Luis Velez Torres Essays - Characters In Hamlet, Film, Fiction

Luis Velez Torres Intro to Theater through Film Play/Film Comparison Paper 10/18/2018 Hamlet: Play vs. Film Hamlet was initially written by Shakespeare as a play conveying a tragedy , b ut throughout the years it has been portrayed on many d ifferent occasions, as a motion picture. Both formats share similar scenes throughout the context of the original play for which the films were adapted. Three of these scenes are Hamlet's encounter with his fath er's ghost, Hamlet's murder of Polonius, and Ham let's last battle with Laretes. The first significant resemblance between the play and the film arises when Hamlet sees and meets with the ghost of his late, killed father. In Act I, scene V of the play, the ghost exclaims to Ham let: "Doomed for a certain term to walk the night and for the day confined to fas t in fires till the foul crimes done in my days of nature are burnt an d purged away." Similarly in the movie, this same sentiment fills Hamlet's mind with both grief and loathing for his uncle. The ghost makes an emotional petition for Hamlet to plot v engeance against Claudius. Hamlet responds with a promise to his father's ghos t, "Haste me to know't , that I, with wings as swift as meditation or the t houghts of love may sweep to my revenge." Another major contrast between the movie and the screenplay comes when Hamlet goes to challenge his mother about her connection in his fat her's passing and ends up assassinating Polonius. Gertrude, feeling Hamlet's repulsion for what she did , fears t hat he might kill her as well . . As seen in Act III , scene IV, she calls for the help of Polonius: "W hat wilt thou do? Thou wilt not murder me? Help, ho!" In the movie , Ge rtrude has an extremely concerned look on her face and as she calls for aid there is movement behind a giant curtain . This infuriates Hamlet even further be cause someone has eavesdropped on his doubts . Hamlet furiously walks up to the drape and swings his sw ord into it, seriously injuring Polonius. As compared to the play, the death of Polonius is revealed in the movie as Hamlet withdraws his sword from the t ape stry and a loud thump is heard as his body crashes in to the floor. The final key comparison between the film an d the play comes towards the end . A c ompetition has been arranged between Laretes and H amlet, but Claudius and Laretes both have hidden motivations . Both are collab orating to murder Hamlet without him knowing . In bot h the movie and the play Hamlet emerges as victorious the first two rounds and in the movie he shows a co cky attitude towards Laretes when calling him for the final round . Also in the movie Laretes i s assertive and excited to begin . Claudius and Laertes's plans fail and end up causing their own d eaths . Tragically , Hamlet also suffered a deathly blow. " O , I die, Horatio! The potent pois on quite o'ercrows my spirit" - Act V, scene II . Many assessments can be made between the theatrical and the motion picture versions of Hamlet . Three of these scenes are Hamlet's encounter with his father's gho st, Hamlet's killing of Polonius, and Hamlet's final battle wi th Laretes . All of these scenes are prime examples of the relationship between the play and the film .

Supply Chain Report on FMCG MEGHNA Group Essay Example

Supply Chain Report on FMCG MEGHNA Group Essay Example Supply Chain Report on FMCG MEGHNA Group Paper Supply Chain Report on FMCG MEGHNA Group Paper Meghan Group has already invested USED 1 Billion for setting up new lines of business and great expansion programs such as chemical complex, power, salt, seed crushing, cement and media. Meghan Group has contributed almost 75 million US Dollars as Tax to the state exchequers in Fiscal year 2012-2013. Corporate Vision, Mission, and Values: Vision: We are passionately creating sustainable economic value for our country and stakeholders by contributing to the industrial development of the nation and fundamental requirements of our consumers. Mission: We would like to enhance our capability in a competitive and globalize environment levering superior and sustainable value within next 5 years. Values: MGM pays attention to the safety of people and products, acts pro-socially and is environmentally friendly. MGM is sensitive to cultural differences, treats social and commercial partners with respect and facilities the development of its partners. FMC Products and services: Fresh refined sugar: Fresh refined sugar is produced without any human interference using the most modernized process and state-of-the-art technology which guarantee its purity. Fresh refined sugar is packed in approved food graded pack with anti-wet process to maintain the cleanliness and clarity inside. Super Fresh soybean oil and super Pure vegetable oil: It follows 3 steps of refining process-perfect Deducting Naturalization, Balanced Decentralization and Five steps Deterioration to ensure right ratio of Omega 3 6 and intact Afternoon in Soybean Oil. Fresh mustard oil: karma Mustard 011 Malls Elemental produces ten Telnets Mustard 011 Ana Mustard o Cake under the brand name of Fresh. Fresh Mustard Oil is produced from worlds finest best quality mustard seeds and purified properly in an automatic plant. The legacy of this brand is to provide its great pungency natural taste to the nonusers. Also it connotes the heritage of our Bengali culture. Fresh data, Fresh Maida Fresh juju: Fresh Data, Fresh Maida Fresh Juju offers the best quality and taste. The brand carefully selects best quality wheat. It uses multi step cleaning process and computerized Bluer milling technology to keep nutritional goodness intact. Fresh dishes musher deal, Fresh anchor deal: Fresh Deal offers the best quality and taste. The Lentils are major collected from various local sources, directly from farmers. To ensure best quality the factory uses Optical Clerestory Z+ machine from Switzerland. Fresh Deal is considered to be the best quality deal of the country. Fresh full cream milk powder, super Pure full cream milk powder: Fresh full cream milk powder provides the essential energy and nutrition for kids and adults intelligence, growth and strong health. Its cooling helps in brain development, its protein, calcium, potassium, phosphorus aids in better growth and finally vitamin A, B, D and Zinc helps to build better immune system. These three nutrients allow your kids to become invincible. No. L sweetened condensed filed milk: Tasmania Condensed Milk Limited is the largest condensed milk factory in Bangladesh tit the most modern hi-tech and automatic process technology. No. 1 Sweetened Condensed Filled Milk is made in this factory by using quality milk powder, refined cane sugar, purified fat, lactose, non fat milk solids I-JP treated water. No. L Sweetened Condensed Filled Milk is homogeneity, pastured and flash cooled to guarantee the best quality SCOFF with smooth texture and complete nutrition. Fresh super premium salt: Fresh Super Premium Salt is produced by using the combination of Switzerland World Latest Technology and Vacuum Evaporation System which can remove all impurities and ensures a natural balance of all minerals like Sodium Chloride, Iodine, Calcium and Magnesium. As a result it helps to create balanced electrolytes, activate nerve function and carries the nutrients to reach every cell within our body. Its balanced Iodine also helps to promote brain development and improve immune system. Super Fresh drinking water, No. L drinking water: Super Fresh Drinking Water is popular and the market leader among the drinking water Dramas In Bangles. It Is clear, transparent, Tree Trot microorganisms Ana refined in seven stage of purification process as De-lord, Pre-ozone, De-Odor, Softening, Reverse Osmosis, Ultraviolet Treatment and Connation. Hygiene practice is maintained in every step of our refining process. So, Super Fresh Drinking Water is safest, reengineering, refreshing, trendy and suitable for human body. In February, 2013, a new brand of water No. L Drinking Water also was introduced to the market to cater the popular segment Fresh premium tea, Fresh addenda tea, Fresh dust tea, No-I leaf tea, No-I strong tea: Fresh tea is the best Tea blend of the country with the best raw tea carefully chosen from the best gardens of Bangladesh. Fresh tea has great strength, mouth fullness taste. Along with bright liquor, attractive color and natural flavor it gives the best Freshness. Fresh spice: To spice up our daily life with good taste and add a healthy punch to all our breakfast, lunch and dinner; Spices have become essential. With latest grinding technology and a modern, hygienic manufacturing process, Fresh spices has been able to create a strong foothold in consumer mind. For its obsession with quality management, spices with international standards are also being exported to several countries. Corporate social responsibilities (CARS): The founder of Meghan Group of Industries, Mr..

Horror Films In American Cinema Movie Review Example | Topics and Well Written Essays - 9000 words - 1

Horror Films In American Cinema - Movie Review Example Horror movies are an all-time favorite for those looking to learn from the world of the unknown that surrounds us. Although most of the movies are fictional stories with fictional depictions, the research that goes into developing the story and the screenplay rely vastly on real-life incidents and imaginative capacities of the production team. Although the 1890s was when horror movies began in cinematic history, it was not till epic creations like Frankenstein, Dracula, Dr. Jekyll & Mr. Hyde and movies of the 1920s which took over the horror film industry, which had thrived on petty popularity till then, and comprised of vampire, monsters and ghost stories. Fables that had witches and angels fighting over the safety of human life were also created during this age. Prominent movies that dotted the timeline till 1920 include the Hunchback of Notre Dame in 1911 (French), The Vampires 1915 (German), The Vampire in 1913, A Fool There Was in 1915, and so many more. While these films were mostly silent and marked the explorations of imagination by directors of the silent era, prominent movies started emerging with better-defined screenplays and images after the year of 1920. The 1921 European movie The Death of Dracula and the 1922 German movie Nosferatu, A Symphony of Horror were prominent creations that rocked the American movi e industry, owing to the creation and growth of Hollywood the ultimate American movie industry. Although Hollywood had a long time to grow, there were other movies like the Frankenstein films like the 1915 movie Life Without Soul by Joseph Smiley and the 1910 movie Frankenstein by J. Searle Dawley. These movies would be of variable length and would be of historic importance to students of cinema making one day, but at that point in time, these movies were various adaptations of the novels that inspired them and were more of a pre-film idea of how to adapt the story to the screen effectively.  

Corrections policy paper Research Example | Topics and Well Written Essays - 1750 words

Corrections policy - Research Paper Example The policy sought to effect the probation on the nonviolent crime offenders by holding them accountable and thus provision of effective supervision. The policy has indeed seen a sharp decline in the crime rate in the whole state and more so in Houston town that was notorious for worst crime rate among the state tourneys. The policy involved the appropriation of a sizable budget into prison detention alternatives. This included provision of drug courts, intermediate sanctions, treatment of mental cases rather than imprison them and smarter incarceration (Roberts, 2009). This correction policy was effected back then in 2007 that had the state use intensive resource directly paid by the citizens of the state. The upgrading package came due to the growing concerns with the court system as well as the civil society for need to have adequate facilities in the correction system. The budget was then approved by the legislature, which they projected would be sufficient for the coming years Th e need for other alternatives in the correctional system that bore the adult correction reform, was as a response to the many alternatives and waiting lists in the corrections system. The statements by the judges and data from correction officials were vital to the implementation of this policy. The effects of the policy are without doubt beneficial to Houston residents and the state of Texas at large. Identification and evaluation The correction policy identified is the â€Å"Adult Corrections Reform: Lower Crime, Lower Costs †. The policy was established with the purpose of giving smarter alternatives to the incarnation that would lower the costs used but still hold the offenders accountable for their crimes. The policy has over the last years resulted in the expansion of alternative capacity in the corrections system in our town. The nonviolent offenders have in the process been put on probation with strict and effective supervision by the correction officials. This is con trary to the previous policies that required them to be detained in the prisons thus congesting it. At the same time this had led to increases in prison capacity that meant more costs. The policy has seen a significant reduction of crime rate in Texas and in particular our Houston town. Texas had been ranked among the states with a higher crime rate in the late 70s coming 4th in the survey done by the FBI. The policy has helped the state to record the lowest ever crime rate at 12.8% decrease between 2005 1nd 2010. The incarceration rate among the adults in the same period of time has been reduced by a significant 9%. This has marked a great milestone in the correction policy implementation. The strategies have a low crime rate enabled the state to reduce crime significantly and hence avoid building of new more prison facilities. The expense was to involve the addition of more than 17,000 new beds in the prisons across the state. The policy used $55million in probation departments ai med at reducing the revocation rate among adult offenders and increasing supervision on the sanctions applied. The policy implementation led to a decrease in the rate of revocation in the prison departments thus saving the taxpayers a massive $119 million (Legislative Budget Board, 2011). Earlier on, parole and

Outline the differences between a leader and a manager. With one Essay

Outline the differences between a leader and a manager. With one specific company or industry in mind, discuss how these differe - Essay Example Closely related to this is the work of the manager that includes management is an art and is defined as a process used in the achievement of the goals of the organization or its objectives. Leaders and managers play related roles and are an integral part of any organization or entity. Therefore, workers or employees in a particular organization need managers to assign tasks as well as define the purpose of the organization. This requires that the managers organize the workers in order to maximize the efficiency of the work place or organization while at the same time nurture skills, inspire results and actively develop talents.i The question that then begs to be answered is whether a difference between leaders and managers and what are the benefits of having good or better ones in an organization. As already discussed above, the managers set the direction in which a company should be run through aligning the human resource available, motivating and inspiring them in whatever they do. Managers on the other hand have the management task assigned to them and are required to achieve the goals of the organization that may include planning and making of budgets, organizing and staffing, solving problems and other control duties. Several researchers agree that managers play an important role in budgeting, controlling and organizing how an organization is run, while the leaders offer vision for the organization while at the same time organize how different aspects of the organization can be changed. A research paper commissioned by the Financial World in 2007 titled â€Å"Manager to Leader: making the transition† distinguish these two confusing terms by discussing the distinction between good leadership and good management.ii Therefore, the main differences between leadership and management are the well-pronounced ability of leaders to communicate effectively to achieve success. In the current business environment, leaders play an important role in dealing with change while the managers ensure that things run smoothly. The differences between leaders and managers can be discussed under different subheadings that clearly distinguish a person as engaged in either management or leadership. In terms of the development of a vision, the manager plans and budgets while at the same time develops process steps and sets the timelines. A manager should exhibit an impersonal attitude that will help it achieve its aims and visions; moreover, the leader sets the directions and develops the vision for running of the organization while at the same time employing strategic plans for achieving the vision and aims of the organization or entity. The leader must always be passionate about the goals and visions of the organization in which they lead.iii In the development of human resource and networking, the manager is involved in organization and staffing. He at the same time maintains structures through the delegation of responsibility and responsibilities. Managers are actively involved in the implementation of the vision through the establishment of policy and procedures important for implementing the vision. Leaders play an important role in aligning the organization through proper communication of the vision, mission and direction. A leader is required to display high driven emotion that can positively stimulate the creation of partnerships that understand and appreciate the

Reviewing The Problems In Gang Culture Criminology Essay

Reviewing The Problems In Gang Culture Criminology Essay It is the intention of the following literature review to focus upon the gang and focus in detail on youth gang culture and look in detail the media coverage in relation to knife crime, the public perception of the gang. To discuss why young people become involved in gangs and to discover during this literature review if poverty, race and ethnicity have a radical impact on who joins a change plus who is a victim of a gang. In order to discuss the subjects noted above this review will also look in detail into previous research relating to gangs with a particular emphasis on youth crime. It is also critical to highlight that it is important to discuss key social theories which could be utilised to explain some of the above. In recent years the media, government, police have used the term gang to generally refer to crimes which have been committed by groups of young people. Often crimes such as knife crime have been used by the mass media to portray gangs in a particular way. Often crimes such as knife crime have been used by the mass media to portray gangs in a particular way and also to draw public attention to this social issue. According to the Home Office There has been increasing public concern in recent years about gun and knife crime. While disturbing, the number of such crimes is relatively low and in a general population sample survey such as the BCS the number of victims is too small. Alexandar (2008) More than 70 youngsters died at the hands of gangs in Britain in 2008. In London, 26 were stabbed to death. There are more than 170 gangs, with members as young as ten have been identified by police in London. Many teenagers now routinely carry a knife out of fear, in order to defend themselves if attacked. The penalty for straying into the wrong area is to be robbed, beaten or stabbed. It is difficult to define specifically what a gang is due to the nature of these particular social groups. Gangs in the UK are currently seen as a collection of more than two people for example and often these gangs have a specific purpose. In recent years a collection of youths walking around the streets have become labelled as gangs in the media. Steven Sachs (1978) makes the following definition, a youth gang is commonly thought as a self-formed association of peers having the following characteristics: a gang name and recognizable symbols, identifiable leadership, a geographic territory, a regular meeting pattern, and collective actions to carry out illegal activities, it is a structured, cohesive group of individuals, usually between the ages of eleven and twenty-five, gang members can be male or female, but they are most often male. (Sachs, 1997) According to Cohen (1955) Youth gangs participate in all kinds of activities such as extortion and intimidation, robbery, vandalism, assault, drug trafficking, stabbings, shootings, and sometimes even murder. The following sections of this literature review will focus in detail at specific research which has been carried out previously relating to youth gangs and knife culture. Study 1 The first study was created in 2008 by Scottish centre for crime and justice research , they were awarded a research grant of  £155,000 by the Scottish  government to undertake ethnographic research exploring the nature of youth gang involvement, and the nature of knife carrying by young people in Scotland, and the roles that such activities may play in young peoples everyday lives. The research took place in five locations across Scotland and involved a multi-method approach, combining sets of interviews with young people, police, community and youth workers and other local area experts. Two draft reports were submitted to the Scottish Government in spring 2010: the first providing a qualitative account of young peoples involvement in youth gangs and the second drawing on an analysis of quantitative data from several sweeps of the Edinburgh Study of Youth Transitions of Crime (ESYTC). A core finding of this report is that gang members (inclusive of those who carry /use knives an d other weapons) are drawn from areas of multiple deprivations. The evidence presented in this report suggests that youth gang members are likely to be highly visible as problematic individuals, in terms of their tendency to hang about the streets and their frequent alcohol consumption. Study 2 Youth Gangs in an English City: Social Exclusion, Drugs and Violence The research Youth Gangs: The factors behind the headlines have been made by Judith Aldridge of the University of Manchester. The research provides an ethnographic account of contemporary youth gangs in an English city.   The study involved 26 months of participant observation in Research City; 107 interviews with gang members and their associates, and with key informants; and nine group interviews with non-gang youth, community representatives and parents.   Findings showed a long history of territorial street gangs in Research City. From the 1980s, attention focused on drug-selling gangs engaging in lethal gun violence in marginalised black areas. This framed the way the issue of gangs was officially constructed across Research City; other white areas of the city where gangs presented a lower profile and level of gun violence received less attention. A combination of factors changed the nature of these gangs, in particular from their drug-selling focus. The findings from this r esearch shows that Gangs today in Research City are ethnically mixed, loose, dynamic, interlinked territorial networks with far less organisation than expected and ephemeral, shifting and unstable leadership. Findings are presented in relation to: gang formation and the life course, violence, earnings, drug use, the role of women and girls, ethnicity, community, and statutory responses.   Findings from the research have important implications for policy development, theoretical understanding of youth gangs in the UK, and methodological know-how. The researches shows that one of many reasons why young people get in to gangs is peer pressure and wanting to look bad and also young people are searching for some kind of family unit.Youth crime is simultaneously a social problem and an intrinsic part of consumer culture: while images of gangs and gangsters are used to sell global commodities, young people not in work and education are labelled as antisocial and susceptible to crime. There was a general consensus that the issue of violent weapon crime by groups of young people is not a new phenomenon, and is in part fuelled by media. Group crime involving weapons transcends ethnicity and occurs across all races, with neighbourhood poverty and deprivatation at the root.

Julius Caesar: Tragic Hero :: essays research papers

Tragic Hero Essay   Ã‚  Ã‚  Ã‚  Ã‚   Sometimes our friends keep us from achieving our goals. We make sacrifices to make our friends a part of our goals and achievements. If a friend gets left out, we stay behind with them to keep them from being alone. Some achievements require us to leave out our friends. This is what happens in the case of Julius Caesar. He became the ruler of Rome, leaving out his good friend Brutus. Brutus and other conspirators assassinated Julius Caesar turning him into a tragic hero. A tragic hero must portray four main traits. The hero may neither be perfect nor ultimate evil, the audience must feel pity or fear for the hero, and must be a ruler or leader; good but with flaw. The hero must also come to recognition; from ignorance to knowledge. William Shakespeare identifies three tragic heroes throughout the play; Caesar, a great ruler who took advantage of his power; Brutus, a gullible noble Roman, and Rome. Julius Caesar was an honorable man, but with his power, came his corruption and greed in the eyes of Rome’s leaders. Several high political figures in Rome were becoming more and more discontent. Caesar’s friend Brutus tells Cassius, â€Å"[w]hat means this shouting?/I do fear the people choose Caesar for their king.† (24). Brutus and Cassius felt Caesar was gaining to much attention to quickly. With each amount of increasing support from the Romans, Caesar extended his use of power further. Brutus and the conspirators then go on about Caesar’s abuse of power: â€Å"Why, man, he doth bestride the narrow world Like a Colossus, and we petty men Walk under his huge legs and peep about To find ourselves dishonourable graves. Men at some time are masters of their fates: The fault, dear Brutus, is not in our stars, But in ourselves, that we are underlings.† Cassius uses this line to persuade Brutus into joining him in a conspiracy against Caesar. To Cassius, Caesar was a gigantic Colossus walking all over the common people, ignoring the opinions and thoughts of the Roman people. His abuse of power leads to the discontent of several political figures.   Ã‚  Ã‚  Ã‚  Ã‚  Brutus was a kind noble man; however, he was very easy manipulated. This bad trait eventually molded Brutus into a tragic hero. Cassius tried to persuade Brutus by stating that: â€Å"Brutus and Caesar: what should be in that 'Caesar'? Why should that name be sounded more than yours? Write them together, yours is as fair a name;

Nike Wacc Case Study

Financial Management Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 2 Case Overview Nike, Inc. NorthPoint Group Investment Decision Current share price of USD 42. 09 ? Declining market share for the period 1997-2000 ? Strategy for revitalizing the company under consideration ? Plan to boost revenue and optimize costs ? Highly experienced management team ? Mutual fund management firm ? Emphasis on large-cap value stocks ? Has been outperforming the market for the past 18 months ? Kimi Ford – portfolio manager seeking to identify undervalued stocks, consistent with the fund’s investment strategy ? Stock valuation based on forecasting future cash flows over a ten year period ? Discounting the UFCFF using a predetermined WACC value ? Calculating the discount factor based on the CAPM approach ? Considering sensitivity analysis 3 Understanding the WACC ? The Weighted Average Cost of Capital is the interest rate (minimal return) at which investor-supplied capital (equity and interest bearing loans) has been provided. Therefore, it is the weighted average minimum expectation, which shareholders and creditors require for their respective investments made with the company under consideration. The WACC reflects both, the cost of equity and the cost of debt. Different sources of funds have different costs and therefore, depending on the capital structure of the organization, the weightings of debt and equity are calculated and assigned. ? The WACC is calculated using the following equation: WACC = [E/(D+E)] x Ke + [D/(D+E)] x Kd (1-t) ? The minimum required return on shareholders’ investment. ? CAPM method has been widely used in calculating the cost of equi ty. ? Ke = Rf + b. (Rm – Rf) ? Risk level and volatility are calculated based on historical data. Cost of Equity Cost of Debt ? The interest rate at which a company can acquire new debt. ? Any fixed rates on outstanding debt are not relevant, since the investors are concerned with what it will cost the company to generate cash from any future investments, which would occur at market rates rather than historical ones. ? After tax cost of debt = (1-t)Kd, since interest is tax deductible. 4 Critique of Joanna’s Calculations Calculating Ke Since Joanna’s FCF forecast reflects a ten year period, it could be argued that, for the sake of consistency, the yield of a risk free ten year security should be used instead. ? An arithmetic mean estimation of the risk premium is generally accepted as an appropriate approach by the investment community. * ? Since Nike is a multinational company, its revenue stream bears additional risk based on the specific allocations to various countries. This should reflect additi onal risk premium such as exchange rate risk, political risk etc. Such calculation goes beyond the scope of this case but it should not be ignored. Beta has been calculated as a historic average but the included value YTD 06/30/01 should be excluded not only since it is not consistent in terms of period length, but the apparels business is seasonal with great portion of the revenues coming during the months of Dec. and Nov. Historic betas prior to 1996 should not be excluded. Calculating Kd ? Cost of debt is not properly calculated since potential shareholders and creditors are not concerned with interest on outstanding debt, but rather the current market rate at which the company could borrow to finance its operations and potential expansion. The technique used by Joanna is useful only to get some rough insight on what Nike is paying on its existing debt. ? Joanna has undertaken an appropriate approach in calculating the after tax cost of debt, since debt is tax deductible. ? Joann a is right to consider debt denominated in foreign currency, however her approach is flawed since she is once again looking at outstanding debt, which arrangements that occurred some time in the past might significantly differ from the current market reality. ? Since existing Nike bonds are trading at discount, we already know that the market yield exceeds the coupon rate. 5 Strong arguments exist for using the geometric mean under certain circumstances. This point will be further elaborated Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regardin g an investment in Nike? Calculating Cost of Equity ? Rf = 5. 39% based on the current 10 year yield for the sake of consistency with the forecasted 10 year FCFF. ? Calculating risk premium based on arithmetic average vs geometric mean: ? Arithmetic average assumes no serial correlation and thus could be overstating the premium. ? Arithmetic average ignores estimation error and available data is limited. ? Arithmetic average works best for forecasting short term periods where long term periods seem to be better captured by the geometric mean. Cost of Equity Yield on 10-year Treasuries Risk premium – developed market (geo. Risk premium – developed market (arit. ) 5. 39% 5. 90% 7. 50% Average risk premium Risk premium – country specific Levered ? Unlevered Cost of Equity 6. 70% 0. 00% 0. 82 0. 77 10. 91% ? Both methods are acceptable and even though the arithmetic mean is widely accepted as the proper method, we are using an average of both since we are dealing wi th a long term period and the geometric mean could be potentially more representative. ? No additional country risk premium is assumed due to lack of data. ? Unlevered beta has been calculated in order to reflect only the amount of business risk. For any future beta projections it will be more appropriate to calculate relevered beta based on the targeted capital structure. Beta 1996 1997 1998 0. 98 0. 84 0. 84 1999 2000 Average 0. 63 0. 83 0. 82 7 Sources: Ibbotson Associates, Aswath Damodaran Calculating Cost of Debt ? To calculate the appropriate yield to maturity we need to take into account that the settlement date (05/07/2011) falls between coupon payments, meaning that the first period will be shorter than the remaining 40 (20 years of semiannual payments). ? We calculate a transaction price (dirty price) of USD 98. 9 using a YTM of approximately 7. 17%. After adjusting for the accrued interest we get the quoted price of USD 95. 60. ? We are not considering the effective YTM for the cost of debt since it is not clear whether the returns could be reinvested at the same rate due to the following reasons (list not exhaustive): ? The yield curve is usually not horizontal. ? The shape of the curve is dynamic and changes over time. ? Some premium should be considered on debt issued in foreign currency, but this goes beyond the scope of this assignment and no debt breakdown has been provided for that matter. Cost of Debt Coupon Years to maturity Periods within one year Total periods Face value of c-bond Market price of c-bond YTM* Effective YTM 6. 75% 20. 03 2 40. 05 100. 00 95. 60 7. 17% 7. 30% Yield to Maturity Days from last coupon date Days to next coupon date Days between coupon dates Transaction price Accrued interest adjustment Quoted price Yield to maturity 171 10 181 98. 79 3. 19 95. 60 7. 17% 8 * Calculations have been made based on a 360 day year Calculating WACC 10. 26% WACC †¢ Calculations of the weightings †¢ We use book value of debt since not Weightings Ke / Kd onsider the market value of equity based on the current price per share and the diluted shares outstanding. 89. 87%* 10. 13%** all interest bearing debt is in the form of bonds maturing on 07/15/21 with a current YTD of 7. 17%. However, since the company has low leverage and is not under financial distress, there should not be a significant difference between the current market and book value of the outst anding debt. Cost of Equity After Tax Cost of Debt 10. 91% †¢ Calculations are based on revised 4. 44% †¢ Before tax cost of debt has been assumptions previously described. †¢ Cost of equity is not to be adjusted reviously calculated at 7. 17%. †¢ After applying tax rate of 38% the for taxes. after tax cost of debt amounts to 4. 44%. 9 * Market capitalization as of 05/07/2001 is USD 11. 5 bn. ** Total interest bearing debt (current + non-current) as of 31/05/2001 is USD 11. 3 bn. Figures as of 05/07/2001 are not provided for a better estimate. Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 10 Other Methods for Calculating Cost of Equity ? Po = Do(1+g)/(r-g) ? Could be used for mature companies, which pay dividends on a constant basis, and it is reasonable to expect that they will also do so in the foreseeable future. ? The DDM model is overly sensitive over the value of assumed growth (g), however it is a very simple and straight forward method of calculating the fair value of a mature company. Since Nike is expected to undergo cost optimization over the next years, as well as shift in sales strategy, we should consider a high growth period of the expected dividends, after which constant growth could be assumed. ? For the purpose of this case, however, we are given than dividends increase by 5. 50% on an annual basis, even though Joanne predicts a CAGR of NOPAT for the period 2002-2011 equal to approximately 10. 4%. Dividend Discount Model Earnings Cap. Ratio ? Po = EPSo(1+g)(1-b)/(r-g), where b is the retention ratio. ? EPS is an accounting figure. The ratio depends on dividend policy. ? Useful and simple approach for mature firms with easily predictable future EPS and constant growth rate and retention ratio. ? For simplicity, we are assuming g = 5. 50%, just like in the DDM method. 11 DDM and Earnings Capitalization Ratio Calculations ? D1 has been calculated as of 30/06/2002, assuming 5. 5% increase in annual dividends paid in both 2001 and 2002. Do captures the period 30/06/2000-30/06/2001. ? Based on the DDM and Earnings Capitalization Ratio, we obtain a cost of equity of approximately 6. 7%-6. 8%. Both estimates seem unreasonably low. ? This is significantly lower than the calculated cost of equity using the CAPM model. Due to the flaws of both the DDM and Earnings Capitalization Ratio methods described above, we should hold the CAPM approach as most reliable in calculating the cost of equity. ? The calculation of the cost of equity using both the DDM and and Earnings Capitalization Ratio methods has been based on assumed constant growth in perpetuity, which will most likely not be the case, especially considering Nike’s new sales strategy and cost optimization over the next few years. Therefore, we are more likely going to observe a higher growth period followed by a stable growth period. Dividend Discount Model g Po 5. 50% 42. 09 Do D1 r 0. 48 0. 53 6. 77% Earnings Cap. Ratio g Po b (retention ratio) EPSo EPS1 r 5. 50% 42. 09 77. 75% 2. 16 2. 28 6. 70% 12 Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 13 Investment Decision Based on the calculated WACC value, using the CAPM approach, and the predicted UFCFF for the period 2002-2011, Nike’s stock appears undervalued Since the purpose of the assignment was to calculate the WACC value only, we have taken all predicted UFCFF levels as given, even though certain adjustments could be appropriate to better reflect the expected boost in sales resulting from the new sales strategy, and the expected cost optimizations. Based on the predicted NPV of UFCFF, we are given that the current price of USD 42. 09 suggests a 11. 17% discount rate. Since our calculations reveal that the actual discount rate ought to be 10. 26%, Nike’s share price is trading under its intrinsic value. Therefore, Kimi Ford should recommend a buy on the stock. 14

Influence of the Media essays

Influence of the Media essays Ever since the shooting at Columbine High School, there has been an increased interest in violence and how it affects our children. It has started other school shootings with similar acts of violence, thus, leading parents and even children searching for answers. Answers to why and even how these events could happen. Some look towards gun control, some look towards parenting methods, and some look at the media. For instance, Susan Douglas, author of A Look at Terror with My Daughter, and Stephen M. Wolf, author of Countering Violence, both view the media as a negative influence on children. However, that is, indeed, the true question. Does the media have an influence on violent behavior, or is it just a scapegoat? How would one find out whether or not the media does have an influence on violence? Who better to ask than teenagers themselves? In a Time/CNN poll, that asked 13-17 year olds, what was the believed to have caused the shooting in Littleton, 75% blamed the internet, 66% blamed the movies, music, and television, and 56% blamed video games (Statistics). Does this mean that the media, indeed, does influence violence in our children, maybe, maybe not? However, the startling statistic by the American Psychiatric Association, which states, By the age 18 an American child will have seen 16,000 simulated murders and 200,000 acts of violence on television alone, (Statistics) may prove otherwise. One might ask how the media influences violence with its television shows, movies, and videogames. Well, Susan Douglas explains it in an accurate way when she states, Computer and video games, in particular, that require you to enact murders with your own hands yes, just a quick click, not unlike a trigger pull may restructure some peoples individual psychology in quite powerful ways so it becomes easier to do unspeakable th ...

5 Benefits of Homeschool Co-Ops

5 Benefits of Homeschool Co-Ops There are many reasons to consider joining a homeschool co-op. A co-op can be an invaluable source of support for homeschool parents who work outside the home. They can also provide enrichment opportunities or be used to supplement what parents are teaching their kids at home. What Is a Homeschool Co-Op? A homeschool co-op is not the same as a homeschool support group. A support group usually serves as a resource for parents and hosts monthly meetings and field trips like park days or dances. A homeschool co-op, short for cooperative, is a group of homeschool families that join to share in the education of their children. Homeschool co-ops offer classes for students and usually require parent participation. Dont expect to drop your kids off at classes or activities. In most cases, parents are actively involved in teaching classes, caring for younger children, or helping with cleaning and other tasks. In other cases, parents may pool their financial resources to hire instructors for the courses offered by the co-op. This  option can be more costly but can be an accessible way to get expert help. Homeschool co-ops can vary in size from a small co-op of only two or three families to a large, organized setting with paid instructors. What Are the Benefits? A homeschool co-op can help both parents and students alike. They can help expand ​the knowledge base of an individual homeschool parent, allow parents to share their expertise with others, and provide student opportunities that would be difficult to achieve outside a group setting. 1. Promote Group Learning A homeschool co-op provides an opportunity for homeschooled children to experience learning in a group atmosphere. Young students learn skills such as raising their hands to speak, taking turns, and waiting in lines. Older students learn more advanced group skills, such as collaborating with others on projects, class participation, and public speaking. Children of all ages learn to take instruction from someone other than a parent and to respect teachers and fellow students. A homeschool co-op can also make what might be a boring class at home alone a much more enjoyable endeavor. It’s a relief for students not to be the one expected to give all the answers. Its also a learning experience for them to get other students input and perspective. 2. Opportunities to Socialize Homeschool co-ops provide socialization opportunities for both the parent and the student. Meeting on a weekly basis provides students with the opportunity to forge friendships. Unfortunately, students may also discover that a co-op presents the opportunity to learn to deal with peer pressure, bullies, and uncooperative students. However, even this downside can lead to valuable lessons that will help kids develop the skills they need to deal with future school and workplace situations. A regular co-op schedule also allows moms and dads to meet other homeschooling parents. They can encourage one another, ask questions, or share ideas. 3. Shared Expenses and Equipment Some subjects require equipment or supplies that can be expensive for a single family to purchase, such as a microscope or quality lab equipment. A homeschool co-op allows for shared expenses and pooling of available resources. If it is necessary to hire an instructor for classes that parents feel unqualified to teach, such as a foreign language or a high school level science course, the expense can be shared among participating families. This makes it possible for many parents to provide top-quality classes. 4. Some Classes Are Difficult to Teach at Home For younger students, homeschool co-ops may offer enrichment classes or those that require more preparation and clean up than everyday studies. These courses may include science, cooking, music, art, or unit studies. Homeschool co-op classes for older students often include lab sciences, such as biology or chemistry, advanced math, writing, or foreign language. There are often opportunities for students to take classes that function better with a group, such as drama, physical education, or orchestra. 5. Accountability Because someone outside your immediate family is setting the schedule, a homeschool co-op can provide a level of accountability. This accountability makes co-op an excellent option for classes that may fall by the wayside at home. Students learn to take deadlines seriously and stay on schedule. Even students who don’t mind telling a parent that they â€Å"forgot† their homework are usually much more reluctant to make such an admission when called on in a classroom setting. While homeschool co-ops aren’t for everyone, many families find that sharing the load, even with only two or three other families, has benefits for everyone involved. Edited by Kris Bales

Interpretative Panel of Cypriot Bichrome III equestrian figurine, Article

Interpretative Panel of Cypriot Bichrome III equestrian figurine, Cypro-Archaic II, c. 600475 BCE - Article Example The artifacts had originally been excavated from Cyprus between 1955 and 1961 after the famous James Stewart’s expeditions to Cyprus.2 Despite being a professor of archeology at Sydney University, James Stewart received significant support for his archeological expeditions from the University of Melbourne. As a result, the expeditions were largely known as Melbourne Cyprus Expeditions and many artefacts such as Cypriot Bichrome III equestrian figurine were later allocated to the University of Melbourne. Historically, figurines of horses mounted with riders were particularly common in during the cyproarchaic II periods. Cyprus the origin of the figurines is a Mediterranean island situated south of Turkey, Easy of Greece, North of Egypt and west of Syria and Lebanon3. Equestrian figurines are small sculptures of horses and their riders. Generally, similar historic artifact of equestrian figurines like the one currently housed in the university of Melbourne art collection have been found in various sanctuaries and tombs belonging to stone age Cyprus societies4. It is widely believed that during the antiquities (particularly between 600 and 475 BCE), little figures were commonly left by worshippers at sanctuaries as part of the offerings of the ancient Cypriots to their gods and goddesses5. However, it was expensive to own a horse during the cypro achaic II period and it is only probable that the figurines like the cypriot Bichrome III equestrian sculpture may have been left by the wealthy and nobles who may have wanted to emphasize how important or wealthy they were. Sagona, A., ‘Horse and rider figurine’, in C. McAuliffe and P. Yule, Treasures: Highlights of the Cultural Collections of the University of Melbourne, The Miegunyah Press: Carlton, 2003, pp. 134–

Reflection paper Essay Example | Topics and Well Written Essays - 1500 words - 3

Reflection paper - Essay Example ose behind proposition 8 pose the decision, and upholding the proposition would open a door to question the validity of marriages performed before its passage. The author looks back at the original draft of California Constitution of 1849 and examines the provisions offered concerning modifying the constitution. The draft would provide two methods to oversee the modification. A change would be done through an amendment that would have to be proposed by a majority from both sides of the legislature, and the amendment would have to be adopted by the voters. The second method suggested a modification based on a revision that would have to be adopted in a constitutional convention. The same arrangement would hold with slight modifications in 1879 where a legislative proposal would have to be approved by a two-thirds majority of both houses rather than a simple majority. The approaches featured shed some light on the factors that would have to matter in the wake of a need to modify the constitution in the face of possible implications on the rights of others. Lack of early similar cases that would otherwise offer insight on the best direction to follow is underscored.However, Supreme Court’s decision in 1894 insisted that the legislature reserved no power to propose revisions, an element that is distinguished from amendments. This would hold until 1911 when the Progressives had an initiative in place that would see the electors have the power to propose statutes and amendments to the constitution with the ability to adopt or reject them. This would allow California to bypass the demands posed by the legislative proposal and would use initiatives directly to pose amendments to the constitution. Another turn in 1970 would give power to the legislature to propose amendments and revisions by two-thirds in both houses. This means an amendment can be done by having a measure placed upon a ballot, an action that can be facilitated through a legislative proposal or a