The father of science

The dad of sci-fi Essay Numerous scholars trust Melies to be the main auteur of film. When assembling a film, Melies himself dealt with a significant part of the undertaking. He was associated with recruiting the entertainers, clearly shooting the film, and furthermore creating and altering the movies. Melies even ensured he was a piece of their hand-shading and appropriation to theaters. One of the most essential factors in considering Melies as the principal genuine auteur is his presentation of blur ins and blur outs for every scene. In making the whole film stream as one genuine story, Melies would blur in the middle of scenes, in this manner demonstrating how the scenes progress in a steady progression, and how characters and plotlines entwine inside one another. A Trip to the Moon is a splendid case of how Melies utilized blurs as an approach to speak with the crowd the progression of time, and the movement of the story. A dose of the group is blurred into a dose of the spaceship. We will compose a custom paper on The dad of sci-fi explicitly for you for just $16.38 $13.9/page Request now After the spaceship and group are seen, a blur into the stay-lit sky and moon is appeared, passing on that the spaceship takes off from earth, and goes to the moon, in any event, smashing straightforwardly into it. These blurs and lap breaks up are the first of their sort, and unfathomably essential to the development of film. For a film like A Trip to the Moon clearly it is difficult to shoot on the spot. And furthermore, it would become unbelievably costly to fabricate huge and sensational sets that attempt to pass on a sentiment of area on the moon. So rather than huge builds used to uncover area, Melies chose to utilize tremendous artistic creations as backgrounds for a portion of his increasingly fantastical movies. Utilizing these artistic creations was unquestionably increasingly effective that building a whole develop for a short scene on film. Furthermore, not exclusively were the canvases enormous, yet Melies chose to give the works of art a kind of fantastic appearance. He loved fiddling into the theoretical and paranormal. Large and lovely canvases are significantly more intriguing to take a gander at then a set that may attempt to be extraordinarily practical. While some observe Melies carefully as the dad of imagination or sci-fi, I would go as far to state he could without much of a stretch be viewed as the dad of film. The way Melies built whole stories by blurring all through scenes to propel the plot is a key creation that has carried film to where it is today. Melies made strides inside his profession that effectively could have taken a very long time for the remainder of the world to get a handle on. The way that one of his significant developments had emerged out of a typical camera jam tells that we gain from our mix-ups, and Georges Melies sure figured out how to profit by his.

Summarizing and Presenting Essay Example for Free

Summing up and Presenting Essay The Ballard Integrated Managed Services (BIMS) their principle office is in New York City that gives housekeeping and food administration to various enterprises and foundations all through the nation. BIMS fundamental center is their center capabilities with contracts alongside huge associations. They likewise give rent backing to outside sellers. BIMS customer base comprise of 22 fortune 100 organizations, 100 normal firms, 16 high positioning colleges, 14 clinical focuses, and three huge air terminals. With an enormous organization, for example, BIMS dealing with huge agreements they have discovered some significant issues with a high turnover rates and worker moral with one of their organizations. As, the main director Barbara Tuckers is accountable for three divisions at this site. She was worried about the organizations significant issues that appear to decrease in the previous a while. She needed to discover why staff moral was low and why the organization turnover rate was higher than expected. The data got from post employment surveys didn't show any data of what was causing the issue. So along with her area of expertise heads and directors they chose the issue was representative assurance, yet they were as yet uncertain on why this was occurring. She saw that BIMS has a high turnover pace of 55% to 60% with this organization. Notwithstanding, inside the previous multi month the rate is ceaselessly climbing and has arrived at 64%. This has made an expansion in cost to supplant laborers and it shows that they are likewise leaving without giving a motivation behind why. Barbara Tucker has additionally seen an expansion in employee’s utilizing wiped out time and an expansion in laborers sitting around during work hours. BIMS are getting an expansion in grievances from clinic organization in light of poor work execution from employee’s. Barbara Tucker chose ti talk about the issues with the three division supervisors and the HRM offices. The decision was a recommendation of looking over all the employee’s to locate the primary driver of the decline in their confidence. She asked Debbie Horner the HR supervisor to lead this undertaking at the site and to apply some examination thoughts that she learned while finishing her MBA. Debbie Horner utilized what she gained from school to make an em ployeeâ survey instrument (e=Exhibit A). Utilizing the scale gave, record your answer by orbiting the number that is nearest to your view where 5 is a positive reaction and 1 is an extremely negative decision. Exceptionally Negative Very Positive 1.How well do you appreciate working for BIMS? 2.You make the most of your doled out move. 3.Your solicitation for your ideal move was satisfied. 4.How commonly have you phoned in debilitated in the most recent month? 5.You are very much prepared for your work. 6.You are paid decently for the work you do. 7.Your chief treats you decently. 8.Your supervisor’s manager treats your division decently. 9.The organization is acceptable at imparting. 10.You don't expect that you will lose your employment. 1.In which division accomplish you work? 2.How long have you worked for BIMS? 3.What is your sexual orientation? 4.Are you a chief or manager? Food: _ Housekeeping: _ Maintenance: _ A long time: _____ Months: _____ Female: _____ Male: _____ Truly: _____ No: _____ The study isn't a prerequisite just willful and mysterious. Every one of the 449 workers aside from top administration will get this study inside their fortnightly finance checks ensuring every representative has gotten one. The Data the was entered is appeared beneath in a table structure from the reactions and got by employee’s in (Exhibit B). Display B Sorts of Data Debbie Horner chose to utilize quantitative and subjective to gather information. Quantitative variable has two sorts of factors, and they for the most part are accounted for numerically. Discrete is one of the variable, which can just assumeâ certain qualities, and they have expands between the qualities. A consistent variable can expect any an incentive inside a predefined run. A subjective variable is clear cut or non-numeric. Normally individuals are keen on the quantity of percent of the perceptions in every class. Subjective information is normally summed up in diagrams and bar outlines (Lind, Marchal, Wathen, 2011). A survey was set in the finance checks for two payroll interval, and the representatives were approached to return them to her. There are two sorts of essential research: quantitative information assortment and subjective information assortment. Quantitative information gathered depends on numbers. For instance gathering information identified with people groups a ge or pay. The data gathered can be broke down after the assortment utilizing different measurable procedures. This examination helps the specialist make significant examples and bring a more profound jump into the information. The most significant utilization of quantitative information is in speculation testing and can help specialists in arriving at resolutions. The principle techniques used to gather quantitative data are utilizing surveys that require contribution of the user’s reaction. The overview can be appropriated utilizing various methods, for example, mail, telephone, site, and so forth. Subjective information can be gathered utilizing individual meetings, center gatherings, and perceptions completed with the end goal of research. Albeit individual meetings can assist scientists with delving into more prominent subtleties, they are tedious and costly. The most ideal approach to discover the reason for the issue is to do an overview and figure the reaction so the organization can fix the present or continuous issues. The proportions of the focal inclination is appeared in (Exhibit C) as the mean in the wake of computing the information. It can show the principle area of the center or focal point of an informational index. The measures can be the mean, mode, and middle. The mean is utilized the most and it very well may be determined by including the entirety of the numbers and afterward partition the quantities of numbers to get the whole, which will be the mean. The mode is just the worth that happens much of the time inside the arrangement of information, for exampl e, 1, 2, 3, 3, 5, 6, 7, 7 the mode would be 7, 7 and 3, 3 of every an informational index. The middle is a number introduced in the center when there are numbers in a lot of information that are in rising or diving request. Display C Employee’s were asked how well do they appreciate functioning for BIMS and the rating was lower than anticipated just 27.3% enjoyed working with the organization. Myâ recommendation for the organization is execute impetuses for employee’s. As indicated by Frenz (1999-2013), â€Å"Companies can utilize impetuses to concentrate the workers on explicit territories, focusing on significant inspirational points† (2). The organization can likewise give a reward to finishing and execution in the employee’s work. This will stop a portion of the grumblings of lackluster showing in the employee’s work propensities. Another recommendation is the organization can likewise actualize a grievance and thought box for employee’s to include their thoughts or issues with the organization or the executives. References Gallup. (2008). Pivoting Employee Turnover. Recovered from http://businessjournal.gallup.com/content/106912/pivoting your-turnover-problem.aspx University of Phoenix Material:University of Phoenix Material: Ballard Integrated Managed Services, Inc., Part 1 Statistical Techniques in Business and Economics, Thirteenth Edition, Lind, Marchal and Wathen, McGraw-Hill/Irwin. ISBN 978-0-07-303022-7

Rock-n-roll and the use of drugs in the period between 1955 and 1966 Essay

Jammin and the utilization of medications in the period somewhere in the range of 1955 and 1966 - Essay Example As the counterculture developed, be that as it may, a related enthusiasm with mind modifying drugs started to be a piece of the experience. While the period of medication use and free reasoning is frequently thought of as the 1960s, the counterculture started a lot before, originating from the attractive energy of specific people to jazz and society music which was regularly communicated by the individuals who were calling themselves mavericks and bohemians. The timeframe somewhere in the range of 1955 and 1966 were crucial, be that as it may, as the course of social change likewise observed changes in the manner by which intellectualism was sought after, prompting the heavier utilization of medications during that timespan. In 1966, Grace Slick kept in touch with one of the more notorious melodies that anticipated the association between proficiency, awesome, and the medication culture. Referencing Lewis Carroll’s Alice in Wonderland she composed â€Å"One pill makes you big ger/One pill makes you little/And the ones that mother gives you/Don’t do anything by any stretch of the imagination/Go ask Alice/When she’s ten feet tall† (Farber, 2007, p. 62). Simultaneously, there has been a battle between grasping the impacts of medication use and the results of enjoying drugs with a lot of power. Awesome ways of life are both loaded up with the debauchery of sex and medications and written to mirror the winding descending that is taken through the ’looking glass’ when medication misuse takes over one’s life. One of the more well known expressions about medication use and the early long periods of awesome originated from David Crosby who said â€Å"if you can recall the 60s, you weren’t there†, implying the nearby association between the utilization of medications, carelessness during use and the insurgencies of the 1960s which incorporated a significant level of medication use (Farber, 2007, p. 63). ... 63). Medication misuse and liquor abuse as it was associated with artists didn't start during the 1960s. Where there are significant levels of masterful feelings joined with the weights of accomplishment, medicate use and liquor misuse were frequently included. Nonetheless, social gatherings that explicitly adjusted themselves to the utilization of medications was a generally new marvel during the 1950s. The kind of gatherings that were characterized by a kind of intellectualism that was following a portion of the extraordinary essayists of the time, just as following ways towards gratification and self guilty pleasures were ’beatniks’ and ’bohemians’ of the 1950s. The music of jazz and society music, two kinds that assisted with shaping the structures of awesome, were a sort of music that drew individuals towards it that frequently enjoyed medicate use. As per Weinstein (1999), â€Å"the starting flashes were struck during the 1940s that set the counterc ulture burning with drugs in the 1960s† (p. 169). When Ardous Huxley composed Doors of Perception in 1954, the counterculture was roused to look for the ideal high, that state wherein amazing quality had happened in which the guarantee of medication use was at long last satisfied. Trying to satisfy a type of scholarly goal, the book composed by Huxley gave a system of comprehension about the idea of brain changing medication use and the upsides of what one can gain from having taken psyche modifying drugs. Huxley (2009) depicts what Spanish winners saw when they experienced Native Americans. He states â€Å"they eat a root which they call peyote, and which they worship as if tit was a deity†(p. 9). The book became focusing bit of mainstream society from which the quest for a definitive profound encounter was looked for after which included high

Music and the Counterculture free essay sample

Indeed, even mainstream music bunches in Saigon started to play out the most recent stone hits. The combination of American music with Vietnamese groups was actually what the occasion was about; harmony, love, and awesome. There were American groups that were making well known music before 1 965, for example, Bob Dylan, Joan Base, Janis Joplin, the Byrd, and others. These specialists started to settle on music that fought the poor decisions the administration was making about dealing with the significant occasions in America and the world. The Civil Rights Movement was all the while going on and strains were rising.In 1 963, a significant battle was being held in Birmingham, Alabama where there were peaceful protestors on one hand and police with clubs, fire hoses, and mutts on the other. Seeing these occasions, the development truly picked up help from hose thoughtful to their motivation. 5 However, this is only one case of police fierceness on an innocuous group. We will compose a custom article test on Music and the Counterculture or on the other hand any comparable theme explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Dylan composed a collection called, Times They Are a-changing where he composes Of his political perspectives concerning isolation and out of line demonstrations of brutality and murder against African American residents. Viciousness was additionally expanding in the Vietnam War. Belief Clearwater Revival endured an individual shot when lead vocalist, John Foggier and drummer, Doug Clifford were drafted into the military in 1966 (be that as it may, his time in the administration roused the melody Fortunate Son that delineated the perspective on the draft, which was discharged in 1969). The Byrd shrouded a tune in 1 965 that was written in 1962 by Pete Serge called Turn! Turn! Turn! The tune discusses how there is a period and spot for everything, including war and peace.The third section depicts their view the best: a period of affection, a period of loathe/a period of war, a period of harmony/a period you may grasp/an opportunity to shun grasping. 7 many individuals previously shared this conviction, however this tune put it into music, spreading it to the individuals who didn't see things thusly. Music started to extend and blossom beginning in 1964. The British Invasion started when The Beetles came over from the UK, carrying Battlement with sew. They not just introduced another kind of style for the world, in attire, haircuts, and music, they additionally carried with them the fixation and fan fever they encountered in the ASK.In the middle of Battlement, Deed Sullivan ventured out to London and saw the rage firsthand in 1 963, preceding the Beetles went to the US. Upon his arrival to New York, Deed Sullivan set up a gathering with the administrator for the Beetles to have them show up on the show, organizing three show appearances. 8 These appearances prompted progressively open information on the Beetles in the US, the start of Battlement in the US, and to the ginning of the British Invasion. A large number of British groups followed the Beetles to the US; Led Zeppelin, the Rolling Stones, Pink Floyd, the Who, the Zombies, the Kinks, Ten Years After, thus numerous more.Different styles were brought to America and brought out various kinds in American groups too. Jefferson Airplane, the Doors, the Grateful Dead, Jim Hendrix, and others started to build up another style of music they called hallucinogenic stone or corrosive stone, named for the impact of medications, particularly corrosive, and the excursion they took while tuning in to the music. Pink F-Lloyd got one of these groups s well. Driven Zeppelin acquired a style ofharder rock, the Who got another style of underground rock, in the late sixties, Black Sabbath carried metal to America.While numerous groups were getting another classification, many were adjusting to well known American craftsmen style. The Zombies and Ten Years After began making fight/radical music, the Rolling Stones were performing melodies that seemed like a blend of a Led Zeppelin-like sound and a Beetles-like sound. Some American groups took a more grounded and hard rock kind of sound to fight melodies. Janis Joplin utilized her solid voice to bring rock edge to the hallucinogenic band Big Brother and the Holding Company.Credence Clearwater Revival, upon the arrival of their band mates, started to utilize the harder edge to shake to expound on their encounters and their view on legislative issues. Such a large number of various sounds and styles were being played around the US, it made a melodic insurgency. At that point, in 1967, what appeared the apex of rock at that point, the Beetles discharged the collection SST. Peppers Lonely Hearts Club Band. It is said that Brian Wilson, bass-player and lyricist of the Beach Boys, heard the collection and wept9 for he realized that the Beetles had won. It appeared just as the force in music was developing as the distress in America was developing. There were such a large number of men that were evading the draft. More than 200,000 were blamed for draft offenses. 10 Some men went out to consume their draft papers out in the open, others went underground or ran away to Canada. These fights of the draft prodded numerous to join the hipster development. Many objected to their way of life of sex, medications, and harmony. Obviously the flower children were constantly happy of opportunities to stun the bourgeoisie, which caused them to appear to be more debased than they were. 1 All of this developed to what was known as the Summer of Love in 1967. Lamentably, the sharing of medications and free love prompted numerous malady related passings. Radicals were obvious objectives for individuals, despite the fact that they had no material belongings. They became casualties to muggings, assault, ambushes, and even homicide. By October of 1 967, the Summer of Love was finished and a large number of the understudies came back to class. In spite of the fact that it wasnt that simple to execute the way of life and numerous individuals moved to cooperatives where they could carry on with this way of life forever.It appeared just as the hipster development was subsiding, however then the Et Offensive was sanctioned in 1 968 when the Viet Congo broke the truce and ride to pick up land. This broke out in an enormous fight into the war. Despite the fact that this was a specialized triumph for the US (as the Viet Congo picked up no domain in the assault), it was not seen well by general society. National pioneers had sold the war as everything except for won, and this battle broke out, refuting them and stressing the country. Indeed, even anchorpersons were shaken. Walter Coronate asked, What the hellfire is going on? Hough we were winning this war. 1 2 Other outlets of media additionally printed their doubt and aversion. This turmoil separated down into the general population and soon Johnson was viewed as a liar and a charm. Serenades by understudies were filling his head: Hey, hello, LB], what number of children did you kill today? At the point when Johnson reported he would not acknowledge the designations for a further term, individuals cheered thinking there would be a conclusion to the slaughter. Nonetheless, that end would not desire years. The best summit and case of the countercultures development and music was the Woodstock Music celebration in 1969.The celebration had high any expectations of congregating everybody in the country who put stock in harmony to make another general public. After long discussions with the city, the individuals around, security, and so on. Everything was at long last settled and the celebration was to be held in Bethel, New York. Indeed, even before it started, it was an immense chaos. Staff developed from 200 to 750 as crisis work force ran to the celebration, water and food soon on short flexibly, the main band was hours late as a result of traffic, and there were in any event 300 cases including unfriendly medication responses every one of whom ran toe the clinical tents. 3 Despite this, drugs were viewed as a key piece of the Woodstock experience. By day 2, somewhere in the range of 300,000 and 1. 5 million individuals were at the celebration 14 Theres no real way to tell without a doubt since the getting framework was demonstrated pointless. Because of the absence of room, food, and water, everybody started sharing everything, including drugs and sexual accomplices. But instead than reacting in desire, numerous just idea of this as the closure of the old world and the start of another. Downpour on the third day messed up entertainers, yet appeared to simply fuel the group more. Mel Lawrence, a Woodstock celebration goers, stated, the downpour made something that nothing else couldve done. What it did was, it balanced everyone at that celebration. Everyone was loaded with mud, everyone was wet, everyone was cold, everyone was as one. Everyone encountered something very similar simultaneously and needed to make it work I thank the Lord for that downpour. 1 5 After much postponement, the last craftsman (Jim Hendrix, who should play the day preceding however was deferred), played on Monday morning to the couple of thousand that remained.When he completed, Woodstock was finished. All things considered, it was a genuinely quiet celebration; there were just three passings (one from heroin overdose, one from a burst index, and one from a tractor running over a man in his camping bed), there were 2 births, and no detailed viciousness. Woodstock was seen in two different ways; as the pinnacle Of the countercultures advancement that just promoted the information that such a large number of individuals had indistinguishable perspectives from others, or a cultist following modify floundered in the cesspool made by medicate filled hippies.After Woodstock, the development lost the absolute most compelling craftsmen, for example, Janis Joplin, Jim Hendrix, Jim Morrison, and the Beetles (who separated). Nixon was presently in office, yet the war wa s a long way from being done. As the sixties finished, flower child appeared to be a perishing breed, yet there were still some that flourished and fought through the seventies. Indeed, even today, there are still a few hipsters that live in the country. The music of the enervation stayed and turned into a model for some, numerous groups to follow and furthermore prodded the making of different classes and sub-classifications. It is difficult to envision the ass in the United States without awesome. The music and now the verses were once in a while the background however regularly the motivation also for adoration ins, protests, exhibits, the decimation of draft cards, tuning in, killing on, and taking off. 16 The music of the si

Tips For Writing College Essays

Tips For Writing College EssaysCollege essays need to address a wide variety of topics, and the more they are able to do this the better they will be at it. Essay topics are extremely important because a good topic can turn an average essay into an excellent one. It is also important that students choose their topics very carefully, so that their essay is unique and better than the ones that come out of a computer. Here are some tips to help you choose the topics that will make your college essay stand out from the rest.The first thing to do is to choose a topic that has something to do with you. It can be something you have done, something you enjoy, or something that has happened to you. Also choose a topic that you will enjoy writing about. Most of the time college students use a topic as a way to get back at their teachers, which is fine. It is not the focus of the essay, so you can find the best college essay topics by taking a different angle. This can help you come up with top ics that will stick in your mind when it comes time to review them for an exam.Your topic should also be one that is actually helpful to you. The writer of the essay is usually looking for what you have to say and how you will help them. If you want to be able to talk about something interesting, try coming up with a topic that will do this.After you have chosen a topic, you will need to find a way to start writing it. Most college essay topics tend to come in sections. In most cases these sections are usually an introduction, body, conclusion, and some kind of conclusion. Make sure that you include all of these in your essay, but do not break them up too much.The next thing to do is to narrow down your topic to something that you will actually like. If you have not planned ahead, you may end up writing something that has nothing to do with what you actually liked. Remember that what is most important to you will determine the topic of your essay, so make sure that what you choose r eflects who you are as a person.Another thing to remember when you are choosing college essay topics is that your topic must have something to do with the school itself. College is supposed to be learning about different aspects of life, so make sure that what you write has some to do with that. Make sure that the topic is useful to the student, but is not going to get in the way of the course itself.These are the tips for writing college essay topics. You will likely get more than one topic that you really like. Just remember that you have to make sure that what you chose fits the theme of the class. You can never go wrong when it comes to writing college essays, so take advantage of these tips and use them to write the best essay you have ever written.

Impact Of Tax On The Choice Finance Essay - Free Essay Example

The different combination of funds that a firm uses to finance its activities is known as capital structure. Capital can be raised either by using owners claim (owners savings, issuing ordinary shares or by retaining the earning) or creditors claim (borrowings). In other words equity capital structure exists in two forms equity capital and debt capital. Tax affects investors and managers decision on capital structure choices as it decreases earnings. Graham (2003) states that both personal and corporate tax should be considered in order to analyze capital structure choices more accurately. Debt refers to any fund that a company borrows with the intention to payback in equal installment over a fix period of time and the principle amount at maturity. Advantages After debt has been paid, the lender has no claim over the firm. Interest paid to debt holders are tax deductible. Disadvantages Firms cash flow must be enough to repay its debt. Failure to debt repayment affects the credit rating and ability to obtain future financing. Equity Equity refers to the buying and holding of shares by individuals with an ownership interest. It can of two forms either ordinary or preference shares. Ordinary shares receive part of a firms cash flow which is known as dividend after payments have been made to debt and preference shareholders. Advantages Permanent source of finance which do not have to be paid back. Outside investors bring new ideas to explore and execute new ideas. Disadvantages Division of ownership and profit. Potential investors seeking classified business information. Debt-to-Equity Ratio (Leverage) Leverage ratio measures the different fund raising opportunities by creditors and shareholders. Firms with higher debts than equity are considered to be highly levered. Too much debt are unsafe and risky as it out weights the firms return and high level of equity indicates that the firms are not making the most productive use of its capital vis--vis leverage for obtaining cash. For a firm to be considered sensible and credit worth it should have leverage ratio between 1:2 and 1:1. Managers often act opportunistically to reduce cost by taking tax advantage of debt financing. Value relevance of capital structure choices and impact of taxation on finance has been to prior discussion. Features of capital structure Firms should choose a capital structure which is most appropriate to the firm. Such a decision can be taken only if the entire potential treat affecting the firms capital structure decisions has been well analyzed and balanced. Factors affecting capital structure are as follows: Nature of business Characteristic of company Management control Cost of finance Expected earnings in relation to interest changes Availability of cash Flexibility of capital structure Risk Capacity Determinants of capital structure Published theories and empirical evidence considers profitability, tax, NDTS, size, liquidity and tangibility are possible determinants among others in capital structure choice. Size Large firms are able to reduce transaction cost in the long run when raising capital. According to the trade-off theory, size and debt has a positive relationship as larger firms has stable cash flow, more dilute ownership and less prone to bankruptcy (Friend and Lang 1988) compare to smaller firms where there is shareholder-lender conflict (Titman and Wessels 1988). Profitability MM1 theory considered that profitability has no effect on leverage. Later on they found that since interest is tax deductible, large firms take advantage by issuing more debt. The trade off theory argues that profitable firms will borrow more to benefit from NTDS which postulates a positive relationship between profitability and leverage. Liquidity Firms with high liquidity borrow less. However, in market oriented economies a negative relationship between liquidity and leverage is expected as managers can manipulate liquid assets in the interest of shareholders by increasing the agency cost of debt. Tangibility The more tangible is a firm, the greater is its ability to secure debt (Booth et al 2001). Highly tangible firm reduces the risk of creditors and increases the value of assets in case of liquidation. However Brealey and Myers (1996) found a negative relationship between tangibility and short term debt. Tax Firms with higher tax rate should use more debt by having a higher leverage as it will have a higher income to shield from taxes. MacKie-Mason (1990) argued that Nearly everyone believes that tax must be important in financing decision, but little support has been found in empirical analysis. Non-Debt tax Shields (NDTS) The attractiveness in debt financing is that a tax relief is allowable on interest payment. The net tax gain of the firm is the amount of interest payable. Expenses other than interest payment which are deductible from tax exemption like depreciation or investment tax credit are known as NDTS. DeAngelo and Masulis (1980) argue that NDTS reduces the potential tax benefit of debt financing. Ceteris paribus, decreases in allowable investment-related tax shield due to changes in the corporate tax code or due to changes in inflation which reduces the real value of tax shields will increase the amount of debt that firms employ. Firms with lower investment related tax shield will employ greater debt in their capital structures. Modigliani and Miller (1958) (MM1) Over 40 years of pioneering work, the Irrelevance Theory of MM1 came with a simple definition that the value of the firm depends on the value of its real asset and the net cash flow generated by its assets rather than the cost of raising capital and the firms capital structure by following these assumptions[1]: Capital market is perfect (no tax or transaction cost). Investors have perfect information and homogeneous expectations. Investment decisions do not affect investment outcomes. Managers work in the best interest of investors to maximize their wealth. No bankruptcy cost. MM1 demonstrated that the firms value is determined solely by its cash flow and will remain unaffected irrespective of the firms capital structure. Hence under a perfect capital market, any combination of securities would be as good as another by allowing complete separation of investment and financing decision. The value of a levered firm (both debt and equity) (VL) must be equal to the value of an unlevered firm (only equity) (VU). VU = VL The weighted average cost of capital (WACC) for each firm will also be constant as derived below: WACC = rA = rd D/V + re E/V Where rd and re are the cost of debt and equity respectively and D and E are the market value of debt and equity relative to the firm value (V). Different firms with same WACC and cash flow should have identical values. Therefore it can be said that the only advantage of borrowing which is the cheap cost of borrowing as it is less risky to investors whereas financial leverage is the only disadvantage of borrowing. However, MM1 demonstrate that such an effect is cancel out exactly as cheap debts gives shareholders a higher rate of return but return is offset by the compensation given to shareholders resulting from higher leverage as shown below: Advantages Disadvantages Use of cheap dept Increase in cost of equity MM1 theory in the attempt to use cheaper debt is offset by the resulting increase in the cost of equity capital.[2] Non Taxed Economies MM1 theory is consistent in countries such as Kuwait, Saudi Arabia and Bahrain among others[3]which follow the principle of Shariah (Islamic ruling). Those who devour usury will not stand except as stands one whom the devil by his touch has driven to madnessÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. Trade is like usury but Allah has permitted trade and forbidden usuryÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. Allah will deprive usury of all blessing, but will give increase for deeds of charity, for he loves not any ungrateful sinnerÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. O you, who believe, fear Allah and give up what remains of your demand for usury, if you are indeed believers. (Surah al Baqurah verse 275-280)[4] Such countries are resistant to the payment or acceptance of interest charges (riba) for the lending and acceptance of money. Tax and interest are considered to be a taboo as there significant difference about how a debt is structured and obtained for corporate financing in the Arab League. Edward (2000) found that 95% of the Islamic financial institutions follow the Islamic principle. Certain form of predetermination of profit or mark up is acceptable to Sharia as it is considered as a capital gain but not interest. Assuming other factors remaining constant such as risk, liquidity, maturity, agency cost, bankruptcy cost and information asymmetry cost to be equal there should not be a preference for debt over equity and vice versa in a non taxed economy which satisfy MM1 theory. Modigliani and Miller (1963) (MM2) Corporation Tax MM1 theory had to be revised in order to implement tax (t) in the capital structure breaking down. The underlying problem is that dividend and interest are treated unsymmetrical in the corporate tax bill. Interest is not taxable at corporate level thus the after tax stream payable to stakeholders will affect the value of the firm and the choice of capital structure. Following the marginal tax benefit of debt financing, any additional unit of debt would decrease WACC and leave a higher after tax cash flow to equity holders resulting to a higher firm value. Following MM2 theory, in a world with corporate tax, a firm should maximize its use of debt to benefit from the interest tax shield (td)[5]. Firms with debt will have a higher value than that of an unlevered firm by an amount equal to the marginal tax rate multiplied by the value of debt as illustrated below: VU = VL + td For the same level of operating income, using the tax shield benefit (1-t) of debt financing, WACC for a levered firm must be lower than that of an all equity firm. By the introduction of corporation tax and adjusting the tax benefit from debt, the following WACC formula can be derived from MM1 theory. WACC = rA = rd (D/V)(1-t) + re (E/V) Hence, unlike MM1 proposition, it can be found that in a market there are imperfections. The choice of capital structure and firm value differ accordingly to the extent to which they are affected by the imperfections. The formula shows that the shareholders and debt holders are not the only ones to claim for firms cash flows as tax represent a claim. As leverage increases, tax claim over the firms cash flow decreases. However, bankruptcy cost is also a claim on cash flows whereby the value of bankruptcy claim increases with leverage. The following pie charts explain that if debt of a firm increases, the relatives value of the claims vary accordingly as illustrated below: As leverage increases, tax is reduced because the corporation tax system carries a distortion under which the return to debt holders is tax deductible, whereas returns to shareholders are not. Thus the advantages of using debt increases as shown below: Disadvantages Increases cost of equity Tax relief on interest Cheap debts Advantages The original cheap debt advantage continues to be offset by the increase in the cost of equity when debt is used. Corporate and Personal Tax Using the arbitrage concept MM demonstrated that if the value of a similar asset is sold at different prices for a levered and unlevered firm then an investor can make an arbitrage profit (buying undervalue and selling overprice asset). An investor is taxed differently on his income from interest, dividend and capital gain. Equity holders are taxed twice both at corporate level and personal level whereas debt holders are taxed only at personal level. A rational investor would act differently on their choice of investment to avoid tax. Following the cash flow stream accruing to equity holders with interest tax, corporate tax (rc) and dividend tax, the following equation can be used to represent the present value of a firm. VL = VU + D{1- (1-rc)(1-re)} (1-rd) The second term on the left shows the taxation gain from debt that a firm would benefit. MM showed that the value and cost of a firm is unalike with and without tax. Diagrammatically, it can be illustrated as follows: Non Tax Firm Cost of capital re Cost of equity rA WACC rd Cost of debt D/E Tax Firm Cost of capital re Cost of equity rA WACC rd Cost of debt D/E The WACC of a taxed firm tend to decrease towards the cost of debt because of the existence of marginal tax benefit of debt financing which reduces cost of raising capital. The decreasing WACC shows that a firm should borrow as much as possible. Being a rational investor or firm manager, there should always be a preference for debt over equity by decreasing tax liability and maximizing return. If the company uses share capital to raise finance then it will be foregoing the advantage of borrowing. The advantage of borrowing as the present value of tax saving from interest payment is known as the tax shield. It is found that when corporation tax was introduced in the in the revised theory, the value of the geared and ungeared companies differs by the amount of tax shield. Apart from tax there are other factors such as financial distress, agency cost and information asymmetry which are associated with the use of debt and influence the value of levered firm. Static Trade off Theory The trade off theory stipulates that there exist an optimal capital structure. When firms take decision about financial leverage, they must weigh the value enhancing or reducing effect on leverage by balancing the advantages and disadvantages of an additional unit of debt. Among the advantages include the interest tax shield of debt[6]which is unpaid at corporate level and disadvantages include the cost of financial distress[7](PV). Financial distress occurs when a firm has lower or negative earnings during economic slowdown. It includes cost such as: Direct cost such as lawyers fees, court fees and administrative expense that absorb a large part of the firms value. Indirect cost are non managerial actions impose by customers, suppliers and capital providers if the firm doesnt go into bankruptcy. The cost incurred during the time interval for the bankruptcy cases to be settled as over time the value of the asset will be depreciated. Financial distresses are all the administrative and legal cost that arises whenever the credit worthiness of a firm is in doubt which can reduce its market value. Hence the value of a levered firm will be as follows: VL = VU + td PV The optimal capital structure is any point where the value enhancing effect completely offset the value reducing effect by increasing financial leverage. In other words it is the optimal point where the value of capital structure is maximized as shown below: Market value of firm Maximum Value of Firm Cost of Financial Distress PV of Interest Value of Levered Firm Tax Shield Value of Unlevered Firm D/E Cost of Capital Cost of Equity WACC Cost of Debt Optimal Debt/ Equity Ratio D/E From the above diagram it can be seen that as cost of equity is assumed to increase at an increasing rate to leverage, cost of debt will rise only after significant leverage has occurred. This occurs because the WACC of equity financing does not offset entirely the use of cheaper debt. Unlike the MM theory (1958) that argue that a firm can take as much debt as it wants, the trade off theory postulates that the optimal debt usage is any point where any additional would cause cost of financial distress to increase by an amount greater than the benefit of additional tax shield. Agency cost theory Jensen and Meckling (1976) found that the optimal capital structure will be determined by minimizing the cost that arises by firms owners due to conflicts between debt holders and equity holders and between managers and equity holders. Agency cost arises due to the fact equity holders have limited liability while debt holder receive a fixed maximum return. When a firm is in financial distress, shareholders encourage management to expropriate fund from debt holders to equity holders. Debt with interest payments reduces the agency conflict between shareholders and mangers as when interest payment are due managers are stuck in legal procedures, thus they will operate in such a way that will maximize shareholders wealth. Hence managers stipulate the optimal capital structure when agency cost is minimized. Pecking Order Theory Pecking order theory is based on the asymmetric information problem (Myers and Majluf 1984). Asymmetric information arises due to the fact that managers are better informed in terms of the firms current earning and future growth opportunities than outsiders investors. There is no optimal capital structure as debt ratios will change according to investment opportunities. Firms opt mostly for internal financing whenever possible and have a preference for debt over equity as it is less affected by information asymmetry (Peireson et al 2002). Internal funds can be raised without any cost and any disclosure of prior information. Managers will choose to issue debt whenever investors undervalue the firm and issue equity in periods of high market performance and vice versa. Hence the debt/ equity ratio is observed to have a direct relationship with market performance. Such a theory mostly lays emphasis on the cost of issue as it takes the lowest financing to finance investment decision and t hen moves towards the highest one. Thus it can be justify that highly profitable firms will generally tend to borrow less and aim to have a low leverage ratio because they dont need external finance. The theory further stipulates that if surplus cash generated cannot be reinvested, it can be used to pay-off debt rather than paying dividend on short terms or purchase back shares. In other words, it ensures a stable dividend policy rather than consistency in the gearing ratio, signifying that an optimal level of gearing is not a priority. Empirical Evidence Empirical studies have generated many attempts to explain the determinants of capital structure. Using the fourteen European communities, Gleason et al (2000) found that capital structure is influence by the legal environment, tax environment, economic system and technology capabilities. Based on an international basis it is found that the surrounding environment, macro economic conditions and firms economic factors affect financing decisions. Opler and Titman (1997) try to determine the relative importance of debt to equity choice by comparing firms in the US. In their study carried out in the period 1976-1993, they found that firms behaviour could be explained by the static trade-off and pecking order theory to explain the choice of capital structure. Titman (2001) found that firms with low leverage and high level of profit will issue more debts which are in accordance to the tradeoff model. Furthermore, they confirm that there is a negative relationship between the market-to-book ratios and the debt to equity choice. This is due to the fact that as the probability of issuing debt to equity declines with the firms market-to-book ratio, firms with high market-to-book value will have a high target ratios and vice versa. A study done by Manos and Ah-hen using 24 nonfinancial listed firm for the period 1992-2000 in Mauritius found out that the determinants of capital structure are in favor of the pecking order theory that is firms prefer internal financing when available and for external financing there is a preference of debt over equity, thus rejecting the trade off theory. They also found that there is a preference for long term finance in the Mauritian capital market with respect to age, growth, risk and profitability. Singh and Hamid (1992) selected 50 manufacturing firms quoted on the stock market from nine developing countries namely Mexico, India, Pakistan, Turkey, Korea, Thailand, Malaysia, Jordon and Zimbabwe. They found that the firms were relying heavily on external funds and new issue of shares to finance new asset. In the 1980s, Korea had 40% of equity in its capital structure, Jordan 50% and Turkey 60%. Such a result was unexpected as it goes against the pecking order theory which stipulates that firms should prefer internal source of finance as opposed to external ones and if investment requirements are greater than retained earnings, they should prefer debt and as a last resort issue equity to raise capital. Based on a study of 800 non-financial firms in 7 emerging countries namely Argentina, Brazil, Indonesia, Malaysia, Mexico, South Korea and Thailand for the period 1980-1990, Schmukler and Vesperoni (2000) found that larger firms have a lower level of short-term debt, a higher lever of long-term debt and hold debt of higher maturity. Firms with higher level of profit are positively correlated with the level of internal financing thus holding shorter debt maturity and have a low leverage. Such finding is consistent with the pecking order hypothesis. Theoretical arguments of tax sensibility for capital structure are very strong, Mac Kie Mason (1990); Trezevant (1992); Dhaliwal er al (1992); Shum (1996); Graham and Tacher (2006), found that there is a significant tax effect on the debt policy of firms. Firms with low corporation tax will have a lower amount of debt. , Hahn, Ofer, and Sarig (1992) find that increasing tax rates at corporate level make debts more attractive. Graham (1998) in his paper found that corporate tax and personal tax has a significant importance and affects corporate financing decision. There exist a negative relationship between debt ratios and tax rates when taxes are measured with after-financing income because interest on debt are tax deductible at corporate level thus reducing the expected marginal tax rates, while Schulman et al. (1996) found that debt ratios with respect to the before financing tax rates are positively correlated across a sample of 51 countries. Firms with high income tax will shift to more debt in their capital structure in order to decrease the tax liability. Instead of using just the past paid taxes, Givoly, et al. (1992) tested the effect of the Tax Reform Act (TRA) 1986 in respect to the change in leverage of the US firms. He used the support of basic theories of capital structure and found that firms decrease leverage whenever there is a drop in tax rate is greater with an effective tax rates. He found that the relation of debt use is positively correlated with the marginal tax rate and firms with statutory tax rate greater than marginal tax rate will issue more debts with the expectation of to decrease tax bill. DeAngelo and Masulis (1980) worked on the effect of non-debts sources of tax shield and found that the tax shield benefit of debt can be derived only after other tax shield benefit such as depreciation, losses and investment tax credit has been exhausted. Hence the tax shield benefit of debt is moderated by the presence of non-debt tax shield benefits. Booth, et al (2001) tested whether capital structure theory is in line across countries and found as the previous empirical researcher that across countries debt ratio are negatively related to tax rates. Their attributes were based on the possibility of higher profitability rather than emphasizing on the debt tax shield potential. However Antoniou,et al (2002) used a panel of data from Britain, France and German and found that capital structure decision is based on a number of variables than tax. Using the non debt tax shield (NDTS) effect on debt policy, Givolry at al (1992) and Graham (1996) found that there is a negative relationship between the level of a firms debt and the amount of NDTS[8]. Later on, Bathala et al (1994) found a positive relationship between a firms level of debt and the amount of NDTS which is according to the traditional theories. Thus the positive relationship suggest that NDTS affect debts, that is the higher is NDTS, the higher will be the value of the firm. Draper and Huizinga (2001) analyzed the corporate tax rate on the cost of capital and investment to determine the optimal capital structure of firms located in Netherlands. In this paper they found that a reduction in corporate tax rate reduces the cost of capital and that corporate tax has a direct effect on profit. Thus a decrease in corporate tax rate has either a positive, negative or neutral effect on the on the marginal incentive to invest if capital cost is less than fully, more than fully or fully deductible from corporate taxable income. In Netherland, since capital cost is less than fully deductible from corporate taxation, a decrease in corporate tax rate will increase investment. However, an increase in corporate tax will discourage new firms to invest or invest elsewhere. Feltenstein and Shah (1993) used an equilibrium model to address the issue of investment tax credit in Pakistan. Firstly, they wanted to estimate the effect of the increasing investment tax credit from 15% to 30% and found that there was a significant increase in inflation rate. Secondly, they retained the original investment tax credit and reduced the corporate tax rate and found that capital formation increased. Limited studies are done on the effect of personal tax on the choice of capital structure. Givoly et al (1992) found a negative relationship on firms leverage while Graham (1996) observe that personal tax of debt and equity has no effect on debt. Recently in 2008, Huizinga, Laeven and Nicodeme found a direct relationship between financial leverage, local tax and tax differential across countries of European multinationals.

Kill A Mockingbird Should Not Be Banned - 2068 Words

There has been much controversy over whether or not the novel To Kill a Mockingbird should be banned or not. This novel teaches students about the racism and prejudice of the 1930’s resulting in why the world is the way it is, as well as many important life lessons, therefore it should be continued to be taught in schools. The novel To Kill a Mockingbird should not be banned because it teaches about life in the past and why the world is the way it is now, proving that this novel has the ability to effectively educate kids about the past and potential impact of human behaviour. PARAGRAPH 1- Claim #1: This novel educates students about the racism and prejudice that was present in the 1930’s (reword claim) Support #1: Firstly, one of the main types of racism seen in the novel is racism towards black people. Evidence #1: â€Å"He stood up and pointed his finger at Tom Robinson. ‘—I seen that black nigger yonder ruttin’ on my Mayella!’† **find different quote if possible** Elaboration #1: It is much easier to accuse a black man of committing a crime and have the whole town believe it, rather than a white man. It is Bob Ewell, not Tom Robinson, who had raped Mayella. Mayella does not want to tell the truth because she knows that If her father goes to jail there will be no one to support the family. Also, she is embarrassed of her actions and wishes to protect herself. If she tells the court that she was the one who advanced upon Tom, the people of Maycomb would look down upon her.Show MoreRelatedWhy Not to Ban Harper Lees To Kill A Mo ckingbird990 Words   |  4 PagesTo Kill a Mockingbird by Harper Lee has been challenged/banned countless times since it’s original publication in 1960. The reasoning people could have behind banning it is that they feel that the racism, language and subject matter in the book is offensive, inappropriate, immoral and that it encourages and condones such things. To Kill a Mockingbird takes place in Maycomb, a small town in Alabama, during the depression from 1935-1937, and is told from the perspective of a little girl named ScoutRead MoreKill A Mockingbird By Harper Lee913 Words   |  4 PagesIn Defense of To Kill A Mockingbird Rough Draft To Kill a Mockingbird by Harper Lee has been banned and/or challenged over thirty times since its publication in 1960. Effectively preventing many students from enjoying the novel and benefitting from its message. To ignore racism is no different than denying it ever existed. To Kill a Mockingbird is appropriate for mature adolescence/students and should not be banned from schools. 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This is because she lives in a very small town that doesn t have access to good teaching and quality learning materials. As a result, her education is limited to the resources that her school has, and she feels as if she should be getting more out of schoolRead MoreThe Pros And Cons Of Books976 Words   |  4 PagesThe books that are banned are the ones that define our past. Book censorship is when the government or a school bans a book because of its depiction to the reader. Book banning is becoming more prevalent as the years have gone by because there are m ore parents that want to protect their children. Book banning is an extremely important topic because it is shielding young people’s knowledge of what the world truly is. This is a problem because when kids are finally on their own they might not be readyRead MoreThe Value Of Challenged Literature1389 Words   |  6 Pagesonly hurting them in the long run. 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The last one that no one ever thinks about is how reverse racism is seen when people threaten Atticus for defending Tom Robinson in court (Lee)Read MoreEssay about Banning Books in Schools1066 Words   |  5 Pagesbanning books from school classrooms? Does not the teacher have a duty to introduce to their students world issues in order to better the students ability to cope with problems in the world? How does a school decide which books should be banned from the classroom, and should it be left up to the teacher to decide what is decided in his/her classroom. By banning books from the classroom, we prevent our students from learning about controversial topics in a safe environment, and we also encroach uponRead MoreEssay about School Censorship is Detrimental to Education1519 Words   |  7 Pages   Mark Twain, John Steinbeck, Harper Lee, Maya Angelou. What do these writers have in common? Sure, they are all great American authors, but there is something else. They are all banned. 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