Thursday, August 27, 2020
Stories regularly have a primary character that is fixated on the grounds that he/she fizzles at some obligation of theirs or misses the mark concerning their objective. In Ã¢â¬Å"A Father's StoryÃ¢â¬ composed by Andre Dubus, Luke Ripley is a character that prevails in his obligations as a dad. Luke shows love, sympathy or more each of the a defensive intuition and want to support his little girl. He underscores that he is strict albeit maybe not extremely dedicated. These qualities assist him with satisfying his caring obligations to his girl during her stay at his home. Luke has had an intriguing life going before the headliners of the story. He has lost his whole family, making only him in a huge house with only ponies and a radio to stay with him. Regardless of those preliminaries, Luke has it inside him to ceaselessly demonstrate love to his family when they do return, particularly to his girl despite the fact that she slaughters a man. Andre Dubus underlines this adoration and sympathy Luke has through a portion of the foundation data he surrenders prompting the headliners of the story. Dubus shows little subtleties that Luke a focuses his consideration on and the endeavors that Luke advances to attempt to adore his family after they leave him. There likewise comes a point in the story where Luke's heart's Ã¢â¬Å"longing to loveÃ¢â¬ as he calls it, makes him harsh with Father Paul. Luke's kinship with Father Paul achieves another exceptionally fascinating character attribute in Luke. This is his strict side. In light of the way that Luke relates an incredible occasions, religion is a city hall leader part and focal point of his life. He appears not to be exceptionally passionate and exacting; he says that Ã¢â¬Å"being a genuine Catholic is excessively hard. Ã¢â¬ Still however, he goes to every Sunday Mass and Father Paul is his best, and in truth his solitary companion. Luke gets up early every morning and rides his pony to the congregation. Luke flounders just twice to the extent his celibacy and marriage convictions are concerned and he depicts those two occurrences as having been in the inaccessible past and not a reoccurring propensity. Luke likewise understands that he can't power or mention to his kids what to accept however he despite everything attempts to point them toward the path that he accepts to be correct. Luke clarifies that his religion and Father Paul help to stay with him and keep him solid when his family left him. The primary focal point of this story anyway isn't about Luke's adoration and empathy, or his religion; it is about simply his paternal sense and want to ensure and support his girl. The whole story, up till the peak Top point, is focused on Luke's capacity to sympathize with his little girl and furnish her with the solace and help that she needs. Above all else, Jennifer is the most youthful youngster, the infant in the family. This consequently places her in the situation to get more consideration and care from her dad. Jennifer additionally is by all accounts the one that visits her dad the frequently and for the longest timeframes. Luke appreciates the time that he gets the opportunity to go through with his little girl. He savors the little subtleties and unpretentious changes that happen after some time. He brings up how they are growing up and getting consistently increasingly develop. Luke gives us that he comprehends and identifies with his girl and her change into a youthful grown-up when he says, Ã¢â¬Å"it was womanhood they were entering, its profound woods, and regardless of what number of ladies and men also are stating nowadays that there is little distinction between us, in all actuality men discover their way into that woodland just on plainly stamped trails, while ladies move about in it like flying creatures. Jennifer then wakes her dad in the night to disclose to him that she has quite recently hit a man, and may have slaughtered him. This is sufficient to test any dad's affection, tolerance, and temper. Yet, Luke meets the challenge at hand and his character doesn't vacillate he firsts comforts his little girl and learns the entire story of what has occurred and what has vexed her so seriously. At that point after she has quieted down, and simply after she has quieted down, Luke leaves to attempt to discover this man. The outcome is that Luke finds the man, and watches him kick the bucket since he is frail to spare him now, he doesn't tell his little girl this, he just says that the man is dead. At that point Luke says something fascinating, he lets us know Ã¢â¬Å"If one of my children had come to me that night, I would have called the police and instructed them to meet us with a rescue vehicle at the highest point of the slope I could bear the torment of watching and knowing my children's torment yet never my daughter's. This outlines with flawless clearness Luke's uncommon love for his girl and want to ensure her in a manner that changes incredibly from that of his affections for his children. Stories frequently have a principle character that is fixated on in light of the fact that he/she comes up short at some obligation of theirs or misses the mark concerning their objective. In Ã¢â¬Å"A Father's StoryÃ¢â¬ composed by Andre Dubus, Luke Ripley is a character that prevails in his duties as a dad.
Saturday, August 22, 2020
Sample Essays for Personal Essay for College ApplicationPersonal essays are one of the most important parts of your college application. This is because it should be written in such a way that it will get you noticed by the schools that are hiring you. It should also be interesting and have relevance to your interest. So how do you write a personal essay?There are different sample essays that you can use in writing your personal essay for college application. Most of them follow the basic format of a resume. If you are a high school student or just started to study and this is your first time to write an essay, then you need to know the basics before going ahead with the whole process. In this article, I will show you samples of personal essay for college application.The first and the most important part of the essay is the first paragraph. You need to start with your education so that the reader gets an idea about what kind of things you have studied up to date. Try to keep it short but informative. So that they can understand the content better, you can tell them the reason why you want to go to college.The second part of the personal essay for college application is the introduction. You need to introduce yourself and where you want to go after high school. You need to answer the question that this question is aimed at you and not answer it in any other way. Do not forget to write a personal statement. A brief overview of what your background is.The last paragraph in a person's essay for a college application is the conclusion. Do not forget to write a positive and promising end to the story. Your writing must be concise and direct as you are already halfway through the essay. You need to finish the part of the essay that details the expected benefits of going to college.If you want to make the paragraphs more interesting, you can include some personal anecdotes in each paragraph. For example, in the third paragraph, you can tell a personal anecdote about ho w your father passed away. Or, in the fourth paragraph, you can tell a story about an incident that happened to you. Sometimes, you can also use an argument to show that your facts are correct. Just make sure that you avoid plagiarism.Remember that the readers of the essay want to get to know about you and find out about your life and how you see your future. So try to use samples of personal essay for college application that will capture the reader's attention and will reflect on your personality.These are some of the samples of personal essay for college application. However, you should also learn more about the different formats of personal essays. It is very important to know your place and to write in the manner in which you see fit.
Friday, August 21, 2020
Finding the Best Term Paper Writing ServiceIf you're looking for the best term paper writing service, then you will probably be able to find some on the internet. But before you do, you should spend some time researching the company and what they can offer you. It's always a good idea to check out the positives and negatives of the company, as well as read testimonials to see what other people think of them.One of the first things you should do is make sure that they have a free trial period of at least one month. While it may be tempting to sign up for a very low price right away, try and avoid companies that do this. After all, there are other companies that are cheaper that you could choose.Of course, you should also look into the company that has a free trial and does not charge you any money until the trial period is complete. Of course, you will need to give them your information before you do so, but that's something you'll need to do when you sign up for most other services. Of course, you don't want to provide your information to anyone else at this point, so this step is definitely necessary.You should also look for a company that offers a full package. For example, they may have services such as the availability of white paper samples and references. In order to get references, you should look at the quality of the term paper writing service. You should also look at the service they can offer you in terms of samples.They should also be able to provide you with information about the best prices on term paper writing services. This can be important, especially if you're not going to be working from home. If you've read about the best services on the internet, you would already know that many times the term paper writing service providers offer discounted rates on their services, which will save you money over the long run.If you are able to find a service provider that offers reviews of their clients, then you can find out the general quality of their work. There is no point in signing up for a low-cost service when it can't provide you with the quality you need. You may also want to read up on other people's experiences, if you can find them.This will help you see what other people think about the client's experiences. A good tip is to ask for the client's references from the provider you've chosen. The references can help you see how a particular writer has performed on previous projects.Choosing the best provider is often a difficult decision, but it is important to compare a number of different choices. By comparing them, you can see what is most important to you and what works best for your needs. Remember, the most important thing is to find a term paper writing service that you can rely on to write your papers and that you can work with for the long term.
Monday, May 25, 2020
One of the greatest tales of a hero is one of a man returning home after war. King of Ithaca, Odysseus was a Greek champion in the Trojan War. However, he is known best not for his heroic acts during combat, but for his journey back to Ithaca, to his wife and son, in the ten years that follow. In HomerÃ¢â¬â¢s epic hero, The Odyssey, the Greek poet tells of OdysseusÃ¢â¬â¢s hardships and how he used his heroic traits to overcome them. The myth is told in twenty four books. Odysseus is a hero because of his cleverness, loyalty, leadership, and courage. Odysseus is, without a doubt, a war hero. He valiantly fought for ten years in the Trojan War, until he finally came up with a brilliant idea to defeat Troy. He had a hollow wooden horse constructed so the Greeks could hide inside. In the middle of the night, they would come out of the horse and defeat their enemies (Baker). Odysseus and his men claimed victory, and set out to return home. However, Poseidon, God of the sea and earthquakes, had other plans for the King of Ithaca. Poseidon favored the Trojans to win the war, so when the Greeks won, he was angered. On top of that, Odysseus did not thank the Gods for his victory. So when Odysseus blinded his son Polyphemus, Poseidon had had enough. He made the waters of the Aegean Sea, the route in which Odysseus took home, rough and difficult to navigate (authors of book.) For ten years he travelled home and showed his heroic side along the way. Heroes like Achilles andShow MoreRelatedThe Hero Of Homer s Epic Tale, The Odyssey1922 Words Ã |Ã 8 Pagesthe mythological Grecian subject of Homer s epic tale, The Odyssey. This legendary figure displays exemplary brains and muscle, appearing almost superhuman at times. He embodies the ideals Greeks heroes aspired to: manly valor, loyalty to both his family and friends, as well as keen intelligence. The popularity of Odysseus has proven timeless; to this day, he remains greatly admired as both a hero, and an ordinary man who must overcome hurdles and embark on epic adventures in order to regain theRead MoreHomer s Odyssey : The Epic Hero999 Words Ã |Ã 4 Pages Odysseus can be classified as one of the most well-known epic heroes, and a clear example of Greek priorities and ideals. Written many years after, the Aeneid likewise depicts an epic hero, Aeneas, that also completes a long journey and has closely related aspects to the story of the Odyssey. VirgilÃ¢â¬â¢s Aeneid imitates various crucial aspects of HomerÃ¢â¬â¢s Odyssey, including: the main protagonist passing through comparable sexual temptations, a similar relationship with the gods, and an analogous endRead MoreThe Epic Hero in HomerÃ ´s The Odyssey 609 Words Ã |Ã 2 Pages Epic Heroes are those that portray extraordinary traits, in which of displaying honor, integrity, sacrifice for the better, and loyalty. They are considered role models in a sense, thus providing the lessons, morals, and beliefs. Whether it is judging right from wrong, accomplishing the greater good, and many others teach lifelong messages that will continue to be passed down generation after generation. The Odyssey was written by a blind poet named Homer, who was also renowned author of The IliadRead MoreOdysseus - a Different Type of Hero1225 Words Ã |Ã 5 PagesOdysseus Ãâ" A Different Type of Hero The Homeric epic, the Odyssey, is set in the peaceful years following the Trojan War, and concerns the returning heroes on their journeys home, in particular Odysseus of Ithaca. Odysseus is an epic hero; he displays courage, superior strength, and leadership, all qualities that people admire. While displaying these archetypal heroic traits he also displays his weaknesses as a man, particularly his excessive pride, which actually make him easy to relate to. SoRead MoreHistory, Symbolism, and Characters in HomerÃ¢â¬â¢s The Odyssey 1118 Words Ã |Ã 5 Pages In The Odyssey, it takes Odysseus twenty years to make it home from the Trojan War. On his journey home, he runs into many obstacles and creatures that he must overcome. He encounters the sirens, the Cyclops, and others. Each event in this epic poem has a symbolic meaning behind it. Homer writes about the history, symbolism, and the characters in The Odyssey. The Odyssey is about the Greek gods and heroes and their adventures (Makman). Odysseus is the main character, and he is going on a questRead MoreGreek Epics873 Words Ã |Ã 4 PagesGreek Epics There are some challenges in each history period, and authors will create some heroes in their epics that reflect values of the culture at the time. By studying the heroÃ¢â¬â¢s actions and his motivations, it tells the society conditions and the civilization of that history period. Homer; the authors of The Iliad and The Odyssey; and Vergil; the authors of The Aeneid are two of the greatest writers in ancient western civilization. There are heroes in these three literatures to reflectRead MoreThe Bronze And Iron Age Essay2093 Words Ã |Ã 9 PagesQuestion: 1-What Can Homer tell us about the Bronze and Iron Age The Bronze and Iron Ages were 2 of the main periods in Greek History and Homer can tell us a lot about them. The Bronze Age was all about mixing copper with tin or arsenic to bronze hence it is called the Bronze Age. The Iron Age was when the whole of the east Mediterranean was in crisis. In central Anatolia, the collapse of the Hitties opened the gates to invaders who overran the country. Firstly, letÃ¢â¬â¢s talk about Homer- a lot of the worksRead MoreTennyson vs Homer Ulysses Vs Oddyseus1667 Words Ã |Ã 7 PagesOdysseus share similar traits, Homer would not agree with Tennyson s portrayal of Odysseus in the poem Ulysses. Whereas Odysseus wishes to complete his journey and find relief, Ulysses seeks to continue on a never-ending one. Homer s Odyssey and Tennyson s Ulysses have different desires and their desires lead them on contrasting quests. The hero in Homer s depicts Odysseus as a hero in the process of completing a journey home. The portrayal of Ulysses is a hero that has already completed hisRead MoreThe Odyssey Heros Journey Essay1322 Words Ã |Ã 6 PagesThe timeless story, The Odyssey, has left itÃ¢â¬â¢s mark in literature as one of the first narratives depicting the heroÃ¢â¬â¢s journey cycle. This work of creative writing has laid the foundation of storytelling that would later inspire other popular writings like, The Hunger Games, The Lord of The Rings, and Harry Potter. How has this ancient novel withstand the sands of time and remain relevant and appealing even to modern day readers? The Odyssey touches upon many topics that appear attractive to evenRead MoreKleos in The Odyssey by Homer938 Words Ã |Ã 4 PagesTHE ODYSSEY Heroic glory occupies a very crucial place in the Indo-European epic tradition, because the Greek society is a shame culture, in which being honoured is one of the primary purposes of people s lives. Hence, the concept of kleos formed an essential part of the bardic tradition which helped the people to maintain the heroic stature of the mythical heroes from generation to generation. This is why, it has got an important place in the Greek epics also. In The Odyssey by Homer also
Friday, May 15, 2020
Sample details Pages: 13 Words: 3904 Downloads: 4 Date added: 2017/06/26 Category Statistics Essay Did you like this example? The capital structure of a firm has long been a much debated issue for academic studies and in the corporate finance world. It is the way a firm finances its assets through some combination of equity, debt, or hybrid securities the composition or structure of its liabilities. In reality, capital structure may be highly complex and include various sources. DonÃ¢â¬â¢t waste time! Our writers will create an original "Capital Structure And Profitability Relationship For Ftse Firms" essay for you Create order The question whether capital structure affects to the profitability of the firm or it is affected by profitability is crucial one. Profitability and capital structure relationship is a two way relationship. On the one hand profitability of firm is an important determinant of the capital structure, the other hand changes in capital structure changes affect underlying profits and risk of the firm. Traditionally it was believed that the debt is useful up to certain limit and afterwards it proves costly. There is an optimum level of capital structure exist up to that level increasing debt will improve profitability, beyond that it will reduce profitability. In 1945, Chudson carried out an extensive study that implies the possibility of a relationship between the capital structures practised by a firm with its profitability. The question he endeavours to answer was that, Ã ¢Ã¢â ¬Ã âIn what way does the structure of assets and liabilities of a firm reflect the kind of industry in it is engaged, its size and level of profitability?Ã ¢Ã¢â ¬? In 1958 Merton Miller and Franco Modigliani in their famous Miller-Modigliani (MM) propositions put forward the net operating income approach of and demonstrated that the capital structure is irrelevant in a perfect market. It states irrelevant of capital structure in a perfect market to its value, hence, how a firm is financed does not matter. The MM propositions forms the basis for modern thinking on capital structure, though it is generally viewed as a purely theoretical result since it is based on perfect market assumptions those are not prevailing in practice. The matter of capital structure has gained much interest and controversy, since the MM Propositions which assert that the value of a firm is independent of its capital structure. The hypothesis proposed by MM created tidal waves in the corporate finance academia. Different theory such as packing order theory and agency cost theory were proposed. Various aspects of capital structure have been put to test and researched by so many researchers. The question is if the capital structure is really irrelevant in a real market and whether a companys profitability and hence value is affected by the capital structure it employs? If not, why capital structure is relevant and which factors make the leverage matter? Apart from profitability, some other factors such as bankruptcy costs, agency costs, taxes, and information asymmetry are considered in determination of capital structure. This study aims and attempts to extend the knowledge of capital structure and profitability relationship in listed UK companies. This analysis can then be extended to look at whether there is in fact an optimal capital structure exist the one which maximizes profitability and hence the value of the firm. 1.1 Context and relevance of the Study The topic of capital structure has been widely explored, though the study is relevant in the different time period and different context to find out whether the evidence concerning the capital structure issue and its various aspects are relevant to a given set of companies in a given period. Given this significance, current study attempts to understand and research on capital structure and its effect on profitability, of large firms in UK in the present context for a period of five years (2005 -2010). Thus, this study attempts to contribute to the research on capital structure in the recent period for large publicly traded companies on FTSE 100. 1.2 Research Objectives The present study is aimed at achieving one main and two secondary objectives. The main objective is to scrutinise the relationship between the capital structure and profitability of the large publicly traded UK firms and to ascertain whether a firmÃ ¢Ã¢â ¬Ã¢â ¢s profitability is related with its capital structure or not based on the empirical evidence generated. Secondly, this study would attempt and investigate to determine if any optimal capital structure exist among the sample of FTSE 100 listed companies. Third objective is to find out any trend of capital structure being exhibited by the UK companies. 1.3 Research Questions and Hypothesis The above objectives are translated in two research question. The main research question is that Ã ¢Ã¢â ¬Ã âwhether a firmÃ ¢Ã¢â ¬Ã¢â ¢s profitability is related with its capital structure or not?Ã ¢Ã¢â ¬? based on the empirical evidence generated. Hypothesis The first questions can be presented as following hypothesis. The present study shall be undertaken to evaluate this hypothesis based on the tests of the null hypothesis. H1: The profitability of a company is significantly correlated to its capital structure. H0: The profitability of a company is not significantly correlated to its capital structure. The secondary objectives of this study are translated in the determinant question regarding the optimality and trend of capital structure. The second question, will be discussed descriptively is that, Is there an optimal capital structure exists among or any trend of capital structure being exhibited by FTSE 100 listed companies? 1.4 Scope and Limitations of the Study Scope This is an academic study that would shed some light on the matter of capital structure which has been discussed in various different perspectives since the MM propositions. The significance of this study is that it further enhances the research into capital structure of listed firms in UK. Profitability and Capital structure relationship is an ongoing issue and its relevance may change in different period because of the changes in macro and micro economic factors. For practitioners and corporate finance people such as finance executives, controllers and directors of listed firms, this study is relevant and of much interest to get insight of the capital structure and whether it has any effect on the profitability. Limitations The findings of this study will be limited from the following aspects: This study included only FTSE 100 listed firms on the London Stock Exchange (LSE). Hence, its findings were not applicable for all the listed companies in UK. The sample of listed companies for this study included only firms with at least five years of financial data. Firms which are younger than five years or whose five year data could not be obtained will not be included in this study. The study excludes financial utility and other highly regulated industry to avoid any distortions in the result due to industry specific requirements. The cross sectional correlation and regression analysis will be performed using excel formula. CHAPTER 2 LITERATURE REVIEW The various capital structure theories are developed by corporate finance academia for analysing how a firm could combine the securities to maximise its value. The Modigliani and Miller (MM) proposition (1958) were introduced under the perfect capital market assumptions. It refers to an ideal market where there are no taxes at both corporate and personal level, no transaction costs, no agency costs as and managers are rational. It further assumes that investors and firms can borrow at the same rate without restrictions and all participants have access to all relevant information. Thus it provides conditions under which the capital structure of a firm is irrelevant to total firm value. Most of studies focus on the determination of capital structure i.e. to what extent each of the assumptions in the MM model contributes to the determination of the firmÃ ¢Ã¢â ¬Ã¢â ¢s capital structure. Many theories such as the pecking order theory, the trade-off theory and the agency cost theory have been developed. Though much attention was not given to one major aspect of the capital structure, which is the impact of the value of the firm. The value comes from the future cash flow i.e. profit of the firm. Thus capital structure affects value of the firm through the profitability and hence there is a direct relationship between the capital structure and profitability of the firm. Capital Structure The term capital structure can be defined as: Ã ¢Ã¢â ¬Ã âThe mix of a firmÃ ¢Ã¢â ¬Ã¢â ¢s permanent long-term financing represented by debt, preferred stock, and common stock equity.Ã ¢Ã¢â ¬? (Van Horne Wachowicz, 2000, p.470) It can be defined as Ã ¢Ã¢â ¬Ã âThe mix of long-term sources of funds used by the firm. This is also called the firmÃ ¢Ã¢â ¬Ã¢â ¢s Ã ¢Ã¢â ¬Ã âcapitalizationÃ ¢Ã¢â ¬?. The relative total (percentage) of each type of fund is emphasized.Ã ¢Ã¢â ¬? (Petty, Keown, Scott, and Martin, 2001, p.932) One of the exhaustive and inclusive description was given by Masulis (1988, pl): Ã ¢Ã¢â ¬ÃÅ"Capital structure encompasses a corporationÃ ¢Ã¢â ¬Ã¢â ¢s publicly issued securities, private placements, bank debt, trade debt, leasing contracts, tax liabilities, pension liabilities, deferred compensation to management and employees, performance guarantees, product warranties, and other contingent liabilities. This list represents the major claims to a corporationÃ ¢Ã¢â ¬Ã¢â ¢s assets. Increases or reductions in any of these claims represent a form of capital structure change.Ã ¢Ã¢â ¬? However in this study, for the sake of simplicity, the capital structure will be analysed in term of debt and equity in line with other prominent capital structure studies and theories restricted to the debt equity mix. Profitability The term profitability is a very common term in the business world. It refers to an all round measurement and indicator for a firmÃ ¢Ã¢â ¬Ã¢â ¢s success. Profitability can be defined as the ability of a firm to generate net income or profit on a consistent basis. It is often measured by price to earnings ratio. The accounting definition of profit can be given as the difference between the total revenue and the total costs incurred in bringing to market the product i.e. goods or service. Hence, profitability had come to mean different things for different people. It can be defined and measured in several ways depending on the purpose. It is a generic name for variables such as net income, return on total assets, earnings per share, etc. though the simplest and common meaning of profitability is the net income. 3.1 Early Study on Capital Structure by W A Chudson One of the earliest comprehensive researches into capital structure of business firms was done by Chudson Walter Alexander (1945) on a cross section of manufacturing, mining, trade, and construction companies in the US from the year 1931 to 1937. Although it has been more than two third of a century, that study is still relevant today as before due to the seven questions which he endeavoured to answer. Out of those questions the relevant to this study are as follows. In what way does the structure of assets and liabilities of a given concern reflect the kind of industry in which a concern is engaged, the concernÃ ¢Ã¢â ¬Ã¢â ¢s size and level of profitability? Are there any elements in the corporate balance sheet, either on the asset or the liability side, whose range of variation is so narrow that it is possible to speak of a Ã ¢Ã¢â ¬Ã ânormalÃ ¢Ã¢â ¬? pattern of financial structure? The questions posed by Chudson could be interpreted into the research questions pertinent to this study which are the relationship between profitability and capital structure, the existence of an optimal capital structure, and also the trend of capital structure being practised by a sample of firms. ChudsonÃ ¢Ã¢â ¬Ã¢â ¢s research showed there were undisputable relationships between corporate financial structure and the firmÃ ¢Ã¢â ¬Ã¢â ¢s profitability. As far as this study is concerned, Chudson had successfully proved the relationship between the profitability of a company with various capital structure variables including debt and equity capital. 3.2 M M Propositions In 1958 Merton Miller and Franco Modigliani in their famous Miller-Modigliani (MM) propositions put forward the net operating income approach of and demonstrated that the capital structure is irrelevant in a perfect market. Accordingly, the first Proposition holds that the value of a firm is independent of its capital structure. While the second proposition stats that when first proposition held, the cost of equity capital was a linear increasing function of the debt/equity ratio. As miller wrote subsequently these propositions implied that the weighted average of these costs of capital to a firm would remain the same no matter what combination of financing sources the firm actually chose. (Miller, 1988) In 1962, Barges tested and evaluated the MM propositions predominantly on the validity of the hypothesis that the cost of capital to the firms is unaffected by capital structure. According to Barges (p. 143): Ã ¢Ã¢â ¬Ã âWith respect to the empirical methods employed by MM it was found that, under very frequently encountered conditions, their methods will result in tests which are biased in favour of their propositions and biased against the traditional views.Ã ¢Ã¢â ¬? Barges had empirically proved the existence of some weaknesses in the research design and methodology of Modigliani and MillerÃ ¢Ã¢â ¬Ã¢â ¢s study and concluded that (p. 147) Ã ¢Ã¢â ¬Ã âThus, on the basis of the evidence presented herein, the hypothesis of independence between average costs and capital structure appears untenable.Ã ¢Ã¢â ¬? Subsequently many studies were conducted with focus on the determination of capital structure and many theories were presented. 3.3 Profitability and Leverage theories Since MM propositions presented, many studies were conducted by releasing MM assumptions focusing on the extent to which each of the assumptions contributes to the determination of the firmÃ ¢Ã¢â ¬Ã¢â ¢s capital structure. All these theories explains the relationship between leverage and the value of the firm and hence profitability of the firm. There are various theories in order to further explain this relationship. Nevertheless, these theories are actually based on asymmetric information (Myers, 1984), tax deductibility (Modigliani and Miller, 1963; Miller 1977), Bankruptcy costs (Stiglitz, 1972; Titman, 1984) and agency costs (Jensen and Meckling, 1976; Myers, 1977). Two main theories are the pecking order theory and the trade off theory. Pecking Order Theory The Pecking Order Theory is based on information asymmetry between management and investors. So, the stock price of a firm may not reflect correct value of the firm. Myers and Majluf (1984) and Myers (1984) suggest that management issue the security which is overvalued and therefore, undervalued firms tend to avoid issuing equity. They argue that in imperfect capital markets, leverage increases with the extent of information asymmetry. They provided theoretical support to DonaldsonÃ ¢Ã¢â ¬Ã¢â ¢s (1961) findings that firms prefer to use internally generated funds as a financing source and resort to externals funds only if the need for funds was unavoidable. According to (Myers 1995), the dividend policy is Ã ¢Ã¢â ¬Ã âstickyÃ ¢Ã¢â ¬? and the firms prefer internal to external financing. Firms prefer using internal sources of financing first, then debt and finally external equity obtained by stock issues. Therefore, asymmetric information models seldom point towards a well-defined target debt ratio or optimal capital structure. All things being equal, the more profitable the firms are, the more internal financing they will have, and therefore we should expect a negative relationship between leverage and profitability. The various studies such as Ross (1977), and Myers and Majluf (1984), Harris and Raviv, 1991; Rajan and Zingales, 1995; Booth et al., 2001have supported this relationship that is one of the most systematic findings in the empirical literature. Agency Costs Theory The Agency Costs Theory (Organizational Theory of Capital Structure) emphasize that capital structure was influenced by conflicts between shareholders and managers, and between debt holders and equity holders. Major study into this area was done by Jensen and Meckling (1976) that showed managersÃ ¢Ã¢â ¬Ã¢â ¢ natural tendency to extract too many perquisites and stresses on self-interested behaviour. Obviously, agency costs would increase as the managersÃ ¢Ã¢â ¬Ã¢â ¢ personal ownership stake in the firm decreases. This supplied an argument for debt financing and against Ã ¢Ã¢â ¬ÃÅ"publicÃ ¢Ã¢â ¬Ã¢â ¢ equity which was contributed by non management investors who cannot monitor management effectively. Fama and Miller (1972), using agency cost theory, proved that leverage was positively associated with firm value. Firms with longer credit histories would have lower cost of debt. The Trade of theory The trade-off theory is based on the considerations of benefits and the costs of debt. This theory argues that firms optimise their capital structure by trading the tax deductibility of interests, bankruptcy costs, and agency costs. This theory is consistent with traditional approach of capital structure. This theory leads to an opposite conclusion. Accordingly if the firms are profitable, they should prefer debt to benefit from the tax shield. Further as the past profitability is a good proxy for future profitability, profitable firms can borrow more because the likelihood of paying back the loans is greater. However after a certain level of leverage, the profitability and the value of the firm will reduce due to interaction of bankruptcy costs and agency costs. 3.4 Various Studies on Capital Structure As the issue of capital structure gained prominence and interest, a number of studies had been done over the years to explore the relationship between capital structure and a firmÃ ¢Ã¢â ¬Ã¢â ¢s various characteristics e.g. growth opportunities, non-debt tax shields, firmÃ ¢Ã¢â ¬Ã¢â ¢s volatility, asset systematic risk, asset unique risk, internal funds availability, asset structure, profitability, industry classification, and firm size. This study is concerned particularly on the relationship between capital structure and profitability. Most of the studies had concluded that capital structure measured by debt/equity ratio had an inverse relationship with profitability measured by Return on Investment (ROI). Professor Myers of MIT had written in 1995 that Ã ¢Ã¢â ¬Ã âthe strong negative correlation between profitability and financial leverageÃ ¢Ã¢â ¬? is one of the Ã ¢Ã¢â ¬ÃÅ"most striking facts about corporate financingÃ ¢Ã¢â ¬? (p.303). It is worthy to mention here that the aforesaid studies were the most comprehensive ever carried out in the US. One significant research was conducted by Bradley, Jarrell and Rim (1984) using Ordinary Least Squares method to analyze the capital structure of 851 industrial firms over a period of 20 years (1962-81). They concluded that an optimal capital structure actually existed as proposed by finance theorists. Bradley, Jarrell and KimÃ ¢Ã¢â ¬Ã¢â ¢s findings were supported by El-Khouri in 1989 who studied a sample of 1,040 Companies in US from 27 different industries covering a period of 19 years (1968-86). El-KhouriÃ ¢Ã¢â ¬Ã¢â ¢s major findings were that there exists an optimal capital structure, and profitability was significantly but negatively related to capital structure. 3.5 Rajan and ZingalesÃ ¢Ã¢â ¬Ã¢â ¢ Study Rajan and Zingales (1995), in their study of determinant of capital structure find that profitability is negatively or inversely related to gearing consistent with Toy et al. (1974), Kester (1986) and Titman and Wessles (1988). Given, however, that the analysis is effectively performed as an estimation of a reduced form, such a result masks the underlying demand and supply interaction which is likely to be taking place. More profitable firm will obviously need less borrowings, although on the supply-side such profitable firms would have better access to debt, and hence the demand for debt may be negatively related to profits. Most of such studies were conducted in US using local companies and hence represents financing and profitability relationship in US economy and might not be applicable in other countries around the globe. Some of the studies conducted in UK as well though changing business and economic environment and time period may have their impact on such capital structure and profitability relationship. Further as discussed earlier much attention was not given to one major aspect of the capital structure, which is the impact on the profitability and hence the value of the firm. So understanding the effect of capital structure on the profitability and hence the value of the firm in the current economic and business environment is the main motivation for this study. CHAPTER 3 RESERCH FRAMEWORK I intend to use two major sets of variables (Ratios) i.e. Debt and Profitability to ascertain the relationship between the capital structure and profitability. The first set includes Gearing ratios Debt/Equity Ratio and Debt Ratio. The other set includes profitability ratios Return on Equity, and Return on Assets. The variables will be analyzed using the descriptive/time-series Correlation and regression technique. 2.1 Data Sample The data used for the empirical analysis will be derived from Hemscott database contains balance sheet, profit and loss and certain Key Ratio information for FTSE 100 companies in UK. For the purposes of this dissertation, I expect to utilise this data to obtain the required variables for all non-financial companies. 2.2 The Model and Research Methodology The following model outlines the framework for research. It consist two major components i.e. the profitability of a firm as the dependent variables and the capital structure of a firm as the independent variables. The arrow pointing to the right indicated the expected direction of causality. However profitability and capital structure relationship is a two way relationship. DEBT RATIO ROE DEBT/EQUITYRATIO ROA The model gave the foundation for analysis which was to explain the relationship among the two main groups of variables. In as much as possible, variables will be selected on the basis of the literature being reviewed. Thus, while this study is expected to give exciting results, there will be direct ties to earlier studies although may reflect the changing requirements of the time. One prominent issue here is the direction of the causality in the model. This research is based on the notion that the capital structure being practised by a firm would affect its profitability. This particular cause-and-effect relationship had been proved in various studies as found in the literature being reviewed. Though it should be kept in mind that there were a number of researchers who had argued that it was profitability which would influence the capital structure (Chudson 1945, Lamothe 1982, Bowen, Daley and Huber 1982). However, it is not within the scope of this study to determine the direction of causality in this particular relationship but rather to focus on the significance of such a relationship. 2.3 Variables In the first instance, great care was taken to define the dependent and independent variables to be used in the descriptive, co variance and regression analysis. As there are several alternative measures of profitability and gearing, only relevant measures are chosen for this cross-sectional analysis. Dependent Variable Profitability is dependent variable in this analysis and two measures of profitability employed in this analysis are Return on Equity (ROE) and Return on Assets (ROA). ROE is the return on equity and is measured as earnings before tax (EBT) divided by ownersÃ ¢Ã¢â ¬Ã¢â ¢ capital or equity. ROE = EBT/EQUITY ROA is return on assets and is measured as earnings before interest and tax divided by total assets (Titman and Wessels, 1998; Fama and French, 2002 and Flannery and Rangan, 2006). The ratio of earnings before interest and tax (EBIT), to the book value of total assets (TA) ROA = EBITDA/TA Independent Variables Gearing Ratio represents capital structure. Therefore, in order to examine the sensitivity or otherwise of their cross-sectional results to the profitability following two ratios are used in this analysis and defined as: Debt to Total Assets: This is a simple ratio of total debt to total assets DEBT RATIO= TD/ TA Debt to Equity Capital: This is the ratio of total debt to capital, with the capital calculated as total debt plus equity, including preference shares. DEBT/EQUITY RATIO = TD / (TD + ECR + PS) PS the book value of preference shares. Research Plan and Implementation Schedule Research work starts from week beginning from October 4, 2010 and is expected to complete in 10 weeks time. The work is scheduled as follows. Research Plan Week Star Date : 04-10-2010 Week 1 2 3 4 5 6 7 8 9 10 Background reading and literature review X X Research design and plan X Choice of methodology X Gathering data X X X Data analysis and refine X X X Writing up draft X X X Editing final document X X Produce final document X Document passed to supervisor to read X Resources I intend to use following resources Hemscott database for data collection. MS Excel for analysing data. University of Wales online library, internet, and some books on finance.
Wednesday, May 6, 2020
Research Synthesis: Nursing Recruitment and Retention in Newfoundland, Canada The topic of this research synthesis paper is nursing recruitment and retention in the province of Newfoundland and Labrador (NL), Canada. The reason this topic is significant is that there is a shortage of nurses worldwide CITATION NEEDED) and Newfoundland serves as a great illustration because it has many obstacles that it has to overcome, including limited employment for the families of nurses, recent healthcare reforms, and unique challenges of living in a rural environment (CITATION NEEDED). The strategies for recruitment and retention may brign to light the consideration of the needs to both educate and retain nurses in the field, thus may assist in the needs of nurses by considering the needs to both educate and retain nurses in the field. 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Tuesday, May 5, 2020
The steel reamed wheels of animal driven vehicles also cause considerable abrasion of the road surface. Therefore, the road aggregates should be hard enough to resist abrasion. Resistance to abrasion of aggregate is determined in laboratory by Los Angeles test machine. Many tests have been developed to empirically characterize aggregate properties without, necessarily, strong relationships to the performance of final products incorporating an aggregate. The Los Angeles (L. A. abrasion test is a common test method used to measure of degradation of mineral aggregates of standard grading resulting from a combination of action including abrasion and grinding. The standard Los Angeles abrasion test is ASTM C131: Resistance to degradation of small-size coarse aggregate by abrasion and impact in the Los Angeles Machine. Aggregate abrasion characteristics are important because the constituent aggregate in HMA (Hot Mix Asphalt) must resist crushing, degradation and disintegration in order to produce a high quality HMA. The standard L. We will write a custom essay sample on Los Angeles Abrasion Test or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page A abrasion test subjects a coarse aggregate sample (retained on the No. 19. 0 mm sieve) to abrasion, impact, and grinding in a rotating steel drum containing a specified number of steel spheres. As the drum rotates, a self-plate picks up the sample and the steel spheres, carrying them until they are dropped to the opposite site of the drum creating an impact-crushing effect. The contents then roll within the drum with an abrading and grinding action until the self plate impacts and the cycle is repeated. After the prescribed number of revolutions, the contents are emoved from the drum and the aggregate portion is sieved to measure the degradation as percent loss. 2. 0 Objective a) The objective of this test is to ascertain the degradation of aggregates by abrasion and impact. 3. 0 Apparatus/Equipments The apparatus used in this test are : a. Los Angeles abrasion machine (plate 2) b. Sieves (19mm, 12. 5mm, 9. 5mm, 1. 7mm and pan) c. Sieve shaker (plate 3) d. Balance (accurate to 0. 01 g) 3. 1 Picture and the Use of the Equipment Name and picture| Function| Figure 3. 1: L. A abrasion machine| * The L. A. Abrasion Machine is used as a quality control tool for aggregates, including crushed rock, gravel and slag. The testing method determines the degradation when subjected to abrasion, attrition, and impact and grinding. | Figure 3. 2: Sieve Shaker| * Use to shake sieves by subjecting vibration toward them. | Figure 3. 3: Balance| * A balance is used to measure mass to a moderate degree of precision and accuracy. | Figure 3. 4: Sieve| * It is use to separate particles of different sizes. * Each sieve has different size of holes * Usually be used with sieve shaker| . 0 Methodology 4. 1 Procedure Approximately 5000g of aggregates including 2500 Ã ± 10g of 19 mm to 12. 5 mm sizes and 2500 Ã ± 10g of 12. 5 mm to 9. 5 mm sizes are used in this test. (Note that this is for aggregates graded mainly between 20 mm and 10 mm size. Sample requirements of other aggregate gradations such as 40 mm to 10 mm, 10 mm to 5 mm, and 5 mm to 2. 5 mm Ã¢â¬â are given in the ASTM and CSA standards. ) This test procedure is explained below: 1. The sample is washed and dried and later the weight is obtained. 2. The sample is placed in L. A. Abrasion Machine. 3. Eleven steel balls are added in the machine. 4. The drum is rotated for about 500 revolutions at 30-33 rpm. 5. After being rotated, the sample is removed from the drum and is sieved on no. 12 sieve. Later the sample that is retained on the sieve is washed and dried at the temperature of 1050C to 1100C. The weight of the sample is taken after the sample is cooling down. 4. 2 Flow Chart 4. 3 Picture of the Procedure 5. 0 Result/Calculation Table 5. 1: Result of LAA test Aggregate Size (mm)| Weight Of Sample Before (g)| Weight Of Sample After Abrasion (g)| Loss (g)| 19 12. 5| 5000 500 2500| 4190| 810| 12. 5 9. 5| | | | Calculation: Weight loss= (Weight of sample before abrasion) Ã¢â¬â (Weight of sample after abrasion) = 5000 Ã¢â¬â 4190 = 810 g = 0. 81 kg Percent loss= (Weight loss / Total weight of sample) x 100 = 8105000 x 100 = 16. 2% lt; 30% (JKR standard requirement) The result obtained in this experiment shows that the percent loss due to degradation of aggregates by abrasi on is 16. 2%. As the percent loss of the sample is below the range of standard requirement of maximum 30% by JKR, thus the sample is suitable to be used for road works. . 0 Discussion 1. In this experiment, 2500 g of aggregate of size between 14 12. 5mm and 12. 5 9. 5mm respectively (total of 5000g) is mixed and poured into the Los Angeles Abrasion machine together with 10 standard steel balls (lack of one from the standard test) and operated for 500 revolutions at 30 33 rpm. After that, the sample is sieved through sieve of size 1. 7 mm and the weight retained is weighted. 2. From the test, the weight loss of the 5000g of sample after abrasion is 810g. It translate into a 16. 2% of loss, which is still within the JKR requirement standard (