The Return: Shadow Souls Chapter 23

That â€Å"night† they moved in, picking the hour while different homes they passed were obscured and calm. Elena, Meredith, and Bonnie each picked a room on the upper floor as a room, all near one another. Close by was an extravagant washing room, with a light blue and white marble floor and a one of a kind pool molded like a goliath rose, completely huge enough to swim in, warmed by charcoal, with a happy looking worker to tend it. Elena was enchanted with what occurred straightaway. Damon purchased various slaves unobtrusively, in a private deal from a good seller, and afterward quickly liberated them all and offered them wages and downtime. Practically all the previous slaves were quite glad to consent to remain, and just a couple decided to leave or fled, for the most part ladies looking for their families. The others would remain and become Lady Ulma's staff once Damon, Elena, Bonnie, and Meredith left in the wake of liberating Stefan. Woman Ulma, was given a â€Å"senior† room first floor, in spite of the fact that Damon nearly needed to utilize animal power to introduce her in it. He himself picked a room that was an office by day, since he wasn't probably going to go through a significant part of the night in the house at any rate. There was a slight shame over that. The greater part of the staff knew about the methods of vampire aces, and the little youngsters and ladies who came to sew or who lived on the home and cooked and cleaned appeared to anticipate that a rota should be worked out, with every one of them alternating at being contributors. Damon disclosed this to Elena, who suppressed the thought before it could be actualized. She could tell that Damon was seeking after a constant flow of young ladies, extending from flowerlike to red-cheeked and curvaceous, who might be happy to be â€Å"tapped† like lager barrels for the pretty bangles and doodads that were customarily given. Elena comparatively discarded chasing for recruit. Sage had referenced that there were even bits of gossip about a potential Outside association: an exceptionally propelled instructional class for Navy SEALs. â€Å"And they can come out the world's just vampire seals,† Elena had said cynically, before a gathering of male slaves this time. â€Å"They can go out and nibble sharks. Unquestionably you all can go out and chase a few people like a couple of owls chasing mice †simply try not to get back home a short time later, in light of the fact that the entryways will be locked†¦permanently.† She maintained eye contact with Sage until her demeanor turned into a steely glare and he'd rushed off to accomplish something different around the bequest. Elena wouldn't fret Sage's casual moving in with them. Furthermore, in the wake of hearing how Sage had spared Damon from the crowd that trapped him while in transit to the Meeting Place, she had decided as far as she could tell that if Sage at any point needed her blood, she would offer it to him unhesitatingly. Following a couple of days, when he had remained around the house close Dr. Meggar's and afterward moved with them into Lady Ulma's compound, she had thought about whether her decreased quality and Damon's hesitance weren't denying him of something he should think about. So she'd tossed more extensive and more extensive clues at him, until once when he had multiplied over, and afterward, with tears of chuckling (however had it just been giggling?) in his eyes, had approached her and said that the Americans had an idiom, no? You can lead a pony to water, however you can't make it drink. For his situation, he stated, you could lead a growling dark puma †her ordinary menta l notable picture of Damon †to water, on the off chance that you had electric cows goads and elephant ankusha, however that subsequently you'd be a blockhead to walk out on it. Elena had snickered until she, as well, cried, yet had still vowed that in the event that he needed her blood, a sensible offer was his. Presently she basically felt happy to have him around. Her heart was too full as of now, with Stefan, Damon †and even Matt, notwithstanding his evident abandonment †for her to be at risk for succumbing to another vampire, regardless of how terminally fit they were. She acknowledged Sage as a companion and defender. Elena was astonished at the amount she came to depend on Lakshmi as every day passed. Lakshmi had started as a kind of gopher, doing the going around that nobody else needed to, however to an ever increasing extent, she had become Lady Ulma's house keeper in-pausing and Elena's wellspring of data about this world. Woman Ulma was still formally confined to bed, and having Lakshmi prepared whenever of the day or night, to send messages, was magnificently helpful. As well, she was somebody that Elena could pose inquiries of that in any case would get her looked at as though she were insane. Did they have to purchase plates or was food served on an enormous hunk of dried bread, which went about as a napkin for oily fingers also? (Plates had been as of late presented, alongside forks, which were extremely popular now.) How much were the men and lady of the family unit qualified for in compensation (which must be determined without any preparation, since no other family paid its slaves a g eld, just apparel them from a network uniform reserve, and permitting them a couple â€Å"feast days† a year)? Youthful as she might have been, Lakshmi was both legitimate and intense and Elena was preparing her to become Lady Ulma's correct hand, after Lady Ulma had gotten all around ok to be the woman of the house.

On the surface, Jonas is like any other eleven

By all accounts, Jonas resembles some other eleven-year-old kid living in his locale Essay By all accounts, Jonas resembles some other eleven-year-old kid living in his locale. He appears to be more astute and keen than huge numbers of his companions, and he thinks more truly than they do about existence, stressing over his own future just as his companion Ashers. He appreciates learning and encountering new things: he decides to chip in at a wide range of focuses as opposed to concentrating on one, since he appreciates the opportunity of decision that volunteer hours give. He likewise appreciates finding out about and interfacing with others, and he pines for more warmth and human contact than his general public allows or supports. The things that truly separate him from his peers㠢â‚ ¬Ã¢â‚¬ his uncommon eyes, his capacity to see things change such that he can't explain㠢â‚ ¬Ã¢â‚¬ trouble him, yet he doesn't let them trouble him to an extreme, since the communitys accentuation on obligingness makes it simple for Jonas to cover or disregard these little contrasts. Like any youngster in the network, Jonas is awkward with the consideration he gets when he is singled out as the new Receiver, wanting to mix in with his companions. Once Jonas starts his preparation with the Giver, be that as it may, the inclinations he appeared in his before life㠢â‚ ¬Ã¢â‚¬ his affectability, his uplifted perceptual forces, his thoughtfulness to and enthusiasm for individuals, his interest in new encounters, his genuineness, and his high intelligence㠢â‚ ¬Ã¢â‚¬ make him incredibly consumed in the recollections the Giver needs to transmit. Thus, the recollections, with their rich tactile and passionate encounters, upgrade all of Jonass abnormal characteristics. Inside a time of preparing, he turns out to be very delicate to magnificence, joy, and enduring, profoundly cherishing toward his family and the Giver, and furiously enthusiastic about his new convictions and emotions. Things about the network that used to be somewhat puzzling or disturbing are presently seriously baffling or discouraging, and Jonass innate worry for other people and want for equity causes him to long to make changes in the network, both to stir others to the lavishness of life and to stop the easygoing pitilessness that is polished in the network. Jonas is likewise decided, focusing on an undertaking completely when he has confidence in it and ready to hazard his own life for his loved ones. Despite the fact that because of his preparation Jonas has more intelligence than nearly any other individual in his locale, he is still youthful and thinks minimal about existence in the network itself. At twelve years of age, Jonas is too youthful to even think about controlling the incredible feelings that his preparation releases, and the common hormonal lopsided characteristics of preadolescence make him particularly enthusiastic and once in a while nonsensical. Obviously, his childhood makes it workable for him to get the recollections and gain from them㠢â‚ ¬Ã¢â‚¬ if he were more established, he may be less open to new encounters and emotions㠢â‚ ¬Ã¢â‚¬ but he needs the direction and knowledge of the Giver, who has beneficial experience just as recollections, to assist him with keeping the entirety of his new encounters in context.

An Overview of Social Skills Training

An Overview of Social Skills Training December 09, 2019 More in Social Anxiety Disorder Treatment and Therapy Social Skills Symptoms Diagnosis Coping Work and School Related Conditions In This Article Table of Contents Expand Social Anxiety Disorder Training Techniques Research and Evidence   Areas of Development Social skills training (SST) is a type of behavioral therapy used to improve social skills in people with mental disorders or developmental disabilities. SST may be used by teachers, therapists, or other professionals to help those with anxiety disorders, mood disorders, personality disorders, and other diagnoses.   It is delivered either individually or in a group format, usually once or twice a week, and is often used as one component of a combined treatment program. Social Anxiety Disorder Social anxiety can have an impact on social skills in a variety of ways. People with social anxiety disorder (SAD) are less likely to engage in social interactions, giving them less opportunity to build skills and gain confidence.?? SAD can also have a direct impact on social behavior regardless of skill level. For example, you may know that eye contact is important but feel unable to maintain it during a  conversation because of fear. Social Anxiety Disorder Has Replaced Social Phobia SST has been shown to be effective in improving social skills for those with SAD regardless of the social issue. If there is a skills deficit, you can learn how to better manage social interactions.?? If social anxiety is masking your social ability, practice and exposure during SST can help improve your confidence and self-esteem and reduce your anxiety about social situations. For those with social anxiety disorder, SST is often used in combination with other treatments such as cognitive-behavioral therapy (CBT) or medication. Training Techniques SST generally begins with an assessment of your specific skill deficits and impairments. Your therapist may ask you which social interactions you find the most challenging or which skills you feel could be improved. The goal of this process is to identify the best targets for social skills training for your particular situation. Once specific target areas are identified, techniques for improving social skills are introduced. Usually, changes are made in one area at a time to ensure you dont get overwhelmed. A therapist may describe a particular skill, explain how to carry it out, and model the behavior. Complex behaviors like how to carry on a conversation may be broken down into smaller pieces such as introducing yourself, making small talk, and leaving a conversation. Therapists will also discuss both verbal and nonverbal behaviors.?? SST Techniques Instruction is the educational component of SST that involves the modeling of appropriate social behaviors.Behavioral rehearsal, or role play, involves practicing new skills during therapy in simulated situations.Corrective feedback is used to help improve social skills during practice.Positive reinforcement is used to reward improvements in social skills.Weekly homework assignments  provide the chance to practice new social skills outside of therapy. Research and Evidence   Research on the use of SST in treating SAD shows that it is effective whether executed alone or with another form of treatment.  SST has also been shown to increase the results of group CBT for SAD.??   In general, SST is most effective when used as part of a comprehensive treatment program involving multiple components.  Therefore, if you have severe social anxiety, social skills training may be helpful for youâ€"both for your social skills and anxiety about social situations. Areas of Development Social skills are the building blocks of social interaction. If you have SAD,  you may have missed out on developing some of these important skills. However, you can always learn them no matter your age.   Assertiveness helps you relate to others in a way that balances the needs of everyone.  If you have a tendency to defer to others, it can feel uncomfortable when you first start asserting yourself. However, in the long run, assertiveness will help to reduce anxiety and make both you and the people around you more comfortable. How to Be More AssertiveHow to Ask for What You NeedHow to Say No Nonverbal communication, also known as body language, plays a large role in communication. People with social anxiety disorder tend to have closed body language that signals to others that you are unapproachable or unfriendly???. While this is a natural result of anxiety, it is possible to work on having more open and friendly nonverbal behaviors. How to Be More Approachable10 Body Language Mistakes You Might Be MakingHow to Appear More ConfidentUnderstanding Facial Expressions Verbal communication is another skill. The art of conversation may seem like a puzzle if you have social anxiety disorder. You probably have trouble knowing what to say or feel uncomfortable talking about yourself.  But,  conversations are foundational to building relationships and knowing how to better navigate them will help you get acquainted with those around you. Conversation Tips10 Good Topics for Small Talk10 Topics to Avoid During Small TalkHow to Join a ConversationHow to Leave a ConversationHow to Make Introductions:  Introductions are a way of making people feel comfortable. Whether you are called upon to make introductions or you are being introduced, it is important to know the rules of these social encounters. Knowing how to confidently make introductions is a very useful social skill.How to Practice Active Listening:  Active listening involves paying attention, asking questions, and reflecting on what someone says. When you practice active listening, the other person in the conversation feels heard. If you are coping with SAD, practicing active listening may actually help you focus more on others and less on yourself.  How to Get Over Telephone Phobia:  While the telephone is part of communication, it has its own peculiarities that can make it difficult for those with social anxiety disorder. You might be afraid to answer the phone, make calls, or even record a voice greeting. If you have a phobia of using the phone, there are a number of tips and tricks that you can use to overcome your fear. In addition, you can practice exposure therapy on your own to gradually desensitize yourself to using the phone.How to Accept Compliments    How to Give Compliments:  If you live with SAD, you probably have trouble gracefully accepting compliments and may not give compliments easily. Learning these two social skills is important. Compliments are a way of  initiating and deepening relationships. They are also great conversation starters and a good way to show appreciation for others. A Word From Verywell Building and improving upon your social skills is an important component of treatment for social anxiety disorder and is crucial to better negotiating social situations. If you find yourself severely lacking social skills, talk with your treatment professional about training or other methods for improving your abilities. If you have not yet been  diagnosed with SAD, the first step is to visit your doctor. From there, you can work together to design a  treatment plan  that meets your specific needs.

Ethical Issues Surrounding Genetic Screening and Genetic...

Ethical Issues Surrounding Genetic Screening and Genetic Engineering In today’s modern age science is moving at a rapid pace; one of those scientific fields that has taken the largest leaps is that of genetics. When genetics first comes to mind, many of us think of it as a type of science fiction, or a mystical dream. Yet genetics is here, it is real, and has numerous ethical implications. One of the particular areas of interest is prenatal genetics. In this field, many new and outstanding innovations have been made. A mother and father can now check for a large array of disorders that could occur in their child; sexual preference has now been shifted from the hands of a higher being to that of someone with a Ph.D.;†¦show more content†¦In this brave new field, there have been many steps and strides taken of which we could have never imagined. For instance, before a mother and father decided to carry out the process of having offspring, they can visit a genetic clinic to figure out if their child is likely to have certain illnesses. A list of such illnesses are: Down syndrome, cystic fibrosis, dwarfism, breast cancer (susceptibility to), fragile X syndrome, Huntington’s Disease, Duchenne muscular dystrophy, and various types of nervous system degeneration (Golden 51). These are only a few of the nearly 40 types of disorders that can be determined by genetic testing. It may be rather nice to know that a child does not have a genetic disease, but what does a couple do if the results of a genetic test are returned with negative results? Also, if the information from the test is ambiguous the couple might decide not to carry out the pregnancy due to risk. In a 1999 article written by Frederic Golden, he questions if the child should be brought into the world â€Å"†¦in hopes that a cruel disease can be managed or cured†¦Ã¢â‚¬  or if the fetus should be aborted. He also poses the question of insurance coverage. This might seem like a rather odd comment to make. Insurance is insurance isn’t it ? And for the most part we all have it. Yet this brings us into another issue about genetics, privacy. Our genetic code is consistent throughout our entire lives. It is who we are. Will insurance coverage be availableShow MoreRelatedThe Field Of Reproductive Technology1484 Words   |  6 PagesToday’s culture has a growing fascination with biotechnology and genetic engineering. This is especially true within the field of reproductive technology. 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Determining firms value one of the financial scenarios - Free Essay Example

Sample details Pages: 16 Words: 4919 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Chapter 1 Determining firms value is one of the vital financial scenarios in the current world. Investors are more aware of their investments and take basic precautions before investing in a company. It is said that, investing in an excessively over-valued companies that failed to earn the expected returns was one of the causes of economic recession during mid 2000s. Don’t waste time! Our writers will create an original "Determining firms value one of the financial scenarios" essay for you Create order This has created awareness among investors as well as analysts. Analysts use basic fundamentals, which generally based on publicly available information, such as accounting earnings, dividends, growth factors or leverage ratios, etc to infer the intrinsic value and compare whether it is over or under the firms stock price (Lee, 1987). Each company has its own characteristic features and it differs from industry to industry and country to country. It become important to understand the certain features of a company like investment methods, dividend policies, tax policies, liquidation regulations etc. The study tends to investigate large firms in various industries, which are problematic and not in line with the investment analysts who likely focus on one industry or one sector (Quirin et al., 2000). One of the main features an investor is worried about is future payoff which can be solved by firms valuation. Many valuation methods are used to estimate the firms value. Fundamental models used for valuation are asset based valuation, discounted cash flow model and residual earnings model. These models help in estimating whether the firms stock prices are overvalued or undervalued. Using the available information from the financial statements, analysts forecast the intrinsic value of the firm and evaluate its future stock returns. According to the concept of efficient market hypothesis, the stock prices should reflect all the publicly available information which means that the share price of a company should be same as the intrinsic value of the company. But in reality, efficient market hypothesis does not hold valid. Thus, valuation models are employed to estimate the firms value. As we have known, for the past three years, economy around the world has seen drastic changes due to mortgage crisis. Many of the countries have recovered from this recession and many of them are yet to recover. The United Kingdom is one of those countries which are under recovery from the economic crisis. Telecommunication and digital satellite industry was also hit during the crisis. British sky broadcasting plc reported losses during that period and the same is reflected in the balance sheet of the company. The basic earnings per share of the company reported negative in 2008. Keeping this in mind, we carry out further study on the valuation models. Two valuation models, Discounted cash flow and Residual earnings are chosen as the discussion topics in the dissertation. But due to deriving from the same assumption, the residual earnings model yields identical results as the discounted cash flow and dividend discount models (Ohlson, 1995, and Feltham and Ohlson, 1995). British sky broadcasting plcs historic financial data is used to estimate its intrinsic value based on discounted cash flow and residual earnings model. Research question Based on the discounted cash flow model and residual earnings model, which valuation model performs better for British sky broadcasting plc and why? The main aim of the research question is to conduct the valuation analysis using discounted cash flow model and residual earnings model for British sky broadcasting plc. This process includes the estimation of equity values of the company, evaluating the performance of the model and discussing why the performance of models varies. Delimitations This dissertation work has been conducted under a limited time period. All the financial information used here are publicly available which is obtained from company websites and annual reports. No primary research has been undertaken or no primary source of information has been considered in this work. The research work is based on British sky broadcasting plc. The company is listed in London stock exchange under FTSE 100 and follows IFRS (International financial reporting standards) to publish their financial statements. Annual reports from 2004 2009 are used for calculation of the model. Disposition Chapter 1: Introduction Introductory chapter explains the background of the research, research question and aim of the research question Chapter 2: Research methodology This chapter explains about the methods used in research study, data collection and sources of data collection Chapter 3: Literature review This chapter explains about the theories related to the study of valuation models and brief study on British sky broadcasting. Chapter 4: Analysis and results Analysis of the valuation models and its results are explained in this chapter of the dissertation. Chapter 5: Discussion and conclusion This is the final chapter of the dissertation undertakes discussion and conclusions drawn from the above study, mentioning important research outcomes of analysts and future scope for the research on valuation models. Chapter 2 Research methodology This chapter describes about the choice of subject, approaches to the research study, methods used for research purpose and data collection. Choice of subject The topic for the masters dissertation was chosen on the basis of interest, academic knowledge and course perspective. I have chosen British sky broadcasting plc, a digital satellite and telecommunication company to proceed with my research. The company is sensitive to variable effects like market competition, price fluctuations, recession, inflation and customer preferences. Therefore, I try to invest my academic knowledge to understand the topic with reference to valuation models. Research approach Research philosophy depends on what the author want to develop the knowledge (Saunders et al.,2000). Understanding of the research philosophy is important to research methodology, according to the following reasons (Easterby-Smith et al., 1997; cited by Crossan, 2003): Help the author to clarify the research strategy and the research method. Help the author to avoid useless works with clarification of certain methods at the early stage. Help the author to select or adapt the methods, which previously are out of the experience. Using theories of discounted cash flow model and Residual Earnings Model to observe which valuation model performs better on digital satellite and Telecommunication Company British sky broadcasting plc. Research method Two types of research methods were used to study the dissertation subject. That is, both qualitative and quantitative methods were put into use during this period. Qualitative research was undertaken to understand the theoretical aspect of the subject, understanding of the industry and current market scenario. But mostly quantitative research was implied to understand the financial aspects of the company. Data collection Data collection is one of the vital aspects of research. Accuracy of the data and source to obtain it become important. Different sources were used to collect the data. Subject related books and articles were obtained from Cardiff Universitys library, literature on the industry and journals were obtained from internet and company financials were obtained from university librarys database. Other financial information on the company was obtained from the annual reports of British sky broadcasting plcs website and university library from the year 2004 to 2009. Other financial data like current stock prices, market trend, analysts opinions and customer preferences were studied and taken from several websites like Bloomberg, Reuters, Google finance, yahoo finance, LSE website etc. Statistical financial data, i.e. risk-free rate or market returns is obtained from DataStream database provided at the university library. Chapter 3 Company overview British sky broadcasting plc, a telecommunication and digital satellite broadcasting company listed on London stock exchange and one of the FTSE 100 companies. BskyB is one of the hugely subscribed broadcasters with annual revenue of pound;5,359 millions. During the economic recession in 2007-2008, company suffered financial difficulties which reflected in their balance sheets. But with their cost strategies, aggressive marketing techniques and investment strategies, they gained their market position back. Now, British sky broadcasting plc is one of the digital satellite broadcasting giants with their presence in several countries across the world. Analysis of financial statement of the company From study of historic data from 2005- 2009 of British sky broadcasting plc, we can observe the following trends in their revenues, investments and expenses. Revenue and Net profit (2005-2009) From the above chart, we can observe that the revenue of the company is increasing year by year but net profit has suffered a drawback in the year 2007-2008. It can be assumed that the cause for this decrease in net profit to be economic crisis during that period. Earnings per share, dividend per share and book value per share From the data obtained from balance sheet, it can be observed that in the past 5 years, 2006 has witnessed highest earnings per share whereas 2008 has reported least earning per share. But it can also be noticed that in the year 2009, the company has recovered itself from negative earnings per share by gaining 14.9 pence per share. Cost operation of the company To encounter the fierce competition in telecommunication and digital satellite broadcasting industry, company has adopted several strategies to retain the customer base of the company as well as to attract the new customers. Some of the strategies adopted by the company to increase the customer base are, Reduction of cost of service without affecting the quality of the service Acquisition of four new channels under Sky arts, one channel under Sky1 and three channels under Sky movies which includes HBO drama. This is said to increase the viewers by 1.5 million a month. Signing a contract to telecast major sporting events of the country including Barclays premier league football for three seasons will not only expected to increase the viewers for the channel but also increase the advertising revenue and customer subscriptions in the next two years. Study of annual report of British sky broadcasting plc reports some of important financial developments in the year 2008-2009. According to the report, the company has earned its first pound;5 billion group revenue. Companys operational profit has increased by 4% compared to previous year and the free cash flow has increased by 25%. The total customer base has increased by 15% from 2008. Product sales of the company have reported its increase by three folds reaching 7 millions in 2009. Further in the year 2009-2010, the company is expecting to earn revenues more than the previous year. Analysts have forecasted the growth in earnings per share of the company to increase by 120% in 2010 from the previous year. Theoretical framework: Discounted cash flow model Discounted cash flow model is one of the essential valuation models in finance. It helps to estimate the value of an asset depending on the future worth rather than its past worth or the cost. It evaluates the future value of an asset in terms of time and risk. Discounted cash flow models are one of the forms of financial pricing models that combine underwriting and investment returns and also incorporate risk considerations in establishing the target return on capital figure. Its approach is more robust than the Capital Asset Pricing Model, since it is not limited to valuing only systematic risk, and more intuitive, with the parameters more easily calculated, than the Option Pricing Model (Stephen R DArcy, FCAS). Formula The Present Value of a series of cash flows is: PV = n t=1 CFt (1+r)t where CF = cash flow, t = time, r = discount rate The Present Value is calculated on the cash inflows from an investment rather than cash outflows, neglecting the actual investments. But the Net Present Value considers both the inflows and outflows. The Net Present Value calculation is: NPV = n t=0 CFt (1+r)t Net present value helps the firms to decide their investments in a project. A project with positive net present value should be considered for investment rather than negative net present value projects. Criticisms of DCF model The main criticism of the net present value method of calculation is the uncertainty of the cash flows. But the probability to overcome this criticism is high by discounting the cash flow at the rate that reflects this uncertainty rather than at the risk-free rate. Another disagreement to choose the appropriate interest rate for discounting may flourish but discounting is still in practise to value the projects. The third criticism is based on the fact that the projects are really not independent. The cash flows included in the valuation of any one project should reflect the impact on other projects as well. However, this is a difficult task to accomplish (Stephen R DArcy, FCAS). Gordon model Gordon model was published in the year 1962 by Myron J Gordon. This model estimates the calculations for the perpetuity with constant growth henceforth is called as constant growth model. It is applicable only when the growth is considered to be constant and do not vary with time. Definition: According to David SchrAuml;oder and Florian Esterer, Let g denote the constant growth rate of dividend payments to shareholders. Then the share price P0 is given by: P0 =E0 [CF1] k-g The Gordon model assumes that future dividend payments to shareholders growth geometrically at a constant rate until infinity. In practice, this model does not capture the true dynamics of dividend payments declining usually over time, and is thus only a valid approximation for the share price of mature companies with stable dividend payments. Still, it can serve as a useful illustration of the implied equity duration (D. SchrAuml;oder and F. Esterer, 2008). Advantages of Gordon model Gordon growth model is simple and easy to calculate using readily available inputs from the balance sheet. Companies whose cash flows are strong and relatively stable can yield good result from the Gordon model. Most of the mature industries use the model to obtain fair values. It is appropriate in the valuation of companies that pay high proportion of dividends from income. Disadvantages The model is purely quantitative in nature and neglects qualitative factors like market or industry trends. The model assumes the constant future dividends growth rate to perpetuity and fails to consider slow growth rate period in future. Though the model is simple, its not flexible enough to project changes of future dividend growth rate. This makes it less suitable for high growth industries like telecommunication and software technology. Residual earning model Residual earning model has been widely studied over a last decade since a paper by Ohlson (1995) on this valuation model was published. Utilising the values from the balance sheet, model calculates the intrinsic value of the firm. This model acts as a better valuation tool than previous models and is considered to be an alternative to discounted cash flow model. A measure that captures the value added to book value is residual earnings. A model that measures the value added from forecasts of residual earnings is called residual earnings model. Sometimes it is also referred as residual income or abnormal earnings or excess profit model (Penman, 2007). Derivations Residual earnings for equity describe premiums over required return for book value of common equity at beginning of the period (Penman, 2007) as REt = Earnt (E 1) Bt-1 (1) Where REt is residual earnings of equity in the future, Earnt is comprehensive earnings at time t as REt, E 1 is earning at the required return and Bt-1 is the book value of equity on the balance sheet. For every earnings period t, residual earnings can be restated as REt = [ROCEt (E 1)] Bt-1 (2) Where ROCEt = Earnt / Bt-1 is the rate of return on common equity. From the above equations, we can see that if rate of return on equity equals earnings at required return then residual earnings will be zero as well as the value creation of the firm. It can also be noticed that, RE is affected by two variables namely ROCE and the book value of equity. These are called residual earnings drivers or value drivers. Increased ROCE and book value increases the RE and the value of the firm. The value of equity can be calculated by adding the book value and the forecasted residual earnings, VE0 = B0 + Present value of RE (3) Where VE0 represents value of a firm and B0 is book value of equity. To get intrinsic price-to-book (P/B) ratio divide both sides of the equation by current book value B0, VE0 = 1 + Present value of RE (4) B0 B0 It can be noticed that for the firms to earn income for the shareholders, the equity will be worth more than the book value and should sell at premium. P/B ratio defines the relationship of the firms stock price and its net worth. An investor often pays for an earnings growth of a firm with higher price, but earning growth does not always mean value growth (Penman, 2007). Equation for valuation model with indefinite time period is, VE0 = B0 + RE1 + RE2 + RE3 + (5) E 2E 3E The forecasting of future residual earnings is uncertain yet important for the firms in a long run. Therefore, forecasting is done for a definite period of time and adds Continuing value (CV) at time T. VE0 = B0 + RE1 + RE2 + RE3 + + RET + CVT (6) E 2E 3E TE TE There are three variations in the continuing value model, they are: If residual earnings are zero then, CVT = 0 If residual earnings are constant, but non-zero then, CVT = RET+1 E -1 If residual earnings grow with constant rate then, CVT = RET+1 E g Where g is the growth rate at time T. Deriving residual earning model from dividend discount model From dividend discount model, the price of the stock equals to future dividend streams (McCulloch, 2005), using this we can derive residual earnings model. Where P0 is the price of the stock at time t, Dt is future dividend and r is the discount rate of return. From the clean surplus relation expressed in the change of book value as: Bt = B0 + dt xt Where Bt is net book value at time t, dt is net dividends paid at time t and xt is equal to the earnings at the time (t-1, t). By placing the clean surplus relation to the dividend discount model, we will get the residual earnings model as follows, Where aet is equal to the [earnings rBt-1] For the infinite forecast period, both residual earnings model and the dividend discount model yield the same results. But, the disadvantage of dividend discount model is that it cannot forecast results for the firm having zero payout for several years as the model cannot measure the value. According to Penman (2007) the dividends may not relate to the value creation because the firm can borrow money for dividend payment. Here, he considers the dividends as value distribution and not value creation. Advantages of Residual earnings model Residual earnings model is considerably better formulated valuation model. The advantages of the model is that it uses the properties of the accrual accounting helping to recognise the value added ahead of the cash flows and does not treat investment as a loss of value and considers as an asset. RE forecasts also recognise the value in the current book value on the balance sheet than free cash flow forecasts. Usage of readily available accounting data makes it easy for the user. RI model is not affected by the distribution of dividends, share issues or the repurchases of the company. It also not affected by the assumptions regarding the growth. Hence this model holds valid for those companies that do not issue dividends or issue shares at a regular interval of time. RI model has a built in safeguard against paying too much of earnings growth: value is added only if the investment earns over or above the required rate of return (Penman, 2007). This helps investors avoid paying for the earnings growth of the firm that invest more and do not add value or fail to earn the required rate of return. Thus protects from paying for the earnings created by the accounting. Disadvantages of residual earnings model RI model relies mainly on the accounting data from the balance sheet. Analysts using this model need to have strong accounting knowledge. On the other side, many question the accuracy of the financial statements published by the company as they are believed to be altered. According to the author, it would be an advantage if analysts un-wrap misleading accounting numbers before the problems appear (Penman, 2007). In a long run, it is difficult to forecast the value of the firm using RI model because the estimation of a growth rate becomes tough with uncertainty. Clean surplus relation Residual earnings model is based on the assumption of clean surplus relation. The clean surplus relation states the change in equity from one year to another is equal to the net income minus dividends. But this does not happen in reality. In general, income items are reported as a part of equity rather than in an income statement. This is known as dirty surplus accounting. This violates the clean surplus relation affecting the affecting the book value of equity. Clean surplus relation can be expressed in the change of book value as yt-1 = yt + dt xt Where yt is net book value at time t, dt is dividends paid and xt is earnings at the time (t-1, t). Chapter 4 Analysis of Discounted cash flow model This section of the study explains about the assumption and calculations related to discounted cash flow model. Financial data used in the study of the model is obtained from company website and annual reports from 2004-2009 of British sky broadcasting plc. Many analysts have implemented DCF model in valuation process in the past. Earlier studies have however concluded that practitioners often use a shorter forecasting period, often no longer than five years (Levin and Olsson 1995 and Barker 1999). Through forecasting entire income statements and balance sheets an analysis using financial ratios is possible. This analysis can be used to determine the fairness of the assumptions regarding the future (Levin 1998b). The key estimations of DCF model Cost of capital: Companies obtain their capital from many sources like issuing shares, debts, government etc. Every company expects to earn a minimum rate of return to pay back the debtors, shareholders or even to invest in assets. Cost of capital helps in assessing the worth of investments. This allows the companies to decide whether to invest or not in such projects. Cost of capital is found using WACC (weighted average cost of capital) method. WACC is calculated using the formula, WACC = ND rnd (1-Tc) + E re ND+E ND+E Where, ND is total debt, E is total equity, re is expected return on equity, rnd is expected return on debt and Tc is tax rate. Continuing value: The forecasting of a firms financial performance is divided into two periods: the explicit forecast period and the post-horizon period. During the explicit forecast period the firm is expected to transform into a steady state. When the firm has reached the steady state the terminal value is calculated by a continuing value formula (Martin Edsinger, Christian Stenberg, 2008). Continuing value of the firm can be calculated using the Gordon growth model. Gordon model is used on the assumption that growth is steady and does not vary with time. The formula used to calculate Gordon model is, P0 =E0 [CF1] k-g Where P0 is the share price and g is constant growth rate. Capital asset pricing model: This model is used to calculate the cost of equity. The formula used to calculate the CAPM is, CAPM = RF + (Rm RF) Where, RF is the risk free rate and Rm is the market rate. Risk free rate: Risk free rate is assumed from 10 years UK government bond rate. RF is 4.25% and obtained from DataStream. Market rate: As it was difficult to find information on past market rate values for the company, average industry market rate for telecommunication industry was taken from DataStream database. The market rate of return obtained is 11%. Beta: Beta was obtained from OSIRIS database under 1 year beta estimation for the company. The mean beta is 0.6200. Market risk premium: Based on evidence from the different used models suggests a market risk premium around 5 percent (Koller et al 2005). Risk premium can be calculated using the below formula, Market premium = Rm RF Where, Rm is expected market return and RF risk free rate. Free cash flow analysis: One of the main features of discounted cash flow model is estimation of free cash flow. The constructed free cash flow for the valuation purposes should be identical to the financial cash flow of the company. Key estimations of discounted cash flow model Growth rate 4% Reinvestment rate 0.4891 Return on capital employed 0.0818 Weighted average cost of capital 8.18 Beta 0.62 Cost of debt 5.64 Cost of equity 8.63 Tax rate 28% Valuation analysis From the above calculation of discounted cash flow model, we can observe that, The firm chosen is not a pure equity firm as there is net debt amount considered. It is said that treating the investments in the cash flows as negative may reduce the accuracy of the model. But the estimates obtained from the free cash flow analysis are positive in nature. At 4% growth rate, reinvestment rate of 0.489 and return on capital employed at 0.082, price of the share is pound;2.84. The actual share price is pound;7.08 with 1,807,918 shares outstanding. Long term growth rate is assumed to 4% based on historical data and market research. At 4%, share price is estimated at pound;2.84. Change in growth rate by 1% changes the estimated share price to pound;2.86. According to calculations, the estimated re-investment rate for the company is 0.489. If the re-investment rate is increased to 0.589 then price of the share decreases to pound;2.28 and if the re-investment rate is decreased to 0.389 then price of the share increases to pound;3.38. There is inverse relation between the re-investment rate and the share price estimated. Analysis: Residual earnings valuation This section contains the key assumptions and analysis for British sky broadcasting plc on the basis of residual earnings model. Using the historical financial data from 2004-2009 obtained from company annual reports, website and library database, the valuation model has been forecasted from the year 2010 to 2014. The key assumptions are as follows: Earnings per share Earnings per share growth rate is estimated based on the analysts forecast EPS from 2010 2013 obtained from OSIRIS database and it is assumed to increase accordingly. From the year 2014, the growth is assumed to be constant at 11%. Dividend per share Dividend per share is forecasted based on the study of historic DPS trend from 2005-2009 and assumed it to increase by 7.6% on an average for 5 years and to be constant from 2014 onwards. Long term growth rate Long term growth rate is assumed to be 4% based on the historical growth rate, market trends and future competition. Risk free rate The estimated risk-free rate is 4.75% based on the average rate of 10 years UK government bond for BskyB. It is obtained from DataStream database. UK government bond is used to assume the risk free rate as British sky broadcasting is listed in London stock exchange, UK. Market return The market return estimated for British sky broadcasting is 11% on FTSE 100 obtained from DataStream and is assumed to be the same for all the forecasting years. Common equity Beta The beta for the company is obtained from OSIRIS database. Beta for one year is expected to be 0.62 on FTSE 100 and is assumed to be the same for rest of the forecasting. Cost of equity Cost of equity was calculated using capital asset pricing model method. The formula used was, CAPM = RF + (market premium) = 0.0475 + 0.6200 (0.0625) = 0.0863 Where, RF is risk free rate and is risk factor. Share price Share price is taken on 27th of august 2010 for calculation purpose. On the mentioned date, share price was 708.00 p. It was obtained from the website of London stock exchange plc. Key assumptions of British sky broadcasting plc Dividend per share 7.6% Long term growth rate 4% Risk free rate 4.75% Market return 11% Beta 0.6200 Cost of equity 0.0863 Discount factor 8% Valuation analysis From the above calculation, we can see that the estimated share price at the beginning of the year 2010 is pound;8.7454; actual share price is pound; 7.0800 and the estimated share price obtained after residual earnings valuation is under-valued by pound; 1.6654. However, the earnings per share has increased by 120% from the year 2009 to 2010 but the study of historic data does not support the EPS growth rate forecasted by analysts. The basic earnings per share distributed from 2005 2009 does not follow specific trend. EPS shows growth of average of 34.88% in the year 2005 and 2006 and fall in growth in the year 2007 and 2008. In the year 2009, EPS has increased from -7.3 pence to 14.9 pence per share, which is 104% and expected to increase in future based on the following assumptions from the annual report: The total customer base of the company has increased by 15% and product sales by 3 folds to 7 millions in 2009 and is expected to increase at the same rate in 2010. BskyB is expected to increase its viewers base by 1.5 million a month with acquisition of 4 new channels for Sky arts, 1 new channel for Sky1 and 3 new channels for Sky movies which includes HBO drama. Signing a contract to telecast most of the major sporting events which includes ruder cup, ICC 20-20 world cup and also BPL football for 3 years till 2012/2013 is expected to earn very good revenues from sales and subscriptions for the company. The company has witnessed its first 5 billion revenue is the year 2009 with increase in operating profit by 4% and increase in free cash flow by 25%. The company is expecting increased revenues in the 2010 and assumes it to grow further for next 4 years.

Pride that Leads to Tragedy Free Essays

Pride can be a very pernicious quality in a person. This theme is displayed very well by Creon, a character in the book Antigone and also the tragic hero, whose pride led him to a tragic downfall. Sophocles, the author of this Greek drama, encompasses tragedy in most of his plays. We will write a custom essay sample on Pride that Leads to Tragedy or any similar topic only for you Order Now As I mentioned before, a bad quality of Creon is his obstinacy. This got in the way of a lot of things, including his family. Creon, the king of Thebes, believed at one point that State comes before family. The reason he said that statement is because he wanted to prevent anarchy and if he were to let only his family break the law, then all the townspeople would get very angry. Letting his condescension blind him, Creon ignored the warning of Tiresias, a blind prophet, and his son Haemon. Following this rebuff, Creon gets a wake-up call from the gods and loses most of his family. Although he went through this cataclysm, he did it with the seemliness he had not previously displayed. He acted so noble because the hardships he went through changed his principles. Creon realizes that family should come before state and that he did not need to let his pride get in the way of his duties as a part of his family. The audience, everyone who read the book in Mrs. Pink s class, at one point probably felt sorry for Creon. He had to deal with so many different adversities that he went from a bad guy persona to a person that deserved sympathy. Even though we may have felt sorry for Creon at one time, he did not deserve too much pity because he could have changed his mind at one point. He had many opportunities to change his mind, including when he talked to Tiresisas, as I stated before. If Creon had rethought his arrogance, his fate wouldn t have been half as bad as it turned out to be. In closing, Creon was an arrogant, conceited person until he experienced the loss of his family. After he lost them, he was changed in every way that he could be, emotionally. Creon was the tragic hero because of the fact that his pride led him to a tragic downfall. How to cite Pride that Leads to Tragedy, Essay examples

Managing Cultural Diversity free essay sample

For the assigned discussion topic, our group will address the concept of diversity in two perspectives, cross cultural diversity management and managing multicultural teams. On this document we start by defining diversity and move on to multicultural aspects of diversity. Following, we will introduce the concept of managing multicultural teams to whom we will briefly introduce the four challenges of managing multicultural teams as well as some strategies to unravel it. Finally, we list the group dynamic for the class discussion, as well as provide recommendations and conclusion. The concept of Diversity Diversity describes the many differences and similarities, which exist between people. These differences may be apparent, such as race and gender. However, diversity also includes obvious differences, such as cultural background, moral/ religious values, or political views (Pollar, 2004). Lee Gardenswartz and Anita Rowe present four layers model of diversity to help distinguish the important ways in which people differ: (a) Personality, the dimension which constitutes the core of this model, covers all aspects of a person that may be classified as personal style. Running parallel to these changes is the shift in thinking by human resource theorists and practitioners with regard to addressing equality in the workplace (Cooper and White 1995; Liff and Wacjman 1996). This shift is underpinned by the emergence of the business case argument for equal opportunities, as opposed to the persuasive debate for social justice or equal opportunities as ‘ correcting an imbalance, an injustice or a mistake’ (Thomas 1990). There is now a view that, after twenty years of the ‘ stick’ of legal compliance (which has achieved little), the ‘ carrot’ of underpinning the business case for equal opportunities will perhaps achieve more (Dickens 1994). The business case argument for equal opportunities in organizations is often termed ‘ managing or valuing diversity’ , but, as with most contemporary Human Resource Development International ISSN 1367-8868 print/ISSN 1469–8374 online  © 2000 Taylor Francis Ltd http://www. tandf. co. uk/journals 420 Peer-Reviewed Articles anagement issues, the underlying principles and interpretation of this concept are open to mass interpretation, criticism, and indeed misunderstanding. D. Miller (1996) argues that the significant widening of the meaning of equal opportunities has brought with it more complex and confusing messages for employers and practitioners. By drawing on literature and empirical data, we consider whether mana ging diversity is a distinct approach to managing people or a means of diluting equal opportunities in UK organizations and pose a number of cautionary questions, including: what does it matter and to whom? By doing so, we intend to encourage further critique and challenges in respect to the concept of managing diversity in organizations. What is managing diversity? Thomas (2000) argues that, with the growing number of mergers and acquisitions, workforce diversity will become more of a priority for organizations and, therefore, in the future, people will become clearer on what diversity is and how to manage it. As with the debates surrounding de nitions of human resource management and development (HRM/D), managing diversity as a concept means different things to different people. It can relate to the issue of national cultures inside a multinational organization (Hofstede 1984); it can relate to the further development of equal opportunities or to a distinct method of integrating different parts of an organization and/or managing people strategically. Much of the literature regarding managing diversity relates to the US experience, where the concept is particularly popular; a re ection perhaps of the more pronounced diversity of workforce composition (Cassell 1996). In a recent report 1999), a Department of Education in America described managing and valuing diversity as a key component of effective people management, arguing that it focuses on improving the performance of the organization and promotes practices that enhance the productivity of all staff. Their dimensions of diversity include gender, race, culture, age, family/carer status, religion, and disability. The de nition provided also embraces a range of individual skills, educational quali cations, work experience and background, languages, and other relevant attributes and experiences which differentiate individuals.