The Core Values Of The Profession Education Essay

IntroductionSociety has changed on many foreparts in the last few decennaries. The rise of societal issues, like cyber-bullying, discourtesy for authorization and teenage gestations, among young person and kids have led to parents and the community desiring schools to take a tougher stance in developing the societal and moral capablenesss of the immature ( Lickona, 1991 ) . This has prompted the Ministry of Education ( MOE ) to implement alterations to the instruction system by stressing on Character and Citizenship Education ( CCE ) . The displacement from being accomplishments and cognition senders to 1s that incorporate moral considerations into the instruction pattern is expected of instructors today ( Hansen, 2001 ) . In this epoch of alteration, it has been really supercharging right from the start of the occupation for get downing instructors as they have to familiarise themselves with all the wide-ranging functions and duties of experient instructors ( Feiman-Nemser, 2001 ; L ortie, 1975 ) . With such demanding conditions, get downing instructors need to hold a clear sense of intent and uphold the nucleus values of the profession in order to win. Teachers must function as wise mans and good function theoretical accounts to their pupils. Harmonizing to Bandura ( 2002 ) , instructors are expected to modulate their behavior with regard to professional criterions. Teachers, being of import grownups in young persons ‘ lives, have an impactful influence on their pupil ‘s character growing and development ( Park, 2004 ) . As get downing instructors aspire to carry through their different individualities when they join the instruction work force, they seek to construct up good resonance with their pupils but so happen it hard to pull the line between being rigorous and friendly with them ( Zoe, 2011 ) . Get downing instructors will non merely necessitate the necessary accomplishments and cognition to pull off pupils efficaciously in the emotional and affectional spheres, but besides a strong ethical compass to professionally cultivate their pupils ‘ heads. Students will therefore be able to get the better of societa l quandary and title-holder morally responsible causes ( Gardner, Csikszentmihalyi & A ; Damon, 2001 ) . With the rapid influence of societal media, some beginning instructors are carry oning themselves unethically when they fail to separate the student-teacher boundary on internet ( Cindy, 2011 ) . The technologically-savvy beginning instructors are acquiring into more problem when they befriend their pupils utilizing societal media platforms like Facebook and Twitter ( David & A ; Patrick, 2012 ) . Such sites frequently blur the student-teacher professional lines. Get downing instructors, being new in their profession, may be used to showing their sentiments, posting inappropriate exposures or even utilizing expressed linguistic communication on such societal webs without recognizing that the populace and even their pupils they are friends with in the practical universe can see their stations. This would hold damaging effects on the immature, waxy heads that they are entrusted with. The instruction of non-examinable topic like CCE will be a desperate concern for get downing instructors who strive to do efficient usage of clip to fix their pupils for trials alternatively ( Darling-Hammond, 1997 ) . A study conducted among teacher trainees found that merely 26.5 % of them supported the thought of learning this non-examinable topic. Many of them felt the thought of learning the citizenship constituent of CCE as propaganda and disputing to integrate them into mundane instruction ( Wang, 2008 ) . Research has shown that when instructors are less enthusiastic about the capable affair, pupils ‘ intrinsic motive to larn will worsen ( Patrick, Hisley & A ; Kempler, 2000 ) . This definitely gives get downing instructors a difficult clip when they try to strike a balance between the school ‘s accent on academic accomplishments and to further character and citizenship values. With such immense functions in determining the hereafter coevals, instructors are seen as cardinal figures to maximise the potency of every pupil holistically ( Gregory & A ; Clark, 2003 ) . It is non surprising why MOE has invariably focused on instructors ‘ development by supplying them with appropriate preparation and support to authorise them with indispensable life-skills so that their pupils can besides profit ( Murray, 2002 ) . Schools besides engage in Professional Learning Communities to acquire experient instructors to portion their expertness on covering with debatable pupils with get downing instructors. However, the heavy work load get downing instructors struggle to get by in schools has made such extra enrichments to be jobs for them. Recent enterprises, like the Holistic Health Framework and Form Teacher Guidance Period which aim to develop good societal, emotional acquisition competences in pupils, will besides increase the load for get downing instructors who have to larn and rapidly accommodate to the new policies. The present coevals of pupils is more facile and educated as their attitudes and worldviews have been shaped by the economic prosperity and cyberspace revolution over the old ages ( Derfel, 2011 ) . The stable economic environment has caused them to be less afraid of alteration, while the easiness of information available on the cyberspace has made them more expressive in their positions. Students may be less fearful of authorization and go rebellious. Most get downing instructors will happen it a challenge in pull offing them and will hold to gain their regard from pupils by puting good illustrations, listening and handling them every bit, irrespective of their genders, races and categories ( Whitney, 2000 ) . Appropriate and just penalties should be given out to pupils where necessary. In most instances, blue pupils, normally boys, acquire more attending by their instructors ( Brophy and Good, 1970 ) . However, get downing instructors should besides larn non to pretermit praising t he well behaved pupils for their model behavior. This ensures every pupil receives equal intervention and is able to distinguish between good and bad behavior in category. Classroom diverseness can besides present serious challenges for get downing instructors, particularly since it involves associating to groups of pupils who may hold differing point of views, backgrounds and dispositions ( Holmes Group, 1986 ) . A survey by Goddard and Foster ( 2001 ) revealed that while get downing instructors may hold baronial aspirations to efficaciously learn a diversified category of scholars, they are incognizant of the existent universe demands on their patterns. Get downing instructors are often in for a ‘reality daze ‘ as pupils tend to joint out changing positions or experiences. Teaching pupils to be empathic, sensitive and accepting of one another ‘s sentiment is polar during CCE lesson. This allows pupils to be more engaged in national issues through active flow of advanced and enriching ideas, and do them esteem the cultural diverseness. In add-on, get downing instructors may meet pupils who come from hapless household backgrounds with out proper rearing support. They have to give more supervising to these pupils so that they will non experience ignored and go a threat to society. As parents play an progressively impactful function on the educational lives of their kids, a productive relationship with them will heighten the instructor ‘s abilities to develop good character and citizenship values in their pupils ( Fleming, 1993 ) . As Henderson and Berla ( 1997 ) wrote, when teacher-parent ties are close, pupils non merely profit in school but besides throughout life. Ironically, research shows that many get downing instructors fail to understand the demand to set up such relationships as they view parental engagement non built-in to their instruction and pupil ‘s acquisition ( Canter & A ; Canter, 1991 ) . This position among novice instructors has to be changed as parental engagement brings positive impacts on the kid ‘s holistic accomplishments ( Epstein, 1995 ) . Get downing instructors are frequently challenged when they have to cover with ill-disciplined pupils. By join forcesing with concerted parents, instructors will be able to promot e good behaviour in the pupils both in school and at place. If parents are unreasonable and demanding yet differing with the handling of their kid ‘s behaviour, it will further halter the instructor ‘s attempts in edifice good character in the pupil. It is besides important for instructors to actively seek interactions with parents and keep good relationships with them ( Howe & A ; Simmons, 1993 ) . However, many get downing instructors are missing these accomplishments to advance such bipartisan communications between parents and the school ( Shartrand, Weiss, Kreider, & A ; Lopez, 1997 ) . Communication is indispensable as it facilitates airing of critical information on pupil ‘s attitude in school to their parents. Concerned parents will mind the advice from instructors and pay more attending to their kid if needed, while casual 1s will merely make more duties for the instructors. With effectual communicating between both parties, the pupil ‘s character growing and development can so be closely monitored. In decision, get downing instructors have to lift up to the challenges when they take on the duties of developing character and citizenship values in pupils. To get the better of such troubles, they have to be adapted with new educational policy alterations through undergoing professional development developing invariably to get the necessity accomplishments to construct good character in pupils. In order to derive the regard from pupils, get downing instructors have to keep an ethical image within the profession and put good illustrations for their pupils while handling them every bit irrespective of their cultural diverseness. Looking in front, get downing instructors should besides take a leap forward and start working closely with parents and the community to raising and develop these values in the pupils. Through partnerships with assorted stakeholders, pupils will be more open to good cultural and social values, doing them better citizens for the hereafter.

The Poem Because I Could Not Stop for Death Explained

Death Stops for No One Jaime Hayes Death Stops for No One The poem â€Å"Because I Could Not Stop for Death† by Emily Dickinson is an extended metaphor on death, comparing it to a journey with a polite gentleman in a carriage taking the speaker on a ride to eternity. Through unusual symbolism, personification and ironic metaphors Dickinson subjugates that death is an elusive yet subtle being. Dickinson portrays death as an optimistic endeavor while most people have a gruesome perspective of death. This poem’s setting mirrors the circumstances by which death approaches, and death seems kind and compassionate.This poem is written in six quatrains. They are broken up into when she first meets death, through their carriage ride observing different stages of life to death and ultimately, to eternity. These quatrains give the poem unity and make it easy to read and interpret. The cadence of this poem, which is sneakily undulating, is lulling and attractive; you can almost ima gine it being set to the clomping of the horses’ hooves. Although the conversation is set between the speaker and Death, the horses’ hooves always seem to be in the background.The first quatrain starts out with the speaker communicating in past tense about death being a kind gentleman coming to stop for her, implying that she is already dead. Death is personified and introduced as one of the leading character and is also the focus of the poem; â€Å"Because I could not stop for death/ He kindly stopped for me. † (Dickinson, 1863, 1-2) By endowing death with human characteristics it becomes less frightening to the speaker as well as the reader. The fact that he â€Å"kindly† stopped is both a reassurance that his arrival was not unpleasant and an expression of the poet’s wit.It is ironic in a humorous way that death is kind. The speaker could not stop for death, meaning she is not ready to die, but death came anyway. Here, it becomes clear that deat h is inescapable and arrives on its own time. Death stops being an end and becomes instead the beginning of eternal life. When Death stops for her, he is accompanied by Immortality inside their carriage; â€Å"The Carriage held but just Ourselves/And Immortality. † (Dickinson, 1863, 3-4) The carriage is a metaphor for the way in which we make our final passage into death; a mode of transportation to the afterlife.At the time the poem was written a man and a woman were typically escorted by a chaperone, in this poem, Immortality is their chaperone. Immortality is also the reward or reason for the two, the speaker and Death, coming together. If the promise of immortality did not exist, one would never go along willingly, nor would one welcome death without fear. Dickinson begins the second quatrain as death’s journey, which is a slow, forward movement, which can be seen through the writing; â€Å"We slowly drove – he knew no haste. (Dickinson, 1863, 5) The slow r ide emphasizes the seriousness and solemn nature of this carriage ride or perhaps implies a slow and painful death by a debilitating disease. A sense of tranquility is felt here, as though the speaker is well acquainted with the fact that this ride will be her last. The speaker does not resist this ride but instead gives up her labor and leisure and succumbs to death; â€Å"And I had put away/My labor and my leisure too/For his civility. † (Dickinson, 1863, p. 6-8)The cadence of the poem begins to speed up as Death, Immortality and the speaker continue on their journey; â€Å"We passed the School, where Children strove/At Recess – in the Ring-/We passed the Fields of Grazing Grain/We passed the Setting Sun. † (Dickinson, 1863, 9-12) All three of these images suggest different stages of life; the children in the school yard at recess depict the early stages of life, the fields of grazing grain represent the middle stages of life and adulthood, the setting of the sun is the final stage of life.She notices the daily routine that she is leaving behind, but continues not to fight with Death. In this quatrain, Dickinson uses an anaphora â€Å"We passed† in order to help the poem progress as well as tie it together to reinforce that the different stages of life are passing them by. Here, one can assume the trip takes a while, as it was light when the journey began and now the sun is setting and night begins. The poem slows back down again as the fourth quatrain begins and death seems to be setting in; â€Å"Or rather – He passed Us. † (Dickinson, 1863, 13) This line refers to the setting of the sun from the previous quatrain.This symbolizes the transition from life to death, the sun passes them referring to how she is beyond the concept of time and she descends into eternity. There is a reference to the change in temperature and how the speaker is not dressed appropriately for this change; â€Å"The Dews drew quivering and c hill-/For only Gossamer, my Gown/My Tippet – only Tulle. † (Dickinson, 1863, 14-16) This quatrain suggests not only the literal coldness that comes from not dressing appropriately, but also the emotional coldness that occurs when dealing with ones death.The only physical entities that hold value to the speaker anymore are now her Gossamer gown and her tippet made from tulle. The fifth quatrain describes the grave or tomb the carriage has arrived at, relating it to a house; â€Å"We passed before a House that seemed/A Swelling of the Ground/The Roof was scarcely visible/The Cornice in the Ground† (Dickinson, 1863, 17-20) The way the grave is being described implies a sense of comfort for the speaker. Metaphorically, cornice in the ground is the speaker’s coffin, or more specifically the molding around the coffins lid. Here, it is the only visible part of the house itself.The graves description and the fact that there is no door, only a roof, suggests that t here is no escape from death once she enters the house. The poem ends with what seems like the speaker looking back on her life from her final destination in eternity. Time suddenly loses meaning, hundreds of years feel no different than a day; â€Å"Since then – ‘tis Centuries – and yet/Feels shorter than the Day (Dickinson, 1863, 21-22) The setting shifts in this last quatrain when the reader finds out the place in the beginning of the poem is from long ago and the speaker is telling this story long into the afterlife.Immortality is the goal hinted at in the first quatrain where â€Å"Immortality† is the other occupant in the carriage, yet it is not until this quatrain that we see the speaker has obtained it. As the speaker is looking at the past events through an eternal looking glass, she says that life, like the â€Å"Horses’ Heads† that picked her up, leads toward â€Å"Eternity. † In this last quatrain death ceases to be what d eath is, an end, but instead becomes an eternal journey of immortality.By ending with the word â€Å"eternity† the poem itself performs this eternity trailing off into the infinite. It is shown through Dickinson’s use of unconventional metaphors that no matter what one thinks about life and how busy one may be; death is never too busy to stop for anyone. Dickinson’s feelings are expressed through unusual symbolism to the reader; comparing death to a carriage ride with a kind gentleman and immortality. It is through the promise of immortality that fear is removed and death not only becomes acceptable, but welcomed as well.

Central venous catheter

Central venous catheter Essay Healthcare institutes today are confronting a major job with centrally-line- associated blood stream infections ( CLABSIs ) . CLABSIs occur normally and are the most potentially preventable beginning if morbidity. This research was conducted to see how cardinal line packages could be use to extinguish CLABSIs. Harmonizing to the Sutter Roseville medical centre ( SRMC ) . they have seven old ages of zero CLABSIs. by utilizing a broader attack of the cardinal line buddle instead so the conventional buddle required by the CDC ( Harnage. 2012 ) . The SRMC’s. cardinal line buddle is ease to utilize and failure cogent evidence as shown in figure 1 of the article ( Harnage ) . This article explained how assorted constituent of the cardinal line buddle were modified to accomplish zero infection of CLABSIs by the SRMC. The most of import point of this attack was riddance of infection through cardinal lines. The success of this attack was base on the protocol implemented on dressing alteration. catheter flushing and day-to-day checking of all cardinal lines. Dressing alterations were done merely when the site was musss but with the protocol is done every 7 yearss and as needed. besides the catheter lines were been flushed with normal saline so with Lipo-Hepin utilizing a positive force per unit area flower. but now flushing is done every 8 hours when non in usage or before and after medicine disposal with 10ml of normal saline utilizing a push and intermission technique. Remember these lines can non be use if there is no blo od return and the authority checked. For this protocol to be effectual. instruction and preparation was mandated for the registry nurses. that is a one -on -one bedside preparation. The registry nurses are the one time utilizing this line on a day-to-day bases so developing them on the usage of this line were a major yesteryear in the infection control procedure. An facet in the dressing alteration kit in was besides nurse friendly in that all the supplies needed for the dressing alteration were topographic point in a individual bundle. By seting everything together it helped the nurse to easy entree everything they need. because due to the many undertakings the nurse needs to make. they may be tempted to short-circuit or jump wholly preventative patterns that are excessively clip devouring. The nurses besides had to document on a day-to-day base on the patient flow sheet how the site and dressing on the line expression. therefore doing the nurses take duty and accountabit of the site. The chief job with this attack was that it wasn’t cost effectual. But harmonizing on research. CLABSIs cost from $ 21300 and $ 35000 to handle. therefore avoiding infections can salvage most healthcare institute 100s of 1000s of lbs yearly ( Harnage ) . I will wish everyone who reads this article to implement it because is a patient first civilization attack and we every bit healthcare provide are at that place to supply attention to patient and do no injury. With that say. my clinical group for NURS 210 at Grace Fairview have since this pattern and protocol and have besides participated in it execution. So from experience I will follow the attack and promote my registry nurses colleague to make same because the benefits out weight the disadvantages. Mention.Harnage. S. ( 2012 ) Seven old ages of zero cardinal – line – associate blood stream infections. British Journal of Nursing. 2012 ( IVTHERAPY SUPPLEMENT ) . Vol 21. No 21

Learning and development in the workplace Essay

Learning and development in the workplace - Essay Example It has become a collaborated effort between the employer and the employee where they go through the learning process together so as to maximise the effects of the existing skills and competences. This paper will consider some flexible learning strategies that enhance the concept of workplace learning and development with short case studies as examples. Personal Development Plan Personal planning is approached by people differently based on the differences that individuals exhibit. Personal planning requires a great deal of individual effort for it to be effective. Not many people in the workplaces pay attention to developing personal plans despite being aware of their immense benefit toward personal development. In the workplace many employees feel that in developing a personal plan they are just but showing what the employer wants to see and term it as hypocritical or fail to see its value. Other employees who understand the benefits tend to take it pretty seriously. Personal develo pment plans are actually the efforts that one put in place aiming at tracking their education and performance paths. These plans assist an employee in developing their career path better. This plan includes events and benchmarks along a career path which may be long or short term depending on the goals to be achieved therein (Makinson 2001). This development plan usually encompasses learning as one works towards set goals and objectives. Personally I take a Personal Development Plan as an avenue through which am able to know myself better. A plan streamlines daily activities and compresses them within a specified timeframe. As such personal discipline is cultivated which enables one to easily surpass their initial targets on performance or even learning. PDP allows one to uncover their underlying strengths and weaknesses which in the past acted as major hindrances to efficiency and general performance at work (Rughani 2001). Personal development plans offer one a chance to evaluate performance in relation to the set targets. When this is done an individual employee is able to engage in corrective measures that include further training, acquiring of new skills while developing existing ones and acquisition of more knowledge and competence to perform various tasks at the workplace. A PDP outlines the timeframe within which achievements are to be made. As such one is able to know with certainty how far they have gone with the plan, how effective it has been and the timeframe left together with what remains pending (Cottrell 2003). This way an individual is able to analyse clearly the skills, knowledge and competences they have acquired and compare this with the set targets. One of the most important benefits of the PDP is the realisation of the skills and knowledge needed to attain unachieved objectives which in turn make an employee to develop themselves towards their attainment (Clifford & Thorpe 2007). Use of PDP is a sure way of identifying how one is learnin g and whether this process is bearing any fruits. It does that by offering evidence that is vital in analysing the required knowledge and skills in ultimately achieving particular objectives. This brings in the need for goals to follow the SMART model which stipulates that goals have to be Specific, Measurable, Achievable, Realistic and Time-based (Cottrell 2003). An individual following a laid out PDP needs to constantly evaluate the viability of their goals in respect to the elements of this model as failure to do so

Summary of Steve Jobs Book chapter from 1 to 30 Essay

Summary of Steve Jobs Book chapter from 1 to 30 - Essay Example Reading the book of Issacson, we get to know that Steve Jobs had the ability to predict the future prospect of the world of information technology, which was the main reason behind his success. Let us now get an overview of the biography of Steve Jobs from the book of Walter Issacson in order to get a good understanding of his life, personality, and leadership style. Steve Jobs was born in San Francisco in 1955. However, his original parents had to put him for adoption as his parents were not married at that time and his mother’s parents were not ready to accept that relationship between his parents. Therefore, Paul and Clara Jobs, who belonged to a lower middle class family, adopted him. Jobs never considered them as adoptive parents. He always talked about them as his original parents. The initial living environment was very influencing for him as he grew up among engineers who used to work with electric equipments at their garages. Due to this environment, Jobs developed his interest in the field of electronics (Issacson). Issacson mentioned in his book that Jobs was a brilliant student at school. It is obvious if one looks at the class performances and results of Jobs. In 1962, Jobs graduated from high school and took admission in the Reed College. Jobs wanted to excel in his educational career but his family’s poor financial status did not let his do so. Jobs even had to discontinue his college education because of this reason (Issacson). Jobs started his professional career in 1974 as a technician for Atari, Inc. In 1976, Steve Jobs and his friend, Steve Wozniak, opened the Apple Computer Company to start their own business. Both of them had a good knowledge of technology. Using that knowledge, they invented the first ever Apple computer with the financial assistance of engineer Mike Markkula and planned to put it up for sale. He worked for his company

Full Costing and Variable Costing Essay Example | Topics and Well Written Essays - 2000 words

Full Costing and Variable Costing - Essay Example Cost Accounting: A 12 Managerial Emphasis. 12th ed. Prentice Hall. 12 Elliott Taylor, 2011. Full-Costing Income Statement vs. Variable-Costing Income Statement. [online] Available at [Accessed 25 December 2011] 13 Jae Shim, Joe Seigel, 2011. Schaum's Outline of Managerial Accounting. 2nd ed. McGraw-Hill. 13 John Simms, 2008. The Variable Costing Income Statement for External Reporting. VDM Verlag. 13 Noah P. Barsky, Anthony H. Catanach, 2004. Management Accounting: A Business Planning Approach. South-Western College Pub. 14 Steven M. Bragg, 2011. Cost Accounting Fundamentals: Essential Concepts and Examples. 2nd ed. Accounting Tools. 14 Executive Summary Full Costing and Variable Costing are two common approaches to cost keeping employed at the management accounting level in various firms across the globe. Both approaches have their pros and cons and making a choice between the two is solely dependent upon the practices of the firm, its approach to create shareholder value and the m indset of its employees. In terms of the treatment of different types of cost, there is only one difference between the two approaches under consideration. The Manufacturing Overhead component of cost is treated in a different manner under both the approaches. The fixed component of the Manufacturing Overhead is absorbed by the product as it is treated as a product cost in Full Costing approach while the same component is treated as a period cost under the Variable Costing approach. This different treatment of the Fixed Manufacturing Cost, poses a positive effect on the bottom line of the company in the Full Costing Approach, as the cost incurred on the goods not sold is not deducted from the revenues generated during the relevant period. When it comes to Variable Costing, the costs incurred over the manufacturing of all the produced items are deducted from the revenues of the relevant period. This tends to shrink the company bottom-line for the immediate period. These two approache s thus influence the mindset of the shareholders and stakeholders of the company. The type of approach to costing adopted by the company shall also depend on the industry that it operates in and the shareholder anticipations as well. Introduction The ultimate objective of the commencement of any business is to generate profits. A simple equation that generates the bottom line of any business entails the deduction of costs from revenues of the company. Revenue calculation is not a Herculean task, and thus there are not a lot of distinguished approaches that can be used to calculate the revenue of the company. However costing is a much more complex and complicated component of the formerly mentioned equation. There are various approaches utilized by management accountants and financial analysts across the globe for the computation of the cost components. Each component has its own justification and rationale and this paper will be specifically aimed at discussing two of the most utili zed approaches to costing namely Full Costing and Variable Costing (Garrison, Noreen, Brewer, 2009). Main Findings In general, no matter whichever approach to accounting is used by the accountants for the treatment of the cost factors in the financial

Financial strategy Essay Example | Topics and Well Written Essays - 750 words - 1

Financial strategy - Essay Example The most important step in developing start up financial strategy is ‘to undertake a realistic evaluation of the financial alternative available and consider the impact of capital source selection will have on the development and ultimate contours of the company.(Richard D Harroch and Gregory c Smith, page 703)2 It is also important that financial needs of the firm should be evaluated overtime. Every business requires two types of finances at the startup. One is long term finance and other is short term finance. Long term finances are required to meet long term plans of business. ‘Long term plans are part of an integrated strategy that, along with production and marketing plans, guides the firm toward strategic goals. Those long term plans consider proposed outlay for fixed assets, research and development activities, marketing and development actions, capital structure, and major source of financing.’ (Lawrence J Gitman, page 115)3 Finances required for long term plans are not invested all at once at start of the business but gradually over time. Basic sources of long term finance requirements are equity contributions of the ownership and debt capital. Strategy to obtain long term finance from equity or debt capital is matter of overall policy of the company and depends a lot on expected rate of return of investments in total assets of the company. This is because there is a difference in raising fund as equity capital and debt capital. The main difference is that debt investors into the business of the firm are entitled to contractual set of cash flows (interest and capital), whereas equity investors have a claim on the residual cash flows of the firm, after the company has satisfied all other claims and liabilities. Interest paid on debt capital represent a tax- deductible expense, whereas dividend paid to equity investors has to come out of profits after tax. Debts have a fixed maturity

Anthropology of humor Assignment Example | Topics and Well Written Essays - 1250 words

Anthropology of humor - Assignment Example Grandparents and grandchildren are expected to fill this role. The worst choice of local mediator would be anj-umba who has a bukangandu (cold, distant) relationship with both Anji and Ego. The anj-umba would likely sit and stare into space, having no eye contact with either Anji or Ego. Obviously, this strategy would not settle any disputes; and more tension would occur. The worst choice of mediator would be the Western marriage councilor. The Western therapist would have no idea what the issues were or how resolution works among the Ndake. The Westerner would try to delve into root causes and common ground when the Ndake resolve the hurt feelings, not the topic of conflict. The Western African conflict resolution technique is intriguing. The core conflict is less important than the relationship resolution. This form of therapy actually mirrors the Golden Rule well; do you want others to forgive your transgressions, if so, then forgiving others now sets that precedent. Ethnic humor is disturbing when used to target a group for ridicule. It is a common form of toxic humor. Some groups choose to joke about themselves as a form of therapy. The danger is separating those who laugh â€Å"with† and those who laugh â€Å"at†. Jewish humor serves to teach, explain and maintain dignity among the Jews. The Talmud Law teachings could be so complex, traditional Jewish humor used absurdity to define limits of these laws. Throughout history, Jews have been in the entertainment business disproportionately. Vaudeville acts would go to the Catskills and the Borscht Belt circuit. Now television has a large Jewish entertainer population. Saul Bellow, famous Jewish author, claims the oppressed must be witty as a survival skill. (BrainyQuote.com) The Jewish humor is based on religious belief, of course, assimilation into society, self deprecation and wits. Laughing with your peer group helps understand the human comedy that is that group. From

Environmental Sustainability through Conservation of Forests Research Paper

Environmental Sustainability through Conservation of Forests - Research Paper Example As the population of Canada grows and there is the need for more money or capital to sustain the socio-economic activities of humans, there arises the need to sustainably manage them for the benefit of human beings, animals as well as other plants. The conservation of forests is important as it focuses on the conservation of forests in terms of appropriating them in an environmentally sustainable manner while at the same time ensuring that the human economic activities are carried on. The forests in Canada serve very many purposes amongst them the provision of timber as the raw material for the timber products and construction such as paper, furniture, and building of homes. They also play a role in the upkeep and retention of water which is important in the water management and its conservation in an environment in which forests are situated. Apart from being habitat for various species of plants and animals, the forests also serve the important role of regulating the carbon cycle w hich includes the uptake and release of carbon dioxide and oxygen respectively. This is important for the existence of animals and plants as they take the gas that is relevant to their productivity and release the other that they do not need. The question that then comes about is why should we conserve and use the forests of Canada as a resource in a sustainable manner? Canada has one of the largest forests resources in the world measuring about 400 million hectares of forest cover which is 10 % of the world’s forest cover which is in grave danger of being depleted if it is not used in a sustainable manner. The forests in Canada provide shelter for several animals and act as water filter which provides fresh and clean water owing to the carbon cycle activity that it provides to the environment. This underscores the need for the conservation of these forests by whoever is concerned particularly the government, the industries involved in logging and the citizens at large. The n eed to conserve the forests of Canada stems from the fact that it is in danger of being used uneconomically due to the regulations set by the government as well as the failure by the stakeholders concerned to keep pace with the actual economic appropriation of the forests for its timber.

The rate of reaction between Nitric Essay Example for Free

The rate of reaction between Nitric Essay Hot water   Thermometer   Ice Method: The Trough Method 1) Pour water into plastic container. 2) Pour water into measuring cylinder, and place it upside down in the plastic container full of water. 3) Place rubber tubing inside measuring cylinder. 4) Clamp the measuring cylinder in place. 5) Pour water (of the temperature you have chosen) into a beaker. 6) Pour 20cm3 of nitric acid into a boiling tube. 7) Place a calcium carbonate chip (of what mass you have chosen) inside the boiling tube. 8) Place bung firmly on top of the boiling tube. 9) Start the timer as soon as you place the bung on the boiling tube. Safety: 1) Wear safety goggles. 2) Hold bung from the end and not from the delivery tube to avoid injury. 3) If there is hot water in a beaker, hold the beaker from the rim. 4) Also place apparatus on the middle of the bench to avoid spillages and to avoid injury. How I kept it a Fair Test: I kept the mass of the calcium carbonate chip at 0. 48g. I kept the amount of nitric acid at 20cm3. I equilibrated the equipment to the reacting temperature. I took the same amount of time placing the marble chip in the boiling tube each time. Results Volume of CO2 lost Temperature (i C) 4i C Time (min) Run 1 Run 2 Average. Time (min) Run 1 Run 2 Average  This shows that at low temperatures, there will be a slower rate of reaction. Graph B shows that1:30 min and 4:00 min there was a significant increase in the loss of CO2. The rate of the reaction was 9. 66 cm3/min. Graph C is similar to Graph B as the reaction starts of slowly but increases as time passes. The rate of the reaction at 27? C was 12. 33 cm3/min. Graph D is also very similar to the two previous graphs as it starts slowly but gains speed towards the end. The rate of the reaction was 14 cm3/min. Graph E starts off very quickly but starts to taper off towards the end. The rate of the reaction was 35. 5 cm3/min. The final results show that my prediction was correct. I predicted that as the temperature is increased the faster the reaction would take place. Cool acid particles have little energy, therefore do not collide with the marble chips very often, and for a chemical reaction to occur you need many successful collisions between the acid particles and the marble chip. The hotter the acid, the faster the collisions and the reaction speeds up. The rate of a chemical reaction is increased by increasing the temperature and alternatively decreased by decreasing the temperature. The increase in the rate of reaction with temperature can be explained by the collision theory. An increase in temperature increases the energy of the reacting particles. This makes more energy available for the breaking of bonds, which must take place in order for a chemical reaction to occur. Bond breaking is more frequent at higher temperatures. Increase in temperature Of reactants Evaluation The procedure we used was not as accurate as others that could have been used instead. Possible reasons for errors in this experiment were: Top Pan Balance Timer Measuring Cylinder Thermometer. Another possible error in this experiment was that some of the Carbon Dioxide dissolved into the water in the measuring cylinder. The solubility depends on the temperature at which the water was. Also the size of the bubbles and the rate of production of the bubbles both contributed to the experimental error. Experimental Error 1. Top Pan Balance: This was only accurate to three decimal places, as the mass of the marble chip had to be 0. 48g the experimental error would be: 0 The experimental error for the top pan balance is relatively low. 2. Thermometer: This was only accurate tFor the thermometer as the temperature increased the experimental error decreased therefore I was more likely to find an error in my results at the lower temperatures. For the measuring cylinder when the volume is small the error is large. The total experimental error for each temperature is: C- 4. 3003% error 37? C- 3. 9003% error As you can see, the lower the temperature the higher the experimental error. Improvements   Marble chips- I could not ensure the size and mass of each marble chip, therefore could employ a sieve type mechanism. Range- I would spread the temperatures out more even; however have less error owing to lower temperatures. Water- I would have water, which was saturated with sodium hydrogen carbonate (NaHCO3). As this allows little CO2 to dissolve in it. Bibliography: GCSE Chemistry Revision Guide: Co-ordination Group Chemistry: Hunt and Sykes Understanding Chemistry (A-level):Ted Lister and Janet Renshaw Appendix   Includes Graphs A-E Sheryar Majid Chemistry Coursework 2000/2001 Dr Wright 1 Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Patterns of Behaviour section. o

Features Of Grices Cooperative Principle

Features Of Grices Cooperative Principle It was in 1975 when Herbert Paul Grice announced one of his most famous and influential papers Logic and Conversation including the Cooperative Principle with its Conversational Maxims. This paper targets at introducing the Cooperative Principle as well as alternative principles which have been developed as a response to Grices efforts. Even if the founders of these alternative principles take Grices Principle as a basis they have been criticizing it in order to refine his notions and ideas of how human communication works (Herbst 2010: 268). Taking the Cooperative Principle as the initial point of this paper there will be an introduction of Grices principle at first. In a further step the paper will provide an outline of the alternative principles in a chronological order as they were published. The final chapter is concerned with a conclusion based on current research as well there will follow an evaluation by taking into account how the views on Grices Cooperative principle change d over time. 2. Main features of Grices Cooperative Principle According to Grice human talk exchanges are rational because while speaking we connect our remarks and if we would not do so they would not be rational (cf. Grice 1975: 45). Consequently talk exchanges are not usually just a collection of context-free and separate sentences (cf. Grice 1975: 45). Grice describes them further as cooperative efforts in which each participant can recognize to some extent a common purpose or a set of purposes or rather a mutually accepted direction (Grice 1975: 45). Furthermore he mentions that this purpose or direction may be fixed from the start, or it may evolve during the exchange (Grice 1975: 45). Here it is not necessary if the direction of the talk exchange is established from the beginning on or if it is developing during the conversation because at each stage of the conversation there will be some possible conversational moves which would be excluded as conversationally unsuitable (Grice 1975:45). Due to these conversationally unsuitable moves Gr ice (1975: 45) was the first who tried to delineate in a general principle the mechanisms by which people interpret conversational implicature (Thomas 1995: 61). This general principle is called the Cooperative Principle and it is expected to be observed by all participants of a talk exchange (cf. Grice 1975: 45). The Cooperative Principle according to Grice (1975: 45) is defined in the following way: Make your conversational contribution such as is required, at the stage at which it occurs, by the accepted purpose or direction of the talk exchange in which you are engaged. The Cooperative Principle is followed by four Conversational Maxims which are divided into the categories: Quantity, Quality, Relation and Manner (Grice 1975: 45).  [1]  These Conversational Maxims roughly put the guidelines in words on which we orientate our communicative behavior or rather as Levinson rephrases them in his work Pragmatics as the maxims specify what participants have to do in order to conver se in a maximally efficient, rational, co-operative way: they should speak sincerely, relevantly and clearly, while providing sufficient information (Levinson 1983: 102). In Logic and Conversation Grice (cf. 1975: 45-f.) lists the maxims in the following way: The Maxim of Quantity- relates to the quantity of information to be provided, and under it fall the following maxims: 1. Make your contribution as informative as required (for the current purposes of the exchange). 2. Do not make your contribution more informative than is required. The Maxim of Quality- under the category of Quality fall a supermaxim -Try to make your contribution one that is true- and two more specific maxims:1. Do not say what you believe to be false. 2. Do not say that for which you lack adequate evidence. The Maxim of Relation under the category of Relation Grice places a single maxim, namely: Be relevant. The Maxim of Manner under the category of Manner Grice understands them as relating not (like the previous categories) to what is said but rather, to HOW what is said to be said. The Maxim of Manner includes the supermaxim Be perspicuous and various maxims such as: 1. Avoid obscurity of expression. 2. Avoid ambiguity. 3. Be brief (avoid unnecessary prolixity). 4. Be orderly. As Grice indicates further in his paper a participant in a talk exchange may fail to fulfill a maxim (Grice 1975: 49). Thus, there are situations in which a participant is not able to stick to the maxims listed above. The four possible ways of non-observing the maxims mentioned by Grice (cf. Grice 1975: 49) will be listed in the following and after that there will follow one example for each type of non-observance in order to examine the failure: (1) A participant in a talk exchange may quietly and unostentatiously VIOLATE a maxim; if so, in some cases he will be liable to mislead. (2) A speaker may OPT OUT from the operation both of the maxim and the CP; he may say, indicate, or allow it to become plain that he is unwilling to cooperate in the way the maxims requires. (3) A speaker may be faced by a CLASH: He may be unable, for example, to fulfill the first maxim of Quantity (Be as informative as is required) without violating the second maxim of Quality (Have adequate evidence for what you say). (4) A participant may FLOUT a maxim; that is, he may blatantly fail to fulfill it. On the assumption that the speaker is able to fulfill the maxim and to do so without violating another maxim [à ¢Ã¢â€š ¬Ã‚ ¦], is not opting out, and is not, in view of the blatancy of his performance, trying to mislead [à ¢Ã¢â€š ¬Ã‚ ¦] This situation is one that characteristically gives rise to a conversational implicature; and when a conversational implicature is generated in this way, I shall say that a maxim is being exploited. According to the first type of non-observance (1) it might be useful to add as it is pointed out in Meaning in Interaction that many commentators incorrectly use the term violate for all forms of non-observance of the maxims (Thomas 1995: 72). But nevertheless Grice defines violation very specifically as the unostentatious non-observance of a maxim (Thomas 1995: 72). To clarify the phenomena of violating a maxim the following example as it is mentioned by Thomas might be helpful: An English athlete was pulled out of her race and returned to England. A press officer for the England team said: She has a family bereavement; her grandmother has died. (1995: 73). The following day it was proclaimed that the athlete had to leave because of a positive drug test (cf. Thomas 1995: 73). Nevertheless the statement of the press officer was true, but the implicature which was the reason of the English athletes returning home was not true as it is explained in Thomas (cf. 1995: 73). The second ty pe of non-observing (2) means that a participant of talk exchange opts out of the conversation because he does not behave in the way as it is prescribed by the Conversational Maxims or rather the participant does so to express unwillingness (Thomas 1995: 74). Therefore Thomas elaborates these kinds of non-observing are typically for public figures as they cannot, perhaps for legal or ethical reason, reply in the way expected (Thomas 1995: 74). Relating to this Grice introduces the following example: I cannot say more; my lips are sealed (Grice 1975: 49) or an instance for a public figures response would be: No comment. The third possible type in falling to fulfill the maxims is given when the speaker is faced by a clash (3) due to a conflict of two or rather of more maxims. Consequently in this situation a speaker is not able to observe the maxims. Aiming at illustrating this specific situation of incompatibility the instance given by Grice (cf. 1975: 51-f.) in his work might be hel pful: For their vacation in France A is planning with B a route considering the fact that both of them are aware of that A wants to meet his friend C. Furthermore Grice mentions that the meeting would not entail too great prolongation of their journey (cf. Grice 1975: 51) and additionally to these background information he introduces that A is asking: Where does C live? and B answers: Somewhere in the South of France. (Grice 1975: 51). This clash can be explained by taking into account that B does not provide too much information as A wishes to get (cf. Grice 1975: 51). By providing too little information B is obviously not observing the first maxim of Quantity (cf. Grice 1975: 51) and this explains Grice by supposing that B is aware that to be more informative would be to say something that infringed the maxim of Quality, Dont say what you lack adequate evidence for (Grice 1975: 51-f.). Thus, B acts as if he does not know exactly where C lives (cf. Grice 1975: 52). The fourth type of an infringement of a maxim is expressed by flouting a maxim (4) as stated in Thomas the most important category by far because it generates an implicature (1995: 64). By generating an implicature on purpose the speaker is aware of doing so. Plausible reasons therefore might be that the speaker does not want to provide too little or rather too much information than the situation demands (Thomas 1995: 65). The latter is given in the subsequent example as in Thomas (1995: 66): A is asking B about a mutual friends new boyfriend: A: Is he nice? B: She seems to like him. In the foregoing example B does not observe the maxim of Quantity by providing a less informative response to As question as it is described in Thomas (1995: 66). 3. Alternative Principles to the Cooperative Principle As the introduction of this paper previously indicated the Cooperative Principle has not been set free from critiques and thus it is not surprising that there exist suggestions for improvement or rather that there are alternative principles which will be presented in this chapter. 3.1 The Politeness Principle by Geoffrey Leech According to Geoffrey Leech there is a lack in Grices Cooperative Principle relating to the level of relationship while communicating because as the CP only refers to the content level as it is described in Bublitz (2009: 209). Moreover one could infer that the aspect of politeness is missing. Especially politeness is absolutely obligatory for Leech to answer the question why people are often so indirect in conveying what they mean and in addition he is convinced that the Politeness Principle is not just another principle to be added to the CP, but is a necessary complement, which rescues the CP from serious trouble (Leech 1983: 80). The Politeness Principle is expressed in Principles of Pragmatics as follows: Minimize (other things being equal) the expression of impolite beliefs; Maximzie (other things being equal) the expression of polite beliefs (Leech 1983: 81). To the Politeness Principle are six maxims added which tend to go in pairs (Leech 1983: 132). In the following these si x maxims (cf. Leech 1983: 132-36) will be listed and will be explained briefly below.  [2]   (1) The Tact Maxim: Minimize cost to other; maximize benefit to other. (2) The Generosity Maxim: Minimize benefit to self: Maximize cost to self. (3) The Approbation Maxim: Minimize dispraise of other; maximize praise of other. (4) The Modesty Maxim: Minimize praise of self; maximize dispraise of self. (5) The Agreement Maxim: Minimize disagreement between self and other; maximize agreement between self and other. (6) The Sympathy Maxim: Minimize antipathy between self and other; maximize sympathy between self and other. In accordance with Thomas the Tact Maxim (1) contains three different components (1995: 160-f.). Firstly the size of imposition, secondly the mitigation of the effort of a request by offering optionality and finally the cost/benefit scale (cf. Thomas 1995:160-f.). The size of imposition refers to the way of how a speaker can make use of minimizer in order to diminish the implied cost to the hearer as it is in the example: Ive got a bit of problem (Thomas 1995: 161). By the second component Leech means that the speaker should always give options or at least giving the appearance of allowing options (Thomas 1995: 161). As the last aspect is the cost/benefit scale, it implies the speaker is able to express an utterance politely without employing indirectness if it is to the hearers benefit as shown in the following example: Have a chocolate! (Thomas 1995: 161). Instancing the Generosity Maxim (2) by the sentences You must come and have dinner with us and We must come and have dinner wit h you Leech (1983: 133) states that the first is regarded as polite whereas the latter sentence is more impolite. To the Approbation Maxim (3) Leech predicates that the speaker should avoid saying unpleasant things about others (1983: 135) and thus it would be considered as very impolite to remark: What an awful meal you cooked! whereas What a marvelous meal you cooked would be regarded as very polite manners (Leech 1983: 135). Varying extremely in its application from culture to culture one has to take into account that the Modesty Maxim (4) in Japan is more powerful than it is as a rule in English-speaking societies (Thomas 1995: 163). For instance the reaction to a compliment differs as English would accept it pleasantly whereas Japanese would deny it in a modest way (cf. Leech 1983: 137). Second last the Agreement Maxim (5) implies that it is natural to emphasize agreement directly whereas people tend to diminish disagreement by expressing regret (Leech 1983: 138). With the Symp athy Maxim (6) Leech examines why congratulations and condolences are courteous speech acts, even though condolences express beliefs which are negative (138). As it was mentioned at the beginning of the chapter Leech takes the view that the Politeness Principle is supposed to collaborate with, and even rescue, the Cooperative Principle and its associated maxims (Mey 207:81). If this supposition can vindicate will be shown in the conclusion chapter. 3.2 The Q- and R- Principle by Laurence Horn Horn rethinks Grices Cooperative Principle but nevertheless his model keeps relevance within the general framework of Gricean theory (Mey 2007: 82). Horns Q- and R-Principle consists of two principles. Namely, the Q- Principle (Q for quantity), telling us to say as much as we can; and the R-Principle (R for relation), which says that we should say no more than we must' (Mey 2007: 84). Additionally the Q-Principle is hearer-based and it compromises the first half of the Gricean maxim of Quantity (Mey 2007: 84) whereas the speaker-based R-principle includes the second half of the quantity maxim plus the maxims of manner and relation (Mey 2007: 84). Furthermore the Q- and R- principle is concerned with the problem that there exist two kinds of utterances. On the one hand there are utterances which have a clear and unambiguous meaning (Mey 2007: 83) whereas on the other hand there are utterances which need to be interpreted by the hearer. Taking the following sentence as an example for o bserving the R-principle: I cut a finger yesterday (Mey 2007: 83). Thus one can come to the conclusion that the finger is mine and not a finger of someone else. Contrary to this is the sentence: Wilfred is meeting a woman tonight for dinner (Mey 2007: 83). The previous phrase invoke the Q-Principle in order to establish the fact that it is not his wife or regular girlfriend hes seeing (Mey 2007: 84). Basically as Grundy states Horn argues that Grices maxims can be subsumed within two principles (Grundy 2008: 110) and deductive he tries to simplify Grices maxim by reducing them. 3.3 Relevance Theory by Dan Sperber and Deirdre Wilson The Relevance Theory by Dan Sperber and Deidre Wilson is considered to be a cognitive theory of human communication (Yus 2006: 512) as well as a minimalist theory of communication (Mey 2007: 85). Namely their Relevance Theory is based exclusively on the Principle of Relevance (Mey 2007: 85) which operates as follows (cf. Bublitz 2009: 211): Every act of ostensive communication communicates a presumption of its own optimal relevance. (a) The set of assumptions {I} which the communicator intends to make manifest to the addressee is relevant enough to make it worth the addressees while to process the ostensive stimulus. (b) The ostensive stimulus is the most relevant one the communicator could have used to communicate {I}. Thus in order to communicate successfully relevance is obligatory (Mey 2007: 85). The former term of Relevance is explicated by Sperber and Wilson as assumption is relevant in a context if and only if it has some contextual effect in that context (1995: 122). As Relevance Theory was first published in 1986 there exist many updated versions of it. The following description of Relevance Theory refers to the one given by Bublitz (2009: 211-f.). Contrary to Mey Bublitz depicts Relevance Theory as a new approach than rather as a shortened adaption to Grices Cooperative Principle (cf. Bublitz 2009: 211). Furthermore the Relevance Theory operates on a cost-benefit-principle which implies that human beings are trying to achieve a great increase of knowledge by avoiding too big effort in interpreting their talk exchange partners utterance (cf. Bublitz 2009: 211). Consequently it is important that there is a balance between the given information and act of interpreting it (cf. Bublitz 2009: 21 1). 4. Conclusion based on current research 5. Bibliographical References Bublitz, Wolfram. 2009. Englische Pragmatik: Eine Einfà ¼hrung. 2nd edition. Berlin: Schmidt. Grice, Herbert P. 1975. Logic and Conversation. In Syntax and Semantics 3: Speech Acts, Peter Cole and Jerry L. Morgan (eds), 41-58. New York: Academic Press. Grundy, Peter. 2008. Doing Pragmatics. 3rd edition. London: Hodder Education. Herbst, Thomas. 2010. English Linguistics: A Coursebook for Students of English. Berlin: De Gruyter Mouton. Leech, Geoffrey. 1983. Principles of Pragmatics. London: Longman. Levinson, Stephen C. 1983. Pragmatics. Cambridge: CUP. Lindblom, Kenneth. 2006. Cooperative Principle Encyclopedia of Language Linguistics 2nd edition, 176-183. Amsterdam: Elsevier. Lumsden, David. 2008. Kinds of Conversational Cooperation. Journal of Pragmatics 40: 1896-1908. (Seiten stimmen nicht, authors manuscript, da nicht verfà ¼gbar!) Mey, Jacbob L. 2007. Pragmatics: An Introduction. 2nd edition. Oxford: Blackwell. Pfister, Jonas. 2010. Is there a need for a maxim of politeness? Journal of Pragmatics 42 (Issue 5): 1266-1282. Sperber, Dan; Deidre Wilson. 1995. Relevance: Communication and Cognition. 2nd edition. Oxford: Blackwell. Tannen, Deborah. 2011. Thats not what I meant: How Conversational Style Makes or Breaks Relationships. New York: Harper. Thomas, Jenny. 1995. Meaning in Interaction: An Introduction to Pragmatics. London: Longman. Yus, F. 2006. Relevance Theory. In Encyclopedia of Language Linguistics 2nd edition, 512-523. Amsterdam: Elsevier.

Beauty :: essays research papers

Beauty   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Summary of The Biology of Beauty   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Many articles are written by modern psychologists and psychoanalysts that stress the importance of beauty in human and animal breeding as well as survival. One such article The Biology of Beauty suggests this importance and backs it up with many facts and figures as well as surveys on normal people. The article states many theories and hypotheses and also tries to explain why beauty plays such an important role in sexuality and power. What is beauty? According to this article, beauty is a combination of symmetry, special qualities, and traits.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Symmetry is perhaps the most supported part of beauty in this article. The article states that symmetry shows abundance of sexual hormones, health, and strength of the immune system. They support their hypothesis of symmetry's affect on the abundance of sexual hormones with various scientific evidence. Two psychologists, Steven Gangestead and Randy Thornhill measured the symmetry of hundreds of men and women in college. They also asked them to complete a personal confidential survey that gave information on their health and sex lives. What they found was that the men and women with better symmetry had started having sex 3-4 years before the people with average symmetry. Gangestead and Thornhill also completed another survey involving women's responses to symmetrical men and men with average symmetry. The results were as expected. The women with symmetrical partners responded twice as much compared to the women with men having average symmetry. The rate of contraception was also much higher. Animals are much more severe in their choosing. Female penguins won't accept males who aren't plump and symmetrical, and female scorpion flies only accept males with symmetrical wings, as they are better at hunting and protecting. Also, less symmetrical men and women surveyed had more ailments and more frequent accounts of illnesses compared to symmetrical men and women who were overall much healthier.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Special qualities also play a role in beauty. A person with normal features is not considered as beautiful as one with a few outstanding features. New Mexico State University's Victor Johnston conducted a computer survey called FacePrints in which participants of all ages and ethnic groups were asked to give their accounts of a perfect face into the computer. What they came up with was very surprising. Instead of selecting a female with average facial features, the men leaned toward a girlish face consisting of many outstanding features. Their ideal face consisted of a small chin and jaws as well as large eyes and luscious lips. Women value the opposite of the face constructed by men: a face consisting of a strong jaw and chin, prominent

Clinical Genetic Disorder: Beta Thalassemia Essay -- Genetic Blood Dis

John and his wife Mary decided that after 3 years of marriage it was time for them to bring a child into their life. John and Mary lived on the coast of Italy, where the weather was always sunny and warm and the water not but a stone toss away. John and Mary decided that it was the right time, then, 9 months later they conceived a son, they named him Henry. During the first two years of Henry’s life John and Mary noticed abnormalities in Henry’s development. Henry did not gain weight or grow as he was expected to. He also exhibited signs of weakness and fatigue. Henry had always been pale, and this alone was never enough to alarm suspicion; but Henry’s paleness started to shift to a more yellowish tint, and along with these other signs raised enough suspicion to take Henry to the hospital. The doctor took blood from Henry to be tested. After the test result came back the doctor concluded that Henry had an enlarged spleen and liver. He was suffering from a heredit ary disease called beta-thalassemia. John and Mary in complete dismay questioned the doctor as to how their son suffered from a hereditary disease that neither of them suffered from. The doctor informed the grieving parents that both of them must be carriers of the mutated HBB gene. During the conception of Henry, John and Mary must have passed on the mutated recessive gene on: thus with the presence of two mutated recessive HBB genes caused Henry to develop Beta-thalassemia. The doctor continued to explain that the beta-thalassemia causes the beta-globin, a subunit of hemoglobin, to not be produced creating non-functional hemoglobin. Without sufficient hemoglobin, red blood cells do not develop properly, causing a shortage of mature red blood cells. This lack of red bl... .... MedicineNet, "Beta Thalassemia (A Genetic Blood Disorder)." Accessed January 27, 2014.http://www.virtualmedicalcentre.com/diseases/thalassaemia-mediterranean-a nemia-cooley. Palit, Sarmi, Robiul Bhuiyan, Aklima Jannatul, Raju Dash, and Talha Emran. Journal of Basic and Clinical Pharmacy, "A study of the prevalence of thalassemia and its correlation with liver function test in different age and sex group in the Chittagong district of Bangladesh ." Last modified December 31, 2012. Accessed January 30, 2014. http://www.jbclinpharm.org/article.asp?issn=0976-0105;year=2012;volume=3;issue=4;spage=352;epage=357;aulast=Palit. Virtual Medical Centre, "Thalassaemia (Mediterranean anemia; Cooley’s anemia)." Last modified 11 2, 2008. Accessed January 27, 2014. http://www.virtualmedicalcentre.com/diseases/thalassaemia-mediterranean-anemia-coole'ys-anemia/130

The Inevitability of School Violence: No Need for School Reform Essay

The Inevitability of School Violence: No Need for School Reform â€Å"Guns don’t kill people, people kill people,† I have often heard. We know people kill people. The real issue now is whether or not people can change people. Some are of the opinion that we are capable of doing so; by implementing new reforms and tightening school security, people are, in effect, saying they have the solutions to the problems. The violence of recent school shootings has wrought anxiety and fear in parents, teachers, and administrators across the nation. The massacre of Columbine turned a public school library into a cemetery. The shooting in Oklahoma ripped us from the comfort of a stereotypical and easily recognized threat; now popular straight-A students pull guns without black trench coats. The violence has become unpredictable and, in all cases, extremely frightening. In response to the threat, schools have engaged in extensive prevention programs, often banning book-bags, implementing dress codes, setting up metal detectors, or requiring studen ts to attend anger management classes. Such attempts at reform sound efficient on paper and may to some extent alleviate the anxieties of parents, but they are like storming castle walls with slingshots. The object of reform in this case is not tangible or always plausible. The object of reform is the human heart, the internal person. We need to understand that the problem is bigger than a trench coat or a gun; therefore, dress codes or metal detectors cannot solve it. These reforms are often vain attempts at prevention. They hinder education and provoke students. Policy makers and schools need to be aware that no simple public mandate can suffice as a solution. In response to the massacres, schoo... ...ain—is wider than the sky—†. We cannot implement a reform that will change human nature. There is no dress code that will bring self-esteem to the outcast or humble the popular. There is no metal detector that can sufficiently alert a student population to an angry and violent peer. The problem this nation faces is that of hurting hearts and minds. To present a concrete solution one must have a concrete problem, but this problem is complicated and its factors at times inexplicable. Its enormity resides in human emotion, its source as large as the capacity of the human mind. It is, therefore, as Dickinson aptly put: â€Å"wider than the sky.† Works Cited Mathis, Deborah. â€Å"Schools Fail at Stopping Violence.† The Cincinnati Enquirer 7 December 1999, Final ed./Warren: A3. Miller, Mark. â€Å"The Haunting Memories.† Newsweek 13 December 1999, Final ed./Warren: 75.

Fin 331 Study Guide

Finance Final Study Guide FIN 331 – Moser – Study Guide for Exam 1 – Spring 2011 Important Concepts * Forms of Business Organization * Proprietorship- an unincorporated business owned by one individual * Partnership- legal arrangement between two or more people who decide to do business together * Advantages * Ease of formation * Subject to few regulations * No corporate income taxes * Disadvantages * Limited life * Unlimited liability * Difficult to raise capital * Corporation- legal entity created by a state, and it is separate and distinct from its owner and managers. Advantages * Unlimited life * Easy transfer of ownership * Limited liability * Ease of raising capital * Disadvantages * Double taxation * Cost of set-up and report filing * Conflicts between Managers and Stockholders * Managers are naturally inclined to act in their own best interests (which are not always the same as the interest of stockholders). * But the following factors affect managerial b ehavior: * Managerial compensation packages * Direct intervention by shareholders * The threat of firing * The threat of takeover * Shareholder Value The price at which the stock would sell if all investors had all knowable information about a stock. * The primary financial goal of management is shareholder wealth maximization, which translates to maximizing stock price. * Value of any asset is present value of cash flow stream to owners. * Most significant decisions are evaluated in terms of their financial consequences. * Stock prices change over time as conditions change and as investors obtain new information about a company’s prospects. * Intrinsic value * In equilibrium, a stock’s price should equal its â€Å"true† or intrinsic value. Intrinsic value is a long-run concept. * To the extent that investor perceptions are incorrect, a stock’s price in the short run may deviate from its intrinsic value. * Ideally, managers should avoid actions that reduc e intrinsic value, even if those decisions increase the stock price in the short run. * Capital allocation process * In a well-functioning economy, capital flows efficiently from those who supply capital to those who demand it. * Suppliers of capital – individuals and institutions with â€Å"excess funds. † These groups are saving money and looking for a rate of return on their investment. Demanders or users of capital – individuals and institutions who need to raise funds to finance their investment opportunities. These groups are willing to pay a rate of return on the capital they borrow. * Direct transfers * Investment banking house * Financial intermediaries * Types of financial markets * Physical asset markets versus financial asset markets * Physical asset markets are for products such as wheat, autos, real estate, computers, and machinery. * Financial asset markets, on the other hand, deal with stocks, bonds, notes, and mortgages. Spot markets versus futu re markets * Spot markets are markets in which assets are bought or sold for â€Å"on-the-spot† delivery. * Future markets are markets in which participants agree today to buy or sell an asset at some future date * Money markets versus capital markets * Money markets are the markets for short-term, highly liquid debt securities. The New York, London, and Tokyo money markets are among the world’s largest. * Capital Markets are the markets for intermediate- or long-term debt and corporate stocks. The NYSE * Primary markets versus secondary markets Primary markets are the markets in which corporations raise new capital. If a company were to sell a new issue of common stock to raise capital. * Secondary markets are markets in which existing, already outstanding securities are traded among investors. * Private markets versus public markets * Private markets, where transactions are negotiated directly between two parties, are differentiated from†¦public markets. Ex. Com mon stock and corporate bonds * Public markets, where standardized contracts are traded on organized exchanges. Ex.Bank loans and private debt payments to an insurance company. * Importance of financial markets * Well-functioning financial markets facilitate the flow of capital from investors to the users of capital. * Markets provide savers with returns on their money saved/invested, which provides them money in the future. * Markets provide users of capital with the necessary funds to finance their investment projects. * Well-functioning markets promote economic growth. * Economies with well-developed markets perform better than economies with poorly-functioning markets. * Derivatives A derivative security’s value is â€Å"derived† from the price of another security (e. g. , options and futures). * Can be used to â€Å"hedge† or reduce risk. For example, an importer, whose profit falls when the dollar loses value, could purchase currency futures that do well w hen the dollar weakens. * Also, speculators can use derivatives to bet on the direction of future stock prices, interest rates, exchange rates, and commodity prices. In many cases, these transactions produce high returns if you guess right, but large losses if you guess wrong. Here, derivatives can increase risk. * Financial institutions Commercial banks * Bank of America, Citibank, Wells Fargo * Investment banks * Help companies raise capital * Financial services corporations * Conglomerates that combine many different financial institutions within a single corporation. * Credit unions * Employees, members or organization * Pension funds * Life insurance companies * Mutual funds * Hedge funds * Largely unregulated * Large minimum investment * Exchange traded funds (ETF’s) * Private equity companies * Like hedge funds * IPO * An initial public offering (IPO) is where a company issues stock in the public market for the first time. â€Å"Going public† enables a companyâ €™s owners to raise capital from a wide variety of outside investors. Once issued, the stock trades in the secondary market. * Public companies are subject to additional regulations and reporting requirements. * Efficient market hypothesis – implications * Securities are normally in equilibrium and are â€Å"fairly priced. † * Investors cannot â€Å"beat the market† except through good luck or better information. * Efficiency continuum * When markets are efficient, investors can buy and sell stocks and be confident that they are getting good prices.When markets are inefficient, investors may be afraid to iinvest and may put their money â€Å"under the pillow,† which will lead to a poor allocation of capital and economic stagnation. * Balance sheet * Provides a â€Å"snapshot† of a firm’s position at a specific point in time. The left side shows the assets that the company owns, while the right side shows the firm’s liabilities and stockholders’ equity, which are claims against the firm’s assets. * Assets * Current assets: * Cash and equivalents * A/R * Inventories * Total Current Assets * Net fixed assets: Net plan and equipment(cost minus depreciation) * Other assets expected to last more than a year * Total Assets * Liabilities and Equity * Current liabilities: * A/P * Accruals * Notes Payable * Total current liabilities * Long-term bonds * Total debt * Common equity: * Common stock * Retained earning * Total common equity * Total liabilities and equity * Income statement * Summarizes a firm’s revenues and expenses over a given period of time. * Sales * (COGS) * (Other Expenses) * (Depreciation) * EBIT * (Interest Expense) * EBT * (Taxes) * Net Income Statement of cash flows * Reports the impact of a firm’s activities on cash flows over a given period of time. Shows how much cash the firm is generating. * Cash @ end 2007 * O/A * I/A * F/A * Cash @ end 2008 * Working capital * An ything that is cash or can be converted to cash within a year. A/R and Inventory * Net working capital (NWC) * Current assets (A/R, Inventory, Cash) – (Payables + Accruals) * Free cash flow (FCF) * Everything left over for investors. Amount of cash that can be withdrawn to investors without harming the ability of the company to operate and produce. FCF = EBIT(1-T) + Depreciation – (Capital expenditures + Increase in NWC) (Income Statement) ( in gross FA/current) Balance Sheet * Corporate and personal taxes * Both have a progressive structure (the higher the income, the higher the marginal tax rate). * Corporations * Rates begin at 15% and rise to 35% for corporations with income over $10 million, although corporations with income between $15 million and $18. 33 million pay a marginal tax rate of 38%. * Also subject to state tax (around 5%). * Individuals * Rates begin at 10% and rise to 35% for individuals with income over $349,700. May be subject to state tax. * Tax t reatment of interest and dividends * Interest paid – tax deductible for corporations (paid out of pre-tax income), but usually not for individuals (interest on home loans being the exception). * Interest earned – usually fully taxable (an exception being interest from a â€Å"muni†). * Dividends paid – paid out of after-tax income. * Dividends received – Most investors pay 15% taxes. * Investors in the 10% or 15% tax bracket pay 0% on dividends in 2008-2010. * Dividends are paid out of net income which has already been taxed at the corporate level, this is a form of â€Å"double taxation†. A portion of dividends received by corporations is tax excludable, in order to avoid â€Å"triple taxation†. * Taxes – carrybacks and carryforwards * Tax Loss Carry-Back and Carry-Forward – since corporate incomes can fluctuate widely, the Tax Code allows firms to carry losses back to offset profits in previous years or forward to offs et profits in the future. * Taxes – capital gains * Defined as the profits from the sale of assets not normally transacted in the normal course of business, capital gains for individuals are generally taxed as ordinary income if held for less than a year, and at the capital gains rate if held for more than a year.Corporations face somewhat different rules. * Importance of ratios * Ratios standardize numbers and facilitate comparisons. * Ratios are used to highlight weaknesses and strengths. * Ratio comparisons should be made through time and with competitors. * Trend analysis. * Peer (or industry) analysis. * 5 categories of ratios * Liquidity: Can we make required payments? * Current = current assets/current liabilities * Quick = Current assets-inventories/current liabilities * Asset management: right amount of assets vs. sales? * Inventory T/O Ratio = Sales/Inventories * Days sales outstanding(DSO) = AR/(Sales/365) Fixed Asset T/O Ratio = Sales/Net Fixed AssetsNet FA=Balanc e Sheet * T/A Turnover = Sales/Total AssetsTA=Balance Sheet * How many times the PM is earned each year * Below avg. T/A T/O means that it has more assets than it needs * Debt management: Right mix of debt and equity? * Debt Ratio = Total Debt/Total AssetsBalance Sheet * Times-Interest-Earned(TIE) = EBIT/Interest ExpenseIncome Statement * Profitability: Do sales prices exceed unit costs, and are sales high enough as reflected in PM, ROE, and ROA? * Operating Margin = EBIT/Sales * Profit Margin = Net income/Sales PM is how much a firm earns on its sales * Below avg. PM means that the firm’s costs are not being controlled as well as they should be, therefore they cannot charge premium prices * Basic Earning Power(BEP) = EBIT/Total Assets * ROA = Net Income/Total Assets * ROE = Net Income/total common equityBalance Sheet * ROE and shareholder wealth are correlated, but problems can arise when ROE is the sole measure of performance. * ROE does not consider risk. * ROE does not co nsider the amount of capital invested. * Might encourage managers to make investment decisions that do not benefit shareholders. ROE focuses only on return and a better measure would consider risk and return. * Market value: Do investors like what they see as reflected in P/E and M/B ratios? * Price/Earnings (P/E) ratio = Price per share/Earnings per share * Earnings per share * Market/Book Ratio (M/B)= Market price per share/Book value per share * Book Value per share = Common equity/Shares outstandingBalance Sheet * P/E: How much investors are willing to pay for $1 of earnings. * M/B: How much investors are willing to pay for $1 of book value equity. For each ratio, the higher the number, the better. * P/E and M/B are high if ROE is high and risk is low. * DuPont system * ROE = Profit Margin(PM) X Total Asset Turnover X Equity Multiplier(EM) NI/Sales Sales/TA TA/Total common equity I______ _______I I ROA * ROA Focuses on expense control (PM), asset utilization (TA TO), and debt ut ilization (equity multiplier). * Uses of freed up cash * Old A/R * (New A/R) * Cash freed up * Uses: * Repurchase stock * Expand business * Reduce debt * All these actions would likely improve the stock price. * Limitations of ratio analysis Comparison with industry averages is difficult for a conglomerate firm that operates in many different divisions. * â€Å"Average† performance is not necessarily good, perhaps the firm should aim higher. * Seasonal factors can distort ratios. * â€Å"Window dressing† techniques can make statements and ratios look better. * Different operating and accounting practices can distort comparisons. * Sometimes it is hard to tell if a ratio is â€Å"good† or â€Å"bad. † * Difficult to tell whether a company is, on balance, in strong or weak position. * Sales forecast * Use historical sales data (approx. 5 years) Collect input from product development, marketing, and operations * Sales growth has a cost * Bad forecasts have a cost * Forecasting sales is the most important input in predicting future financial performance * Additional Financing Needed (AFN) * AFN = (A*/S0)? S – (L*/S0) ? S – M(S1)(RR) * = Projected asset increase – Spontaneous liabilities increase – Increase in retained earnings (How many assets to buy)L*(liab. Bs) M(S1)=future profits * A* = assets * L* = spontaneous liabilities * S = sales * M = profit margin * RR = retention ratio * FIN 331 – Moser – Study Guide for Midterm II – Spring 2011Important Concepts * Time Value of Money * The  idea that money available at the present time is worth more than the same amount in the future due to its potential earning capacity. This  core principle of finance holds that, provided money can earn interest, any amount of money is worth more the sooner it is received. * Future Value (FV) * The amount to which a cash flow or series of cash flows will grow over a given period of time when compounded at a given interest rate. * Finding the FV of a cash flow or series of cash flows is called compounding * What is the FV of an initial $100 after 3 years, if I/YR = 10%? N=3I/YR=10PV=100PMT=0FV=CPT * Future Value = 133. 10 * Present Value (PV) * The value today of a future cash flow or series of cash flows * What is the PV of $100 due in 3 years, if I/YR= 10%? * N=3I/YR=10PV=CPTPMT=0FV= 100 * PV=-75. 13 * Solving for Interest Rate * Solving for I: What interest rate would cause $100 to grow to 125. 97 in 3 years? * N=3I=CPTPV=100 PMT=0FV=125. 97 * Interest Rate = 8% * Solving for # of Time Periods * N = Number of periods involved in the analysis. * If sales grow at 20% per year, how long before sales double? * N=? I/YR=20PV=-1PMT=0 FV=2 * N=3. 8 * Ordinary Annuity vs. Annuity Due Ordinary Annuity * Payments occur at the end of each year(deferred annuity) * Set calculator to END * FV * 3-year ordinary annuity of $100 at 10%? * N=3 I/YR=10 PV=0 PMT=100 FV=CPT * FV=331 * PV * N=3 I/YR =10 PV=CPT PMT=100 FV=0 * PV=-248. 69 * Annuity Due * Set calculator to BEGIN * The payments are made at the beginning of each year * FV * 3-year annuity due of $100 at 10%? * N=3 I/YR=10 PV=0 PMT=100 FV=CPT * FV=364. 10 * PV * N=3 I/YR=10 PV=CPT PMT=100 FV=0 * PV=273. 55 * Perpetuity * An annuity with an extended life. * N=infinity * PV of a perpetuity = PMT/I * PV=PMT/I=$100/0. 1 = $1,000 Compound Interest * A 20-year-old student wants to save $3 a day for her retirement. Every day she places $3 in a drawer. At the end of the year, she invests the accumulated savings ($1,095) in a brokerage account with an expected annual return of 12%. * How much money will she have when she is 65 years old? * N=45 I/YR= 12 PV=0 PMT= 1095 FV=CPT * FV = 1,487,262 * Solving for annual payment * PV of uneven cash flows * * Effect of compounding more often * Compounding more often results in building interest upon interest * Nominal vs. Periodic vs. Effective Interest Rate * Written into contracts, q uoted by banks and brokers.Not used in calculations or shown on time lines. * Nominal rate (INOM) – also called the quoted or stated rate. An annual rate that ignores compounding effects. * INOM is stated in contracts. Periods must also be given, e. g. 8% quarterly or 8% daily interest. * Periodic rate (IPER) – amount of interest charged each period, e. g. monthly or quarterly. * * IPER = INOM/M, where M is the number of compounding periods per year. M = 4 for quarterly and M = 12 for monthly compounding. * Effective (or equivalent) annual rate (EAR = EFF%) – the annual rate of interest actually being earned, accounting for compounding. Used to compare returns on investments with different payments per year. Used in calculations when annuity payments don’t match compounding periods. * EFF% for 10% semiannual investment * EFF%= ( 1 + INOM/M )M – 1 * = ( 1 + 0. 10/2 )2 – 1 = 10. 25% * Should be indifferent between receiving 10. 25% annual inte rest and receiving 10% interest, compounded semiannually. * Semiannual/quarterly/monthly compounding * Annually * N=3 I/YR=10. 25 PV=0 PMT=100 FV=CPT * FV=331. 80 * 100(1. 025)^3=331. 80 * Semiannual * N=6 I/YR=5. 125 PV=0 PMT = 100 FV=CPT * FV=682. 33 * 100(. 5125)^6 * Quarterly * N=12 I=2. 6 PV=0 PMT=100 FV=CPT * * Loan Amortization * Amortization tables are widely used for home mortgages, auto loans, business loans, retirement plans, etc. * Financial calculators and spreadsheets are great for setting up amortization tables. * A loan that is to be repaid in equal amounts on a monthly, quarterly, or annual basis * Bonds * A long-term debt instrument in which a borrower agrees to make payments of principal and interest, on specific dates, to the holders of the bond. * Treasury * Government bonds * No default risk * Municipal * Bonds issued by state and local governments * Some default risk Advantage: Munis are exempt from Federal Taxes and from state taxes if the holder is resident of issuing state. * Corporate * Issued by business firms * Exposed to default risk * Higher the risk, the higher interest rate is demanded * Foreign * Issued by a foreign government * Currency exchange issues * Par value * face amount of the bond, which is paid at maturity (assume $1,000). * Coupon interest rate * Stated interest rate (generally fixed) paid by the issuer. Multiply by par value to get dollar payment of interest. * Maturity date * Years until the bond must be repaid. * Yield to maturity Rate of return earned on a bond held until maturity (also called the â€Å"promised yield†). * Call Provision * Allows issuer to refund the bond issue if rates decline (helps the issuer, but hurts the investor). * Borrowers are willing to pay more, and lenders require more, for callable bonds. * Most bonds have a deferred call and a declining call premium. * Sinking Fund * Provision to pay off a loan over its life rather than all at maturity. * Similar to amortization on a term loan. * Reduces risk to investor, shortens average maturity. * But not good for investors if rates decline after issuance. * Convertible Bond May be exchanged for common stock of the firm, at the holder’s option. * Warrant * Long-term option to buy a stated number of shares of common stock at a specified price. * Puttable bond * Allows holder to sell the bond back to the company prior to maturity. * Indexed bond * Interest rate paid is based upon the rate of inflation. * Valuing a bond * Problem * Discount bond vs. Premium bond and how you can tell by comparing the coupon and the YTM * Bond Values over time * Solving for YTM * Expected Total return= YTM = (Expected Current Yield) + (Expected Capital Gains Yield) * CY=Annual coupon payment/Current Price . 09(1000)/887 * CGY= Change in price/Beginning price * Or CGY = Current yield + Capital gains yield * Interest rate risk * The concern that rising interest rates will cause the value of a bond to fall. * 10year bond has more r isk than just a 1 year bond * Reinvestment rate risk * Reinvestment rate risk is the concern that rd will fall, and future CFs will have to be reinvested at lower rates, hence reducing income. * EXAMPLE: Suppose you just won $500,000 playing the lottery. You intend to invest the money and live off the interest. * You may invest in either a 10-year bond or a series of ten 1-year bonds.Both 10-year and 1-year bonds currently yield 10%. * If you choose the 1-year bond strategy: * After Year 1, you receive $50,000 in income and have $500,000 to reinvest. But, if 1-year rates fall to 3%, your annual income would fall to $15,000. * If you choose the 10-year bond strategy: * You can lock in a 10% interest rate, and $50,000 annual income for 10 years, assuming the bond is not callable. * Semiannual bonds * Multiply years by 2: Number of periods = 2N * Divide nominal rate by 2: Periodic rate (I/YR) = rd/2 * Divide annual coupon by 2: PMT = Annual coupon/2 * Yield to Call * Problem * Default risk If an issuer defaults, investors receive less than the promised return. Therefore, the expected return on corporate and municipal bonds is less than the promised return. * Influenced by the issuer’s financial strength and the terms of the bond contract. * Mortgage bond vs. debenture * Mortgage bond- backed up by collateral e. g. house,car,jewelry * Debenture- Not backed up * Investment-grade vs. junk bond * Investment grade-GE bond, lower risk and thus lower return * Junk bond- Speculative bonds that have high risk, but sometimes higher return * Significant risk of going default * 2 chapters of bankruptcy Two main chapters of the Federal Bankruptcy Act: * Chapter 11, Reorganization * If company can’t meet its obligations †¦ * It files under Chapter 11 to stop creditors from foreclosing, taking assets, and closing the business and it has 120 days to file a reorganization plan. * Court appoints a â€Å"trustee† to supervise reorganization. * Management u sually stays in control. * Company must demonstrate in its reorganization plan that it is â€Å"worth more alive than dead†. * If not, judge will order liquidation under Chapter 7. * Chapter 7, Liquidation * Typically, a company wants Chapter 11, while creditors may prefer Chapter 7. Priority of Claims in Liquidation * Secured creditors from sales of secured assets. * Trustee’s costs * Wages, subject to limits * Taxes * Unfunded pension liabilities * Unsecured creditors * Preferred stock * Common stock * Reorganization * In a liquidation, unsecured creditors generally get zero. This makes them more willing to participate in reorganization even though their claims are greatly scaled back. * Various groups of creditors vote on the reorganization plan. If both the majority of the creditors and the judge approve, company â€Å"emerges† from bankruptcy with lower debts, reduced interest charges, and a chance for success.Formulas that will be provided * Chapters 5 and 7 from Appendix C * Instructions on switching your calculator from END to BGN mode Chapter 8 * Investment Risk * Investment risk is related to the probability of earning a low or negative actual return. * The greater the chance of lower than expected or negative returns, the riskier the investment. * stand-alone risk * The asset is considered by itself * The risk an investor would face if he or she held only this one asset. * Portfolio risk * Asset is held as one of a number of assets in a portfolio * Average returns (stocks vs. bonds) Bonds offer relatively low returns, but with relatively little risk * Stocks offer the chance of higher returns, but stocks are generally riskier than bonds * Expected return r^ * The rate of return expected to be realized from an investment; the weighted average of the probability distribution of possible results * Standard deviation (sigma) * A statistical measure of the variability of a set of observations * The tighter the probability distributio n, the lower the risk * Measure of how far the actual return is likely to deviate from the expected return * Coefficient of variation (CV) The standardized measure of the risk per unit of return; calculated as the standard deviation divided by the expected return * CV= ? /r^ * Risk aversion * Assumes investors dislike risk and require higher rates of return to encourage them to hold riskier securities. * Risk premium * The difference between the return on a risky asset and a riskless asset, which serves as compensation for investors to hold riskier securities. * Portfolio expected return r^p The weighted average of the expected returns on the assets held in the portfolio * The weights being the percentage of the total portfolio invested in each asset * Diversification effects on a portfolio * ? p decreases as stocks added, because they would not be perfectly correlated with the existing portfolio. * Expected return of the portfolio would remain relatively constant. * Eventually the diversification benefits of adding more stocks dissipates (after about 10 stocks), and for large stock portfolios, ? p tends to converge to 20%. * Market risk vs. diversifiable risk Stand-alone risk = Market risk + Diversifiable risk * Market risk – portion of a security’s stand-alone risk that cannot be eliminated through diversification. Measured by beta. * Diversifiable risk – portion of a security’s stand-alone risk that can be eliminated through proper diversification. * Failure to diversify * If an investor chooses to hold a one-stock portfolio (doesn’t diversify), would the investor be compensated for the extra risk they bear? * NO! * Stand-alone risk is not important to a well-diversified investor. * Rational, risk-averse investors are concerned with ? , which is based upon market risk. * There can be only one price (the market return) for a given security. * No compensation should be earned for holding unnecessary, diversifiable risk. * Ca pital Asset Pricing Model (CAPM) * Model linking risk and required returns. CAPM suggests that there is a Security Market Line (SML) that states that a stock’s required return equals the risk-free return plus a risk premium that reflects the stock’s risk after diversification. * ri = rRF + (rM – rRF)bi * Primary conclusion: The relevant riskiness of a stock is its contribution to the riskiness of a well-diversified portfolio. Beta * Measures a stock’s market risk, and shows a stock’s volatility relative to the market. * Indicates how risky a stock is if the stock is held in a well-diversified portfolio. * Can the beta of a security be negative? * Yes, if the correlation between Stock i and the market is negative (i. e. , ? i,m < 0). * If the correlation is negative, the regression line would slope downward, and the beta would be negative. * However, a negative beta is highly unlikely. * The Security Market Line (SML) (calculating required rates of return) * SML: ri = rRF + (rM – rRF)bi * ri = rRF + (RPM)bi Assume the yield curve is flat and that rRF = 5. 5% and RPM = 5. 0%. * Market risk premium * Additional return over the risk-free rate needed to compensate investors for assuming an average amount of risk. * Its size depends on the perceived risk of the stock market and investors’ degree of risk aversion. * Varies from year to year, but most estimates suggest that it ranges between 4% and 8% per year. * Portfolio beta * The beta of a portfolio is the weighted average of each of the stock’s betas. * bP = wHTbHT + wCollbColl * bP = 0. 5(1. 32) + 0. 5(-0. 87) * bP = 0. 225 * Portfolio required returns The required return of a portfolio is the weighted average of each of the stock’s required returns. * Or, using the portfolio’s beta, CAPM can be used to solve for expected return. * rRF + (rpm)(stocks beta) * Discounted dividend model * Value of a stock is the present value of the future divide nds expected to be generated by the stock. * * Valuing stock with constant growth * A stock whose dividends are expected to grow forever at a constant rate, g. * D1 = D0(1 + g)1 * D2 = D0(1 + g)2 * Dt = D0(1 + g)t * If g is constant, the discounted dividend formula converges to: * * Dividend yield vs. capital gains yield Dividend yield * = D1/P0 = $2. 12/$30. 29 = 7. 0% * Capital gains yield * = (P1 – P0)/P0 * = ($32. 10 – $30. 29)/$30. 29 = 6. 0% * Valuing stock with nonconstant growth * During nonconstant growth, dividend yield and capital gains yield are not constant, and capital gains yield ? g. * Corporate Valuation model * Also called the free cash flow method. Suggests the value of the entire firm equals the present value of the firm’s free cash flows. * Remember, free cash flow is the firm’s after-tax operating income less the net capital investment. * FCF = EBIT(1 – T) – Net capital investment * Terminal value Often preferred to the discounted dividend model, especially when considering number of firms that don’t pay dividends or when dividends are hard to forecast. * Similar to discounted dividend model, assumes at some point free cash flow will grow at a constant rate. * Terminal value (TVN) represents value of firm at the point that growth becomes constant. * Firm Multiple method * Analysts often use the following multiples to value stocks. * P/E * P/CF * P/Sales * EXAMPLE: Based on comparable firms, estimate the appropriate P/E. Multiply this by expected earnings to back out an estimate of the stock price. Preferred stock * Hybrid security. * Like bonds, preferred stockholders receive a fixed dividend that must be paid before dividends are paid to common stockholders. * However, companies can omit preferred dividend payments without fear of pushing the firm into bankruptcy. Chapter 10 * Sources of capital * Long-term capital * Long-term debt * Preferred Stock * Common Stock * Retained earnings * New common stock * Weighted average cost of capital (WACC) * WACC=Wdrd(1-T) + Wp rp + Wc rs * W’s refer to the firms capital structure weights * r’s refer to the cost of each component Before-tax vs. after-tax capital costs * Stockholders focus on A-T CFs. Therefore, we should focus on A-T capital costs, i. e. use A-T costs of capital in WACC. Only rd needs adjustment, because interest is tax deductible. * Historical costs vs. Marginal costs * The cost of capital is used primarily to make decisions that involve raising new capital. So, focus on today’s marginal costs (for WACC). * How weights are determined * Use accounting numbers or market value (book vs. market weights)? * Use actual numbers or target capital structure? * Cost of debt * WACC = wdrd(1 – T) + wprp + wcrs rd is the marginal cost of debt capital. * The yield to maturity on outstanding L-T debt is often used as a measure of rd. * Why tax-adjust; i. e. , why rd(1 – T)? * Cost of preferre d stock * rp is the marginal cost of preferred stock, which is the return investors require on a firm’s preferred stock. * Preferred dividends are not tax-deductible, so no tax adjustments necessary. Just use nominal rp. * Our calculation ignores possible flotation costs. * The cost of preferred stock can be solved by using this formula: * rp= Dp/Pp * = $10/$111. 10 * = 9% * Cost of equity * Is there a cost of retained earnings? Earnings can be reinvested or paid out as dividends. * Investors could buy other securities, earn a return. * If earnings are retained, there is an opportunity cost (the return that stockholders could earn on alternative investments of equal risk). * Investors could buy similar stocks and earn rs. * Firm could repurchase its own stock and earn rs. * CAPM * CAPM: rs = rRF + (rM – rRF)b * DCF * DCF:rs = (D1/P0) + g * Bond-yield-plus-risk-premium * rs = rd + RP * Flotation costs * Flotation costs depend on the firm’s risk and the type of ca pital being raised. * Flotation costs are highest for common equity.However, since most firms issue equity infrequently, the per-project cost is fairly small. * We will frequently ignore flotation costs when calculating the WACC. * What affects WACC * Market conditions. * The firm’s capital structure and dividend policy. * The firm’s investment policy. Firms with riskier projects generally have a higher WACC. * The composite WACC reflects the risk of an average project undertaken by the firm. Therefore, the WACC only represents the â€Å"hurdle rate† for a typical project with average risk. * Different projects have different risks. The project’s WACC should be adjusted to reflect the project’s risk.