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The Effect Of Fiber On Blood Pressure Readings - 1961 Words

Moreover when looking at the impact of fiber on blood pressure readings, the study was strengthened because of the trial size, the many subgroups, and the randomized placebo control. There were some limitations after looking at the many subgroups taking dietary fiber. None of the trials included dietary effects of potassium and magnesium intake in correlation with fiber intake. Streppel mentions a study by Jee and colleagues showed a small, nonsignificant change in −0.8 mm Hg diastolic (95% CI, –1.9 to 0.4) and BP of −0.6 mm Hg systolic (95% CI, –2.2 to 1.0) after magnesium supplementation (Streppel, 2005). Western countries meet less than the recommended amount of fiber (Streppel, 2005). Further research needs to explore exact biological mechanisms and evaluate different foods that provide more of a clinical significance, and positive impacts on our cardiovascular system. The study on morbidly obese patients looked at a correlation of low caloric intake an d aerobic physical activity (Nordstrand et al., 2012). Aerobic exercises showed stronger clinically positive results. However, as mentioned in previous studies such as the study by Peter and his colleagues, limitations included a lack of randomization, lack of follow up and lack of knowledge of adherence to the guidelines of the study. However, when assessing obese participants in the study by He and his colleagues there was a very strong correlation with weight reduction and blood pressure. Such outcomes may be due toShow MoreRelatedBenefits Of Omega-3 Fats1534 Words   |  7 Pagesdiets. 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The pulmonary circuit, which provides for gas exchange, is served by the right atrium and right ventricle of the heart. The systematic circuit, which supplies blood to allRead MoreThe Cardiovascular System Of The Heart And Blood Vessels1668 Words   |  7 Pages [The purpose of the cardiovascular system is to circulate blood throughout the body. The cardiovascular system transports gasses, nutrients, and wastes. Also, the cardiovascular system protects the body against infection, regulates temperature, and helps maintain fluid balance within the body.] [Cardiovascular disease is a range of disorders of the heart and blood vessels. Examples of CVD are an arrhythmia, coronary artery disease, and congenital heart disease.] [Tobacco use increases the riskRead More Hypertension Essay example607 Words   |  3 Pages Hypertension is the medical term for high blood pressure. A normal blood pressure is 120/80. A blood pressure reading higher or equal to 140/90 is considered abnormally high. Elevated blood pressure means your heart is working harder than normal, putting both your heart and arteries under great strain. High blood pressure is serious business. On average, people with uncontrolled hypertension are:Seven times more likely to have a stroke. Six times more likely to develop congestive heart failureRead MoreHypertension : A Common Disease893 Words   |  4 Pagesis also known as high blood pressure (HBP). It is a common disease which mainly affects people over the age of 60. Hypertension is caused by increased pressure on the arteries. It is measured with a blood pressure cuff. When taking a reading on hypertension, there are two numbers that are used: The top number is called systolic and the bottom number is diastolic. High blood pressure is measured in millimeter of mercury (MmHg). There are four stages of high blood pressure: the normal stage, prehypertensionRead MoreA Short Note On Hypertension And Secondary Hypertension925 Words   |  4 Pageshypertension (High Blood Pressure Frequently Asked Questions , 2015). Another reason why I selected to write my paper on hypertension is I want to know why it is called the silent killer. I also want to know why it affect African Americans the most. Hypertension is defined as a blood pressure reading of 140/90mmHg (millimeters of mercury) or above. Blood pressure is the force blood exerts against your artery walls as it circulates through your body. When the left ventricle contract and expels blood into theRead MorePhysioex 61639 Words   |  7 PagesDanielle Rollins Cardiovascular Physiology Activity 1 1) Explain why the larger waves seen on the oscilloscope represent ventricular contraction. The ventricular contraction is when the blood is sent through the whole body as opposed to the atrial contraction that sends the blood to the heart and lungs. 2) Explain why the amplitude of the wave did not change when you increased the frequency of the stimulation. (Hint: relate your response to the refractory period of the cardiac actionRead MoreFood for Thought Essay1092 Words   |  5 Pagesbrain. In fact, the brain shrinks and can lose 5-10% of its weight with age. According to the Framington Offspring Cohort Study; smoking, diabetes, high blood pressure, and obesity can accelerate brain shrinkage. While good diet choices and exercise can slow the effects of aging on the brain. Different vitamins and minerals support cell growth, blood flow, and control inflammation. Nuts are rich in many of these areas. According to the FDA, â€Å"Scientific evidence suggests but does not prove that eatingRead MorePrednisone Case Study712 Words   |  3 Pagesfive years old. Prednisone has the possible side effects of weight gain, behavior change, delayed growth, and high blood pressure (Genetic and Rare Diseases Information Center, 2017). The loss of the protein dystrophin causes a weak plasma membrane that is damaged while muscle contractions occur. Also, the loss of the protein dystrophin allows both extracellular calcium influx and the release of endogenous ligands. Due to the calcium influx it causes overactivation of calpain, which could have activatedRead MoreBenefits Of Breakfast For Students1145 Words   |  5 Pagesstudents eat. They are not eating while sleeping. By the time they wake up in the morning, the energy they have is not enough for them to think we ll. Therefore, sitting down to eat the first meal of the day is a good opportunity to restore glucose to the blood and produce new energy for activities during the day. Therefore, skipping breakfast will make students feel tired and irritable (Smith, 2011). In contrast, students can improve their school performance by eating the first meal of the day. According

Satire In Catch 22 Essay Example For Students

Satire In Catch 22 Essay America has been involved in the cold war for years. The fear of communism is ruining lives. The country moves closer and closer to the Korean war. Joseph Hellers Catch 22 is published. 1963- College students are seen wearing army fatigues with Yossarian name tags. Reports are being made about a Heller Cult. Bumper stickers are manufactured which read, Better Yossarian then Rotarian. The phrase Catch 22 has surfaced meaning a no win situation it is now an excepted word in the English dictionary. Such a dramatic change in opinion from the earlier, Pro-war society, it is obvious that Catch 22 had some impact on the anti-war movement of the 1960s-1970s. Not to say the book was the one reason the movement started, It was certainly a catalyst. A protest novel, Hellers story portrays the absurdity of bureaucracy, the stupidity of war, and the power they both have to crush the human spirit. Heller uses a war zone setting, to satirise society at large. He compares the commanding officers to Incompetent businessmen. Dont mumble, and mumble sir when you do, and dont interrupt, and say sir when you do. Desiring promotion over every thing else, Colonel Cathcart keeps raising the number of missions the men of his squadron must fly. Even though the army says they need fly only forty, a bureaucratic trap called Catch 22 says they cant go home at forty because they must obey their commanding officers. Much like the work place, the men are forced to go through endless amounts of red tape, which hardly gets them anywhere. Yossarian tries to pretend he is crazy to get out of fighting. He signs Washington Irving on letters he censors, and walks around naked for a couple of days. If someone is crazy he needs only ask and he can be dismissed from duty. Yet, one would be crazy to fly, and only a sane person would ask to stop, Yossarian is therefore not crazy and is ordered to continue flying his missions. Heller also demonstrates the effect war has on ones mind. All of the pilots are coping (except Yossarian) with the war in different waysThe daredevil pilot, McWatt, loves to buzz his friend Yossarians tent. Mess officer Milo Minderbender turns his job into an international black-market food syndicate. Lead Bombardier Havermeyer Zeros in on targets, no matter how much anti-aircraft peppers his plane. Yet the most crazy are the people in charge. A feud between two generals makes picture-perfect placement of bombs more important then actually hitting a target. The general in command is a recluse who orders his aide to let people in to see him only when he is out. The use of comparison is throughout the book, furthering the theme of military ignorance. Besides businessmen, the commanding officers act like insane gods, while Yossarian, is a sort of reluctant Achilles. No matter what the officers throw at him, he keeps on living. He is paranoid that his luck will someday run out. To drive home his ideas, Heller employs satire. He uses humour to convey situations which are utterly horrible, allowing Heller to poke fun at authority. . The reader cant help but be amused at the fact that Yossarians parachute was taken from him in exchange for a share in Milos franchise. Perhaps the most important aspect of the book, is the idea, that individuality is more important then dying for ones country. A second ago you were stepping into college with your lungs full of fresh air. Today you are an old man. Youre inches away from death every time you go on a mission. How much older can you be at your age? A half minute before you were stepping into high school, .u0ab770aa711c00b621261febe77afc64 , .u0ab770aa711c00b621261febe77afc64 .postImageUrl , .u0ab770aa711c00b621261febe77afc64 .centered-text-area { min-height: 80px; position: relative; } .u0ab770aa711c00b621261febe77afc64 , .u0ab770aa711c00b621261febe77afc64:hover , .u0ab770aa711c00b621261febe77afc64:visited , .u0ab770aa711c00b621261febe77afc64:active { border:0!important; } .u0ab770aa711c00b621261febe77afc64 .clearfix:after { content: ""; display: table; clear: both; } .u0ab770aa711c00b621261febe77afc64 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u0ab770aa711c00b621261febe77afc64:active , .u0ab770aa711c00b621261febe77afc64:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u0ab770aa711c00b621261febe77afc64 .centered-text-area { width: 100%; position: relative ; } .u0ab770aa711c00b621261febe77afc64 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u0ab770aa711c00b621261febe77afc64 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u0ab770aa711c00b621261febe77afc64 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u0ab770aa711c00b621261febe77afc64:hover .ctaButton { background-color: #34495E!important; } .u0ab770aa711c00b621261febe77afc64 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u0ab770aa711c00b621261febe77afc64 .u0ab770aa711c00b621261febe77afc64-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u0ab770aa711c00b621261febe77afc64:after { content: ""; display: block; clear: both; } READ: The city of spain Essay. only a fifth of a second before that you were a small kid with a ten week summer vacation that lasted a hundred years and still ended to soon. Zip! They go rocketing by so fast. How the hell else are you ever going to slow down? Yossarian does not believe in what he is fighting for, he thinks its all crazy, There is no point of him fighting, he doesnt have a problem with anybody. This book questions the individual duties a person has to their country. Should they die for their country, or should they question the authority? Is something right, just because everybody says it is? By asking these questions, Mr. Heller was able to appeal to the youth of that day who were asking just the same questions. People were able to rally around his book, because they all could relate to what they were reading. Not to say everyone was a WW-II bombardier, They all were having the same thoughts on war. Mr. Heller uses a perfect blend of realism and totally unreal situations to create his crazy world, a symbol of the absurdity of modern bureaucracy. This novel is a far cry from earlier novels about WW-II, usually heroic with realistic language, just concentrating on the actual fighting. This book is not about heroism. It is about the preservation of individuality. Something that is now important to all of us.

Lizanne de Beer, 2014120162 Essays (2552 words) - Literature

Lizanne de Beer, 2014120162 ENGL 3718 SEMINAR: Sylvia Plath's The Bell Jar Dr Mariza Brooks 6 April 2017 Esther's struggle with depression reveals itsel f in the novel in two independent segments of the book . In the first "segment" of her life, Esther is perceivably sane: she is a brilliant student and writer working for a glitzy ladies magazine in New York. S he battles with artificial friendships and an overbearing mother while juggling her numerous passions and talents, dogged with the realization that women in her era are hardly ever able to accomplish all that she desires. The second section of the book showcases her trail into psychosis, as she is admitted to mental hospitals and is forced to receive electros hock treatments - a horrifying look at mental facilities in the 1950s . It is Esther's attempted suicide, the result of immense inner torment that lands her in psychiatric hosp ital. She is feeling overwhelmed by the social pressures of the female sex. Esther begins to demonstrate a feeling of heaviness at the choices that lie ahead of her as a woman and she is unable to be released from underneath "the bell jar" of her depression and bitterness - "because wherever I saton the deck of a ship or at a street cafe in Paris or BangkokI would be sitting under the same glass bell jar, stewing in my own sour air." (Plath, 2013: 178). Yet, even as Esther describes h er own depressive thoughts, the reader is still able to follow her struggles. She conveys her struggles so painfully accurate that she does not seem "mad" by the clinical definition, although those around her in the novel would entirely disagree. A bell jar is a bell-shaped glass cover used in biology and science to protect and display delicate objects and to cover scientific apparatus. It is such an apt title. It represents mental illness itself: a heavy, confining jar that slopes over one's very mind and handicaps the ability to fully, freely live. "It's quite amazing how I've gone around for most of my life as in the rarefied atmosphere under a bell jar." (Plath, 2013: 250). Although expressed by Sylvia Plath, this statement fully applies to the protagonist Esther Greenwood in Plath's novel The Bell Jar. Whilst most people believe the title refers to her suffocating clinical depression, it is also essential to remember that it also illustrates her feelings of imprisonment in a patriarchal world and society she can neither accept nor reject. Both Sylvia and Esther suffer from living under this sort of glass bell jar which makes it hard for them to breathe and to break free from the regulations of contemporary society (Huf, 1991). She confesses that her trip to New York is the " envy of thousands of other college girls just like me all over America " (Plath, 2013: 2). But what was expected to be a " real whirl " "turns out to make her feel " numb " ; "I felt very still and very empty " (Plath, 2013: 2) . These feelings are not limited to Esther, as she observes that her eleven other female companions "looked awfully bored" (Plath, 2013: 4) in their attempts to play their socially ascr ibed roles, painting their nails while living it up in America ' s centre of culture , of finance and fashion. Esther's companion in New York is a blond, beautiful southern girl with a sharp tongue. Esther envies Doreen's nonchalance in social situations and the two shares a witty, cynical perspective on their position as guest editors for a fashi on magazine. Doreen rebels against the normal convention s that Esther admires but cannot ent irely embrace. Throughout the novel there is a very contradicting stance on women, as women were only allowed to explore their career options up to a certain extent (Ames, 1999). We see this when Esther takes an internship in a fashion newspaper, however when it came to men and marriage , they had to forget about their aspiration s and fall back to the conventional , "white picket fence" expectations of tending to their husbands and children . One of Esther's problems is

The eNotes Blog If Youre Going to Procrastinate, You Better Do ItRight

If Youre Going to Procrastinate, You Better Do ItRight A little unorthodox advice from a fellow studentour intern. There’s winter, spring, summer, and fall†¦ And then there’s midterm season. For us quarter-system kids, the time is now. (For you semester kids, don’t pity us- they’re coming for you.) If you’re in college, you know this is one of the worst times of the year. It feels like you’re being pummeled by hail until you’re curled up in the fetal position and simultaneously being burned by blaring sunlight shining through holes in the ozone. And   then maybe being stung by a jellyfish. Somehow, we prevail, though, and keep on chugging through until the next exam season rolls around. We’re really awesome when it comes to making it out alive. What we aren’t good at is studying â€Å"efficiently.† If you are not a procrastinator, congratulations. You’re awesome. I respect you. I literally don’t know how you do it, and I don’t think I ever will. But I want to give you some props. So, here. ::gives props:: Most of us though†¦ we’re world class procrastinators. Spoiler alert: I’m not going to write about ways to change procrastination behaviors. For us tried and true procrastinators, changing the habit is not a process that can occur over night (like cramming)- it’s going to take a lot of work. MTV Intervention style work. And since you’re likely already amidst the test season, there’s no turning back now to try and fix your situation, because you’ve already dug yourself a nice, fat hole. So for the 95% of the population that falls prey to this habit, I thought I’d talk about some ways to really get the most out of your procrastinating. If you’re going to procrastinate, you might as well do it well and with style. These tips will make you the talk of the library. Television. You could catch up on all those sitcoms you watch. But if you want to up your game, you should really start watching a new show entirely. For maximum exploitation of this procrastination period, I would recommend shows that have at least 3 seasons, can be watched on Netflix or HBOgo and even Hulu (if you don’t mind the obnoxious advertisements about car insurance). If you don’t have subscriptions to these sites, the person next to you probably does. Make new friends†¦and then exploit them for their subscriptions. Go through your list of New Years Resolutions and try to bring them all to fruition in an expedited fashion. Need to be healthier? Why not spend 7 hours at the gym taking every class they offer that day, or maybe hang out in the produce section of the grocery store, carefully selecting the fruits and vegetables you need to create the healthy feast you’re about to cook (which will take another 3 hours). Want to travel more? Get on a bus and just, you know, get off at a random stop. Then find your way home (This can also help with a â€Å"get to know the city you live in† resolution). StumbleUpon. Get an account. Waste an entire afternoon. Excellent. YouTube. Don’t stop. We all get caught up in the recommended videos in that darned sidebar. Why fight it? Watch all of them. Especially the tutorial and challenge ones, which you must obviously watch and also perform yourself. Oh! And read the troll comments. You have to read the troll comments. N64. You don’t even need to get off your couch for this one. Those hobbies you dropped back in the day because, I don’t know, band became â€Å"un-cool† and your art teacher scared you- pick them up again, and do them until you are just as good as you were back in the day. Clarinets are going to be making such a huge comeback. Sleep Read for pleasure. Les Miserables is over 1000 pages, and then there’s always encyclopedias and the dictionary. Buy the entire contents of your nearest grocery or convenience store, and eat each item in succession. No one can eat and study at the same time. It’s scientific fact. You can even do this one with friends. Remember all those things you had to do that you kept putting off that don’t have to do with school? They’re lookin’ pretty good right now. Who doesn’t love laundry? And then you just cram. Cram like the wind. Do anything you can to stay awake and absorb every bit of that information you didn’t even take in when it was first presented to you in lecture (because you were sleeping). Caffeine is your friend, water (thrown at face) is your friend, uncomfortable chairs are your friends, is your friend (shameless plug). Your bed is your enemy, pillows are your enemy, thoughts about things that aren’t your exam are your enemy. You know the drill. You’ve got it down pat. Really, though†¦ you should try not to procrastinate. You won’t learn as much. †¦ But if you do procrastinate, I mean†¦ just do it right. In life, you really should always give your all. You don’t want to be the kind of person who only gives 50%. It’s time to step it up and reach your true potential. You came to college for a reason, right? Procrastinate like it’s what you were born to do. I have to go watch the entire Lord of the Rings trilogy, now (it’s the extended edition), so I’ll leave you with this one line to rule them all: I have faith in you.

How Content Can Catch Fire With Amplification Process With Heidi Cohen

How Content Can Catch Fire With Amplification Process With Heidi Cohen Do you do whatever you can to get a prospect’s attention? Many marketers actually miss the mark when it comes to connecting their customers and content. Today, we’re talking to Heidi Cohen, chief content officer of Actionable Marketing Guide. She describes how you can build momentum to keep your content visible, consumable, and actionable. Also, Heidi shares a method to follow for your content’s amplification and distribution process. Difference between distribution and promotion of content Distribution Method: Ignite (up to first three days): Build a network and spark participants’ interest and willingness to engage with and share your content Fuel (first month): Plan, manage, and schedule social media marketing to keep content fresh and visible; utilize many mediums (i.e. video, audio) Spread (ongoing): Road test content to determine what works or doesn’t to attract new people; perform audit to update content and get conversions Less than 60% of digital traffic is human; build relationships and be creative to reach humans who will share your content Ways to create new or keep content going include visuals/images, guest posts, build authority, get people involved, take content live, and go to conferences Links: Heidi Cohen Subscribe to Heidi Cohen’s Newsletter Hootsuite Buffer Aaron Orendorff How To Avoid The Most Costly Mistake In Influencer Marketing With Shane Barker Andy Crestodina Steve Dotto The Secret 3 Steps For Content Amplification And Distribution Success 5 Basic Content Types Customers Need How We Increased the Readership of Buffer’s Blog to Over 1.5 Million Visits Yale Appliance Brian Dean The New York Public Library on Instagram How to Network at a Conference: 101 Tips From Marketing’s Best Content Marketing World Gini Dietrich Write a review on iTunes and send a screenshot of it to receive a care package! If you liked today’s show, please subscribe on iTunes to The Actionable Content Marketing Podcast! The podcast is also available on SoundCloud, Stitcher, and Google Play. Quotes by Heidi Cohen: â€Å"You don’t want to have your promotions look like wallpaper meaning that no one sees them.† â€Å"Optimization is key because it’s not just that one shot in the dark.† â€Å"You’ve got to make sure that everything you create has‘connected content’.† â€Å"Keeping that content going is way cheaper than creating it again.† Im a big proponent of testing and tracking to get those incremental 10% improvements.

Theory of Economic Deflation Essay Example | Topics and Well Written Essays - 500 words

Theory of Economic Deflation - Essay Example This process is deflation. The two pair of key elements that are involved in deflation theory is 1) goods and money and 2) demand and supply. The sum of amount of goods and money; and the demand and supply of both goods and money influence the economy of a nation or it can be called as economic decider. The demand and supply of goods results in deflation: if there is decrease in demand of goods or increase of supply of goods. The decrease in demand of goods is due to decreases in money supply or unavailability of money. If the supply of goods increases the price or the demand of the product get reduced. If this happens for all products at a point of time then it is called as secular deflation. The reduction in the transaction due to less money availability is also comes under deflation. "Overall the causes for deflation are: 1.Decreasing Money Supply, 2. Increasing Supply of Goods, 3. Decreasing Demand for Goods and 4. Increasing Demand for Money" (What is Deflation, n.d) Deflation has positive as well as negative effects. Stephen Davis (2003) points that people have got idea of deflation as reduce in rate of goods and its actual reduction in price. The deflation plays very good role for people who have large or considerable revenue in his/her hand. In terms of share market during deflation the market shares goes down and hence it's simply the golden period for investor.

Effectiveness in the global organisation Essay Example | Topics and Well Written Essays - 2500 words

Effectiveness in the global organisation - Essay Example This study evaluates fundamental functions and concepts of management and the challenges that global organisations face with respect to management function. Leadership as the essence of management has defined or determined the fate of many organisations, at local and global levels. However, leadership at global levels is greatly influenced by factors such as behaviour, perception, attitudes, and knowledge impacted by sociocultural aspects. An awareness of challenges to leadership through ground-breaking principles proposed by Hofstede and Trompenaars is necessary to understand how leadership can contribute to the success of global organisations. Management has been defined in many ways by various people. Earlier, management was defined as ‘getting things done through other people’; currently, management is referred to as ‘working with and through other people to accomplish the objectives of both the organisation and its members’ (Montana & Charnov, 2000; p.2). Evolution of this concept is traced back to Frederick Taylor’s scientific management, also known as Taylorism; later refined by Henry Ford, known as Fordism. However, the foundation for management principles is said to have been laid by Henry Fayol in the form of five elements or functions of management: planning, organising, commanding, coordinating and controlling. Fayol also developed 14 management principles from these functions (see appendix 2.1). These management practices were framed to direct workers to follow specific steps that will help in achieving the larger organisational goal, driven through managers (Lucey, 2004). The process of trans-migration of humans from one place to another for food, eventually trade and business solidified attributed to the huge monetary gains; this process further intensified with increasing needs, development of means of transportation, technology, communication; further reinforced by increasing population, demand for

Fate vs. Free

Fate vs. Free Will Essay What we do, where we walk, how we act and what decisions we take; are they guided by our free will or by the hand of fate? Even if we do have free will; are we one hundred percent, truly free or is free will just training wheels carrying us along different paths to our predestined location? If so, we are inherently limited from birth in the aspects of our intelligence, success, and true freedom depending on how binding the shackles of fate truly are. We cant control circumstances of our birth or generally life-altering things that are out of our control such as a random lightning strike or traffic accident, but perhaps we can control the broader course of our life through our actions. One who trains their body diligently and with supreme effort may become a famous MMA fighter with a body that the ancient Greeks would marvel at, but what if that persons profession and training were stamped into him at birth? At conception? At the beginning of time itself? Possible, but what if he just made a decision one day and earned it? There simply is no way to know, short of speaking with the divinity that has assigned us all our fates if such a being exists. Say we are all prisoners in an inescapable prison of destiny. Perhaps some of us are given the opportunity to control our fates. Perhaps some of us are afforded a choice between the blue pill or the red pill; the choice to be a living puppet or to break into our own universal order and control our own lives. We will never know. The one thing we may know however, is that we may be given this choice one day, and this rift in the balance of the universe will afford us enough free will in the situation simply to make the decision between the blue pill and the red pill. We can know in our hearts what our decisions will be when we are handed our destinies and told to take control and become the master of our own destinies or release them back into the cosmic wind, and become a simple puppet once more. I can speak for no one but myself, but I know my answer in my heart. The thought of my life being anything but my own up until this point sickens me. I will not be a puppet, I will not be led forcefully through my destiny by the imperceptible shackles of fate. I will take control of my destiny, steer my own ship; I will be the master of my own destiny if the expense is my life; because I know the life I led will have truly been mine.

Emily Brontës Wuthering Heights :: essays research papers

Wuthering Heights Emily Brà ¶nte Wuthering Heights, written by Emily Brà ¶nte, is a story about the Earnshaw family who own a place called Wuthering Heights. Wuthering Heights is located on the moors. It narrates the story of the Earnshaw family, Heathcliff and the love story behind them all. Wuthering Heights is a strange, agonizing and powerful novel. It is said that revenge is the dominant theme of the book. Towards the 2nd part of the novel, the focus of the story was about Heathcliff planning for vengeance against the Edgar Linton. Edgar Linton is the person who married Catherine who was Heathcliff’s only love. The heroes in the story are Edgar Linton and Hareton Earnshaw. Heathcliff is considered as the villain. The book is also taken over by sin and retribution (crime and punishment). All the characters sin in some way are punished, with the exception of Cathy and Hareton, who manage to destroy evil in their lifetime. Major Characters: Mr. Earnshaw- Mr. Earnshaw is the one who brought Heathcliff to Wuthering Heights. He is the owner of Wuthering Heights. Mr Earnshaw is a brusque Yorkshire farmer. Hindley Earnshaw- He is cruel and he lacks character. He also can be describe as the artistic type. He was neglected by his father especially when Heathcliff arrived at Wuthering Heights. Catherine Earnshaw- She is a wild, impertuous, arrogant girl. Despite her feelings for Heathcliff, she decides to marry Edgar, knowing full well that Heathcliff is the true love of Catherine. Before she dies, she says that she wants both Edgar and Heathcliff to suffer. Hareton Earnshaw- He is the son of Hindley and Frances Earnshaw. He was reared by Heathcliff as part of his plan to punish the Earnshaws. Hareton reflects Heathcliff’s cruel nature. Healthcliff- An adopted member of the Earnshaw family. As a child, he was sullen and impatient; as a young man, he is sullen, impatient, vengeful and cruel. He has an all- engrossing passion for Catherine Earnshaw, and when she marries Edgar Linton, he spends the remainder of his life in spiritual torturement. Linton Heathcliff- The son of Heathcliff and Isabella Linton. He is sickly and unmanly. His death is hastened because of Heathcliff’s neglect. Edgar Linton- A devoted suitor of Catherine, he becomes a recluse after her death. He develops a fondness for young Cathy, but he is no match for Heathcliff., who is determined to make Cathy pay for her mother’s caprices. Cathy Linton- Edgar’s darling; she inherits her mother’s pride and determination and

Identity and Language

Belongingness is not just a simple word to imply being in a crowd or with the crowd, instead it also tackles that the individual fit in and feel right with the people, the environment and the situation he is in. A person, as a social being, naturally would want to create bond and belong to a certain group or society. Yet, there is also a deep emphasis that is connected with the expression of oneself or identity. Identity refers to a person’s background generally. It is not simply limited to one’s name, social status and age but it also includes ethnicity, capabilities and attainments.To express identity is to stress on the difference between the person and the group where he belongs. Thus, belongingness and identity somehow shares a paradoxical relationship as indicated by Rodriguez in his essay ‘Public and Private Language’ (1982). Rodriguez tries presents his experience being a bilingual in the American Society. Rodriguez discusses the difference between the private and the public spheres focusing on the role of language to produce an identity, which promotes public access to university, jobs and society.In Rodriguez work, he undermines the importance of having a private individuality, which is designated by the use of native language at home. Since private language is something that the whole family understands and a way by which the entire family express, it becomes the family individuality. To this end, it creates a wall around the person that blocks the way to understand and appreciate the words and sounds he hear in school, on the streets and even in the television. It somehow deprived the individual an access to the public sphere, which results to ignorance of the society.Being able to speak a public language enables the person to communicate his thoughts to another person. It gives the person the power to express himself more effectively and interact with the whole society. To this end, it is a disadvantage if a person will c onfine himself within the private language inside the family. As Rodriguez noted, the lack of the capability to express one-self and to assert one’s thought in the public language makes a person shy, silent and scared to be laugh at or be considered as a fool.It therefore takes away some access to public societies such as making friends, engaging in civic groups. Every word utter by the person in private language is considered as an indiscernible codes for those who find the language as a foreign language. Often times, this results to stereotypes and marginalized view placed by the society. If one will not be able to set up a public individuality, chances are that the public would give the person a public identity instead. Meaning, a person is not forced to recognize a public identity yet using private language delineate him from participating in the public sphere.This gives the public a change to marginalize the person along with those people with the same ethnic background. Therefore, a language can affect or even shape a person’s identity. Take for example what Rodriguez pointed out when he tries to emphasize how the teachers try their best to get him to speak in the class. Having different private and public languages keep the person away from other people. Since he could not fully understand what people around him speak about, he could not make friends. He develops fear or inferiority when speaking with other people.Although he has a positive private identity at home, his relationship with the people in the English-speaking world is known to demonstrate public isolation. He could not feel a sense of belongingness from the outside of his family’s home. A great gap undermines societal productivity and involvement exists. Rodriguez further emphasized that the private language used at home is designed to express personal thoughts and opinion while the public language is a way to make other people know how you understand things.In school o r the university, the public language serves as a standard to which discussions and information are conveyed. It makes a child ‘socially disadvantage’, as illustrated by Rodriguez, if he cannot communicate his thoughts well in school. A public silence engulfs the child making him feel ‘alien’ in the public world. The child will not be able to answer the questions in class. He would not be able to chat with other people. On the other hand, being able to speak the public language would yield to beneficial results.It can improve the social interaction of the child with other kids. Moreover, it helps the child to understand the lessons more coherently. It might as well improve the child’s self-confidence. Since language affects a person’s identity, it is crucial in gaining access not only to universities but to a job and social status as well. Since the United States is considered as a melting pot, then it is inevitable that a certain universal la nguage must be set in the society and the work place to help one culture communicate with another.Despite the fact that personal and private identities served their importance in individualism, it cannot create understanding between two people speaking different language. Thus, it is important for people to posses a public identity which will transcend the ethnical and/or cultural diversity in the society. Rodriguez also elaborated how the ‘sounds and the words becomes tightly wedded’ as he successfully immerse to the English (public) language. Nonetheless, he also recognized the fact that being educated with the public language negatively affects the private identity that the family formerly holds.Changes occur as the use of another language is being learned and the private language is kept in silence. On one hand, there seems to be a door, which opens to the public world. It is as if fences are cut down, to help the family look over, and enjoy the society. Therefore, the family becomes a part of the society and not anymore in the private sphere. On the other hand, the family becomes more absorbed in the society that they do not express themselves in the same way. There are also changes in the way that family members see the other members as apart of their family and of the society.Indeed, despite all the benefits of engaging in the public language, there are still some pitfalls. The fact that the parents are not being able to adjust as fast and as well as their children in using the public language creates a fissure in the relationship inside the family. The dominant language marginalized or excludes the ethnic or foreign speakers at the time that the merge between different cultures starts. Certain groups might feel that they are not given enough opportunity and a language barrier might stem into different misunderstandings (in the public sphere such as university and work place).The marginalized groups might feel oppressed and even more; they might want to have the opportunity to express themselves in their native tongue. With this in mind, they could either seclude themselves from the public or learn to speak the public language. Becoming bilingual indeed lessen the individuality of the person’s private association. Nonetheless, it also empowers the person’s public identity. As stated above, the United States is supposedly a melting pot. That is, assimilation of different cultures are greatly promoted or at least emphasized.For assimilation to occur, a public language must be used especially when dealing with public matters. Private languages obstruct the absorption of culture and limit the person’s ability to communicate in the public. I agree with Rodriguez when he emphasized the importance of public language. It is indeed a tool that a person can use to communicate and create a public life. Indeed, it is something that determines a person’s access to various public institutions. Nonetheles s, I disagree with how Rodriguez evaluates the importance of the private identity.It seems, as though, Rodriguez does not see its importance in the person’s cultural identity. Becoming too much submerged in the process of assimilation, a person might as well loss his/her personal culture. Thus, if a person would grow up and adapts the public culture, most specifically language, he moves away from his own cultural identity. At the end, there will only be a dominant public culture and the assimilation and the presence of other culture would not be anymore visible.The cultural identity of a group would diminish especially if children will not be able to be educated with the private language, identity and culture. The child would see himself as an American rather than a Spanish American. It takes him away from his origin/s deluding his history with that of the American history. It replaces his language as well as his identity as a whole. There is also the issue, as discussed by R odriguez, of broken communication at home. Since parents are not as well adept with the English language, communication becomes a problem. Works Cited: Rodriguez, R. Public and Private Language. (1982).

Decentralization under Articles of Confederation

The constitution adressed the problems of decentralization powers under the Articles of Confederation. Three problems that existest were no national currency, unicameral legislature, and cogress had no ability to tax. The tension between decentralized and centralized power are argued to still exist through environmental policy, gun control, and disability access. These tensions are illustrated in deforestation, no â€Å"national police† to control firearm distribution, and the Americans with DIsabilities Act. One major problem of decentralized powers under the Articles of Confederation is that there was no national currency.Each state had a different type of currency that could only be used in that state. For example, money in maryland could not be used in virginia and sometimes even had a different value. The Constitution created a national standard and a National Bank to solve this problem. Another problem of decentralized powers is that the Aticles of Confederation had a un icameral legislature, which meant no power check. The three branches of government could not hold any sort of power over the other so it opporated more like three separate functions rather than one government for the people.The newly created bicameral legislature took care of this problem in the Constitution. A third problem was that congress had no ability to tax. After the Constitution was passed, congress could tax and therefore could have money to fund things like job creation and war. There are ongoing tensions between state governments and the federal government when it comes to power and its control over citizens. An environmental policy example is that some states find it more difficult to abide by federal guidelines for deforestation because they have big populations that are growing even larger.A gun control example is that since there is no â€Å"national police† to control the distribution of firearms (both legal and illegal) it will have to be handled by the stat e police which costs states money. State buildings and private buildings are required to be built to accommodate people with disabilities because these people are protected by the Americans with Disabilities Act. Since their civil rights can not be violated, they have to have equal access. This, again, costs states money to bring buildings, streets, etc, up to standard.In central governments the national government has a national policy, in decentralized government states have to meet the guidelines created by the law or face fines/removal of federal funds. The Constitutions was an attempt to address the problems of decentralized goverment which were no national currency, unicameral legislature, and cogress had no ability to tax. The tensions between decentralized and centralized power are still agrued to exist today in environmental policy (deforestation), gun control (no â€Å"national police† for firearm distrabution), and disability access (Americans with Disabilities Act ).

Energy Resources essays

Energy Resources essays For this paper, I am going to explain different geological energy resources. Along with the different types of resources, you will learn about what they are made of and how they are used. One can divide the energy resources of the world into two divisions: Renewable and Non-renewable. Renewable resources include chemical and nuclear energy, while non-renewable resources are solar, hydro, wind, and geothermal. (See Table 1 in the Appendix to see the worlds usage.) Although working with a group was recommended for this research paper, I found out all the information by myself. Because the internet is often unreliable, all of my information is gathered from the Fremont Main Library. I checked out books four weeks before the paper was due and spent the first two weeks getting information and making notes of what I read. Moreover, as previously learned in high school, I used index cards to make note cards. With the note cards, I organized them by types of energy, so when writing, all the information I had would be in order. When the time came to write the paper, I found Microsoft Word easiest to use. Most of our energy comes from non-renewable resources. However, chemical and nuclear energy is being used faster than it can be replaced. Chemical energy consists of all the energy bound up in fossil fuels and biomass, and it supplies over 90% of the current US energy needs. Commonly used fossil fuels are oil, natural gas, and coal. Oil is made of a mixture of hydrocarbons, which consist of carbon and hydrogen atoms. It is found underground between folds of rock and in areas of rock that are porous and contain the oils within the rock itself. Nearly 45% of a typical barrel of oil is refined into gasoline. An additional 45% is transformed into other fuels such as propane, jet fuel, diesel fuel, home-heating oil, and heavy fuel oils for industries, ships, and electric power plants. The remaining 10% is used to make p...

ESL Beginning Opposites Lesson Plan

ESL Beginning Opposites Lesson Plan Learning new vocabulary often requires hooks - memory devices that help students remember the words they have learned. Here is a quick, traditional and effective exercise focusing on pairing opposites. The opposites have been divided into beginner, intermediate and advanced level lessons. The exercise can be done as a matching exercise, or, for a greater challenge, students can be asked to come up with the opposites themselves. Both types of exercises are included in the resource section of this lesson. Aim: Improving vocabulary through the use of opposites Activity: Matching opposites Level: Beginner Outline: Divide students into small groups and distribute the opposites worksheet. Ask students to either match the opposites (exercise 1) or write the opposites (exercise 2). If you have more time, you can ask students to first match the opposites and then write out the opposites individually. Alternatively, you could give exercise as follow-up homework. Correct in class. Expand the exercise by asking students to provide synonyms. Exercise 1 - Match the Opposites boyspeakoldrightfarfootsisterwifeblackcoolbuycleansmallwomanbegindrinkfullfatstand upfathershorthardcoldlight big, largebrotherdark, heavydirtyeatemptyendgirlhead, handhothusbandleft, wronglistenlong, tallmanmothernear, closenew, youngsellsit downsoft, easythinwarmwhite Exercise 2 - Fill in the Opposites boyspeakoldrightfarfootsisterwifeblackcoolbuycleansmallwomanbegindrinkfullfatstand upfathershorthardcoldlight Intermediate Level Opposites Advanced Level Opposites Back to lessons resource page

Responses - focused - adequete detail- clear point of view Essay

Responses - focused - adequete detail- clear point of view - Essay Example Instead, he is offered Celie by her stepfather. He resents her as she is not his first choice and therefore treats her as a slave. Celie’s life consists of caring for Albert’s poorly behaved children and tending to his unkempt home. She is raped and beaten on a regular basis. Because of this level of abuse, Celie reverts into a state of almost silence and withdrawal. She has really never known anything other than hardship, abuse, patriarchal dominance and rape. Unfortunately, these events are frequent and seem normal to her Celie as it is all she has ever known. A source of strength for Celie however, is her close friendship with her sister Nettie. In fact, Nettie comes to live with Celie and Albert for a time. During this time, Nettie and Celie share and enjoy a close sisterhood where Nettie teaches Celie to read. Albert however, consistently attempts to force himself on Nettie just as he does with Celie. Eventually, Nettie angers Albert when she rejects him. This causes Albert to throw Nettie out of the house which then separates the close sisters from one another. Celie is able to find closeness with another individual when Shug Avery comes to live with Albert and Celie. Shug is centrifugal in showing Celie how to find strength and acceptance within herself. Celie shares a close and almost romantic kinship with Shug but ultimately, Celie blossoms into a woman of tremendous character despite her terrible and unfortunate childhood and youth. Margaret Atwood has written several works in her career as a great essayist, which explore the concept of identity as well as loss of self. The two works in particular which depict such concepts and events are titled Great Unexpectations and Travels Back. The first work, Great Unexpectations is actually an autobiographical forward where Atwood discusses her origins as a writer as well as her fears surrounding writing as a woman. Atwood points out the clichà © of writers

A Life Journey of Mao Zedong Essay Example | Topics and Well Written Essays - 500 words

A Life Journey of Mao Zedong - Essay Example Mao was born when the Qing Dynasty was on the course of the breakdown of its powers over the ruling of China. For two hundred fifty years, Qing Dynasty ruled China with strictness. But they were in a quandary as to how to hold on to their authority. The rulers were in a difficulty over the peoples’ unrest. For over thirty years the Qing rulers had been trying to reorganize their land and naval forces and to equip them with modern Western weapons but Japan easily won in the war of 1894. (1) Foreign nations colonized the different parts of China. Powerful nations like Japan, France, Germany and Great Britain were interested in dominating China. Rebels tried to fight to regain Beijing in 1900, killing foreigners and Christian Chinese. This brought about more foreign invasions. Authorities in the other parts of China beheaded rioters and rebels. Qing Dynasty crushed down in October 1911 by the uprising of militant rebels. Though Spence briefly skimmed historical events during the early years of Mao’s life, significant dates, events, and persons were included. The book is a brief but close up portrait of Mao Zedong from his childhood years to the time when he ruled China. Spence combined history and storytelling on Mao’s climb to power. From a common villager without extraordinary talents to a learned man, Spence connected the series of events that led Mao to the peak of his rule. An interesting biography to read and understand this man with a great vision of China’s social and economic change.

Ethics Assignment Example | Topics and Well Written Essays - 500 words - 5

Ethics - Assignment Example gher standard of behavior by society, because they are stewards of the public trust and are empowered to apply force and remove constitutional privileges when lawfully justified† (Gleason). Police does not only take an oath of protecting the nation, but is also expected to adhere to the highest standards of ethics and respect the laws they enforce upon others. Proper ethical training helps the police recognize ethical dilemma, identify solutions, select the most appropriate solution from among a range of options, take prompt action, and take responsibility for the consequences. There are certain strategies that the police leaders can adopt to instill ethics in the organization. (Zuidema and Duff) highlight some of them; The police leaders should make the ethical behavior a necessary part of the organization’s mission and values. These values include but are not limited to leadership, dedication, and professionalism. This way, it becomes more convenient for the employees of the police department to recall the terms since they are part of in the organization’s initials. The best way to achieve this effect is to display the values of ethical behavior for the officers and the community members on the brochures, website, and cars used by the organizational personnel. The police leaders should emphasize upon the ethical behavior in such organizational events as meetings and sessions of training and skill development. Inviting the sworn officers of law enforcement at all public ceremonies held by the organization to recite the oath of honor can be a potential way to achieve this. Police departments can also place emphasis on the ethical behavior in the philosophy of their organization. For example, the officers may be granted the power to solve problems individually and make the required decisions in mutual consensus with the citizens. If the officers are granted this right, this would not only make them more particular about the ethical concerns and implications

Building on Porters Value Chain Model for Design Management

Building on Porters Value Chain Model for Design Management Building on porters value chain model (1985), design management creates value at three different levels: management of design activities, integration of design function into all business processes and decisions to the design vision within the company vision and strategy (Sinha, 2002). What is Design? Design is a process of seeking to optimise consumer satisfaction and company profitability through the creative use of major design elements (performance, quality, durability, appearance and cost) in connection with products, environments, information and corporate identity (P Kotler, GA Rath, 1984). It involves a wide range of professions in which products, graphics, services, interiors and architecture all take part. Design is a problem solving, systematic, creative and a coordinating activity (Borja de Mozota, 1998). It is a creative and management process. Design is a process that has four essential characteristics (Walsh et al, 1992). The 4Cs Creativity: the creation of something new Complexity: decisions on large number of parameters and variables Compromise: Balancing multiples and conflicting requirements Choice: making choices between many possible solutions to a problem at all levels Why is Design Important? Design enhances products, communication, environment and corporate identity. Design objective is to create high satisfaction for target customers and profits for the enterprise. It is an important strategic tool in firms unending search for a sustainable competitive advantage. Design seeks to discover and assess structural, organisational, functional, expressive and economic relationships with the task of enhancing global sustainability, environmental protection, giving benefits and freedom to entire human community, supporting cultural diversity despite the globalisation of world. (Borja de Mozota, 2003). Designers play an important role in how companies use information, how product information is documented and communicated (Lawson 1990, vossoughi 1998, French 1994). Design involves finding and identifying problems as much as solving them (Lawson, p.136, 1994). What is Design Management? Peter Gorb, 1990 defines design management as the effective deployment of the design resources available to a company by line managers in order to help the company achieve its objectives. Design management involves managing the creative process within the corporation and managing the company according to design principles. it is about managing the processes of innovation and design. Design management analyzes the diverse elements necessary for the successful integration of design as an essential component of design strategy (Gianfranco Zaccai). Importance of design management pg 68 Creativity is a process which results in a novel work that is accepted as tenable or useful or satisfying by a group at some point in time (Stein 1956). Creativity has been considered as a type of problem solving (Matlin, 2002). Puccio, 1997 illustrated that creativity contributes to effective leadership and discovering new and better ways of solving problems, the effective use of human resources and the rapid growth of competition in the business. Design is regarded as a creative process. The process has five phases, each having a different objective and corresponds to the production of visual outputs. (Borja de Mozota, 2003) These design phases are identical no matter what the design project is. PHASES OBJECTIVE VISUAL OUTPUTS 0. Investigating Idea Brief 1. Research Concept Visual concept 2. Exploration Choice of style Rough of ideas, Sketches, Rough of presentations 3. Development Prototype detail Technical drawings, Functional  model, 3-D mock up for visual  correctness 4. Realization Test Documents of execution,   Prototype 5. Evaluation Production Illustration of the product The design process (Borja de Mozota, 2003) In preliminary phase, the idea is generated and the problem is identified which can be solved by the design. In phase 1, the designer analyzes the positioning of product and discovers the technical and functional parameters of the project. In phase 2, the designer makes rough sketches of different possibilities using all his creative resources for the clients. Selection is made between different solutions which are to be developed in phase 3. In phase 3, the selected solution is formally represented in three dimensions. The model is used for various tests and the final model is then adopted ending the creative process. In phase 4, the designer works on realization of a prototype for the project. This requires the collaboration of different departments. In phase 5, tests are launched in three different directions: technical control, calculation test, and marketing evaluation. FCUK French connection, also known as fcuk, founded in 1972 by Stephen Marks was designed to create fashionable clothing aimed at a broad target market. French Connection offers a fashion-forward clothing range with a quirky spin on design, priding itself on quality and affordable prices. Fcuk represents French Connection United Kingdom, and is the casual French Connection clothing range; it has developed into a brand name which is highly renowned and an acronym that relates to the French Connection logo. The French Connection brand operates in the fashion-orientated high street retail market offering a fashion-forward range of quality products at affordable prices. Customers, typically aged 18-35, appreciate that the brand is at the leading edge of high street fashion and offers quality and style in its products. The design teams are based in London and products are manufactured in specialist facilities in Europe and Asia (Fcuk.com, 2009). French Connections operations cover several dist ribution channels, from their own retail outlets, wholesalers in North America, franchises, mail order, to concession stores in a variety of department stores such as Selfridges. French Connection is now one of the most recognisable fashion brands on the high street with a global reach, operating in over 30 countries, with over 1,000 stockists worldwide (fcuk.com, 2009). In February 2001, French Connection paid  £23 million pounds sterling to its US joint venture partner Best of All Clothing who had been operating the 24 French Connection stores before the buyout. Now French Connection holds complete independent ownership. Product/service offering The company design ranges of products for both men and women from underwear to outerwear, casual wear to suits, denim, accessories and childrens wear. French Connection has expanded into new markets at a phenomenal rate and the product range is now hugely diversified. The company began by selling clothing to the mens and womens market, originating as a fashionable clothing range, and has now extended its brand in recent years to include fashion accessories, make-up, toiletries, even condoms and not forgetting more recently alcoholic drinks. Brand licensing plays an important part of the companys strategic plans for expansion with licensing deals revenue. The company has developed into a brand licensing company rather than solely a fashion retailer. The brand had even expanded into radio, with the launch of FCUK FM. The core plan behind the idea is to target 18- to 35 year old to the brand in the future. Fcuk follows a specific pattern to achieve its organisation goals. FCUK advertise d Scent to bed in publications, print ads in magazines that included cosmopolitan, Marie Claire, Maxim and FHM whose readerships were primarily consisted of girls in their early and middle teenage years. Fcuk remained convinced that the campaign was right for its target market. Focus remains to produce fashion-forward products to build on the success of the ladies wear ranges (Fcuk.com, FY09 presentation). USPs French connections controversial ad campaigns with the fcuk fashion developed the brands bold, and witty attitude that has made customers think; with a desire to be innovative, distinctive and yet be affordable and accessible. Their adverts are not like the usual fashion advertising, they leave it open to interpretation of the customer. Fcuk witnessed a sudden fall in late 1980s, but it became one of the hottest brands in England in late 1990s and early 2000s, thanks to its controversial marketing campaign and subsequent rebranding. FCUK has always adopted out of the way advertising and selling techniques, for example their logo FCUK, or the eye catching visuals on the high streets. Accessories such as hats, sunglasses, backpacks, fragrances and the companys new cosmetics line complement the brands fashion (Plunkett 2009). The fcuk logo works as a unique selling point for the brand and separates it from its competitors. Also the exclusive designs, customer satisfaction and service pr ovided by the employees are the unique selling points of the brand. French connection has become synonymous with style and fashion. It strives to maintain the brand credibility and its uniqueness in the market. Innovation and creativity are the characteristic of the designs and the company blends high quality with exciting ideas as well as affordability. Multi -Channel Strategy Apart from the store network such as mail order and the internet the company uses a number of other lucrative channels. With e-tailing, French Connection realised how important their online business is, where they were adamant to win the rights to fcuk.com. In addition to these varied channels deployed, French Connection also grants licenses to retailers worldwide in order to expand their business into new markets. French Connection is aware of the volatility of expanding into new markets. Therefore they are more cautious and get involved with their licensees to follow progress. FCUK and the Market French Connection operates as a multiple specialist fashion retailer, competing against the likes of Zara, HM, Top Shop, Miss Selfridge, Next, River Island and Warehouse. This industry is highly competitive with numerous international brands fighting in the segment. As like all other fashion retailers FCUK has monitored the progress of the Spanish clothing brand Zara. Due to Zaras lean production and efficient logistics, it has taken over a huge share of the market. To compete with them, the design and production teams at FCUK now only commit to less than sixty percent before the launch of the season .The company acknowledges that speed-to-market is crucial in order to give customers what they want, when they want, at the price they want. It sells its products at higher price points than the likes of Zara and HM. However daring its marketing may have been, French Connections clothes were in reality considerably less interesting than those stocked at faster-growing rivals Zara and HM, and the truth finally caught up with the company in 2004. That year, sales began to slow significantly, encouraging the company finally to drop the FCUK slogan from its advertising. That tactic failed to arrest the decline in performance. In May 2009, French Connection announced that like-for-like sales in the UK and Europe rose by 2% during the 3 months ending 16th May, thanks to a strong performance in the women wear sector. Total retail sales in the UK and Europe were up by 8% over the period. French Connection said that women wear had continued to show growth, but that menswear remained difficult (mintel.com). Read Supply chain report. http://tutor2u.net/business/strategy/what_is_strategy.htm Conclusion French Connection has set a personality to its brand, which is exciting and original; this is considered to be exceptional with the number of different brands in the high street. The key to their success is a combination of their stylish clothing range, affordable pricing, merchandising, and controversial advertising. As the brand is continuously innovating itself, they aim to create more fashionable clothing ranges by taking the opinion from important people in the fashion industry. The advertising will remain innovative and creative but will focus more on the clothes itself; creating a unique look that is distinctively, French connection. The brand celebrates individual fashion whilst constantly developing products, market and future goals to expand

Is This Really Happening To Me? :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  One bright early morning at around 7:00 A.M. I woke up. After waking up I proceeded to use the restroom then took a shower. After showering I then ate breakfast then began to brush my teeth and got dressed for school. Finally, I was done with my morning routine and then I headed out for my day at school.   Ã‚  Ã‚  Ã‚  Ã‚  On my way to school I followed the speed limit to avoid getting a ticket. When I got to school I proceeded to go to my first class which is Sociology. When class was let out I went to the quad where I smoked a cigarette and did home work for my classes for the next day. Then at approximately 12:00 P.M. I met up with my friend Tonya then we walked to our next class, Theatre, which we had together. While in our Theatre class we joked around and criticized different movies, and the bad acting in several of those movies. When that class ended my friend Tonya and I decided to got to the mall.   Ã‚  Ã‚  Ã‚  Ã‚  When we got to the mall we parked at the food court so we could get something to eat at Chick-Fil-A after our long day at school. On the way walking to Chick-Fil-A we decided to stop at Abercrombie and Fitch, our favorite store. While in Abercrombie and Fitch I saw this really fine outfit but I only had enough money on me for me to eat that day. So my friend told me that I should just steal it so I could wear it when we went out that weekend. But I knew better I knew it would be wrong so I decided we should just leave and go eat and I would go back and get the outfit once I had enough money for the outfit on me. After we ate we decided to leave the mall. While I was bringing her back to her vehicle another friend of mine, Kenny, called. He called to invite me over before work because he was going to be cooking and few people were going to go over. So I told him I would but I had to go home and get dressed for work before I went out there to meet them. I then went home and got dressed for a long night at work.   Ã‚  Ã‚  Ã‚  Ã‚  After I took my shower and got dressed I left and went to Kenny’s.

Multiple Perspectives vs. Single Perspective Approach Essay

The focus of my paper is going to be Pluralism, Monism and Interdisciplinarity in the context of a multiple perspective approach. I will discuss the advantages of taking a multiple perspective approach of viewing things which are, Pluralism and Interdisciplinarity, as opposed to a single perspective approach, which is Monism. Pluralism can be used as the term to define the integration of different values and cultures within a given society. Monism, (comes from a Greek word Monos meaning one) is defined as â€Å"any philosophy that denies that there are many separate beings in the universe† and instead looks at a unified one (James and McDonald). Interdisciplinarity looks at different disciplines, the combination of which can help create something new and different. I agree with both Berlin and Moran that it is better to take a multiple perspective approach. Though people may dismiss multiple perspective approach, I believe that Pluralism is a response to Monism and Interdisciplinarity, being the advancement of knowledge into something better and new in the context of the disciplines that have long become outdated and old fashion and which gave rise to other disciplines. Both Pluralism and Interdisciplinarity are a multiple perspective approach of looking at things. Pluralism as a response to Monism: Monism as defined earlier in the paper is a view of looking at the universe as a unified whole, meaning that it is a singular way of looking at things as opposed to pluralism which looks at things in different ways, the multiple perspective approach. The reason why I agree that it is better to have a multiple way of looking at things is because, as the world keeps changing, societies too change and evolve. New innovations are made, ideas and ideals change and therefore, we cannot have a single outlook on things. People come up with different views, ideas and have their own interpretations to what they believe in and/or agree with. Berlin states â€Å"there is a plurality of ideals, as there is a plurality of cultures and of temperaments† (11). This means that Pluralism is having multiple values, perspectives that people can value more than one thing. Different people have different values and we may not always believe in or agree to them but there is an understanding of why we as human beings, pursuit what we believe in and we may therefore, have some values that are similar. People may have different cultures that they follow and those that are important to them, but this does not mean that they are not aware of or respect other cultures. Monism is the belief that only one set of values is true and the rest being false. This is not true and that is why it is better to have a pluralistic approach as opposed to believing in those who think they know how societies should be arranged or who know what the ways of living should be. Today we are living in a pluralistic society where people around the globe share their knowledge and expertise with each other. The advantage of pluralism is the diversity of cultures which give the freedom of communication between people of different cultures and backgrounds, who come together and work together have the liberty to follow what they believe in as opposed to following those who are in authority and those who think they know it all. Berlin sates, â€Å"true knowledge is knowledge of why things are as they are, not merely what they are† (7). In this day and time, globally, we are seeing a new era emerging where nations that had accepted dictatorship as gospel, are now rebelling and voicing their opinions and liberating their nations. Interdisciplinarity – a multiple perspective approach: Joe Moran defines Interdisciplinarity as â€Å"any form of dialogue or interaction between two or more disciplines† (16). In my opinion what it means is that Interdisciplinarity is the transformation and the organization of knowledge into something new within the context of the disciplines that were already existent but have become obsolete. He points out three main aspects that explain really well the concept of Interdisciplinarity and what it actually does and how it has helped society evolve and transform knowledge for what it was then and what it became. Moran mentions bureaucratization, professionalization and specialization (Berlin, 12). Bureaucratization means a formation of a set of rules and regulations that need to be followed. It can be said that this is similar to what the monists believed about the people who are in controlled and need to be followed but he also talks about professionalization where a pastime is turned into a profession an also specialization sepa ration of areas into discrete areas of concentration. Professionalization and specialization are a contradiction to what the monists believed in because this leads to a freedom of what people were able to do and they managed to transform knowledge into something more substantial than just following rules and regulations that would not allow them to change their ways of thinking as people who had the knowledge were to control and were the ones to be followed. Interdisciplinarity gave rise to different disciplines within the framework of a university where students were given the opportunity to learn more and gain new knowledge and that knowledge was not only limited to a few people. We can say that, Interdisciplinarity is a multiple perspective approach of looking at things, in this context the disciplines that were obsolete and that gave way to the rise of knowledge that was transformed into something new. With this came the rise of natural sciences, social sciences and the humanities that became disciplines in their own because of the different cultures and value systems that are embodied within these disciplines and not just one set of discipline that was to be followed. I conclude by agreeing with both Berlin and Moran that taking a multiple perspective approach of looking at the world and viewing things with different ideas is better than to have a single view of things. This is because a multiple perspective approach brings together different ideas from different mind sets which are more beneficial than ideas of just one person who is in control and who looks down upon people as his inferiors. Today, technology has advanced to an extent that we can get information on our finger tips by just using the internet. Social media such as Facebook and Twitter are the means of communication between people around the world and are much faster as opposed to the old days when the use of telegrams was the norm. News travels fast through these social media outlets than by watching television, or listening to news on the radio or reading newspapers. This is possible due to the fact that multiple perspective approach has allowed different mind sets to come up with and share these innovative ideas. References Berlin, Isaiah. â€Å"My Intellectual Path.† The Power of Ideas. New Jersey: Princeton University Pres, 2002. 5-7, 11-14. Print. â€Å"Monism and Pluralism.† Hugh James Francis Joseph McDonald. N.p., n.d. Web. 22 Oct. 2012. . Moran, Joe. â€Å"Introduction.† Interdisciplinarity. London: Routledge, 2001. 1-18. Print.

Aes Cost of Capital

International Capital Structure and the Cost of Capital Agenda 1 2 3 4 5 International Capital Structure and the Cost of Capital Analyzing Cost of Capital among Countries Cross Border Listing of Stocks International Asset Pricing Model (IAPM) The Financial Structure of Subsidiaries Case Analysis – AES Corporation 6 International Capital Structure and the Cost of Capital Your Logo International Capital Structure and the Cost of Capital †¢ Firms are becoming multinational in both scope AND in capital structure †¢ Fully integrated financial markets = the same cost of capital both domestically and abroad o If not, opportunity may exists to decrease cost of capital Cost of Capital †¢ The minimum rate of return an investment must generate to cover its financing cost †¢ Firms will undertake projects if the return is expected to exceed the cost of capital †¢ Return = Cost of Capital : value unchanged †¢ Return > Cost of Capital : firm’s value incre ases †¢ Return < Cost of Capital : bad investment Weighted Average Cost of Capital (K) †¢ When a firm has both debt and equity financing, weighted average cost of capital: K = (1-? )K+ ? (1- t)i K = (1-? )KL + ? i(1- t) †¢ (1- ? = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capit al that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 0)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company s financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 K = 8. 53% Minimizing weighted average cost of capital(WACC) †¢ Lowest WAC C is obtained when the optimal combination of debt and equity are used †¢ Increases # of profitable capital expenditures o Firm value is increased as long as the return on new projects exceeds the firm’s WACC †¢ Internationalizing the firm’s capital structure helps to decrease the cost of capital Firm’s Investment Decision and the Cost of Capital †¢ A firm that can reduce it's cost of capital will be able to increase the profitable capital expenditures that they can invest in †¢ This results in increasing shareholder wealth †¢ We can do this by internationalizing our cost of capital Factors that affect the WACC Controllable Uncontrollable †¢1 Capital structure policy Proportion of debt and equity †¢ Interest rates Increases cost of debt, may indirectly increase cost of equity †¢ Investment Policy Degree of risk associated with new projects †¢ Tax rates Increase in corporate tax rate decreases cost of debt decreases WA CC Economic conditions Ie. Financial crisis of 2007/2008 Calculating the firm’s equity cost of capital Usually estimated using the Capital Asset Pricing Model (CAPM): †¢ Ri = Rf + ? (Rm – Rf) †¢ Ri: Expected return of security I †¢ Rf: Risk-free interest rate †¢ ? : measures volatility of security i compared to the market portfolio †¢ Rm: Market portfolio Cost of capital in segmented vs. integrated markets †¢ Ri = Rf + ? (Rm – Rf) †¢ In segmented markets, Rm is usually proxied by the S for the United States †¢ In integrated markets, Rm can be proxied using the MSCI World index Cost of capital in segmented vs. ntegrated markets†¦ continued †¢ Same future cash flows are likely to be priced differently in different countries in segmented markets, why? o ? is measured against the domestic market portfolio a this differs from country to country †¢ In fully integrated markets, same future cash flows will be priced the same as ? is now measured against the same world market portfolio Analyzing Cost of Capital among Countries Your Logo Does the Cost of Capital Differ among countries? ? Researches suggest that although international financial markets are not segmented anymore, they are still not fully integrated ? The empirical evidence is not clear-cut If the international financial markets = less than fully integrated, then there can be systematic differences To illustrate that capital markets are less than fully integrated, McCauley and Zimmer (1994) provided a direct comparison of the cost of capital among the 4 major countries: Germany, Japan, UK and US Method: 1. estimate the cost of debt and equity capital 2. compute the cost of funds (weighted average cost of capital) – using capital structure in each country as the weight 3. compute the cost of capital in real terms after adjusting for the inflation rate Effective Real After-Tax Cost of Debt Cost of Equity Debt -to-Equity Value Ratios Real After-Tax Cost of Funds Example – Novo Industri †¢ Produces industrial enzymes and health care products †¢ 1970s, management decided to finance planned future growth of company by entering international capital markets †¢ Danish stock market was small and illiquid – company needed to internationalize †¢ Novo management felt they were facing a higher cost of capital than competitors because of the segmented nature of the Danish stock market Example – Novo Industri Went international by: Increased transparency by presenting financial and technical statements in Danish and English †¢ Cross-listed on the London Stock Exchange, †¢ Listed ADRs (so that US investors can invest in US dollars rather than Danish) The Result: †¢ Novo Industri’s stock price increased while other Danish stocks didn’t Implications of the example Firms operating in small, segmented domestic capital market can gain access to new capit al and lower the cost of capital by listing their stocks on large, liquid capital markets like the New York and London Stock Exchanges. Cross border listing of stocks Your Logo Cross-Border Listings of Stocks †¢ Firms can potentially benefit from crossborder listings †¢ Why? o Gain access to additional sources of capital while lowering cost of capital by increasing investor base o Increase in stock prices due to more demand and trading of the stock Cross-Border Listings of Stocks †¢ Firms seem to prefer to list in neighbouring markets †¢ Why? o Similarities in markets o A â€Å"home bias† Cross-Border Listings of Stocks †¢ Generally, o Potentially expand investor base, which leads to a higher stock price and lower cost of capital lower transaction costs ? improvement in quality and quantity of firm specific information available to investors o Creates a secondary market for the company’s shares and facilitates raising new capital in foreign mar kets liquidity of a company’s stock o Enhance Cross-Border Listings of Stocks †¢ Generally, o Enhances the visibility of the company and it’s products in foreign markets shares may be used as the â€Å"acquisition currency† for taking over foreign companies o Cross-listed o May improve the company’s corporate governance and transparency Cross-Border Listings of Stocks May improve the company’s corporate governance and transparency† †¢ Once companies cross-lists its shares on foreign exchanges (NYSE, LSE), they are required to follow strong disclosure and listing requirements †¢ On average, foreign companies listed on U. S. exchanges are valued ~17% higher Cross-Border Listings of Stocks †¢ Disadvantages o Meeting disclosure and listing requirements can be costly (U. S. GAAP) in overseas markets o Volatility o Foreigners may take a controlling interest in the company and challenge domestic control International Asset Pricin g Model IAPM Your Logo IAPM For understanding the effects of international cross-listings. †¢ assuming cross-listed assets are internationally tradable assets and internationally nontradable assets. IAPM †¢ CAPM: Ri=Rf+(RM-Rf)Bi Bi = Cov(Ri , RM)/Var(RM) =; Ri=Rf+[(RM-Rf)/Var(RM)]Cov(Ri,RM) AMM risk-aversion: Y*=[E(r)-rf]/(A? 2)  » AM is a measure of aggregate risk aversion  » M is aggregate market value of market portfolio =; Ri=Rf+ AMM Cov(Ri,RM) IAPM †¢ Asset pricing mechanism under: †¢ Complete integration – assets are trade internationally according to world systematic risk Complete segmentation – assets are trade respected to country systematic risk. Suppose two countries: Domestic Country and Foreign Country †¢ IAPM Complete Segmentation †¢1 Domestic Country E(R): †¢ Foreign Country E(R): Rg = Rf + AFF Cov (Rg , RF) Ri = Rf + ADD Cov (Ri , RD) Complete Integration Both Domestic and Foreign: Ri = Rf + AwW Cov (Ri , RW) In re alty, assets are priced as partially integrated world financial markets IAPM Partially Integrated World Financial Markets †¢ Internationally tradable assets are priced as if world financial markets were completely integrated †¢ Non-tradable assets will be priced by world systematic risk (pricing spillover effect) and a country-specific systematic risk. o o Spillover effect – externalities of economic activity or processes those who are not directly involved in it. Pollution, technology, even financial markets IAPM Nontradable assets of the domestic country: Ri=Rf+ AwW Cov*(Ri,RW)+ ADD [Cov(Ri , RD)- Cov*(Ri , RD)] Cov* (Ri , RW) Indirect world systematic risk Cov*(Ri,RW) is the indirect covariance between the ith nontradable asset and world market portfolio. Cov(Ri , RD)- Cov* (Ri , RD) Poor domestic systematic risk Cov*(Ri , RD) is indirect covariance between the future returns on the ith non-tradable asset and domestic country’s market portfolio that is ind uced by tradable assets. IAPM implications: 1. International listing (trading) of assets in otherwise segmented markets directly integrates international capital market by making these asset tradable. 2. Firms with non-tradable assets get free ride from firms with tradable assets in sense that former indirectly benefit from international integration in terms of a lower cost of capital and higher asset prices. Effect of Foreign Equity Ownership Restrictions †¢ Restrictions on maximum % ownership of local firms by foreigners †¢ Mexico and India: limited to 49% †¢ Two different classes of equity Chinese firms issue A shares and B shares †¢ Ensuring domestic control of local firms Pricing-to-market (PTM) phenomenon †¢ Constraint is effective in limiting desired foreign ownership eg. Korean firm’s restriction on foreigners is 20% Foreigners want to buy 30% †¢ Foreign and domestic investors may face different market share prices Asset Pricing under For eign Ownership Restrictions †¢ A firm’s cost of capital depends on which investors, domestic or foreign, supply capital. †¢ A firm can reduce its cost of capital by internationalizing its ownership structure. An Example of Foreign Ownership Restrictions: Nestle †¢ Nestle used to issue two different classes of common stock: – Bearer shares: foreigners – Registered shares: Swiss citizens – The bearer stock was more expensive. Nestle An Example of Foreign Ownership Restrictions: Nestle †¢ On November 17, 1988, Nestle lifted restrictions imposed on foreigners, allowing them to hold registered shares as well as bearer shares. †¢ A major transfer of wealth from foreign shareholders to Swiss shareholders. †¢ The total value of Nestle increased substantially when it internationalized its ownership structure. †¢ Nestle’s cost of capital therefore declined. An Example of Foreign Ownership Restrictions: Nestle †¢ The Ne stle episode illustrates: – The importance of considering market imperfections – The peril of political risk – The benefits to the firm of internationalizing its ownership structure The Financial Structure of Subsidiaries Your Logo The Financial Structure of Subsidiaries Three different approaches to determining: 1. Conform to the parent company’s norm – where the parent company is fully responsible for the subsidiary’s financial obligations – not necessarily consistent with minimizing the parent’s overall cost of capital The Financial Structure of Subsidiaries Three different approaches to determining: 2. Conform to the local norm of the country where the subsidiary operates – When the parent company is willing to let its subsidiary default, or the guarantee of obligations becomes difficult to enforce across national borders – Not the optimal one approach (immature nature of local financial markets) The Financial Structure of Subsidiaries Three different approaches to determining: 3. Vary judiciously to capitalize on opportunities to reduce financing costs and risks – Most reasonable and consistent with minimizing firm’s overall cost of capital – Take advantage of subsidized loans Taxes deduction of interest payment – Take advantage of various market imperfections (ex. political risks) CASE: Globalizing the Cost of Capital and Cost Budgeting at AES BRIEF BACKGROUND AES Originally Applied Energy Services †¢ Founded in 1981 †¢ Publically traded since 1991 †¢ In 2003 – Leading independent supplier of electricity in the world – $33 Billion in asset (eg. Power plants, generation facility, other energy related businesses) stretched across 30 countries and 5 continents AES Early Success †¢ †¢ †¢ †¢ †¢ 1983: 1st cogeneration facility is built in Houston, Texas 1988: Net income = $1. million 1991: AES goes public, net income = $42. 6 million 1991-1992: AES initiates international expansion 1996-1998: estimated 80%-85% capital investment is overseas †¢ 2000: Revenue = $4. 958 billion Net Income = $778 million AES Typical Investment Structure AES AES stock price (market cap in 2000 reached $28 billion @ $70/share) AES AES stock price (market cap in 2002 fell 95% to $1. 6 billion @ $1/share AES What Happened? †¢ It's recipe for success (international exposure) became their recipe for disaster o Much of AES' expansion took place in developing countries (there was more unmet demand vs. eveloped countries) †¢ Main factors: o Devaluation of key South American currencies ? Argentine, Brazilian, Venezuelan currency crises o Adverse changes in energy regulatory requirements ? Government mandated energy rationing and competition o Decline in energy commodity prices AES AES ISSUES AES Simple Domestic Finance Framework †¢ 12% discount rate was used for all contract generation projects o al l dividend flows from projects were deemed equally risky ? fair assumption because businesses had similar capital structures o most risks could be hedged in the domestic market AES Same Model was Exported Overseas Worked well initially, when they first expanded to Northern Ireland o had many of the same characteristics as domestic projects †¢ Model became increasingly strained in Brazil and Argentina o Hedging key exposures was not feasible (currency, regulatory.. ) AES SO†¦ AES needed of a methodology for calculating Solution by AES valuation & cost of capital for capital budgeting at AES businesses in diverse locations around the world AES How did AES deal with it? †¢ Rob Venerus, director of Corporate Analysis & Planning questioned whether the traditional CAPM would suffice †¢ He did not advocate the use of a world CAPM o AES owned businesses in poorly integrated capital markets Countries such as Tanzania and Georgia did not have any meaningful capital markets †¢ He did not advocate the use a local CAPM either o AES How did AES deal with it? †¢ So Rob Venerus developed a new model: Step 1 †¢ Calculate the cost of equity using U. S. market data for each of AES' projects o Average the unlevered equity betas from comparable U. S. companies o Relever the beta to reflect the capital structure of each of AES' projects o Cost of equity = Rf + ? (Rm – Rf) AES How did AES deal with it? Step 2 †¢ Calculate the cost of debt by adding the U. S. risk free rate and a â€Å"default spread† o Cost of Debt = Rf + Default Spread o The â€Å"default spread† is based on the relationship between EBIT ratios for comparable companies and their cost of debt. AES AES How did AES deal with it? Step 3 †¢ Add the sovereign spread to both the cost of equity and the cost of debt o this accounts for country-specific market risk, which is the difference between local government bond yields and corresponding U. S. Treasury y ields. †¢ These steps allow AES to calculate a WACC that reflects the systematic risk associated with each project in its local market. AES AES How did AES deal with it? BUT†¦ †¢ Most of these local markets are developing markets where â€Å"access to capital was limited and information less than perfect† –> project-specific risk could not be diversified away †¢ â€Å"Project-specific risk† must be accounted for! AES How did AES deal with it? Example of project-specific risk: †¢ There are 2 hydro plants in Brazil that are identical in every aspect, except for the rivers that feed them. River #1 produces cash flows that vary +/50%, River #2 by +/- 10%. If they are financed by 100% equity, CAPM says they are worth the same. Rob Venerus thought this was unconvincing Seven types of â€Å"Project-specific risk†: 1. Operational/Technical 2. Counterparty credit/performance 3. Regulatory 7. Contractual Enforcement/Legal 4. Construction 5. Commodity 6. Currency Weights estimated from AES' ability to anticipate and mitigate risk. Then given a grade between 0 (lowest exposure) and 3 (highest exposure), multiplied by their weights to yield a â€Å"business-specific risk score† AES Example Risk Score Calculation for Lal Pir Project (Pakistan) Business-specific risk score Used to calculate an adjustment to the initial cost of capital o 0 = no adjustment to WACC o 1 = +500 basis points (5%) o 2 = +1000 basis points (10%) o 3 = +1500 basis points (15%) †¢ Overall (exhibit 8 from case): 1. calculate cost of equity and cost of debt using U. S. market data 2. add sovereign spread to each 3. calculate WACC 4. Add a business-specific risk adjustment to WACC SUGGESTION & RECOMMENDATION FOR AES CORPORATION Suggestion & Recommendation †¢ AES Corporation’s current method of valuing risk is clearly inadequate. Not enough risks were being considered in their model, especially political and economic risks in dev eloping countries that the company expanded to. Under this current model, country-specific risk is also difficult to measure. †¢ This new model to value cost and risk should be implemented by AES. – It gives the company a more realistic projection of the risks that they may face with projects that they take on internationally. – Risks such as political, economic, country-specific and business-specific risks are now considered, where in the previous model they were neglected. THE END THANK YOU! Your Logo