf+ AwW Cov*(Ri,RW)+ ADD [Cov(Ri , RD)- Cov*(Ri , RD)] Cov* (Ri , RW) Indirect world systematic risk Cov*(Ri,RW) is the indirect covariance between the ith nontradable asset and world market portfolio. Cov(Ri , RD)- Cov* (Ri , RD) Poor domestic systematic risk Cov*(Ri , RD) is indirect covariance between the future returns on the ith non-tradable asset and domestic country’s market portfolio that is ind uced by tradable assets. IAPM implications: 1. International listing (trading) of assets in otherwise segmented markets directly integrates international capital market by making these asset tradable. 2. Firms with non-tradable assets get free ride from firms with tradable assets in sense that former indirectly benefit from international integration in terms of a lower cost of capital and higher asset prices. Effect of Foreign Equity Ownership Restrictions †¢ Restrictions on maximum % ownership of local firms by foreigners †¢ Mexico and India: limited to 49% †¢ Two different classes of equity Chinese firms issue A shares and B shares †¢ Ensuring domestic control of local firms Pricing-to-market (PTM) phenomenon †¢ Constraint is effective in limiting desired foreign ownership eg. Korean firm’s restriction on foreigners is 20% Foreigners want to buy 30% †¢ Foreign and domestic investors may face different market share prices Asset Pricing under For eign Ownership Restrictions †¢ A firm’s cost of capital depends on which investors, domestic or foreign, supply capital. †¢ A firm can reduce its cost of capital by internationalizing its ownership structure. An Example of Foreign Ownership Restrictions: Nestle †¢ Nestle used to issue two different classes of common stock: – Bearer shares: foreigners – Registered shares: Swiss citizens – The bearer stock was more expensive. Nestle An Example of Foreign Ownership Restrictions: Nestle †¢ On November 17, 1988, Nestle lifted restrictions imposed on foreigners, allowing them to hold registered shares as well as bearer shares. †¢ A major transfer of wealth from foreign shareholders to Swiss shareholders. †¢ The total value of Nestle increased substantially when it internationalized its ownership structure. †¢ Nestle’s cost of capital therefore declined. An Example of Foreign Ownership Restrictions: Nestle †¢ The Ne stle episode illustrates: – The importance of considering market imperfections – The peril of political risk – The benefits to the firm of internationalizing its ownership structure The Financial Structure of Subsidiaries Your Logo The Financial Structure of Subsidiaries Three different approaches to determining: 1. Conform to the parent company’s norm – where the parent company is fully responsible for the subsidiary’s financial obligations – not necessarily consistent with minimizing the parent’s overall cost of capital The Financial Structure of Subsidiaries Three different approaches to determining: 2. Conform to the local norm of the country where the subsidiary operates – When the parent company is willing to let its subsidiary default, or the guarantee of obligations becomes difficult to enforce across national borders – Not the optimal one approach (immature nature of local financial markets) The Financial Structure of Subsidiaries Three different approaches to determining: 3. Vary judiciously to capitalize on opportunities to reduce financing costs and risks – Most reasonable and consistent with minimizing firm’s overall cost of capital – Take advantage of subsidized loans Taxes deduction of interest payment – Take advantage of various market imperfections (ex. political risks) CASE: Globalizing the Cost of Capital and Cost Budgeting at AES BRIEF BACKGROUND AES Originally Applied Energy Services †¢ Founded in 1981 †¢ Publically traded since 1991 †¢ In 2003 – Leading independent supplier of electricity in the world – $33 Billion in asset (eg. Power plants, generation facility, other energy related businesses) stretched across 30 countries and 5 continents AES Early Success †¢ †¢ †¢ †¢ †¢ 1983: 1st cogeneration facility is built in Houston, Texas 1988: Net income = $1. million 1991: AES goes public, net income = $42. 6 million 1991-1992: AES initiates international expansion 1996-1998: estimated 80%-85% capital investment is overseas †¢ 2000: Revenue = $4. 958 billion Net Income = $778 million AES Typical Investment Structure AES AES stock price (market cap in 2000 reached $28 billion @ $70/share) AES AES stock price (market cap in 2002 fell 95% to $1. 6 billion @ $1/share AES What Happened? †¢ It's recipe for success (international exposure) became their recipe for disaster o Much of AES' expansion took place in developing countries (there was more unmet demand vs. eveloped countries) †¢ Main factors: o Devaluation of key South American currencies ? Argentine, Brazilian, Venezuelan currency crises o Adverse changes in energy regulatory requirements ? Government mandated energy rationing and competition o Decline in energy commodity prices AES AES ISSUES AES Simple Domestic Finance Framework †¢ 12% discount rate was used for all contract generation projects o al l dividend flows from projects were deemed equally risky ? fair assumption because businesses had similar capital structures o most risks could be hedged in the domestic market AES Same Model was Exported Overseas Worked well initially, when they first expanded to Northern Ireland o had many of the same characteristics as domestic projects †¢ Model became increasingly strained in Brazil and Argentina o Hedging key exposures was not feasible (currency, regulatory.. ) AES SO†¦ AES needed of a methodology for calculating Solution by AES valuation & cost of capital for capital budgeting at AES businesses in diverse locations around the world AES How did AES deal with it? †¢ Rob Venerus, director of Corporate Analysis & Planning questioned whether the traditional CAPM would suffice †¢ He did not advocate the use of a world CAPM o AES owned businesses in poorly integrated capital markets Countries such as Tanzania and Georgia did not have any meaningful capital markets †¢ He did not advocate the use a local CAPM either o AES How did AES deal with it? †¢ So Rob Venerus developed a new model: Step 1 †¢ Calculate the cost of equity using U. S. market data for each of AES' projects o Average the unlevered equity betas from comparable U. S. companies o Relever the beta to reflect the capital structure of each of AES' projects o Cost of equity = Rf + ? (Rm – Rf) AES How did AES deal with it? Step 2 †¢ Calculate the cost of debt by adding the U. S. risk free rate and a â€Å"default spread† o Cost of Debt = Rf + Default Spread o The â€Å"default spread† is based on the relationship between EBIT ratios for comparable companies and their cost of debt. AES AES How did AES deal with it? Step 3 †¢ Add the sovereign spread to both the cost of equity and the cost of debt o this accounts for country-specific market risk, which is the difference between local government bond yields and corresponding U. S. Treasury y ields. †¢ These steps allow AES to calculate a WACC that reflects the systematic risk associated with each project in its local market. AES AES How did AES deal with it? BUT†¦ †¢ Most of these local markets are developing markets where â€Å"access to capital was limited and information less than perfect† –> project-specific risk could not be diversified away †¢ â€Å"Project-specific risk† must be accounted for! AES How did AES deal with it? Example of project-specific risk: †¢ There are 2 hydro plants in Brazil that are identical in every aspect, except for the rivers that feed them. River #1 produces cash flows that vary +/50%, River #2 by +/- 10%. If they are financed by 100% equity, CAPM says they are worth the same. Rob Venerus thought this was unconvincing Seven types of â€Å"Project-specific risk†: 1. Operational/Technical 2. Counterparty credit/performance 3. Regulatory 7. Contractual Enforcement/Legal 4. Construction 5. Commodity 6. Currency Weights estimated from AES' ability to anticipate and mitigate risk. Then given a grade between 0 (lowest exposure) and 3 (highest exposure), multiplied by their weights to yield a â€Å"business-specific risk score† AES Example Risk Score Calculation for Lal Pir Project (Pakistan) Business-specific risk score Used to calculate an adjustment to the initial cost of capital o 0 = no adjustment to WACC o 1 = +500 basis points (5%) o 2 = +1000 basis points (10%) o 3 = +1500 basis points (15%) †¢ Overall (exhibit 8 from case): 1. calculate cost of equity and cost of debt using U. S. market data 2. add sovereign spread to each 3. calculate WACC 4. Add a business-specific risk adjustment to WACC SUGGESTION & RECOMMENDATION FOR AES CORPORATION Suggestion & Recommendation †¢ AES Corporation’s current method of valuing risk is clearly inadequate. Not enough risks were being considered in their model, especially political and economic risks in dev eloping countries that the company expanded to. Under this current model, country-specific risk is also difficult to measure. †¢ This new model to value cost and risk should be implemented by AES. – It gives the company a more realistic projection of the risks that they may face with projects that they take on internationally. – Risks such as political, economic, country-specific and business-specific risks are now considered, where in the previous model they were neglected. THE END THANK YOU! Your Logo

Canadian Decision Making Model For Personnel Selection

Running head: PERSONNEL SELECTION 1 The Canadian Decision Making Model for Personnel Selection Tiffany Leaf Walden University Author Note This paper was prepared for PSYC 8705, taught by Professor Dr. Leanna Parker PERSONNEL SELECTION 2 According to London and Bray 1980 as cited in Beresoff, (2003) although some situations may be constructed by the employer, the psychologist perceives and interprets the situation with restrictions that he or she believes contribute to an ethical practice. On the other hand, tests given for one†¦show more content†¦For instance, APA (2002) guidelines state that standard procedures in evaluations should include a clear explanation to the examinee of the evaluation process that include direct and honest answers to the test questions. Moreover, the psychologists obligations to the employer include providing accurate expectations for evaluative procedures, and respecting the employer s rights. On this basis, they are to provide high quality information for personnel decisions that are reliable and valid. The fact that the counselor did not catch the examinee in the act does not release him or her from the obligation to follow ethical procedures. For example, if the co unselor strongly suspects that the student is being dishonest, and the Civil Service Agency is his or her PERSONNEL SELECTION 3 client, a question emerges how will the counselor convey this information to the client without also engaging in dishonesty? Based on APA ethical guidelines the following guidelines apply: (a) Standard 5.01a states that psychologists do not knowingly make public statements that are false, deceptive, or fraudulent concerning their research, practice, or other work activities or those of persons or organizations with which they are affiliated.