Capital Structure And Profitability Relationship For Ftse Firms - Free Essay Example

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. Don’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, à ¢Ã¢â€š ¬Ã…“In 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?à ¢Ã¢â€š ¬? 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 firmà ¢Ã¢â€š ¬Ã¢â€ž ¢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 à ¢Ã¢â€š ¬Ã…“whether a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability is related with its capital structure or not?à ¢Ã¢â€š ¬? 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 firmà ¢Ã¢â€š ¬Ã¢â€ž ¢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: à ¢Ã¢â€š ¬Ã…“The mix of a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s permanent long-term financing represented by debt, preferred stock, and common stock equity.à ¢Ã¢â€š ¬? (Van Horne Wachowicz, 2000, p.470) It can be defined as à ¢Ã¢â€š ¬Ã…“The mix of long-term sources of funds used by the firm. This is also called the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s à ¢Ã¢â€š ¬Ã…“capitalizationà ¢Ã¢â€š ¬?. The relative total (percentage) of each type of fund is emphasized.à ¢Ã¢â€š ¬? (Petty, Keown, Scott, and Martin, 2001, p.932) One of the exhaustive and inclusive description was given by Masulis (1988, pl): à ¢Ã¢â€š ¬Ã‹Å"Capital structure encompasses a corporationà ¢Ã¢â€š ¬Ã¢â€ž ¢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 corporationà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets. Increases or reductions in any of these claims represent a form of capital structure change.à ¢Ã¢â€š ¬? 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 firmà ¢Ã¢â€š ¬Ã¢â€ž ¢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 concernà ¢Ã¢â€š ¬Ã¢â€ž ¢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 à ¢Ã¢â€š ¬Ã…“normalà ¢Ã¢â€š ¬? 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. Chudsonà ¢Ã¢â€š ¬Ã¢â€ž ¢s research showed there were undisputable relationships between corporate financial structure and the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢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): à ¢Ã¢â€š ¬Ã…“With 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.à ¢Ã¢â€š ¬? Barges had empirically proved the existence of some weaknesses in the research design and methodology of Modigliani and Millerà ¢Ã¢â€š ¬Ã¢â€ž ¢s study and concluded that (p. 147) à ¢Ã¢â€š ¬Ã…“Thus, on the basis of the evidence presented herein, the hypothesis of independence between average costs and capital structure appears untenable.à ¢Ã¢â€š ¬? 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 firmà ¢Ã¢â€š ¬Ã¢â€ž ¢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 Donaldsonà ¢Ã¢â€š ¬Ã¢â€ž ¢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 à ¢Ã¢â€š ¬Ã…“stickyà ¢Ã¢â€š ¬? 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 managersà ¢Ã¢â€š ¬Ã¢â€ž ¢ natural tendency to extract too many perquisites and stresses on self-interested behaviour. Obviously, agency costs would increase as the managersà ¢Ã¢â€š ¬Ã¢â€ž ¢ personal ownership stake in the firm decreases. This supplied an argument for debt financing and against à ¢Ã¢â€š ¬Ã‹Å"publicà ¢Ã¢â€š ¬Ã¢â€ž ¢ 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 firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s various characteristics e.g. growth opportunities, non-debt tax shields, firmà ¢Ã¢â€š ¬Ã¢â€ž ¢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 à ¢Ã¢â€š ¬Ã…“the strong negative correlation between profitability and financial leverageà ¢Ã¢â€š ¬? is one of the à ¢Ã¢â€š ¬Ã‹Å"most striking facts about corporate financingà ¢Ã¢â€š ¬? (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 Kimà ¢Ã¢â€š ¬Ã¢â€ž ¢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-Khourià ¢Ã¢â€š ¬Ã¢â€ž ¢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 Zingalesà ¢Ã¢â€š ¬Ã¢â€ž ¢ 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 ownersà ¢Ã¢â€š ¬Ã¢â€ž ¢ 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.

Research Synthesis Nursing Recruitment And Retention

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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Los Angeles Abrasion Test free essay sample

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 Â ± 10g of 19 mm to 12. 5 mm sizes and 2500 Â ± 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 – 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) – (Weight of sample after abrasion) = 5000 – 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 (

Music And Violence Essays - African-American Culture, Gangsta Rap

Music And Violence Rap music can be considered a style of art, and a way for the artists to express feelings through their words on paper. However, there are quite a few rap artists that get criticized for their lyrics. In my essay, I want to discuss why rappers use certain lyrics in their music and why people shouldn't believe that it causes violence among the younger generations. People shouldn't censor the music just because of violent, vulgar and abusive messages it promotes to the world. I believe in my own mind, that there is a reason for these types of lyrics that rap artists use and I will simply explain those reasons in this essay. Rap has been called one of the most important music forces to emerge in two decades. It's pounding beats and staccato rhymes exploded on the streets of the urban America in the early 1980s and since have become the theme music and lyrical heart of the vibrant youth culture called hip-hop ( SIRS 1993). There are many different types of rap artist. There are some that talk about money, some talk about righteousness, and the list goes on and on. Every rap artist had their own way of expressing themselves. There are those that talk about sex, drugs, and violence who receive the negative attention( SIRS 1993). People, think this so- called gangster rap is a bad influence on children in the world and that it promotes violence and that it also is abusive to women. Delores Tucker, head of national congress of black women has been among those pressuring different record companies to stop distributing gangster rap music. There were other significant names that participated in this action. Names like Senate Majority leader Bob dole, and former education Secretary William J. Bennett(Surveys, pg. 1). There are some rap artists that have been openly criticized for their lyrics. Rappers like Lil Kim, Too Short, Snoop Doggy Dogg, and a member from "Too Live Crew," named Luke Skywalker. These rap artists in the past have been appointed for the things they say in their music. Lil Kim talks about sex in her music, Too Short talks about drugs, sex, and how much of a pimp he is, and Luke Skywalker talks about girls and sex. The lyrics that these rap artist use in their music might not be suitable for everybody to listen to but I don't think their music should be banned or criticized because you don't have to listen to it if you don't choose to. Rap music, how much influence does it really have on it's youthful listeners? Many, from record company executives to high school students agree that it plays a critical role in the lives of many tans, affecting the way they dance, dress and speak(SIRS 1993). Personally, I feel that rap music is a form of art. I think it takes a great deal of talent to write lyrics that rap artists write, because you have to use metaphors and similes, and at the same time get your point across so the listeners can understand. I give rappers a great deal of credit because I know it took them a long time to get where their at today, and I know it takes a tremendous amount of time to write a song. It's also true and I strongly agree with that rap artists use lyrics that reflect on their childhood and the way they grew up. That could be the reason why gangster rappers and rappers talk about sex, drugs, and violence in their music because that was what they were exposed to through out their life. Rap artists generally write about what they know because it is easier to write about things and situations that you know, and if sex, drugs and violence is what you know about, then you are going to write about situations that involve those subjects. Not just write about them in hopes to cause more violence in our world. Young rap fans caution it is wrong and simplistic to believe music can dictate their actions. Upbringing and circumstance steer a child's behavior, they say, not a record on a turntable or a performer posturing on stage(Newsweek, 1998). There are other reasons why gangster rappers should not be criticized for their lyrics. One reason is that I would rather hear gangster rappers talk about violence on the streets than them actually going out on the streets and participate in the violence. Another reason why rappers shouldn't be criticized is because

Childbirth, Childhood and Adolescence in the Middle Ages

Childbirth, Childhood and Adolescence in the Middle Ages What do you really know about medieval children? Perhaps no other period of history has more misconceptions associated with it than the Middle Ages. The history of childhood is also full of misconceptions. Recent scholarship has illuminated the lives of medieval children as never before, dispelling many of these misconceptions and replacing them with verifiable facts about life for the medieval child. In this multi-part feature, we explore various facets of medieval childhood, from childbirth through the teen years. Well see that, though the world they lived in was very different, medieval children were in some ways very like the children of today. Introduction to Medieval Childhood In this article, we dissect the concept of childhood in the middle ages and how that influenced the importance of children in medieval society.   Medieval Childbirth and Baptism Discover what childbirth was like in the middle ages for women of all stations and classes and the importance of religious ceremonies like baptism in the Christian world. Surviving Infancy in the Middle Ages The death rate and average lifespan in the middle ages were drastically different from what we see today. Discover what like was like for an infant as well as the realities of child mortality rate and infanticide. The Playful Years of Childhood in the Middle Ages A common misconception about medieval children is that they were treated like adults and expected to behave like adults. Children were expected to do their share of household chores, but play was also a prominent part of medieval childhood.   The Learning Years of Medieval Childhood The teenage years were the time to concentrate more intensely on learning in preparation for adulthood. While not all adolescents had schooling options, in some ways education was the archetypal experience of adolescence. Work and Adolescence in the Middle Ages While medieval teens might have been preparing for adulthood, their lives may have been full of both work and play. Discover the typical life of a teen in the middle ages.

Economic principle Essay Example | Topics and Well Written Essays - 1500 words

Economic principle - Essay Example ers by % Â  China 18.2% United States 11.6% Japan 7.8% Singapore 5.9% Germany 4.6% Thailand 4.2% South Korea 4.0% Â  China 19% Canada 14% Mexico 12% Japan 6.4% Germany 4.7% Â   US 14.2 % UAE 11% Saudi Arabia 8.3% UK 6.4% Japan 6 % China 4.8% Source: Unicef, 2013 Answer 1 The percentage of population who are in the labour force has been calculated by taking the total population and the number of people in the workforce. While both in US as well as in Australia the rates of participation in the labour force are 49% for each of the countries with the rate at Australia little higher than that of the United States for Quarter the figure is much higher at 64% (Australian Bureau of Statistics, 2013). Answer 2 In case of all the three countries it has been noticed that the percentage of population in the agriculture is extremely low. This is a special characteristic of all the developed nations. As the countries move from the different stages of development the sectoral contributions of t hese countries would vary at each stage. This means that an underdeveloped country would have the majority of the population engaged in the agriculture. On the other hand the developing countries which have crossed the initial stage of development would have industry as the main contributor to the GDP and the maximum participation of the labour force would be in that sector. Finally the most developed countries of the world would have the maximum percentage of people working in the services sector. Thus the high percentage of people engaged in the services sector of USA and Australia, which are 79% and 75% respectively, would prove that these countries are more developed. On the other hand in case of Qatar the percentage of people in the services sector is only 45% while the industrial sector constitutes the major part of the population. Therefore Qatar can be claimed as comparatively less developed than the countries like Australia and the USA. Answer 3 The list of exports of Austr alia compared to that of Qatar is much longer. This is because the country does not have any agricultural produce and therefore it cannot export any agricultural goods to any other country. Petroleum and related products are the main sources of income of the economy of Qatar and the main sources of government revenue and accounts for more than 60% of the GDP of the country. Thus the resources that the Qatar Economy is endowed with are restricted to the industry and the services sector only. Even the contribution of the services sector is limited to 20% only. On the other hand, the Australian economy exports products and services that comprise of all the sectors of the economy.

Sustainable Practices in Facilities Management Assignment

Sustainable Practices in Facilities Management - Assignment Example Due to increasing environmental concerns worldwide, the governments are under pressure to intervene in the affairs of the society through statutory regulations for streamlining the operations of the general public, local authorities, businesses and other agencies in the backdrop of global warming. â€Å"There is enough for everybody’s need, but not enough for anybody’s greed† – Mahatma Gandhi. Nilsson (2008) states â€Å"In the past, the statement (Ibid) might have been overlooked as being a somewhat idealistic point of view, but in the light of climate change, the truth becomes very evident†.   Industrial and technological developments leading to air pollution caused by the automobiles, water pollution by industries, depleting water table and deforestation as well as imbalances in ecosystem due to extinction of species necessitates coordinated actions at all levels as the pace of development at the current rate with uninhibited use of precious na tural resources is not sustainable in the long run. The corporate community is expected to rise up to the occasion as they have been primarily responsible in the first place for this deplorable environmental phenomenon in the name of growth and industrial development. Carbon Intensity U.S. and China are the world’s two largest emitters, and reducing the Carbon intensity by these nations as well as the EU and fast developing countries such as India, Brazil and Russia holds the key for success by the world in climate change. However, the targets are mainly aimed at human induced Carbon-Di-Oxide (CO2) emissions only. However, in a comprehensive approach the need for land reuse, reforestation, biomass fuel cropping, recycling of waste and renewable energy and its perceived effects on ecosystem have also gained attention and lead the socially responsible people including corporate citizens to realize the need for their cooperation and participation, apart from the complex internat ional negotiations starting from Kyoto Protocol. Finamore (2009) states â€Å"a carbon intensity target will require each province and major enterprise to measure, report and reduce their CO2 emissions and energy consumption, year-on-year, acting as a driver for greater efficiency and renewable†. UK is committed to 80% reduction in CO2 emissions by 2050 at the recent Copenhagen Climate Change Summit in December 2009.    A 2 Z Retail’s total carbon footprint Carbon footprint means the total amount of greenhouse gases produced by an organization (or individual) in its activities, expressed in terms of measurable units of carbon dioxide. The direct greenhouse gas emission by burning fossil fuels for various needs of energy and transportation is called as Primary Footprint. The Secondary Carbon Footprint is the total of the indirect emissions generated in relation to the manufacturing process involving use of several intermediary products, consumables and services. Total carbon footprint in relation to a company is the sum of all emissions of CO2 (carbon dioxide), including Primary and Secondary footprints in a given time frame, calculated usually for a year. The calculation is based on the consumption of different type of fuels by the different activities. For example, for each (UK) liter of Diesel consumed, 2.7 kg carbon dioxide (CO2) is emitted, and for each liter of heating oil, it works out to 3.0 kg. The activities such as travel by train or bus (public transportation) for a distance of 10 to 12 km or by