Albania and EU integration Essay

To provide a basic idea for Albanian economy and its European integration possibilities. 2. To provide knowledge about advantages and disadvantages that Albania faces in different sectors of economy. 3. To provide knowledge about Albanian ability to take the obligation of membership. 4. To provide knowledge about systematic and unsystematic risk for Albanian European integration. Methodology 1. Research problem Is Albania in line with EU expectations? Which are the abilities of Albania to maintain the obligation of membership? Basic objective is to examine, firstly economic development of Albania based on the collected data from 2002 – 2012, than to verify if they are in line with EU criteria. 2. Expectations Since Albania is determined in its decision to join European Union and to be part of Economic integration, it has made a progress in reforming institutions, in legislation, and the most important the assignment of SSA (Stabilization and association process). But the progress is very slow and insufficient. The cause of this polarization remains on political culture of the country which historically has not faced any experience of democracy. So expectations are not very positive. On a long term basis only new socialized and democratic generation can truly execute fundamental reforms needed to be part of European Economic Integration. Data Collections 1. Primary data: World Bank reports and Instat. 2. Secondary data: Journal websites and financial news papers. European Union Integration – The impact in Albanian Economy The aim of this project is to demonstrate how much the economic development in Albania is in line with European Union? In the first section will be analyzed, Relations between Albania and EU. Over all now Albania is part of Stabilization and Association process, in regular political and economical dialogue with EU. Last decade we can say that our country have faced some changes on our politic system and economic one, through three main factors, visa liberalization, financial assistance and civil society. How we realize these challenges? Did these three factors affect positively our economy; since we are one of the main countries that were not affected by world crises and how? In the second section will analyze economic criteria by examining development of economy in Albania. The examination includes different areas of economy? The existence of a good function of market economy: This includes the main essentials’ of economic policy where the primary objective is the protection of a market oriented economy. Here we can mention that Albania has a visible progress starting from year 2007 when we signed CEFTA agreement. Macroeconomic Stability: Over all Albania has preserved the macroeconomic stability, because it was less affected by external economic conditions. Monetary policy of Albania has help to keep stable inflation and control inflationary expectations. Public debt is over limited and essential reforms are still missing. Interactions of market forces: According to the official data, results that state involvement in economy remains limited but it is focused on energy, transport and water supply. Market Entry and Exit: Here we can conclude that Albania is one of the countries that have facilitated business entry to the market but procedures for market exit are still ineffective. Legal System: Albanian faces many weaknesses in rule of law, according to real data, corruption is in considerable levels and reforms of property rights are still incomplete. This has adverse affect on the market environment. Financial sectors and Development: Some progress is made but it is needed the consolidation of public finances and the reduction of public debt. Human and Fiscal Capital: The structure of macro economy remains unchanged; also informality remains again a challenge. Albanian economy is tangible by industry specific shocks. State influence: State interventions are limited but it is still a concern the impact on the public finance of the lack of diversification and Economic integration with EU: Albania has remained a leading trading and an investment partner of EU, as result trade with CEFTA has been increased. The third section will  examine Albanian ability to take the obligation of membership. The analysis is structured based on internal and external market of Albania which includes: Free movement of goods; there has been a progress as regards of stabilization, but further efforts are needed to be done and the preparations are advanced in this part. Free movement of people; The progress here is visible, since 2010 Visa liberalization can be counted as a success especially towards professional qualifications, but further efforts are needed to be plane. Free movement of capital; there also has been some progress with adaption of amendments of criminal code, low of banks and low of prevention of money laundering but even though there are several efforts that are needed to be taken. As a conclusion I have to say that Albania has made little progress toward economic development and the consolidation of its democ ­racy. This is shown by the report of European commission on October 2012, as the results at fulfilling the EU’ twelve priorities were poor, and obviously it was clear that Albania would lose its chances to be awarded with the candidate status on December 2012 – and December 2013. Such a step was not justified by our economic and political conditions. Relations between the EU and Albania Albania is a country that is part of the Stabilization and Association Process. According to this pact we can say that Albania has strictly implemented its obligations. Between the EU and our country there is a regular political dialogue and economic growth, which has continued through the SAA structure. In March and April of last year, Albania took part in the meeting organized by the Stabilization and Association Committee and the European Council in which they discussed the reform of public administration. Albania was involved in this dialogue with multilateral economic focus with the Commission and the EU member countries, with focus, preparation and coordination of domestic economic policies to integrate economic and monetary union in the EU. One of the most important achievements of Albania was the liberalization of visas for citizens traveling to the Schengen area. This agreement entered into force in December 2010. Immediately after this agreement and until today, the committee evaluates on a regular basis, the progress made by the country in the implementation of rules and visa roadmap. Albania is a country that is  waiting for EU membership, as such; it has received transition assistance, institution building and cross-border mergers. For the period 2007 – 2013, the European Union has allocated for Albania, an amount of â‚ ¬ 594 million. This amount of benefit, its focus is on justice, politics and public administration reforms in Albania, and also based on individual sectors, transport, and environment, and agriculture, social and rural development. This component is managed by the EU Delegation in Albania / Tirana. Regarding the upcoming years 2014 – 2020, the European Commission and the Albanian government will negotiate and discuss the needs and capacities for future assistance. We need to know that Albania is a member of several EU programs as example; Program Throughout life learning; Europe for Citizens, Culture, Competitiveness and Innovation. Economic Criteria In 1993 after examination of economic development and the state in which Albania was, in Copenhagen European Council stated that, to be part of the European Union, Albania needs to be focused towards a functioning market economy and also to have the capacity to cope with the challenges of a competitive market of EU The existence of a functioning market economy Policy Essential In order for Albania to have a focused market economy and sustainable, the main political parties, which have impact on the country’s economic policies, must agree on the basis of sound market economy, despite political tension in the country. Based on the report of the European Committee for Albania, the country’s macroeconomic stability has been maintained, but there are some shortcomings again. Among these deficiencies can mention the 2012 budget deficit, which was beyond the norm. The deficit caused, statutory debt, allowed to pass the measure of 60 %. In the process of privatization of property might say that was a failure. In January, Albania presented at EC Economic and Fiscal program for the years 2013-2015. The medium scenario is characterized by a very optimistic macroeconomic program. But according to the assessment of this program the Commission has submitted a lack of enforcement and targeting strategy but we can say that consensus  on the basis of a mark et economy has been maintained. Macroeconomic stability According to the data obtained in the annual report of the Bank of Albania, we can conclude that economic growth in 2012 was 1.6% less than a year ago. Total gross output also shows that in 2012 was about 5% less compared with a year ago. Inflows of foreign currencies in the country by immigrants have had a slight increase of 1.6% for 2012, while private consumption has fallen to low levels. One of the main factors of economic growth, have been net exports, while for imports can say that they have recorded a considerable Decrease. After a 12-month period with a significant reduction, economic indicators tend to show a growth in late 2012 and early 2013. However we can say that GDP grew only 1.7% in the first quarter of last year. Foreign demand for Albanian products has resulted in considerable numbers. GDP per capita in purchasing power and consumption resulted in 30% among 27 that was average. According to the analysis may conclude that Albania recognized the economic growth, so gl obal crisis did not affect Albania during early 2013. During the period 2012-2013 the current account deficit decreased by about 1.5%, becoming 10.5% from 13% in 2011. Imports introduced to a decrease, 5.2% less than a year ago, while exports increased by 8.5% in total value, but may be noted here that there was a considerable increase in the export of goods but not services. In June 2013 current account deficit reached 10.1% in value to the corners of Albania. The inflow of foreign direct investment (FDI) throughout 2012 remained unchanged with that of a year ago. This influx financed about 70 % of current account deficit therefore 10 % more than in 2011. The flow of incoming capital suffered a Decrease of 11.3 % in a year, but we can say that during 2012 had a positive balance of payments and a significant increase in international reserves at 4.2 %. During 2013, foreign direct investment (FDI) rose by 12.3 % more than the previous year in annual terms. Also we can say that the current account deficit has decreased, but again is an important aspect that affects the economy of our country especially considering the volatility of FDI and remittances. Throughout 2012 we can say that there has been a significant improvement of working conditions, the unemployment rate has however recognized high scores although this year it has had an average of 13 % compared with 13.4 % the previous year. The private sector in the country  has increased em ployment offer, in Albania at a rate of 2.8 % based mainly in the agriculture sector of the country. By 2013, according to statistical data, unemployment continues to be high again, with an improvement of about 0.2 %. To maintain a constant interest rate, and to administer a possible inflationary trend, was used a sound monetary policies that brought the country’s macroeconomic stability. The inflation rate in the country declined by 1.5% compared with a year ago, keeping a constant level of 2%. This stability at a rate of 2-4% inflation was the main objective of the Bank of Albania. Since that in Albania, we have basket price fluctuations this reflected in a slowdown of annual inflation from 2.5% in 2012 to 2.2% in 2013. In an effort to stimulate economic growth in the country, the Bank undertook several measures, as for example the reduction of the basic interest rate from 3.75 to 3.5% during the past year. The financial system in Albania has achieved a significant degree of Euroisation. Loans in Euros remained at a level of 61% of deposits in July the past year, compared with 64% in 2012. While in terms of other deposits in foreign currency statements have a slight decrease of 2%. Albania represents a floating exchange rate regime, which has remained the same since 1992. Albanian Lek has maintained sustainability where its value in 2012 reflected a 0.9% appreciatio n against the euro. We generally are within the boundaries of a stable monetary policy, have a storage inflation and a stable exchange rate. Annual revenues did increase by about 7% in 2012 compared with the previous year. During this year, the excise tax and VAT suffered significant declines, we can say that this Decrease, resulted in 12% less than the initial objectives. Revenues from GDP fell by 25.1%, which were considered in 2011, to 24.5% in 2012. In terms of GDP spending, can also say that suffered a decrease of 0.6% compared with a year ago. Public expenditures represent just 4.6% of gross production, from 5.4% the previous year. Public debt grew considerably and non-positive, from 59.4% of GDP in 2011 to 62.9% in early 2013. So our public debt has passed the legal boundaries of 60% to nearly 3%. In the area of tax administration, we can say that there have been significant improvements in the electronic payment of taxes and also the tax filing system. There are still weaknesses in tax collection. Measures have been taken for approval to exclude imports of machinery, processing equipment and raw materials used for investment. An important measure is the abolition of  personal income tax. Interplay of market forces The country’s economy is dominating the private sector, which constitutes about 80% of GDP. Privatizations have been the basis for several state companies to place as Alb petrol oil Typeset, Alb telecom for telecommunications, INSIG as insurance and CEZ Distribution for energy, which due to disputes arbitrary, is now again in the hands of the state. There are counted about 11 new agreements for investments in agriculture, in 2012. In the energy sector we have also signed agreements for investment in hydropower opening. Privatization of three HPP has a monetary value of â‚ ¬ 109.5 million. However, I can say with conviction that state involvement in the economy is limited. Market entry and exit Registrations and licensing, of businesses have became more restrictive, and has faced a considerable increase of about 8% compared with a year ago. This was made possible through the established network one-stop-shop. Today licensed businesses make up about 12% of active companies. Legal system The legal system has had a slight progress, however, is necessary to ensure the proper application of the legal system. Still exist, the ownership uncertainty. Another weakness of our state law is delays of legal proceedings, more harmful to the business. The capacity to cope with competitive pressure and market forces within the Union Existence of a functioning market economy Albania has maintained macroeconomic stability through a market economy, but the economic slowdown last year causes the increase of the current deficit. This deficit has resulted in a decrease in domestic production, low inflation policy due to BoA’s objective. This deficit and rising public debt beyond the limits, has led to a lack of successful management of fiscal policy, the fiscal plan is expected to be even weaker. Albania has some structural obstacles which do not bring economic growth, contrary depleting it. Even though we have a certain advantage, barriers and other weaknesses continue to affect our economic system. Here we can mention the right of  property, unemployment, and incomplete process of privatization, low competitive ability, etc. . Overall, Albania has needed to consolidate public finances, and the reduction of public debt, strengthen the economy, performance, labor market, and most importantly, the fight against corruption. Economic integration with th e EU In 2012 Albania was faced with a trade Decrease, Imports and Exports constituted 87% of GDP compared with 92% a year ago. Key partner for trade of goods and services remains the EU. From the statistical data we say that EU exports in 2012 accounted for 75% of the total, and 62% of total imports. In the first six months of 2013 resulted a shrinking trade deficit with the EU, as a result of increased exports by 18.8%, but at the same time, the EU imports fell much less. One of the main partners in trade agreements remains Italy, taking half of Albanian exports and giving third Albanian import. Italy also remains one of the most important investors in Albania although much investment during the last year has seen a decrease. Export Import, with CEFTA countries has slowed by 27% which resulted in 2011, to 3% today ABILITY TO TAKE ON THE OBLIGATIONS OF MEMBERSHIP The ability to take the membership is seen in three main factors. Free movement of goods; there has been a progress as regards of stabilization, but further efforts are needed to be done and the preparations are advanced in this part. Free movement of people; The progress here is visible, since 2010 Visa liberalization can be counted as a success especially towards professional qualifications, but further efforts are needed to be plane. Free movement of capital; there also has been some progress with adaption of amendments of criminal code, low of banks and low of prevention of money laundering but even though there are several efforts that are needed to be taken. Agriculture and rural development Based on the last economic report of EU, Albania is one of the countries that have not utilized the negotiated quotas for the agriculture products; however we can say for sure that exports have been increased with countries that Albania has bilateral agreements. Exports and Export level per GDP has  been positively increased. Now we can raise a question, Why Albania has not exploiting quotas that have been negotiated in agreement from which expectations were higher? Why our agriculture products do not have comparative advantage. Regarding to Ministry of Agriculture in Albania, food products and consumer production of agriculture sector is in low rates of trade. Farms are considered small while to many hectare of land are still barren, technology process is almost old today we have still lands that are tilled by hand and levels of marketing are negative ones. This is the reason why imports in different agricultural products in Albania are higher. Regarding numbers, Albania has nearly 400 Thousand farms counted until today. These farms derive 21% of GDP and have employed more than 750 thousand persons. We should know agriculture land is 0.2Ha/ person, while 20% of poor people are farmers, in this 20% we have 93.5% of them who produce only to maintain their families not to export, the other 80% of farmers produce to sell outside borders and domestically. They sell up to 40 % of their production. Why these results? Because private investments in Albania are only 42.5 EUR per person, we still have 73 % of productive land tilled by hand. Public investments are 15 EUR per person, while we have firstly undistributed land from 98.5% of land that is returned to farmers 85.5% of it is not registered. Other problematic cases in our agriculture are also, Input quantity and quality are still low and limited. The knowledge is in low levels, Information that we take from market is inadequate, No existence of competitive products, and land market lack. Another problematic issue is that farms are not administrated well, by resulting so in a lower level of competitiveness toward other countries. Social policy and employment In terms of labor law, labor code is still in a process of approval, a challenge for our society remains the work of children ages 5-17 years old. This trend varies in 7.7% of all children in our country. In terms of health and safety at work, measures are taken to prevent accidents at work and improve working conditions. We can say that the number of accidents at work in 2012 was reduced significantly compared with 2011, but still further improvements must be hatched. As regards employment policy, is being designed an employment strategy for 2014-20. This design is still not approved. The official unemployment rate resulting in 13% during 2012, but long-term unemployment and youth unemployment are high and they need for immediate measures for reduction. Minister of Labor, Social Affairs and Equal Opportunities has approved three cases for persons with disabilities. Guardian of a person with disability is paid by the Albanian state. The inclusion of supervision and review of employment of individuals with disabilities in employment offices. Design activities for sign language in schools. These projects are not yet finalized. Gender Discrimination Many explanations for the gender pay gap are proposed and finally the gender pay gap is the difference between genders seen from the human development perspective, such as education, qualitative skills and experience that men and women show to the workplace. By this point of view differences between genders are often presented as discriminatory, that for instance women leave much earlier the labor market than men do, so in Albania we have more part time works for women. By analyzing the data’s we notice that the pay gap for professional or scientist women (engineers, mathematicians, financial experts, and medical doctors) in Albania is lower than man, in terms of numbers the take nearly 2.4% less than men do. In cases like basic occupations such are, construction, fast food, street vendors the wages are 21 % lower for females compared with males. Public and private sector generate two different ways of payment, when the gap is higher on private system rather in public one. The gender pay gap in the private sector is 13.7 percent, compared with15.7 percent of the public sector. Both male and female in Albania site that here has no equality in the hiring/recruitment and no standards. I think that to reduce the inequality between males and females employees should follow the same recruitment standards for both. This should be implemented also to the recruitment for managerial positions, in order to increase the number of women applying for these job positions. I believe that a unified standard of recruitment would reduce considerably the gap. Conclusion As a conclusion I have to say that Albania is a country that is part of the Stabilization and Association Process. According to this pact we can say that Albania has strictly implemented its obligations. Today Albania is a member of several EU programs as example; Program Throughout life learning; Europe for Citizens, Culture, Competitiveness and Innovation. Based on EU conditions we must say that Albania has made improvement. The existence of a good function of market economy: This includes the main essentials’ of economic policy where the primary objective is the protection of a market oriented economy. On its macroeconomic situation, we conclude that over all Albania has preserved the macroeconomic stability, because it was less affected by external economic conditions. Monetary policy of Albania has help to keep stable inflation and control inflationary expectations. Public debt is over limited and essential reforms are still missing. According to the official data, results, states involvement in economy remains limited but it is focused on energy, transport and water supply. Albania is one of the countries that have facilitated business entry to the market but procedures for market exit are still ineffective. Albanian faces many weaknesses in rule of law, according to real data, corruption is in considerable levels and reforms of property rights are still incomplete. This has adverse affect on the market environment. Some progress is made but it is needed the consolidation of public finances and the reduction of public debt. Regarding to Human and Fiscal Capital the structure of macro economy remains unchanged; also informality remains again a challenge. Albanian economy is tangible by industry specific shocks. Albania has remained a leading trading and an investment partner of EU, as result trade has been increased. Albanian ability to take the obligation of membership, the analysis is structured based on intern al and external market of Albania which includes: Free movement of goods; there has been a progress as regards of stabilization, but further efforts are needed to be done and the preparations are advanced in this part. Free movement of people; The progress here is visible, since 2010 Visa liberalization can be counted as a success especially towards professional qualifications, but further efforts are needed to be plane. Free movement of capital; there also has been some progress with adaption of amendments of criminal code, low of banks and low of prevention of money laundering but even though there are several efforts that are needed to be taken. . Based on the study the situation with the income inequality in Albania is similar to other countries of the region and maybe beyond the region. This is caused from the same factors and causes negative effect on society. The gender gap in Albania has even another factor, that of specific cultural that is characteristic for Albanian environment to prohibit this Albania should increase the harmonization of the community, working conditions, health and securities and Equal opportunities. Albania has made little progress toward economic development and the consolidation of its democ ­racy. This is shown by the report of European commission on October 2012, as the results at fulfilling the EU’ twelve priorities were poor, and obviously it was clear that Albania would lose its chances to be awarded with the candidate status on December 2012 – and December 2013. Such a step was not justified by our economic and political conditions. References European report for Albania 2012-2013 http://ec.europa.eu/enlargement/pdf/key_documents/2013/package/al_rapport_2013.pdf Bank of Albania Annual Report 2012, Production date: 21.06.2013, Author: Bank of Albania http://www.bankofalbania.org/web/Annual_Report_2012_6609_2.php Instat, Conjuncture, Main Economic Indicators, Q3-2013

Law and Ethics Essay

1. What is the primary objective of IBM’s advertising? How have the objectives of its advertising changed over the years? In one perspective the initial primary objective of IBM’s advertising is to recapture brand equity to increase its diminishing market share. Plunging from one of the market leader during 70’s and 80’s to almost a market looser in the 90’s, IBM’s rebranding aims at the value proposition in the mind of the consumers. Defeated by the rivals such as Microsoft, Dell and Oracle, IBM had to push the awake call alert to reposition itself as one of the significant player in the industry. This all been done through the ingenious and new paradigm of advertising series on which could reinstate the big blue stigma. The transformation process that could penetrate the existing market with the new products known as the product penetration strategy can be best served through the non-personal media Gradually, over the years these objectives had been streaming with the need and orientation towards the present consumers demand and market behavior. What has been emphasis during the early stage of communicating with the consumers has to be molded with the present requirement to suit the consumer needs and wants. Series of persuasive and accurate appeals of the IBM’s advertising plus the campaign has alerted the consumers of its present business orientation and objectives. At this stage recapturing the brand equity has become marginal as the target is to increase the market share through brand retention, brand loyalty and customer relationship management (CRM). 2. Evaluate each of the campaigns described in the case and the accompanying ads shown in the Power Point file. Are the intended branding messages being communicated clearly and do the ads speak equally well to users, as well as non-users, of IBM products and services? IBM’s advertising was handled by a large number of different agencies prior to 1993. Until the late 80’s this wasn’t a problem because IBM was such a dominant player in the market. However this eventually became a problem as IBM was beginning to loose its identity having portrayed itself in a wide variety of ways around the country. So in 1995 they introduced a campaign. â€Å"Solutions for a small planet†: These ads were meant to create a unified brand image of IBM around the world, while connecting everyone on this â€Å"small planet†. This campaign was very successful, and was a huge step in restoring IBM’s image. The main communication goal for this campaign was delivering message that IBM can â€Å"manage information anywhere, anytime, and for anyone†. The messages are underlined by the repeated use of the word †solutions† in describing I.B.M.’s products and services. That echoes the theme †Solutions for a small planet,† which has appeared in all the I.B.M. advertising created by Ogilvy & Mather, the WPP Group agency that has been the company’s worldwide shop since 1994. The campaign was based on extensive market research around the world. This campaign targeted C-level Executives like Chief executives, Chief Managers, etc. IBM wanted to be known as the â€Å"provider of solutions†. â€Å"E-Business†: This campaign was introduced in the late 1990’s. This was to connect with people who were beginning to use the internet more and more for their business and personal use. This was a very good move as using the internet in some way is now a part of almost everyone’s daily activities. This campaign continued to connect the brand with being able to help people with their business needs. Testimonials from customers such as Mercedes Benz and Motorola were used to back up the message that IBM can help you with your business. E-business signals IBM’s recognition of its customers’ increasing desire to use the Web for commerce and collaboration. IBM also used this campaign to attract a broader customer base of small to midsize customers seeking to develop a Web presence. â€Å"On Demand† The main objective of this campaign was to increase the focus on Business Services Market. It used a series of print ads, television commercials and outdoor advertising which reaches the consumer while he or she is outside the home. It was focused on marketing to consumers when they are â€Å"on the go† in public places, in transit, waiting and/or in specific commercial locations. Outdoor advertising formats fall into four main categories: billboards, street furniture, transit, and alternative. IBM helped analyzed medical data with an advertisement â€Å"Fighting Cancer is ON†. Other examples include â€Å"Napster is ON†, â€Å"China is ON†, â€Å"The PGA Tour is ON†, to increase  the focus on Business Services Market. In all these campaigns â€Å"ON† is about getting your company to work better. The goal of the ‘ON Demand’ campaign was to show that yet again IBM was at the forefront of helping companies/businesses which were f ully integrated, wanted to meet the demands of the ever demanding consumer and aiming to provide better services and grab business opportunities available at a global scale. â€Å"The Other IBM† and â€Å"Help Desk†: These campaigns move into the Information Technology Consulting Industry. The Other IBM was designed in 2005 to reposition company. It used imagery with scenes of King Arthur’s Knights of the Round Table. The IBM Help Desk was aimed at mid-sized businesses and, rather than concentrating on technological jargon, it focused on showing how the IBM Help Desk can be of assistance in solving practical business problems. The TVCs literally take the Help Desk into the real world to show, in a humorous way, how the IBM Help Desk can assist businesses in making their operations smoother and their lives easier 3. What is the value of using testimonials or mini-case studies across a variety of business and industries in IBM’s integrated marketing communications campaigns?

Capital Structure and Global Diversification

Financial leverage tends to be at higher side when business organization borrows huge long term funds from outside stakeholders as compared to their internal funds. Financial leverage or capital gearing denotes use of debt in the business operations. In this case, Facebook Inc and Linked In have been used for the analysis of implication on EPS of higher debt taken. High leverage shows higher amount of debt is obtained for business operations and it also denotes higher interest expenses (Salama and Putnam, 2015). When EBIT is at higher side then EAT will also be at higher side and vice-versa. In this case, both companies has financial leverage and both are geared companies, Facebook Inc has negative EBIT. Degree of financial leverage measures change in EPS when there is increase or decrease in earnings before interest and tax. Three elements of degree of financial leverage are outstanding shares, interest expenses and earnings before interest and tax   (Singh and Faircloth, 2015). Earnings per share are directly related to earnings before interest and tax of the reporting period as it can be analyzed in present case of Facebook Inc and Linked In.   In this case, Facebook is having EPS of ($ 1.29) because its EBIT is in negative also i.e. ($ 150,942,000). On the other hand, EPS of Linked In is $ 1.31 and its EBIT is $ 6,225,000,000. This shows that EPS of companies is directly related to its EBIT. Salama, F., & Putnam, K. (2015). Accounting conservatism, capital structure, and global diversification. Pacific Accounting Review, 27(1), 119. Singh, M., & Faircloth, S. (2015). The impact of corporate debt on long term investment and firm performance. Applied Economics, 37(8), 875-883.

What success mean Essay Example | Topics and Well Written Essays - 500 words

What success mean - Essay Example An individual feels successful after he/she has achieved what he/she wanted to. But the success lasts only as long as its happiness does. A person who might have got various successes in life in the past may at a later point in time, feel as if he is the biggest loser around. The reason is that at that point in time, the person is not feeling happy. Many people that we consider successful do not think they are successful themselves because they are not happy. People generally define success in terms of money. They say that the richer a person is, the more successful he/she is. But the reality is; it takes much more than money to be successful. People can buy things with money, but they cannot buy happiness. As long as they have everything except happiness, no body is successful. If success meant being rich, all the rich men in the history of the world to date would be respected and loved, and most importantly, would have themselves lived a very happy and prosperous life. But not many rich people have all these blessings in life. A large number of the rich people are patients of depression and many even commit suicides. They have everything but one i.e. happiness. Hence, to be successful, one needs to be happy. Last but not the least, since I have a firm belief in God and the world hereafter, I believe that to be really successful means to be placed in heaven in the world hereafter. But what does one want to be placed in the heaven for? Obviously, happiness! The much we know about heaven today is all that can make one happy. In the heaven, we won’t be rich; there would be no question of money or social status whatsoever. But we would have everything we want at our disposal which would make us happy. Concluding, success is essentially a state of mind i.e. happiness. Since happiness is a state of mind that every individual feels at different points in time irrespective of the socioeconomic status, anybody

Universalism and Particularism Essay Example | Topics and Well Written Essays - 250 words

Universalism and Particularism - Essay Example Universalism tends to focus more on the community rather than individuals and thus neutral as it is evident in McCain’s argument on security of the U.S. In a universalistic state, one cannot just go astray or out of normal order just because no one is watching them since one is compelled by law to act in order always. Universalist individuals honor their words no matter the circumstances, and know a deal or a contract cannot be violated. As it is evident in the article, cold war historian, John Lewis Gaddis, presents how in a universalistic nation, every individual is treated equally and fairly. Clearly, this promotes peaceful co-existence among the people and promotes a sense of belonging and security. In the article, particularism is quite evident. The main emphasis is on individuals and their interests. Individuals can modify a situation due to circumstances to suit their friends or relatives. Scoblete’s article shows how a particularistic believes that relationships are developed and created by events. If one is able to change his or her view, point of argument, agreement and so forth, just for the sake of those he or she has an interest in or those who have interest in him, then that is a real particularistic.

System Development of Disscusion Questions Assignment

System Development of Disscusion Questions - Assignment Example During system development, the members interact with users so that they can improve the system. The choice of criteria is entirely reliant on the user’s requirements in terms of system support. He gives a few requirements that have to be considered. Many users oftenly want to use different UML models in between modeling tools. In most instances, a mechanism is usually provided that ensures the language exchange that is structured by the MOF. The simplest way to do this is to determine the tasks performed by every actor. By doing so, actors are chosen in such a way that their behavior remains constant. In many cases, actors are comprised of humans, but in other cases, they consist of other systems as one’s system can interact with other systems such as a database system. In such an instance, choosing actors will based on their ability to function in such an interconnected system. Many users oftenly want to use different UML models in between modeling tools. How come it is not easy to apply multiple models of UML between tools of modeling? The reasons are technical in nature and one of them is the fact that XML attempts to solve tasks that are more complicated than simply exchanging the models of UML. In most instances, a mechanism is usually provided that ensures the language exchange that is structured by the MOF. The other reason is that the model does not have the required information to ensure a reliable communication network exchange among the modeling tools.

Gender Violence Research Paper Example | Topics and Well Written Essays - 2500 words

Gender Violence - Research Paper Example The disparity reveals that women define violence in broader terms than men, thus creating a gap between the genders in the way in which they perceive aggressive acts. This disparity can contribute to social study on the topic of violence between the genders, in particular, violence against women, in learning how best to inform and educate on the topic of violence. In addition, social policy can be framed according to an understanding of these gaps so that more effective results in ending violence against women in order to have a more satisfied population. Differences in the definition of violence between men and women Introduction This study was conducted with the purpose of understanding the ways in which differences are observed in defining violence between men and women. Men, typically seen as a more aggressive gender, provide a contrast to the way in which women see violence. Women typically are put on alert when any aggressive action is made by a man, while men often do not inte rpret an aggressively physical action as violence. This difference may be due to the way in which men engage in sports in comparison to women or through the wider space of vulnerability that women experience in comparison to men. Studying the ways in which men and women perceive violence will allow for a greater framework for society to determine how to respond to physically aggressive actions in society. ... Through examining the results of both the qualitative and quantitative study, a discussion was made about the issue of violence and the way in which it is perceived by both genders. Research questions help to narrow the way in which a study is approached. The following research questions will be used to frame the topic of study: 1. What is the definition of violence for men? 2. What is the definition of violence for women? 3. How does a man respond to violence? 4. How does a woman respond to violence? 5. What factors contribute to the differences about the perceptions of violence between men and women? Through exploring different aspects of these questions by creating a survey instrument that studies concepts that lead towards the answers of the research question, the research can become meaningful in regard to the hypotheses. The following hypotheses provide for a null hypothesis and its alternative for which the research will be conducted. Hypotheses Null Hypothesis: Men and women define violence differently and therefore experience physically aggressive behavior differently. Alternative Hypothesis: Men and women define violence the same and therefore experience physically aggressive behavior the same. Literature Review Anderson and Taylor (2008) suggest that the inequality between genders can be explained through frameworks of sociological theories which include functionalism, conflict theory, and symbolic interaction. Anderson and Taylor (2008) state that functionalists belief that male roles as instrumental and female roles as expressive. Functional theory supports static roles for the genders, thus creating conflict with feminists who believe that static roles are limiting to women. The organization of social roles contributes to the inequality

The Mexican Revolution and the Middle Class Research Paper

The Mexican Revolution and the Middle Class - Research Paper Example The Mexican revolution remains one of the most important revolutions that took place in Latin America. It is marked with political celebrations in Mexico, and this is because it is an important political event. The most important players during this revolution were the middle class. The middle class played a great role in ensuring that the revolutionaries won the war, against President Diaz. These people provided money and soldiers for purposes of advancing the agenda of the revolutionaries. The army was under General Carranza, and it engaged the government in urban centers. The middle-class army also provided support to the armies of General Pancho Villa in the North, and General Zapata in the South.This support was essential in breaking the various sieges that the government army had laid against these two Generals. By concentrating in urban areas, the government’s army was also limited on how it could advance its troops for purposes of quelling the rebellion in the rural ar eas of Mexico. Furthermore, after the rebellion, it is the Middle Class who took over power and began initiating a sequence of policies aimed at changing promoting good governance in Mexico. Immediately after the end of this revolution, President Obregon took over the leadership of Mexico and introduced a series of changes aimed at making Mexico a democratic state.People who argue against the recognition of these revolutions denote that they are bloody and violent, and hence they lead to the loss of lives.

The End of Euro Disneys as a White-knuckle Ride Essay

The End of Euro Disneys as a White-knuckle Ride - Essay Example It is not expected for growth in the European sector to be experienced until 2010 or 2011, which will require Disneyland Europe to find innovative methods to draw higher crowd volumes and ensure profit success. Additionally, rising commodity prices which will be felt in 2009 will seriously erode the potential for profitability in this year, with the business forced to cut costs where necessary and appropriate. One publicity expert identifies that theme park industries are highly competitive and strategic success involves the volume of guests which pass through the entrance turnstile every day (Kohl, 2000: 48). Further, the author identifies that attendance is so widely important that many executive leaders have hourly tourist counts pumped into their mobile devices for the sake of tracking customer numbers (Kohl). This is especially true at Disneyland Europe which relies on customer volumes to generate annual profit. Getting higher sales volumes, however, in the midst of the current credit crunch requires understanding competitive behaviors whilst redesigning Disneyland Europe with a new, modernized logo to attract the contemporary consumer. Readjustments to marketing will be the proverbial saving grace for Disneyland Europe in the next five years. In 2009, Disneyland Europe must make a stronger effort to understand its customers. Since over 40 percent of all customers are French, repositioning the EuroDisney brand to focus on French lifestyle can ensure a higher revenue stream during the current economic crisis. This will be increasingly difficult beyond 2008 and will require research into existing consumer behaviors in French markets. Snyder (2002) offers that the French tend to link Disneyland Europe with American culture, giving them a negative perception of â€Å"cultural imperialism† in which the theme park is  attempting to force American lifestyle into a proud, French culture. Negative cultural perceptions must be eliminated whenever possible in the new marketing model.  

Characteristics of the Symbolist Movement Essay Example | Topics and Well Written Essays - 250 words

Characteristics of the Symbolist Movement - Essay Example The symbolist art not only associated itself with a main corpus of critical and theoretical writing, but also a poetry-oriented literary output. This brought about a convergence of literature and art, developing a modus operandi for art movements around the world during the 20th century. The style of art also led to the extinction of the old meanings by creating new networks of meanings that updated the myth and interpretation of origins. Symbolist art achieved this by fusing mythological and religious themes through such figures like Orpheus and Salome. Another character of the style was the militant anti-academicism achieved through ‘secessionist’ organizations in 1890s, which coincided with liberalization of the system of exhibition. Symbolist art promoted the prevalence of spirits of the then anti-modernism. This means that the style rejected naturalism, positivism, and rationalism, resulting to the culmination of the 1910 art piece, The Oath against Modernism (130). The doctrine of idealism was the foundation pillar of the symbolist art style, thus much of the art and literature had association with the concepts of idealism and/or Satanism. Among the favorite topic of symbolist art were occultisms, decadence, love, sin, death, religious feelings.

Drinking and driving Essay Example for Free

Drinking and driving Essay On Jan.8, 2002, President Bush signed the No Child Left Behind Act of 2001 (NCLB) that became the education-reform bill. The No Child Left Behind is most sweeping education-reform bill since 1965 that made changes to the the Elementary and Secondary Education Act. The No Child Left Behind plays a big part in the life’s of students, parents, teachers, and the future of the educational system. â€Å"No longer content to provide access to education for traditionally extended students populations, we are now demanding that these students receive equally good educations. † In other words, administrations are now demanding equality of quality. President Bush thinks that all students are title to high quality education, treated equal, fair, and to be safe while at school. The No Child Left Behind places significant responsibilities on state educational agencies, school districts, principals, and the teachers. â€Å"In 2002 the federal government returned to the force front in potentially historic fashion.† With the passage of No Child Left Behind, supported by bipartism majorities in Congress, the nation committed itself to the achievement of every student in America. The No Child Left Behind in the federal system the United States for every education state and school districts fail to meet the requirements of No Child Left Behind Act that will be held accountable, with the opportunity to improve their down fall. Each state makes their own standards for what a child should know and learn for grades, for math and reading the standards should be developed first. Every student should be tested by the standards. All school districts should make adequate yearly progress toward meeting their state standards. Schools that fail need all the support they can get to improve their progress. The school or District shall come up with an idea that’s going to meet all necessary to make higher goals. The No Child Left Behind has a standardize by making sure that all teachers were high. The No CLB Act has In the article (Teacher’s Views on No child left behind) teachers was the no child left behind law â€Å"The federal legislation provides considerable discretion to states that can develop their own academic content standards, choose the tests they will administer, and specify the minimum scores students must obtain to be declared â€Å"proficient†. The no child left behind law increased the attention to many schools that pay to academic achievement and to disadvantage children that make it better. â€Å"As a result, the skills, and knowledge of the subgroups of children that historically have not increased as rapidly under many state tests would suggest. Second, no child left behind has increased the efforts of schools scores, third, adequate yearly progress rules; some states increased the migration of experienced teachers out of school serving high concentrations of low – performing students. No child left behind represents that parents of students who are attending title I schools are given the option to transfer their students to another school in the district for improvement status, If a student requested to be transferred shall be allowed to transfer. The No Child Left Behind, has two new educational options, -supplemental educational services and school choice for title I schools for restricting, improvement, and corrective action by the options depends on parental decisions. Parents will know their student assessments. If the school needs improvement the parent will be informed. Conclusion: The No Child Left Behind Act is great. Every child should have the right to receive an education, and be safe while in school. There so many jobs and opportunities will be required to have a college degree in order for a student to have success in life they need an education. The No Child Left Behind Act helps and gives students the impossible they did not have. The No  Child Left Behind made school districts accountability achievement. ON January 8, 2002 President Bush signed the No Child Left Behind (NCLB), Act the reform bill improves student’s goals on the state- wide testing, and The No Child Left Behind has admirable goal of improvement in the educational system. President Bush thinks that no child should be left behind and that all children are entitled to education, treated fair and to be safe. No matter what the student is, their race, where they live, they should be entitled to an equal education. References’ Abernathy, S. (2007). No child left behind and the public schools {electronic resource} / Scott Franklin Abernathy. Ann Arbor: University of Michigan Press, c2007. Michigan Press. In 2001 the author researcher at Ann Arbor: University of President George W. Bush’s education reform legislation, the no child left behind act (H.R. 1). Testing and accotability provisions Chubb, J.E. (2009). Learning from no child left behind {electronic resource}: how and why the nation’s most important but The Author research stand ford, California. : hoover institution Murnane, R., Papay, J. (2010). Teacher’s views on no child left behind: support for the principles, concerns about the practices. Journal of Economic Perspectives, 24(3), 151- 166 Programs, all other Miscellaneous Schools Believes that the school should not be accountable for teaching all children well. The No child left behind is to improve all students’ performance. Put students’ performance in data gives the parents opportunity to see the child’s performance. Students that attend low-performing schools start to develop discipline issues, their want to be transferred to a better – performing school. School that doesn’t need their goals will offer including free tutoring, and after school instruction. Randolph, K., Wilson – Younger, D. (2012). †Is No Child Left Behind Effective For All Students?† Parents don’t think so. Online submission. The author’s researchers Database: ERIC. Since the No child left behind is to discuss the advantage of the core requirements for its implementation. Parents have concerns whether the children are really learning. Zimmer, R., Gill, B., Raquin, Booker, K., Lockwood, J., Department of education, w.c (2007). State and Local Implementation of the â€Å"No Child Left Behind† (N ls-â€Å"nclb†). The author researchers us department of  education. The key component the no child left behind for the parent children that were attending title I school options for corrective action, improvement, failure achieve toward meeting state standards.

Harvard business publishing Essay Example for Free

Harvard business publishing Essay In mid-September of 2010, Emily Harris, vice president of New Heritage Doll Company’s production division, was weighing project proposals for the company’s upcoming capital budgeting meetings in October. Two proposals stood out based on their potential to strengthen the division’s innovative product lines and drive future growth. However, due to constraints on financial and managerial resources, Harris knew it was possible that the firm’s capital budgeting committee would decline to approve both projects. She also knew that New Heritage’s licensing and retail divisions would promote compelling projects of their own. Consequently, Harris had to be prepared to recommend one of her projects over the other. The Doll Industry Revenues in the U.S. toy and game industry totaled $42 billion in 2008 and were projected to increase by 4.6% per year to $52.5 billion by 2013. The market was divided into two broad segments: video games (48%) and traditional toys and games (52%). The second segment was further divided into infant/preschool toys (14.5%), dolls (14.1%), outdoor sports toys (12.3%), and other toys games (59.1%) including arts and crafts, plush toys, action figures, vehicles, and youth electronics. The U.S. market for toys and games was dominated by large global enterprises that enjoyed economies of scale in design, production, and distribution. Revenues were highly seasonal; the largest selling season in the United States coincided with the winter holiday period. Within the toy and game segment, U.S. retail sales of dolls totaled $3.1 billion in 2008 and were projected to grow by 3% per year to $3.6 billion by 2013. The doll category included large, soft, and mini dolls, as well as doll clothing and other accessories. The phenomenon of â€Å"age compression†Ã¢â‚¬â€ the tendency of younger children to acquire dolls that had traditionally been designed for older girls—reduced growth in the â€Å"baby-doll† sub-segment. Competition among doll producers was vigorous, as a small number of large producers targeted similar demographics and marketed their dolls through the same media. Lasting franchise value for a branded line of dolls was rare; the enormous success of Barbie ® dolls was an obvious exception. More recently and on a much smaller ________________________________________________________________________________________________________________ HBS Professor Timothy Luehrman and HBS MBA Heide Abelli prepared this case solely as a basis for class discussion and not as an endorsement, a source of primary data, or an illustration of effective or ineffective management. Th is case, though based on real events, is fictionalized, and any resemblance to actual persons or entities is coincidental. There are occasional references to actual companies in the narration. Copyright  © 2010 Harvard Business School Publishing. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business Publishing, Boston, MA 02163, or go to http://www.hbsp.harvard.edu. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Harvard Business Publishing. Harvard Business Publishing is an affiliate of Harvard Business School. Purchased for use on the MSc Business Valuation, at Imperial College London. Taught by James Sefton, from 21-Aug-2013 to 31-Dec-2013. Order ref F211857. Usage permitted only within these parameters otherwise contact [emailprotected] Educational material supplied by The Case Centre Copyright encoded A76HM-JUJ9K-PJMN9I Order reference F211857 New Heritage Doll Company: Capital Budgeting 4212 | New Heritage Doll Company: Capital Budgeting scale, New Heritage also had created a durable franchise for its line of heirloom dolls. But the popularity of most doll lines waned after a few years. New Heritage Dolls By 2009, New Heritage had grown to 450 employees and generated approximately $245 million of revenue1 and $27 million of operating profit from three divisions: production, retailing, and licensing. The production division, discussed further below, designed and produced dolls and doll accessories. The retailing division offered a unique â€Å"intergenerational experience† for grandmothers, mothers, and daughters, centered upon the character histories and storylines of the company’s dolls and delivered through an online website (42%), a mail-order paper catalog (33%), and a network of retail stores (25%). In fiscal 2009, the retailing division generated roughly $190 million of revenue and $4.8 million of operating profit. The licensing division was started in 1998, and represented the company’s newest and most profitable division. It sought to extend the New Heritage brand and capitalize on high levels of customer loyalty by selectively licensing the company’s doll characters and themes to a variety of media that reached the firm’s target demographic of toddler to pre-teen girls. In fiscal year 2009 the licensing division generated $24.5 million of revenue and $14.5 million in operating profit. New Heritage’s Production Division Production was New Heritage’s largest division as measured by total assets, and easily its most asset-intensive. Approximately 75% of the division’s sales were made to the company’s retailing division, with the remaining 25% comprising private label goods manufactured for other firms. Table 1 summarizes the division’s various sources of revenue and operating income. Table 1 Production Division Data: Revenue ($ millions) Operating Income ($ millions) New Heritage’s dolls and accessories were offered under distinct brands with different price points, targeting girls between the ages of 3 and 12 years. The company’s baby dolls were generally priced from $15–$30, and were offered to younger girls in earlier stages of development. These dolls typically came with a â€Å"birth certificate† and a short personal history. Dolls in the higher-end of this category incorporated technology that produced a limited amount of speech and motion. For the 1 The division revenue figures include approximately $95 million of internal sales within divisions which are eliminated when considering consolidated revenue for the company. BRIEFCASES | HARVARD BUSINESS PUBLISHING Purchased for use on the MSc Business Valuation, at Imperial College London. Taught by James Sefton, from 21-Aug-2013 to 31-Dec-2013. Order ref F211857. Usage permitted only within these parameters otherwise contact [emailprotected] Educational material supplied by The Case Centre Copyright encoded A76HM-JUJ9K-PJMN9I Order reference F211857 The New Heritage Doll Company was founded in 1985 by Ingrid Beckwith, a retired psychologist specializing in child development and the grandmother of two young girls. Dr. Beckwith believed the dolls produced by the major toy companies did little to develop girls’ imagination or foster a positive self-image, so she created a line of dolls with unique storylines and wholesome themes. Dr. Beckwith’s dolls struck a chord among mothers and grandmothers who also rejected the dated, clichà ©d images portrayed by the popular dolls of the day. New Heritage Doll Company: Capital Budgeting | 4212 New Heritage outsourced much of its production to a select number of contract manufacturers in Asia. To ensure product quality and safety, the company maintained a fulltime staff to oversee material sourcing, production, and quality control on site at each of its manufacturing partners. Manufacturing activities that required precise tolerances or proprietary processes, along with all the creative elements (design and product prototyping, for example), were handled in-house at the company’s headquarters facilities in Sacramento, California. Educational material supplied by The Case Centre Copyright encoded A76HM-JUJ9K-PJMN9I Order reference F211857 Capital Budgeting at New Heritage New Heritage’s capital budgeting process retained some of the informality that characterized the company’s early years as an innovative startup. As the company grew, deliberate steps were taken to decentralize some of the project approval process and increase spending authority at the division level. However, large and/or strategic spending proposals were reviewed at the corporate level by a capital budgeting committee consisting of the CEO, CFO, COO, the controller, and the division presidents. The committee examined projects for consistency with New Heritage’s business strategy and sought to balance the needs and priorities of each division against practical financial and organizational constraints. The committee also sought to understand project interdependencies and the potential for a given investment to strengthen the whole company, not solely the division proposing it. New Heritage’s capital budget was set by the board of directors in consultation with top officers, who in turn sought input from each of the divisions. The capital and operating budgets were linked; historically, the capital budget comprised approximately 15% of the company’s EBITDA. The committee had limited discretion to expand or contract the budget, according to its view of the quality of the investment opportunities, competitive dynamics, and general industry conditions. Before being considered by the committee, projects were described, analyzed, and summarized in self-contained proposal documents prepared by each division. These contained business descriptions, at least five years of operating and cash flow forecasts, spending requirements by asset category, personnel requirements, calculations of standard investment metrics, and identification of key project risks and milestones. Financial Analyses Financial analysis began with operating forecasts developed with oversight from New Heritage operating managers. Revenue projections were derived from forecasts of future prices and volumes. Fixed and variable costs were estimated separately, by expense category. Forecasts of working capital requirements were likewise vetted by line managers, who paid particular attention to a project’s requirements for various types of inventory. Forecasts for fixed assets and related depreciation charges were developed in cooperation with analysts reporting to the controller. HARVARD BUSINESS PUBLISHING | BRIEFCASES Purchased for use on the MSc Business Valuation, at Imperial College London. Taught by James Sefton, from 21-Aug-2013 to 31-Dec-2013. Order ref F211857. Usage permitted only within these parameters otherwise contact [emailprotected] $75–$150 price range, New Heritage produced a line of heirloom-quality dolls and accessories. These were designed to appeal to older girls and to convey a sense of cultural and family tradition among grandmothers, mothers, and daughters. The heirloom dolls had more elaborate accessories and personal histories. Finally, the company offered a line of high-end dolls based on fictional â€Å"celebrities,† each associated with a charitable cause and embracing more contemporary fashion trends. These dolls targeted girls in the so-called â€Å"tween† age range of 8–12 years, and also were priced from $75–$150. Like the heirloom dolls, celebrity dolls also came with more elaborate stories and accessories. 4212 | New Heritage Doll Company: Capital Budgeting New Heritage assigned discount rates to projects according to a subjective assessment of each project’s risk. High-, medium-, and low-risk categories for each division were associated with a corresponding discount rate set by the capital budgeting committee in consultation with the corporate treasurer. Assessments of each project’s risk were made at the division level, but subject to review by the capital committee. Factors considered in the assessment of a project’s risk included, for example, whether it required new consumer acceptance or new technology, high levels of fixed costs and hence high breakeven production volumes, the sensitivity of price or volume to macroeconomic recession, the anticipated degree of price competition, and so forth. In 2010, â€Å"medium†-risk projects in the production division received a discount rate of 8.4%. High- and low-risk projects were assessed at 9.0% and 7.7%, respectively. Projects that created value indefinitely, given continuing investment, were treated as going concerns with a perpetual life. That is, NPV calculations included a terminal value computed as the value of a perpetuity growing at a constant rate. However, to preserve an element of conservatism, the capital committee generally insisted on relatively low perpetual growth rates – lower than New Heritage’s historical growth and lower than near-term growth forecasts for a given division. Investment Opportunities in the Production Division Emily Harris was focused on two of the production division’s most attractive current proposals. The first involved expanding the successful Match My Doll Clothing Line to include matching allseason clothing for tween girls and their favorite dolls. The second involved a new initiative, the Design Your Own Doll line, which employed web-based doll-design software to let users â€Å"customize† a doll’s features to the customer’s specifications. Match My Doll Clothing Line Expansion The Match My Doll Clothing line originally consisted of a few sets of matching doll and child clothing and accessories for warm weather. It quickly became successful after the daughters of a few celebrities were spotted and photographed wearing items from the line, and girls’ magazines included some of the line in â€Å"what’s hot to wear† sections. Given recent publicity, Marcy McAdams, the brand manager responsible for the line, believed the timing was perfect to expand. Specifically, McAdams proposed to create an â€Å"All Seasons Collection† of apparel and gear covering all four seasons of the year. She expected the new offerings to be at least as profitable as the existing line, since its current popularity would make it possible to maintain premium prices. She also hoped to take advantage of off-peak discounts offered by some suppliers and contract manufacturers as they tried to smooth their capacity utilization. In the same fashion, McAdams argued the expansion would help reduce, or at least not exacerbate, the seasonality in New Heritage’s sales and earnings. BRIEFCASES | HARVARD BUSINESS PUBLISHING Purchased for use on the MSc Business Valuation, at Imperial College London. Taught by James Sefton, from 21-Aug-2013 to 31-Dec-2013. Order ref F211857. Usage permitted only within these parameters otherwise contact [emailprotected] Educational material supplied by The Case Centre Copyright encoded A76HM-JUJ9K-PJMN9I Order reference F211857 Operating projections for a given project were used to develop cash flow forecasts that would underpin calculations of net present value (NPV), internal rates of return (IRR), payback period, and other investment metrics. Cash flow forecasts were intended to capture the incremental effect of a proposed project on the firm’s cash flow for each year within the forecast period. That is, each project’s cash flow forecasts excluded non-cash items, such as depreciation charges, and nonincremental items such as sunk costs (i.e., costs that would be incurred regardless of whether a given project was undertaken or not). The cash flow forecasts were computed on an after-corporate-tax basis, but excluded all financing charges. Some elements of the cash flow forecasts were prepared with assistance from treasury analysts, but most of the necessary adjustments were well understood by division staff. New Heritage Doll Company: Capital Budgeting | 4212 To exploit the current popularity of the original Match My Doll Clothing line, especially given the fickle nature of children’s fashion trends, McAdams believed the opportunity had to be exploited without delay. Her investment proposal contained relatively large outlays for RD, market research, and marketing to maximize the probability of quick acceptance and longer-term success for the follow-on line. Upfront investment expenditures are summarized in Table 2. Table 2 Match My Doll Clothing Extension Outlays The RD and marketing expenditures would be deductible for tax purposes at New Heritage’s 40% corporate tax rate. The property, plant and equipment was expected to have a useful life of 10 years; the associated depreciation charges, shown in Exhibit 1, were based on the modified accelerated cost recovery system (â€Å"MACRS†) allowed by the IRS. Working capital requirements, shown in Table 2 for 2010 and in Exhibit 1 for subsequent years were based largely on recent historical experience with the original Match My Doll Clothing line. Finally, given the proven success of Match My Doll Clothing, Harris believed the project entailed moderate risk—that is, about the same degree of risk as the production division’s existing business as a whole. Design Your Own Doll This initiative targeted existing New Heritage customers, many of whom owned several of the company’s heirloom dolls. The company’s research showed that, when asked what features (e.g., appearance, ethnicity, â€Å"life story,† etc.) New Heritage should give to future dolls, loyal customers’ responses had a high correlation with their own personal data. That is, girls wanted dolls like themselves. Further research suggested that many loyal customers would purchase yet another doll if they could customize the doll’s features to create a â€Å"one-of-a-kind† addition to a girl’s or family’s existing collection of dolls. It also promised to increase the girl’s pride in and identification with the doll, both because of their shared features and because of the girl’s participation in creating the doll. This in turn further cemented customer loyalty. The customization process would begin with a new section of New Heritage’s website, where proprietary design software enabled the customer to select physical attributes of the doll such as hair color, hair length style, skin color, eye shape, eye color, and other facial features. The software could combine selected features and produce a photo-realistic image showing the finished doll with user-selected accessories. The customer could zoom in or out on the image and rotate it to see different aspects. The software made it easy to try out different combinations of features and accessories before making a purchase. Elizabeth Holtz, brand manager for heirloom dolls, was very excited about the project. She observed, â€Å"A girl’s relationship with her favorite doll is often partly mommy and partly big sister. Either way, having your doll look more like you is really powerful. And there’s excitement in the experience: exploring the website, naming the doll-to-be, selecting her first outfit†¦even the anticipation of waiting for the new doll to arrive. I really think this is big.† Holtz also believed that the dolls could command a premium price. â€Å"Customers will naturally expect to pay more [for a HARVARD BUSINESS PUBLISHING | BRIEFCASES Purchased for use on the MSc Business Valuation, at Imperial College London. Taught by James Sefton, from 21-Aug-2013 to 31-Dec-2013. Order ref F211857. Usage permitted only within these parameters otherwise contact [emailprotected] Initial Expenditures ($ thousands) 4212 | New Heritage Doll Company: Capital Budgeting custom doll],† she said. Market research with focus groups revealed significant enthusiasm for the product concept and supported the notion of premium prices. The web-based software tools and order entry system required New Heritage to make significant modifications to its existing technology infrastructure, expand its webhosting capacity, and modify the terms of its third-party service agreements to ensure a higher level of service quality. The majority of the RD expenditures shown below were related to software development, hardware upgrades, and web design. The development time involved, including product testing, was expected to be approximately 12 months. Initial outlays, some of which occurred in 2010 and some in 2011 As with Match My Doll Clothing, the required RD and marketing costs would be tax deductible. Manufacturing equipment had to be ordered by the end of 2010 to be ready for production at the beginning of 2012. While New Heritage had the option to pay for custom equipment in quarterly installments, the firm could get a substantial discount by paying for the equipment up front, in 2010. Figures in Table 3 and Exhibit 2 reflect the discounted cost of the equipment. To support the forecasted level of sales, substantial investment in working capital (primarily work in process inventory of partially manufactured dolls) would be required beginning in 2011. And still more equipment would have to be purchased and installed no later than 2014. In years 2015 and following, investments in working capital and equipment would revert to patterns familiar from the production division’s traditional lines of dolls. To complete development work, Holtz planned to use some of the company’s existing IT staff. The majority of the work would take place during calendar 2011. The number of people and their fully loaded costs are shown Table 4. These costs were not included by Holtz in the initial outlays shown in Table 3 or in the forecasts presented in Exhibit 2. The development personnel Holtz needed were considered â€Å"corporate† resources and were almost certainly available to work on the project. Table 4 Design Your Own Doll Development Personnel, ($ 000s) Application Development Personnel Costs: Web Application Developers Database Manager Systems Integration Specialist Total Cost BRIEFCASES | HARVARD BUSINESS PUBLISHING Purchased for use on the MSc Business Valuation, at Imperial College London. Taught by James Sefton, from 21-Aug-2013 to 31-Dec-2013. Order ref F211857. Usage permitted only within these parameters otherwise contact [emailprotected] However, even a limited degree of customization increased manufacturing complexity and expense. Further, because of the low production runs and volume, fixed costs on a per unit basis were expected to be relatively high. Consequently, the breakeven volume for the project was also expected to be high. New Heritage Doll Company: Capital Budgeting | 4212 Finally, Holtz needed to give Harris her assessment of the project’s riskiness. On the one hand, Design Your Own Doll had a relatively long payback period, introduced some untested elements into the manufacturing process, and depended on near-flawless operation of new customer-facing software and user interfaces. If the project stumbled for some reason, New Heritage risked damaging relationships with its best customers. On the other hand, the project had a relatively modest fixed cost ratio, and it played to the company’s key strength—creating a unique experience for its consumers. Educational material supplied by The Case Centre Copyright encoded A76HM-JUJ9K-PJMN9I Order reference F211857 Emily Harris still needed to complete her review and financial analysis of the two proposals. McAdams and Holtz were in frequent touch with Harris and both had offered to respond to any questions she might have about the proposals: the business case, the financial projections, the operating details, or anything else. Harris expected that she would indeed have some follow-up questions as she worked through her financial analyses. She also knew that her final recommendation might disappoint some executives within the division, who would scrutinize it closely. It had to be well-supported.

Curvature of the Universe: Analysis

Curvature of the Universe: Analysis Introduction 1.1 Reviewing of General Relativity 1.1.1 Metric Tensor The equation which describes the relationship between two given points is called metric and is given by Where interval of space-time between two neighboring points, connects these two points and are the components of contra variant vector. Through the function, any displacement between two points is dependent on the position of them in coordinate system. The displacement between two points in rectangular coordinates system is independent of their components due to homogeneity, so metric is given by Where are the space-time coordinates, is speed of light and is metric for this case and is given by Through the coordinates transformation from rectangular coordinates,, to curved coordinates system the components ofin a curved coordinates system can be found . For constructing rectangular coordinates system in a curved coordinates if space-time is locally flat then it is possible to that locally. From rectangular coordinates system defined locally in a point of a curved space-time to a curved coordinates system can be written as So in this way we can find local values of metric tensor Three important properties of metric tensor are: is symmetric so we have metric tensors are used to lowering or raising indices 1.1.2 Riemann Tensor, Ricci Tensor, Ricci Scalar The tool which plays an important role in identifying the geometric properties of spacetime is Riemann (Curvature) tensor. In terms of Christoffel symbols it is defined as: Where .If the Riemann Tensor vanishes everywhere then the spacetime is considered to be flat. In term of spacetime metric Riemann Tensor can also be written as: thus useful symmetries of the Riemann Tenser are: so due to above symmetries, the Riemann tensor in four dimensional spacetime has only 20 independent components. Now simply contracting the Riemann Tensor over two of the indices we get Ricci Tensor as: above equation is symmetric so it has at most 10 independent components. Now contracting over remaining two indices we get scalar known as Ricci Scalar. Another important symmetry of Riemann Tensor is Bianchi identities This after contracting leads to 1.1.3 Einstein Equation The Einstein equation is the equation of motion for the metric in general theory of relativity is given by: Where is stress energy momentum tensor and is Newton’s constant of Gravitation. Thus the left hand side of this equation measures the curvature of spacetime while the right hand side measures the energy and momentum contained in it.Taking trace of both sides of above equation we obtain using this equation in eq. ( ), we get In vacuum so for this case Einstein equation is We define the Einstein tensor by Taking divergence of above eq. we get 1.1.4 Conservation Equations for Energy momentum Tensor In general relativity two types of momentum-energy tensor,are commonly used: dust and perfect fluid. 1.4.1 Dust: It is simplest possible energy-momentum tensor and is given by The 4-velocity vector for commoving observer is given by, so energy momentum tensor is given by It is an approximation,of the universe at later times when radiation is negligible 1.4.2 Perfect fluid: If there is no heat conduction and viscosity then such type of fluid is perfect fluid and parameterized by its mass density and pressure and is given by It is an approximation of the universe at earlier times when radiation dominates so conservation equations for energy momentum tensor are given by In Minkowski metric it becomes 1.1.5 Evolution of Energy-Momentum Tensor with Time We can use eq. () to determine how components pf energy-momentum tensor evolved with time. The mixed energy-momentum tensor is given by: and its conservation is given by Consider component: Now all non-diagonal terms of vanish because of isotropy so in the first term and in the second term so For a flat, homogeneous and isotropic spacetime which is expanding in its spatial coordinate’s by a scale factor, the metric tensor is obtained from Minkowski metric is given by: The Christoffel symbol by definition Because Because the only non-zero is so from eq. () conservation law in expanding universe becomes after solving above equations we get above equation is used to find out for both matter and radiation scale with expansion. In case of dust approximation we have so So energy-density of matter scale varies as .Now the total amount of matter is conserved but volume of the universe goes as so In case of radiation so from eq.() we obtain Which implies that, science energy density is directly proportional to the energy per particle and inversely proportional to the volume, that is, because so the energy per particle decreases as the universe expands. 1.2 Cosmology In physical cosmology, the cosmological rule is a suspicion, or living up to expectations theory, about the expansive scale structure of the universe. Throughout the time of Copernicus, much data were not accessible for the universe with the exception of Earth, few stars and planets so he expected that the universe might be same from all different planets likewise as it looked from the Earth. It suggests isotropy of the universe at all focuses. Once more, a space which is isotropic at all focuses, is likewise homogeneous. Copernicus rule and this result about homogeneity makes the Cosmological rule (CP) which states that, at a one-time, universe is homogeneous and isotropic. General covariance ensures validity of Cosmological Principle at other times also. 1.2.1 Cosmological metric: Think about a 3D circle inserted in a 4d hyperspace: where is the radius of the 3D sphere. The distance between two points in 4D space is given by solving we get now becomes In spherical coordinates Finally we obtain We could also have a saddle with or a flat space. In literature shorthanded notation is adapted: To isolate time-dependent term, make the following situation: Then where If we introduce conformal time (arc parameter measure of time) as then we can express the 4D line element in term of FRW metric: 1.2.2 Friedmann Equation: We can now figure out Einstein field mathematical statement for perfect fluid. All the calculations are carried out in comoving frame where and energy-momentum tensor is given by Raising the index of the Einstein tensor equation we get After contracting over indices and we get so Einstein’s Equation can be written as It is easily found for perfect fluid finally we obtain the components of Ricci tenser The components are and components are To get a closed system of equations, we need a relationship of equation states which relates and so solving At this point when we joined together with equation 62 comparisons in the connection of energy-momentum tensor and the equation of states, we get a closed frame work of Friedmann equations: 1.2.3 Solutions of Friedmann Equations: We are going to comprehend Friedmann equation for the matter dominated and radiation dominated universe and get the manifestation of scale factor. From the definition of Hubble’s law Matter Dominated Universe: : It is showed by dust approximation As both and, for flat universe (), ( an) for . When combined with equation, this yields critical density Currently it value is (we used).The quantity provide relationship between the density of the universe and the critical density so it is given by Now the second Friedmann equation for matter dominated Universe becomes so lastly Radiation-dominated Universe: It is showed by perfect fluid approximation with The second Friedmann Equation becomes Flat Universe Matter Dominated Universe (dust approximation) The first Friedmann equation becomes At the Big bang Using convention and universe flat condition we finally get Now we can calculate the age of universe, which corresponds to the Hubble rate and scale factor to be: Taking and we get Years Radiation-dominated: The First Friedmann equation becomes At the big bang and .Also we have Closed Universe Matter-dominated The first Equation becomes In term of conformal time we can rewrite the above integral as After substituting and using equation Then but we have so we get . Now but we have at sets. So we have now the dependence of scale factor in term of the time parameterized by the conformal time as Radiation-dominated Universe: The first Friedmann equation becomes In term of conformal time we can re write the integral as but we have conditions at sets so we get and the requirement at sets , finally we have Open Universe Matter-dominated (dust approximation): The first Friedmann equation In term of conformal time we can rewrite the integral as Take

Essay --

I have grouped some past literature on the topic and investigations I will be pursuing. Economic growth and how conflict affects GDP per capita growth will be discussed theoretically and through previous empirical analyses. Observations will be made on the assumptions they reach and what they indicate for this paper. 2.1 Economic Growth I first look into the theory and previous studies on economic growth. The reason behind this is to get an idea of what model I will use and which variables to include in my regressions. There have been many empirical studies analysing possible variables which are significant to economic growth. Barro, QJE 1991 uses the neoclassical Solow model (Solow, 1956 and Mankiw et al., 1992) to test for the theory of convergence which states that countries with an initial lower GDP grow more rapidly. This makes economic sense as the country that has been involved in the conflict has a greater amount of growth potential. The country will simply need to recover its lost resources and will fulfil conditional convergence. The neoclassical theory states as a country reaches the steady state an increase in investment will result in diminishing returns on capital. Poor countries, which have lower capital and higher rates of return on capital, will pull alongside to the income levels of rich countries with faster growth rates. As for the variables tested, for 98 countries in the period 1960-1985, the growth rate of GDP per capita is positively related to initial human capital and negatively related to the initial level of real per capita GDP. Growth is inversely related to the share of government consumption in GDP. Growth rates are positively related to measures of political stability and inversely related to a... ...nds. As for the previous empirical studies according to Koubi, there are three different studies conducted on the topic. The existing empirical studies of the relationship between war and economic performance are one of three types: a) Those that study the unconditional relationship between war and economic growth. b) Those that examine the conditional relationship. And c) those that attempt to identify the mechanisms through which war affects economic growth (Koubi, 2002). My particular study focuses more on the first type as I am not particular examining the intensity, duration or severity of war, however focusing on a particular region and the different effects of civil war within the countries and interstate wars within the region. I will also observe previous studies of another topic that may become of interest as my paper progresses, the spill over effect.

Blindness and Sight in Oedipus the King - Lack of Vision :: Oedipus the King Oedipus Rex

Blindness in Oedipus the King People can be â€Å"blinded† to the truth. The answer to their question or solution to their problem may have been obvious. Yet, they could not "see" the answer. They were blinded to the truth. Associations have been made between being blind and enlightened. A blind person is said to have powers to see invisible things. They "see" into the future. The blind may not have physical sight, but they have another kind of vision. In Sophocles' King Oedipus, Teiresias, the blind prophet, presents the truth to King Oedipus and Jocasta. Oedipus has been blinded to the truth his whole life. When he does find the truth, he loses his physical vision. Because of the truth, Oedipus blinds himself. Jocasta was blind to the true identity of Oedipus. Even when she found out the truth, she refused to accept it. In this case, those who are blind ultimately do have a higher vision - the truth. Kind Oedipus started life with a prophecy that he would kill his father and marry his mother. In an attempt to avoid this fate, his parents, Laius and Jocasta, sent him into the mountains to die. However, a shepherd saved Oedipus. This shepherd gave Oedipus to Polybus and Merope. When Oedipus learned of his prophecy, he fled his home, thinking these people were his real parents. On his flight, he met Laius. He ended up killing Laius. He continued on, answered a riddle of the evil Sphinx, and ended up king of Thebes. With this kingdom, Oedipus married Jocasta. He had lived out the prophecy without even knowing he had. Thebes fell onto bad times, and a prophet put the blame on a polluter of the lands. Oedipus called on Teiresias, and Teiresias informed him that the polluter was the King. As Oedipus searched further and further, he discovered that he was the polluter and that the prophecy had come true. When Oedipus finally discovered the truth, he was so distressed that he ran pins int o his eyes, blinding himself. He had been blinded to the truth for so long. Oedipus was blind in more then one way. He was blind to the truth about his own life. Oedipus had no idea that his real parents were Laius and Jocasta. He was so blind that he got mad at anyone who was foolish enough to suggest such an idea. Blindness and Sight in Oedipus the King - Lack of Vision :: Oedipus the King Oedipus Rex Blindness in Oedipus the King People can be â€Å"blinded† to the truth. The answer to their question or solution to their problem may have been obvious. Yet, they could not "see" the answer. They were blinded to the truth. Associations have been made between being blind and enlightened. A blind person is said to have powers to see invisible things. They "see" into the future. The blind may not have physical sight, but they have another kind of vision. In Sophocles' King Oedipus, Teiresias, the blind prophet, presents the truth to King Oedipus and Jocasta. Oedipus has been blinded to the truth his whole life. When he does find the truth, he loses his physical vision. Because of the truth, Oedipus blinds himself. Jocasta was blind to the true identity of Oedipus. Even when she found out the truth, she refused to accept it. In this case, those who are blind ultimately do have a higher vision - the truth. Kind Oedipus started life with a prophecy that he would kill his father and marry his mother. In an attempt to avoid this fate, his parents, Laius and Jocasta, sent him into the mountains to die. However, a shepherd saved Oedipus. This shepherd gave Oedipus to Polybus and Merope. When Oedipus learned of his prophecy, he fled his home, thinking these people were his real parents. On his flight, he met Laius. He ended up killing Laius. He continued on, answered a riddle of the evil Sphinx, and ended up king of Thebes. With this kingdom, Oedipus married Jocasta. He had lived out the prophecy without even knowing he had. Thebes fell onto bad times, and a prophet put the blame on a polluter of the lands. Oedipus called on Teiresias, and Teiresias informed him that the polluter was the King. As Oedipus searched further and further, he discovered that he was the polluter and that the prophecy had come true. When Oedipus finally discovered the truth, he was so distressed that he ran pins int o his eyes, blinding himself. He had been blinded to the truth for so long. Oedipus was blind in more then one way. He was blind to the truth about his own life. Oedipus had no idea that his real parents were Laius and Jocasta. He was so blind that he got mad at anyone who was foolish enough to suggest such an idea.

Stem Cells Should Not Be Used Therapeutically Essay -- Science Health

Stem Cells Should Not Be Used Therapeutically A stem cell is a cell in the body that can differentiate into almost any other type of cell in the body. Stem cells come from sites in the bone marrow, as well as the tissues of developing fetuses. The most controversial issue in stem cell therapy is the use of fetuses for their stem cells. Scientists want to clone human embryos, and use the stem cells long before the embryo matures (when it is only about 36 cells). This causes a large amount of unease in society, because people fear that stem cells and therapeutic cloning will lead us into disgusting and horrible experimental practices, as well as therapies. Most people in America do not want this horrible vision of the future to come true, so they want all stem cell technology and research banned. People do not want horrible freaks of nature running around, so they want to completely ban stem cell research. There are many stories surrounding the research being done with stem cells. In his article â€Å"Who but a Fiend Would Cross Pigs With Men?,† Ian Hunter shows his discontent for the stem cell research methods (Hunter, 2002). He covers a procedure where doctors implanted the stem cells of a human into the egg cells of a pig, and they started to divide within the pig. The scientists terminated the embryos before they could grow very large, but this â€Å"study† is way over the line. For no reason should we try to defy the course of nature beyond what is necessary to aid humans survival, such as using antibiotics, and other remedies, but we should not try to create men from animals. His is one reason why stem cells should be at least regulated if not banned. Experiments like this if unchecked could lead to horrible creations from... ...be a group against the use of fetuses, cloned or not. The ethical issues behind the method in which stem cells are obtained out weigh the benefits of stem cell therapy. We should not try to play God, in the aspect of creation of living beings just to be sacrificed for the â€Å"betterment of mankind†. Many egregious acts have been committed under the guise of â€Å"the greater good†. This is one instance in which the ends do not justify the means. References 1. How Far to Go? (2003, January 4). The Economist. p 11. 2. Hunter, I. (2002, November). Who but a fiend would cross pigs with men? Report/ Newsmagazine, Vol. 29, issue 22, p 24. 3. Spotts, P. N. (1998, November 6). Embryo- Based Research: Advances and Argument. Christian Science Monitor, Vol. 90, issue 241, p. 3. 4. Science and Fiction. (2002, February 22). The Commonweal. Vol.129, issue 4 p. 7

European Expansionism and the New World Order Essay

The European invasion and expansionism leave a stain to the World History, and thus traced the question where does the modern youth get their evil side. Since this Europeans invaded most part of the world if not the whole, everyone could say that each has a small drop of blood of Europeans in their system, especially in the continent of South and North America, where most of the European expeditions harbored. Because of this, wickedness of Europeans might be inside of today’s every man’s alive. The extermination of Hispaniola by the Spaniards is no less than a tragic extinction of American Natives. Exquisite execution of the poor victims ironically generates fun and excitement with those performing the impious acts, all for the name of the Almighty. In the book of Stannard, it summarizes blow by blow account of how the Europeans perform such evil acts including Spaniards who’s responsible in creating the New World in accordance to their standards and Christian beliefs and devotions. However, the creation of the so-called New World of this Europeans caused massive killings and pestilence which resulted to a depopulation of about ninety-six percent. The irony is putting a New World for the living in expense of every living thing that is degraded, demoralized, and extinct. For the most common term it is survival of the fittest supposedly performed only by animals in the wild fighting as predators for the flesh of their victims. How the old Europeans perform the survival of the fittest game for their New World? American Natives wiped out for many ungodly reasons varying from killing newly born babies to letting husbands and wife being tired and stressful that they do not get to feel the sexual urge to do procreation. Some reasons were pestilence or intentionally spreading of plague and viral diseases by scattering contaminated things to public. Some were simply letting the people starved to death. Some were being subjected to burning villages and massive killings. This character of burning people and villages originated in Europeans because they are the ones having the superiority trait and that inferiors of them deserved to be maltreated, demoralized and died inhumanely. It could be to totally eliminate habitants of such community, especially when they see that the land that they occupied were fertile, healthy and rich. For the conclusion on this chapter which talk about European Expansionism and New World Order is the additional denunciation for the late reaction of the natives as they allowed three or four decades of European invasion and American extinction before they do the movement and crusade of condemning European’s wrongdoings. Again, these movements which lead to Civil War also take part in the World History in a negative manner and reputation.