Three things that happened in m life, and push me to stude

What is that challenge? How is work? Is that something I can stay home and it will come over to me? Is that something I can befit because my parents have it? My explanation about challenge could be different but I think it will work. Challenge is always people dreams but most do not complete it Challenge is your dream, is something you want died for, you sacrifice our life for You believe in, you spend all your time for, you borrow money for, you cut in your sleep for, and onetime you don't sleep for, First is work!When you want, when you decide to sacrifice you life for it, and will see how work is. No is not something you can stay home and it will come to you, is something you go looking for, no matter how bad it is outside no matter how bad the whether is you wake up with it in you head and get out looking for it, no matter how hard everything is for you go looking for it.No challenge is not something you could be befit from any parents, our parents could e rich and gives you what ever you want, you still need to know you need challenge , our parents can give you most time they have doesn't mean anything, you can have to put yourself out and looking for challenge Just like I did. Remember challenge is go back to school, or if you already at school fit for it, spend all your time on it, always have an your mine why you wake up early for? Why would you go to school for? Why would you do anything Jobs to survive?Why would you need to spend a lot of time in school for? Don't forget how much money you loose if you spend four years in college, and could save that money and go to work making more money, always ask yourself why would you do that for, and keep going in school you will see it, you will understand it, you will satisfy it, you will love it, you will say this is how challenge work. No matter how long it will take you , no matter how hard it is to do your homework, no matter how late you been , no matter how bad your grade is don't give up.

Capital structure

A review of capital structure theories 1. 0 Introduction One of the most contentious flnancial issues that have provoked intense academic research during the last decades is the theory of capital structure. Capital structure can be defined as a ‘Mix of different securities issued by a firm' (Brealey and Myers, 2003). Simply speaking, capital structure mainly contains two elements, debt and equity.In 1958, through combining tax and debt factors in a simple model to price the value of a company, Modigliani and Miller firstly begin to explore a modern capital structure theory, and their work inspired this area study. However, the MM theory has no practical use because It lacks of direct guidance for companies to determine capital structure In real Ilfe (Baxter, 1967; Sarlg and Warga, 1989; Vernimmen et al, 2005).During the past years, researchers strived to establish a more reasonable capital structure theory that can be put into practices efficiently, and they attempted to expand debt ratio and tax advantage factors Into a new area. Myers (1984) states that only practical capital structure theories, which Introducing adjustment cost that includes agency cost and information asymmetry problems, ould provide a useful guidance for firms to determine their capital structure.However, from recent studies, Myers (2001) believes that how information differences and agency costs Influence the capital structure Is still an open question. From this perspective, it is very important to review the development of these two factors which make theoretical research having a strong relationship with reality. Thus, this project will summarize the capital structure theories orientated by agency cost and asymmetric Information from extant literature. Also some gaps and conflicts among heories of capital structure will be found and discussed In order to further Improve this area study.The rest of this project is arranged as follows. Section 2 will present the theories based on a gency costs that causes the conflicts between equity holders and debt holders or managers. Section 3 will Illustrate from two areas, Interplay of capital structure and Investment, followed by signal effect of debt ratio, to show the theories based on asymmetric information. In conclusion, Section 4 will summarize the entire essay and suggest further research direction of capital structure theory. 0 Capital structure theories based on agency costs Although Berry and Means (1931, cited in Myers, 2001) state an adverse relationship between the separated ownership and corporate control status, it commonly admits that Jensen and Meckling (1976) firstly conducted the research in how agency costs determine capital structure (Harris and Ravlv, 1991 Over the past decades, researchers have tried to add agency costs to capital structure models (Harris and Raviv, 1991). The perfect alignment between firm investors and firm agencies, such as managers, does not exist (Myers, 2001 ).According to J ensen and Meckling (1976), company agents, the managers, always emphasize on their own interests, such as high salary and reputation. Also these company agents use ‘entrenching investments', which make the asset and capital structure orientated by the 1 OF3 company holders (Chen and Kensinger, 1992). However, Myers (2001) believes that the firm holders can reduce such transferred value through using different kinds of methods of control and supervising, but he further points out the weakness that these methods are expensive and reduce returns.As a result, the perfect monitoring system is out of work, and agency costs are produced from these conflicts. According to Jensen and Meckling (1976), the conflicts between investors and agencies are generally divided into two types. The first conflict occurs between debt holders and equity holders, and the second conflict is from between equity holders and managers. Consequently, all the capital structure theories based on agency costs can be also classified based on these two conflicts. In the rest of this section, each individual conflict will be separately discussed. 1 Conflicts between Debt holders and Equity holders Jensen and Meckling (1976) point out that agency costs problems happen in determining the structure of a firms' capital when the conflict between debt holders and equity holders is caused by debt contracts. Similar to Jensen and Meckling's conclusion, Myers (1977) observes that since equity holders bear the whole cost of the investment and debt holders get the main part of the profits from the investment, equity holders may have no interest in investing in value-increasing businesses when ompanies are likely to face bankruptcy in the short term future.Thus, if debt occupies a large part of firms' capital, it will lead to the rejection of investing in more value-increased business projects. However, in 1991, Harris and Raviv cast a contrasting opinion to adjust the capital structure theory based on this conflict. They point out that most debt contracts give equity holders a push power to invest sub- optimally investment project. If the investment fails, due to limited liability, debt holders bear the consequences of a decline of the debt value, but equity holders get ost of yields if the investment could generate returns above the debt par value.In order to prevent debt holders from receiving unfair treatment, equity holders normally get less for the debt than original expectation from debt holders. Thus, the agency costs are created by equity holders who issue the debt rather than debt holders' reason (Harris and Raviv, 1991). Tradeoff capital structure theory has a basic and strong relationship with this type of agency costs. However, different researchers hold various explanations of the relationship.Myers (1977) points out the debt cost eason, Green (1984) announces that convertible bonds can reduce the asset substitution problem which comes from the tradeoff theory, Stul z and Johnson (1985) consider about collateral effect. In the end, only Diamond model (1989) is widely accepted. If Equity holders do not consider reputational reason, they are willing to trade relatively safe projects, but this activity will lead to less debt financing (Diamond, 1989; Mike et al, 1997). Diamond model (1989) assumes two tradeoffs, risky and risk-free, to show that the debt repayment should consider both possible nvestment plans.Furthermore, Mike et al (1997) use empirical evidence to indicate how to use debt to trade off these two optional investment plans. Moreover, in 1991, Harris and Raviv expanded Diamond's model to three investment choices. They point out that one choice of investment can only contain the risk-free project, one option In fact, since the reputation factor is vital for a manager, managers are willing to choose risk-free investment projects that have more possibility of success. Consequently, the amount of debt is often reduced by managers. Capital Structure CAPITAL STRUCTUREQ1. Which of the following statements is/are correct? (MRQ)The cost of equity is higher than the cost of debtWACC is inversely proportional to the market valueAn increase in the cost of equity leads to an increase in share price Debt is less risky as interest is always received but paid at last in an event of liquidation (2 marks) Q2. Which of the following statements is not a part of the traditional theory of capital structure? (MCQ)There must be no taxes as it's a perfect capital market As the gearing level increases it's an indication of an increase in the cost of debt When the cost of equity increases the effect is translated on to the gearing level of the company resulting in its decreaseThe WACC will be at optimum when the market value of the company is at its lowest (2 marks) Q3. The Manager of Alpha believes that there is an optimal balance of debt and equity. The Manager of Zeta believes that the gearing decisions have no effect on the business value. Which theories are the managers relating to? (P&D)Manager Alpha Manager Zeta MM THEORY(with Tax) MM THEORY(without Tax) TRADITIONAL THEORY(2 marks) Q4. Select the appropriate option in relation to the capital market. (HA)Taxes are inapplicable PERFECT MARKET IMPERFECT MARKETHigh chances of bankruptcy PERFECT MARKET IMPERFECT MARKETBorrowing is up to a limited level PERFECT MARKET IMPERFECT MARKET(2 marks) Q5. Which of the following relates to the high level of gearing? (MRQ)Agency CostTax ExhaustionDifferences in risk tolerance levels between shareholders and directorsNo borrowing limits are specified(2 marks) Q6. Bache Co. leaves its operating risk unchanged after including the increased debt finance in its capital structure. Which of the following correctly describes the effect on the company's cost of capital and market value assuming perfect capital market with corporation tax? (HA)WACC INCREASE DECREASE UNAFFECTEDCost of Equity INCREASE DECREASE UNAFFECTEDTotal market value INCREASE DECREASE UNAFFECTED(2 marks) Q7. Rearrange the hierarchy of sources of finance for Pecking Order Theory? (P;D) Preference Shares 1Equity Finance 2Straight Debt 3Retained Earning 4Convertible Debt 5(2 marks) Q8. Quarto Co is considering acquiring Datum Co. Quarto Co wants to use its own cost of capital but is confused as in which circumstances their weighted average cost capital will remain unchanged. Which of the following is/are appropriate circumstances? (MRQ)Historic proportions of debt and equity are not to be changedOperating Risk of the company remains unchangedThe acquired company is small that any changes are insignificantProjects are financed from a pool of funds(2 marks) Q9. Eduardo Co is an all-equity financed company which wishes to invest in the new project in a new business area. Its existing equity beta is 1.4. The debt to equity ratio is 35% and 65% respectively ; the average equity beta for the new business area is 1.9. The government security in the market gives a return of 4% and market risk premium is 3%. If the tax is ignored, what is the risk-adjusted cost of equity for the new project using the capital asset pricing model? (MCQ) 6.73%7.71%8.2%9.7%(2 marks) Q10. Identify the weaknesses of risk-adjusted the weighted average cost of capital? (MCQ)It is difficult to identify similar operating characteristics of other firms Estimates of beta are wholly accurate Betas may differ due to debt capital being risk-free It ignores earning a potential of the company (2 marks)Q11. Arco Co has an equity beta of 0.89 and it is being considered to be acquiring by Draco Co. Arco Co is financed by 79% equity and Draco Co is financed by 80% equity. Calculate the Risk-adjusted beta if the tax rate in the market is 30% up to two decimal places? (FIB)4521202667000Be (2 marks) Q12. What is the correct procedure for calculating risks adjusted the weighted average cost of capital? (P;D)Converting proxy asset beta into risk-adjusted beta using investing company capital structure 1Calculate the risk-adjusted weighted average cost of capital 2Converting proxy equity beta into asset beta 3Calculate the risk-adjusted cost of equity 4(2 marks) Q13. Tito ; Toto are identical in every respect apart from their capital structure. Tito has a debt: equity ratio of 1:4 and an equity beta of 1.6. Toto has a debt: equity ratio of 2:6. Corporation tax is 30%. What is an appropriate equity beta for Toto? (MCQ)2.563.934.224.51(2 marks)CAPITAL STRUCTURE (ANSWERS)Q1. The cost of equity is higher than the cost of debt ; WACC is inversely proportional to the market value are correct statements.An increase in the cost of equity leads to a decrease in share price rather than increasing the share price as WACC increases market value decreases, hence incorrect Debt is less risky as interest is always received but paid at last in an event of liquidation. In the event of liquidation banks are paid first as they are creditors with fixed charges, hence statement is incorrect. Q2. DThere must be no taxes as it's a perfect capital market (Correct)As the gearing level increases it's an indication of an increase in the cost of debt (Correct) When the cost of equity increases the effect is translated on to the gearing level of the company resulting in its decrease (Correct) The WACC will be at optimum when the market value of the company is at its lowest. The market value should be at its highest to make WACC at the optimum level which it is at the lowest, hence the statement is incorrect Q3. Manager Alpha TRADITIONAL THEORYManager Zeta MM THEORY(without Tax)Traditional theory states that WACC will be optimum when it's at the lowest pointMM (with Tax) states there is no need for a balance of equity and debt assuming 100% gearing is optimal MM (without Tax) states WACC is unaffected as the benefit received from debt cancels with the cost of equity Q4.Taxes are inapplicable PERFECT MARKET High chances of bankruptcy IMPERFECT MARKETBorrowing is up to a limited level IMPERFECT MARKET Q5.Agency Cost: Providers of debt finance are likely to impose restrictive covenants hence is a problem due to high gearing (Correct) Tax Exhaustion: As companies increase their gearing they may reach a certain point where there are not enough profits from which to obtain all available tax benefits hence is a problem due to high gearing (Correct)Differences in risk tolerance levels between shareholders and directors: The directors have high risk in the company rather than shareholders as they have well-diversified portfolios hence is a problem due to high gearing (Correct)No borrowing limits are specified: Restrictions are specified in the articles of association for company's ability to borrow hence the statement is not related to high gearing (Incorrect) Q6. WACC DECREASE Cost of Equity INCREASE Total market value INCREASE In a perfect capital market, the theories of Modigliani ; Miller on gearing apply Q7.Retained Earning 1Straight Debt 2Convertible Debt 3Preference Shares 4Equity Financing 5 Q8. All options are correct as under all circumstances the company can use its own weighted average cost of capital. Q9. B(A) De-gearing the equity beta of Eduardo Co Ba= 1.4 Ãâ€" 0.65 = 0.91Ke= 4 + (3 Ãâ€" 0.91) = 6.73%(B) De-gearing the equity beta of the new business gives Ba= [0.65 à · (0.65+0.35)] Ãâ€"1.9 = 1.235Ke= 4 + (3 Ãâ€" 1.235) = 7.71% (C) Using equity beta of Eduardo Co. Ke= 4 + (3 Ãâ€" 1.4) = 8.2%(D) Using the de-geared average equity beta Ke= 4 + (3 Ãâ€" 1.9) = 9.7% This means the new average equity beta for the new business area was not de-geared Q10. AIt is difficult to identify similar operating characteristics of other firms (Weakness) Estimates of beta are wholly inaccurate Betas may differ due to debt capital not being risk free It ignores earning potential of the company (Disadvantage of DVM) Q11. Be = 0.88Ba = [79 à · (79 + (21 Ãâ€" {1-30%})] Ãâ€" 0.89 = 0.750.75 = [80 à · (80 + (20 Ãâ€" {1-30%})] Ãâ€" Be Be = 0.88 Q12. Converting proxy equity beta into asset beta 1Converting proxy asset beta into risk-adjusted beta using investing company capital structure 2Calculate the risk-adjusted cost of equity 3Calculate risk-adjusted weighted average cost of capital 4 Q13. CBa = [4 à · (4 + (1 Ãâ€" {1-30%})] Ãâ€" 1.6 = 1.361.36 = [2 à · (2 + (6 Ãâ€" {1-30%})] Ãâ€" Be Be = 4.22

Qantas Airlines

Adel Dosmagambetova Maslow`s hierarchy There are always some points when we are talking about service and especially hospitality industry. When we serve our product, what our customers expect from us is our main purpose to provide. The company has to correlate the ability of their service and the expectations of their customers. They measure their product and customers` needs. (Anton & Petouhoff 1996)There are no doubts that matching both sides expectation we can provide satisfaction for our clients. However it is not always possible to satisfy all needs of your customer.Maslow`s hierarchy was created to show theory of needs in the psychology way and make a connection between each stages. Maslow used the terms Physiological, Safety, Belongingness and Love, Esteem, and Self-Actualization needs to describe the pattern that human motivations generally move through. (King,2009). We have analyzed our company and divided its needs into 5 main features. Qantas(Queensland and Northern Territ ory Aerial Services) is one of the oldest air company in the world, KLM is the only company elder.They provide their services over 90 years and the politic of this global, world famous company show us their ability to build and keep in touch with generations and customers expectation. The first stage of the hierarchy is physiological needs which include comfort of their customers, the second is their safety, the third is quality of service, the forth one is an image of the airways and the last one is self-actualization included personal experience. As it is mentioned above, first of all they provide comfortable seats, high quality food and straight flights, if it is possible.Qantas makes domestic and international ways as well, their flights operates to 56 metropolitans. However they don`t only specialized on air-service, they also have catering and Qantas holiday, where they provide high ranking service and unforgettable feelings. (About Qantas, 2012) The second stage is flexible s chedules, security of their belongings and their safety for sure. Qantas guarantees their customer their safety during the flights, security of their luggage and other belongings.They tried to make schedules maximum comfortable for every customer, counting that they usually make long-distance flights and their market is built by far-away flying. The third one is high quality services, with positive staffs, comfortable airports selection good matching places. For feeling welcomed for every customer they provide good service on their planes and they make training for their staff and even order branded uniforms. Airport is the first place where you get before or after flying and of course customer expect excellent services and suitable selections.It is great thing to be connected with one of the most famous and respected airports. The fourths stage one is about reputation of the airways. The customer wants being protection and perfect served, opinions and reputation of the chosen airli nes. They expect the company to promote them a high quality standards and popularity all over the world . â€Å"Success is getting what you want and happiness is liking what you get. †(Brown, 1992) To enhance the company`s reputation and branding Qantas has developed innovative and marketing ideas to boost sales by upgrading their planes and improve quality of advertising.To end with self-actualization we choose experience of Qantas` customer. The company provides unique types of services and make the flights for customer perfect. They try to show customer that with Qantas` they and their belongings in safety, and nowhere else customer will get such services. They make their experience by providing satisfactions of customer experience which allow them to fly only with Qantas and even special tariffs and Qantas club are support for them to fly Qantas.References list: Dr. Jon Anton & Dr. Natalie L. Petouhoff (1996) Customer relationship management. Skyway Drive, Santa Maria, An ton press Paul W. King. (2009) Climbing Maslow`s pyramid choosing your own path through life. Matlock Bath, Derbyshire, DB, United Kingdom H. Jackson Brown from the book Climbing Maslow pyramid. Matlock Bath, Derbyshire, DB, United Kingdom About Qantas, Retrieved from official web-site http://www. qantas. com. au/travel/airlines/home/au/en

Evidence-Based Practice Coursework Example | Topics and Well Written Essays - 250 words

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Ecological Economics - Essay Example Hanley et al. (1996) argues that it is only when people satisfy their financial needs that they remember the non-renewable characteristic of natural resources. The problem in the Niger Delta escalates as a result of humans focusing on the economic gains derived from exploitation of the oil reserves, disregarding the consequences on environment. The petro-business is a significant source of government revenue. Oil extraction largely affects the environment through oil spills from the high pressure pipelines that cross through the villages. The inhabitants of these villages are aware of the dangers posed to their health by the oil spills and also know that the companies involved reap huge benefits from the oil business (Ibeanu, 2000). They are aggrieved by the fact that they do not get a share of what they believe are their own resources. Environmental pollution and injuries on the community members result from the activities of the petroleum companies, which emphasize on their right t o extract the resources without disturbance especially considering the industry’s contribution to government revenue. People use natural resources the way they do because of varied reasons especially if the goods serve the interests of more than one group. Unless there are rules to curtail the overuse of the resources, there is usually a high risk of depletion (Acheson et al. 2006). The owners of the oil companies believe that they have a right to extract oil because they contribute a great deal to the economy.

Islam Religion Field Research Paper Example | Topics and Well Written Essays - 1750 words

Islam Religion Field - Research Paper Example It is partially due to the very reality that faith in the Supreme Being is in the basic human instinct, which could not be denied or ignored altogether. â€Å"The critical difference between a religious and non-religious person is the acceptance of the transcendent, or otherworldliness, as the first reality. The transcendent provides a vehicle for meaning outside life itself and because, to the religious person, it has ontological primacy over the material world it provides a solid grounding.† (Prevos, 2005:3) Hence, religion gives meaning to human life, by making people oriented with the morality, ethics, values and systematic patterns of acting, reacting and behaving while entering into interaction with the social and natural environment. Thousands of religious belief systems exist on the face of the mother-earth, which maintain several similarities and differences from one another in nature, scope and teachings. In the long list of countless beliefs, Abrahamic faiths, inclu ding Judaism, Christianity and Islam, are quite distinguishing ones from the rest, and seek inspiration from one and the same light. Not only this that the Holy Scriptures of these three faiths narrate the same tales, but also all the three share one and the same mythology including the Oneness of God, existence of the holy prophets, angels, heaven and hell, Day of Resurrection and life after death., and reward and punishment on the concrete foundations of the deeds and misdeeds performed and committed respectively during their stay on earth as mortals. Although the Abrahamic religions are similar to one another in different ways, the followers of these faiths abhor each other and observe serious reservations on the basis of the misconceptions they have developed for one another without conducting any in-depth research on the philosophy and doctrine of purported rival faiths. It is therefore all the three Abrahamic faiths appear to be at daggers drawn against one another, where slig htest space of displaying tolerance towards one another has turned out to be a dream particularly during the contemporary times. The same was the situation with me, as being the true follower of the Christian faith, I viewed Islam as the religion consisted of extremists and fundamentalists, which condemned and censured people’s mixing up with the Jews and Christians as well as developing cordial social and corporate relationships with them at any cost. I also view the Muslims as hard-hearted nation, which looks down upon the others by declaring them pagans, atheists and infidels. Keeping in mind all these reservations, I decided to attend a religious gathering arranged and organized by the Muslims for some spiritual and moral purpose, so that I could have personal experience of the teachings and behavior adopted and observed by the Muslims. Though I had developed the very idea that interviewing some religious person at an Islamic center might bring some alteration in my estab lished onion about the Muslims, yet attending of the gathering brought revolutionary changes in my views about the community I had maintained serious reservations in past, and I returned from there carrying new image about Islam and Muslims at large. Last week I visited a mosque, situated in my city during the month of Ramadan, the ninth month according to the Islamic calendar. The month is reserved for fasting, and the Muslims keep fast the entire month from dawn to the sunset. However, the Shiite Muslims break their fast after ten minutes of sunset, as they argue that the sunset completes after seven to ten minutes of the apparent disappearance of the sun. Somehow,

Philosophies of the East Essay Example | Topics and Well Written Essays - 1000 words

Philosophies of the East - Essay Example Hinduism as a philosophic creed has had no known founder, and there are no standard set of doctrines other than those in the Vedas and the Upanishads, universally accepted by all followers, and this may seem a disadvantage when compared to Confucianism and Buddhism. But when seen closely, it appears that Hinduism grapples with concepts of a different philosophical significance than Confucianism, because Hinduism deals with the nature of creation itself, whereas the other deals with the Way, a Way of worldly human life on the material plane alone. Buddhism, of course had a founding father in Gautam Buddha, many of whose given precepts are strikingly similar to that of Hinduism. Hinduism accepts that absolute reality is One, the Brahman, the various gods, demi-gods and the entire creation is Its expression. The human soul Atman is a part of It but is separated from It by a veil of ego and ignorance in the samsara, the world. The more the ego and ignorance, the more the reincarnations, in each of which the soul goes through various kinds of physical and mental suffering due to his or her Karma, or action and desires. Good karma brings the soul closer to Nirvana, or salvation from the cycle of rebirths, and bad karma and material desires drag it back down into the cycle.It is good human action and lack of material desires that can achieve salvation. On the other hand, human suffering can be understood in terms of bad past Karma, or human actions in a previous life. The Atman works out its Karma in an atmosphere of Lila or Maya, the history of the world and humans, which is in fact an illusion. Human life, then, is the journey of the Atman wherein humans try to control both the mind and the senses and become Brahman-oriented in the hope of experiencing total fulfillment in oneness with God or Brahman. Hindu philosophy allows for various ways to achieve Nirvana and over the ages various philosophers from Nagarjuna, Ramanuja, Sankara and the modern day Aurobindo Ghosh have offered their own interpretations. Buddhism is quite similar in its approach. Buddha's concern with the cause of human suffering led him to determine the Eightfold Path of human thought, speech, action, contemplation and mindfulness which is the way human beings can be free of all desires and suffering and attain Nirvana. Moreover, upadana or "clinging to existence" should be relinquished because existence in this world is illusory, and it is important to achieve a silence of body, mind and word. But unlike Hinduism, Buddhism does not believe in a divine creator or in divine salvation; the problem of suffering is one that humans must cope with themselves. Confucianism, on the other hand, is not concerned with the other world or rebirths at all. Direct human action is the only way human beings can better themselves according to Confucius. Human beings can gain wisdom through experience and study, following a set of principles which dictate positive action, helping others, and gaining their respect in a non-coercive fashion. Confucius held that it is possible to become a superior man through constant practice of the principles he set out, and his philosophy had much to do with political codes and family life as well. Confucius did not feel that human life and existence is governed by a fixed and eternal transcendental principle that stands outside and above events and determines them: human