American life Essay

Who says grabbers are only for narratives? Some of the best expository pieces start out with sentences that capture the readers’ attention. The authors from different literary genres give their own attention grabbers to make their pieces more attractive and more suspense from the beginning up to the end. According to Ruhanie Perera (2007), â€Å"Each creator brings with them their values and beliefs shaped by their education and exposure to English Literature, but their search is the same – for the creative, the bold, the sharp and the fresh. † However, expository grabbers are not created only for narratives but for all kinds of situations like in the field of soccer. Deep down in the ocean lurks a dangerous killing machine. This is one of the examples that we hear in soccer. It is a form of attention grabber to make the players become aware of their actions. From this aspect, it only means that any attention grabber must be new from the ears, minds, and eyes of the audience. Many of us like soccer. We watch different plays and games on television about soccer. This is somehow part of American life. Because of this, we hear different attention grabbers from the announcers, coaches, and players. When these people say their expository grabber, the crowd yells and feels that there is hope for success. Like narratives, attentions grabbers could be heard in the beginning of the event. Expository grabbers make each situation noble and powerful. In soccer, attention grabber means a lot of things – it becomes the life and endurance of the team to work hard and win the game. That is why even in this field, expository grabber is very important. In conclusion to this, it can be said that expository grabbers lift the minds and hearts of the audience or readers. It gives power and indirect control to the spectators. The people may not realize this but they were influenced in freedom and captivation. Bibliography Ruhanie Perera. â€Å"They were the attention grabbers. † Sunday Times. Sunday, April 01, 2007, Vol. 41- No. 44. 31 October 2008. http://sundaytimes. lk/070401/Plus/020_pls. html

Pelabur’s Pizza Mini Case †Capital Structure Decision

a) Repurchase of stock=RM15x100000shares=RM1500000 Equity after repurchase of stock=repurchase of stock-amount borrowed Scenario |Amount borrowed(RM) |Equity after repurchase of stock(RM) | |1 |0 |1500000-0=1500000 | |2 |187500 |1500000-187500=1312500 | |3 |375000 |1125000 | |4 |562500 |937500 | |5 |750000 |750000 | |6 |937500 |562500 | |7 |1125000 |375000 | b) Weight of equity=(equity after repurchase of stock/repurchase of stock) x100% Weight of debt + weight of equity=100% |Scenario |Weight of debt(%) |Weight of equity(%) | |1 |100-100=0 |1500000/1500000 x100%=100. | |2 |100-87. 5=12. 5 |1312500/1500000 x100%=87. 5 | |3 |25. 0 |75. 0 | |4 |37. 5 |62. 5 | |5 |50. 0 |50. 0 | |6 |62. 5 |37. 5 | |7 |75. 0 |25. | c) After-tax cost of debt=pre-tax cost of debt x (1-T) =(prime rate + risk premium)x(1-T) |Scenario |Prime rate(%) |Risk premium(%) |Tax(%) |After-tax cost of debt(%) | |1 |5 |2. 0 |40 |(5%+2%)x(1-0. 4)=4. 2 | |2 |5 |2. 0 |40 |(5%+2%)x(1-0. 4)=4. 2 | |3 |5 |2. 5 |40 |4. | |4 |5 |3. 5 |40 |5. 1 | |5 |5 |5. 0 |40 |6. 0 | |6 |5 |7. 0 |40 |7. 2 | |7 |5 |10. 0 |40 |9. 0 | d) CAPM=Krf+(RPm)? , Krf=4% , RPm=8% |Scenario |Subjective beta, ? CAPM(%) | |1 |2. 0 |4%+8%(2. 0)=20. 0 | |2 |2. 1 |4%+8%(2. 1)=20. 8 | |3 |2. 3 |22. 4 | |4 |2. 5 |24. 0 | |5 |2. 9 |27. 2 | |6 |3. 3 |30. 4 | |7 |3. 7 |33. | e) WACC=WdKd+WsKs |Scenario |Wd(%) |Ws(%) |Kd(%) |Ks(%) |WACC(%) | |1 |0 |100. 0 |4. 2 |20. 0 |0(0. 042)+1(0. 2)=20. 00 | |2 |12. 5 |87. 5 |4. 2 |20. 8 |0. 125(0. 042)+0. 875(0. 208)=18. 73 | |3 |25. 0 |75. 0 |4. 5 |22. 4 |17. 93 | |4 |37. 5 |62. 5 |5. 1 |24. |16. 91 | |5 |50. 0 |50. 0 |6. 0 |27. 2 |16. 60 | |6 |62. 5 |37. 5 |7. 2 |30. 4 |15. 90 | |7 |75. 0 |25. 0 |9. 0 |33. 6 |15. 15 | f) Shares repurchased=amount borrowed/repurchased stock price per share Remaining shares outstanding=shares outstanding (old)-shares repurchased Scenario |Shares outstanding |Shares repurchased |Remaining shares outstanding | |1 |100000 |RM0/RM15=0 |100000-0=100000 | |2 |100000 |RM187500/RM15=12500 |100000-12500=87500 | |3 |100000 |25000 |75000 | |4 |100000 |37500 |62500 | |5 |100000 |50000 |50000 | |6 |100000 |62500 |37500 | |7 |100000 |75000 |25000 | g) Total asset=Earning(net income)/WACC otal equity=total assets-total liabilities Interest expense=amount borrowed x interest rate(prime rate + risk premium) |Scenario |1 | |1 |300000/100000=3. 00 | |2 |292125/87500=3. 34 | |3 |3. 78 | |4 |4. 34 | |5 |5. 0 | |6 |6. 20 | |7 |7. 95 | h) There are two main types of financing for a business which are debt or equity financing. Debt financing is describe as the type of financing we receive from a traditional bank loan and equity financing is describes as the financing we receive from venture capital into our business from outside investors.Therefore, the benefit of debt financing is refer to it’s limited in amount and we will pay down the debt over time to a zero sum balance without any further obligation to the lender and the down stroke to debt fin ancing is to define that traditional lenders will take a hard look at our business including how long it has been in existence, income from operation, expenses and it will require hard assets for collateral for the loan. Moreover, those lenders will most certainly want us to personally guarantee for the repayments of the loan. Another disadvantage of debt financing is that our organization will be burdened with some other type of regular payment which is usually a monthly payment which depending on the terms and conditions of the financing and this can absorbs critical cash flow, especially those individual or partners with small business.Besides that, the benefit of equity financing or venture capital is that we will be also receiving money in exchange for equity in our business in the form of stock or some other form of equity like percentage of income or gross net sales. A fundamental benefit of this type of the equity financing is to define there is no monthly payment requiremen t to investors. Instead, we are giving up ownership interest, most often, permanently. Furthermore, the traditional lenders, banks for example, will look at our business much slightly different than venture capitalist. Bankers want a zero-risk or near-zero risk position when they provide financing and will rely almost completely on the operating economics of the business with little regard for potential future growth.Thus, they want to see strong cash flow backed up by hard assets before they do a deal with the ingredients that most small business lack or they wouldn’t be seeking for financing. Eventually, the venture capitalist is on the other hand which they tend to consider the management team and the potential future growth of the business more heavily than actual operating numbers, especially for those with small business with large potential but few sales and little or no operating history. Although these two types of lender is vary in their approaching to analyzing a b usiness for funding, we can also be sure that careful examination of our business will be conducted.

Research Paper on Plato Essay

Abstract Many Philosophers made a difference in society but Plato is perhaps recognized as the most famous. His writings have had a profound effect on people, politics, and the philosophy throughout the centuries. He was a public figure and he made major contributions to society. Plato helped to lay the philosophical foundations of modern culture through his ideas and writings. One of the most philosophical thinkers of Western civilization, Plato is the only author from ancient Greek times whose writings survive intact. His collection consists of thirty-five dialogues and thirteen letters, though the authorship of some is contested. Plato was born in Athens, into a prosperous aristocratic family. His Father’s name was Ariston and his Mother’s name was Perictione. His relative named Glaucon was one of the best-known members of the Athenian nobility. Plato’s name was Aristocles, his nickname Plato originates from wrestling circles, Plato means broad, and it probably refers either to his physical appearance or his wrestling style. â€Å"Plato is, by any reckoning, one of the most dazzling writers in the Western literary tradition and one of the most penetrating, wide-ranging, and influential authors in the history of philosophy,† (Kraut, 2009). Plato was born during the Golden Age of Athens’s which saw the birth of classical architecture, drama, arts and politics. However, as he was growing up he observed the decline of Athens as a cultural center. He witnessed instances of cruelty, disloyalty, and dishonesty and it was in clear violation of his values. It was also during this time that Plato fell under the influence of Socrates, who engaged the people of Athens in philosophical discussions. â€Å"It was into this bright, sly, worldly atmosphere that Socrates appeared, moving questioningly about the streets of Athens†. (Plato 1984). In 339 Socrates was brought to trial and charged with having false Gods and corrupting the youth. Socrates was found guilty on the charge and was sentenced to death. The execution of Socrates weighed heavily on Plato and he turned away from politics, he thought the behavior of the courts was unjust. He decided not to get involved in political life, instead he decided to leave Athens with other friends of Socrates to travel and study. During his travels he met with all kinds of people and studied not only philosophy but geometry, astronomy, and religious teachings. Socrates was extremely influential to Plato and he was the main character in numerous writings, he was also influenced by Heraclitus, Parmenides, and the Pythagoreans. One of the most important goals Plato set for himself was to keep the memory of Socrates alive by recording and bringing about the kind of impact that Socrates had on people. Nearly all of Plato’s work takes the structure of dialogues in which Socrates is usually the main character. One of the goals of a Plato’s dialogue is to engross the reader in philosophical questions related to the ideas being discussed. The Socrates of the Platonic dialogues is modeled after the real Socrates but it is in part an imaginary character used to impart Platonic themes. Plato’s dialogues are divided into three groups, the early or Socratic dialogues; the dialogues of middle age; and the dialogues of old age. In the early dialogues, Socrates is the main character, but it is generally believed that Plato is expressing his own views. These are the only remaining dialogues of Socrates teachings hence; they are referred to as the Socratic dialogues. In The Apology Socrates was accused of having false gods and corrupting the youth. While on trial Socrates claimed that he was innocent and was not at all wise, â€Å"Men of Athens, I honor and love you; but I shall obey God rather than you, and while I have life and strength I shall never cease from the practice and teaching of philosophy†¦ Understand that I shall never alter my ways, not even if I have to die many times. † (Plato 1984). Middle Dialogues During Plato’s middle period he wrote the following, Meno, Republic, Euthydemus, Menexenus, Cratylus, Phaedrus, Symposium and Phaedo. The most important difference between these writings and his earlier works is that he is establishing his own voice in philosophy. In the Meno Plato introduces us to the Socratic idea that no one knowingly does wrong, â€Å"Virtue is the desire of things honourable and the power of attaining them. † Plato (1984). In the Phaedo we become familiar with the platonic doctrine of the Forms; this is where Plato makes a claim as to the immortality of the soul. Plato’s most influential work, The Republic, is part of the middle dialogues. It is a discussion of the virtues of justice, courage and wisdom. It addresses the question of how do humans approach living a good life. The dialogue finishes by looking at various forms of government and describing the ideal state. The allegory of the â€Å"Myth of the Cave† is also in The Republic it is an important writing because it contains the main points of his philosophy. It is intended to be a metaphor for education and it explains issues regarding the theory of knowledge. Plato believed one must explore the belief that a greater reality exists. It is through this belief that a person can gain greater insight into true reality and become enlightened. Without it we are like the prisoners of a cave who only see the shadows of objects and live in complete darkness. â€Å"And now, I said, let me show in a figure how far our nature is enlightened or unenlightened, behold! Human beings living in an underground den† (Plato 1927). It is only through philosophy that we can come out of the cave into the true world. â€Å"Who is best suited to rule the state – lovers of opinion or â€Å"true philosophers†? (Plato 1927) His final years at the Academy he wrote the later dialogues which included the Parmenides, Theatetus, Sophist, Statesmas, Timaeus, Critias, Philebus, and Laws. It should be noted that Socrates has a minor role in these writings. Plato examines his metaphysical theories through these dialogues. He discusses art, dance, music, poetry, drama, and ethics in connection to immortality and the mind. He also dedicates himself to the philosophy of mathematics, politics and religion. Plato argued that women were qualified to play a role in politics and philosophy. In The Republic, Socrates argued that women were as capable as men in pursuit of accomplishments. There is a suggestion that women should be educated for their roles in the class of guardians and possibly work next to men. A woman’s role could be significant in society, but different from a man’s role. Even though Plato believed that women were necessary in a working society, he did not mean he thought women were equals of men. Plato thought that women lacked the strength of men and that women were more suited for other responsibilities in life. â€Å"If women are expected to do the same work as men, we must teach them the same things. † (Plato 1927) The impact of Plato’s work cannot be measured or calculated. His writings had great influence on the entire intellectual development of Western civilization. Despite the fact that Plato did not leave a well-formed, rigid philosophical system he is considered the father for all forms of philosophical idealism and dualism. â€Å"The object of education is to teach us to love what is beautiful. † (Plato 1984). After he died the Academy continued until AD 529, when it was closed due to its pagan teachings. Neo-Platonism, founded by the 3rd-century philosopher Plotinus, was an important development of Platonism. It was a philosophical system which was as a combination of Platonic, Pythagorean, and Aristotelian elements. Originally it was opposed to Christianity but later on it integrated it. It dominated European thought until the 13th century and re-emerged during the Renaissance. The most important Renaissance Neo-Platonist was â€Å"Marsilio Ficino† who developed significant ideas from Plato and Neo-Platonism. Ficino founded of the Academy in Firenze and was responsible for the circulation of Neo-Platonic ideas. Ficino is credited with translating all of Platos’ dialogues into Latin and produced a great work called Platonic Theology, in which he outlines Neo-Platonism. His philosophy is based on the doctrine that the human soul is the center of the cosmos. It is the only thing that sits between the world of ideas and the world is the soul. Neo-Platonism was revived in the 17th century by the Cambridge Platonists such as Cudworth and Smith. The school stressed the importance of reason, maintaining that faith and reason are not that different. Rene Descartes an 18th century philosopher and Neo-Platonist developed a method to achieve truths. If something is not recognized by the intellect or reason can be classified as knowledge. According to Descartes. These truths are gained â€Å"without any sensory experience† (Descartes). He argued that as a result of his method, reason alone determined knowledge and that this could be done independently of the senses. â€Å"Cogito ergo sum, I think therefore I exist† (Descartes) Plato developed an absolutist ethical theory which is that there is a greater good toward which to aspire. He developed this theory to respond to the skepticism and the beliefs of the Sophists who Plato felt did not preach wisdom, but rather their opinions. Plato tried to protect the part of reasoning in human life though he had resistance from the ancient Greek preachers know as the Sophists. They came from different cities and proclaimed that they were able to impart knowledge to young men how to live prosperous lives. Even though the Sophists did not belong to a school and did not have a common creed, some opinions were typical of them as a group and were absolutely conflicting to the views of Plato. The Sophists were great communicators and skilled public speakers. Plato felt that the Sophists were more likely to appeal to emotions rather than to reason. According to Plato philosophers influence people’s souls not their bodies and Plato agreed with Socrates in thinking that the nurturing of the soul is more vital than the nurturing of the body. Furthermore, he also believed that true leaders need to have wisdom, and knowledge. Plato’s influence has been monumental as one philosopher said the history of philosophy is simply â€Å"a series of footnotes to Plato. † (Whitehead) Plato’s has been criticized down through the centuries for his philosophy of the forms. His ideas of the just life and an ideal state are complex. Plato tended to specifically ignores much of human nature. Plato did not think in the realm of the physical world, he was always looking to a different one where things exist only if he can prove there existence. References Kraut, R. (2009, Sept) Plato Stanford Encyclopedia of Philosophy. Retrieved from http://plato. stanford. edu/entries/plato; Plato. (1984) Great dialogues of Plato New York: Mentor Books trans. by Benjamin Jowett Blackburn, S. (1945) The republic of Plato. (45 ed. ). London: Oxford University Press, USA. trans. By Desmond Lee Descartes. Stanford Encyclopedia of Philosophy. Retrieved from http://plato. stanford. edu/entries/descartes-works; Alfred North Whitehead. Stanford Encyclopedia of Philosophy. Retrieved from http://plato. stanford. edu/entries/whitehead/

The Position of Marketing Assistant Personal Statement - 8

The Position of Marketing Assistant - Personal Statement Example I have worked as marketing and salesperson at Long’s advertising company, China. I also worked as a salesperson for GZGB motor sales and services company, China. I strongly believe that my work experience from these two companies makes me the best candidate for the position. While at GZGB, I was recognized as the best salesperson of the month. I have the strong customer focus and I am also sociable, which are fundamental for every marketing professional to successfully execute his or her duties. Coupled with my hard work and determination, these traits have enabled to create innovative ideas for promotional activities, organize and manage events, and meet my sales targets. I have the ability to communicate efficiently, which also remains crucial for this position. Further, I have perfect computer skills, including email and internet, which are success determinants in marketing in the contemporary connected world where almost everything is virtually online. For more details, please see my curriculum vitae and other testimonials attached. I am looking forward to hearing from you soon. Thank you for taking your time to review my application.

The Lex Mercatoria Essay Example | Topics and Well Written Essays - 1250 words

The Lex Mercatoria - Essay Example In Europe Lex Mercatoria contained procedures and traditions which were familiar to the merchants and dealers. The contemporary Lex Mercatoria discovers its potency in the national rule, as stated by Thomas Charbonneau (1998): "It is not surprising that the strongest advocates of the new law merchant are from civil law jurisdictions where general legal principles constitute the primary source of law and specialized courts have long handled commercial disputes at an intermediary level of the legal system. Nor is it astonishing that the most virulent critics of Lex Mercatoria and delocalization are steeped in the common law tradition of narrow rules and holdings, where decisional law is the foremost source of law and courts are its oracles." (pg37) Regarding the Lex Mercatoria there is some difficulty to understand as to what Lex Mercatoria contents are, but it is certainly described as the rule managed among the dealers and the foreign officers, part of it being authentic rule and the rest of it being the substantiation and the course of actions. The Lex Mercatoria is described as the set of laws; generally lots of definitions are related to the Lex Mercatoria and the national law. Dissimilarity between Law Mercatoria and national law might be made on the basis of a self-governing and an authoritativeness concept. The self governing concept examines that the Lex Mercatoria has an independent nature, which is autonomous from several methods of regulation. Goldman B (1986) defined Lex Mercatoria as "A set of general principles, and customary rules spontaneously referred to or elaborated in the framework of international trade, without reference to a particular national system of law."(pg116) The advocates of the Lex Mercatoria do not entirely have the same opinion regarding the source from where the Lex Mercatoria is taken, or concerning the comparative significance of the sources is observed as something which is acceptable. There is an extensive gap linking the sources for instance average figure indenture and the characteristics of commercial regulation. Mostly the people regard Lex Mercatoria as content because it is described as a law among the merchants and their dealers. The Lex Mercatoria is regarded as a list of rules rather than a method. There are various rules related to the Lex Mercatoria which makes it an autonomous system of laws. The set of laws are articulated more distinctively; in any case they cannot be originated from any universal simplification of nationwide laws. Critical analysis of Lex Mercatoria: The UNIDOT principle of Lex Mercatoria describes the means to create universal set of laws of global profitable agreement. The UNIDROIT principle gives the foremost sign that there is a physically powerful inter link among the UNIDROIT principle and the Lex Mercatoria. The UNIDROITS's duty of conquering the inadequacy of local rules for the declaration of the global dealing and trade by making a latest Lex Mercatoria was highlighted in the report of the UNIDROIT. The fundamental objective of this plan was to expand a compilation of rule and set of laws comprising of the Lex Mercatoria. Berger defined the Lex Mercatoria is relation to the UNIDROIT principles as: "An internationally useful method of construction inspired

Gestalt Family Therapy Essay Example | Topics and Well Written Essays - 3000 words

Gestalt Family Therapy - Essay Example In this therapy the experiences of the patient are not interpreted by the therapist instead the patient is encouraged to become aware of their needs and to accept them, come to an understanding of how to fulfill them and then let go of them. In this therapy the experiences of the patient are not interpreted by the therapist, but the therapist works along with the patient to enable them to understand themselves. This therapy helps a patient to become a well adjusted individual who understands that in life there is a constant flow of needs and one has to accept them, understand them, fulfill them if possible or let go of them without regrets. Gestalts Family Therapy is an extension of these goals, in that, the therapy is not for an individual but extends to the family. Walter Kempler, who initially worked with Perls, brought about this form of Family Therapy. His immediate goal is to engage the entire family in therapy, such that the members who seek to come together and at the same time separate can resolve their issues using Gestalts Therapy and thus resolve their problems. The final goal is accepting reality as it is, and thus accepting one’s own and the other’s movement to and away from togetherness. This could mean freedom and relief for one and loss and grief for another. Gestalt Family Therapy allows one to realize this loss, grieve for it and then move on. (Retrieved from "http://en.wikipedia.org/wiki/Walter_Kempler) The basic aim of this therapy is to bring about self awareness. The goal of Gestalts therapy is to help patients in discovering their ability to regulate and have successful relationships with others who share their space (i.e. with family, at work, with friends etc) and to connect with their inner selves and accept themselves as they truly are. The therapist helps the patient to uncover the unresolved issues which fade into the subconscious and then helps the patient to understand

Explore one persons relationship with a public space Essay

Explore one persons relationship with a public space - Essay Example He attends the national stadium at least once every weekend as part of his leisure activities. The national stadium is a place where crowds of people frequent especially when there are national matches during the sports season. To conduct an interview with Mr. Williamson, I started by creating a rapport with him. After identifying him, I approached him and after a short familiarization, I talked him about the purpose of my interview. I assured him that the interview was meant only for learning purpose and not for any other malicious reason. It is after this assurance that he expressed his willingness to answer my question. The main purpose of my interview was to investigate Mr. Williamson’s relationship with the public space. I intended to know the extent to which he associated with this physical space and the role this adventure played in his life. To obtain more information, I preferred to use open-ended question to give him the freedom give the interview a direction. I leant that the national stadium is one place that he visits more frequent than all other places. For the last years, he had not failed to visit this place for at least once on a weekend. He had strong connection for this place and he expressed that he did not have any plans to stop attending the place. One of the reasons why Williamson likes to visit this place is because he is a strong fan of football. I learnt that football is one Williamson’s favorite hobby and since the stadium offers an opportunity for him to have a live view of the national team playing, he finds it an exciting place to visit. Therefore, his visit there is part of fulfilling his hobby. Williamson’s desire for football started a long time ago when he was still a small child. He described the moments that he spent playing football and his participation in the school team. In the previous company that he had worked, they had a football team and he was one of the

Contemporary issues in development finance Essay - 2

Contemporary issues in development finance - Essay Example world, the emerging economies are also suffering from fragile public finances, low Foreign Direct Investment (FDI), huge unemployment and high inequality. Many countries such as Mexico, Greece, Spain and Portugal etc. suffers from high inequality and poverty due to utilization of only one engine of growth. Financial development aims to recover such countries from poor economic condition through ensuring equitable capital allocation, monitoring investments and corporate governance, mobilization of savings pool and managing risk. However, some of the economists are of the opinion that the policies taken by development finance leads to widen the gap of inequality further (Clark, 2006). In this paper, the relationship between inequality and financial development will be critically analysed in the light of theories and empirical evidences. For the purpose of analysis, the case of Mexico will be incorporate in order to examine the level of inequality and poverty exists in that particular e conomy and how the measures of financial development is helping the economy to progress from its current economic situation. Development finance holds huge importance mainly for promoting economic growth through capital accumulation, mobilization of savings for technological inclusion and poverty eradication. The system also aims to encourage the flow of foreign capital. In fact, a meta analysis done on the basis of 67 empirical studies have shown strong correlation between the metrics of development finance and economic growth. Analysing the cases of courtiers with sound tend of economic development, it has been identified that development finance has worked as a driver of economic growth in those countries. The system also strives for better risk management that helps the vulnerable group of the society to obtain opportunities for enhancing their productivity and expands the investment avenue so that the group can generate higher income. Development finance facilitates the growth of

Case36 Assignment Example | Topics and Well Written Essays - 500 words

Case36 - Assignment Example The concept became known as kickbucks. The program rewarded registered iPhone and Android users who entered a participating retail location. Kickbucks could be turned into gifts cards, discounts, download songs, movie tickets, Facebook credits, or charitable donations. The concept gained popularity and expanded into 1,100 retail stores across the U.S. (Ankeny, 2011). Cynac Roeding wanted to turn a rewards program into a fun experience for everyone. Kickbucks incorporates a patent pending device located at each store that emits a signal that can be picked up by cellular devices within range. Retailers control the value of kickbucks. The shopper demographic of kickbucks contains 55% females and 49% between the ages 25-39 which is a great shopper demographic. Kickbucks provided an incentive for customers to come into the store. Greater rewards obtain higher traffic results. The success of kickbucks was realized in part due to the desire of customers of integrating their mobile devices into their shopping experience. The article showed how innovation can be applied to the marketing function of an enterprise. Mr. Roeding was able to invent a system that utilized cellular phones as a hub to identify walk by traffic into stores. People would get rewarded for just visiting the store. The idea of kickbucks was revolutionary because most rewards programs typically entail the purchase of goods from a store. Kickbucks started as a program to drive traffic into cellular stores, but other companies liked the idea so much that soon the system was implemented by Roeding at all types of retail establishments. It is a common fact that a lot of people buy on impulse. Kickbucks indirectly generate sales for stores because it brought people into your establishment. The cellular industry is one of the fastest growing sectors as the cellular has become people’s

Community Problem About Animal Shelter Essay Example | Topics and Well Written Essays - 1000 words

Community Problem About Animal Shelter - Essay Example Human house denies that cat several benefits that the animal should be exposed to. Such is the space for giving birth in case of pregnancy. Cats are mostly secretive animals whose abundance of activities are undertaken in secret. Such activities are mating, removal of stool and giving birth. Cats cannot undertake such activities in the presence of people community. Lack of enough space leaves the cat highly fatigued and unable to freely move around. Proper room design and space design for the cat allows for the suitable nutritional meeting of the animal (De, Bairacli, 69).Human house denies that cat several benefits that the animal should be exposed to. Such is the space for giving birth in case of pregnancy. Cats are mostly secretive animals whose abundance of activities are undertaken in secret. Such activities are mating, removal of stool and giving birth. Cats cannot undertake such activities in the presence of people community. Lack of enough space leaves the cat highly fatigued and unable to freely move around. Proper room design and space design for the cat allows for the suitable nutritional meeting of the animal (De, Bairacli, 69). According to (Buckworth-Herne-Soame, 42), Cats similar other animals have defined Feeding spaces. Our homes and society have integrated cat feeding into the normal system. Good rearing practices for cats push for proper designing of cats rooms to cater for the feeding programs. Multiple groups of cats disease may emanate to poor exposure of cats feed.

Meaning of life Essay Example for Free

Meaning of life Essay Existentialism as a philosophy is concerned with the meaning of our existence and the non- existence of a spiritual figure to mould our being. This philosophy was created as early the early 1900s, but mid 20th Century Philosophers Albert Camus and Jean Paul Sartre are seen as the fathers the movement. Existentialism can be seen as a major influence on the Theatre of the Absurd as it is uses theatrical effects in order to show the way in which man uses endless and futile ways to distract from the meaninglessness of his existence. Other themes that are evident in absurd plays are that of the devaluation of language and our entrapment in an Absurd existence. Devaluation of Language As characters who speak completely different languages, we are unable to communicate verbally and are forced to using gestures and appropriate sounds. The language barrier causes a lot of frustration and exhaustion and at many times conflict between our two characters because no matter how important or trivial the words that the person is saying- they serve no purpose as neither understands the other. After a short fight, my character begins to rant in her language, leaving Niina’s character confused and unsure of what to do. She then retreats back to her place on the opposite part of the ‘island’ whilst I continue to express my frustration. The space between us symbolises our aloneness at being able to communicate directly with each other. Entrapment in an Absurd Existence As two people who do not understand each other and are stranded on an island there is not much that can be done. As a means to fill our boredom my character started to hum a tune and was slowly but surely joined by my companion with a drum beat that she had added. Niina’s character who is very pessimistic comes to her senses and realises the meaninglessness of the entire exercise. This drives her to attempt to kill herself. An absurd existence is one which is full of meaningless distractions and once a person realises this they come into conflict with their existence and is driven towards two different choices: To free oneself from the meaninglessness- which Niina’s character attempted to do, or to hope for change or for the discovery of meaning like my character. We are adrift in a world devoid of purpose As our characters use diversions to avoid facing the meaninglessness of our lives, like how our two characters play a game to pass the time. But as time goes on, Niina’s character voices her frustration of the situation: that, having already been stranded for some time, we are not likely to be rescued. This presents the question of whether there is a point of living when there is neither future ahead nor purpose for you. This is another contributing reason as to why Niina’s character attempts to kill her self. My character has a different way of viewing this situation as she has held on to her faith to give her purpose. She has also found purpose in trying to keep her companion from killing herself. The island improvisation reflected the strong themes of Existentialism in Absurd Theatre through the staging of the conflict created between our two conflicting characters. Unable to linguistically understand each other, language as a tool of communication becomes useless and we are forced use a small game in order to distract ourselves from the reality of the situation and the meaninglessness of our existence on an island where we have no purpose. -

Applying Theory Essay Example for Free

Applying Theory Essay Healthy aging is positively correlated with continued psychological and social participation of senior citizens with activities that may not be very similar to those that they have been used to, but substitutes them to accommodate their age and limited capabilities. Building a senior citizen’s center would allow them to participate in modified activities that they have pursued in middle age. The community would be creating a venue by which the elderly could get educational training, physical and leisure activities suited to their age to reduce boredom. The center would encourage them to stay active, less depressed about aging. In the long-term, the center would promote a positive well-being among the elderly. Exchange Theory Building a senior citizen’s center would benefit the senior citizens in many ways but on the part of the community, the project would have benefits as well as incur costs. A center would provide senior citizens a productive means by which to spend their retirement years. It would make them more active and social than they would if they simply spend most of their time at home or a retirement home. On the part of the community, the monetary cost of the project might make it impractical if the amount could be better spent in a much more needed community project. Then again, the elderly is as much a part of the community as much as the younger members and constructing a center would provide a psychological benefit for both age groups. To the elderly, a center is a reassurance that the community values them in spite their old age. To the younger generation, the center equally reassures them that they are doing something right for the elderly. Functionalism Every age group needs to belong to an institution which would foster a sense of their membership in the larger community. Furthermore, to survive as a whole, all members should work together and slip into roles aimed towards fulfilling the needs of society. A senior citizen’s center would make the retirees a sense of belonging in the community as it would serve as their institution now that they have lost membership in their former workplaces. They would form into a social group which could organize activities to benefit the entire community. It would make the cohesion of the community stronger as an organized group of senior citizens means that even the elderly are contributing towards the stability and constant activity of the community, factors which characterize a healthy, working community. Continuity Theory Senior citizens would continue to seek for the same activities, relationships and lifestyles they had in younger years. A senior citizen’s center would be a good way by which the elderly members of society can organize, assemble and socialize—just like when they were younger. Since they all belong to the same age group, members would develop a distinct culture and this would give everyone a sense of stability and support system. A center with activities and programs geared for the elderly would help ease the difficulties of adjusting to old age. The community, in turn, would have less of the stereotyped bitter and bad-tempered elderly members because it has a place which helps the elderly experience aging as a positive, supportive and gently-sloping experience. Theories that would argue against the senior citizen’s center. Conflict Theory Building a senior citizen’s center would benefit the elderly, however it would acknowledge their continued worth in society and their influence in terms of policy-making. The senior citizens have passed their prime, and the younger generation controls public administration including the budget and planning. The latter would disapprove the spending of $3M for a center that would not be profitable to the community. The community could maximize its spending by allocating the budget for other projects and simply put the care of the elderly under their respective families or elderly homes. This way the family or home would be spending only for the necessary expenses to support the survival needs of the elderly without funneling the community’s financial resources. Political economy of aging The corporate interest precedes personal interest of the market. A senior citizen’s center would surely not justify the $3M that the community would be spending towards constructing and running it. A center for the elderly would simply be a place for them to engage in pursuits like physical activities, entertainment, seminars conducted by volunteers and other non-profitable, self-serving endeavors. If the aim is to spend the money in a project that would benefit the aging population, a wiser idea would be to revert the funds towards the construction of a managed care institution. To be profitable in the long run, this institution could give the elderly the same services and activities as the proposed center, but at certain prices. Recreation for the elderly should be a privilege instead of a charitable act. Disengagement theory The elderly and society engage in mutual separation. A senior citizen’s center is impractical because it would mean integrating the elderly into the community when they should realize that they have to withdraw from social activities they have been used to prior to retirement. A center would give the elderly a false sense of importance regarding their role in the community. It would pose a burden to the community which has to constantly bear with the expenses incurred by the center and its useless programs. The elderly cannot anymore contribute to society and compete with its standards of excellence; therefore, for the benefit of society, they should interact with the community and with each other less. Social Competence/Breakdown Theory Building a senior citizen’s center would create greater dependency on the part of the already vulnerable senior citizens. If the center is realized the elderly would feel self-important, ask for extra services and special privileges. If the demands are refused, it would cause emotional distress. To show sensitivity to the elderly, they should be allowed to face the challenges in life, without spending $3M to build a center especially for them. They should not be doled out with charity. They should be left to find the means to be happy and productive in their late years. The community would be doing them well if they are made to feel like they have worked hard to accomplish something.

Rock in Rio Festival in Brazil

Rock in Rio Festival in Brazil This report will analyse the rock festival called Rock in Rio that has been happening for 32 years in different cities in Brazil, Europe and United States. In 1985, in a waterlogged ground in Rio de Janeiro, 1,4 million people watched for the first time what would be the biggest rock festival of the country until nowadays. During 10 days, 14 artists and 15 national attractions performed in a ritual of peace and love. But wasnt easy to realise that project. Roberto Medina, the creator of this idea, had a really hard time to find someone to invest on it. Medina said that he had been in New York with a project of a huge rock festival in Latin America looking for sponsors. He also told magazines and newspapers that he had stayed in USA 40 days without an answer. After 200 businessmen have denied his ideas, Frank Sinatras manager helped him to get a sponsorship. Furthermore, on the inaugural edition of that great festival, was buÄ ±lt an arena, baptized the Cidade do Rock, or City of Rock. To a generation of Brazilian youths who had come of age under the oppressive shadow of a military dictatorship, this meant more than even its monumental scale, success and historic collection of musical talent would suggest. For them, Rock in Rio was literally the sound of freedom, and you could make a strong case that its this sound that has continued to resonate down the years, legitimizing the original spirit of a franchise that has since spun off multiple sequels well beyond the borders of Brazil. (Rivadavia, 2013) The first festival was a success, one curiosity is when the Australian band AC/DC was inflexible about bringing their own bell that weighed 1,5 tons to be used in their famous song Hells Bells. Unfortunately they couldnt play it and they had to use a bell made of plaster. All because the stage could not stand the weight of the original one. The great fame of the event was due to the fact that, the major international music stars do not usually visit South America, so the local audience there had the first opportunity to see near the international rock idols. (Neto, 2013) Since it started 17 editions already happened. In Rio only 6, meanwhile in Lisbon they made it 7 times, in Madrid 3 and Las Vegas 1. The festival is considered The Best Festival in the World by the specialized website Festival Fling. In 2015, after the last edition in Rio, the city mayor announced that had sign a contract to ensure that the festival is going to happen again in 2017 and 2019. Eduardo Paes, the mayor also said joking that he would be waiting an invitation to the next event. We got the most difficult part. The Rock in Rio Festival provides all the public an unforgettable experience. On the stages we have metal, pop, rock, indie, everything. (Medina, 2017) According to the official Rock in Rio website we should expect for new surprises at the following event. It said that until this moment the confirmed attractions were Aerosmith, Guns n Roses, The Who, Marron 5, Red Hot Chili Peppers, Bon Jovi, Billy Idol, Lady Gaga, Ivete Sangalo, Fergie, 5 Seconds of Summer, Justin Timberlake, BLITZ, Alice Caymmi and Davi Moraes. The festival will last two weeks. One of the big attractions is the Rock City, which this year is gonna be at Olympic Park, Rio de Janeiro. It means that it will be twice the size of the last one and it also has an easier access to any kind of transportation. Inspired by Africa, the new version of the Rock Street will have two artificial lakes surrounded by bars, toilets and shadow areas to relax and enjoy the breaks between shows. Finally, for those interested on buying tickets, the initial sale of Rock in Rio Card happened in 2016. The entry cost was R$435 (adult) or R$217,50 (student and senior). Tickets will be sold again in 6th April. The age rating is 16 years old or under 16 accompanied by the legal guardian. Kinds of Music on Rock in Rio The graph shows the proportion of all kinds of music that are played on Rock in Rio Festival. As a result we can see that rock is always almost 50% in the last four editions. Additionally the average of those four seems that erudit music is the less common. However, its pretty clear that the festival provides all kind of music for all public, which the graph shows eight different styles. About the brasilian music we can also observe that is a considerable percentage of shows, which attract more attention and promotes their identity. Bibiography Brito, P. (2012). Rock in Rio à © rock sim, senhor. Retrieved from http://data-musica.blogspot.com.au/2012/12/rock-in-rio-e-rock-sim-senhor.html Rivadia, E. (2014). The Sound of Freedom: The History of Rock in RioRetrieved from http://ultimateclassicrock.com/rock-in-rio/ Retrieved from https://prezi.com/_el9ratfmbbv/rock-in-rio-history/ Brito, P. (2012). Graph A musica no Rock in Rio Retrieved from http://data-musica.blogspot.com.au/2012/12/rock-in-rio-e-rock-sim-senhor.html

Why Band Directors Stick with it and Teach :: Band Directors Education Music Essays

Why Band Directors Stick with it and Teach It’s a question we all ask ourselves from time to time: "Why am I doing this? Is it really worth it?" For band directors, the question comes up a little more FREQUENTLY. The long rehearsals, hours of preparation and planning. Budget, buses and banged up tubas. Counseling and consoling. Lesson planning to tour planning." Why are you doing this?" Someone asked me once, "It’s only band". It’s only band? Studies show that those high school students least likely to be involved with drugs are band students. Six separate national independent studies showed students with four years of instrumental music scored 40-50% higher on their Math and English Sat scores that non –music students who had equal scores four years earlier. "Why" Music is the only subject that encompasses all seven learning intelligences. Music is one of only two subjects that "connects" the two independent sides of the brain –logical and creative. Similar studies showed that band students attend more regularly. They participate in their classrooms, look forward to and actually like school. They become more focused, more disciplined. An educated person is less likely to end up in jail, impaired by addictions, or homeless. Band teaches life skills. Where independent thinking is the model in most academic classrooms, teamwork is essential in band. Band students learn to work with and for each other. The three R’s in band include Respect, Responsibility, & Reliability. Our students learn to appreciate one another for their individual talents and their contributions to the organization as a whole. They learn positive social skills –the most important factor in our program –where we teach such qualities as confidence, pride, and self esteem; all values that will serve these young people well throughout the course of their life. Citizenship, team motivational skills/leadership skills, time management, organization skills, dependability, and honesty are instilled into band members. Band teaches students to face challenges and strive to reach higher and higher goals. Band is family. When your student walks onto campus, he or she is instantly adopted into the strongest society on campus. They will be spending their school days among the top achievers on campus, with fellow students who look out for one another and steer each other away from trouble instead of towards it. Teachers, staff, parents, and volunteers watch over all the kids as if they were their own.

Feminist Protagonists in The Awakening and A Dolls House Essay

The Feminist Protagonists in The Awakening and A Doll's House    The idea of women's liberation is a common theme in both Kate Chopin's The Awakening and Henrik Ibsen's A Doll's House. In her analysis of Feminism in Europe Katharine M. Rogers writes, " Thinking of Nora's painful disillusionment, her parting from her children, and the uncertainties of her future independent career, Ibsen called his play 'the tragedy of modern times'" (82). The main characters in each work, Nora Helmer, in A Doll House, and Edna Pontellier, in The Awakening, portray feminist ideas. Neither Ibsen nor Chopin intended to write for the women's right's movement, but both works are classics of a woman's liberation. Ibsen is quoted as saying "that he never 'consciously worked for the women's right movement'" (82). It has also been shown that "Chopin did not intend to write a feminist tract" (Martin 252). Even though neither work was meant to be used as a feminist advocacy document, the works are excellent examples of the fact that many people were attuned to the plight of women. Nora and Edna both intend to pursue their own careers. At the time these works were written, women did not normally have their own careers. Nora enjoys the copying work she secretly does at night to earn back money for her loan. Working makes her feel less like the shallow, twittering female people think she is and more like an independent man. After Nora leaves Torvald, she wants to live on her own and support herself. Edna wants to become an artist. She tries to paint seriously every day after her return from Grand Isle. Even though Mr. Pontellier thinks her paintings are a silly hobby, Edna sells several paintings and hopes to sell more. Nora and Edna are both i... ...the works portray feminist ideas such as pursuit of careers, independence from families, and close male friends. Ibsen and Chopin were ahead of their time by writing works focusing on a topic that is still controversial a century later.    Works Cited Chopin, Kate. The Awakening. The Norton Anthology of American Literature. Ed. Nina Baym et al. 2nd ed. Vol. 2. New York: W. W. Norton & Co., 1985. Ibsen, Henrik. A Doll House (1879). Trans. Rolf Fjelde. Rpt. in Michael Meyer, ed. The Bedford Introduction to Literature. 5th edition. Boston & New York: Bedford/St. Martin's Press, 1999. Martin, Wendy, ed. "Introduction." New Essays on The (Awakening. New York, NY: Cambridge UP, 1988. Rogers, Katharine M. Feminism in Europe. Chicago: University of Illinois Press, 1982. Templeton, Joan. "Is A Doll House a Feminist Text?" (1989). Rpt. In Meyer.

The Effectiveness of Composting in Protecting the Environment Essay

As of recently, there has been an ever-growing buzz regarding the environment and being sustainable, and we need to embrace this movement. As the population grows, our demands on Earth’s resources grow, and this current rate is not sustainable. Barring any change, we will not have enough freshwater and natural resources to support our society in the near future. Each day, we incur more and more damage through the demands of consumerism, and this must come to an end. We must, as a society, take it upon ourselves to make individual changes which will potentially be the start of a global shift to a sustainable lifestyle. Our conscious decisions and actions will determine the future health of our planet. Right now is the time we can make a difference for the future. One conscious decision that we can make to save the environment for future generations is to compost. Composting is a process that converts organic waste into a useful product that can be used as a soil fertilizer. Compost is actually one of nature’s best mulches and soil amendments, and it can be used as a substitute for artificial fertilizers (â€Å"Evanston†¦Ã¢â‚¬  2). Compost is created by first collecting organic scraps that would normally be thrown away, such as yard trimmings and food scraps. These materials are then left in a controlled environment that is ideal for natural decomposition. This environment can be created in a special composting bin or even in a pile in your backyard. After allowing your pile to decompose for a few months, your compost is ready to be used as a fertilizer in your garden. Figure 1: Man holding a pile of compost Figure 2: Inputs and outputs of the composting process Source: â€Å"Composting† Source: Starbuck – â€Å"Making and ... ...Are Plastic Grocery Bags Sacking the Environment?." . National Geographic, 02 Sep 2003. Web. 25 Jan 2012. . Starbuck, Christopher, ed. "Making and Using Compost." . University of Missouri, Apr 2010. Web. 26 Jan 2012. . Stewart, Kate. "Re: Composting Questions." Message to Edward Pang. 23 Jan 2012. E-mail. United States. Environmental Protection Agency. Analysis of Composting As an Environmental Remediation Technology. 1998. Web. . United States. Environmental Protection Agency. Municipal Solid Waste Generation, Recycling, and Disposal in the United States: Facts and Figures for 2010. 2011. Web. . The Effectiveness of Composting in Protecting the Environment Essay As of recently, there has been an ever-growing buzz regarding the environment and being sustainable, and we need to embrace this movement. As the population grows, our demands on Earth’s resources grow, and this current rate is not sustainable. Barring any change, we will not have enough freshwater and natural resources to support our society in the near future. Each day, we incur more and more damage through the demands of consumerism, and this must come to an end. We must, as a society, take it upon ourselves to make individual changes which will potentially be the start of a global shift to a sustainable lifestyle. Our conscious decisions and actions will determine the future health of our planet. Right now is the time we can make a difference for the future. One conscious decision that we can make to save the environment for future generations is to compost. Composting is a process that converts organic waste into a useful product that can be used as a soil fertilizer. Compost is actually one of nature’s best mulches and soil amendments, and it can be used as a substitute for artificial fertilizers (â€Å"Evanston†¦Ã¢â‚¬  2). Compost is created by first collecting organic scraps that would normally be thrown away, such as yard trimmings and food scraps. These materials are then left in a controlled environment that is ideal for natural decomposition. This environment can be created in a special composting bin or even in a pile in your backyard. After allowing your pile to decompose for a few months, your compost is ready to be used as a fertilizer in your garden. Figure 1: Man holding a pile of compost Figure 2: Inputs and outputs of the composting process Source: â€Å"Composting† Source: Starbuck – â€Å"Making and ... ...Are Plastic Grocery Bags Sacking the Environment?." . National Geographic, 02 Sep 2003. Web. 25 Jan 2012. . Starbuck, Christopher, ed. "Making and Using Compost." . University of Missouri, Apr 2010. Web. 26 Jan 2012. . Stewart, Kate. "Re: Composting Questions." Message to Edward Pang. 23 Jan 2012. E-mail. United States. Environmental Protection Agency. Analysis of Composting As an Environmental Remediation Technology. 1998. Web. . United States. Environmental Protection Agency. Municipal Solid Waste Generation, Recycling, and Disposal in the United States: Facts and Figures for 2010. 2011. Web. .

Pifzer Inc.’s Cost of Capital and Capital Structure

Pfizer Inc. ’S Cost of Capital and Capital structure – Xiaoyue Shi The costs of capital and capital structures for Pfizer Inc. and its two competitors Merck & Co. Inc. and Johnson & Johnson in the pharmaceutical industry are analyzed in this memo. When calculating the cost of common stock for the three companies, three different approaches including Capital Asset Pricing Model (CAPM), Discounted Cash Flow (DCF) and the bond yield plus risk premium are applied (Appendix A). For CAPM approach (Figure 1 & 3), the risk-free rate (rRF) used is the rate on the U. S. 10-year Treasury bonds, which is 1. 66.The market risk premium (RPM) is the required return on the stock market minus rRF. The required market return used here is the average 20 years rates of return on S&P 500. With highest beta (0. 71), Merck has the higher estimated cost of equity (6. 167). Pfizer has lower estimated cost of equity (5. 910) with lower beta (0. 67). Because of the lowest beta (0. 48), Johnson & Johnson has the lowest estimated cost of equity (4. 697). For DCF approach (Figure 2 & 4), the stock price used is the current stock price. The expected growth rate (g) is the annualized growth rate based on the dividend growth over the past 10 years.Among the three companies, Johnson & Johnson has the highest estimated cost of equity due to its highest expected growth rate in dividends. Pfizer’s estimated cost of equity is much lower than Johnson & Johnson. Having the lowest expected growth rate in dividends, Merck has the lowest cost of equity. For bond yield plus risk premium approach (Figure 5), the bond yield (Figure 7) for Pfizer, Merck and Johnson & Johnson are 2. 0724, 2. 5553, and 1. 9629 respectively. Since their betas are Pfizer 0. 67, Merck 0. 71 and Johnson & Johnson 0. 48, and all below 1, the three companies’ judgmental risk premium estimated as 3. , 3. 4, and 3, respectively. According to the bond yield plus risk premium method, the estimated costs of e quity are Pfizer 5. 3724, Merck 5. 9553, Johnson & Johnson 4. 9629. The final estimated costs of equity for the three companies in this memo are the averages of the three approaches (Figure 6), and they are Pfizer 5. 83, Merck 4. 44, Johnson & Johnson 7. 36. The three companies do not offer preferred stocks in public (Appendix B). Their costs of preferred stock would be zero. Although Pfizer offer Preferred stock for their employees, its costs of preferred stock still estimated as zero.According to the debt-rating organizations such as Moody’s, S&P, the three companies’ bond ratings are very high (Figure 7). The tax rates used for calculating the costs of debt are the average tax rates for the last four years (Appendix C, Figure 10). And their after-tax cost of debts are similarly low, for example, Pfizer 1. 657, Merck 1. 991, Johnson & Johnson 1. 528 (Figure 9). When calculating the percentage of debt and common equity (Appendix D, Figure 12), the common equity used i s the market value of equity, and the book value of company’s debt is used as a proxy of the market value of debt.According to the formula in Appendix D, the weighted average costs of capital (WACC) for the three companies are Pfizer 1. 86, Merck 2. 17, Johnson & Johnson 2. 15. The WACCs are quit low for the three companies as pharmaceutical giants. The debt ratios for last four years for the three companies were all around 50% (Appendix E, Figure 13). For example, in 2008, Pfizer’s debt ratio was 48. 1%, Merck was 55. 2%, Johnson & Johnson was 49. 9%; in 2009, Pfizer was 57. 5%, Merck was 45. 5%, Johnson & Johnson was 46. 6%; in 2010, Pfizer was 54. 7%, Merck was 46. 3%, Johnson & Johnson was 45%; in 2011, Pfizer was 56. %, Merck was 45. 8%, Johnson & Johnson was 49. 8%. Pfizer’s debt ratios were a little higher than its two competitors. But they all have quite similar capital structures with similar borrowing capacities. The three companies’ assets are financed with around 50% equity, and their risks of bankruptcy are low. Because involved in the pharmaceutical industry, the three companies are focusing on R&D, innovation and raise productivity, which are very costly for them. The three companies all have a lot borrowings. Drug development needs a lot of resources and quite inefficient.High failure rates cause a lot pharmaceutical companies unable to make profit and went bankruptcy. Based on the circumstances, the three companies all have very good capital structures in the pharmaceutical industry. They may have to figure out a way to cut their costs, and have even better capital structures. Pfizer used accelerated depreciation methods for tax purpose. Its depreciation & amortization increased a lot since 2009 (Appendix F, Figure 14). For example, it was $5,090 million in 2008, and $4,757 million in 2009, but it was $8487 million in 2010, and $9026 million in 2011.The huge increase in depreciation was mainly because of the merger with Wyeth in 2009. Merck mainly used accelerated depreciation methods for tax purpose except that its depreciation on intangibles was applied with primarily straight-line methods. Its depreciation & amortization also increased since 2009. For instance, it was $1,631. 2 million in 2008, and $2,576 million in 2009, but it was $7,381 million in 2010, and $7,427 million in 2011. The increase in depreciation was also because of the merger. Merck was also involved in a merger with another pharmaceutical company Schering-Plough in 2009.Johnson & Johnson had quite stable depreciations. And the straight-line methods were applied in this company. The three companies all paid stable dividends in last four years (Appendix G). Pfizer paid lowest dividends among them. Johnson & Johnson paid highest dividends. Only Johnson & Johnson performed stock repurchases (Figure 15 & 16). They (in shares) were 100,970 thousands in 2008, 37,114 thousands in 2009, 45,090 thousands in 2010, 39,741 thousands in 2011. And the money (in millions) used for stock repurchases was $6,651 in 2008, $2,130 in 2009, $2,797 in 2010, $2,525 in 2011.In my point of view, Pfizer and its two competitors – Merck and Johnson & Johnson all have low cost of capital. Although they all involved in a lot borrowings , they all have very good capital structures as pharmaceutical companies. The reason is that the costs in R&D and innovation are extremely high in the pharmaceutical industry. Reference: 1. Brigham, Eugene F. and Michael C. Ehrhardt. Financial Management Theory and Practice, 13th Edition, Thompson South-Western, ISBN-13# 978-14390-7809-9, ISBN-10#1-4390-7809-2 2. http://www. mergentonline. com/login. php 3. http://www. how. com/how_5833592_determine-target-debt-equity. html 4. http://cxa. gtm. idmanagedsolutions. com/finra/BondCenter/Watchlist. aspx 5. ww. finra. org 6. http://www3. valueline. com/vlquotes/quote. aspx Appendices: Appendix A: Cost of common stock Appendix B: Cost of preferred s tock Appendix C: Cost of debt Appendix D: Weighted Average Cost of Capital (WACC) Appendix E: Capital Structure Appendix F: Depreciation Appendix G: Yearly dividend and share repurchase Appendix H: Value Line reports Appendix A: Cost of common stock Equations used for calculating cost of common stock:CAPM approach: rS=rRF+(RPM)bi DCF approach: The bond yield plus risk premium approach: rS=Company’s own bond yield + Judgmental risk premium Figure 1 CAPM Equation Variables| Â  | Â  | Â  | | Pfizer| Merck| J&J| Risk Free Rate| 1. 66| 1. 66| 1. 66| Required Rate of Return| 8. 00| 8. 00| 8. 00| Beta| 0. 67| 0. 71| 0. 48| Required Return on Stock| 5. 91| 6. 17| 4. 70| | | | | | | | | | Required Return on Stock| Â  | | Pfizer| Merck| J&J| | 5. 91| 6. 17| 4. 70| Figure 2 Annualized dividend growth rate (g) | Pfizer|Year| Sum dividend| Total growth over 10 years| Annualized growth rate (g)| Next expected dividend| 2011| 0. 8| | | Â  | 2010| 0. 72| | | Â  | 2009| 0. 8| | | Â  | 2008| 1. 28| | | Â  | 2007| 1. 16| | | Â  | 2006| 0. 96| | | Â  | 2005| 0. 76| | | Â  | 2004| 0. 68| | | Â  | 2003| 0. 6| | | Â  | 2002| 0. 52| | | Â  | 2001| 0. 44| 0. 818181818| 6. 16%| $0. 85 | | Merck| Year| Sum dividend| Total growth over 10 years| Annualized growth rate (g)| Next expected dividend| 2011| 1. 56| | | Â  | 2010| 1. 52| | | Â  | 2009| 1. 52| | | Â  | 2008| 1. 52| | | Â  | 2007| 1. 52| | | Â  | 2006| 1. 52| | | Â  | 2005| 1. 52| | | Â  | 2004| 1. 5| | | Â  | 2003| 3. 976| | | Â  | 2002| 1. 3| | | Â  | 2001| 1. 39| 0. 122302158| 1. 16%| $1. 58 | | J&J| Year| Sum dividend| Total growth over 10 years| Annualized growth rate (g)| Next expected dividend| 2011| 2. 25| | | Â  | 2010| 2. 11| | | Â  | 2009| 1. 93| | | Â  | 2008| 1. 795| | | Â  | 2007| 1. 62| | | Â  | 2006| 1. 455| | | Â  | 2005| 1. 275| | | Â  | 2004| 1. 095| | | Â  | 2003| 0. 925| | | Â  | 2002| 0. 795| | | Â  | 2001| 0. 7| 2. 214285714| 12. 39%| $2. 53 | Figure 3 CAPM | CAPM| Â  | Â  | Â  | Â  | Â  | | Risk Free Rate (1)| Required Market Return (2)| Market Risk Premium (3)=(2)-(1)| Beta (4)| Estimated cost of Equity (1)+(3)? (4)| Pfizer| 1. 66| 8. 00| 6. 34| 0. 67| 5. 10| Merck| 1. 66| 8. 00| 6. 34| 0. 71| 6. 167| J&J| 1. 66| 8. 00| 6. 34| 0. 48| 4. 697| | | | | | | Figure 4 DCF | DCF| Â  | Â  | Â  | Â  | | | Stock Price (1)| Next Expected Dividend (2)| Expected Growth Rate (3)| Estimated cost of Equity (2)/(1)+(3)| | Pfizer| 25. 12| $0. 85 | 6. 16| 6. 194| | Merck| 45. 62| $1. 58 | 1. 16| 1. 195| | J&J| 67. 97| $2. 53 | 12. 39| 12. 427| | | | | | | | Figure 5| | | | | | Bond Yield plus Risk Premium| Â  | Â  | | | | Company’s Bond Yield (1)| Judgmental Risk Premium (2)| Estimated cost of Equity (1)+(2)| | | Pfizer| 2. 0724| 3. 3| 5. 3724| | | Merck| 2. 5553| 3. 4| 5. 9553| | | J&J| 1. 629| 3| 4. 9629| | | | | | | | | | | | | | | Figure 6 Estimated Cost of Equity| Estimated Cost of Equity| | | | | Pfizer| 5. 83| | | | | Merck| 4. 44| | | | | J&J| 7. 36| | | | | Figure 7 Bond Data| Bond Data| Â  | Â  | Â  | Â  | Â  | Â  | Â  | Â  | Â  | Bond Symbol| Issuer Name| Coupon| Maturity| Callable| Moody's| S;P| Fitch| Price| Yield| PFE. GF| PFIZER INC| 4. 65| 3/1/18| No| A1| AA| A+| 116. 189| 1. 501| PFE. GI| PFIZER INC| 4. 5| 2/15/14| No| A1| AA| A+| 105. 468| 0. 367| PFE. GM| PFIZER INC| 7. 2| 3/15/39| Yes| A1| AA| A+| 159. 019| 3. 685| PFE. GO| PFIZER INC| 6. 2| 3/15/19| Yes| A1| AA| A+| 127. 5| 1. 66| PFE. GQ| PFIZER INC| 5. 5| 3/15/15| Yes| A1| AA| A+| 111. 554| 0. 521| PFE3666215| AMERICAN HOME PRODS CORP| 7. 25| 3/1/23| No| A1| AA| A+| 139. 65| 2. 819| PFE3667744| WYETH| 5. 5| 2/15/16| Yes| A1| AA| A+| 115. 705| 0. 715| PFE3667745| WYETH| 6| 2/15/36| Yes| A1| AA| A+| 134| 3. 791| PFE3667909| PHARMACIA CORP| 6. 5| 12/1/18| Yes| A1| AA| A+| 128. 14| 1. 677| PFE3667915| PHARMACIA CORP| 6. 75| 12/15/27| No| A1| AA| A+| 137. 221| 3. 552| PFE3667927| PHARMACIA CORP| 6. 6| 12/1/28| Yes| A1| AA| A+| 138. 179| 3. 484| PFE3670301| WYETH| 5. 45| 4/1/17| Yes| A1| AA| A+| 119. 153| 1. 044| PFE3670315| WYETH| 5. 95| 4/1/37| Yes| A1| AA| A+| 135| 3. 5| PFE3702946| WYETH| 5. 5| 3/15/13| Yes| A1| AA| A+| 101. 977| 0. 706| PFE3703979| PHARMACIA CORP| 8. 7| 10/15/21| No| A1| AA| A+| 142. 03| -| PFE3704635| WYETH| 5. 5| 2/1/14| Yes| A1| AA| A+| 106. 52| 0. 421| PFE3704636| WYETH| 6. 45| 2/1/24| Yes| A1| AA| A+| 138. 004| 2. 553| PFE3704637| WYETH| 6. 5| 2/1/34| Yes| A1| AA| A+| 139. 025| 3. 807| PFE3706578| PHARMACIA CORP| 8. 2| 4/15/25| Yes| A1| AA| A+| 101. 5| -| PFE3739069| KING PHARMACEUTICALS INC| 1. 25| 4/1/26| Yes| NR| NR| NR| 99. 99| 1. 25| | | | | | | | | Average| 2. 072388889| MRK. GA| MERCK ; CO INC| 6. 3| 1/1/26| No| Aa3| AA| A+| 138. 945| 2. 76| MRK.GB| MERCK ; CO INC| 6. 4| 3/1/28| Yes| Aa3| AA| A+| 137. 464| 3. 278| MRK. GC| MERCK ; CO INC| 5. 95| 12/1/28| Yes| Aa3| AA| A+| 133. 211| 3. 28| MRK. GF| MERCK ; CO INC MTN BE| 5. 76| 5/3/37| No| Aa3| AA| A+| 131| 3. 808| MRK. GG| MERCK ; CO INC MT N BE| -| 11/27/40| No| Aa3| AA| A+| 98. 25| -| MRK. GH| MERCK ; CO INC MTN BE| -| 12/21/40| Yes| Aa3| AA| A+| 98| -| MRK. GI| MERCK ; CO INC MTN BE| -| 12/27/40| No| Aa3| AA| A+| 98. 5| -| MRK. GJ| MERCK ; CO INC MTN BE| -| 2/6/41| No| Aa3| AA| A+| 98| -| MRK. GK| MERCK ; CO INC MTN BE| -| 6/21/41| Yes| Aa3| AA| A+| 100| -| MRK. GL| MERCK amp; CO INC MTN BE| -| 7/18/41| No| Aa3| AA| A+| 97. 75| -| MRK. GM| MERCK ; CO INC MTN BE| -| 12/21/41| Yes| Aa3| AA| A+| 100| -| MRK. GN| MERCK ; CO INC MTN BE| -| 11/28/41| No| Aa3| AA| A+| 98. 25| -| MRK. GQ| MERCK ; CO INC MTN BE| -| 8/22/42| Yes| Aa3| AA| A+| 98. 275| -| MRK. GR| MERCK ; CO INC MTN BE| -| 2/18/43| Yes| Aa3| AA| A+| 99. 875| -| MRK. GT| MERCK ; CO INC MTN BE| -| 2/12/44| Yes| Aa3| AA| A+| 100| -| MRK. GU| MERCK ; CO INC| 4. 75| 3/1/15| Yes| Aa3| AA| A+| 109. 512| 0. 699| MRK. GV| MERCK ; CO INC| 5. 75| 11/15/36| Yes| Aa3| AA| A+| 135. 683| 3. 536| MRK. GW| MERCK ; CO INC| 4. 8| 2/15/13| No| Aa3| AA| A+| 101. 369| 0. 194| MRK. GX| MERCK ; CO INC NEW| 3. 88| 1/15/21| Yes| A1| AA| A+| 114. 717| 1. 883| MRK3671638| SCHERING PLOUGH CORP| 6. 55| 9/15/37| Yes| Aa3| AA| A+| 149. 11| 3. 56| | | | | | | | | Average| 2. 555333333| JNJ. GA| ALZA CORP DEL| -| 7/14/14| Yes| Aa1| AAA| AAA| 152. 8| -| JNJ. GC| ALZA CORP| -| 7/28/20| Yes| Aa1| AAA| AAA| 98. 75| -| JNJ. GH| JOHNSON ; JOHNSON| 6. 73| 11/15/23| No| Aaa| AAA| AAA| 145. 758| 2. 083| JNJ. GI| -| | 11/1/24| No| NR| NR| NR| 104. 36| -| JNJ. GJ| JOHNSON ; JOHNSON| 6. 95| 9/1/29| No| Aaa| AAA| AAA| 144. 925| 3. 422| JNJ. GL| JOHNSON ; JOHNSON| 3. | 5/15/13| No| Aaa| AAA| AAA| 102. 04| 0. 263| JNJ. GM| JOHNSON ; JOHNSON| 4. 95| 5/15/33| No| Aaa| AAA| AAA| 121. 154| 3. 499| JNJ. GO| JOHNSON ; JOHNSON| 5. 55| 8/15/17| Yes| Aaa| AAA| AAA| 121. 81| 0. 932| JNJ. GP| JOHNSON ; JOHNSON| 5. 95| 8/15/37| Yes| Aaa| AAA| AAA| 143. 163| 3. 369| JNJ. GQ| JOHNSON ; JOHNSON| 5. 15| 7/15/18| Yes| Aaa| AAA| AAA| 123. 223| 0. 982| JNJ. GR| JOHNSON ; JOHNSON| 5. 85| 7/15/38| Yes| Aaa | AAA| AAA| 143. 093| 3. 341| JNJ. GS| JOHNSON ; JOHNSON| 2. 95| 9/1/20| Yes| Aaa| AAA| AAA| 107. 12| 1. 969| JNJ. GT| JOHNSON ; JOHNSON| 4. 5| 9/1/40| Yes| Aaa| AAA| AAA| 123. 32| 3. 229| JNJ. GU| JOHNSON ; JOHNSON| -| 5/15/13| No| Aaa| AAA| AAA| 100. 154| -| JNJ. GV| JOHNSON ; JOHNSON| -| 5/15/14| No| Aaa| AAA| AAA| 100. 322| -| JNJ. GW| JOHNSON ; JOHNSON| 2. 15| 5/15/16| Yes| Aaa| AAA| AAA| 105. 523| 0. 588| JNJ. GX| JOHNSON ; JOHNSON| 4. 85| 5/15/41| Yes| Aaa| AAA| AAA| 125. 764| 3. 428| JNJ. GY| JOHNSON ; JOHNSON| 1. 2| 5/15/14| Yes| Aaa| AAA| AAA| 101. 399| 0. 311| JNJ. GZ| JOHNSON ; JOHNSON| 3. 55| 5/15/21| Yes| Aaa| AAA| AAA| 113. 786| 1. 807| JNJ. HA| JOHNSON ; JOHNSON| 0. 7| 5/15/13| No| Aaa| AAA| AAA| 100. 278| 0. 22| | | | | | | | | Average| 1. 62866667| Appendix B: Cost of preferred stock Figure 8 Cost of Preferred Stock| Cost of Preferred Stock| Â  | Â  | Â  | | Preferred Dividend (1)| Preferred Stock Price (2)| Floatation Cost (3)| Component cost of Preferred Stock (1)/[(2)*(1-(3))]| Pfizer| N/A| N/A| N/A| #VALUE! | Merk| N/A| N/A| N/A| #VALUE! | J;J| N/A| N/A| N/A| #VALUE! | Appendix C: Cost of debt After-tax cost of debt=rd(1-T) Figure 9 After-tax cost of debt| After Tax Component Cost of Debt| Â  | | Interest Rate| Tax Rate| Cost of Debt| Pfizer| 2. 072388889| 0. 2003| 1. 657289394| Merck| 2. 555333333| 0. 221| 1. 990604667| J;J| 1. 962866667| 0. 2218| 1. 2750284| Figure 10 Marginal tax rate Company| Pfizer| Merck| J;J| Year| 2011| 2010| 2009| 2008| 2011| 2010| 2009| 2008| 2011| 2010| 2009| 2008| Income before tax| 12,764| 9,282| 10,674| 9,694| 7,334| 1,653| 15,290| 9,931| 12,361| 16,947| 15,755| 16,929| Provision for tax| 4,023| 1,071| 2,145| 1,645| 942| 671| 2,268| 1,999| 2,689| 3,613| 3,489| 3,980| Tax rate| 0. 3152| 0. 1154| 0. 2010| 0. 1697| 0. 1284| 0. 4059| 0. 1483| 0. 2013| 0. 2175| 0. 2132| 0. 2215| 0. 2351| Average tax rate| 0. 2003| 0. 2210| 0. 2218| Appendix D: Weighted Average Cost of Capital (WACC) Figure 11 WACC| | | | | | | | WACC| Â  | Â  | Â  | Â  | Â  | Â  | Â  | % of Debt| Cost of Debt| % of Preferred Stock| Cost of Preferred Stock| % of Common Equity| Cost of Common Equity| WACC| Pfizer| 95. 15%| 1. 66 | – | – | 4. 85%| 5. 83 | 1. 86 | Merck| 92. 50%| 1. 99 | – | – | 7. 50%| 4. 44 | 2. 17 | J;J| 89. 26%| 1. 53 | – | – | 10. 74%| 7. 36 | 2. 15 | % of Debt, and % of Common Equity are the target proportions. Figure 12 Calculating the percentage of debt and common equity | | | | Pfizer| Merck| J;J| Shares outstanding (million)| 7,470| 3,050| 2,750| Market value per share | | 26. 03| 47. 96| 72. 52| Market value of equity ($ million), E| 194,444. | 146,278. 0 | 199,430. 0 | | | | | | | Book value of equity per share| 10. 64| 18. 16| 20. 95| Total book value of equity| | 79,480. 8 | 55,388. 0 | 57,612. 5 | Debt/Equity ratio| | 48. 26| 32. 91| 29. 07| Book value of debt| | 3,835,743. 41 | 1,822,819. 08 | 1,674,795. 38 | Cash on hand| | 24,340| 17,450| 16, 920| Net debt ($ million), D| | 3,811,403| 1,805,369| 1,657,875| | | | | | | Percentage of debt, D/(E+D)| | 95. 15%| 92. 50%| 89. 26%| Percentage of equity, E/(E+D)| 4. 85%| 7. 50%| 10. 74%| Appendix E: Capital Structure Figure 13 Capital Structure| | | | | Capital Structure| Â  | Â  | Â  | Â  | | Pfizer| 2011| 2010| 2009| 2008| Long Term Debt*| 34,931,000. 00 | 38,410,000| 43,193,000| 7,963,000| Common Stock*| 445,000| 444,000| 443,000| 443,000| Retained Earnings*| 46,210,000| 42,716,000| 40,426,000| 49,142,000| Redeemable Preferred Stock*| 45,000| 52,000| 61,000| 73,000| Total| 81,631,000. 00 | 81,622,000. 00 | 84,123,000. 00 | 57,621,000. 00 | | | | | | % of Debt| 42. 79%| 47. 06%| 51. 35%| 13. 82%| % of Preferred Stock| 0. 06%| 0. 06%| 0. 07%| 0. 13%| % of Common Equity| 57. 15%| 52. 88%| 48. 58%| 86. 05%| Total %| 100. 00%| 100. 00%| 100. 00%| 100. 00%| | | | | | Average/Target % of Debt| | 38. 75%| 95. 15%| |Average/Target % of Preferred Stock| | 0. 08%| 0. 00%| | Average/ Target % of Common Equity| | 61. 17%| 4. 85%| | | | | | | Total Debt*| 105,381,000| 106,749,000| 122,503,000| 53,408,000| Total Assets*| 188,002,000| 195,014,000| 212,949,000| 111,148,000| Total Debt/Total Assets| 56. 1%| 54. 7%| 57. 5%| 48. 1%| | | | | | | | | | | | Merck| | 2011| 2010| 2009| 2008| Long Term Debt*| 15,525,000| 15,482,000| 16,074,900| 3,943,300| Common Stock*| 1,788,000| 1,788,000| 1,781,300| 29,800| Retained Earnings*| 38,990,000| 37,536,000| 41,404,900| 43,698,800| Redeemable Preferred Stock*| – | – | – | – | Total| 56,303,000. 0 | 54,806,000. 00 | 59,261,100. 00 | 47,671,900. 00 | | | | | | % of Debt| 27. 57%| 28. 25%| 27. 13%| 8. 27%| % of Preferred Stock| 0. 00%| 0. 00%| 0. 00%| 0. 00%| % of Common Equity| 72. 43%| 71. 75%| 72. 87%| 91. 73%| Total %| 100. 00%| 100. 00%| 100. 00%| 100. 00%| | | | | | Average/Target % of Debt| | 22. 81%| 92. 50%| | Average/Target % of Preferred Stock| | 0. 00%| 0%| | Average/Target % of Common Equity| | 77. 19%| 7. 50%| | | | | | | Total Debt*| 48,185,000| 48,976,000| 50,597,100| 26,028,600| Total Assets*| 105,128,000| 105,781,000| 112,089,700| 47,195,700| Total Debt/Total Assets| 45. %| 46. 3%| 45. 1%| 55. 2%| | | | | | | | | | | | J;J| | 2011| 2010| 2009| 2008| Long Term Debt*| 12,969,000| 9,156,000| 8,223,000| 8,120,000| Common Stock*| 3,120,000| 3,120,000| 3,120,000| 3,120,000| Retained Earnings*| 81,251,000| 77,773,000| 70,306,000| 63,379,000| Redeemable Preferred Stock*| – | – | – | – | Total| 97,340,000. 00 | 90,049,000. 00 | 81,649,000. 00 | 74,619,000. 00 | | | | | | % of Debt| 13. 32%| 10. 17%| 10. 07%| 10. 88%| % of Preferred Stock| 0. 00%| 0. 00%| 0. 00%| 0. 00%| % of Common Equity| 86. 68%| 89. 83%| 89. 93%| 89. 12%| Total %| 100. 00%| 100. 0%| 100. 00%| 100. 00%| | | | | | Average/Target % of Debt| | 11. 11%| 89. 26%| | Average/Target % of Preferred Stock| | 0. 00%| 0%| | Average/Target % of Common Equity| | 88. 89%| 10. 74%| | | | | | | Total Debt*| 56,564,000| 46,329,000| 44,094,000| 42,401,000| Total Assets*| 113,644,000| 102,908,000| 94,682,000| 84,912,000| Total Debt/Total Assets| 49. 8%| 45. 0%| 46. 6%| 49. 9%| * $ in thousands Appendix F: Depreciation Figure 14 Depreciation | | | | | | Depreciation| Â  | Â  | Â  | Â  | Â  | | USEFUL LIVES| Pfizer| | (YEARS)| Â  | | | 2011| 2010| 2009| 2008| Type| | Accelerated depreciation methods|Classes of Assets and Depreciation Ranges | | | | | | Land | – | | | | | Buildings| 33 1/3-50| | | | | Machinery and equipment| 8-20| | | | | Furniture, fixtures and other| 3-12 1/2| | | | | Construction in progress| – | | | | | | | | | | | Depreciation ; Amortization**| | 9,026 | 8,487 | 4,757 | 5,090 | | | | | | | | | Merck| | USEFUL LIVES| Â  | | (YEARS)| 2011| 2010| 2009| 2008| Type| | Accelerated depreciation methods| Classes of Assets and Depreciation Ranges | | | | | | Buildings| 10-50| | | | | Machinery ; Equipment| 3-15| | | | | Capitalized software| 3- 5| | | | | Construction in progress| – | | | | |Products and product rights, trade names and patents| 3-40| Primarily straight- line methods| | | | | | | Depreciation ; Amortization**| | 7,427| 7,381| 2,576| 1,631. 2| | | | | | | | | | | | | | | J;J| | USEFUL LIVES| Â  | | (YEARS)| 2011| 2010| 2009| 2008| Type| | Straight- line methods| Classes of Assets and Depreciation Ranges | | | | | | Building and building equipment| 20–40| | | | | Land and leasehold improvements| 10–20| | | | | Machinery and equipment| 2–13| | | | | Capitalized software| 3-8| | | | | | | | | | | Depreciation ; Amortization**| | 3,158| 2,939| 2,774| 2,832| | | | | | | | | | | | ** $ in millions| | | | | | Appendix G: Yearly dividend and share repurchase Figure 15 Stock repurchase (in shares) and dividends| Stock Repurchaces and Dividends| Â  | Â  | Â  | | Pfizer| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 0. 8| 0. 72| 0. 8| 1. 28| | | | | | | Merck| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 1. 56| 1. 52| 1. 52| 1. 52| | | | | | | J;J| | 2011| 2010| 2009| 2008| Stock Repurchaces*| 39,741 | 45,090 | 37,114 | 100,970| Dividends ($)| 2. 25| 2. 11| 1. 93| 1. 795| | | | | | Number of Shares (Thousands)| | | | | | | | | | Figure 16 Stock repurchase (in U. S. dollars) and dividends| Stock Repurchaces and Dividends| Â  | Â  | Â  | | Pfizer| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 0. 8| 0. 72| 0. 8| 1. 28| | | | | | | Merck| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 1. 56| 1. 52| 1. 52| 1. 52| | | | | | | J;J| | 2011| 2010| 2009| 2008| Stock Repurchaces*| (2,525)| (2,797)| (2,130)| (6,651)| Dividends ($)| 2. 25| 2. 11| 1. 93| 1. 795| | | | | | * $ in millions| | | | | Appendix H: Value Line reports

Dear Wife Analysis

John Downe’s letter to his wife creates an enthusiastic, persuasive tone to try to convince her to leave England and come to the United States. The diction he uses and the way he structures his sentences highlights the points he tries to make. He uses an array of rhetorical strategies and devices such as imagery, tone and attitude, and pathos to do so.Throughout most of the letter, Downe describes to his wife the lifestyle in the United States through imagery. The diction he uses gives a comforting, welcoming visual of what the United States has in store for his wife and family. Most of the persuading goes on in the first paragraph as he exemplifies all the great opportunities with leaving England and coming to the United States. He gives his wife a sense of security when he explains that people in the United States do not have to close or lock their doors and can enjoy their lives doing whatever they like, from picking fruits to going to get a drink. He gives her something to look forward to by describing the beauty of America and sharing his experiences.In the second paragraph, Downe gets into a more personal aspect with his word choice and sentence structure through pathos. Short, direct sentences are used to get his point across to his wife. He exemplifies his regret and remorse for leaving the family during his time of hardship and explains that he is back on his feet due to his choice of moving to the United States and starting a whole new life. Downe uses this to explain to his wife that her life can be changed if she comes also. He repeatedly used the word â€Å"dear† to refer to his wife and family and to make a point to personally address his wife.Downe’s tone and attitude throughout the whole letter is persuasive. It is important for him to get his family to move to the United States and enjoy a whole new life together. From describing the market place to trying to degrade England, his sole purpose is to convince his wife that th e United States is a better place for her and his family. He takes a shot at England when he said, that â€Å"there is no improper or disgusting equality† in the United States compared to England. He ends the letter with emotion when he tells his wife to give the children a kiss for him.John Downe uses different rhetorical strategies to try to persuade his wife to move to the United States from England. He paints an image of America that is welcoming and warm. His tone is very persuasive and he uses pathos to form a connection with his wife. Dear Wife Analysis John Downe’s letter to his wife creates an enthusiastic, persuasive tone to try to convince her to leave England and come to the United States. The diction he uses and the way he structures his sentences highlights the points he tries to make. He uses an array of rhetorical strategies and devices such as imagery, tone and attitude, and pathos to do so.Throughout most of the letter, Downe describes to his wife the lifestyle in the United States through imagery. The diction he uses gives a comforting, welcoming visual of what the United States has in store for his wife and family. Most of the persuading goes on in the first paragraph as he exemplifies all the great opportunities with leaving England and coming to the United States. He gives his wife a sense of security when he explains that people in the United States do not have to close or lock their doors and can enjoy their lives doing whatever they like, from picking fruits to going to get a drink. He gives her something to look forward to by describing the beauty of America and sharing his experiences.In the second paragraph, Downe gets into a more personal aspect with his word choice and sentence structure through pathos. Short, direct sentences are used to get his point across to his wife. He exemplifies his regret and remorse for leaving the family during his time of hardship and explains that he is back on his feet due to his choice of moving to the United States and starting a whole new life. Downe uses this to explain to his wife that her life can be changed if she comes also. He repeatedly used the word â€Å"dear† to refer to his wife and family and to make a point to personally address his wife.Downe’s tone and attitude throughout the whole letter is persuasive. It is important for him to get his family to move to the United States and enjoy a whole new life together. From describing the market place to trying to degrade England, his sole purpose is to convince his wife that th e United States is a better place for her and his family. He takes a shot at England when he said, that â€Å"there is no improper or disgusting equality† in the United States compared to England. He ends the letter with emotion when he  tells his wife to give the children a kiss for him.John Downe uses different rhetorical strategies to try to persuade his wife to move to the United States from England. He paints an image of America that is welcoming and warm. His tone is very persuasive and he uses pathos to form a connection with his wife.

How Federalism Has Changed Since the Ratificationt of the Constitution Essay

Federalism has evolved over the course of American history. At different points in time, the balance and boundaries between the national and state government have changed substantially. In the twentieth century, the role of the national government expanded dramatically, and it continues to expand in the twenty-first century. Dual Federalism (1789–1945) Dual federalism describes the nature of federalism for the first 150 years of the American republic, roughly 1789 through World War II. The Constitution outlined provisions for two types of government in the United States, national and state. For the most part, the national government dealt with national defense, foreign policy, and fostering commerce, whereas the states dealt with local matters, economic regulation, and criminal law. This type of federalism is also calledlayer-cake federalism because, like a layer cake, the states’ and the national governments each had their own distinct areas of responsibility, and the different levels rarely overlapped. The Civil War and the Fourteenth Amendment (1861–1868) Part of the disputes that led to the Civil War (1861–1865) concerned federalism. Many Southerners felt that state governments alone had the right to make important decisions, such as whether slavery should be legal. Advocates ofstates’ rights believed that the individual state governments had power over the federal government because the states had ratified the Constitution to create the federal government in the first place. Most Southern states eventually seceded from the Union because they felt that secession was the only way to protect their rights. But Abraham Lincoln and many Northerners held that the Union could not be dissolved. The Union victory solidified the federal government’s power over the states and ended the debate over states’ rights. The Fourteenth Amendment, ratified a few years after the Civil War in 1868, includes three key clauses, which limit state power and protect the basic rights of citizens: 1.The privileges and immunities claus e declares that no state can deny any citizen the privileges and immunities of American citizenship. 2.The due process clause limits states’ abilities to deprive citizens of their legal rights. 3.The equal protection clause declares that all people get the equal protection of the laws Industrialization and Globalization (1865–1945) The nature of government and politics in the United States changed dramatically in the late nineteenth and early twentieth centuries. The national government assumed a larger role as a result of two major events: 1.Industrialization: The economy became a national, industrial economy, and the federal government was much better equipped than the states to deal with this change. For much of the nineteenth century, the government pursued a hands-off, laissez-faire economic policy, but it began to take a stronger regulatory role in the early twentieth century. 2.Globalization: Because of its vast economy and its extensive trading networks, the United States emerged as a global economic power. The federal government assumed a greater economic role as American businesses and states began trading abroad heavily. Although these events played out over many decades, they reached their high points during the presidency of Franklin Roosevelt (1933–1945). The Great Depression, brought about by the crash of the stock market in 1929, was one of the most severe economic downturns in American history. Many businesses failed, roughly one-third of the population was out of work, and poverty was widespread. In response, Roosevelt implemented the New Deal, a series of programs and policies that attempted to revive the economy and prevent further depression. The New Deal included increased regulation of banking and commerce and programs to alleviate poverty, including the formation of the Works Progress Administration and a social security plan. In order to implement these programs, the national government had to grow dramatically, which consequently took power away from the states. Cooperative Federalism (1945–1969) Federalism over much of the last century has more closely resembled a marble cake rather than a layer cake as federal authority and state authority have become intertwined. The national government has become integrated with the state and local governments, making it difficult to tell where one type of government begins and the other types end. State and local governments administer many federal programs, for example, and states depend heavily on federal funds to support their own programs. This type of federalism is calledcooperative federalism, or marble-cake federalism. New Federalism (1969–present) Since the 1970s, political leaders and scholars of the New Federalism school have argued that the national government has grown too powerful and that power should be given back to the states. Although the national government remains extremely important, state governments have regained some power. Richard Nixon began supporting New Federalism during his presidency (1969–1974), and every president since Nixon has continued to support the return of some powers to state and local governments. Although political leaders disagree on the details, most support the general principle of giving power to the states. New Federalism has taken concrete form in a variety of policies. New Federalists have argued for specific limits on federal power, as well as devolution, a policy of giving states power and responsibility for some programs. For example, the 1996 welfare reforms gave states the ability to spend federal dollars as they saw fit. Supporters claim that local and state governments c an be more effective because they understand the circumstances of the issue in their state. They argue that a one-size-fits-all program imposed by Washington cannot function as effectively. Advantages and Disadvantages of New Federalism New Federalism appeals to many people because of its emphasis on local and state governments. Many Americans feel that the national government has become too intrusive and unaccountable. These people champion state and local government as closer to the people and thus more accountable. However, Americans often want a single seat of power for some tasks. Competing local and state governments can cause more problems than they solve, especially during emergencies. For example, the terrible hurricanes of 2005 led residents of Louisiana, Mississippi, and Alabama to demand a better, more unified national response. The Supreme Court and New Federalism The Supreme Court has played a New Federalist role by siding with state governments in a number of cases. Perhaps the most well-known of these cases is United States v. Lopez (1995), in which the Court ruled that Congress had overstepped its authority in creating gun-free school zones. More controversially, in 2000, the Court struck down parts of the Violence Against Women Act (1994) for much the same reason in United States v. Morrison. In other cases, the court has ruled that state governments cannot be sued for violating rights established by federal law. Overall, the Supreme Court in the 1990s reduced the power of the federal government in important ways, particularly in relation to the commerce clause.

The requirements for the perfectly competitive market

The modern business environment is characterized by an intense level of competitiveness. While this may not be good for the suppliers of products and services in the short-term, it is certainly good for the consumers because a high level of competition reduces the level of prices so that consumers can enhance their standards of living with the same purchasing power that they had before.The requirements for the perfectly competitive market are related to the number of suppliers in the market, barriers to entry in that market, economies of scale, mobility of resources and homogeneous products. The market is recognized as perfectly competitive when the conditions related to these five aspects have been fulfilled.Therefore a perfectly competitive market is characterized by a large number of suppliers, elimination of barriers to entry in that market, no significant economies of scale, mobility of resources and the homogeneousness of competing products and services. The Anti-trust law ensu res that in every industry these conditions are maintained so that competitiveness is not compromised.As mentioned before, competition is not good for the suppliers of products and services. This is because competition forces them to constantly reengineer their operations in order to reduce the cost of production or the cost of providing services.As a result, they have to constantly innovate on their product lines whether it is in terms of differentiation or cost leadership. In respect of both differentiation and cost-leadership, efficiency in resource allocation is created. In the perfectly competitive market, the suppliers have to ensure that they can get the maximum from investing the minimum.However competition also forces them to maintain the level of quality in their products and services. Since a large number of suppliers operate in a perfectly competitive market, consumers will immediately boycott the supplier who is offering low quality and they will migrate to other suppli ers.In this manner, competition creates the framework for maximum efficiency in what to produce, how to produce and for whom to produce. That is why the anti-trust law has been formulated to correct departures from the perfectly competitive market.When competitiveness has been compromised, it means that there is one firm which has more power than its competitors. In this case, there is the possibility of inefficiency in the form of the monopolistic firm offering lower quality products at higher prices because consumers do not have choices in this matter. The anti-trust law ensures that such inefficiencies do not occur.ReferencesMcConnell, Campbell R., and Stanley L Brue. Macroeconomics. South western college pub. 2007.  

Case Analysis Of The Health care Systems

The health care systems that have been established in Australia have exerted pressure of the highest degree on the growing population of the country. It must be noted here that Australia has a mixed system of public and private health care provisions that have been regulated at different levels of governmental proceedings. Furthermore, the understanding of the function and structure of the health care system along with the factors that result in the elevation of the related costs is the primary requirement for the establishment of a proper financial management structure (Kaur 2015). The issue that has been presented in this question is that a case study where a nurse manager has been appointed for the purpose of managing a 32 bed general surgical ward that is placed in a metropolitan hospital in a major city. The particular issue in regards to the restructuring of the hospital networks in the local Area Health Service is that the general surgical ward has been asked to be combined with the 12 bed surgical ward that has been specially constructed for the purpose of short stay. The steps that are required for the development of a nursing business service plan can be described in a detailed method. The initial stage involves planning of the business case for the employment of the organizational fund. Here, it can be understood that the establishment of the 12 bed short stay surgical ward will require sufficient funds. Moreover, the planning should be carried out in such a way that the general surgical ward is placed adjacent to the short stay ward without hampering the functioning of both the wards are not hampered by each other (Song, Qiu and Liu 2016). The aims and objectives of the expansion should also be clarified in order to determine the particular service that is being offered to the patients (Song, Qiu and Liu 2016). The required support from the employees and other stakeholders of business should also be derived for the implementation of the expansion of the health care facilities (Dafny, Ho and Lee 2017). Next, the cost that is required for the setting up of the expanded part of the business should be properly calculated and figured (Dafny, Ho and Lee 2017). Lastly, enough initiative should be taken in order to facilitate the successful establishment of the short stay ward along with the general surgical ward (Singh caes et al., 2015). The staff who will be required for attending the patients in the short stay ward have to be trained accordingly (Singh caes et al., 2015). Moreover, the sections in regards to the general surgical ward and the short stay ward should be clearly segregated and the purpose should be explained of the expanded facility should be explained to the nurses and other staff of the hospital (Singh caes et al., 2015) It must be noted here that in case of a health care facility, the data does not flow into the entity in a standardized way. A great deal of challenge has to be faced by the health care systems in terms of collection of data from patients, enrollees and other members. The health care systems deal in a diverse range of documents like the data collection systems, medical records, billing records, health plans and other related documents. The data that is essentially required to develop a service profile are the data in regards to the race and ethnicity of the patients, individual persona health records and electronic data health records and other systems of data. It must be noted here that the till that point is reached when the collected data has been better integrated by the entities, there will be a certain degree of redundancy that will be in the collection of data in regards to the race, ethnicity and other related patient information. Moreover, the methods that would be adopted for the collection of information should be integrated into the data flows that are operating in the current times. The issue in regards to the efficiency and privacy of the patients should also be considered (Parikh 2017). Therefore, the documents that should are needed to be collected for the purpose of analyzing and developing a service profile are the supply market sources document. This document will help in identifying the suggested external sources that will essentially reflect the supply market data that will result in the further development of the effective business strategies. A developing strategic commissioning plans document is also required. Therefore, the documents that will be required are Guidance on Developing Strategic Commissioning Plans, Options Appraisal, External Data Sources Template, Registers, Medication journals, Clinic guidelines, Documents for recording the details of the diseased. The service demand for the new service level would be that the patients who would need treatment for a day or two, could be accommodated in the short stay ward and treated accordingly. However, it must be noted here that the ward has the capacity to accommodate 12 individuals at once. Therefore, the facilities should be arranged in that particular way. The work methodology that should be utilized for the determination of the supply of nurses required to staff the new service level are that the nurses already attending the general surgical ward should be properly trained in order to carry out the attending of the individuals who will be admitted to the short stay ward. It can be easily deduced from the names that the patients who will be attending the general surgical ward would be accommodating those patients that need intense care, as they will be undergoing general and complex surgeries. On the other hand, the short stay surgical ward will be accommodating those patients who can be cured in a lesser degree of time and do not hold such complexities in terms of injuries or other diseases. This means that the nurses who are attending the general surgical ward patients will be readily able to treat the patients of the short surgical ward. The only providence that should be available is a proper training and guideline framework for th e purpose of distinctly making the process clear to the nurses and other staff of the hospital in regards to the nature patients in both the surgical wards and the level of service they need. There is no certain concern in regards to the skill-mix or staff education issues for the purpose of attending to the patients of the short stay surgical ward. This is because the patients of the general surgical ward need due care and attention as they are suffering from injuries or other disease that are complex in nature and need surgery. Therefore, the degree of skill that is needed to attend to the patients of this particular ward will be apparently higher than the skill that is required to attend the patients of the short stay surgical ward. Thus, it can be deduced that the nurses and other staff will not be facing any kind of issues in regards to the staff education. However, it must be noted here that the particular behavior will be different in case of the patients that are for general and complex surgeries and the patients who are to get well soon in a shorter period of time. It is the primary duty of the nurse manager to make this clear among the nurses and other staff so that they can understand the degree of difference in behavior and service between the patients of the general surgical ward and the short stay surgical ward (Parikh 2017). A cost centre budget might be beneficial for the nurse manger to control the expenditures of the wards (Dafny, Ho and Lee 2017). The advantages of the cost centre budget are that the implementation of a cost centre budget will help in the comparison of the performance of the service unit in terms of the short stay surgical ward and the general surgical ward. A cost centre budget will help the nurse manager in identifying the underperforming parts of the hospital or the parts that require excessive un-estimated costs. A cost centre budget will help in the identification of the centers that generate the largest amount of expenditure. The identification of the cost centers will also facilitate the fact that the management of the hospital will be able to target these centers as the primary areas where the cost management strategies could be applied. A cost center budget also helps in improving the reaction speed. This is because the cost center budget will help in the allocation of the m ost skilled and responsible staff that will try to reduce the cost in facilitating such a center, which will in turn improve the reaction, speed. A cost center budget will also enable the staff and the nurses to make decisions on their part, which will increase the degree of motivation and thus enhance productivity. A flexible budget refers to the particular budget that includes the calculation of the different levels of expenditure in regards to the variable costs that depends on the changes in the actual amount of revenue that is incurred. A flexible budget is prepared at the end of each accounting period and this particular budget involves preparation in accordance to the inputs. The flexible budget is next compared to the actual revenue incurred for the purpose of controlling the expenditures. Some of the benefits of the flexible budgets are that a flexible budget is useful for those businesses whose costs are closely related to the level of business activity. This particular method of budgeting also is useful in measuring the effectiveness of the services provided by the employees or the staff. Moreover, a flexible budget can be very easily updated (Barr and McClellan 2018). A particular disadvantage of the flexible budget is that the implementation of such a budget is difficult to administer and formulate. A flexible budget cannot be aligned with any kind of accounting software making the comparison of the financial statements with the budgeted statements impossible. Moreover, a flexible budget cannot facilitate the comparison between the actual revenue and the budgeted revenue due to the fact that the both the numbers are similar (Barr and McClellan 2018). Zero based budgeting refers to the particular method of budgeting in which the expenses that are estimated to be incurred by a particular business entity for a new accounting period is assumed to be zero. This means that the expenses for the new accounting period are calculated on the basis of the actual expenses that are incurred rather than on incremental basis. The advantages of zero based budgeting are that this particular method of budgeting will result in focused operations, lower degree of costs, a controlled and disciplined execution of the business strategies in regards to effective cost management. The disadvantages of zero based budgeting can be listed down to the fact that this particular method of budgeting is resource intensive in nature. Moreover, a zero based budget is exposed to a high degree of manipulation by the managers of the organizations as it involves short term planning(Barr and McClellan 2018). An output based budgeting refers to the particular method of budgeting that is dependent on the performance by the employees or the staff of the organization. It is that method of budgeting that ties the measurement of the individual or the departmental performance with the particular process of budgeting. The advantage of output based budgeting is that the amount that is allocated to a particular department has a direct link with the departmental performance. This inspires the department personnel to increase their all round productivity in order to obtain more monetary benefits that may be allocated via the output based budgeting method. A disadvantage of the output based budgeting is that this particular kind of budget is prepared from the baseline of the organization and construct a request for the budget from each department. However, the ultimate grant of the budgeted amount depends on the high-ranking officials of the management who may manipulate the figures or take decisions that are exposed to political influences (Miller 2018). Among the above mentioned three methods of budgeting, the particular method that would be most suitable for the nurse manager to implement in the hospital is the flexible budget. This is because the flexible budget essentially involves the preparation of the budget on the basis of the level of activities that are performed in the field of work. Therefore, this is the suitable method of budgeting. The three main areas of expenditure that may be considered while developing a cost centre budget are the expenditure related to the different surgeries that might have to be conducted for the patients in the general surgical ward; the expenditures related to the general pharmacy that will be installed within the hospital for the welfare of the patients. Moreover, the third major area that should be considered is that the expenditure in relation to the emergency ward should also be considered as the most critical medical cases are conducted here. Moreover, this is the ward where the most valuable medical equipments and applications are placed, the maintenance of which requires sufficient cost. An example of the cost center budget has been shown below that may be applied in case of the private hospital. The salaries and wage budget that has been prepared above consist of the mandatory remuneration components that should be received by a personnel in the health care sector. The assumptions have been made on the basis of the different salary components that are given by reputed health care institutions in Australia. Moreover, the overtime allowance that has been included in this particular table indicates the extra monetary benefit that will be received by the staff. This is on account of the fact that the nurses might have to do overtime duty on the account of the fact that the work space now has been expanded into an additional unit of short stay surgical ward (Dafny, Ho and Lee 2017). The conclusion that can be arrived at from the discussions in the preceding paragraphs is that setting up or expanding a health care facility in Australia is a rigorous process. Beginning from planning the facility to the preparation of the salaries and wage budget requires skilled analysis and evaluation. However, the service provided by these health care facilities and the hospitals is commendable and should be praised for the welfare carried out by these entities. 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