Equity vs Debt Essay -- GCSE Business Marketing Coursework

Equity vs Debt Financial Statement Information - Debt and Equity Holders Debtholders and equityholders as claimants to a firm’s future cashflows are interested in assessing risk. Debtholders Debtholders are primarily interested in assessing whether the firm’s cashflow will be sufficient to make interest and principal payments on a timely basis The lower the probability of a cash shortfall, the lower the risk to the debtholder Debtholders therefore gather information about the firm’s liquidity, debt capacity and liquidation value of assets Equityholders Equityholders are residual claimants of the firm’s cashflows. Shareholders in effect, hold an option on the value of the firm’s assets, with the exercise price equal to the face value of the debt. It is well known that the option component of equity value increases with the variance of expected future cashflows – Black and Scholes (1973) and with the firm’s debt to equity ratio. Therefore, when equity has a large component of option-like characteristics, financial statement analysis focuses on assessing both the expected level and the variance of future cashflows when valuing equity. At extreme debt levels, the equity is a ‘deep in the money’ option and its valuation does not require the use of the option pricing model. More traditional valuation models suffice. Financial analysts are interested in assessing a firm’s Beta risk so that they can perform valuation of traded stocks, seasoned e... Equity vs Debt Essay -- GCSE Business Marketing Coursework Equity vs Debt Financial Statement Information - Debt and Equity Holders Debtholders and equityholders as claimants to a firm’s future cashflows are interested in assessing risk. Debtholders Debtholders are primarily interested in assessing whether the firm’s cashflow will be sufficient to make interest and principal payments on a timely basis The lower the probability of a cash shortfall, the lower the risk to the debtholder Debtholders therefore gather information about the firm’s liquidity, debt capacity and liquidation value of assets Equityholders Equityholders are residual claimants of the firm’s cashflows. Shareholders in effect, hold an option on the value of the firm’s assets, with the exercise price equal to the face value of the debt. It is well known that the option component of equity value increases with the variance of expected future cashflows – Black and Scholes (1973) and with the firm’s debt to equity ratio. Therefore, when equity has a large component of option-like characteristics, financial statement analysis focuses on assessing both the expected level and the variance of future cashflows when valuing equity. At extreme debt levels, the equity is a ‘deep in the money’ option and its valuation does not require the use of the option pricing model. More traditional valuation models suffice. Financial analysts are interested in assessing a firm’s Beta risk so that they can perform valuation of traded stocks, seasoned e...

An Examination of NATO - USA Relations Essay -- Politics World Histor

An Examination of NATO - USA Relations NATO stands for the North Atlantic Treaty Organization and is a military group started by the United States of America that consists of fifteen other countries including Canada, Belgium, Denmark, France, Germany, Greece, Iceland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Turkey, and the United Kingdom. â€Å"By the time Truman was inaugurated as President in January of 1949, the Cold War was intensifying. Using this tension to his advantage, Truman had campaigned on a platform that gave his future foreign policy a key role. Indeed, he focused on the differences between Communism and democracy, presenting the Communist Bloc as a credible but unpredictable military threat. Americans thus feared the Soviet Union and were ready to take protective measures. Within three months of Truman’s inauguration, the North Atlantic Treaty Organization (NATO) agreement was signed in Washington DC†¦ AS NATO’s strength and mandate grew, it became increasingly threatening to the USSR. Stalin referred to NATO as an ‘aggressive nucleus of power,’† (Schaff 1,2). So as you can see NATO was a very important part of our country and still is today. All countries affiliated with NATO are treated the same. They all basically see themselves as equals and treat every country with great respect. â€Å"It was a mutual military assistance treaty, stipulating that if one of these above listed countries were attacked, the others would come to its aid† (Schaff 2). And being the most powerful member of NATO, the United States has included new branches of the organization including the North Atlantic Council which holds the highest authority, Allied Command Atlantic, Allied Command Channel, and Allied Command Europ... ...won’t know for a while whether or not their will be another expansion of NATO. Even though this would be a great thing for the organization, Russia won’t be backing down anytime soon. In conclusion, NATO has been a great source of power for our world. Without the United States there is no way that NATO would be what it is today and many are thankful to us for that. NATO has done so much for the world and will continue to do so. Even though some think that NATO has worn out its welcome, we can assure you that NATO is here to stay. Sources: Friedman, Thomas L. â€Å"Putin Pushes Back.† New York Times 14 Feb.2007, late ed. Michta, Andrew A. â€Å"What Next for NATO?† Orbis 2007 Schaff, Marta. â€Å"North Atlantic Treaty Organization.† 2005, p1 Shanker, Thom. â€Å"Leaving NATO, U.S General Still Seeks Troops for Afghanistan.† New York Times 21 Dec. 2006, late ed.

Essay --

The Crucible will forever be a classic due to its intriguing story line that is based on a true event. The Salem Witch Trials of 1692 are represented as an adulterous romance turned into a vicious plot for vengeance. The Crucible touches on the horrible fates that led to death of so many innocent people, but Arthur Miller does not portray the entireness of the blood bath that was the Salem witch trials. The once Broadway play, that captured the hearts of millions doesn’t hold justice to the anguish the people of Salem endured. However if his goal was to entertain us, he most definitely succeeded. In Salem, nineteen accused witches were hanged in Gallows Hill, four more died in prison and a lone man was pressed to death when he failed to plead guilty. The Salem Witch trials were an absolute travesty. At one point in February a young girl fell seriously ill, her symptoms cause scientist now to believe that she had a disease called "convulsive ergotism" brought on by â€Å"ingesting rye--eaten as a cereal and as a common ingredient of bread--infected with ergot.† This scientific conclusion explains the child’s chaotic behavior. However in the 1600’s science wasn’t nearly as sophisticated as it is now, and thus when her symptoms were similar to an Irish women in Boston who was suspected of witchcraft, people began to believe the worst. When other playmates began showing the same symptoms, a doctor was brought in to examine the girls. His conclusion was that the problems was of a â€Å"Supernatural Origin†, or in simpler words, witches were targe ting the children. The number of girls showing symptoms continued to grow until it reached seven. Similar to the play â€Å"The girls contorted into grotesque poses, fell down into frozen postures, and comp... ...he entire story of John Proctor the young farmer and Abigail having an affair was only a way for Miller to creatively explain why there was enough hatred for these hangings and torture to occur. When in reality, Abigale never worked for John and they lived quite far apart. John was actually a 60 year old tavern keeper, all making the affair quite unlikely. While the story flowed and managed to capture us with sentiment. It’s impossible to disregard the ability he had to use the language of the time period, making the story come to life in such an authentic manor. His purpose was to entertain and he succeeded, however with a lack of some truths it lost some validity with the more critical readers. On the other hand no one can blame him for doing so, some of the best books, films, plays, or even television shows are grounded on real events and turned into nonfiction.

Individual Organizational Issues Essay

The ethical issues presented in the Week Three Ethics Game Simulations were from the Mysterious Blogger and The Veiled Id, the ethical issues address in game simulation of â€Å"The Mysterious Blogger† was whether or not the information obtained by IT Tech, Jamal Moore was enough to discipline blogging employee Aaron Webb for violating the NDA policy. The ethical issues for the game simulations for â€Å"The Veiled ID†, was to address how to develop a security policy that would accommodate the special needs and the physical safety of the employees’. The decision-making steps one took to address these issues were based on the position one held in the simulation game one was able to determine the best avenue ethically to approach in order to take action on both issues address in the game. First, this authors decision-making abilities were based on protecting the interest of the shareholders and how these decisions could affect the shareholders in both short and long-term. Ethical issues that arise within an organization or company will not only effect an individual employee, it will affect the company and anyone who has made an investment in the company. Apart from protecting the interest of shareholders and the company, it also comes down to always following company policies and doing the right thing. If a organizations policies are broken in any way, shape or form, this author would be placed in a situation to make the best decision to receive the best outcome in order to maintain discipline and good order within the company or organazation. The ethical perspectives this author utilized to make the decisions for the simulation game were based on the options given in each scenario within the gaming process. Although the simulation did not have any right or wrong answers it did take time for this author to address each scenario with an open mind and take the time to look at different view points before making a decision(s) to see whether or not the answer selected was the best fit for that scenario. The way these ethical perspectives influenced this authors decisions were by determining the values and effects of the stakeholders for both simulation games played The Mysterious Blogger and The Veiled ID. Showing the importance of applying ethical practices and ensuring all employees are held accountable for their actions can be done by one taking the time to figure out a way to minimize dilemmas or issues caused by employees within an organization and handling those dilemmas at the lowest level. The concepts used in the simulation game can relate to this authors workplace, being part of a family construction company many distance family members or friends of friends of the family will take full advantage of the company. A good example of younger family members taking advantage would be leaving the workplace early, using company property outside of the work zone, using the name of the company in supply house to benefit one’s personal needs. One example of this would be a distance cousin of one of the owners was a wonderful working, however after years of working for the company the owner started to receive phone calls from homeowners asking for repairs to be done to brand new systems installed by this distance cousin who were not in the database of the company, come to find out the cousin was doing these jobs on the side using the family business name, buying material using the company credit cards, company vehicle and gas card to get to these locations but none of these new job sites were jobs the owners of the company bid they were all jobs the distant cousin was doing on the side, this is one example of many. What this has done is moved the company away from only hiring family members to hiring outside of the family and only having a few members that work in the field, although everyone in the office is related the men in the field hold the owners on pedisals and this author has not met many employee who do not appreciate the family owned company. The owners continue to prove to each employee family or not that they are needed, the owners go over and bound giving employee advances to help with one’s personal lives, from getting married to buying a car, to smaller needs as in lunches, jackets every winter, making sure they have good work boots, gloves, hats and anything else they made need to safely complete the task at hand.

A Reflection On Modern Medicine Essay

The Hippocratic Oath is a promise in essence â€Å"to do no harm† made by a new doctor before becoming a practicing physician. The oath has been a standard of the medical community for several centuries. It remains just as meaningful and valid today as when Hippocrates wrote it in 400 BC. Medical ethics in today’s modern society has become very blurry and hard to understand (Price 1). It is not the oath that has acquired a more complicated meaning. It is the practice of medicine that has become more complex. Presently, it is becoming increasingly more difficult for doctors to discern good medicine from bad medicine. In our current society political correctness, policy, and politics have come to define good medicine as opposed to what is best for the patient. Over a century ago, H. G. Wells was criticized for his novel The Island of Doctor Moreau written in 1896. Literary critics and the general public were appalled by the atrocities depicted in the text. Contemporary authors, physicians, and scientists could not fathom the cruel behavior of Doctor Moreau. And it was easy to see that Dr. Moreau was practicing bad medicine and had broken his vow ‘to do now harm. ’ The Island of Doctor Moreau was a novel written late in 1896 by H. G. Wells. The plot seems relatively simple and typical of a science fiction novel. A young civil servant is the sole survivor of shipwreck. He is found floating along side the island of Doctor Moreau who rescues him. The young man has no knowledge that Doctor Moreau has fled from his home nation fearing charges of animal cruelty. Upon first impressions, the young man falls in love with the island. Slowly he remembers stories about Dr. Moreau and the horrors he created. The lush fauna and sandy beaches are exciting and new to him. To paraphrase John S. Partington, in The Death of the Static: H. G. Wells and the Kinetic Utopia, Dr. Moreau’s island was like Eden, Dr. Moreau was God, and Prendick was like Adam. When curiosity gets the best of him he wanders deep into the overgrowth and what he finds there is deeply shocking. Doctor Moreau is using a process called vivisection to create a hybrid of animal and human. His research goal is to make man be absent of evil. In the end Moreau is killed and the young man, Prendick, escapes and lives to tell the tale. To gain a better understanding of the novel and the beliefs of H. G. Wells it is important to look at the prevailing scientific knowledge of the time in which the novel was written. The late 19th century was when Darwin first made known his theories of evolution and survival of the fittest. Darwin believed that all species including humans, change with time. In time when God was the creator of all, the idea of evolution and our link to other species was very disturbing to the general public. H. G. Wells was a contemporary writer of this time. In two of his most famous novels, The Time Machine and The Island of Doctor Moreau, he investigates the conflict between nature and God. In summary, H. G. Wells was not just an author but also a trained biologist. What could be more frightening than an island of beasts butchered by a mad scientist. Dr. Moreau does not just alter the bodies but using plastic surgery to make them appear human but also their minds (Mclean). He has them recite the laws he created. The gather together and chant â€Å"Not to go on all-fours; that is the Law. Are we not Men? † But that is not the worst of it. After the chanting of the Law comes the hymn of praise to their Creator: His is the House of Pain. His is the Hand that makes. His is the Hand that wounds. His is the Hand that heals. His is the lightning-flash. His is the deep salt sea. His are the stars in the sky†¦. To summarize Freeman Dyson point in his book titled Disturbing the Universe, a biologist like Wells has had to confront the idea, can the scientific community play god and if so, can they stay sane (Dyson 111). Can the scientific community remain objected and no let the power of life, death, and creation which is left in their hands go to their heads. If the answer is no, than the lesson is learned, and Dr. Moreau is what will be produced. A man who knows no ethical boundaries, who believes he is more powerful than God. Much of H. G. Wells writing explores the idea of what are the implications of modern biology gone wrong. By allowing people and animals to be altered, even if it is treatment for their â€Å"own good† the human race will loose two important anchors- our sense of identity, and the brotherhood of mankind. These two things keep us sane and of course any visitor to The Island of Dr. Moreau looses these completely. Certainly, Prendick does, he must fight for his life and kill, an activity he would never do had he not wandered upon the Doctor’s Island. The scientific community has come a long way since 1896. The knowledge of DNA, we know in detail how life is produced and reproduced. Whoever can read the DNA language can also learn to write it. Whoever learns to write the language will in time learn to design living creatures according to his whim. Presently, the public should fear not the crude Dr. Moreau’s with knives but the young, bright zoologist sitting at his computer cloning an extinct animal, or splicing genes in and out the human genome to create a superior human. Though it was science-fiction in 1896, Wells’ novel is frighteningly close to science today. The issues he pressed in this novel are still current. Even more so because the lines of what constitutes harm are very blurry. What Doctor Moreau did was wrong but aren’t plastic surgeons modern versions of Doctor Moreau? Except clients actually pay them to slice them up and make them more perfect humans. In 2003 there were 8. 7 million cosmetic plastic surgeries. This number is up 32% from 2002 (Hill). What Doctor Moreau did was wrong but aren’t therapists taking advantage of a nation’s worth of people who are â€Å"emotionally underdeveloped, psychically frail, and requiring the ministrations of mental health professionals to cope with life’s vicissitudes. Being â€Å"in touch with one’s feelings† and freely expressing them have become paramount personal virtues. Today-with a book for every ailment, a counselor for every crisis, a lawsuit for every grievance, and a TV show for every conceivable problem-we are at risk of degrading our native ability to cope with life’s challenges. † (Sommers). Is that any worse then Doctor Moreau solution of having his pseudo humans chant the rules of being human? Sally Satel who wrote Victimizing the ‘Victims’, which is the commentary exploring how political correctness in the medical profession is hindering the quality of patient care people receive. In summary Satel says, the goals of the public health sector have changed from using science to improve people’s lives to a â€Å"global ideology to manipulate the way people think about disease and its remedies. † The change is not for the better. Today, she argues, victimology is one of the biggest trends in medicine. There is a trend in the medical world to look at connection as the cause and make diagnoses accordingly. For example, it’s true that wealthier people tend to be healthier. But can you assume that poverty is responsible for higher levels of disease among the poor? Are the poor incapable of helping themselves? Well, yes, argue leading â€Å"indoctrinologists,† as Satel calls the backers of poltically correct medicine. Which is why two health experts could write in the American Journal for Public Health, â€Å"we must address the social inequalities that so reliably produce† these inequalities in health (Satel). HMO’s offer a similar problem. To paraphrase Sarah Cay Bradley viewpoint with the increase of HMO’s there has been a drastic decrease in how much Americans spend on healthcare, also decreasing is the quality of healthcare people are receiving. Doctors are forced to follow the rules of their demanding HMO partners. Even if what is in the best interest of the patient does not follow those rules. There are several cost effective policies that physicians are required to follow today. One concept is time is money, the quicker a doctor gets a patient out the more money that is saved. Doctors always seem to be in a hurry spending very little time actually speaking to their patients. Which can lead to misdiagnosis or overlooked health problems. Political correctness, policy, and politics drive the current scientific and medical communities. Instead of producing healthcare professionals who are compassionate and reflective, they produce professionals can simply follow instructions. Just because doctors today are following the rules set forth for them by insurance companies, and the government does not mean they are practicing good medicine. Perhaps they too, like Doctor Moreau, have forgotten their oath ‘to do no harm’ and replaced it with the creed ‘make more money. ’ In 1896 H. G. Wells, pondered in text, the â€Å"what ifs† of what could go wrong with modern medicine and science. The public rebuked his rather blunt commentary as foolishness and vulgarity. A hundred years later, Dr. Moreau has become the norm. Works Cited Dyson, Freeman. Disturbing the Universe. New York: Basic Books, 1979. Questia. 10 Dec. 2005 . Hill, Theresa. â€Å"More Than 8. 7M Cosmetic Plastic Surgeries in 2003, Up 32 Pct. Over 2002; For 12th Year, American Society of Plastic Surgeons Reports Statistics. † US New Wire Service. 8 March 2004. 09 Dec. 2005 . Mclean, Steven. â€Å"W. Warren Mclean. H. G. Wells: Traversing Time. † Utopian Studies 16. 2 (2005): 320+. Questia. 10 Dec. 2005 .

Personal Challenge Essay

There's plenty Of things I'll have to do in order to get through high school and have the grades to get into college. Participating in class and asking questions will help me to bet term understand what we're learning. Also, studying for exams and quizzes will lead to better g reads, which will look good to colleges. Doing all work and getting it all turned in on time will h elf to improve my grades. A high school diploma is a must have for getting accepted into a good college. No college, no job in the future. Basically have to go to college in order to AC hive my Laos of being an athletic trainer.Finding the right college is going to take some e time and research. A college I would really like to go to is Duquesne University. Would I eke to go there because that's where my sister went. I would first want to see if this specific c allege would provide the education need to be an athletic trainer. I would also want to fin d out what the guidelines and requirements are for getting int o that school. I could research the school and see what I can find, or I could talk to the guidance counselor here at Keystone. I co old also talk to y sister about the layout of the school and where certain classes and places are.Playing basketball in college would also motivate me to stick with it. Playing basketball I could also get me a scholarship for college, so then my tuition wont be quite so much for m I've played basketball all my life and been around many athletes. I've seen ho w and why many injuries happen, and have had many injuries myself that required physic cal therapy with an athletic trainer. Being around this environment so much has really gotten me interested in being an athletic trainer. Eave always thought that it seemed like a fun career to ha eve.I'm going to have to work very hard to achieve this goal of mine. Its not goanna be easy beck cause there's a lot of things to learns, but I know I can do it. Everyone has something they would love to accomplish in their life. My goal I s to take up a career of being an athletic trainer. In order to achieve this I will have to work hard at everything do at school. I'll also have to get through both high school and cool leg with good grades. With that being said, achieving my goal of being an athletic trainer is g Anna be hard, but I can definitely do it.

Character Analysis of Creon

After all of the confusion and corruption occurred, there is a new king for Thebes and that is Creon. In the Greek play, Antigone written by Sophocles, shows that Creon was a man of great complexity. He values friendship but Creon feels that friendship would not keep his city standing therefore â€Å"no one values friendship more highly than [he]; but [they] must remember that friends made at the risk of wrecking [their] Ship are not real friends at all. † (Sc. 1 L. 32-35) Creon is a strong person and he believes in the reality of the society and how there needs to be laws and regulations in order to conduct correctly. For example, he set the laws and he has to abide by the law so he has to punish Antigone. Creon does not believe that love is a force strong enough to fix problems but it is one of the causes of the problems, â€Å"go join them, then; if you /must have your love,/ Find it in hell! † (Sc. 2 L. 119-120) He doesn't have passion for the law breakers because that only leads to corruption but Creon has respect for the true warriors, â€Å"But whoever shows by word and deed that he is on the side of the State– he shall have my respect while he is living, and my reverence when he is dead,† (Sc. L. 52-55) instead of those who rebel against their own city. One example would be Eteocles and Polyneices, according to Creon, only Eteocles dies as a true warrior because he sided with his own city while his own brother, Polyneices, chose to rebel. Creon does not want to acknowledge Polyneices and so Polyneices is left to die a shameful death. Finally, Creon seems to be the type of man who holds grudges or even stubborn. He does not allow people to make amends once the mistake has been made. Creon is persistent that he is doing the right thing and â€Å"an enemy is an enemy, even dead. † (Sc. 2 L. 117) Creon is a character with many traits, like his value of friendship, and his respect to the warriors defending his city. Other traits may not be the best but they make Creon who he is, he does not believe in using love as an excuse to rebel, and he is stubborn because he thinks that once an enemy, always an enemy. There are many different traits of Creon that make him easier to distinguish from others.