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.

The Slippery Slope to Polygamy and Incest

Marriage defines one’s family based love. The parties to a marriage consecrate based on love; they enjoy equal protection and fundamental rights encrypted in the American Constitution.Advertising We will write a custom critical writing sample on The Slippery Slope to Polygamy and Incest specifically for you for only $16.05 $11/page Learn More Even though opponents of same sex marriage are right in arguing that such unions lead to polygamy and incest, the institution of marriage is one that pursues happiness and human flourishing. In this aspect, banning same-sex marriage without credible reasons violates the rights and freedoms of the parties (Greenfield, 2013). The constitution also offers equal protection to all, irrespective of their groupings. The government ought to come up with a truly compelling justification as why it needs to restrict some forms of marriage. In addition, it is an act of liberty violation and fostering of inequality if the government can form a preconceived opinion on what a given group does. If marriage helps one define his/her family, therefore, the government has no reason to bar brothers and sisters from wedding each other. Excluding a group from carrying out something imperative like marriage by believing that it is immoral without watertight evidence is futile. Prejudice should not find a place in castigating same-sex marriages, polygamy, and incest. The fight to allow incestuous or polygamous marriages has not gained steady momentum given the lack of political energy to clear the misguided arguments (Lavy, 2008). The article compares the present kind of repulsion on gay marriage, incest, and polygamy to the repulsion that has stood in the way of LBTQ rights for a longtime. Even though there are minimal instances of birth defects in incestuous marriage, polygamous marriages, which have also received less recognition in America, have no such defects.Advertising Looking for critical writing on social sciences? Let's see if we can help you! Get your first paper with 15% OFF Learn More From this aspect, arguments by opponents of polygamous and incestuous marriage have no ground to pin-down or exclude certain groups since the rights of the children are not highly violated. From another point of view, same-sex marriages, therefore, protects the right of children, as they do not sire offspring. For incestuous couples, the government can create mandatory genetic counseling to minimize the slight complication, instead of banning it out-rightly. There are instances where coercion or lack of free will becomes a strong reason to ban incest. For example, in a case of father/daughter incest, it is highly likely that one party acted under duress. Greenfield (2013) attests that coercion arguments become invisible if such unions were freely formalized and divorce is available for all parties. Incestuous and polygamous marriages are grouping choices that require equal protect ion as envisioned in the American Constitution. People should be free to make choices on the type of families that they want; the government should also have significant justifications to classify other associations as illegal. Just in religion, liberty should not be restricted in forming families. The rigid stand by the opponents of same-sex marriage coupled with prejudice makes the issue of polygamy and incest slippery. Opponents of same-gender marriage have incommensurability problem; their assumptions cannot be reconciled. Just like in religious affiliations, human beings have different philosophical and ideological commitments; this makes them to have different opinions and preferences. Gay marriage and polygamy are important life aspects that do not require wishful rejections without valid reasons.Advertising We will write a custom critical writing sample on The Slippery Slope to Polygamy and Incest specifically for you for only $16.05 $11/page Lear n More Even though there is a slippery slope in legalizing gay marriage, the government should take a liberal approach in solving such issues to avoid sexual-orientation discrimination (Lavy, 2008). The laws in the various parts of the world should be clear on incestuous and polygamous marriages. References Greenfield, K. (2013, July 15). The Slippery Slope to Polygamy and Incest. The American Prospect. Retrieved from https://prospect.org/article/slippery-slope-polygamy-and-incest Lavy, G. (2008, May 21). Gay marriage and the ‘slippery slope’. Los Angeles Times. Retrieved from https://www.latimes.com/search/?q=Gay+marriage+and+the+%27slippery+slope%27 This critical writing on The Slippery Slope to Polygamy and Incest was written and submitted by user Alberto Sloan to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Tax Deduction in Repairs Essays

Tax Deduction in Repairs Essays Tax Deduction in Repairs Essay Tax Deduction in Repairs Essay Tax Deduction in Repairs Name: Institution: Tax Deduction in Repairs A) Although it is a question of degree whether a repair to plant is on capital or revenue account, every repair must improve the nature of the asset Expenditure can be deducted for repairs to premises that are used in the process of generating assessable income (section 25.10 under ITAA97). If the premises are also used for other purposes, then deduction should be of a reasonable amount. Deductions cannot be made for capital expenditure. The key issue in this case is whether repairs are included under the capital account or the revenue account. Including repairs under a capital account would mean that they are not deductible. If they are included in the revenue account, they are deductible. All expenditure in a business must be designated as either capital or revenue. To establish this, the effect of the expenditure on the business’s outlay is checked. If the expenditure has an enhanced effect on the outlay of the business, then it is capital expenditure. If the expenditure simply allows the business to continue operating at its current level, then it is revenue (Marriot, Edwards Mellett, 2001). Repairs must also be allocated to either the capital account or the revenue account. This designation to either account is what determines whether the repairs will be deductible or not. When looking to see if a repair is deductible, several criteria must be met. These criteria determine whether repairs will be capitalized or not. It is crucial to outline which repairs are capitalized which ones are not. Any repairs that are made to improve or alter the property are capitalized. This is because they enhance the outlay of the business. This also includes any repairs made in the process of renovating the business premises. Capitalization means that the repairs are included in the capital account as opposed to the revenue account. Such repairs are not deductible (Marriot, Edwards Mellett, 2001). Other repairs do not have any impact on the outlay of a business. For instance, upgrading a computer’s software would help it run better but repairing damaged hardware will only help it run, as it should be. Such a repair does not improve the business’s outlay; it only reinstates it to the standard level. Repairs resulting from wear and tear would be included in this category as routine day-to-day repairs. Once included in the revenue account, these repairs become deductible. The IRS provides further clarification on this. It states that a repair can only be considered deductible if it keeps your property in â€Å"a normal efficient operating condition†. If a repair meets that condition, it is considered a business expense and goes into the revenue account. Alternatively, if the repairs are part of a reconditioning plan aimed at making your property more apt for your business, then they are capitalized. This includes reconditioning, improving or altering your property (Internal Revenue Service [IRS], 2013). Section 8.1 of ITAA97 also has clarification on the issue of deductible repairs. The section states that deductions cannot be made for losses of a private or capital nature. Additionally, deductions cannot be made if the repairs are made to property or premises that are used to generate exempt income. Repairs that are capitalized can be considered the same as the losses of a capital nature. The exemptions in section 8.1 therefore go hand in hand with stipulations made by the IRS. B) Deductible repairs Section 8-1 under ITAA97 on general deductions states that, a person can deduct from their assessable income any loss or outgoing so long as it was incurred in the process of generating assessable income, and also if it was incurred in the process of conducting a business with the aim of generating an assessable income. There are several exceptions to this. Deductions cannot be made for loss of a capital nature or a private nature. In addition, deductions cannot be made if the loss was incurred in the process of generating exempt income. Another exemption is that deductions do not apply for capital expenditure. Capital expenditure refers to â€Å"all capitalized costs during the year for both new and used structures and equipment chargeable to fixed asset account† (U.S. Dept of Commerce, 1992, p. 2). When applied to structures, capital expenditure would refer to all the costs that are incurred in the acquisition, construction and preparation of a building or structure for its intended use. In Kieran’s case, capital expenditure is seen in the improvements that he made to the premises. The cost of adding walls and doors to create offices and the cost of repainting the walls is considered capital expenditure. These expenses are therefore not deductible. Capital improvements are any costs that add to the utility of a business for more than one accounting period (Eisen, 2007). It is usually considered that, without the improvement, the use of the asset will be limited. These expenses are usually capitalized, meaning that they are attached to the initial cost of the asset. Capital improvements are, therefore, a part of capital expenditure (Eisen, 2007). In Kieran’s case, the upgrades that were made to the computer systems fell under capital improvements and, by extension, capital expenditure. These upgrades are therefore not deductible as repairs. The office party that Kieran held could be considered an entertainment expense. The rules on entertainment expenses state that these expenses can cover clients, customers, suppliers and even employees (Fishman, 2013). In Kieran’s case, it is likely that he was entertaining employees. However, the expenses he listed were not for the actual party but damages to the premises because of the party. According to Fishman, one is not allowed to deduct expenses for the use of an entertainment facility including the costs of depreciation (2013). Kieran’s office was the entertainment facility and therefore, any repairs to damage from the party are not deductible. On the rent that Kieran paid, the IRS states that rent can be deducted as an expense, but only if the rent is for property used in business (IRS, 2013). The rent that Kieran paid for his office space qualified for deduction because he used the premises for his debt collection business. This business generated his assessable income. Additionally, the rent did not qualify for any of the exemptions stated by the IRS such as unreasonable rent. However, this rent does not qualify for deduction as a repair. It qualifies only because of being rent. Lastly, Kieran made two other repairs. He spent $900 repairing the computer and used $360 to replace the taps in the kitchen sink. These repairs fall well within the conditions stipulated in section 25.10. They were made to the property that Kieran used to generated assessable income. Additionally, they did not qualify for any of the exemptions stated under section 8.1. Therefore, the only amounts that Kieran could claim as a deduction for repairs were the $360 used to replace the taps in the kitchen and the $900 used to repair the computer systems. References Eisen, P. J. (2007). Accounting. Hauppauge, N.Y: Barron’s Educational Series. Fishman, S. (2013). Tax deductions for professionals. Berkeley, Calif: Nolo Marriott, P., Edwards, J. R., Mellett, H. J. (2001). Introduction to accounting. London: Sage Publications Ltd United States. (1992). Annual capital expenditures. Washington, DC: U.S. Dept. of Commerce, Economics and Statistics Administration, Bureau of the Census Internal revenue Service. 2013, March 4. Business expenses. Retrieved from www.irs.gov/pub/irspdf/p535.pdf

ENG C292 Concrete Engineering & Durability of Concrete( Curriculum Essay

ENG C292 Concrete Engineering & Durability of Concrete( Curriculum BACHELOR OF ENGINEERING IN CIVIL) - Essay Example (www.cowi.com, 20-). Since the concrete is fundamentally a man-made material, it is quite possible to control its characteristics and behavior by altering its mix design specifications and adding admixtures to it. Hence, by the careful selection of appropriate materials for preparing the concrete, and close monitoring of its curing once it has been cast, the qualities of concrete can be significantly enhanced to meet the requirements of a particular structure. There are certain design requirements associated with every location and type of a structure. If the structure is made of concrete, the concrete needs to be customized in order to combat the challenges brought to the structure by the weather conditions and temperature of a particular location. This needs an appropriate evaluation of the required properties of concrete by studying the literature for the history of challenges associated with a particular climate. Also, the achievement of required results requires monitoring the w hole process right from the start that involves concrete making, casting and finally the curing. Of these, the last two processes are majorly field-specific and require careful supervision from the workers in the construction site. The first part i.e. preparation of the mix design is the most influential process in achieving the desired durability in the concrete. This paper discusses the common methodologies used for the achievement of durability in concrete structures. Concrete has long been in use as a construction material for a large variety of structures including bridges. A number of long-lived concrete bridges have been constructed in the past. They include the Shakh Isa bin Salam Bridge in Bahrain and the bridge over the Lerez River at Pontevedra in Spain shown in the figure-1 and figure-2 below: In his report, (Paeglitis, n.d.: 1) has mentioned that more

Business ethics Article Example | Topics and Well Written Essays - 500 words

Business ethics - Article Example I agree with the author’s statement that a conjunction of motive, means and opportunity creates an ethical hazard (Pendse, 2012). This approach is complimented by the definition of fitness hazard as a tendency of an entity to take undue menace whose costs are not borne on them (William, 2007). I deem author is aiming at providing rules and procedure that will help curb ethical hazards. This is seen in the light of providing an ethical hazard marshal to minimize these tribulations (Pendse, 2012). An instance is given of the leading company, Enron. The management styles and executive decisions of the executives of the company led to an enormous financial crisis.(William, 2007). Therefore, the executives were convicted and received extensive penitentiary terms. Although I liked the way the writer proposed the initiative of teaching ethics in business schools to curb future occurrences, I think the proposal would be essential in schools of all disciplines and not only business school(Pendse, 2012). This is because, ethical deeds are a must for the growth of any being in their job place, in households, and in their day to day actions. In my view, I think the author is wrong in assuming that other past scandals were restricted in the corporations they occurred in since for every ethical hazard that happen other institutions and individuals suffer with it(Pendse, 2012). The difference is in the magnitude, for example, in the article the scandal at Enron destroyed, not just the company, but the rest of the world, as well (Conrad, 2010). This does not inevitably mean that other scandals that seem restrictive do not spread their downfall. In stating that the fiscal crisis at Enron was totally â€Å"unforeseeable and unpredictable†, I feel that the author is contradicting himself. This is seen in the subsequent line where he states that Warren Buffet had previously warned of the looming danger. The danger was, as a result of the the increasing leverage and

Debate Between Abstract and Realism in Art

Debate Between Abstract and Realism in Art Consider the legacy of the Abstraction Realism debate for artistic practice in the 1950s in either France or Italy. Both culturally and politically post-war France found itself in a period of transition; as Findling, Scott-Haine and Thackeray (2000) state, the euphoria of 1944 soon gave way to agrim realisation of the socio-political consequences of the Vichy Governments collaboration with the Nazis and the challenges of reconstruction. The Fourth Republic, instigated in 1946 and continuing until the late 1950s, attempted to instil anotion of tabula rasa that would be mirrored in its art and culture. The abstraction-realism debate that had begun before the war and had, perhaps, found its ultimate expression in the Modernist oeuvre through such painters as Mondrian, Miro and others was, ironically, questioned at this time, for instance, in essays such as Jean-Michel Atlans Abstraction and Adventure in Contemporary Art (1950, 1997): Contemporary painting, being essential adventure and creation, is threatened by two forms ofconformity which we absolutely oppose: Banal realism, vulgar imitation of reality; Orthodox abstract art, new academicism which tries to substitute for living painting an interplay of solely decorative forms. (Atlan, 1950; published in Harrison and Wood, 1997: 612) Atlan here makes an interesting point and one that has an enormous bearing on the place of the abstraction-realism debate in 1950s France; for the post-war French artist the question became not how one should situation oneself in a polarity but is that  polarity itself outdated and archaic. The tabula rasa of the socio-political sphere could be seen as a reflection of inter-war regression when translated to the aesthetic; the questionable politics of many of the Modernist writers, thinkers and artists making their work unattractive to thesons and daughters of the Fourth Republic. It was this psycho-social zeitgeist that, perhaps, ensured the twinning of art with prevailing theories of existentialism as John Macquarrie describes in his book of the same name(1972). For Macquarrie, post-war art (and particular those movements instigated in France) mirrors existentialism in its desire to negate the failures of pastontological systems and place the artist or philosopher at the centre of are constructive effort; an attempt to find meaning after the horrors of the war without recourse to external teleological notions like truth and beauty. This situation appears, to an extent, in Bretons Prolegomena to a Third Surrealist Manifesto: All present systems can reasonably be considered to be nothing on the carpenters workbench. This carpenter is you. (Breton, 1990: 287) In terms of the debate, then, between abstraction and realism both Atlan and Breton say essentially the same thing that what was needed culturally by post-war France was neither the consolation of realism nor the negation of abstraction but a synthesis of the two; an aesthetic that could both look forward into the future and signal a break with the past. We can see some of this in the work of Yves Klein. Both in terms of his painting and his photography, Klein constantly strove to achieve the kind of Hegelian synthesis we have been hither to looking at. Kleins work in the mid to late 1950s represented two paradoxical elements: on the one hand producing monochrome canvasses of a scintillatingly blue pigment (Monochrome blue sans titre, 1956; Monochromeblue sans titre, 1957) that all but obliterated any sense of the artist as producer of work and, on the other, laying the groundwork for the creation of action pictures whereby nude models would be used as brushes on huge canvasses (Monique, 1960; La Grand Anthropometrie bleue, 1960) that, literally, places the human being at the centre of artistic creation. In Klein we can clearly the manifestation of the legacy of the realism-abstraction debate in the France ofthe 1950s and, as we suggested, it lay in the synthesis of the two a similarnotion to the philosophical ideas of Sartre and Camus who sought an ontologicalmeaning without teleology. In fact it was some of this sense that culminated inthe creation of neo-realism, of which Klein was a leading figure and about whomPierre Restany wrote: We (the neo-realists) are thus bathed in direct expressivity up to our necks, at fortydegrees above the Dada zero, without aggressiveness, without a downrightpolemical intent, without any other justificatory itch than our realism. Andthat works positively. Man, if he shares in reintegrating himself in reality,identifies it with positively. (Restany, 1960, published in Harrison and Wood,1997: 711) What were neo-realists like Klein, Arman, Daniel Sporerri and Jean Tinguely but artists who attempted a fusion,and thereby a transcendence, of the archaic debate that Altman spoke of? We can see how such a view could beseen to lay the foundations for not only the postmodern movement in France that sought to find meaning in a post-Enlightenment world whose meta discourses in the words of Jean Francois Lyotard (2002: xxiii) were beginning to fail, but also the socio-political events of 1968 and the student uprising. Both of these can be seen to arise out of, or at least reflect, the aesthetic and cultural movements of the 1950s that sought to not only destroy the memories of the Vichy Government and the long years of Nazi occupation but also signal a progression away from the nihilism of Dada that left a void in the place of that which it negated. The legacy of the realism-abstraction debate, then, is one of Hegelian synthesis, arising out of the thesis and the antithesis. This situation was, perhaps, felt more strongly in countries suchas France, Italy and Spain where the political situation prompted a desperately needed change in aesthetic and ontological environment and where the need for a humanist consolation was as great as the need for an expression of the madness of the modern age. References Breton, Andre, (1990), Manifestoes of Surrealism, (Michigan: University of Michigan) Causey, Andrew (1998), Oxford History of Art: Sculpture Since 1945, (Oxford: Oxford University Press) Findling, John, Scott Haine, W and Thackeray, Frank (2000), The History of France, (London: Greenwood Press) Harrison, Charles and Wood, Paul(1997), Art in Theory: 1900-1990: An Anthology of Changing Ideas, (London: Blackwell) Kostelanetz, Richard (ed) (1989), Esthetics[sic] Contemporary, (London: Prometheus) Lyotard, Jean Francois (2004), The Postmodern Condition: A Report on Knowledge, (Manchester: Manchester University) Macquarrie, John (1972), Existentialism, (London: Pelican) Roskill, Mark and Carrier, David(1983), Truth and Falsehood in Visual Images, (Amherst: The University of Massachusetts) http://www.yvesklein.net/

Discuss the Various Attitudes to Marriage and Courtship

Discuss the Various Attitudes to Marriage and Courtship that Jane Austen presents in ‘Pride and Prejudice’ In Jane Austen’s book ‘Pride and Prejudice’ she shows various attitudes of marriage and courtship through each character. Some of these attitudes to marriage and courtship are very different to the attitudes of most people today. This book is mainly about marriage so it is very easy and interesting to compare the opinions of marriage from the early nineteenth century to life now. Jane Austen mentions marriage for the first time, in Pride and Prejudice, in the very first sentence:It is a truth universally acknowledged, that a single man in possession of a good fortune, must be in want of a wife. (Chapter 1, page 51) This is possibly the most important quote in the book because it sets the tone for the rest of the novel and it is where we first discover that the book is actually about marriage. Marriage was more of a business arrangement then. For young women it was very important, particularly for the Bennets, that you married a man who was as rich as possible. The amount of money that men had and the lifestyle based on that amount played a very important part in the decision of who to marry.How much love played a part in the equation was a lot smaller than how much the money did. Mrs Bennet, throughout the book, we can see is a very loud, impolite woman. Her character could be described as being a caricature. We first hear of Mr Charles Bingley when Mrs Bennet is telling her husband, Mr Bennet, about him. We don’t learn too much about him other than the fact that he is very wealthy and he is in the area. Mr Bennet asks at this point to Mrs Bennet if he is married or single. She replies: â€Å"Oh! single, my dear, to be sure! A single man of large fortune; four or five thousand a year. What a fine thing for our girls! (Chapter 1, page 51) From what Mrs Bennet says we can instantly see that she is very excited at the news of Mr Bingley being in the area. All that she has heard is that he is wealthy and single and she is already picturing him marrying one of her daughters: â€Å"You must know that I am thinking of his marrying one of them. † (Chapter 1, page 51) We can see that Mrs Bennet’s main aim is to have her daughters married to rich men because while she is trying to inform Mr Bennet of, in her opinion, great news that Mr Bingley has just arrived into the area, Mr Bennet shows no interest, which agitates her further. Mr. Bennet, how can you abuse your own children in such a way? You take delight in vexing me. You have no compassion for my poor nerves. † (Chapter 1, page 52) Elizabeth, however, has different views to marriage compared to her mother. Her opinions of marriage are very much like the opinions of most women today. Of course she takes into account how much money she would have as a result of the marriage but having a rich husband is not all she considers in th e decision of marriage. For Elizabeth love has to be included with the marriage no matter how wealthy the husband would be.This is why she refuses two marriage proposals from Mr Fitzwilliam Darcy and Mr Collins later in the book, because – although accepting either marriage would financially improve her lifestyle – she does not love either man. Of course later in the book she does change her mind and fall in love with Mr Darcy. She shows this with various changes of her character and opinion of him throughout the book and later accepts Darcy’s second marriage proposal. This book was set to be in the late 18th century at which social gatherings were particularly important.Balls and musical evenings were seen as being the centre of social life. These gatherings were great opportunities to find a partner. Jane Bennet first met Mr Bingley at a ball in Meryton. (They later marry). At the same town ball Elizabeth Bennet first met Mr Darcy too. (They also marry later i n the novel). At this point in the novel, however, Elizabeth does not love or even like Mr Darcy. Elizabeth remained with no very cordial feelings towards him. (Chapter 3, page 59) This was quoted just after Elizabeth overheard Mr Darcy and Mr Bingley talking at the ball.Mr Bingley was trying to persuade Mr Darcy to dance with somebody and suggested specifically for him to dance with Elizabeth. He, however, did not think that she was good enough for him: â€Å"She is tolerable; but not handsome enough to tempt me;†¦Ã¢â‚¬  (Chapter 3, page 59) This signifies that Mr Darcy does not appreciate women that are of a much lower class than him. He would rather not marry a poor woman. Unfortunately for him he falls in love with Elizabeth later. During chapter seven Jane Bennet receives a letter from Caroline Bingley inviting Miss Bennet out to lunch.In the late 18th century women were very delicate in comparison to women today. They were delicate in that, for example, if they were in the heat for too long they would feel headachy or faint. Mrs Bennet obviously knew this because, when Jane asked for the carriage, Mrs Bennet deliberately said no: â€Å"No, my dear, you had better go on horseback, because it seems likely to rain; and then you must stay all night. † (Chapter 7, page 77) This quote proves the point that ladies during this time wanted nothing more than to have their daughters married, Mrs Bennet in particular.She is willing to risk her daughter’s health and actually wants her daughter to feel ill so she can stay the night at Mr Bingley’s house rather than just go out for lunch. It shows how far Mrs Bennet is willing to push her daughters into the path of suitable men in order to secure a good marriage. Later in the chapter, when we find out that Jane in fact does have to stay the night due to feeling ill, Elizabeth decides to visit her but intends on walking to Mr Bingley’s house instead of using the carriage. Mrs Bennet cl aims that it is a foolish idea and will not be fit to be seen when she arrives. Elizabeth replies: I shall be very fit to see Jane – which is all I want. † (Chapter 7, page 78) This quote supports the fact that Elizabeth has no intention of trying to impress the Bingleys or Mr Darcy by the way she looks. The opinions of her are very modern in terms of marriage so she does not really care for what she looks like. Mrs Hurst and Miss Bingley both think of Elizabeth as quite disgusting at this point. It brought them great shock when she arrived in her ‘dirty stockings’ (Chapter 7, page 79). When Elizabeth goes to go check on Jane after dinner Mrs Hurst and Miss Bingley can’t help but ‘abuse her’ (Chapter 8, page 81) as soon as she leaves.Mrs Hurst says: â€Å"I shall never forget her appearance this morning. She looked almost wild. † (Chapter 8, page 81) The contrast of opinions of Elizabeth and Mrs Hurst and Miss Bingley again shows how much more modern Elizabeth is compared to every other lady in the novel. We soon meet Mr Collins. Jane Austen has written Mr Collins to have a very exaggerated personality or character of smug pomposity making him, like Mrs Bennet another caricature. During chapter 19 he proposes to Elizabeth: â€Å"†¦I singled you out as the companion of my future life.But before I am run away with by my feelings for this subject, perhaps it will be advisable for me to state reasons for marrying -† (Chapter 19, page 147) Mr Collins continues to speak of why he has chosen to propose. He claims that the church says it is a good idea to get married so he would simply be setting an example for other people. He also claims that it would bring him happiness and that Catherine de Bourgh, his benefactor, wishes for him to be married also. He then goes on to say what would happen when they were to be married. Elizabeth interrupts him: â€Å"You are too hasty, Sir, â€Å" she cried. You for get that I have made no answer. (Chapter 19, page 148) Indeed, Elizabeth is right. Mr Collins has not waited for Elizabeth to even agree to the marriage but is already referring to what he predicts will happen in the future when they supposedly get married. He does this because he expects her to accept the marriage proposal. The idea of Elizabeth rejecting Mr Collins’ marriage proposal was alien to him. If Elizabeth was to accept the proposal then she would have a better life financially so in that time there was not a great deal of reason for her to reject the proposal.When she does reject the proposal he doesn’t seem to believe it, declaring: â€Å"†¦it is usual with young ladies to reject the addresses of the man whom they secretly mean to accept, when he first applies for their favour†¦ sometimes the refusal is repeated a second or even a third time. † (Chapter 19, page 148) He clearly thinks that all women initially refuse a proposal so as not to appear too eager or too desperate to get married when in fact that is their intention all along. This is why he goes on to express his confidence that he will eventually lead her to the altar.Elizabeth again declines the proposal but Mr Collins will not have it. He again states his belief of women not wanting to sound too eager by accepting a proposal. Elizabeth again declines the offer before Mr Collins tries to persuade her to marry him. Jane Austen shows by this, how women were expected to accept proposals if it would financially improve their life. Jane Austen also shows how the modernisation of the character Elizabeth affects the other characters such as Mr Collins and his disbelief of her rejection.A few days after this Mr Collins proposes to Charlotte Lucas. For this moment, the meaning of the first sentence of the novel seems defensible. Unlike Elizabeth she accepts the proposal. The views of this between Mrs Bennet, Charlotte Lucas and Elizabeth Bennet are all very differen t. The prospect of financial security outweighs any romance or love for Mr Collins’ character according to Charlotte Lucas: â€Å"I am not romantic you know. I never was. I ask only a comfortable home;† (Chapter 22, page 165) Charlotte Lucas and her family view the proposal as a triumph.This quote shows how Charlotte Lucas’ opinion of marriage is not modern like Elizabeth’s. Elizabeth views this as disappointing. She thinks that it is ridiculous that Charlotte would marry for such a reason as to financially improve her lifestyle. Mrs Bennet is also disappointed but at Elizabeth. She blames her child for letting such a great opportunity slip through the family’s fingers. When Mr Bennet dies, Mr Collins will own his estate. Now that he is to marry Charlotte Lucas instead of Elizabeth they cannot save it. This thought brings Mrs Bennet more distress. When Kitty and Lydia first ind out they think of it as nothing more than gossip as Mr Collins is †˜only a clergyman’ (Chapter 23, page 168). Darcy’s first proposal to Elizabeth has a vital importance in the novel and could be described as signalling a turning point. Darcy is exceedingly rich and earns ? 10,000 a year. If Darcy were to propose to anyone other than Elizabeth they would probably agree to the marriage due to the large sum of money he receives per year. Elizabeth however rejects him! This truly does show how her opinion is different in comparison to other women in terms of marriage.Elizabeth informs Darcy about her knowledge of Wickham and Jane and Bingley, justifying her reasons to reject his proposal. We can tell that he is shocked at this: His complexion became pale with anger, and the disturbance of his mind was visible in every feature. (Chapter 34, page 222) His anger signifies that he was not expecting rejection. Mr Darcy is described in the book many times as being very proud and snobby. He must find it exceedingly confusing as to why a lady wi th such a poor background and family would reject his proposal, as he believes that he is quite magnificent.However his loyalty to his friend Mr Bingley allows us to forget the arrogance when he gives Elizabeth a letter the following morning explaining that he did not believe that Jane loved Bingley, and that he thought that if Bingley was to propose to her then he would make a fool of himself. He merely was trying to protect Bingley he claims. When Elizabeth visits Darcy’s estate with the Gardiners to her surprise Darcy is there despite the fact that she had been told he would be out of town until the following day. After a few conversations between them Elizabeth thinks: â€Å"Why is he so altered?From what can it proceed? It cannot be for me, it cannot be for my sake that his manners are thus softened. My reproofs at Hunsford could not work such a change as this. It is impossible that he should still love me. † (Chapter 43, page 276) Elizabeth ponders to herself as to whether Darcy loves her still or not. She is wondering how it is that, after her rudeness when she rejected his proposal, he can appear to be so nice and polite to her and the Gardiners. She considers the fact that he may still love her, as he is more gentlemanly than she has ever seen him to be. This shows how much love he has for Elizabeth.You could also look at it from the point of view that he is fighting for Elizabeth by trying to flatter her. He does in fact propose to her again later in the novel. Lydia is well aware of the attitudes of courtship and marriage but because she is so besotted with Mr Wickham later in the novel she forgets all of the rules and elopes with him. The family are so shocked and disgusted at the behaviour of Lydia (and Wickham). Even Elizabeth who has more modern views on courtship and marriage is worried how Lydia’s misbehaviour will reflect on her family and what its consequences will be for her relationship with Darcy.When she hears of Lyd ia’s elopement she tells Darcy that she is â€Å"distressed by some dreadful news† (Chapter 46, page 294) and Darcy’s response is to declare that he is â€Å"grieved – shocked. † (Chapter 46, 295). Elizabeth soon observed, and instantly understood it. Her power was sinking; every thing must sink under such a proof of family weakness, such an assurance of the deepest disgrace. (Chapter 46, page 295) This shows how truly embarrassed Elizabeth was. Her views on everything are so modern compared to most ladies and gentlemen in the 18th century however this even shocked her.We find out that Lydia and Wickham agree to get married later in the novel. The reactions of her family are very predictable. Mrs Bennet is so overjoyed that Lydia is getting married at such a young age that she forgets about her disgusting behaviour. Jane hopes they have a happy life together. Elizabeth is happy that they are marrying but is disappointed at Lydia’s behaviour. Mr Bennet is angry at Lydia for putting the family in the situation of having to give the Gardiners money. Lydia is so happy with herself because of her marriage that she is completely taking advantage of it all.She says to Jane: â€Å"Ah! Jane, I take your place now, and you must go lower, because I am a married woman. † (Chapter 51, page 329) Lydia and her mother are very alike in terms of how excited and proud they are to the fact that Lydia is now married. They are both very proud so Lydia in this chapter tries to find any way she can to show off the fact that she is married. When Darcy proposes to Elizabeth the second time, ironically it is all due to the fact that Lady Catherine de Bourgh visited Elizabeth and tried to force them apart.When Lady Catherine told Darcy he was delighted that Elizabeth refused to promise to turn down a proposal from him if he was to make one. Of course Elizabeth accepts the proposal. Darcy and Elizabeth have a joint wedding with Jane and Bi ngley. To conclude, one of the main features of Jane Austen's writing is to carefully set out how young ladies should behave in the late 18th century. In ‘Pride and Prejudice’, by using a ‘heroine' such as Elizabeth she gives an alternative and possibly more modern view of behaviour. In this novel, Elizabeth’s views on marriage are particularly modern.