Don’t Forget to Hit “Record” - The Writers For Hire

DON’T FORGET TO HIT â€Å"RECORD† If you have ever interviewed someone for a book, you know that it is nearly impossible to take thorough enough notes to catch everything that is being said. Even if you are an ace on the keyboard, something is bound to be missed. For this reason, we always recommend recording all of your interviews, so that you can go back and re-visit key points of your interview later on. But, what if they interview is being done over the phone? Well, this great article from Gadget Hacks takes you through the simple steps of recording phone calls on almost any Android device. Just follow their simple steps, and you will no longer be left trying to decipher the chicken-scratch notes you took during an over the phone interview! *Before recording an interview, be sure to check out your state’s laws on recording conversations. Also—check out this great blog for more interview tips and suggestions!

Memorize the First 20 Elements on the Periodic Table

Memorize the First 20 Elements on the Periodic Table If you take a chemistry class there is an excellent chance you will be required to memorize the names and order of the first few elements of the periodic table. Even if you dont have to memorize the elements for a grade, it is helpful to be able to recall that information rather than look it up every time you need it. Memorize Using Mnemonic Devices Here is a mnemonic you can use to help make the memorization process easier. The symbols for the elements are associated with words that form a phrase. If you can remember the phrase and know the symbols for the elements then you can memorize the order of the elements. Hi! - HHe - HeLies - LiBecause - BeBoys - BCan - CNot - NOperate - OFireplaces - F New - NeNation - NaMight - MgAlso - AlSign - SiPeace - PSecurity - SClause - Cl A - ArKing - KCan - Ca List of the First 20 Elements You can devise your own way of memorizing the first 20 elements. It may help to associate each element with a name or a word that makes sense to you. Here are the names and symbols of the first elements. The numbers are their atomic numbers, which is how many protons are in an atom of that element. Hydrogen - HHelium - HeLithium - LiBeryllium - BeBoron - BCarbon - CNitrogen - NOxygen - OFluorine - FNeon - NeSodium - NaMagnesium - MgAluminum (or Aluminium) - AlSilicon - SiPhosphorus - PSulfur - SChlorine - ClArgon - ArPotassium - KCalcium - Ca

Gay and Lesbian Should allowed to become foster parent and adoption Personal Statement

Gay and Lesbian Should allowed to become foster parent and adoption - Personal Statement Example This led to a practice of adoption among gay and lesbian people for a want to care and nurture a child. â€Å"Discussion and debate about adoption and foster care by gay, lesbian, and bisexual (GLB) parents occurs frequently among policymakers, social service agencies, and social workers. The government report shows that an estimated 65,500 adopted children and 14,100 foster children living with gay and lesbian parents†(Gates,2007) The recent surveys have revealed that, considerable amount of homosexuals have adopted children and is leading a fairly good life. However, there are also arguments against the homosexuals adopting and raising children on their own. This could be mainly due to the image the homosexuals have in the society of being ill- mannered and degraded. They are a subject of taboo, and are looked upon as an alien due to their sexual orientation and way of living. Nevertheless, they too have the desire to fondle a child and be a caring parent. So it is very impo rtant to understand their emotional status and allot them the status of being a parent to bring harmony and happiness in their life. â€Å"A good foster home has two happy, contented adults with time enough to pay attention to a foster child†(Mc Nair,35) Work Cited Blatt, Susan Mc Nair. A guidebook for raising foster children. 1st. West Port: Bergin & Garvey, 2000. 35. Print. Gates, Gary.

Tourism Planning Essay Example | Topics and Well Written Essays - 1500 words

Tourism Planning - Essay Example otes, it must be noted that nowhere within this description of how tourism development planning should take place is there referenced a discussion of the fact that the economic trends within the market are not guaranteed to continue to exist perennially (Scutariu, 2012). In short, any individual with a working knowledge of how the economy operates notes that key factors within the global market can increase or decrease the level of profitability that a given sector might be able to enjoy in any given year (Razzaq et al., 2012). Circumstantial evidence of this can of course be presented with regards to the way in which many individuals within the natural gas producing nations around the globe state the future of their nations and economic wealth that they might hope to effect within the immediate future upon the belief that all market conditions will remain constant (Gracan et al., 2010). However, beginning around the year 2004, it was noted that global natural gas reserves were in fa ct much larger than anticipated and the price premiums that had been paid for this natural gas plummeted (RUSE? et al., 2012). Although it may seem as something of a stretch to compare the way in which the natural gas market change in the way in which the tourism industry may change, it is nonetheless a salient point to consider the fact that the economic trends within the global market do not allow anyone industry to expect a period of sustained economic growth with no threats which might undercut this potential growth in the future (OGARLACI & POPA, 2012). By comparison, the statement of the fact that tourism planning only involves deciding what to build and where represents a great deal of strength and for Rhapsody as well. For instance, the PESETL analysis, and economic analysis that... From the previous analysis, it can and should be definitively noted that the greatest portion of decision-making ability and skill that the tourism planner must have is truly contingent upon the need of deciding what building where. However, with that being said, it is also a fundamentally important for the tourism planner to understand each of the attributed means by which this decision is impacted. Although the analysis has been thorough in anticipating and briefly discussing each of these, the truth of the matter is that there is, in fact, a great litany of other mechanisms through which the tourism planner must engage in order to make a well-informed and accurate decision (Borma, 2012). Without question, the role of the tourism planner is a stressful one due to the fact that multiple millions of dollars can be tied up in a single development, the necessity of making a well-informed and pertinent decision is paramount. With all that being said, it must be understood that a thought ful process must be engaged in order to make any other changes referenced within this brief analysis. If a nuanced and definitive process is engaged but is cognizant of the analysis, as well as many of the other decisions and choices that of the reference, it is likely that the decision of what to build and where can more effectively and appreciably be accomplished. However, if an individual PESTEL tourism planner merely seeks to engage a decision based upon simple determinants, the result will almost invariably be a disaster.

Nationalism Essay Example | Topics and Well Written Essays - 1500 words - 1

Nationalism - Essay Example In the perspective, nationalism does bring negative influence to the society and the people who live within such societies. Negative influence of nationalism is usually brought about by bad leadership. Primarily, leaders use nationalism to bring people together, but quite often they can go to the extremes while trying to meet their goals (Ireneusz and Suszycki 49). This may involve the use nationalism to persuade people to support their bad agenda and treatment towards the minority groups in the society. For instance, Hitler used nationalism to persuade the people of Germany to discriminate and eliminate all the minority groups in the nation. In particular, he used propaganda to invoke strong feeling of nationalism among the German population and then used it to advocate for his discriminative policies. This shows that when nationalism is abused, it can be very dangerous. People will want to fight for the rights and freedoms of their nation regardless of what others may go through. Nationalism can result in the development of extreme nationalistic movements with high degrees of discrimination. In fact, the rise of extreme nationalistic movements such as Nazism and Zionism was as a result of nationalism (Ireneusz and Suszycki 50). These movements had a strong belief in ethnicity in the sense that people that belong to their ethnic background were supreme and therefore there ethnic group was the master race. As a result, both of these ethnic groups embarked on the process of ethnic cleansing to eliminate those groups of people that belong to different ethnic affiliations. For instance, member of the Nazism eliminated the Jews by killing them or sending them to special concentration camps where they would undergo suffering and extreme conditions. On the other hand, the members of Zionism eliminated the Palestinians by driving them out of Israel. This is shows the extent to which nationalism

Coca Colas Strategic Choices

Coca Colas Strategic Choices Strategic choices are concerned with decisions about an organisations future and the way in which it has to respond to the myriad of pressures and influences as a result of its immediate and macro environment. To this end there are three basic choices to be made as shown below. Methods for pursuing strategies The choices about how strategies are to be pursued Strategy directions The choices of products and markets available to an organisation Bases of competitive Strategy The choices as to how an organisation positions itself in relation to competitors Bases of competitive Strategy directions Methods for pursuing Strategy strategies Source: Adapted from Johnson, Scholes and Whittington; exploring corporate strategy 2008: pp217. Bases of competitive strategy This area has to do with how Coca-Cola has positioned itself in relation to its competitors. The Coca-Cola Company competes in the non-alcoholic beverages segment of the commercial beverages industry. The non-alcoholic beverages segment of the commercial beverages industry is highly competitive, consisting of numerous firms. These include firms that, like Coca-Cola, compete in multiple geographic areas, as well as firms that are primarily regional or local in operation. Competitive products include numerous non-alcoholic sparkling beverages; various water products, including packaged, flavoured and enhanced waters; juices and nectars; fruit drinks and dilutables (including syrups and powdered drinks); coffees and teas; energy and sports and other performance-enhancing drinks; dairy-based drinks; functional beverages; and various other non-alcoholic beverages. These competitive beverages are sold to consumers in both ready-to-drink and other than ready-to-drink form. In many of the co untries in which Coca-Cola does business, including the United States, PepsiCo. Inc. is one of its primary competitors. Other significant competitors include, Nestl ´e, Dr Pepper Snapple Group, Inc., Groupe Danone, Kraft Foods Inc, and Unilever etc. In certain markets, its competition includes beer companies. Coca-Cola also competes against numerous regional and local firms and, in some markets, against retailers that have developed their own store or private label beverage brands. The strategy clock: competitive strategy options High Differentiation 2 4 Hybrid 5 Focussed differentiation 3 Perceived Product/ Service 2 Low price 6 7 1 No frills Strategies destined for failure 8 Low High Low Price Source: Adapted from Johnson, Scholes and Wittington; exploring corporate strategy. 2008; pp 225 The strategy clock above represents different positions in a market where customers or potential customers have different requirement in terms of value for money. Coca-Cola has therefore taken the strategy option of hybrid, in which case it maintains its price but tries to differentiate itself from competitors. The Company has had a mix of pricing, advertising, sales promotion programs, product innovation, increased efficiency in production techniques, the introduction of new packaging, new vending and dispensing equipment, and brand and trademark development and protection. In this regard Coca-Cola has increased its annual marketing budget substantially, launched many new products, and developed a model to help its retail customers maximize their sales while it continue to plan for the future. The risk of this choice is that one could lose market share due to its low prices but then it can be tackled through economies of scale where the company produces in large quantities to cover cost and tries to penetrate different geographies as is the case of Coca-Cola. This choice has actually proved beneficial to Coca-Cola even though its market share has not grown tremendously as one would think over the last ten years but it definitely has a much higher market share than its competitors, especially Pepsi Co. This has been possible for Coca-Cola due to its recognised brand name and strong presence in so many geographies including Africa, Asia, Europe, Latin America, North America and the Pacific spanning across 200 countries. Strategy direction This has to do with the scope of a company in terms of its products. Over the last few years Coca-Cola has introduced a lot of products to its portfolio, including the recent Coca-Cola zero, which sold more than 600 million cases globally. Today Coca-Cola does not only deal in non-alcoholic soft drinks, but it also makes a lot of juices and juice drinks, still and carbonated products. As a matter of fact Coca-Cola has more than 3,300 products in more than 200 countries. In general one can rightly say that Coca-Cola has gone into diversification since it has not only shifted from soft drink to juices and even energy drinks but has also ventured and penetrated larger market over the years. Diversification is simply a strategy that takes the organisation away from both its existing market and its existing products. We have therefore used the Ansoff matrix below to identify the strategy direction which Coca-Cola is taking Box D, which is diversification. The Ansoff matrix provides a simp lified way of generating four basic alternative directions for strategic development. Strategic directions (Ansoff matrix) Products Existing New A B Market penetration Product development Consolidation C D Market development Diversification Existing Markets New Source: Adapted from Johnson, Scholes and Wittington; exploring corporate strategy. 2008; pp258 Diversification happened to be a good strategic option for Coca-Cola as it helped the Company to break new grounds in business. For instance a new product like the Coca-Cola zero did so well in terms of sales. This therefore impacted positively on the companys market share. Again shifting from soft drinks to energy and sports drinks also gave Coca-Cola an opportunity of a larger market share. However diversification can be capital intensive as not all organisations will be able to cope with the finances involved since a lot of finances will be needed to go into research and development for the new product. For instance Pepsi-cola once came up with a new product called Meca cola but it wasnsuccessful and the product was withdrawn later on. Surely there will be a lot of laboratory works and feasibility studies to go with a new product and this will equally require skilled people getting involved and consequently hiring more employees so if the organisation does not have enough finances it may not be able to cope. Again the organisation which decides to diversify will put in place an adequate amount of public awareness in terms of advertisements and trainings. This may involve using news papers, television, internet etc. All these can be very enormous so diversification requires careful planning. Methods for pursuing strategies Most of Coca-Cola products are manufactured and sold by its bottling partners. The Company typically sell concentrates and syrups to its bottling partners, who convert them into finished packaged products which they sell to distributors and other customers. Separate contracts (Bottlers Agreements) exist between the Company and each of its bottling partners regarding the manufacture and sale of Company products. Subject to specified terms and conditions and certain variations, the Bottlers Agreements generally authorize the bottlers to prepare specified Company Trademark Beverages, to package the same in authorized containers, and to distribute and sell the same in (but, subject to applicable local law, generally only in) an identified territory. The bottler is obligated to purchase its entire requirementof concentrates or syrups for the designated Company Trademark Beverages from the Company or Company-authorized suppliers. Coca-Cola agrees to refrain from selling or distributing, or from authorizing third parties to sell or distribute, the designated Company Trademark Beverages throughout the identified territory in the particular authorized containers. The Coca-Cola Company has created and achieved a strategic lock-in such that it has achieved dominance in the industry. For instance many people will think of Coke once they think of using or taking a soft drink.

Music Essay -- Filmmakers, Diegetic Sounds

Music plays a critical role in the narrative films as it is important technique that filmmakers use to support the narrative and influence the way that the viewer interacts, responds and interprets the events as they unfold. The godfather, which is one of all time Hollywood movies, represents a good use of music that succeeded in supporting the dramatic events that take place in the movie. Moreover, both diegetic and non-diegetic music in the godfather movie are used to achieve the overall purpose by using the different principles and functions of film music that range from setting the mood of the viewer to providing continuity within the movie. In this essay, we will take part of the godfather movie in which we can observe and analyse the role of the music in the film (00:30:52- 00:35:52) In the beginning of the clip (0:30:52), as the dissolve take us from the previous scene where ,Mr. Woltz , a wealthy studio head, refused angrily the request of Don Vito Corleone to cast Johnny Fontane in one of his movies, the dissolve take us to the next scene where we see Mr. Woltz's house from outside. As the dissolve takes place, a diegetic sound of night insects are heard and even before the next scene comes up on screen. The diegetic sound of night insects provides continuity between the first and the second scene and carry the viewer across a temporal ellipsis of hours (00:30:49-00:30:53) . Moreover, the night insects sound in the next scene (00:30:53-00:31:00) suggests the approach of night and the calmness in Mr. Woltz's house and that to show the difference between the beginning and the end of the scene (00:30:53-00:31:00). Then, as the shot gets closer to the window of Mr. Woltz's bedroom (00:31:03), a non-diegetic music of th... ...(00:32:50-00:33:18) . Then, the scene goes back to don Corleone as he listens to Tom Hegan talks about Sollozo. Suddenly, Don Corleons asks Tom Hegan about Sollozo's prison record and then non-diegetic music runs focusing our attention on the interesting discussion they have about Sollozo and the decision they should make regarding co-operating with Sollozo.(0:33:19-00:34:11) In conclusion, music role in the selected clip from the godfather represents a great use of both diegetic sounds and non-diegetic music that help the viewer of the narrative film to illustrate and interpret the dramatic events as they unfold. Moreover, Setting the mood, providing continuity between scenes and intensifying rhythm and pacing were the principle functions of film music that were used in the selected clip to achieve the overall goal of the use of music in the scenes. .

Study Abroad England

ENGL 378H/ IS 305H and ENGL 378/ IS 305 The Celts: Leprechauns, Braveheart, and Harry Potter Professor: Janet Morgan Haavisto, Ph. D. Course Description: This course is designed to encourage a clearer understanding of the influence the Celts (particularly the Irish and Scots) have exerted on the world and on themselves through their attempts to define their culture. We will examine the characteristics that the Celts have traditionally prized and validated. These characteristics have led the Irish from pre-St. Patrick, into their difficult relationship with the English, into Home Rule, and finally into the European Union.These characteristics have led the Scots from the Roman built Hadrian’s Wall to William Wallace (Braveheart) to a still resented union with England as part of Great Britain. Through literature and cultural studies, we will examine efforts to redefine â€Å"Celtishness† for the twenty-first century, along with the issues that must be addressed by all of t he constituents in the enterprise in this still divided cultural entity comprised of the British-ruled six counties of Northern Ireland and the free Republic of Ireland, as well as the nationalistic Scots with their justice and educational systems independent of England’s.Beginning with Joyce, Yeats, Synge, Swift, Harry Potter (J. K. Rowling), Stevenson, Scott, and Burns, we will examine the characteristics that have led the Scots through centuries of uneasy interaction with England and into the devastation of the clans and the diaspora resulting from the aftermath of the Battle of Culloden and the Highland Clearances. Likewise, we will examine the centuries of distress the Irish have endured in their relationship with the English.Contemporary Scots, however, live in a very different world—one in which they have moved from a position of perceived superiority in a time in which Hadrian built a wall to contain the â€Å"savage to the north† to a world in which the ir economy is still linked to England’s and their cultural makeup includes the many groups (Pakistanis, Bangladeshis, Indians, Asians, Africans, and yet more) who have entered the UK and who see themselves as â€Å"British. † The same situation presents a challenge for the Irish. This diversity is a far cry from the Celtic prototype of earlier centuries.Through literature and cultural studies, we will examine efforts to redefine â€Å"Scottishness† and Scotland as well as â€Å"Irishness† and Ireland. At the end of the course students will be able to: 1. discuss the issues involved in the effort to define â€Å"Irishness,† â€Å"Scottishness,† and â€Å"Celtishness†; 2. define â€Å"devolution† and discuss the impetus for it as well as the ramifications of it for the parties involved and engage in the debate about the efficacy of it; 3. discuss the likely impacts on the Irish and Scots of their definitions of themselves as a re sult of the Republic of Ireland’s and the United Kingdom’s entry into the European Union; 4. istinguish among terms, such as, â€Å"Ireland,† â€Å"Scotch Irish,† â€Å"United Kingdom,† â€Å"Great Britain,† â€Å"England,† â€Å"Briton,† â€Å"British,† â€Å"Celtic,† â€Å"Anglo-Saxon,† â€Å"Irish Gaelic,† â€Å"Scots language,† â€Å"Scots Gaelic,† and â€Å"Erse†; 5. explain how early legends helped define the characteristics commonly attributed to the Irish and the Scots; 6. discuss the impact of cultural diversity on the inhabitants of the Republic of Ireland, Northern Ireland, and Scotland and how such cultural diversity complicates effort to define themselves and their cultures; 7. iscuss the issues of racism plaguing Ireland and Scotland and the difficulties racism causes in the effort to define themselves and their cultures; 8. distinguish among such terms as â€Å"Br itishness,† â€Å"Englishness,† â€Å"Welshness,† â€Å"Scottishness,† â€Å"Irishness† and discuss why distinctions are made among such terms; 9. discuss the significance of â€Å"orange† and â€Å"green† and tartans, harps, and bagpipes; 10. discuss some writers and their literature and the perspectives they shed on the issues of â€Å"Irishness† and â€Å"Scotchness† on attempts to accommodate Irish and Scots of many national and ethnic backgrounds; 11. iscuss the history and extent of Irish and Scots immigration and its effects on the development of the U. S. A. ; 12. explore why in the effort to redefine themselves both strong identification with the United States and anti-Americanism figure into the Irish and Scot effort to position their cultures in the world of the twenty-first century. Texts: Required for students taking this course for Honors credit (strongly recommended for all others): Cahill, Thomas. How the Irish Saved Civilization. ISBN-10: 0385418493 ISBN-13: 978-0385418492 Herman, Arthur. How the Scots Invented the Modern World.ISBN-10: 0609809997 ISBN-13: 978-0609809990 Webb, Jim. Born Fighting: How the Scots-Irish Shaped America. ISBN-10: 0767916891 ISBN-13: 978-0767916899 Required readings for all students: †¢ The Harry Potter series of 7 novels (You do not need to bring them all on the trip. Just read them before you come. ) †¢ Robert Lewis Stevenson's Kidnapped http://www. online-literature. com/stevenson/kidnapped/ †¢ Sir Walter Scott’s Ivanhoe (any edition) http://www. online-literature. com/walter_scott/ivanhoe/ †¢ Robert Burns’ poetry http://www. poetry-archive. com/b/burns_robert. html  ¬ â€Å"Auld Lang Syne†  ¬ â€Å"Bannockburn† â€Å"O My Luve’s Like a Red, Red Rose†  ¬ Tam O’Shanter (Burns original side-by-side with a standard English translation: http://www. worldburnsclub. com/poems/translati ons/446. htm) Online Selections Selections from The CAIN Project. University of Ulster Quote from the website: â€Å"This site contains information and source material on ‘the Troubles' and politics in Northern Ireland from 1968 to the present. There is also information on Northern Ireland society. New material is added regularly and there are also frequent updates, so information on particular pages may change. † http://cain. ulst. ac. uk/ The

Abortion is a right choice. essays

Abortion is a right choice. essays We live in a nation built on the idea of freedom, freedom of choice and freedom of expression, yet we are not free. After all, different people have different attitudes toward abortion. Like wise, the oppositions of society create constricts for women seeking abortions. They maintain that since the unborn child in the womb is a human life, abortion is a kind of guilt, which deprives of a human right to life. Certainly, they go on to point out that abortion should be banned by the law in order to protect these human lives. Of course, the main questions that everyone must face are which areas of behavior to leave to private choice and which to regulate in the interest of virtuous. However, abortion is a very serious and complex issue. This issue will not just end with laws. Therefore, the fact of the conflict is not being concern of its legal status abortion is still going to exist. Notably, still have women who are going to seek them with the help of men to arrange them. Moreover, wit h the doctors and some not qualified who will still perform them. It cannot be denied, this is reality because before 1973 a lot of women died from illegal abortions. Currently, abortion is legal, however, if histories were to repeat itself, and abortions are considered illegal once again, the results would be appalling. Not only would women turn to insalubrious secretive abortions and self induced abortions, the psychological pain and scars would be considerably more awful than those of a legal abortion. In a word, every woman is permitted to the right of privacy in dealing with her own body if women are to be denied this right, history will repeat itself jeopardizing the lives of millions of women. Formerly, legalizing abortion will guide women to have safe conditions, with qualified doctors and proper care. By the same reason, if abortions were no longer an option, womens health issues would arise. Even though, the government will still be able to ...

Valuation In Accounting Research

Valuation In Accounting Research Free Online Research Papers Introduction This topic focuses on share and firm valuation because when we talk about firm valuation, the most important element is the determination of a share’s price. Valuation is closely linked to capital budgeting, risk, returns and the cost of capital because a return model is a transformation of the valuation model, and the discount rate used in valuation and capital budgeting is either a part or wholly the cost of capital. Contents ? Valuation of critical: Maximise the firm’s value/ordinary shares Estimating the cost of capita ? Three models: Dividend Growth Valuation Models Link to value shares Theorises that Dividend payments constitutes value- Dividend may be increased or decreased depending on earnings Represents equity or ownership Includes voting rights Priority: lower than debt and preferred We can simplify the pattern for dividend payment as follows: The dividend has a zero growth rate, and r is also known as the market capitalisation rate (MCR) or the hurdle rate because the investor expects his â€Å"true† rate to be higher than the market rate or the hurdle rate. r is also called the holding period return, the HPR assumes that investors in securities would expect to get some of cash dividends and capital gains from the eventual sale of the shares. Dividends-Discounting Model (DDM) Where :?= sum of the series E [Dt] = Expected dividends in period t This formula is equivalent to valuing the market value of the firm’s equity at the present value since buying stocks is in fact buying a part of a firm Since future cash flows are constant, the value of a zero growth stock is the present value of perpetuity: zero growth CDVM Where: D= Constant dividend r= Required rate of return This formula is useful for investors who want to know the historical rate of return for a company’s stock, and also when the investor wished to determine the expected required rate of return for the future value of a firm’s stock The dividend growths as a constant rate Since future cash flows grow at a constant rate forever, the value of a constant growth stock is the present value of growing perpetuity: However, discounting the above successively depends on r and g: ? if r=g, the share would be infinite ? if rg, the dividends would grow The DDM models and rate of return it can changeable Free-Cash Flow Valuation models Link to value firm FCF is defined as the cash flow left over after deducting the costs of operations (purchases and expenses) and new investments from revenues (sales) FCF= Net Income (NI) + Depreciation-Cost-Investment Where: Vo =Value of firm at time t FCFt = CFOt Invt or FCFt = Nit + Dept ?WC Invt Since FCF measures the cash flow from the entire firm and hence enterprise cash flow or entity cash flow is more appropriate, which is based on the comprehensive basis, the discount rate used in the FCF context must be the cost of capital for the entire firm, which is the weighted average cost of capital. Since FCF is firm level, the growth rate relates to the cash flows of the entire firm. Growth rate (g) = Plough back ratio x ROA = k where ROA=return on asset Residual Income Valuation Models Link to value shares The alterative to the dividend-discounting model is the residual earnings or abnormal earnings valuation models. This model no need to use dividends or cash, it based on value add book value of equity as fundamental value and forecasts if residual earnings. The Ohlson (1995) model is concerned with a single firm’s market value as it relates to contemporaneous accounting information –future earnings, book values and dividends, and other relevant information. The valuation model is set on an efficient market with risk neutrality (risk free), no arbitrage, no information asymmetry, non-stochastic interest rates and a constant term structure. This equation is formulated by substituting RI for dividend into the DDM (equation Po = Div/r) the RIVM is restatement of the DDM. Though using the RIVM, we can value the firm’s equity using fundamental accounting data and there is no need to use DDM to value equity. Thus the only relevance of the DDM is just to provide theoretical support for using the RIVM Similar to the DDM and FCF models, the RIVM of equation can also be expressed in terms of constant growth model ? The advantage of the RIVM is that it emphasizes the important of fundamental economic performance to equity valuation in particular: The difference between ROE or and the cost of equity capital r The expected rate of growth in the book value of equity RIVM can help explain prices better than the DDM or FCF for two reasons: ? By definition, any increase in RI implies value creation ? By comparing the value of the firm and MWE, we can determine whether the share price is over valued or under value Conclusion ? Advantages of DDM (1) Very intuitive-it is easy to understand the DDM in that dividends are cash flows paid directly to shareholders. (2) The model is parsimonious. (3) Operationalization of the DDM is straightforward and easy to apply. ? Disadvantages (1) Obviously, the DDM only works for firms which pay dividends. (2) The DDM does not explicitly account for risk. (3) We need to make an estimate of the firm’s growth rate, g, but this can be difficult to do in practice. (4) As seen in point (2) above, we are not able to explicitly account for risk. (5) Estimates of the shares’ value are very sensitive to our estimates of g and r. (6) The DDM only works for firms which pay dividends. The dividends and residual income approach attempts to maximize shareholders’ wealth while the FCF approach attempts to maximize the wealth of the enterprise. Research Papers on Valuation In Accounting ResearchIncorporating Risk and Uncertainty Factor in CapitalDefinition of Export QuotasCapital PunishmentRiordan Manufacturing Production PlanThe Project Managment Office SystemAnalysis of Ebay Expanding into AsiaInfluences of Socio-Economic Status of Married MalesPETSTEL analysis of IndiaOpen Architechture a white paperPersonal Experience with Teen Pregnancy

Proposal Essay Example | Topics and Well Written Essays - 250 words - 4

Proposal - Essay Example As you said, the training would be done by you and not by others who quite frankly do not do it very well. Accordingly, our new brochures are being prepared. For instance, last year we spoke about my promotion to managerial position when we increased our sales team, if you would consider this to be now, then, I would propose that advertising ideas be done by someone like the person we previously met or alternately, it can be done by someone else who could do a good job, you or I could easily oversee and handle without any doubt. Then, between Brad, Robert and I, we could handle further duties. However, someone needs to steer the ship and be authoritative, since we need to introduce more decorum in the office. Because of these new demands, I have no problem with hiring or firing, I know it could get personal but if it is detrimental to the company, I have no alternative but to fire the underperforming person. When in business, I do not have an allegiance to anyone that is not performing well enough to satisfy the numbers we have projected. We also need to make sure we have people on a reserve basis so as not to have empty desks. To do this is not difficult, because there is a steady flow of talent available and we can interview and have back up without any problem. The need to obtain new accounts should be imperative, encouraged and propelled to the forefront with expected consequence. A new way of selling bullion is not difficult to do, we need to crush some numbers with Wilshire and rebook at a reasonable cost and selling prices, and this would bring us in line to compete with other companies. For us to be able to sell the Internet calls we get, this gives us the ability to get them into our fold for loads and conversion which is imperative for our long term goal and hence increase revenue of our company. When the going gets

Valuation of Nonlisted Companies in Emerging Markets Essay

Valuation of Nonlisted Companies in Emerging Markets - Essay Example Rapid changes are taking place in the economies of these countries and they provide a wonderful ground for investors to reap huge benefits. When compared to the developed world, the return on investment in these economies is higher and faster, as the rate of industrialization and growth in niche sectors is rapid. While we talk of investment, we have to distinguish between investment in listed companies and non-listed companies in these emerging economies. There is a difference in the way investments and returns are made in listed and non-listed companies. While listed companies are governed by stringent rules dictated by the respective governments, non-listed companies enjoy a certain degree of autonomy in their operations. There is a difference in the valuations of these non listed companies as compared to the listed companies. It is very important to critically examine the valuations of these non-listed companies in emerging markets, before a foreign or even a domestic investor puts in his capital. In the International Experts Meeting on Corporate Governance of non Listed Companies, held in Istanbul, Turkey on 19-29 April, 2005, a large number of policy makers, business leaders and other experts deliberated on the issues of corporate governance of non listed companies, namely different ownerships, sourcing of capital, transparency requirements, professional management and the role of the policy makers in ensuring the above-mentioned factors. This meeting was organized by the OECD and had participants from 36 countries1.The group concluded that there was a need for better corporate governance, meeting compliances, increase in size and capital ploughed in, transparency and working towards shareholders' benefit in non listed companies in the emerging markets to help the economy which, in many case was dependent on the success of these family-owned entities. In another study conducted in Chile, it was found that in some case, there is a conflict of interests between controlling and minority stakeholders. Pyramids seem to be an effective way of separating cash from controlling rights. This is an effective way for economic groups to exercise control over productive assets and to establish internal capital mechanisms that can compensate for poorly developed formal markets. However, establishment of pyramids could be detrimental to the market value of companies and to the economy of the country as well2. Research Process After reviewing the available literature, it seems logical to go about the research process by undertaking a study of non- listed companies in emerging markets, the main examples being China, India, Russia, Brazil. This would represent almost the majority of the developing world. A relative analysis of company ownership, cost of capital, cost of resources, market valuations, professional management, corporate governance and popularity on the local and international stock markets could be carried out. Two cases per country: one of a listed company and another of a non-listed company could be compared and the discussions and results arrived at. A study of each country's policies in the area of listed and non-listed companies would also have to be undertaken, and the need for improvement/change in