Medical technology can have long term negative effects for human Essay

Medical technology can have long term negative effects for human populations - Essay Example Furthermore, social customs governing reproduction and technological developments in the areas of medicine and public health directly affect human populations. Indeed, medical technology through improved drugs and other state-of-the-art medical techniques has, questionably, contributed powerful impulse to the increase of human population by decreasing mortality rate, especially among children, and increasing life span (British Broadcasting Corporation, 2007). Medical technology is the diagnostic and/or therapeutic application of scientific breakthrough in the landscape of medicine (Advanced Medical Technology Association, 2004). . The basic objective of medical technology is improvement in health care delivery through early diagnosis, regular and effective patient monitoring, less invasive treatment options and reductions in hospital stays and rehabilitation times (Advanced Medical Technology Association, 2004). It facilitates efficient and effective delivery of a wide range of healt h care products to improve health. At its most advanced level, these technologies include miniature robots capable of performing complex spinal surgery, noninvasive treatment of brain tumors with a focused beam of gamma radiation, and light-activated drugs that target diseased cells. They also include already established techniques such as blood transfusion, radiation therapy, orthopedic surgery and immunology It is claimed that improvements in medical technology have come alongside with an exponential increase in human population (Encyclopedia Britannica, 2011). Most often, this increase in population has been attributed to advances in and increased use of medical technology (British Broadcasting Corporation, 2007). Furthermore, it is believed that human population will increase to a point where it will become a threat, not only to humanity, but also to our planet (Food and Agricultural Organization, 2001). Indeed, overpopulation in the animal kingdoms leads to biological issues su ch as unhealthy competition, and ultimately starvation and death (Bureau of Land Management, 2011). Consequently, many people have come to believe that medical technology, which has stimulated population growth, may ultimately lead to the starvation and famine (Food and Agricultural Organization, 2001). Those who held the above opinion fail to recognize that human population is not only controlled by health-care related factors but other factors such as food supply, wars and natural disaster have impact on it. Though medical technology might seem to have some side effects on human population as in the removal of the impact of natural selection, the effect may not be a long term one. Indeed, medical technologies seem to have removed the impact of natural selection on human population. For instance, a diabetic patient, who would have died young, has been aided by medical technologies to survive to the reproductive age, thereby passing the diseased gene to posterity. Why differential r eproductive success does have an effect on natural selection, it corollary, differential survival also plays a role. Thus a diabetic patient who could successfully adapt will definitely survive. Increasing resistance of microbes to antibiotics shows that over time, the

The relationship between transformational leadership and innovation in Literature review

The relationship between transformational leadership and innovation in the Bahraini banking system - Literature review Example The intention of this study is innovation as a quality which has become increasingly important to the survival of all kinds of companies in the fast changing and globalised world of today. The many articles in the media following the death of Steve Jobs in late 2011 have reminded businesses of the competitive advantage that innovation brings to a company, but at the same time there is much discussion about the type of leadership style that this innovator inflicted upon his colleagues. Some theorists claim that there is such a thing as an â€Å"innovation leader†: â€Å"Innovation leaders are senior executives –whatever their functions or positions – who spontaneously instigate, sponsor and steer innovation in their organizations.† This view suggests that the job of innovation one that belongs at the top of the organisational hierarchy. Other theorists, leaning on the earlier work of Weber, stress the importance of charisma, theorizing that some individuals have personal traits that mark them out as special, and allow them to play a particularly dynamic and effective leadership role, athough there have been some debates about how to define this elusive quality. Charismatic leadership engages the emotions in a positive way, making the members of the organisation feel that they belong, and in a best case scenario also increasing their motivation and efforts towards the corporate aims. It does this by building trust, creating shared beliefs, engendering positive feelings about the leader, and getting workers and managers alike to feel involved in the project. (Yukl, 1981) It has been pointed out that there is also a downside to the

The Southern Pride Of The Civil War English Literature Essay

The Southern Pride Of The Civil War English Literature Essay The Civil War was from 1861-1865. The outcome of the war and the war itself impacted not only the people of that era, but also American literature. Authors infused the ways of the northern and southern people into their works like a baker folding food coloring into batter to make a delicious confetti cake. For example, in A Rose for Emily by William Faulkner, Faulkner writes and now miss Emily had gone to join the represtatives of those august names where they lay in the cedar-bunds cemetery among the ranked and anonymous graves of the union and confederate soldiers who fell at the battle of Jefferson.(89). In Faulkners short story the aftermath of the historical event, the civil war, is seen in the symbolism he uses throughout the short story, his character Emily, and his view of the south. In A Rose for Emily symbolism is used to show the effects of the civil war on the south and to lay a deeper meaning in the short story. At the beginning of this story the house is old, worn down, and out of style. It is described to have once been white, decorated with cupolas and spires and scrolled balconies in the lightsome style of  the seventies.(Faulkner 89). The house can symbolize the fall of the old south and the fallout of southern traditions since the civil war. The house also symbolizes the break down of miss Emily emotionally and physically over the years. Back when Emilys father died the house was still in good condition and kept up with, Emily also kept up with herself. She was young and considered a proper southern belle. When miss Emily dies she is old and her hair has turned gray. Just as Emily is stubborn so is the house. She refused to accept the modern ideas, when the town got free postal delivery miss Emily alone refused to let them fasten the metal numbers ab ove her door and attach a mailbox to it.(Faulkner 93), as it seems the house rejected updating with the new advances. A couple symbols to tell that time was passing are Miss Emilys pocket watch and her hair. The pocket watch is only mentioned once in the story. It was when the Board of Aldermen went to her house to collect taxes. They were in the living room and after the board was done talking, then thru could hear the invisible watch ticking at the end of the gold chain.(Faulkner 90). The ticking is a sign that time never stops and that southern ideals are changing. Emilys hair turned gray over the years, when we next saw muss Emily, she had grown hatband her hair was turning gray. During the next few years it grew grayer and grayer until it creased turning.(Faulkner 93). This showed time passing by. Homer Barron in this short story symbolizes a rat and the north. Homer symbolizes a rat to Emily when she found out he was not a marrying man(Faulkner 92). He most likely wouldnt hav e kept a promise to marry her so to Emily arsenic was a good choice of poison to kill him with. The druggist wrote a note of the box of arsenic For rats!'(Faulkner 92). Homer also symbolizes the north because he is from the north and has northern ideals. He portrays the northern ideals moving into the south. A rose from the title a rose for Emily symbolizes preservation. Homer is the rose when Emily kills him and keeps him in her room. The room has valance curtains of faded rose color, upon the rose-shaded lights(Faulkner 94), which is the perfect place to preserve a body. Emily preserved him like a rose to make him last. The rose is preservation of southern ideals as well. Also the rose is a remembrance of death. A lot of death occurred throughout this short story. The rose could also symbolize silence. With homer representing the north and a rose as silence, homers death is a way that Emily silenced the north or change in her life. Miss Emily symbolizes the old south. Emilys fathe r raised her on the southern ways, alive, miss Emily had been a tradition, a duty, and a card; a sort of heredity obligation upon the town, dating from that day in 1894(Faulkner 90). She was traditional, as in not paying taxes, like most southern people are. Death symbolizes Emilys life. She was alive but not really living the life she had. In a way she is death as in the grim reaper. Her father dies in her presence and she kills homer Barron. Emily herself dies in this short story, thus symbolizing the death of the old south. Faulkner uses symbolism in a rose fir Emily to help portray what kind of character Emily is. Faulkners character Emily is affected by the civil wars outcome. Emilys father settled in Jefferson, Mississippi after the war. Her father instilled strong southern beliefs into Emily. An effect of this is that Emily is stubborn and unwilling to change. Her refusal to pay taxes makes her more than just a stubborn town eccentric.(Smith 3). Miss Emily refused to conform to the ideals of the town when she wouldnt let the people put numbers on her house. Proof of Emily having southern beliefs is that her servant is black, a few of the ladies had the temerity to call, but were not received, and the only sign of life about the place was the Negro man -a young man then- going in and out with a market basket.(Faulkner 91). The black servant refers back to when slaves where allowed in the south. Miss Emilys father had repressed Emily from suitors,Mr. Grierson was a strict man who demanded high standards from hid daughter.(Black 4). The lacks of interaction with people lead her to have, the in ability to feel or demonstrate appropriate affect, or emotion, that is congruent to a particular situation.(Smith 2). Always being under her fathers control leads her to deny her fathers death. With her newly found freedom she cut off her hair as a sign of breaking away from her fathers control.(Fatima 3). Homer Barron started off as a fling; then became an obsession for Emily. The male presence was needed for her to function properly; homer was merely filling a vacancy(Bernardo 1). Emilys obsession over him made her never want to let him go. The fact that homer wasnt the marrying type pushed Emily over the edge to kill him, so she wouldnt ever have to let him go and keep him forever in her presence. Miss Emilys father presses southern ideals into Emily, which had a bad effect on her. Faulkner expresses the civil war affects through Emily. Emily is also a good expression on his views of the south. Faulkners vision of the south is seen through symbolism, the character of Emily and the events that take place in the short story. Homer represents the north. The north is inviting itself into the south and pushing away traditions that have been carried on for decades with the power the civil war has given it. When homer was supposively courting with miss Emily the town was appalled, at first we were glad that miss Emily would have an interest, because the ladies all said, of course a Grierson would not think seriously of a Northerner, a day laborer. (Faulkner 92). As the story goes on the south, represented by Emily, wins the battle. This is when she poisoned homer in fear of him leaving her. The town thinks that Emily has ran homer off, but instead she has killed him so she can keep him for herself. Emily silenced homer, thus preserving the integrity of the old southern ways. Faulkner has given the south a win in his short story since in the civil war the south lost to the north. A s the story unravels, in time so does Emily and the house. They both grow old and weathered. The southern ideals are dwindling away also as time goes on. Even though most of the south has forgotten Emily hasnt. She is the rose of preservation for southern ideals, traditions, and way of living. When Emily dies it means that all recollection of the old south is gone along with her. In William Faulkners A Rose for Emily, Faulkner wrote, à ¢Ã¢â€š ¬Ã‚ ¦-some in their brushed Confederate uniforms-à ¢Ã¢â€š ¬Ã‚ ¦(Faulkner 94). This was describing some veterans at Emilys funeral. IN this short story symbolism, the character Emily, and the view of the south show the consequences of the north winning in the Civil War. In American literature the Civil War shaped the works of many authors around that time era. Bernardo, Karen. William Faulkners A Rose for Emily'. 5/5/2010. Blank, Amanda. Short Story Reviews: A Rose for Emily, by William Faulkner. 5/5/2010. . Fatima. A Rose for Emily. 5/5/2010. Faulkner, William. A Rose for Emily. Trans. Thomas Gould. Literature: An Introduction to Reading and Writing. Ed. Edgar Roberts. New York: Longman, 2009. Print. Smith, Nicole. Psychological Character Analysis of Emily in A Rose for Emily by William Faulkner. 5/52010.

Discuss the emergence of realism in theatre

Theatre and Performance Lecturer: Ms Marcelle Theuma First term Discuss the emergence of realism in theatre at the turn of the 20th century and how you think it influenced playwrights like Anton Chekhov, Henrik Ibsen, August Strindberg and George Bernard Shaw. Miriana Borg Second year Group: 2A Realism in the theatre was a general movement in the later 19th century that steered theatrical texts and performances toward greater fidelity to real life.The realist dramatists Henrik Ibsen and August Strindberg in Scandinavia and Anton Chekhov in Russia, and George Bernard Shaw, rejected the complex and artificial lotting of the well-made play and instead treated themes and conflicts belonging to a real, contemporary society. Henrik Ibsen was born in Norway in 1828. His mature work may be read as an effort to come to terms with reality, the reality of his early life and the reality of society as a whole. Ibsen is perhaps best known for eight plays he wrote in Italy and Germany. By separatin g himself physically from his homeland, he gained the freedom and perspective to criticize it.Ibsen embarked on a series of realistic prose plays exposing contemporary problems in contemporary Norwegian settings. Concentrating directly on Norwegian society, he addressed universal concerns, for the social problems that provide the context for these plays were instantly recognizable to audiences. Among them the question of women's rights in ‘A Doll House' (1879), hereditary syphilis in ‘Ghosts' (1881), and municipal corruption in ‘An Enemy of the People' (1882). Ibsen's realistic plays take place in three-dimensional rooms, rather than against tlat painted or architectural backdrops.Strindberg, and Chekhov each found a different dramatic model potential in the realistic mode evolved by Ibsen. Of the three, the Irish-born George Bernard Shaw (1856-1950) most fully acknowledged his debt to Ibsen. Shaw believed that Ibsen fundamentally had transformed the theatrical for mula drawn from the French Boulevard plays by incorporating a new intellectual vigor in them. George Bernard Shaw was born in 1856 and he was know for his witty humor. He made fun of societes notion using for the purpose of educating and changing. His plays tended to show the accepted attitude, then demolished attitude while showing his own solutions.Some of his works include ‘Arms and the Man' (1894) which is about love nd war and honor and ‘Pygmalion' (1913) which shows the transforming of a flower girl into a society woman, and exposes the phoniness of society. Chekhov is known more for poetic expiration and symbolism, compelling psychological reality, people trapped in social situations, hope in hopeless situations. He claimed that he wrote comedies; others think they are sad and tragic. Characters in ChekhoVs plays seem to have a fate that is a direct result of what they are. His plays have an illusion of plotlessness.

Capital Structure in a Perfect Market

MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. Chapter 14: Capital Structure in a Perfect Market 14-5. Suppose Alpha Industries and Omega Technologies have identical assets that generate identical cash flows. Alpha Industries is an all-equity firm, with 10 million shares outstanding that trade for a price of$22 per share. Omega Technologies has 20 million shares outstanding as well as debt of $60 million. 14-5-a.According to MM Proposition I, what is the stock price for Omega Technologies? V(alpha) = 10 x 22 = 220m = V(omega) = D + E E = 220 – 60 = 160m p = $8 per share. 14-5-b. Suppose Omega Technologies stock currently trades for $11 per share. What arbitrage opportunity is available? What assumptions are necessary to exploit this opportunity? Omega is overpriced. Sell 20 Omega, Buy 10 alpha and borrow 60. Initial = 220 – 220 + 60 = 60. Assumes we can trade shares at current prices & Assumes we can borrow at same terms as Omega (or own Omega debt and can sell at same price). 4-6. Cisoft is a highly profitable technology firm that currently has $5 billion in cash. The firm has decided to use this cash to repurchase shares from investors, and it has already announced these plans to investors. Currently, Cisoft is an all equity firm with 5 billion shares outstanding. These shares currently trade for $12 per share. Cisoft has issued no other securities except for stock options to its employees. The current market value of these options is $8 billion. 14-6-a. What is the value of Cisoft’s non-cash assets?Assets = cash + non-cash, Liabilities = equity + options. non-cash assets = equity + options – cash = 12 ? 5 + 8 – 5 = 63 billion 14-6-b. With perfect capital markets, what is the market value of Cisoft’s equity after share repurchase? What is the value per share? Equity = 60 – 5 = 55. Repurchase 5b / 12 = 0. 417b shares = 55 / 4. 583 = $12 4. 583 b shares remain Per share value MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. 4-8. Explain what is wrong with the following argument: â€Å"If a firm issues debt that is risk free, because there is no possibility of default, the risk of the firm’s equity does not change. Therefore, risk-free debt allows the firm to get the benefit of a low cost of capital of debt without raising its cost of capital of equity. † Any leverage raises the equity cost of capital. In fact, risk-free leverage raises it the most (because it does not share any of t he risk). 14-12. Hubbard Industries is an all-equity firm whose shares have an expected return of 10%.Hubbard does a leveraged recapitalization, issuing debt and repurchasing stock, until its debt=equity ratio is 0. 60. Due to the increased risk, shareholders now expect a return of 13%. Assuming there are no taxes and Hubbard’s debt is risk free, what is the interest rate on the debt? wacc = ru = 10% = 1 0. 6 x ? 1. 6(10) ? 13 = 3 = 0. 6 x ? x = 5% 13% + 1. 6 1. 6 14-17. Zelnor, Inc. , is an all-equity firm with 100 million shares outstanding currently trading for $8. 50 per share. Suppose Zelnor decides to grant a total of 10 million new shares to employees as part of a new compensation plan.The firm argues that this new compensation plan will motivate employees and is a better strategy that giving salary bonuses because it will not cost the firm anything. a. If the new compensation plan has no effect on the value of Zelnor’s assets, what will the share price of the n ew stock be once this plan is implemented? Assets = 850m. New shares = 110 ? price = 850 = $7. 73 110 b. What is the cost of the plan for Zelnor’s investors? Why is issuing equity costly in this case? Cost = 100(8. 50 ? 7. 73) = 77m = 10(7. 73) Issuing equity at below market price is costly. MBA  509  Recommended  Chapter  QuestionsThese  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. Chapter 15: Debt and Taxes 15-1. Pelamed Pharmaceuticals has EBIT of $325 million in 2006. In addition, Pelamed has interest expenses of $125 million and a corporate tax rate of 40%. a. What is Pelamed’s 2006 net income? Net Income = EBIT – Interest – Taxes = (325 – 125) x (1-0. 40) – $120 million b. What is the total of Pelamed’s 2006 net income and int erest payment? Net Income + Interest = 120 = 125 = $245 million c.If Pelamed had no interest expenses, what would its 2006 net income be? How does it compare to your answer in part (b)? NetIncome = EBIT ? Taxes = 325 ? (1 ? 0. 40) = $195 million This is 245 ? 195 = $50 million lower than part (b). d. What is the amount of Pelamed’sinterest tax shield in 2006? Interest tax shield = 125 ? 40% = $50 million MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. 15-3. Suppose the corporate tax rate is 40%.Consider a firm that earns$1000 before interest and taxes each year with no risk. The firm’s capital expenditures equals its deprecation expenses each year, and it will have no change to its net working capital. The risk-free inter est rate is 5%. a. Suppose the firm has no debt and pays out its net income as a dividend each year. What is the value of the firm’s equity? NetIncome = 1000 ? (1 ? 40%) = $600. Thus, equity holders receive dividends of $600 per year with no risk. 600 E= = $12, 000 5% b. Suppose instead the firm makes interest payments of $500 per year. What is the value of equity?What is the value of debt? 300 = $6000 5% Debt holders receive interest of $500 per year ? D – $10,000 NetIncome ? (1000 ? 500) ? (1 ? 0. 40) = $300 ? E c. What is the difference between the total value of the firm with leverage and without leverage? With Leverage = 6,000 + 10,000 = $16,000 Without Levergae = $12,000 Difference = 16,000 – 12,000 = $4000 d. The difference in part  © is equal to what percentage of the value of the debt? 4, 000 = 40% = corporate tax rate 10, 000 MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  coveri ng  on  the  final  exam.Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. 15-6. Arnell Industries has $10 million in debt outstanding. The firm will pay interest only on this debt. Arnell’s marginal tax rate is expected to be 35% for the foreseeable future. a. Suppose Arnell pays interest of 6% per year on its debt. What is the annual interest tax shield? Interest tax sheild = $10 ? 6% ? 35% = $0. 21 million b. What is the present value of the interest tax shield, assuming its risk is the same as the loan? PV(Interest tax sheild) = $0. 21 = $3. 5 million 0. 06 c.Suppose instead that the interest rate on the debt is 5%. What is the present value of the interest tax shield in this case? Interest tax sheild = $10 ? 5% ? 35% = $0. 175 million $0. 175 = $3. 5 million PV = 0. 05 15-8. Rumolt Motors has 30 million shares outstanding with a price of $15 per share. In addition, Rumolt ha s issued bonds with a total current market value of 4150 MILLION. Suppose Rumolt’s equity cost of capital is 10%, and its debt cost of capital is 5%. a. What is Rumolt’s pretax weighted cost of capital? E = $15 ? 30 = $450m D = $150m Pretax WACC = 450 150 10% + 5% = 8. 75% 600 600 b.If Rumolt’s corporate rate is 35%, what is its after-tax weighted cost of capital? WACC = 450 150 10% = 5%(1 ? 35%) = 8. 3125% 600 600 MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. 15-12. Milton Industries expects free cash flow of $5 million each year. Milton’s corporate tax rate is 35%, and its unlevered cost of capital is 15%. The firm also has outstanding debt of $19. 05 million, and it expects to maintain this level of deb t permanently. a.What is the value of Milton Industries without leverage? VU = 5 = $33. 33 million 0. 15 b. What is the value of Milton Industries with leverage? V L = V U + ? c D = 33. 33 + 0. 35 ? 19. 50 = $40 million 15-13. Kurz Manufacturing is currently an all-equity firm with 20 million shares outstanding and a stock price of $7. 50 per share. Although investors currently expect Kurz to remain an all-equity firm, Kurz plans to announce that it will borrow $50 million and use the funds to repurchase shares. Kurz will pay interest only on this debt, and it has no further plans to increase or decrease the amount of debt.Kurz is subject to a 40% corporate tax rate. a. What is the market value of Kurz’s existing assets before the announcement? Assets = Equity = $7. 50 ? 20 = $150 million b. What is the market value of Kurz’s assets (including the tax shield) just after the debt is issued, but before the shares are repurchased? Assests = 150 (existing) + 50 (cash) + 40 % ? 50 (tax sheild) = $220 million c. What is Kurz’s share price just before the share repurchase? How many Shres will Kurz repurchase? E = Assets ? Debt = 220 ? 50 = $170 million $170m = $8. 50 Share Price = 20 50 = 5. 882 million shares Kurz will repurchase 8. 50 d.What are Kurz’s market value balance sheet and share price after the share repurchase? Assets ? 150(existing ) + 40% ? 50(taxsheild ) = $170 million Debt = $50 million E = A ? D = 170 ? 50 ? $120 million $120 = $8. 50 / share Share price = 20 ? 5. 882 MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. 15-15. Suppose the corporate tax rate is 40%, and investors pay a tax rate of 15% on income from dividends or capital gains and a tax rate of 33. 3% on interest in come.Your firm decides to add debt so it will pay an additional $15 million in interest each year. It will pay this interest expense by cutting its dividend. a. How much will debt holders receive after paying taxes on the interest they earn? $15 ? (1 ? 0. 333) = $10 million each year b. By how much will the firm need to cut its dividend each year to pay this interest expense? Given a corporate tax rate of 40%, an interest expense of $15 million per year reduces net income by 15(1-0. 4)=$9 million after corporate taxes. c. By how much will this cut in the dividend reduce equity holders’ annual after-tax income? $9 million dividend cut ? 9 ? (1 ? 0,15) ? $7. 65 million per year d. How much less will the government receive in total tax revenues each year? Interest atxes = 0. 333 ? 15 = $5 million Less corporate taxes = 0. 40 ? 15 = $6 million Less dividend taxes = 0. 15 ? 9 = $1. 35 million [note: this equals (a) – (c)] e. What is the effective tax advantage of debt ? * ? (1 ? 0. 40)(1 ? 0. 15) ? * = 1? = 23. 5% 1 ? 0. 333 15-16. Markum Enterprises is considering permanently adding $100 million of debt to its capital structure. Markum’s corporate tax rate is 35%. a. Absent personal taxes, what is the value of the interest tax shield from the new debt?PV = ? c D = 35% ? 100 = $35 million b. If investors pay a tax rate of 40% on interest income, and a tax rate of 20% on income from dividends and capital gains, what is the value of the interest tax shield from new debt? ? * = 1? (1 ? 0. 35)(1 ? 0. 20) = 13. 33% 1 ? 0. 40 PV = ? C D = 13. 33% ? 100 = $13. 33 million MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. 15-19. With its current leverage, Impi Corporation will have net income next year of $4 . million. If Impi’s corporate tax rate is 35% and it pays 8% interest on its debt, how much additional debt can Impi issue this year and still receive the benefit of the interest tax shield next year? Net income of $4. 5 million ? 4. 5 = $6. 923 million in taxable income. Therefore, Arundel can increase its interest expense by $6. 923 million, which corresponds to debt of: 6. 923 = $86. 5 million 0. 08 MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam.Chapter 16: Financial Distress, Managerial Incentives and Information 16-2. Baruk Industries has no cash and a debt obligation of $36 millionthat is now due. The market value of Baruk’s assets is $81 million, and the firm has no liabilities. Assume a perfect capital market. a. Suppose Baruk has 10 million shares outstanding. What is Baruk’s current share price? 81 ? 36 = $4. 5 / share 10 b. How many new shares must Baruk issue to raise the capital needed to pay its debt obligation? 36 = 8 million shares 4. 5 c. After repaying the debt, what will Baruk’s share price be? 81 = $4. 5 / share 18 16-3.When a firm defaults on its debt, debt holders often receive less than 50% of the amount they are owed. Is the difference between the amount debt holders are owed and the amount they receive a cost of bankruptcy? No. Some of these losses are due to declines in the value of the assets that would have occurred whether or not the firm defaulted. Only the incremental losses that arise from the bankruptcy process are bankruptcy costs. 16-4. Which type of firm is more likely to experience a loss of customers in the event of financial distress: a. Campbell Soup Company or Intuit, Inc.? Intuit Inc. its customers will care about their ability to receive upgr ades to their software. b. Allstate Corporation or Reebok International? Allstate Corporation – its customers rely on the firm being able to pay future claims. MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. 16-5. Which type of assets is more likely to be liquidated for close to its full market value in the event of financial distress? a. An office building or a brand name?Office building—there are many alternate users who would be likely to value the property similarly. b. Product inventory or raw materials? Raw materials—they are easier to reuse. c. Patent right of engineering â€Å"know-how†? Patent rights—they would be easier to sell to another firm. 16-9. Marpor Industries has no debt and expects to generate free cash flows of $16 million each year. Marpor believes that if it permanently increases its level of debt to $40 million, the risk of financial distress may cause it to lose some customers and receive less favorable terms from its suppliers.As a result, Marpor’s free cash flows with debt will be only $15 million per year. Suppose Marpor’s tax rate is 35%, the risk-free rate is 5%, the expected return of the market is 15%, and the beta of Marpor’s free cash flows is 1. 1. (with or without leverage). a. Estimate Marpor’s value without leverage r = 5% + 1. 1? (15% ? 5%) = 16% 16 V= = $100 million 0. 16 b. Estimate Marpor’s value with the new leverage. r = 5% + 1. 1? (15% ? 5%) = 16% 15 V= + 0. 35 ? 40 = $107. 75 million 0. 16 MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam.Understand  the  answers  to  these  questio ns  and  should  not  be  surprised  by  anything  on  the  exam. 16-10. Real Estate Purchases are often financed with at least 80% debt. Most corporations, however, have less that 50% debt financing. Provide an explanation for this difference using the trade-off theory. According to tradeoff theory, tax shield adds value while financial distress costs reduce a firm’s value. The financial distress costs for a real estate investment are likely to be low, because the property can generally be easily resold for its full market value.In contrast, corporations generally face much higher costs of financial distress. As a result, corporations choose to have lower leverage. 16-11. Dynron Corporation’s primary business is natural gas transportation using its vast gas pipeline network. Dynron’s assets currently have a market value of $150 million. The firm is exploring the possibility of raising $50 million by selling part of its pipeline network and i nvesting the $50 million in a fiber-optic network to generate revenues by selling high-speed network bandwidth.While this new investment is expected to increase profits, it will also substantially increase Dynron’s risk. If Dynron is levered, would this investment be more or less attractive to equity holders than if Dynron had no debt? If Dynron has no debt or if in all scenarios Dynron can pay the debt in full, equity holders will only consider the project’s NPV in making the decision. If Dynron is heavily leveraged, equity holders will also gain from the increased risk of the new investment. 16-18. Which of the following industries have low optimal debt levels according to the tradeoff theory? Which have high optimal levels of debt? a.Tobacco firms high optimal debt level—high free cash flow, low growth opportunities Accounting firms low optimal debt level—high distress costs Mature restaurant chains high optimal debt level—stable cash flows, low growth, low distress costs Lumber companies high optimal debt level—stable cash flows, low growth, low distress costs Cell phone manufacturers low optimal debt level—high growth opportunities, high distress costs b. c. d. e. MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. 6-19. According to the managerial entrenchment theory, managers choose capital structures so as to preserve their control of the firm. On the one hand, debt is costly for managers because they risk losing control in the event of default. On the other hand, if they do not take advantage of the tax shield provided by debt, they risk losing control through a hostile takeover. Suppose a firm expects to generate free cash flows of $90 million per year, and t he discount rate for these cash flows is 10%. The firm pays a tax rate of 40%. A raider is poised to take over the firm and finance it with $750 Million in permanent debt.The raider will generate the same free cash flows, and the takeover attempt will be successful if the raider can offer a premium of 20% over the current value of the firm. What level of permanent debt will the firm choose, according to the managerial entrenchment hypothesis? 90 = $900 0. 10 Levered Value w/ Raider = 900 + 40%(750) = $1. 2 billion To prevent successful raid,l current managment must have a levered value of at least $1. 2 billion = $1 billion 1. 20 Thus, the minimum tax sheild is $1 billion – 900 million = $100 million, 100 which requires = $250 million in debt 0. 40 Unlevered Value = MBA  509  Recommended  Chapter  QuestionsThese  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questio ns  and  should  not  be  surprised  by  anything  on  the  exam. Chapter 17: Payout Policy 17-6. The HNH Corporation will pay a constant dividend of $2 per share, per year, in perpetuity. Assume all investors pay a 20% tax on dividends and that there is no capital gains tax. The cost of capital for investing in HNH stock is 12%. a. What is the price of a share of HNH stock? P=$1. 60/0. 12=$13. 33 b. Assume that management make a surprise announcement that HNH will no longer pay dividends but will use the cash to repurchase stocks instead.What is the price of a share of HNH stock now? P=$2/0. 12=$16. 67 17-7. What was the effective dividend tax rate for a U. S. investor in the highest tax bracket who planned to hold a stock for one year in 1981? How did the effective dividend tax rate change in 1982 when the Reagan tax cuts took effect? (Ignore State taxes. ) 58. 33% in 1981 and 37. 5% in 1982. 17-10. At current tax rates, which investors are most likely to hold a stock that has a high dividend yield? a. Individual Investors b. Pension Funds c. Mutual Funds d. Corporations 17-11. A stock that you know is held by long-term individual investors paid a large one-time dividend.You notice that the price dropped on the ex-dividend date is about the size of the dividend payment. You find this relationship puzzling given the tax disadvantage of dividends. Explain how the dividends-capture theory might account for this behavior. Dividend capture theory states that investors with high effective dividend tax rates sell to investors with low effective dividend tax rates just before the dividend payment. The price drop therefore reflects the tax rate of the low effective dividend tax rate individuals. MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam.Understand  the  answers  to  these  questions  and  should  not  be  surpris ed  by  anything  on  the  exam. 17-16. Explain under which conditions an increase in the dividend payment can be interpreted as a signal of: a. Good news By increasing dividends managers signal that they believe that future earnings will be high enough to maintain the new dividend payment. b. Bad news Raising dividends signals that the firm does not have any positive NPV investment opportunities, which is bad news. 17-17. Why is an announcement of a share repurchase considered a positive signal?By choosing to do a share repurchase management credibly signals that they believe the stock is undervalued. 17-20. Explain why most companies choose to pay stock dividends (split their stock). Companies use stock splits to keep their stock prices in a range that reduces investor transaction costs 17-21. When might it be advantageous to undertake a reverse stock split? To avoid being delisted from an exchange because the price of the stock has fallen below the minimum required to s tay listed. 17-22. After the market close on May 11, 2001, Adaptec, Inc. , distributed a dividend of shares of he stock of its software division, Roxio, Inc. Each, Adaptec shareholder received 0. 1646 share of Roxio stock per share of Adaptec stock owned. At the time Adaptec stock was trading at a price of $10. 55 per share (cum-dividend), and Roxie’s share price was $14. 25 per share. In a perfect market, what would Adaptec’s ex-dividend share price be after this transaction? The value of the dividend paid per Adaptec share was (0. 1646 shares of Roxio) ? ($14. 23 per share of Roxio) = $2. 34 per share. Therefore, ignoring tax effects or other news that might come out, we would expect Adaptec’s stock price to fall to $10. 5 – 2. 34 = $8. 21 per share once it goes ex-dividend. (Note: In fact, Adaptec stock opened on Monday May 14, 2001 – the next trading day – at a price of $8. 45 per share. ) MBA  509  Recommended  Chapter  Question s These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. Explain the long-term (3 to 5 years) relative stock performance of companies that have i) issued a seasoned equity offering ii) split their stocks Why would a stock split be a signal for good news?What is meant by â€Å"leaving money on the table,† when issuing an IPO? Why might issuing management be content to leave a lot of money on the table? Can you spot the period of a stock market bubble in the table below? (Hint: look for an oval! ) In retrospect, do you think it is a good long-term investment to purchase stocks where there has been huge amounts of money left on the table? Table 1 Summary Statistics for 6,312 IPOs with Offer Price ? $5. 00 Mean First-day Return 7% 15% 65% 12% 19% Average, 2001 Dollars Money Left on the Ta ble Gross Proceeds $2. million $10 million $82 million $29 million $17 million $42 million $72 million $161 million $397 million $81 million Period 1980-1989 1990-1998 1999-2000 2001-2002 1980-2002 Describe how investment banks allocate IPO shares using the â€Å"bookbuilding† method. Are IPOs, as a group and over time, good long-term investments in terms of average annual returns? Describe how IPOs are like Lotto tickets. (Low expected returns, but with relatively low probability of extremely large gains—buying into Microsoft, Intel, etc) Hint: this is the answer.Describe Graham and Kumar’s suggestive evidence that there is, indeed, a clientele effect for dividends. Which class of investors like high dividend yields? Which age bracket? How do these finding suggest a clientele effect? Chapter  14. Capital  Structure  in  a  Perfect  Market   Summary   1. The  collection  of  securities  a  firm  issues  to  raise  capital  fro m  investors  is  called  the   firm’s  capital  structure. Equity  and  debt  are  the  securities  most  commonly  used  by   firms. When  equity  is  used  without  debt,  the  firm  is  said  to  be  unlevered. Otherwise,  the   amount  of  debt  determines  the  firm’s  leverage. . The  owner  of  a  firm  should  choose  the  capital  structure  that  maximizes  the  total  value   of  the  securities  issued. 3. Capital  markets  are  said  to  be  perfect  if  they  satisfy  three  conditions:   a. Investors  and  firms  can  trade  the  same  set  of  securities  at  competitive  market   prices  equal  to  the  present  value  of  their  future  cash  flows. b. There  are  no  taxes,  transaction  costs,  or  issuance  costs  associated  with  security   trad ing. c. A  firm’s  financing  decisions  do  not  change  the  cash  flows  generated  by  its   investments,  nor  do  they  reveal  new  information  about  them. 4.According  to  MM  Proposition  I,  with  perfect  capital  markets  the  value  of  a  firm  is   independent  of  its  capital  structure. a. With  perfect  capital  markets,  homemade  leverage  is  a  perfect  substitute  for  firm   leverage. b. If  otherwise  identical  firms  with  different  capital  structures  have  different  values,   the  Law  of  One  Price  would  be  violated  and  an  arbitrage  opportunity  would   exist. 5. The  market  value  balance  sheet  shows  that  the  total  market  value  of  a  firm’s  assets   equals  the  total  market  value  of  the  firm’s  liabilities,   including  all  securi ties  issued  to   investors.Changing  the  capital  structure  therefore  alters  how  the  value  of  the  assets  is   divided  across  securities,  but  not  the  firm’s  total  value. 6. A  firm  can  change  its  capital  structure  at  any  time  by  issuing  new  securities  and  using   the  funds  to  pay  its  existing  investors. An  example  is  a  leveraged  recapitalization  in   which  the  firm  borrows  money  (issues  debt)  and  repurchases  shares  (or  pays  a   dividend). MM  Proposition  I  implies  that  such  transactions  will  not  change  the  share   price. 7. According  to  MM  Proposition  II,  the  cost  of  capital  for  levered  equity  is      8. Debt  is  less  risky  than  equity,  so  it  has  a  lower  c ost  of  capital.Leverage  increases  the  risk   of  equity,  however,  raising  the  equity  cost  of  capital. The  benefit  of  debt’s  lower  cost  of   capital  is  offset  by  the  higher  equity  cost  of  capital,  leaving  a  firm’s  weighted  average   cost  of  capital  (WACC)  unchanged  with  perfect  capital  markets: 1 9. The  market  risk  of  a  firm’s  assets  can  be  estimated  by  its  unlevered  beta: 10. Leverage  increases  the  beta  of  a  firm’s  equity: 11. A  firm’s  net  debt  is  equal  to  its  debt  less  its  holdings  of  cash  and  other  risk? free   securities. We  can  compute  the  cost  of  capital  and  the  beta  of  the  firm’s  bus

The United States Of America - 1208 Words

Does the United States of America actually get the media it deserves? This is a crucial question for not only U.S. citizens to be asking themselves, but the media personnel as well. If a country’s media is not efficiently and effectively providing its citizens with news stories, there is a huge problem at hand. While the media thrives off of breaking news stories, it’s generally the minute details that grab the attention of viewers. In essence, the minute details are what makes a breaking news story a truly breaking news story. If the media withholds certain details from a story, which happens daily, they are depriving the viewers of â€Å"real news.† Due to this, American citizens often times do not get the news they deserve. 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Abraham Lincoln vs the Radical Republicans Essay - 2594 Words

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WORKS CITED†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Introduction Abraham Lincoln is known as the President who helped to free the slaves, lead the Union to victory over the confederates in the American Civil War, preserve the†¦show more content†¦Before the Declaration of Independence that we know today was enforced, several revisions to the document were made. One of the causes of these revisions that eventually was absent from the Declaration of Independence was the mention of the abolition of slavery. Politicians of the time period debated this key issue, as politicians differed between whether slavery should continue to exist in the nation. The Declaration promised life, liberty and property to all those who lived in the United States, however politicians knew that plantations and the agriculture business would not thrive without a source of cheap labor. 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After being delayed through compromise multiple times, the election of Lincoln as the 16th president proved to be the final straw in the war over sectional conflicts. Since the invention of the cotton gin in the late 18th century by Eli Whitney, The North and South began courses with two opposite trajectories, both economically and socially. Countless events from 1800 to 1860 dro ve the regions further apartRead MoreThe Era Of Reconstruction During The Civil War1275 Words   |  6 Pageswas created. The agency did strive to help with schools and education, but it lacked in some departments. The bureau just did not have the personnel or enough funds continue so it ,unfortunately, only lasted a mere four years. In the case of Plessy Vs. Ferguson African Americans were given the right of â€Å"separate but equal† but the demand was still ignored in the South. Even more, African Americans in the South had to deal with poor treatment on share cropping plantations and with black codes. FreedmenRead MoreThe Civil War And Reconstruction2195 Words   |  9 Pagesthe act. †¢ Republican Party - As the Democratic Party weakened, the republican was founded on the idea that slavery should not spread. †¢ The Scott vs. Sanford case – as stated in the Dred Scott source, in 1857 the case ruled that African American, slave or free, did not have the right to sue in court since they were not citizens. It also held that Missouri compromise was unconstitutional as it violated the 5th amendment due clause law, it deprived them of their property, slaves. The Lincoln-DouglasRead MoreReconstruction Of The American Civil War1861 Words   |  8 Pagesof the mexican’s defeat to popular sovereignty. Afterwards, Abraham Lincoln was elected as the 16th president in the election of 1860. The Battle of Fort Sumter occurs on April 12 of 1861, which lasted to April 14, 1861. This battle was the first battle of Civil War (Tyler). Also, the Union attempted to resupply the fort and the South fired on the fort, which made the war unavoidable. The Emancipation Proclamation was issued by Lincoln, in January 1, 1863, which freed all slaves in the ConfederateRead MoreThe Legacy Of Abraham Lincoln1928 Words   |  8 PagesAbraham Lincoln was seen as two extremes, either a hero fighting for the end of a satanic institution, or as a tyrant seeking to divide and destroy a necessity of life. With the United States on the brink of a civil war, Lincoln took office in the hardest time imaginable, but no better man could have been President during this difficult time, both sides drastically tried to avoid war, but it was inevitable (Bredhoff). Lincoln is considered to be the best President as accom plishments go, with repairingRead MoreReconstruction After Civil War Essay1503 Words   |  7 Pagesended on April 9, 1865. Abraham Lincoln was the president during the time. His plan for reconstruction was called a â€Å"10 percent plan† in which all southern states would take an oath of allegiance to the United States and receive a pardon upon the oath. However, Lincoln was assassinated on April 14, 1865. After his death, Andrew Johnson, vice president for Lincoln, became the president and the reconstruction plan was now divided between Johnson and the Radical Republicans, the Congress. Johnson andRead MorePolitical Parties And The Democratic Party2072 Words   |  9 Pagesnation. These political parties are known as the Republican Party, commonly known as the Grand Old Party, and the Democratic Party. Each party has a symbol of representation, in particular the elephant symbolizes the Republican Party. Thomas Nast created this symbol to portray that the Republicans are strong and dignified. The party was founded through antislavery activist and the members of the activists of the Whig Party in 1854. The Republicans believe in a more conservative society. Conservatism