Strategic Corporate Fiance Essay Example | Topics and Well Written Essays - 2500 words

Strategic Corporate Fiance - Essay Example From the above-mentioned table, it is quite evident that Net Asset Value of Marks and Spencer have increased for 0.03 bases point and is higher in 2011 than 2010. The company has net assets worth of ?1.72 in 2011 and ?1.69 in 2010, which clearly explains that the Net Asset Value is improving. 2) Cost of Capital (CAPM) In the table mentioned below, the computations have been shown for the weighted average cost of capital of the company, Marks and Spencer. The cost of debt of the company is 4% whereas the cost of capital of the company was found as 4.5%. The weighted average cost of capital of the company, which incorporated the value of debt and value of equity was found to be 4.33%. Cost of Debt       Rd = Annual Coupon    Current Bond Price          = 5    125       Rd = 4.00% Value of Equity Ve = Current Price of Share x Number of Shares outstanding = 3.76 x 1,600 = 6,016 Value of Debt Vd = Current Price of Bond x Number of Bonds Issued = 125 x 2,489 = 3,111                         100       Weights       Wd = Debt = 3,111 = 34.09%    Debt + Equity 3,111 + 6,016          We = Equity = 6,016 = 65.91%       Debt + Equity    3,111 + 6,016       3) Dividend Growth Model (DGM) In this section of the paper, computations for Gordon’s dividend growth models have been shown. ...       K – g    0.045 - 0.02       From the above-mentioned table, this information can be extracted that if the growth rate is zero, then the hypothetical ex-right price of share price of Marks and Spencer is approximately 377 pence. In contrast to that, if it is assumed that dividend grow at the rate of 2%, then there is an enormous increment in the share price of the company, which is around 693 pence. It can be stated that at the growth rate 0, the share price of the company of 363 pence is more appropriate than the share price at growth rate 2%, which is 693. The share price of 693 pence is highly optimistic. 4) Price Earnings Ratio (P/E Ratio) The following table demonstrates the Price Earnings Ratio of Marks and Spencer. Price Earnings Ratio    31-Mar-12 11-Jan-13 P/E Ratio = 376 = 11.56 times = 363 = 11.2 times       32.5             32.5       In the year 2011, the Price Earnings Ratio of the company is 11.56. Nevertheless, it reduced in the last year to 11.2 because there was a reduction in the share price of the company. The average price earnings ratio of the respective industry of Marks and Spencer is 8.5 times, on the other hand, the P/E of Marks and Spencer is 11.2 times. If the P/E of Marks and Spencer is compared with the industry average, then it can be stated the Price Earnings ratio of Marks and Spencer is substantially higher than the industry average. It reveals that the share price of the company is over-values as compared to its industry competitors. Task 2 Investment in stocks is something which can be extremely tricky for ordinary investors. This is because the investors lack in having capabilities regarding the pricing of the stocks. The pricing of stocks have turned out to be a key factor as a minor mistake in

War is never justified Essay Example for Free

War is never justified Essay In this essay I shall give a review of the current war on Afghanistan and some of the theories behind it being either just or unjust war. In these time is can be difficult for people to give their honest and pure opinions on war, partly because of their countries allies, enemies and even their personal friends foes. People living in the United States of America will be influenced by their leaders getting them to go to a war against Afghanistan in which they call: War Against Terrorism. There is one problem with this and that is that you cannot wipe out all the wicked off the world as this is impossible. You may be able to stop a significant amount of it but not all of it, it is just physically impossible. I said at the beginning of this essay that I would go through some of the theories, so here they are: 1. Realism: no moral justification Realism is when the public do not get a decision to go to war, it is all up to the government to decide and work at their own interests on the war. 2. Consequentialism: Consequentialism is when a war is justified by the consequences on both sides. This prevents any possible tragedies happening. 3. Just War Theory: The Just War Theory has VERY strict conditions, in fact if a war is justified it must meet with seven conditions: 1.Just cause 2.Last Resort 3.Lawful Authority 4.Formal Declaration 5.Right Intention 6.Prospects of Success 7.Proportionality (good overall effects) 4. Pacifism: Pacifism is simply that war is never justified, this is what I believe. Now let me give you three questions that give a simple sum-up of what I have just said: 1. Is war allowed or not? Pacifism versus non-pacifism 2. If allowed, are any ethical limitations suitable? Realism versus ethics-of-war theories. 3. If moral constraints are appropriate, what should they be? Consequentialism, Just War Theory or Pacificism. Ill bet there are many more theories out there, but I have just picked these out because it gives a good range of different perspectives. I will now go through the seven conditions of the Just War Theory and apply them of the war against Afghanistan: 1.Just cause 2.Last Resort 3.Lawful Authority 4.Formal Declaration 5.Right Intention 6.Prospects of Success 7.Proportionality (good overall effects) Just Cause Just Cause means that you cannot just attack a random country for some poor reason, for example (this is imaginary): The USA attack Monte Carlo because they are jealous of a wonderfully complex and twisty racetrack they possess. This would be pathetic as the Americans have the Laguna Seca Raceway and it just seems so childish. Anyway, back to the point, this theory has to include two states, one being attacked and the other doing the attacking. The problem with this is that no state attacked America, it was an organisation. So this part of the Just Cause Test has been failed. Now for the second condition. Last Resort This condition states that if all other reasonable (in the eyes of the theory) options have been exhausted then the best option can be taken. It seems debatable that other options have not been exhausted, so another failure. Lawful Authority Formal Declaration The war must be formally declared to the public and the opposing state. Bin Laden has completely failed this test, but the USA has formally declared their war. This test has been passed with flying colours Right Intention Not only do states have to have a just cause, they must let the public know about it, not just some hidden intention like the imaginary example I gave earlier. If we look at American foreign policy since World War II it shows that the policy has been inconsistent throughout. Through their disobedience of justice we can positively say that the same has happened here, so this test is almost undoubtedly failed. Prospects of Success If there are no signs stating that this war will be won, then it will be a disastrous waste of life. The current War against Terrorism covers such a colossal span it is evident that the named battle will never be won. Another test failed. Proportionality (good overall effects) No war is justified unless the good effects gained by the war are better than the evil it inflicts. The war is causing starvation (including death of it), many casualties, and death because of protests. According to the just war theory two out of the seven conditions have been passed, so in this theory the war should not be continued. Realist View Nothing better will be gained for the Americans, so from this view the war should not have been started either. Utilitarian view The verdict is doubtful for utilitarianism, too. Whether the war has better consequences than any alternative approach depends not just on the last point of the Just War Theory, which itself makes it very doubtful that the war can be justified. Also, utilitarianism requires not just that the results of war be on balance but on the war being the alternative with the best results, which is even more doubtful. Completely failed. Consequentialism According to Consequentialists the key question is: Will the final strategy minimise the bad-effects compared to all the other options? You must consider that all lives are equal. So, if all lives count equally, then a military strategy that kills many more civilians for the sake of a smaller reduction in military casualties on one side cannot be justified on consequentialist justifications. But this is precisely the reason why the US and its allies have used massive air strikes in what they say is the first phase of the war. It seems likely that this strategy does not minimise the bad effects compared to all alternatives and so any consequentialist justification is doubtful. Summing up I believe that there is no such thing as a just war and countries should stop, tidy up and talk, it would save a lot of lives and be a lot more logical, even if it means translating!

Chaucers Canterbury Tales - Importance of Order in Knights Tale Essa

The Importance of Order in Knight's Tale    Chaucer claims to place the Knight's Tale just after the General Prologue by chance, the drawing of lots. The Knight draws the short straw, and all are glad for it. The appropriateness of his lengthy tale to follow is clear on some levels, and barely perceptible on others. I intend to launch my investigation of the Knight's Tale with a scrutiny of these three statements, and perhaps we shall find an interesting conclusion in this, albeit a disputable one. The honorable Host, Harry Bailey, begins this famous day of pilgrimage by calling everyone together to draw lots, "He which that hath the shorteste shal beginne." (838) He calls the Knight to draw first, presumably as a gesture of respect, as he refers to the Knight as master and lord. Harry continues to speak for a short moment, as we have the visual image of the Knight stepping up to claim his straw. The host continues to call up two more pilgrims, but quickly decides that everyone might as well draw in a free-for-all. And surprise! The Knight finds himself holding the short cut. Is it possible that Harry managed to give the Knight the short straw intentionally? "Now draweth cut," says he, "for that is myn accord" (840). A close eye may suggest some punning going on in that line: Now draw the cut (short) straw, for it is my wish. The words "cord" and "accord" were both used in Middle English, so we may be able to find some double meaning there as well. If indeed Harry wishes to giv e the Knight the "cord," there are several interesting cases to think on: a) the cord is simply the short straw, b) the cord is the hangman's rope, or c) the cord is a unit of wood cut for fuel. The hangman's rope would make for subtle sarcasm, but... ... immediate effects on the Miller, who cares not a bit for courtesy or order but only reckless lust. Hence, the Miller follows with a tale that Palamon could have appreciated, had he not known the ways of chivalry, but only those of lechery. Works Cited and Consulted Benson, Larry D., ed. The Riverside Chaucer. Boston: Houghton Mifflin, 1987. Chaucer, Geoffrey. The Canterbury Tales. The Norton Anthologyof English Literature. Seventh Edition. Two Volumes. Ed. M. H. Abrams. NewYork: Norton, 2000. Cooper, Helen. The Structure of The Canterbury Tales. Athens: U of Georgia P, 1983. Modern Critical Views: Geoffrey Chaucer, Ed. Harold Bloom. New York: Chelsea House Publishers, 1985. Spearing, A.C. Chaucer: The Knight's Tale. Cambridge: Cambridge UP, 1995. Williams, David. The Canterbury Tales, A Literary Pilgrimage. Boston: Twayne Publishers, 1987.

Margaret Laurence :: essays research papers

Jean Margaret (Peggy) Wemyss was born in Neepewa, Manitoba on July 18, 1926 to Robert Harrison Wemyss, a lawyer, and Verna Jean, nee Simpson. Margaret’s mother died when she was only four and her father later married her sister, Margaret Cambell Simpson, a teacher and later a librarian. She was throughout the years one of Margaret’s "greatest encouragers." After her father’s death, when she was nine and her brother still a baby, the family went to live with Grandfather Simpson in his big brick house on first avenue. After graduating from high school in 1944, Margaret attended United College (now the University of Winnipeg), and was an assistant editor of the college paper, Vox. She graduated from United College with a Bachelor of Arts degree in 1946, and married John Fergus Laurence on September on September 13, 1947, in the Neepewa United Church. She then worked for a time as a reporter for the Winnipeg Citizen. In 1950, after living for a year in England, Margaret and her husband moved to British Somaliland. While there, she wrote a translation of Somali prose and poetry, "A Tree for Poetry." A travel book, "The Prophet’s Camel Bell," written some years later, describes the Laurences’ experience in Somaliland. They moved to Accra, Ghana in 1952, with their 2-month-old daughter Jocelyn. During their five years in Africa, Margaret produced her first novel, "This Side Jordan," which won the 1961 Beta Sigma Phi Award for the best first novel by a Canadian. A collection of short stories, "The Tomorrow Tamer," Written a few years later, is also set in West Africa. Out of her African years came an interest in contemporary literature by Africans, which resulted in her study of Nigerian fiction and drama, Long Drums and Cannons. The Laurences’ son, David, was born in Ghana in 1955. After having Africa, they moved to Vancouver for five years. During this time Margaret wrote "The Christmas as Birthday Story." They then moved to England for seven years. In the ten-year period, 1964-1974, the Manawaka books were published: "The Stone Angel" (1964), "A Jest of God" (1969), "The Fire Dweller’s" (1969), "A Bird in the House" (1970), and "The Diviner’s" (1974). Margaret Laurence :: essays research papers Jean Margaret (Peggy) Wemyss was born in Neepewa, Manitoba on July 18, 1926 to Robert Harrison Wemyss, a lawyer, and Verna Jean, nee Simpson. Margaret’s mother died when she was only four and her father later married her sister, Margaret Cambell Simpson, a teacher and later a librarian. She was throughout the years one of Margaret’s "greatest encouragers." After her father’s death, when she was nine and her brother still a baby, the family went to live with Grandfather Simpson in his big brick house on first avenue. After graduating from high school in 1944, Margaret attended United College (now the University of Winnipeg), and was an assistant editor of the college paper, Vox. She graduated from United College with a Bachelor of Arts degree in 1946, and married John Fergus Laurence on September on September 13, 1947, in the Neepewa United Church. She then worked for a time as a reporter for the Winnipeg Citizen. In 1950, after living for a year in England, Margaret and her husband moved to British Somaliland. While there, she wrote a translation of Somali prose and poetry, "A Tree for Poetry." A travel book, "The Prophet’s Camel Bell," written some years later, describes the Laurences’ experience in Somaliland. They moved to Accra, Ghana in 1952, with their 2-month-old daughter Jocelyn. During their five years in Africa, Margaret produced her first novel, "This Side Jordan," which won the 1961 Beta Sigma Phi Award for the best first novel by a Canadian. A collection of short stories, "The Tomorrow Tamer," Written a few years later, is also set in West Africa. Out of her African years came an interest in contemporary literature by Africans, which resulted in her study of Nigerian fiction and drama, Long Drums and Cannons. The Laurences’ son, David, was born in Ghana in 1955. After having Africa, they moved to Vancouver for five years. During this time Margaret wrote "The Christmas as Birthday Story." They then moved to England for seven years. In the ten-year period, 1964-1974, the Manawaka books were published: "The Stone Angel" (1964), "A Jest of God" (1969), "The Fire Dweller’s" (1969), "A Bird in the House" (1970), and "The Diviner’s" (1974).

Allowing Students to Bring Mobile Phones to School Essay

In today’s generation, mobile phones have been a necessity in everyone everyday lives. Many teenagers today describe their mobile phones as their â€Å"life†. Technology nowadays increasingly sophisticated makes all information is just at our fingertips. So, the question arose whether mobile phones should be allowed during school sessions? What are the effects of it? Some people support this proposal because they felt that mobile phones can help students at the school. While some others felt that it will increase social problems among students. As for my opinion, there are two pros allowing students to bring mobile phones to the school, which is act as convenient communication tool and learning aids, and one con which is increasing in criminal cases. With the development of technology, each purpose of usage has its own pros and cons. There are some advantages of allowing students to bring mobile phones to school which is act as convenient communication tool and learning aids. Firstly, as a communication tool, students can use mobile phones to keep in touch with their parents or friends while they are still at school. As a small tool, mobile phones are very convenient to the students to carry it around the school in their pocket or bag. Moreover, students can use mobile phones as an emergency aid. As we know nowadays that there are lots of illegal activities such as bully and theft that has already plagued school. So, by allowing students to bring mobile phones to school, students can use it to contact authorities if they are in danger during school hour. Besides that, mobile phones can also be used as learning aids at school. As stated above, the technology of mobile phones nowadays is very advance and sophisticated. Thus, students can used this technology to aid them and look for information about knowledge in the faster ways. There are lots of functions or application such as calculator, maps, internet, dictionaries, notes, and calendars that can assist students in their learning process at school. That’s why Deputy Education Minister, Datuk Dr Wee Ka Siong said that in 2013, students will be allowed to bring mobile phones and IT gadgets to school after the rules and regulations under the Education Act 1996 are  amended. It is suggested like that because the government has foreseen how mobile phone can aid students to gain more and faster knowledge during school hour. Read more:  Essay on Heavy School Bags However, every development there is also con when bring a mobile phones to school, which is increasing in criminal cases. Some examples of criminal cases that occur in the school are theft, bullying and cheating. First of all is theft cases, there are good chances of phone theft when students bring an expensive and attractive mobile phones to school. In fact, Datin Noor Azimah (The Star Online, 2012) said â€Å"When there is a theft, time would be spent and wasted while trying to look for the culprit and this would likely disrupt classes†. So, it is best to leave them at home to prevent this problem from occur. As well as bullying, this is the form of cyber-bullying that has replaced the physical bullying and makes the school environment unsafe for many students. This is because, mobile phones nowadays have a built-in digital camera, and there is a distinct possibility that some students may take unflattering pictures, send incriminating videos, or utter threatening. Therefore, the use of mobile phones can be quickly turned into tools of corruption. Apart from it there is increasing in cheating cases. Mobile phones that can surf the Web and have application such as advance calculator or camera can facilitate cheating on tests, quizzes, in-class essays and other assignments. For example, an article titled â€Å"Students Called on SMS Cheating† proves that cheating is present inside the classroom, and allowing cell phones inside the classroom puts a teacher’s classroom management at risk. As a result, it will give a lot of trouble to school. To conclude, we can see that allowing students to bring mobile phones to school will be beneficial to them. Even though, mobile phones can be used as a communication tool and learning aids, still the disadvantages such as increase in criminal cases will give more impact to student’s life and that cannot be overlooked. REFERENCE Bernama (2012, July 17). PTA: No mobile phones to school, please! The Star. Retrieved from http://thestar.com.my/news/story.asp?file=/2012/7/17/nation/20120717222415&sec=nation Culture: Education. (2003, January 30). Students called on SMS cheating. Retrieved from http://www.wired.com/culture/education/news/2003/01/57484 Loo T. E. (2012, July 16). Students can take handphones, IT gadgets to school from 2013. The Star. Retrieved from http://thestar.com.my/news/story.asp?file=/2012/7/17/nation/20120717222415&sec=nation

Ptolemy vs. Copernicus essays

Ptolemy vs. Copernicus essays Throughout the history of astronomical theory, there have been two main theories on the setup and placement of the heavenly bodies within our observed universe. The two theories are the geocentric model, our earliest theory, wherein the earth is at the center of everything, and everything rotates around it, and the heliocentric model, introduced much later on, wherein the sun is at the center, and nothing except the moon rotates around the earth. Both these theories have been disputed and argued over until more contemporary astronomers put the argument to rest by basically proving the heliocentric idea to be much more realistic through observations of other objects, their motions in relation to earth, and mathematical calculations about these motions. The astronomer who first questioned the astronomical model that was laid forth by Aristotle in his book On the Heavens, and Physics around 350 BCE, was the Greek astronomer, Claudius Ptolemy, who introduced his idea mid- 2nd century CE. He lived and made most of his observations in Egypt, namely Alexandria, and recorded them in a single, impressive compilation called Almagest, which would contain the foundation for popularly accepted astronomical theory for the next 1000 years, going undisputed until the time of Copernicus, when the notion of a heliocentric universe began to become more accepted. In Ptolemy's model, Earth is placed at the center of the universe, though in some models it was very slightly off-centered. Next is the moon, rotating around Earth, followed by the orbit of Mercury, then Venus. The Sun was thought to be the fourth object out into space that was rotating around earth, followed by Mars, then Jupiter, and then Saturn. Neptune, Uranus, and Pluto were all not possible to observe without much more sophisticated equipment than was available at the time. The revolutionary aspect of Ptolemy's work was not inventing the theory of an earth-centered universe, because th...

Dances With Wolves Essays - Dances With Wolves, Films, Dunbar

Dances With Wolves Essays - Dances With Wolves, Films, Dunbar Dances With Wolves Dances with Wolves April 5, 1863 I have arrived at my post and found it to be completely unmanned. Fort Sedgewick appears to have been abandoned for some time. I do not know what has happened to the men that were posted here, but I am anxious to hear from someone. Fort Sedgewick is my post, but I have no one to report to. I don't know what to do. I can only communicate if I leave, and I don't want to abandon my post. I have assigned myself cleanup duty, and will attempt to restore the supply house. It is a tough job for one man but I have plenty of time. All is quiet on the frontier. Lt. John J. Dunbar, U.S.A. April 25, 1863 Today I made contact with an Indian. He is the first man I have seen since my being here. He tried to steal my horse, when I appeared I spooked him and he ran off. I am sure there are many more in the area. I will begin to prepare for another visit, if troops don't arrive soon, all may be lost. I have decided to ration my goods. The missing replacement should be here anytime; it should not be too much longer. I have been patrolling the area day-to-day and have found nothing. Except there is a wolf who seems to interested in the activity here. If he arrives again tomorrow I will name him Two Socks for the milky white socks on both front paws. Lt. John J. Dunbar, U.S.A. May 20, 1863 Many things have happened since my last entry. The Indians have come to visit a few times and our meetings are friendly, though they are frustrating due to the language barrier. It is always the same two men who come; six or seven other warriors accompany them. One of them must be a warrior leader, he is very strong and fiery. The other is very quiet and I think wise. We have learned to speak a few words of each other's language, but not many. I also have visited their camp briefly. I was very excited to see how they lived and I enjoyed myself. I smoked their pipes with them, sat around the campfire, and then was escorted out by the quiet Indian. I look forward to another visit with my neighbors. Lt. John J. Dunbar, U.S.A. June 1, 1863 Today great progress was made with my neighbors. They have a white woman living in their camp named Stands With A Fist that can interprit my conversations with the Indians. I now know the name of the quiet Indian is Kicking Bird. They have named me Dances With Wolves. I now know what questions the Indians are asking me and the same for them. The quiet one and I have become good friends. He is constantly asking me if more white man will come into these lands. I just cannot bring myself to tell him. I feel that our relationship will only grow stronger. Lt. John J. Dunbar, U.S.A. June 29, 1863 So much has happened since my last entry; I don't know where to begin. I now can speak the language of my neighbors thanks to the teaching of Stands With A Fist. It took me quite a while but I am pleased with how fast I am learning. I have been spending much more time with my neighbors and I have been able to learn much more about them. Last conversation Kicking Bird and I had, he asked again about more white men coming. I told him there would be more white man than the stars; the color went out of his face and he looked lifeless. I am sorry for telling him. Lt. John J. Dunbar, U.S.A.