CORPORATE FINANCE MINICASE Essay Example | Topics and Well Written Essays - 1000 words

CORPORATE FINANCE MINICASE - Essay Example Explain what these terms mean, and briefly describe each theory. Dividend irrelevance theory refers to a theory where there is a difference between the dividends, capital gains and making of dividend policy irrelevant and which do not have an effect on the value of the firm. This theory was developed and proposed by MM however there have been a number of assumptions that have been made to prove that it is zero. In the theory MM had argues that paying out a dollar on a share would lead to reduction of the growth of earnings, dividends as the stock require to be sold to be able to make up for the capital paid in terms of dividends. The ‘bird – in - the – hand’ refers a theory where the dollar of dividends in hand is a preferred solution rather than a dollar that is retained in the business. In these cases as well the dividend policy has not effect on the firm’s value. This theory on the other hand was identified and recognised by Myron Gordon and Jon Lintner. The major argument was that the investors note a dollar of dividend to be much less riskier when in hand rather than in the retained earnings of a company. In this case the investors will regard the firm with a high payout ratio than being a less risky with a low payout ratio. The two theories oppose one another as the MM stated that the Gordon Lintner spoke of the firm’s risk to be dependent on the riskiness of its cash flows from the assets and the capital structure. However it is not how its earnings are distributed among the investors. It is essential to understand that if the dividend irrelevance theory is accurate, then it would mean that there are no consequences of the dividend payout theory. In case the bird – in – the – hand theory is correct, then the firms would have a high payout if it maximised its stock prices. If the tax preference theory is accurate, it will be noted that the firm

Chapter 4 Essay Example | Topics and Well Written Essays - 500 words - 5

Chapter 4 - Essay Example Second class contains functional fibers which include isolated or extracted non-digestible carbohydrates. Fibers are important as they decrease the chances of intestinal disorders. Various functional fibers such as gums and pectin cause development of gums in the stomach which slow down the transmission of food. Fibers are also known to control blood cholesterol levels, because soluble fibers bind to cholesterol from food objects and reduce its absorption. Fiber intake can be helpful in reducing intestinal disorders and hence the daily recommended dosage which is 25-38 grams should be made common. Knowledge regarding dietary fibers should be incorporated into careers. I, being related to the medical field put my knowledge of fibers into practice. Dietary fiber if taken in the right dosage can be a factor for prevention of intestinal and other disorders. One of the most common symptoms a patient present with is constipation. The best solution to relieve constipation is the usage of fiber in diets. Patients can be counseled that there are no cons to the usage of fibers. Patients should also be told that the daily recommended dosage of fibers in the diet. Patients visiting the doctor should also be educated on which food items contain how much percentage of fibers. The significance of dietary fiber and its need in the diet is known by many people but there are still many confusions amongst them. The misunderstood thing is that fibers are present in plants that we eat but it needs to be known these parts of plants are not digested in our body and are rather left undigested. Dietary fibers have their pros and cons. These can be misleading and a thorough understanding is necessary. Various fibers such as gums and pectin are harmful as they provoke formation of gum like material in the intestine which hinders the transport of food materials resulting in low glycemic action of food items. Different fibers have different functions in the human body

Should A Company Employ The Matrix Structure Commerce Essay

Should A Company Employ The Matrix Structure Commerce Essay The reason we choose the matrix organization is because we know this structure will be very important in the future. Matrix organization is the best-know application of project management, a project structure imposed on top of a functional structure. Matrix organizations evolved to capitalize on the advantages of project and matrix structure while minimizing their disadvantages. An important aspect of the matrix structure is each person work on the project and has two superiors which are project manager and functional manager. The project managers report to a top-level manager and this will help a lot in decision making. Example users of matrix structure include bank, insurance, companies, chemical manufactures and colleges. The matrix organization combines the best feature of the project and functional structure. It is flexible, yet it offers the advantages of task specialization. Matrix structure is known for its ability to facilitate high-quality and innovative solutions to difficult technical problems. The project structure also gives people a degree of freedom that enhances their development as managers. Also of note is the fact that the matrix organization offers ample opportunity for job rotation on many projects. So should a company employ the matrix structure in order to have better management? The answer is yes. Why? Because in this modern life the matrix structure will help company perform better. Matrix structure also will make the company organization become more systematic and more efficient. The matrix structure will make the company become more systematic. In matrix organization there have functional manager and product managers. The work will be divided and job can be done easily. This will bring benefit to the company and matrix organization will minimize the weakness of the company. Every employee in the company that uses the matrix structure has their own work that need to be done. So the job is divided and can be done easily and more systematic. (Andrew 1993) Functional managers are in charge of specialized resources such as production, quality control, inventories, scheduling and selling. They will know in doing they own job and the work can be done with the efficient outcome. Colleges often use matrix organization to setting up the programs, for example industry seminars and adult education. (Andrew 1993) Product managers in charge of one or more products so they have their own specific jobs to be done. Project managers usually will report to top level managers. The examples of users of matrix structure include banks, insurance companies and colleges. (Andrew 1993) For example, Champion products Inc, creating the separate marketing department. Furthermore, this allows managers and employees more familiar and specific with the market. (Andrew 1993) However, the matrix structure also brings risk for the main company. In the matrix management structure, when one company operated loss, it will influence others. The main company supports it by more money, the market budget will be decreases, and this will be relative to the development of new product. Finally, the sales and profit will be influenced. Although the matrix management structure is easy to design and appears to have advantages, it may be difficult to implement. Problems can arise over shared responsibility, the use of resources in common and the question of priorities. ( Hannagan 2002) In a matrix management company, most of the data and information are shared, and it is a risk of duplication. Some managers may be not satisfied about the salaries or the job opportunity, when other company provide better reward, those managers will leave and take many useful resource, such as some valuable employees and customers information. For the main company, the loss is more than what we can imaginable. Those problems I mentioned have existed in IBM and Shell Oil firms. In 1980s, the Shell Oil Company applied the matrix structure, and it has been influenced in sales because of communication problems. Matrix structure has those problems, nevertheless, it is also a positive impact, which allowing teams to share information across task boundaries and enabling managers and staff to share skills and experience so that increase whole teams productivity. Matrix structure will give or open more opportunities for job. The company which uses matrix structure will hire many workers or employees. This will give more opportunity job to people to get a job, and it also decrease unemployment rate in the particular country. Many projects mean needs more employees so this will give or offer the opportunity job to people. (Andrew 1993) For example, if the company like mustang or Taurus comes out with new project or models, they will need employees such as engineering to work with them. (Kinichi Williams 2003) People in particular country will get more knowledge about international management. Employees maybe will train in other country to learn more about the company objective. It will add the employees knowledge. For example, the US firm, Bow Chemical. In 1970 many firms moved away from using the matrix structure but Bow believes this structure will bring advantages and will give good performance among employees. ( Paul, aleny 1993) Moreover matrix structure will give local people in particular country to get training, improving their skills and also can learn the skill of different management from different country. Some problem about cost and communication appeared in matrix structure, Using matrix structure will need more cost and more discussion than action. Its uncountable that using matrix management structure need high cost in a short term period. When a company wants to expand business in other country, it must prepare capital for building new factory, and hiring employees. For those companies that they dont have enough money for high cost and cover the loss in the beginning is high risk. Another problem is that too much democracy can lead to not enough action ( IreLand 2007). In the company, the matrix management will use much time to discuss the procedures in producing and increasing sales. However, at the end of discussing, just bit actions can be achieved, and sometimes the important decision for major project is also missed. Furthermore, the employees lazy emotion is easily appearing in matrix structure companies. To some extent, matrix structure has encouraged power struggles. The managers have ordered their employees help him apply the power, and used had ways and methods, these influence other department managers, even though have a bad impact on the company. For example, Ford Company has a problem in finance. Because the high management cost and expenses, it decreased the profit directly. Some situations have been happened in IBM, COCA-COLA, and Toyota Company. Matrix structure will save management time. Every country has the branches that handle about the products in a particular country, so its totally will save the management time. In matrix structure managers have three main major roles. The work is divided between functional and product managers. So they have the own task to be done. Its will save time and also separates the power or balance the power between the managers. (Jerald Greenbery 1999) Functional and product managers have specific jobs to be done in this structure the employee also must report their task to their manager so it make fair and balance powers between the managers. Moreover by using matrix structure the main company easy to make decision. Besides that they easy to get feedback from other company under them and it will help to improve their product and services. TRW systems group, Liberty Mutual Insurance and Citibank is some of the company that adopts matrix structure. This will help the company in doing the decision making. (Jerald Greenbery 1999) On the other hand, the main company also easily to control the company under them and adjust the marketing strategy. In this structure every employee got they own duties and all work hard to raise the return for the company with doing their specific task. Furthermore they can respond to the changing very fast and finding the best environment. However in controlling, matrix structure maybe will cause stressful among managers. But if looking for the benefit that the company will get benefit in future, Matrix structure totally useful. (Jerald Greenbery 1999) Dow Chemical, it believes that matrix structure will improve their management when other companies stop using the structure, Bow still continue using it because he believe that matrix structure will give improvement and make him easily to control the employees. Matrix structure is a permanent organization designed to achieve specific results by using teams of specialists from different functional area in the organization. For example, Ford UK produces motor cars aimed specifically at the UK and European markets and adapts its marketing and sales techniques to the requirements of these markets. UK can be treated as a distinct market requiring clear focus on the approach to it. There are many advantages by using the matrix organizations such as focus on end product, stimulus creativity, provides challenges and improves communication and understanding (Mondy Premeaux 1992) On the contrast, matrix structure has creative the problems in communication, management cost, and responsibility. These will influence companys performance even though to be a threat for a companys development and increase companys competition. However, in a long term, if the company can improve their management and use matrix structure effectively, it will show that matrix structure is very necessary and important strategy for those companies which aim to be the most successful survivors in the competitive market. In USA, one third of most successful companies have used matrix structure, and it illustrates how the matrix structure can help companies close to the famous and success.

The Themes of Wilderness and the White Man in William Faulkners The Be

The Themes of Wilderness and the White Man in William Faulkner's The Bear  Ã‚  Ã‚   William Faulkner's The Bear is bilateral in subject and plot. The first half of the story looks at the wilderness and the virtues man can learn from it. The second half applies these virtues to civilization, exposing the white man's corruption and misuse of the land. A careful look at the interaction of these two halves reveals a single unifying theme: man must learn virtue from nature. Faulkner believed humility, pride, courage, and liberty would be almost impossible for man to learn without the wilderness to teach him. The first half of the story tells a bittersweet tale of a boy who wished to learn humility and pride in order to become skillful and worthy in the woods but found himself becoming so skillful so fast that he feared he would never become worthy because he had not learned humility and pride though he had tried, until one day an old man who could not have defined either led him as though by the hand to where an old bear and a little mongrel dog showed him that, by possessing one thing other, he would possess them both. (283) The "old man" is Sam Fathers, "son of a Negro slave and an Indian king." While he "could not have defined either" pride or humility, he nevertheless understood them through his Indian and Negro heritage. The boy is Isaac, or Ike, McCaslin, the protagonist who learns virtue from the wilderness and repudiates his grandfather's corrupt inheritance. The above passage describes the high point of the first half of the story in which Ike saves his little dog from the crush of the towering bear. Ike is so close to the bear he can see "that there [is] a big wood tick just inside his off hind leg." This act gives h... ...ty once had pride and humility in the wilderness, but abandoned it along with the wilderness. Faulkner illustrates these differences with the story's two contrasting themes. Yet by melding the two parts into one and tying them inseparably together, he effectively communicates the duality of grief felt by the boy. Isaac loses the wilderness he so loved and respected, and in doing so, the heritage he otherwise might have. Works Cited Brooks, Cleanth. William Faulkner: Toward Yoknapatawpha and Beyond. New Haven: Yale University Press, 1978. Evans, David H. "Taking the Place of Nature: 'The Bear' and the Incarnation of America." Faulkner and the Natural World: Faulkner and Yoknapatawpha, 1996. Ed. Donald M. Kartiganer and Ann J. Abadie. Jackson: UP of Mississippi, 1999. Faulkner, William. â€Å"The Bear.† Uncollected Stories of William Faulkner. Vintage: 1997.

Role of Kamala in Hermann Hesse’s Siddhartha

The novel Siddhartha written by Hermann Hesse is a philosophical novel that explores the journey of life and to enlightenment. This is done through the narration of the life of a young boy – the eponymous Siddhartha by a third-person omniscient narrator. My goal in this essay is to explore the role of the most important female character in Siddhartha, Kamala. Siddhartha is set in India, the story concurs with the life of Gotama the Buddha and therefore is estimated to take place around the 5th-6th century B. C. Many female characters play a part in Siddhartha’s journey. Siddhartha’s mother, the nameless young woman in the forest that attempts to seduce him and Vasudeva’s deceased wife. However the only female character that plays a significant role in the plot is Kamala, a courtesan who meets Siddhartha outside the city and becomes an influential character. The root word of the name Kamala – â€Å"Kama† is the Hindu god of love and desire; this represents her profession and character. Kamala first appeared in the eponymous chapter. Siddhartha meets Kamala outside the city when she was being escorted by her servants. Immediately, Siddhartha is struck by her beauty and decides to find her in the city. He saw beneath high-piled black hair a very fair, very soft, very clever face, bright-red lips like a newly opened fig, eyebrows well tended and painted in the form of high arches, dark eyes clever and alert. † The immediate circumstances in which we meet Kamala give us the impression of her being a very beautiful and rich, yet mysterious and untouchable given Siddhartha’s social and financial situation. He then enters the city and asks for her name, Siddhartha learns that she is the renowned courtesan Kamala, who is wealthy and owns a house in the city. His decision to visit Kamala brings about a turning point in the plot where Kamala becomes an object of desire for Siddhartha, and also he views her as someone capable of tutoring him in the ways of love. However Kamala initially rejects Siddhartha as he has no possessions and wears ragged clothing. She does however; give Siddhartha a kiss for a poem he performs. â€Å"He lowered his face to hers, and placed his lips on those lips that were like a newly opened fig. † She introduces Siddhartha to Kamaswami, who is a merchant and a regular client of Kamala’s. She tells Siddhartha to work with Kamaswami and learn the way of the merchant in order to earn money for himself. This becomes important as Siddhartha does become a successful merchant like Kamaswami changing him into a respected wealthy man. Eventually Kamala accepts him and shows him the world of physical love and sex. â€Å"[Siddhartha] learned the art of love; he practiced the cult of pleasure, in which more than anywhere else giving and taking become one and the same; he chatted with her, learned from her, gave her advice, received advice. This persists for many years as Kamala continues her relationship with Siddhartha, but comes to an end when the latter becomes disillusioned with the material world and runs away from the city. Only after Siddhartha leaves the city does Kamala find that she is pregnant with his child and decides to accept no other lovers, the story then leaves Kamala. Kamala returns later when she and her son are on their way to see the dying Buddha Gotama. By this time Siddhartha has returned to his old ascetic lifestyle living with the ferryman Vasudeva. Whilst resting by the river Kamala is bitten by a poisonous snake, Vasudeva hears her son calling for help and immediately goes to assist. Vasudeva brings Kamala back to the hut where Siddhartha recognizes her, and realizes that the boy is his son. Kamala lives only long enough to have one last conversation with Siddhartha before she dies in his arms (The Ferryman chapter). We see Kamala as a temptress who seduces Siddhartha and draws him away from his journey to enlightenment. She does however indirectly lead Siddhartha to his enlightenment first by teaching him the values and limitations of the material world, and also by bearing his son who gives Siddhartha the most difficult test on his path. Kamala is the master tutor of the material world, this makes her the opposite of Gotama who is the master tutor of the spiritual world. Whilst Gotama teaches his followers the virtues of patience and inner peace, Kamala focuses on a lifestyle of â€Å"living in the moment†. She also contrasts the Samanas whom Siddhartha has become when he first meets Kamala. The Samanas live without personal property but Kamala demands items such as clothing and jewelry from clients for her courtship. While we see Kamala’s relationship with Siddhartha as mutual love, the two never truly love each other. Siddhartha only sees Kamala as a teacher of love and an object of desire, Kamala sees Siddhartha as a skilled lover, a client and a source of income (she does however show preference and affection for Siddhartha, as we see in the initial chapters when she gives Siddhartha the opportunity to earn a living in the city). For a long while she sported with Siddhartha, luring him on, repulsing him, forcing his will, encircling him, enjoying his mastery, until he was vanquished and lay exhausted at her side. † She treats her relationship with Siddhartha as a part of her profession. However, after Siddhartha leaves and Kamala becomes aware of her pregnancy, she refuses to take another lover. This tells us that she still had a very intimate relationship with Siddhartha. An interesting fact is that despite Siddhartha’s dislike for teachers (as shown in his conversations with Gotama the Buddha and later with Govinda), he shows a preference towards Kamala’s teachings. Towards the very end of her life, Kamala seems to have also found an inner peace. Kamala is described as physically very beautiful and alluring, whilst at the same time being very clever (although we do learn that she cannot read nor write). â€Å"Her body was as lithe as a jaguar’s or as a hunter’s bow. † Kamala’s most important role in Siddhartha is being Siddhartha’s mentor in the world of love and as the mother of Siddhartha’s child. She plays a major role in Siddhartha’s life as a long-time companion and a lover of sorts. Initially we see her as an obstacle to Siddharta’s journey to find enlightenment as she seduces Siddhartha and keeps him from his continuing on his trek, but soon we see that while Siddhartha has experienced much of the spiritual world, he lacks any experience in the material world and is naive to the concepts of love. Here is where we begin to see her as an instructor, a companion and a guide to Siddhartha’s other side of life (the original being a life of ascetics). Reference http://www.123helpme.com/view.asp?id=169147

Absolute Truth †Is There Such a Thing as Absolute Truth? Essay

There are two answers for the question, â€Å"Is there such a thing as absolute truth? † The answer could be either yes or no. In my opinion, the answer is yes, because every individual lives his or her life in various experiences. Some people claim to know the absolute truth. Individuals based their truth on experiences and emotions and at times not logically consistent. When force fields such as emotions are present decisions are made then opinions are formed. For example, politics, I state politics because it never has a common ground. In politics you’re either Democrat or Republican, and both parties feel their plan is the absolute truth. As an American, we have the right to our own opinion but realize that our opinion is not the absolute truth. To make the statement that there is no absolute truth is invalid. Because one plus one does equal two so there is absolute truth which can be proven and understood. Is there such a thing as absolute truth? Yes, because of human conscience that â€Å"duty† within us that tells us that certain things are right and wrong. Therefore, our conscience let us know there is something wrong with pain, hunger, rape and makes us aware that love, peace, and charity are positive things for which we should strive for. In my opinion it so important to understand the concept of absolute truth in all areas of life this includes religion, because consequences exist in life for being wrong. For instance, a nurse can give a patient the wrong amount of a medication that can kill them; having an investment broker make the wrong monetary decisions can put you and your family in poverty; getting on the wrong bus will take someone where they do not wish to go; and dealing with an cheating spouse can result in the destruction of a family and potentially divorce. There are so many religions in this world that attempt to give their meaning and definition to absolute truth. Your existence is absolute truth which is simple. Through religion, mankinds seek God, we hope for the future, forgiveness of our sins, peace in the midst of struggle, and answers to our deepest questions. Religion is really proof that mankind is more thanjust a highly evolved creature. God implanted in man the desire to know him, and God is indeed the Creator, which makes Him the standard for absolute truth, and with His authority that establishes the absolute truth.

Role of Women in the 19th century essays

Role of Women in the 19th century essays The nineteenth century started a wave of revolution. Advancements were being made in almost every aspect of daily life. People could use electric lights, travel across the country on a railroad, or make use of the new method of transportation, the automobile. Perhaps one of the greatest advancements made in this period of one hundred years was the role women played in society. They were no longer bound to their households, doing daily chores. Instead, they were out there, among the masses, making a difference, and trying to change the way they were viewed. What started as a wave of women entering the workforce, led to women finding their own political voice, and eventually uniting under a common cause. In the wake of the industrial age, many job opportunities became available for women. Inventions such as the telephone switchboard and the typewriter yielded millions of jobs. Middle class women, who had previously been confined to the chores of the household, were now working. This became the new face of women, out in the workforce and independent. The new image was glorified with the creation of the Gibson Girl, a magazine image that romanticized this new concept. These advancements did have their downside. Women were forced to work the same grueling hours as their male counterparts, but with lower wages. However, women entering the working world was just the beginning. Greater things were still to come. With immigration at a rise, and Americas acceptance of the immigrants lagging behind, it was up to a few very ingenious women to make a difference. Jane Adams, who was among the first generation of women to attend and graduate from college sought out to help the large urban population. She attained the old Hull Mansion located in Chicago and transformed it into the Hull House in 1889. At the Hull House she tried to help the new immigrant population acclimate to life in America. This became known as a settlement...