Saturday, May 16, 2020
Movie Analysis Like A Freak By Stephen Dubner And...
After taking a college class that analyzes strategy, it has opened my eyes to the true virtues of people. My project was to contrast the strategies used by two documentary directors; Joshua Fox and Phelim McAleer. Fox directed Gasland and McAleer directed FrackNation. Reading Think Like A Freak by Stephen Dubner and Steven Levitt, it was interesting to watch how both directors thought like freaks in their documentaries but it in polar opposite ways. Also, studying from the book of Strategy by Lawrence Freedman, I took the approach of Satan verses God while comparing the strategies used. FrackNation was a response documentary to Foxââ¬â¢s film, in other words, McAleer attempted to disprove all of Foxââ¬â¢s claims and to have fracking looked at in a better light. Studying many forms and interpretations of strategy, I was successfully able to discover the underlying meanings of the perspectives and motives of the two documentary directors. Joshua Fox decided to make his documentar y when is land was considered as a possible hydraulic fracturing site. He decided to look more into this practice of natural gas extraction. Fox at the time lived on the Delaware River Basin in Pennsylvania, his was living on the worldââ¬â¢s largest natural gas reservoir, the Marcellus Shale. Fox was very hesitant to make any harsh choices with leasing his land to the gas company that wanted his property. As Fox was researching, he noticed how people in his own community were having major problems with gas
Wednesday, May 6, 2020
Essay - 885 Words
Have you ever been stuck between traveling the world or going to school, but not really sure where to star? Maybe you want to swim with dolphins in Dubi, snorkel with sting rays in the Bahamas or even eat exotic food like lion meat in South Africa. Luckily enough here at Iowa State theres a great program to be able to do both! In this program, the importance of following the practical guidelines is during this time the program is delegated to be responsible for an authority to develop and commensurate. The Iowa State campus Study Abroad Association stuff says in other words that they have time to examine and create a plan for everyone by making critical decisions. According to the Iowa State home page it states ââ¬Å"Ames, Iowa, may seemâ⬠¦show more contentâ⬠¦Research has shown that students who study abroad graduate within four years at a higher rate than students who stay on campus for their full degree program. Studying abroad helps you define your goals and focuses your attention. Itââ¬â¢s also a great career boost, as employers are looking for recent grads who have leadership skills and experience working with people from other cultures (Study Abroad Center ). There are many opportunities for studying abroad for many types of majors and even for those undecided at the beginning of their college career. For example if you are looking into College of Design letââ¬â¢s say, They state that ââ¬Å" College of Design International Programs provide personal, academic and professional benefits that will extend far beyond your last day abroad. Studying abroad will help you to become more independent and flexible, to develop problem-solving and leadership skills, to increase your creativity and confidence, and to handle stressful situations better Depending on the program you choose, youââ¬â¢ll have the opportunity to study with College of Design faculty members and/or distinguished local lecturers. You can fulfill the degree requirements while seeing the world. Museums, galleries, buildings, outdoor spaces and monuments abroad will become your classroom as you explore first-hand what youââ¬â¢ve been learning about in textbooks here in Ames. Just in this simple major has three unique opportunities toShow MoreRelatedWhat Is an Essay?1440 Words à |à 6 PagesBuscemi Essay #3 Rough Draft An essay is a creative written piece in which the author uses different styles such as diction, tone, pathos, ethos or logos to communicate a message to the reader using either a personal experience, filled with morals and parables, or a informative text filled with educational terms. Educational terms could mean the usage of complicated and elevated words or simply information you would get in schools. Some authors, such as Cynthia Ozick, claim that an essay has noRead Morenarrative essay1321 Words à |à 6 PagesNarrative Essay A Brief Guide to Writing Narrative Essays Narrative writing tells a story. In essays the narrative writing could also be considered reflection or an exploration of the author s values told as a story. The author may remember his or her past, or a memorable person or event from that past, or even observe the present. When you re writing a narrative essay, loosen up. After all, you re basically just telling a story to someone, something you probably do every day in casual conversationRead MoreApplication Essay : A Process Essay770 Words à |à 4 Pagesassign an essay. The entire class lets out a groan that could be heard from miles away, however this doesnââ¬â¢t phase your professor. The essay is assigned: a process essay. Now what? What is a process essay? How do you go about writing one? How do you get the A you so desperately need? This paper will discuss everything one needs to know in order to write the perfect process essay such as the definition of a process essay, how to construct it, and how to use proper transitions to make the essay flow. Read MoreEssay763 Words à |à 4 PagesCanââ¬â¢t be Built on Soccer Feverâ⬠and ââ¬Å"Na Na Na Na, Hey Hey, Goodbyeâ⬠In Jonathan Zimmermanââ¬â¢s essay ââ¬Å"African National Identities Canââ¬â¢t Be Built on Soccer Feverâ⬠he describes how soccer brings the people of Africa together. He talks about the unity of Africans and how much soccer is a part of their lives. He also describes the underlying reason of why soccer is so heavily pushed. The perspective in the essay ââ¬Å"Na Na Na Na, Hey Hey, Goodbyeâ⬠Tim Bowling discusses his passion for hockey and his hate forRead MoreThe Colonel Essay1320 Words à |à 6 PagesIn the essay, The Colonel, Michael Hogan illustrates the importance of the influential sport of tennis. Hogan writes about how tennis changed his life from an early age. When he was younger he saw tennis as a rich mans sport in which he had no interest. 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I love how persuasive essays have a call-to-action; giving the readers aRead MoreEnglish Composition One: To Be an Essay or Not to Be an Essay That Is the Question910 Words à |à 4 Pages In the past, the mention to have to write a paper for an assignment caused me to break out in a sweat or my mouth instantly dries, well it does not have that kind of effect on me anymore. The key to successfully completing the essay on time is getting to researc h the topic at hand as soon as possible or before the process of writing begins. The next step for me would be to find the argument and take a side. Moreover, picking a thesis statement through brainstorming the information I gathered forRead More Flight Essay834 Words à |à 4 Pages Essay on quot;Flightquot; amp;#9;It is always hard to get separated from someone you love and with whom you have shared every moment of his life until he decides to walk on a different path than yours. You dont know how to react and confusion dominates your mind. Should you be angry at him for leaving you, or should you support and respect his decision ? In her essay quot;Flight,quot; Doris Lessing illustrates the story of an old man who is learning to let go his granddaughter as she growsRead MoreEssay and Academic Life1117 Words à |à 5 Pageslanguage learner? Discuss two or three problems with specific examples and details. Ex. 9 Analyzing studentsââ¬â¢ essays. Use the assignment and the Student Essays to answer the following questions. Assignment: Computers have become an important part of educational process. Write convincing illustration to this statement. Use specific and convincing examples and details. Student Essay 1 Computer as a multipurpose universal instrument of education. In our days computers have become an importantRead MorePristine Contentment Essay590 Words à |à 3 Pageshome she becomes absorbed in its tranquility and indifference. She is reborn, starts anew and creates a new life for herself. Ehrlich even cut her hair and buys new clothes to create a quot;newquot; and different person. To read and understand this essay means looking deeper into the authors story of rebirth, and how the big Wyoming skies were healing and put things into perspective for her. Thus, improving her quality of life without any fillers or distractions. Ehrlichs purpose for being in
Spreading Of Hiv / Aids - 1734 Words
Gregory Lewis Professor Zeller International Relations 17 April 2017 The Spreading of HIV/AIDS What is AIDS and how it is spreading throughout the world? Throughout the 20th-21st Century, AIDS has been a top primary concern for many people and how it can spread numerous ways through any physical contact. AIDS, which stands for Acquired Immune Deficiency Syndrome, has a set of symptoms that has caused by the Human Immunodeficiency Virus, or HIV. This type of virus is considered to be when a personââ¬â¢s immune system is too weak to defend advanced HIV infections and how it develops certain symptoms and illnesses that will destroy the immune system. Most of the infections are harmless to healthy people, but the ones that have AIDSâ⬠¦show more contentâ⬠¦Prominent to known in most parts of the world, HIV is mostly transmitted through heterosexual sex. In 2014, 87 percent of women were involved in new cases that would risk them to spread the virus and be ââ¬Å"attributed to heterosexual sexâ⬠(STDCheck.com). During that year, only 62 percent of African-Americans were diagnosed, making it the highest risk factor of this virus. The symptoms that are primarily affecting this case are body rash, fever, sore throat, and severe headaches. It will take 2-4 weeks to experience these symptoms if they know they are infected. However, the remaining 80 percent of people will mistake the transmission by having flu-like symptoms including night sweats, fatigue, muscle aches, and mouth. Where was HIV/AIDS diagnosed at first? In 1920 in a land called Kinshasa in the Democratic Republic of Congo, many scientists identified a chimpanzee that was considered to be the primary effect of how HIV/AIDS infected to humans. They also believed that ââ¬Å"the chimpanzee version of the immunodeficiency virus (called simian immunodeficiency virus or SIV) most likely was transmitted to humans and mutated into HIV when humans hunted these chimpanzees for meat and came into contact with their infected bloodâ⬠(AIDS Institute). When it happened, the virus became known as HIV-1 as the first case with other primary groups such as M, N, O, P, which has a genetically make-up. Group M was theShow MoreRelatedEssay on The Spreading of HIV/AIDS684 Words à |à 3 Pagesdiseases such as HIV/AIDS. This disease have developed into an international issue as it has been spreading rapidly throughout the world. The government are having difficulties to maintain the development of HIV/AIDS because it is administered through body fluids and this is especially deadly for those who are involved in promiscuity, such as sex workers. 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By 1982 it was recognized as Acquired Immune Deficiency Syndrome (AIDS). It started in San Francisco, with five young homosexual men, they were presented with Pneumonia (PCP). As the year went on there were more reports of homosexual men presenting PCP and some of them were diagnosed with PCP and Kaposià ´s Sarcoma (KS). Others reportsRead MoreEssay on HIV/AIDS and Modern Medical Inventions1399 Words à |à 6 Pagesadvancement in medical inventions, still the human immunodeficiency virus (HIV) is the most challenging virus that will drag the human lives to the deadly disease acquired immunodeficiency syndrome (AIDS). It spreads its wings all over. HIV cannot be cured, but it can be prevented. It has become the greatest life threatening disease and affects unbelievably high percent of human beings. 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Ans :- Anglo American had a huge investment in South Africa and was hard hit by the HIV / AIDS epidemic . It was one of the first corporation to develop a comprehensive, proactive strategy to combat the ravages of the disease on itsRead Moreessay on hiv-aids1669 Words à |à 7 Pages2000 words essay on: HIV-AIDS AIDS, The full form is Acquired Immune Deficiency Syndrome is caused by a virus called HIV (Human Immune Deficiency Virus). It is a condition in which the built in defence system of the body breaks down completely. This phenomenon is gradual but ultimately leads to total depletion of a very important cell component of the immune mechanism. Thus those who are affected are unable to combat with common diseases including even mildRead MoreDiscrimination of Hiv/Aids1466 Words à |à 6 Pages1 Discrimination of HIV/AIDS Discrimination of HIV/AIDS-positive people in medical field and in society is morally wrong In the rural area of Nigeria, an AIDS patient cut his hand and, when he went to the closest hospital to bandage it, the doctors kept transferring him from one outpatient department to another medical ward, then to another one because they did not want to get infectedRead MoreMary Fisher Speech Summary846 Words à |à 4 PagesDuring the late 1990s, the HIV virus spread to different parts of the world affecting millions of people and causing the death of many people. The spread of the virus brought fear to many people, especially those in America. Negative attitudes toward those with HIV or AIDS grew which made those with the virus feel ashamed of being exposed to the virus. Mary Fisher argues that raising awareness of HIV/AIDS is necessary to not only prevent the spread of the virus but to also help support those, notRead MoreAids ( Acquired Immunodeficiency Syndrome )1249 Words à |à 5 PagesHIV, the virus which develops into AIDS (acquired immunodeficiency syndrome), is on e of the worldââ¬â¢s largest health concerns. The first cases were discovered in 1981. Now, about 35 years later, there are over 36.9 million people living with the disease (UNAIDS 1). Cases have been reported in all regions of the world. The majority of those living with HIV/AIDS, and those at greatest risk for contracting the disease, have limited to no access to education, prevention, care and treatment. There also
Fahrenheit 451 Lit Notes free essay sample
He kicks Mildredââ¬â¢s friends out of the house * Mon tag takes the ear chip out of his ear to avoid getting a lecture from Faber * He suddenly feels guilty for causing Mildredââ¬â¢s friends pain an starts to doubt his cause * Montag goes outside to hide his books in the bushes so, Mildred canââ¬â¢t get rid of them anymore * Mildred finally goes back to work where he has to return a book back to Beatty because his 24 hours are up * He notices that The Mechanical Hound isnââ¬â¢t there * When Montag gets to Beatty he hands him a book and Beatty throws it in the bin disinterestedly * Beatty already knew that Montag was having doubts but Montag assured him that he was all better * During their game of cards, Montag feels very scared, guilty and fidgety * He gets up to wash his hands often to rid himself of the guilt heââ¬â¢s feeling ââ¬Å"In Beattyââ¬â¢s sight Montag felt the guilt of his hands. His fingers were like ferrets that had done some evil and now never rested always stirredâ⬠¦Ã¢â¬ (page 105) * Beatty still knows that thereââ¬â¢s something wrong with Montag so he tries to confuse him and trap him into revealing himself * Faber continues to tell Montag to ignore Beatty and follow his own heart * Beatty describes a dream to Faber in which they were both arguing with each other about books and society using quotes from literature * Beatty is trying to instill fear into Montag * The alarm went off, signaling that there was a house that had illegal books that needed to be burned * They hop into the truck and drive to the destination When they get there Montag notices that itââ¬â¢s his house Foreshadowing: Montag house is the one being burned and Beatty already knew about it because he told the fireman that this burning was a ââ¬Å"special call, before they got there. This hints that Beatty always suspected Montag and he was probably the one that programmed The Mechanical Hound to keep an eye on him. ââ¬Å"Youââ¬â¢ll be fine. This is a special case. Come on, jump for it! â⬠(pg. 109)ââ¬Å"Beattyââ¬â¢s pink, phosphorescent cheeks glimmered in the high darkness and he was smiling furiously. ââ¬Ë Here we are! â⬠(pg. 110)Significance: The quote suggests that Beatty is getting a sickening thrill from seeing Montag in his confused and guilty state and its shows that he knows what is to come. Pathos is created for Montag because he is so confused and unsure of what he wants. He is struggling as he is deciding what to do with his plan to benefit society. Suspense: Montag gets called to another house at night to burn. But, when the firemen arrive at the house he realizes that itââ¬â¢s his house theyââ¬â¢re burning. ââ¬Å" ââ¬Ë What,ââ¬â¢ said Montag slowly, ââ¬Ëweââ¬â¢ve stopped in front of my houseââ¬â¢Ã¢â¬ (pg. 110) | Character Montag: Montag is realizing how truly disconnected his society is. He is getting very frustrated and his patience is thinning. We are now being introduced to an impulsive, daring, reckless Montag that we havenââ¬â¢t seen before. First he was confused, then he was curious now heââ¬â¢s daring but, careless. He is become extremely hasty and thoughtless which is putting him in risky and dangerous positions. Faber: Faber is playing the part as Montagââ¬â¢s level-headed conscious and guide. He is showing him the right path and helps him make decisions like how to handle Beatty. Faber is Beatty foil character. Mildred: Mildred is representing the whole society disconnected, uncondemning and oblivious. Sheââ¬â¢s already showed her obliviousness by overdosing on over 30 pills and her disconnection by referring to her real family as the people on her parlor walls. She is starting to get annoyed of Montag and is trying to get rid of the books out of fear of being caught and taken away from her ââ¬Å"familyâ⬠Beatty: Beatty is showing his true character in this section, a cruel, contradictory and manipulative man. In the beginning he was shown as a very understanding man who was trying to help Montag through his rough patch but now we have been introduced to his true colors. He is torturing Montag by trying to confuse him with literature quotes. He is beginning to pollute Montagââ¬â¢s easily swayed mind with garbage. Also, he leads Montag into being forced to burn down his own home. The relationship between Montag and Faber grows as Montag begins to trust him a lot. He leans on him for advice and how to act towards Beatty. Conflicts: Montag vs. Faber Montag has a hard time listening to Faber tell him about his mistake. He takes out his ear piece to avoid hearing Faber speaking to him. Montag is trying to learn to accept his mistake. Faber is finding it hard to assist Montag because Montag continues to question himself multiple times. Montag vs. Montag Montag is in a phase of confusion and recklessness. He doesnââ¬â¢t know what to believe anymore. Although, books bring knowledge, love and answers to the world they also bring pain, grief and controversy. Montag doesnââ¬â¢t understand how something so good could also be so catastrophic. Sometimes Montag is very bold and does careless things out of frustration but, sometimes he is very confused and lost. Montag vs. Mildred Mildred was supposed to be helping Montag but, instead she is going behind his back and burning his books. She is scared. Montag doesnââ¬â¢t feel a connection with Mildred anymore and neither does she with him. Some were missing and he knew that she had started her own process of dispersing the dynamite in her house, stick by stick. â⬠(pg. 102)Montag vs. Beatty Beatty knows that Montag is hiding something and heââ¬â¢s no longer s uspicious. He has already sent The Mechanical Hound to confirm his suspicions. Now, Beatty is confusing Montag in his most desperate time and Montag begins to doubt himself. | Theme Importance of intellectual freedom: Since Montag had never had a proper education, he can be persuaded and confused easily. If Montag had been taught better in education Beatty wouldnââ¬â¢t be able to confuse his mind so easily. Faber wouldnââ¬â¢t have to help Montag so frequently. ââ¬Å"Beatty snorted. ââ¬ËOh, no! You werenââ¬â¢t fooled by that little idiots routine, were you? Flowers, butterflies, leaves, sunsets, oh, hell! Its all in her file. Iââ¬â¢ll be damned. Iââ¬â¢ve hit the bullââ¬â¢s-eye. ââ¬â¢Ã¢â¬ Ignorance/Knowledge: Beatty is very knowledgeable while, Montag is extremely ignorant when it comes to literature. Beatty uses this to his advantage by tricking Montag with quotes from literature to make Montag believe itââ¬â¢s an evil thing. ââ¬Å"ââ¬â¢Who are little wise, the best fools be. ââ¬â¢ Welcome back, Montagâ⬠(pg. 105) | Literary Devices Metaphor: ââ¬Å"ââ¬â¢But remember that the captain belongs to the most dangerous enemy to the truth and freedom, the solid unmoving cattle of the majority. We all have our harps to play and itââ¬â¢s up to you now to know with which ear youââ¬â¢ll listen. ââ¬â¢Ã¢â¬ Personification: ââ¬Å"The books leapt and danced like roasted birds, their wings ablaze with red and yellow feathers. â⬠This personification is to describe books when in fire and how the movements of the pages in the books resembled dance. Personification: ââ¬Å"What traitors books can be! You think theyââ¬â¢re backing you up, and then they turn on you. â⬠This personification is placed to show that books are bad. Although, books are not humans they do cause much controversy and pain much like a traitor. Metaphor: ââ¬Å"If there was no solution, well then now there was no problem, either. Visual Imagery: ââ¬Å"Beattyââ¬â¢s pink, phosphorescent cheeks glimmered in the high darkness, and he was smiling furiouslyâ⬠¦The salamander boomed to a halt, throwing men off in slips and clumsy hops. Montag stood fixing his raw eyes to the cold bright r ail under his clenched fingersâ⬠¦ At last Montag raised his eyes and turned. Beatty was watching his faceâ⬠¦ ââ¬ËWhy, weââ¬â¢ve stopped in front of my house. ââ¬â¢Ã¢â¬ This imagery is used to describe how Beatty looked like in his moment of glee in seeing Montag plummet. Metaphor: ââ¬Å"ââ¬â¢Now you did it. Old Montag wanted to fly near the sun and now that heââ¬â¢s burnt his damn wings,â⬠This metaphor is used to show that Montagââ¬â¢s whole plan was once high and mighty but is now crashing down as fast as it came up. Simile: ââ¬Å" The men ran like cripples in their clumsy boots, as quietly as spiders. â⬠(pg. 110)|
Tuesday, May 5, 2020
Analysis of Boral Limited Company ASXBTL
Question: Describe about the Prospective analysis, valuation and application of the Boral Limited company ASX:BTL? Answer: 1. Prospective Analysis This prospective analysis of Boral Limited can be divided into two sections. These sections are forecasting and valuation. Initial forecasting analysis of the Borals performance will be based upon the past and current financial performance of the company. After initial analysis, four valuation models which are Dividend Discount model, Discounted Abnormal Earnings model, Discounted Abnormal Operating Earning model and Discounted Cash Flow model are used for assessing the companys value. 1.1 Forecasting sales growth rate Through analyzing the current and future macroeconomic conditions as well as Borals competitive strategy it is predicted that sales will increase by 2% in FY15 and FY16, 3% in FY17, 4% in FY18 and 6% in FY19. As the company invests in the Joint venture, it sales will gradually increase in upcoming years. At present the sales growth rate for last five years is a mixed one. The sales of company showed increasing trend except for the year ended 2013, which showed a decline. However the construction industry is developing one and Boral is having strong position in this industry thus a good sales growth in future can be expected. 1.2 Forecasting asset turnover It may be noted that the changes in revenue and net operating asset (NOA) directly affect the movement of ATO(Bragg 2012). In the case of Boral, NOA is expected to keep stable. Recently Boral has restructured its business, it has established joint venture. Now the company is focusing on managing the costs and expenses. Hence it is not expected that there will be noticeable growth in NOA in coming future, though some small projects may be initiated. Thus the ATO of Boral is expected to constant at 0.80. 1.3 Forecasting profit margin It can be safely assumed that profit margin will remain constant at 3.5% which is relatively low but in line with the average profit of building material industry(Yahoo 2015). In the next five years sales revenue of the company will increase as it has set up joint venture and Boral is merging its brick business with CSR(AFR 2014). However the cost of raw material will also increased and there is not much scope in the building material industry to boost the profit ratio beyond a limit. Thus the profit margin is taken as constant at 3.88%. 1.4 Forecasting dividend payout ratio A constant dividend payout ratio of 33% has been forecasted for the next 5 years, based on Borals current dividend policy. It has been little lower in the past five years but as now Boral has restructured most of its business it is expected that the directors will be able to maintain at least this dividend payout ratio. 1.5 Forecasting cost of debt after tax Boral has paid a major portion of tis debt in the year 2013. Hence the cost of debt after tax is expected to be slightly diminishable. As a result, cost of debt after tax of Boral for the next 5 years is predicted around 4%. 2. Valuation 2.1Dividend Discount Model (DDM) There are several valuation models; however for the purpose of this assignment focus will be made only for few major models. Dividend discount model is one of such model. Under this method the valuation part is done of by forecasting the net dividends and than discounting the stream of dividends(Brigham Ehhardt 2010). It is assumed that after restructuring of the business Boral limited will be able to pay a fixed series of dividends in coming years, thus this model is used. Forecasts Value Forecast Forecast Forecast Forecast Forecast 1.Forecast net dividend pay-out $ 58.15 $ 59.31 $ 61.09 $ 63.53 $ 67.35 2. estimate cost of capital for equity 10% 1.1 1.210 1.331 1.464 1.611 3. Calculate forecast dividend growth patterns 2% 3% 4% 6% Estimate TV method - perpetuity with growth of 6% 4. Calculate TV (div from next year / cost capital - growth) $ 1,122 5. Discount dividend stream to TV year $ 53 $ 49 $ 46 $ 43 $ 42 Discount TV $ 697 Total value = $ 930 Number of shares 583 Share price $ 1.60 2.2 Discounted Abnormal Earnings (DAE) The second valuation model used to value a company and its stock is DAE model. This DAE model is basically a theoretical framework for valuation of equity shares, which is based on the information extracted from the financial reports(Palepu 2013). This model heavily relies upon the accounting information. The accounting information can be manipulated by the management, thus this model may not give accurate valuation which reflects market expectation. Cost of capital (firm) 9% Cost of capital (equity) 10% Growth 2% Number of shares outstanding (million) 779 Year 2014 2015 2016 2017 2018 2019 NOA $ 5,559 $ 5,670 $ 5,784 $ 5,957 $ 6,195 $ 6,567 NFO $ 886 $ 21 $ 15 $ 65 $ 177 $ 419 BV $ 4,673 $ 5,649 $ 5,768 $ 5,892 $ 6,018 $ 6,148 CSP $ 159 $ 175 $ 179 $ 185 $ 190 $ 197 Residual earnings = CSP1 - (CSE0*CoC(e)) $ 159 $ 161 $ 167 $ 172 $ 178 Growth patterns 1.30% 3.16% 2.82% 3.68% Terminal value (growth rate 3%) $ 4,847 Discounted terminal value $ 3,009 Discounted residual earnings $ 145 $ 133 $ 125 $ 117 $ 111 Present value of residual earnings $ 3,641 NOA $ 5,559 Intrinsic value of the firm $ 9,200 NFO $ 886 Intrinsic value of equity $ 8,314 Price per share $ 10.67 2.3 Discounted Abnormal Operating Income (DAOI) The third valuation method used is discounted abnormal operating earnings (DAOE). This model can be seen as an alternative model for the valuation of the stock prices of the Boral Limited. Cost of capital (equity) 10% Cost of capital (firm) 11% Number of shares outstanding 779 Year 2014 2015 2016 2017 2018 2019 NOA $ 5,559 $ 5,670 $ 5,784 $ 5,957 $ 6,195 $ 6,567 Free cash flow $ 930 $ 65 $ 66 $ 12 -$ 46 -$ 168 change in NOA -$ 757 $ 111 $ 113 $ 174 $ 238 $ 372 NOPAT = FCF + NOA $ 173 $ 176 $ 180 $ 185 $ 193 $ 204 AOI = NOPAT1 - (NOA0*CoC(f)) $ 157 $ 160 $ 165 $ 172 $ 183 Growth patterns 1.96% 3.03% 3.96% 5.87% Terminal value (growth rate 4%) 4575 Discounted terminal value 2715 Discounted abnormal operating income $ 142 $ 130 $ 121 $ 113 $ 109 Present value of AOI $ 3,330 NOA $ 5,559 Intrinsic value of the firm $ 8,889 NFO $ 886 Intrinsic value of equity $ 8,003 Price per share $ 10.27 2.4 Discounted Cash Flow (DCF) Under discounted cash flow model, the future free cash flows are discounted to the present value. (Coyle 1999). Thus first of all the FCF of the Boral limited are calculated and there after these cash flows are discounted by taking an appropriate discounting factor. The disadvantage of this model is that not every companys shares can be valued by predicting the FCFs. Through this method, Borals share price is coming negative; this may be due to the reason that Boral has used most of its cash flows in restructuring business activities. Cost of Capital (firm) 11% Shares Year 2014 2015 2016 2017 2018 2019 1. Forecast FCF $ 65 $ 66 $ 12 -$ 46 -$ 168 2. Estimation of cost of capital for the firm 1.11 1.23 1.37 1.52 1.69 3. Calculation of forecast FCF growth patterns 0.02 -0.82 -4.89 2.67 4. Calculate TV (negative growth) 0 5. Discount fcf to TV year $ 59 $ 54 $ 9 -$ 30 -$ 99 Discount TV 0 Intrinsic value of the firm -$ 8 less NFO $ 886 Equity -$ 894 shares outstanding 779 share price -$ 1.15 2.5 Comparison The market price of the share of Boral Limited as on 30th June 2014 is $ 5.25(Boral 2014). The share price as per various models is very different from the market price of the share, or in other words the actual share prices it with just an approximate average of various models. The price of the share can be listed as under- Model Estimated Share Price Actual Market Price Deviation from Actual market price Dividend Discount Model (DDM) $ 1.60 $ 5.25 $ -3.65 Discounted Abnormal Earnings (DAE) $ 10.67 $ 5.42 Discounted Abnormal Operating Income (DAOI) $ 10.27 $ 5.02 Discounted Cash Flow (DCF) $ -1.15 $ -6.40 As the dividend discount model provides most nearest value to the market price, sensitivity analysis will be applied to this model. 2.6 Sensitivity Analysis Dividend discount model PM % in PM Price Per Share % in Price Div as % of NOPAT % in Div Price Per Share % in Price 4.66% 20% $ 1.43 19.79% 39.58% 20% $ 1.43 19.79% 4.27% 10% $ 1.31 9.74% 36.28% 10% $ 1.31 9.74% 3.88% 0% $ 1.19 0.00% 33% 0% $ 1.19 0.00% 3.49% -10% $ 1.07 -10.37% 29.68% -10% $ 1.07 -10.37% 3.10% -20% $ 0.95 -20.42% 26.38% -20% $ 0.95 -20.42% Cost of Debt % in Cost of Debt Price Per Share % in Price Cost of equity % in Cost of Equity Price Per Share % in Price 6.00% 20% $ 1.19 -0.31% 12.00% 20% $ 1.10 -7.85% 5.50% 10% $ 1.19 -0.31% 11.00% 10% $ 1.15 -3.66% 5.00% 0% $ 1.19 0.00% 10.00% 0% $ 1.19 0.00% 4.50% -10% $ 1.19 -0.31% 9.00% -10% $ 1.24 3.88% 4.00% -20% $ 1.19 -0.31% 8.00% -20% $ 1.30 8.90% The sensitivity analysis states that the key drivers of share price under DDM model are profit margin and dividend payout ratio, followed by cost of equity and cost of debt. Under this valuation model, cost of debt has no effect on share price. 3. Application 3.1 Opportunities for improvement Boral limited is in a phase of restructuring. It has set up joint venture, merging its brick business with another entity; it has sold its land fill business to another entity. Boral has paid a huge amount of debts in the last year, due to strong cash generation. Thus it is in a position to launch it to a paced business growth. For this it has to control its administrative cost and various other costs. The reduction is cost is possible due to business restructuring. In fact the company has already save $130 million of overhead and contractor cost due to this restructuring(Boral 2014). The construction markets have picked up and this can result in increased sales. Thus reduction in cost and increased sales will lead to increased profit. Company is having a strong balance sheet and the management can benefit from the improving housing conditions in Australia, USA and other markets. Another option which is seen as an opportunity for the company is the expansion of business of the company to markets outside the country. Boral can achieve this goal by becoming a partner of local companies at Asian markets such as China or India. This will help the company in increasing stability and Boral can improve their sale and profit margin. Furthermore, if the company runs business internationally, few more markets will be opened and thus sale growth rate will be expect to increase and ultimately results in the increase for Borals value in the future. 3.2 Challenges The performance of the company is improving, yet all is not well for the company. Some of the business units of the Boral limited are still delivering low returns. Company needs to improve the position of these units. The management is in the process of restructuring which has worked for the company and more benefits will accrue in future. The USA business division has remained challenging for Boral Limited. The USA housing business has collapsed since the global financial crisis of year 2008. Boral has to focus on US business also in order to survive at global level. Company has also recruited new CFO, which has to take more efforts on cutting cost. There is a heightened possibility of Borals management using accounting policies to achieve the accounting strategies of a newly appointed CEO because Borals current CEO, Mike Kane, has only been in his position for two years (since October 2012). Empirical accounting research has found that firms with a newly appointed CEO are more likely to implement accounting strategies that involve exercising greater scrutiny over the value of assets, that change the strategic focus of the firm or that place the blame for poor acquisitions on previous management Besides that the company is facing certain issues over the injuries at work places. Boral is also facing certain issues from the labour unions. Boral is operating in an environment characterised by legal disputes with unions over access to construction sites (e.g. the dispute between Boral and the CFMEU over access to construction sites in Victoria). This has impacted on Borals current business and will likely impact on its future performance. The construction industry does not have a high margin. The Australian brick business has shown a declining trend. A recent report by PWC has both highlighted that the construction industry is a perennial underperformer from a productivity perspective and that technology can be a driver of future productivity. [Reference: PWC Report]. The report recommends that there be significant improvements in the technologies used to produce and distribute construction materials [Reference: PWC Report]. Therefore, if Boral can improve its technological processes, future profits will be positively impacted. The first target point of the Boral should be development of business process. As most of units of the company have been closed, may be due to the reason of poor business processes. The company should focus on the developing standard process of doing particular things. Company is expecting growth in revenue in coming years and it is able to control the cost and improve the process than it can earn good profit. The second target point of the company should be quality products. As the focus of the company on controlling cost, this aspect may hurt the quality of the products. Boral should pay special attention towards the quality of the products, which should not be suffered due to cost cutting and business restructuring. Bibliography AFR 2014, ACCC approves merger of Boral, CSR brick units, viewed 17 January 2015, https://www.afr.com/p/business/companies/accc_approves_merger_of_boral_csr_kXZ1uX9Qk3RF9Ip0440urM. Boral 2014, 'Annual Report 2014', Annural Report, Boral, Boral, Boral, Australia. Bragg, S 2012, Business Ratios and Formulas: A Comprehensive Guide, John Wiley $ Sons, NY. Brigham, EF Ehhardt, MC 2010, Financial Management Theory and Practice, Cengage Learning, NY. Coyle, B 1999, Cash Flow Control, Global Professional Publishi, UK. Palepu, KHPABV 2013, Business Analysis and Valuation using Financial Statements, 5th edn, Southwestern, Canada. Yahoo 2015, Industry: General Building Materials, viewed 19 January 2015, https://au.finance.yahoo.com/q/in?s=BLD.AX.
Thursday, April 16, 2020
Is There a Particular Attachment Style Linked With Conduct Disordered Children
Introduction Unsecure attachment disorders are complications that affect holistic development of children in various settings. The complications are currently affecting many children including adults due to poor parental care.Advertising We will write a custom essay sample on Is There a Particular Attachment Style Linked With Conduct Disordered Children specifically for you for only $16.05 $11/page Learn More This is evident since they have been causing severe mood and behavioral problems to various individuals. The problems threaten to jeopardize social and cultural integration among children especially those who grow under unsecure attachment conditions. Indeed, the style of attachment that is formed or adopted in a setting determines the kind of an individual a child is likely to be in future. The attachment style gives a clear prediction of the character traits that a child is bound to develop and how he or she may relate with other people. The style also enables one to predict the kind of personality features that a child is likely to portray in future. Similarly, the style of attachment defines a childââ¬â¢s social nature and interaction capacity. This is evident since the style determines whether a child is to be an introversive or extroversive person. For instance, children who are parented with introversive individuals always adopt character traits of the parent or whoever spends more time with them. Such children develop introversive behaviors that make them grow as conservatives who are reserved socially, economically and culturally. They tend to fear people, talk less and engage in various activities after undertaking exhaustive assessments (Wood, 2012). However, children who are nurtured with extroversive parents always grow as strong extroverts who hold immense social capacity.Advertising Looking for essay on psychology? Let's see if we can help you! Get your first paper with 15% OFF Learn More Such c hildren are outgoing, active, creative and industrious. These elements explain the reasoning that style of attachment that children are exposed to have a direct bearing on their behavior and how they conduct themselves. The style of attachment shape their mood of operation or engagement, behavioral set up, moral and ethical responses. Indeed, for a child to grow as a responsible person who can transform the lives of many individuals in a society, he/she should be brought up under secure style of attachment. Justification of the study This paper provides credible information that seeks enlighten most individuals including parents and child care givers on the role that attachment style that a child is exposed to from his childhood has in shaping his behavior. The understanding of this aspect is important to enable them make right decisions on how they want their children to grow and pertinent character traits or behaviors that they would like them to adopt. This is why the paper gives an extensive discussion on the link between attachment styles and conduct of children. The information is bound to be instrumental in eradicating attachment disorders through systematic approaches. It will ensure that child developments disorders that have been in the increasing end due to lack of proper knowledge on how the disorders are instigated are eradicated. Therefore, this study is of great relevance to parents who are bound to be its major beneficiaries. Literature review based on strengths and relevance of the study As indicated, attachment disorders are emotional and behavioral complications that affect proper development of children. The problems compromise functional capacity of children socially, morally and physically (Wood, 2012).Advertising We will write a custom essay sample on Is There a Particular Attachment Style Linked With Conduct Disordered Children specifically for you for only $16.05 $11/page Learn More In particular, they mak e children to develop antisocial and narcissitic behaviors that are associated with extroverts. According to scholars, there are two renowned styles of attachment that shape behaviors of children. The two key styles that present positive and negative influences in human life as they develop from childhood include secure and unsecure attachment styles. The two types of attachment styles present various consequences in human life especially from childhood to adulthood. This is because they contribute in inculcating specific behaviors in individuals that become difficult to change. The behaviors that the two styles help in nurturing define individualââ¬â¢s lifestyle, perception and how one is likely to relate with others (Ribner, 2002). In particular, secure attachment is a child parenting style that is based on ideal principles and guidelines. The style provides basic incentives that ensure that a child is nurtured in the right way. Notably, it ensures that positive behaviors are i nculcated in a child. That is the person who is providing the parental care is bound to teach the child noble things that are socially accepted. He is also responsible to expose the child to only good things that can enable him grow as a responsible individual who conduct himself with dignity. As noted by Ribner (2002), securely attached children normally have limited complications in life. They are hardworking, very social, they excel in class and they make friendship very easily. Conversely, unsecure attachment forms the second style of attachment that affects holistic development of children. The style is known for its evident limitations that present far reaching effects in the development of a child.Advertising Looking for essay on psychology? Let's see if we can help you! Get your first paper with 15% OFF Learn More Similarly, it is depicted as the worst style of parenting in most settings since it is linked to conduct disorders that compromises moral values and good behaviors that children are expected to uphold. Its disorders present severe emotional, behavior and moral complications that inculcate inferiority related complexities in children. This disorder is caused when parenting process is not executed properly (Zelazo, 2013). Firstly, it is caused when there is a total negligence when it comes to child protection and guidance. A child requires proper guidance in order to enable him develop good behavior by parents or care givers. They must not be allowed to watch bad videos, they should be taught decent ways of eating and relating with older people. Based on the facts presented, it is prudent to note that unsecure attachment style of parenting has a direct link with conduct disorders in children. This is apparent since it exposes children to complications that include antisocial, narsissi tic and schizotypal that affects their wellbeing. The disorders remain key aspects that define individualââ¬â¢s weaknesses and personal failure (Delfos, 2004). Areas of contention and weaknesses Imperatively, there has been a great contention on whether conduct disorders in children are complications that are caused due to inferior styles of child parenting or whether they are instigated by other factors (Shohov, 2003). The issues has brought sharp divisions among individuals in various nations with one school of thought asserting that it is what a child is exposed to daily and perform frequently, that shape his behavior. They note that children tend to borrow the behaviors and character traits of their parents or care givers who spend more time with them. However, critics of the notion indicate that conduct disorders in children cannot be said to be exclusively caused by the style of attachment that one is exposed to from childhood. They hold that behaviors are based on characte r traits of individuals that can be developed over time depending on the environment that one operates (Levine Munsch, 2011). Similarly, they assert that there are various factors that influence the behavior of children and that may result to conduct disorders. Most critics of the notion hold that conduct disorder is a universal problem that affects children regardless of the parenting style that they are exposed to. They believe that attachment disorders or good behaviors are genetically transferred character traits that cannot be transformed easily. Their explanation is that children in most instances are born with certain behaviors or character traits that are natural (Mikulincer Shaver, 2010). The behaviors may not be seen in their early childhood, but can be evident in later stages of life as he develops. They also hold that conduct disorders are shaped depending on the age of an individual. In most cases, individuals tend to change the way they execute various activities and behavior as they grow. Results and Findings Clearly, behavior development in children starts from early stages in life. The behaviors that they portray are dependent on how they are brought up, taught and how they are parented. Other behaviors that children develop are also dependent on genetic ideals or character traits that are genetically transferred (Flores, 2004). It is imperative to note that how a child is brought up is how he is bound to be in future. If a child is parented well and taught good moral values, that child will be an exemplary person who respect people. However, if a child is parented poorly the end results are severe attachment disorders that compromise their capacity socially, morally and intellectually. Children, who are parented well under secure attachment parenting style, are always social people who interact with everyone regardless of age without fear. They are industrious, confident, excel in school, make friends easily and are self-reliant. These virt ues are inculcated in them as they grow by those who parent them. Consequently, children who develop bad behaviors are deemed to have not received proper parenting at their infant stages. Such children suffer from attachment disorder complications that impede their productivity. They are antisocial, fearful, and reserved in various aspects. Indeed, attachment style that a child is exposed to defines his behavior currently and in future. This beats the logic that is being introduced by the critics of this notion that parenting style has nothing to do with behavior. Therefore, parents have to know that behavior is nurtured and it is emulated in most cases (Flores, 2004). For instance, when one associates with a criminal then the person is likely to develop criminal behaviors. When one associates with a Christian, he is bound to display noble behaviors and character of Christians. This happens since people tend to adopt behaviors that are presented to them by the environment. Conclusio n Indeed, for a child to grow as a responsible person who can transform the lives of many individuals in a society, he or she should be brought up under secure style of attachment. This is essential to ensure that he does not develop severe attachment disorders that affect individualââ¬â¢s social, moral, emotional and mental stability. Parents must therefore ensure that they inculcate noble life ideals in their children from childhood by exposing them to secure style of attachment in the society. They must teach their children good values when they are still infants since the lessons they get when they are young whether visual or audio, affects their future engagements with others. References Delfos, F. (2004). Children and Behavioural Problems: Anxiety, aggression, depression and ADHD, a Biopsychological Model with Guidelines for Diagnostics and Treatment. London [u.a.: Jessica Kingsley. Flores, J. (2004). Addiction as an Attachment Disorder. Lanham (Md.: J. Aronson. Levine, E. Munsch, J. (2011). Child Development: An Active Learning Approach. Thousand Oaks, Calif: SAGE. Mikulincer, M. Shaver, P. (2010). Attachment in Adulthood: Structure, Dynamics, and Change. New York: Guilford Publications. Ribner, G. (2002). California School of Professional Psychology Handbook of Juvenile Forensic Psychology. San Francisco, CA: Jossey-Bass. Shohov, P. (2003). Advances in Psychology Research: Volume 21. New York: Nova Science Publishers. Wood, M. (2012). Reactive Attachment Disorder: A Disorder of Attachment or of Temperament. Web. Zelazo, D. (2013). The Oxford Handbook of Developmental Psychology. New York, NY: Oxford University Press. This essay on Is There a Particular Attachment Style Linked With Conduct Disordered Children was written and submitted by user Brady W. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.
Tuesday, April 14, 2020
Rugers Research Into Disciplines and Samples
Rugers Research Into Disciplines and SamplesWhen you research into disciplines and samples there are many levels of achievement. In the example with samples, you need to choose from the various samples. In the case of disciplines, you also need to consider which discipline the sample is drawn from. Here are the three levels of samples and disciplines that you will encounter:A sample essay that is carefully chosen by a professional writer is not necessarily the same one that is given in a college or university. The professionals write a sample for you so that you have an idea of what they are doing. The great thing about it is that you get a chance to read them and then you can make suggestions.While there are certain common themes in most scholar's work, each is a different story. It all depends on the subject of the sample and the writer's experience. In the beginning you should be careful, since this means you could lose out on the opportunity to enrich your own education.The key p oint is to find a sample essay that is written by a professional. Then you can simply read the sample and make your comments on it.The following are sample essays that are already written and don't require any other notes. Remember, the research is designed to allow you to get ideas on what you want to write about. The essay should be structured according to the kind of information that you are going to provide.Most students prefer essay subjects like history, literature, and science. There are a number of different examples of these subject areas that you can choose from. All you need to do is take some time and consider them and then find the one that will be appropriate for you. While most students do choose subjects that are related to their major, you can also mix and match and focus on different areas of your course work.If you want to write an essay without the help of a professional, there are still plenty of writing samples available online. You just need to decide what are a of study you are interested in and find a sample essay that fits it.Since rugers research into disciplines and samples are already in place, you can focus on writing samples instead. These are great ideas, because you can find ideas and inspiration from them.
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