Capital Structure Essay Example | Topics and Well Written Essays - 500 words

Capital Structure - Essay Example I strongly believe in this context that the use of debt and equity in a proportionate manner aids in raising capital. Thus, based on my understanding, businesses are identified to consider two important elements that include â€Å"cost of capital† and â€Å"Weighted Average Cost of Capital† (WACC) for the purpose of accomplishing their respective business targets in long term. Subsequently, by mixing debt and equity, the aforesaid two elements can be reduced as per my knowledge. I think that obtaining debt in an adequate manner as a source of capital ensures in generating low and real risks of financial distress (Grundy, n.d.). In this regard, I support the fact that the use of only debt financing or equity financing is accountable for making financial distress in long run. As per my understanding, market values play an imperative role for companies at the time of raising capital. These are important as investors invest based on firms’ value and risks associated with businesses. Subsequently, I consider that there exists a complex relationship prevailing between WACC and debt, as increased amount of debt has positive as well as negative influences on the capital structure of a company. Consequently, I conjure that WACC values increase for more returns and on the other hand, these decreases for low cost of debt as compared to equity. In this regard, from the viewpoints of Modigliani & Miller, I understood that the market value of companies is not based on their respective capital structure totally but is also dependent on other factors (Grundy, n.d.). I strongly believed that gearing is a procedure of ascertaining capital structure of a company based on the relationship persisting between equity and debt. Thus, movements of WACC and share price impose significant impact on shareholders’ wealth. In this regard, the best example of understanding different aspects of debt and equity

Sickle Cell Disease Essay Example for Free

Sickle Cell Disease Essay This research informs the reader about Sickle cell disease. The goal is to raise awareness by describing what the disease is and where it originated. It gives advice on how to recognize signs in a crisis and how to help prevent any further symptoms. This focus uses facts from medical websites such as Web MD and Mayo Clinic. This research highlights every thing there is to know about sickle cell disease through detailed descriptions of where it comes from, how it is passed on, what it does to the body, and what can be done to help prevent it from getting really bad. Sickle cell disease is a blood disorder that is a genetic disease, which is inherited through parents. The bone marrow produces abnormal red blood cells that are a crescent shape. These red blood cells then get suck in the veins and cause many medical difficulties. This review will not investigate any personal experiences or experiences of any person. The sources mainly conclude that there are various researches trying to reveal helpful information for suffering patients. Researchers from the FSCDR administration found out that regular blood transfusions can reduce the occurrence of strokes and attacks in sickle cell patients. Regular monthly blood transfusions can help raise red blood cell counts and therefore reduce sickling and blood clots causing health complications. Further research into preventative remedies includes bone marrow transplants. Written by Vanessa Wasta this research goes in depth about how bone marrow transplants for patients with sickle cell disease work. Explaining the procedure and requirements of it. Then in another article Saint Louis University Medical Center researchers study therapy to relieve sickle cell pain. This study investigates treatment for young adults who are suffering from a pain crisis. St. Jude Children’s Hospital did research on how drug reduces hospitalizations and what the cost is treating young children with sickle cell anemia. The article goes in depth on how a new drug is demonstrated to be effective for treatment of adults and children with sickle cell anemia reducing hospitalizations and cut annual estimated medical cost by 21 percent for affected in fants and  toddlers. Further more a research found by Victor R. Gordeuk, MD discussing the basic transitional research program in sickle cell disease. Explaining how there are two components of the research. First is to study the neurodevelopmental status in children younger than 4. The second is to expose high school students to a laboratory research to cultivate interest in scientific research related to sickle cell disease. Johns Hopkins Medicine then shows how low vitamin D levels raise anemia risk in children. The low levels of â€Å"sunshine† vitamin D appear to increase a child’s risk of anemia, according to new research. The study is believed to be the first one to extensively explore the link between the two conditions in children. Then Georgia health Sciences University discovers that nitric oxide impacts the source of the sickle cell pain crisis. They reveal that nitric oxide gas appears to directly impact the source of the classic pain crisis of sickle cell disease found from re search. The main findings that I have come across is describing where it comes from, how it is passed on, what it does to the body, and what can be done to help prevent it from getting really bad. The genes you inherit determine the different forms of sickle cell. However, the most common form of sickle cell is sickle cell anemia. Sickle cell disease is a disorder in which the body forms sickle-shaped red blood cells (sickle-shaped means the blood cells are shaped in the form of a crescent). Normal red blood cells are disc-shaped that are similar to doughnuts but without the hole in the middle. The normal cells move quite easily through the blood vessels and contain a protein called hemoglobin. The hemoglobin carries oxygen from the lungs to the rest of the body. Unfortunately, sickle cell contains hemoglobin called sickle cell hemoglobin or hemoglobin S. Sickle cell tends to block the flow of blood through the blood vessels of the limbs and organs, which may cause severe damage in the organs. â€Å"Sickle cell anemia occurs because an abnormal form of hemoglobin (HbS) is produced. HbS molecules tend to clump together, making red blood cells sticky, stiff, and more fragile, and causing them to form into a curved, sickle shape†. Miller, R. (2012, September 01). Sickle Cell Anemia. Retrieved from http://kidshealth.org/teen/diseases_conditions/blood/sickle_cell_anemia.html. It gives a higher possibility that the carrier of sickle cell disease (SCD) can obtain infections. Sickle cell anemia is caused by mutation in the gene that tells your body to produce hemoglobin. The sickle cell gene is passed down from generation to generation in a pattern called auto-somal recessive inheritance. In other words, both the mother and the father must be carriers, or pass down the defective form of the gene in order for the child to be affected by SCD. However, if only one parent carries the sickle cell trait, the disease would not affect the child, but that child will become a carrier of the sickle cell trait. With one normal hemoglobin gene and one defective hemoglobin gene, people that carry the trait produce both normal and defective sickle cell hemoglobin. Although their blood only contains a certain amount of sickle cells and may not experience any symptoms, they have a very high possibility of passing that defective trait onto their offspring if the carrier has interaction with another carrier of the disease. Because an individual that has sickle cell is actually born with the disease, they experience symptoms after the first four months of the infant’s birth. â€Å"About 2,000 babies are born with sickle cell disease each year in the United States.† Sickle Cell Disease Symptoms, Causes, Treatments. (n.d.). Retrieved from http://www.webmd.com/pain-management/pain-management-sickle-cell-disease. There are six main symptoms: anemia, episodes of pain, hand-foot syndrome, frequent infections, delayed growth, and vision problems. In the symptoms of anemia, sickle cells are fragile. They break apart easily and die leaving the carrier with a shortage of red blood cells. Red blood cells normally die out within 120 days; however, for people that have sickle cell, their red blood cells die out within 10 to 20 days. Because of this shortage, the body cannot obtain the oxygen it needs in order to feel energized. Episodes of pain are exactly how it sound, yet they are called crises. Pain occurs when each sickle-shaped red blood cell blocks the flow of blood through the blood vessels. Pain may occur in the chest, bones, joints, and abdomen. One of the first signs of sickle cell in an infant is the swelling of the hands and the feet. The swelling is caused by the sickle-shaped red blood cells blocking the blood flow to the hands and feet. Infections are a very common symptom that a sickle cell carrier has to undergo. Sickle cells can damage the spleen and because the spleen is the organ that fights off infections, the  body is more vulnerable to infections. Due to the shortage of red blood cells in the body, the body is not obtaining enough nutrients and oxygen that it needs to grow. As a result of that, the infant or child experiences a delayed growth. Another symptom includes vision problems. We see due to tiny blood vessels that are supplied to our eyes. In sickle cell, those blood vessels may be plugged up with sickle cells damaging the retina. Sickle cell symptoms are mainly determined by how severe the sickle cell may be. When the disease becomes very severe, some symptoms may include paleness, rapid heart rate, shortness of breath, yellowing of the eyes and skin, painful and prolonged erection, confusion, urinary tract infection, gallbladder infection, and more. Sickle cell is a diverse disease; it is an inherited blood disease that affects people mainly of African ancestry. This disease also affects other people of different ethnic groups such as people who are of Mediterranean, Asian and Middle Eastern descent. In the United States, between 90,000 and 100,000 people have sickle cell disease. One in every twelve African American carries the sickle trait and two million people carry the trait, meaning they carry a gene for the disease. The disease occurs amongst one out of every five hundred African Americans and one out of every thirty-six thousand Hispanics birth. Due to sickle cell anemia, this disease can lead to a variety of complications, including stroke, acute chest syndrome, pulmonary hypertension, organ damage, blindness, skin ulcers, and priapism. Acute chest syndrome is a life-threatening complication. It causes chest pains, fevers, and lack of breath. In many cases, this syndrome is caused by a lung infection, but in this specific situation with sickle cell, it is caused by sickle cells blocking the blood vessels in your lungs. Sickle cell anemia may also cause pulmonary hypertension, which means high blood pressure in the lungs. It causes shortness of breath and difficulty breathing, which can eventually be fatal. â€Å"Sickle cell anemia varies from person to person. Some people who have the disease have chronic (long-term) pain or fatigue (tiredness). However, with proper care and treatment, many people who have the disease can have improved quality of life and reasonable health much of the time.† What Is Sickle Cell Anemia? (n.d.). Retrieved from http://www.nhlbi.nih.gov/health/health-topics/topics/sca/. There is no cure for sickle cell anemia; however, specialists are working on a cure at this very moment. One thing that people should do prior to making appointments for checkups, if they are a parent of a child with sickle cell disease, or if they have sickle cell disease, note any symptoms that they have experienced, write down questions to ask, and bring someone for moral support whether they are a friend or a family member. â€Å"Different techniques work for different people, but it might be worth trying heating pads, hot baths, massages or physical therapy†. Sickle cell anemia. (n.d.). Retrieved from http://www.mayoclinic.org/diseases-conditions/sickle-cell-anemia/basics/coping-support/con-20019348. Sickle cell disease is an unheard of disease to many people and there’s no clear physical appearance to tell if someone is diagnosed with the disease unless they mention it, but it is a disease that may have fatal results and it is a disease that needs to be studied more in depth. These researches explain different things that are being worked on to help prevent sickle cell pain and other medical complications. With the different researches it is found that therapy, blood transfusions, and transplants can be helpful. In the informative research that is about to be conducted there would inform the readers about sickle cell disease, what it is, and what can be done to help prevent pain and any other health complications. 1. Miller, R. (2012, September 01). Sickle Cell Anemia. Retrieved from http://kidshealth.org/teen/diseases_conditions/blood/sickle_cell_anemia.html Sickle cell anemia article presents information about the disease for kids and teens to understand. It introduces topics such as where it comes from and how it is inherited. It lets the other peers know information on how it can be treated and pain crisis prevented. 2. Sickle cell anemia. (n.d.). Retrieved from http://www.mayoclinic.org/diseases-conditions/sickle-cell-anemia/basics/coping-support/con-20019348 This article describes what sickle cell is and breaks down in simpler terms what can be done to help patients with this disease. It shows pictures and demonstrations on how the red blood cells work in the body. 3. Sickle Cell Disease Symptoms, Causes, Treatments. (n.d.). Retrieved

Lesbian and Gay Couples Should be Allowed to Marry Essays -- Gay Marri

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Graffiti as an Artform Essay -- Visual Art Artists Graffiti Spray Pain

Graffiti as an Artform The value of any message or work of art, whether it is hanging on the wall of a gallery or a subway, lies on the intensity of the artist’s or vandal’s beliefs. Graffiti is an uncertain issue in respect to its virtue. While the voice of the individual must never be lost in a society of shouts growing larger and louder every second; graffiti is such a public medium that its integrity must be of great concern. Graffiti is a vast wasteland of indefinite opinions. Foremost graffiti is illegal and a form of vandalism, it invades peoples privacy and destroys their property. However, graffiti can be a means by which one may permanently express one’s self. It has the potential to convey a powerful, relevant message. Therefore the merit of graffiti is dependant on the circumstances present, how it affects society, and the purpose for which it is created. Graffiti serves several different purposes; it is a marker serving as proof of identity for some individuals, for others it is a form of vulgar recreation. The wall of one building may serve as a public record, a confessional and an art gallery at the same time. The most dejected application of graffiti is illustrated in the story of a High School student, Katy Lyle, who was emotionally traumatized by the presence of disgraceful, fictional writing transcribed on the wall of the boy’s bathroom pertaining to her sex life. This case clearly shows the damaging effects of graffiti as the crude remarks ripped her social life apart. The writing was completely void of worth, its intentions were to simply single out and destroy the individual to which it pertained. A similar incident occurred at Brown University as a list of notorious rapists was w... ...e P. â€Å"Old Graffiti Adds New Chapter To Ellis Island Story† The Buffalo News 26 Mar. 1989: A-16 Beaty, Jonathan. â€Å"Zap! You’ve Been Tagged!† Time 10 Sept. 1990: 43 Chirag, Matt. â€Å"An Apocryphal History of Graffiti† 73 (xxx): 7 pp. Online Internet. 3 Nov. 1996 Garmire, Elsa & Lui, Catherine. â€Å"Paint Removal Using Lasers† Applied Optics 20 July 1995: 4409 Hertzel, Laurie. â€Å"A Nice Girl Tortured By Vicious Graffiti† The Buffalo News 30 Jan. 1993: C-9 Lindlaw, Scott. â€Å"Slaying of Vandal Strains Ties in Graffiti-Weary Community† The Buffalo News 19 Feb. 1995: A-10 Reese, K.M. â€Å"Chemistry Teacher Patents Antigraffiti Coating† Chemistry & Environment Journal 10, July 1995: 64 Starr, Mark. â€Å"The Writing On The Wall† Newsweek 26 Nov. 1990: 84 Warner, Gene. â€Å"Vandal Defaces Poignant Mural On City’s East Side† The Buffalo News x xxx x: x

A Simple Eassy For Entering the University Essay

I would be grateful if I could continue my studies in the tertiary education. In my mind, the University undergraduates should not only pursue academic excellence, but also show great concern for their society. A University education should allow students to explore their potentials and talents. On top of that, it should also help them to develop a positive philosophy of life and to think in a logical and systematic way. Life on the campus should be comfortable and multifarious. Firstly and most importantly, I look forward to challenging myself. My expectations to my future career are that it could fit my interest and provide senses of accomplishments to me. Moreover, I hope my profession could be meaningful and respectable; and could serve the needs in the community. For my areas of strengths, I have an independent and analytic mind. I can think logically and critically. Moreover, I am helpful and considerate to others. During my secondary school years, I had taken part in different kinds of extra-curricular activities, like Computer club, Chess club, Astronomy club and English club. They gave me good chances to gain more knowledge that cannot be learnt from general lessons in school. For service terms, I was one of the committee members of the Student Librarians and School I.T. Term. The opportunities of being a committee member, trained my leadership and organization skills. However, I still need more life-experiences to solve the problem I will meet in the future. Finally, if I could have a chance to study in the University, I would do my best to learn. After my graduation, I will contribute to the community by applying what I have learnt in the university to whatever job I might find. As a result, I really hope the University can give me a chance to study and a chance to serve the society in the future.

Great Patriotic War essays

Great Patriotic War essays Assess the reasons for the success of the Soviet Union in the Great Patriotic War 1941-1945. Concepts that should be considered include Industrialization, modernization and nationalism. Many contributing factors led the success of the Soviet Union in the Great Patriotic War between 1941 to 1945. A primary reason for this triumph was the nationalistic determination of the people under Stalins leadership. The USSRs centralized industrialization and rapid mobilization held a key role in Soviet victory and was a secondary factor to Soviet success. It was the battle of Stalingrad that demonstrated the strength of the Soviet Union as it was to signal the turning point of the war for Russia. The mobilization of the Soviet economy, which resulted after Stalins speech to the nation on 3 July 1941, was a secondary factor leading to the success of the Great Patriotic War, between Russia and Germany. Industrialization, which had taken place prior to then, provided a substantial industrial base. Due to this previous preparation, the command economy and the Stalinist system enabled the USSR to mobilize quickly and efficiently under the co-ordination of the State Defense committee (GKO) in response to the war. Away from conflict, the Urals area was developed into a heavy industrial complex to concentrate on the production of war materials. Industrial production thrived as Soviet women replaced men, who were drafted into the Red army. Civilian production was now transformed into military production. Gill claimed the USSR out produced the Germans and provided weapons of higher quality. By 1941 production was 70 times greater than 1928. Even under attack, the Soviets were able to mass-produce munitions as another 1,523 defense industries were shifted to safer territory in the east of Russia which played a vital role in the war effort (Christian). The industrialization and modernization processes during the late 20...

Free Essays on Shadows of Auschwitz

Shadows of Auschwitz The Holocaust was from 1933 to 1939, where the Nazi’s made it their lifelong duty to ruin Jewish people. It started in 1933 by new German laws forcing Jewish people to quit certain jobs. In 1935, German Jews were stripped of their citizenship. Eventually, anti-Jewish regulations made it to where the Jewish couldn’t attend public schools, or walk in certain sections of German cities. Their businesses and properties were either seized or they were forced to sell them at bargain prices. Finally, the Nazi’s turned to physical destruction. They arrested Jewish men, and murdered innocent individuals. This riot became known as Kristallnacht, or the ‘Night of broken glass’. At Witness and Legacy, one collage, which I was very awe-struck by, was in it’s own separate room. The piece is called ‘Shadows of Auschwitz’, by Pearl Hirshfield. The equivocal space she uses is amazing. When you walk into the room, the walls are black, making it completely dark. The floor is a plane, also painted black. There are lines on the floor painted to make it look like a railroad track. All the colors she uses are neutral, mostly blacks or grays. To the left, there is a kinetic piece, consisting of a halogen lamp, and around the light is a revolving black thing about 3 inches wide. When it revolves around the light, you see the halogen light, and when the black part covers it, it shadows the room. It also makes shadows constantly move about the room. To the right is a representational structure that looks like a wooden fence, with slots in between each fence post. On the fence slots, there are images of a train. This is all the width of a hallway, about 30 feet long. At the back of the room, on the wall is written ‘Beyond the fence stand the Lords of Death, and not far away the train is waiting’. On the other side of the room, facing the opposite direction is more of the collage. On the opposit... Free Essays on Shadows Of Auschwitz Free Essays on Shadows Of Auschwitz Shadows of Auschwitz The Holocaust was from 1933 to 1939, where the Nazi’s made it their lifelong duty to ruin Jewish people. It started in 1933 by new German laws forcing Jewish people to quit certain jobs. In 1935, German Jews were stripped of their citizenship. Eventually, anti-Jewish regulations made it to where the Jewish couldn’t attend public schools, or walk in certain sections of German cities. Their businesses and properties were either seized or they were forced to sell them at bargain prices. Finally, the Nazi’s turned to physical destruction. They arrested Jewish men, and murdered innocent individuals. This riot became known as Kristallnacht, or the ‘Night of broken glass’. At Witness and Legacy, one collage, which I was very awe-struck by, was in it’s own separate room. The piece is called ‘Shadows of Auschwitz’, by Pearl Hirshfield. The equivocal space she uses is amazing. When you walk into the room, the walls are black, making it completely dark. The floor is a plane, also painted black. There are lines on the floor painted to make it look like a railroad track. All the colors she uses are neutral, mostly blacks or grays. To the left, there is a kinetic piece, consisting of a halogen lamp, and around the light is a revolving black thing about 3 inches wide. When it revolves around the light, you see the halogen light, and when the black part covers it, it shadows the room. It also makes shadows constantly move about the room. To the right is a representational structure that looks like a wooden fence, with slots in between each fence post. On the fence slots, there are images of a train. This is all the width of a hallway, about 30 feet long. At the back of the room, on the wall is written ‘Beyond the fence stand the Lords of Death, and not far away the train is waiting’. On the other side of the room, facing the opposite direction is more of the collage. On the opposit... Free Essays on Shadows of Auschwitz Shadows of Auschwitz The Holocaust was from 1933 to 1939, where the Nazi’s made it their lifelong duty to ruin Jewish people. It started in 1933 by new German laws forcing Jewish people to quit certain jobs. In 1935, German Jews were stripped of their citizenship. Eventually, anti-Jewish regulations made it to where the Jewish couldn’t attend public schools, or walk in certain sections of German cities. Their businesses and properties were either seized or they were forced to sell them at bargain prices. Finally, the Nazi’s turned to physical destruction. They arrested Jewish men, and murdered innocent individuals. This riot became known as Kristallnacht, or the ‘Night of broken glass’. At Witness and Legacy, one collage, which I was very awe-struck by, was in it’s own separate room. The piece is called ‘Shadows of Auschwitz’, by Pearl Hirshfield. The equivocal space she uses is amazing. When you walk into the room, the walls are black, making it completely dark. The floor is a plane, also painted black. There are lines on the floor painted to make it look like a railroad track. All the colors she uses are neutral, mostly blacks or grays. To the left, there is a kinetic piece, consisting of a halogen lamp, and around the light is a revolving black thing about 3 inches wide. When it revolves around the light, you see the halogen light, and when the black part covers it, it shadows the room. It also makes shadows constantly move about the room. To the right is a representational structure that looks like a wooden fence, with slots in between each fence post. On the fence slots, there are images of a train. This is all the width of a hallway, about 30 feet long. At the back of the room, on the wall is written ‘Beyond the fence stand the Lords of Death, and not far away the train is waiting’. On the other side of the room, facing the opposite direction is more of the collage. On the opposit...

Visiting a Champagne Cellar in Reims

Visiting a Champagne Cellar in Reims Champagne cellars are one of the major attractions in the gorgeous city of Reims (pronounced R in(nasal) sss). Follow along on this journey to a wine cellar in this easy bilingual story designed to help you  learn French in context. Visiting A Champagne Cellar Si vous à ªtes Reims, il faut absolument que vous visitiez les caves d’une des nombreuses maisons de champagne de la rà ©gion.  Les sià ¨ges d’un grand nombre de maisons de champagne sont  situà ©s Reims, et beaucoup proposent des dà ©gustations. Pendant un aprà ¨s-midi, nous avons visità © les caves de la compagnie G. H. Martel Cie, qui sont situà ©es 1,5 km au sud-est de la cathà ©drale, une promenade agrà ©able pied. Un des employà ©s, un homme plaisant qui s’appelle Emmanuel, nous a accueillis et il a immà ©diatement dit  : Descendons aux caves  ! If you are in Reims, you absolutely must visit the cellars of one of the numerous champagne houses in the area. The headquarters of a large number of champagne houses are located in Reims, and many offer tastings. During an afternoon, we visited the cellars of G. H. Martel and Co, located 1.5 km southeast of the cathedral, an enjoyable walk. One of the employees, a pleasant man named Emmanuel, welcomed us and immediately said: Let’s go down to the cellars! Nous avons descendu un escalier à ©troit et nous nous sommes retrouvà ©s dans un rà ©seau de caves qui est situà ©s environ 20 mà ¨tres sous le sol. Au quatrià ¨me sià ¨cle, les Romains ont creusà © les caves au-dessous de Reims pour obtenir la craie qui à ©tait utilisà ©e pour la construction de leurs bà ¢timents. De nos jours, il y a plus de 250 kms de ces caves, et beaucoup servent maintenir le champagne tempà ©rature pendant le vieillissement. L’avantage  ? Un environnement dans lequel la tempà ©rature et l’humidità © sont bien contrà ´là ©es. We descended a narrow stairway and found ourselves in a network of cellars which are situated about 20 meters below ground. In the fourth century, the Romans dug the cellars below Reims to obtain chalk which was used for the construction of their buildings. These days, there are more than 250 kms of these cellars, and many serve to maintain the champagne at temperature during the aging process. The advantage? An environment in which the temperature and humidity are well controlled. Emmanuel nous a expliquà ©s que la production de champagne est soigneusement rà ©gulà ©e. Si l’on peut lire  «Ã‚  Appellation d’Origine Contrà ´là ©e  Ã‚ » sur à ©tiquette, on sait que le vin a à ©tà © produit selon des rà ¨gles rigoureuses, par exemple la classification du terroir oà ¹ les raisins sont cultivà ©s, le rendement la vendange, le rendement au pressurage, le vieillissement, et la quantità © d’alcool, parmi d’autres à ©là ©ments. La culture des raisins doit se faire dans les vignobles de la rà ©gion Champagne-Ardenne, et la production entià ¨re du champagne doit à ©galement y avoir lieu. Emmanuel explained to us that the production of champagne is carefully regulated. If one can read â€Å"Appellation d’Origine Contrà ´là ©e† on the label, you know that the wine has been produced according to strict regulations, for example the classification of the land where the grapes are grown, the yield of the harvest, the yield from the wine pressing, the aging process, and the volume of alcohol, among other components. The growing of the grapes must be done in the vineyards of the Champagne-Ardenne region, and the entire production of the champagne must also take place there. En gà ©nà ©ral, il y a seulement 3 cà ©pages qui sont utilisà ©s dans la production de champagne  : le chardonnay, le pinot noir, et le pinot meunier. Typiquement, un champagne consiste en un mà ©lange de deux ou trois cà ©pages. Et donc, la particularità © du vin, sa saveur, sa couleur et son bouquet, est dà ©terminà ©e, au moins quelque peu, par les compà ©tences et la crà ©atività © du viticulteur pendant le mà ©lange. In general, there are only 3 grape varieties that are used in the production of champagne: chardonnay, pinot noir, and pinot meunier. Typically, a champagne consists of a mixture of 2 or 3 grape varieties. And so the defining feature of the wine, its taste, its color, and its bouquet, is determined, at least a little, by the skill and creativity of the wine maker during the mixing. Ce qui donne au champagne son caractà ¨re, c’est les bulles. Selon la mà ©thode champenoise, une double fermentation est utilisà ©e  : la premià ¨re en cuves pour à ©laborer l’alcool, et une deuxià ¨me dans la bouteille elle-mà ªme pour produire la gazà ©ification. What gives champagne its character are the bubbles. According to the mà ©thode champenoise, a double fermentation is used: the first in vats to produce the alcohol, and a second in the bottle itself to produce the gasification. Le biscuit rose de Reims est presque aussi connu que le champagne lui-mà ªme. C’est une tradition en France de tremper ce petit biscuit dans votre flà »te de champagne. Le goà »t là ©gà ¨rement sucrà © du biscuit se combine bien avec le goà »t sec du champagne, et les deux suscitent un dà ©lice inà ©galable  ! The pink biscuits of Reims are nearly as well known as the champagne itself. It is a tradition in France to dip the small biscuit in your flute of champagne. The light, sweet taste of the biscuit combines well with the dry taste of the champagne, and the two provoke an unsurpassable delight!

Maximizing the Professional Performance and Learning Rate Essay

Maximizing the Professional Performance and Learning Rate - Essay Example In my role as Head of Dance, I picked up on many of the technical and inner workings of management. As part of my position I was required to report to both Managers and Directors meetings and had to learn to work within the people above me. You learn how to report back to them your successes as well as your failures, and I learned to always keep them aware of what was going on inside my department. I also got to attend many seminars, including some held by Trinity College, London, Council for Dance Education and Training, Learning Skills Council, Dance UK, and the Music and Dance Scheme. I then got to report back my findings from these seminars to the â€Å"higher-ups† and learned how to easily and casually report things you have learned in a management setting. One of the jobs I found I simply picked up on as was never taught is the skill of organizing and documenting everything, and doing so in an accurate and clear way. Now, truth be told, simply working with documents and passing papers is a task that I wasn’t too fond of, and I don’t think there are many people who live simply to keep records. However, despite this, I had to adapt, overcome, and do the tedious work of keeping accurate records. I learned through experience that it is important to keep these records precise for future needs, some of which could even be down the road legal problems. I also learned how important it was to keep the confidentiality of all records as it should be, as that is also an important legal proceeding to keep in mind.

The appearance of nostalgia for American cinema's history in the films Essay

The appearance of nostalgia for American cinema's history in the films of the 1970s - Essay Example trayed at least one nuclear family and at least some kind of prosperity in his film, for this is the stereotype that was assumed by the early 1970s – that the 1950s were a time of nuclear family and father knows best. A time of unlimited dreams and houses in the suburbs. Picket fences and family dogs. Benevolent fathers who dispense advice, and mothers who wear aprons and bake cookies. That sort of image. These images are stereotypical, yet are still the stuff of 1950s fantasies. These images are also not the way that it really was. Stephanie Coontz (1997) provides a coherent counterpoint for this idealized version of the 1950s. Coontz states that, although Americans in 1996 voted the 1950s as the most idyllic time for a child to grow up, in reality, the decade still left much to be desired. The 1950s was a time of prosperity, in that wages were growing at a higher rate than any other decade, while the median priced home was only 15 to 18 percent of a man’s salary. Yet, women were not treated well, nor were minorities, and parents did not communicate well with their children. The children of the 1950s, meanwhile, have stated, by and large, that they would not want the same marriage as their parents. They state that their fathers did not provide good role models, and their mothers could not be happy (Coontz, 1997, p. 34). Coontz argues that the nostalgia for the 1950s was rooted in a desire to return to a time when kids were kept on the straight and narrow. The decade was also seen as family friendly, presumably because it was the decade that is not necessarily known for the pornography and media violence that has marked the decades hence. There was also a feeling of optimism (Coontz, 1997, p. 35), more than what is seen in the current decade, and, certainly, more... Movies may give the viewer a sense of nostalgia.This is when the movies portray events that occur during a period of time in a somewhat idealized way. Rock Hudson and Doris Day movies provide a nostalgic view of the 1950s, in that these were cute romantic comedies that featured a masculine man, a pretty petite woman and lots of innocent fun. Westerns may provide a sense of idealization, when it shows the land as being a place of dreams, the hero always wins, and the anti-hero is redeemed. This is not the case with the two movies explained below, The Last Picture Show and Days of Heaven. The Last Picture Show and Days of Heaven represent a different time period from the present, neither of them are particularly nostalgic. As Cook (2005 ) states, nostalgia is a kind of fantasy, so much so that it is more inauthentic then memory. Nostalgia would depend upon an idealized version of what was really true and this is not the case with these two films. The Last Picture Show takes the convent ional wisdom of the 1950s – that this was a time of nuclear families, lemonade stands, picket fences, benevolent fathers and mothers, and obedient children – and stands them on their head. The kids in this film are immoral and crass, one of the central adults is an adulterous drunk, and another central adult is carrying on an affair with a 17-year-old boy. Only Sam the Lion serves as a nostalgic touchstone, as he embodies the values that are supposedly ascribed to this time - virtuosity, wisdom, courage and patience.

Green Town Football Club Assignment Example | Topics and Well Written Essays - 1000 words

Green Town Football Club - Assignment Example An Administrator also will be a part of the club's structure, his/her duties will include, assisting with the registrations, tournaments and also with the correspondence. Treasures also will be a part of the club and his/her major duties will include, looking after the financial matters of the club. Another important duty of his/her will be to maintain records of the financial activities of the club. Age coordinators will also feature in the part of the club's structure, their main role will be to - Since the club is a non - profit organization, the equipment will be sponsored by the sponsors. The Grounds men will take care of all the equipment and the last part which is communication will initially be done by memos. This structure is required because this is the easiest structure that can be adopted while forming a football club and the whole structure will be brought in effect gradually, which means that the interested people will be selected one by one depending on their capabilities. Commission for children and young people stresses upon the fact that, every child is a valued member of the society, this should be kept in mind all the time and all the coaches should make sure that no child is hurt in any manner off the pitch. "The child's views and wishes should be taken into account in a way that has regard to the child's age and maturity" (Legislation, 13 September 2008). This should be kept in mind and all the coaches should adhere to this strictly. All the children should be given a chance to play, no matter how good or bad they play. How they play should be secondary, the primary objective of the coaches should be to make sure that active participation takes place. There will be different coaches, handling the different age groups of children which will depend upon their experience and zeal. For the young children training will take place in the afternoons during the weekdays, the coaches should make sure that only the fittest players are selected as it would take the strongest children to bear the heat. Parents who will drop their children to training and who will leave after dropping their children, such children should be made comfortable and should be well taken care of by the coaches because the children will be the sole responsibility of the club during this period. Any mishap caused to them will ultimately affect the reputation of the club. Hence it should be made sure that the safety of such children is well taken care of by the coaches. Any kind of transportation requests by the parents should be turned down very politely; doing so will reduce the vulnerability of the children as far as the coaches are concerned. Clause This is to make some important things very clear, first of all soccer is an unpredictable game not only in the sense of result but also the consequences of crunching tackles, so this is to warn all the parents and guardians that the club will not be held responsible if any

Analyse performance management and performance appraisal in primark Essay

Analyse performance management and performance appraisal in primark london - Essay Example ns attributed to proper performance management but these broadly fall into direct financial gains, motivated workforce goals and improved management control (Daniels, 2006). When the sphere of organisational development (OD) is considered, performance can be seen as actual results achieved against the desired results wanted. In case that there are any differences between these, there is the possibility of performance improvement. Both performance management and improvement can be taken as a cycle where: The focus of this text will be to analyse the performance appraisal system and practices of an actual organisation. In order to deal with the issue better the performance appraisal system is outlined below against which the current review will take place. The typical performance appraisal is a developed method through which the job performance of an employee can be assessed for issues such as cost, quality, time, quantity etc. through an evaluation by the corresponding manager or supervisor (Patterson, 1987). This process is essential to guiding and managing the career development of employees whereby the employee’s worth to the organisation is obtained, analysed and recorded. Overall the performance appraisal process documents an employee’s personal strengths and weaknesses, their recent success and failures as well as their suitability for further promotion or training as applicable. The performance appraisal process also accounts for issues other than productivity alone in trying to assess an employee. The most common aims of a performance appraisal are: Engro derived itself from Exxon Mobil’s fertilizer venture that went online in 1966 in Daharki, Pakistan. After Exxon’s exit from the business in 1991 the company became the country’s first successful employee led buyout. Since then the company has kept on expanding from the fertiliser business into the food business, the industrial automation market, chemical storage jetties and the like. The

International Business & Management Essay Example | Topics and Well Written Essays - 2000 words

International Business & Management - Essay Example The company expanded to different countries through amalgamation, licensing, and acquisition. Carlsberg merges with prospective brewing companies and later on acquires whole ownership to the business entity (Blocker, et al 2003:140). The script entails the various predatory yet convincing strategies that Carlsberg Company employs in acquisition of new companies. Further, there are outlines on the on the future growth prospective, despite the fact that, the company still lags behind at a fourth rank. Lastly, there is a critic statement discouraging the ownership of more than 500 brands across different countries in the world. 1. Carlsberg strategic moves and predatory tactics in partnership, ownership, and control Carlsberg group entered the brewing industry late when other giant companies were in operations. The owners understood that such a company was vulnerable to stiff competition and failure in the market if they did not engage in proper strategies. The company realized that it could not concentrate in the local market whereas intending to yield profits and grow competitively (Mital, 2008:184). The presence of existing competitors threatened the infant company thus Carlsberg group merged the father-son two different businesses in order to counter extremities of competition. Carlsberg diversified investment to Denmark, U.S.S.R and the Asian countries over a period of almost eight decades. These tactics enabled the company grow profitably through economies of scale and prominent returns on investments (Estrin, 2004:271). The company analyzes the various trends in the markets and decides on the various tactics to endure, thus enhancing venture opportunities. The company analyzes the various environmental constraints in different regions, thus endures on formulae, which enable easier entry into the markets (Lopes, 2007:10). The company enters most of the markets through direct exportation and distribution in the different markets that depict chances of success . Carlsberg owns global brands, for example, the Carlsberg, Elephant, and Pilsner brands distinguish the company’s image above the other beer companies (Ahlstrom and Bruton, 2010:189). Therefore, the company wins consumer loyalty on venturing into the foreign markets due to brand recognition. The strategy adopts consumers in the new markets despite possible competition and at the long run; Carlsberg realizes growth in the market share. Another aspect is that Carlsberg adapts to a criteria model that enables the realization of tastes and preferences of consumers in the new markets, and this leads to brand customization to meet them satisfactorily (Halley, 2005:122). The strategies revolve around the objectives of profitability, competitive edge, and consumer value and satisfaction hence, the company strives to achieve them adequately. The strategies threaten indigenous beer companies who often seek options for cooperation in the market operations (Grunig and Morschett, 2012:24 0). Carlsberg group strategically engages in joint ventures to diversify investments and levels of profitability, hence always welcoming to coming seeking to form mergers. The company tactically targets to acquire the over fifty percent of the share holding capacity in every merger over the rival partner or affiliates. This criterion secures managerial prowess, and increased profit sharing rates over the partners who find it hard to survive, thus leaving Carlsberg to the sole ownership of the company after compensation.

Analyse performance management and performance appraisal in primark Essay

Analyse performance management and performance appraisal in primark london - Essay Example ns attributed to proper performance management but these broadly fall into direct financial gains, motivated workforce goals and improved management control (Daniels, 2006). When the sphere of organisational development (OD) is considered, performance can be seen as actual results achieved against the desired results wanted. In case that there are any differences between these, there is the possibility of performance improvement. Both performance management and improvement can be taken as a cycle where: The focus of this text will be to analyse the performance appraisal system and practices of an actual organisation. In order to deal with the issue better the performance appraisal system is outlined below against which the current review will take place. The typical performance appraisal is a developed method through which the job performance of an employee can be assessed for issues such as cost, quality, time, quantity etc. through an evaluation by the corresponding manager or supervisor (Patterson, 1987). This process is essential to guiding and managing the career development of employees whereby the employee’s worth to the organisation is obtained, analysed and recorded. Overall the performance appraisal process documents an employee’s personal strengths and weaknesses, their recent success and failures as well as their suitability for further promotion or training as applicable. The performance appraisal process also accounts for issues other than productivity alone in trying to assess an employee. The most common aims of a performance appraisal are: Engro derived itself from Exxon Mobil’s fertilizer venture that went online in 1966 in Daharki, Pakistan. After Exxon’s exit from the business in 1991 the company became the country’s first successful employee led buyout. Since then the company has kept on expanding from the fertiliser business into the food business, the industrial automation market, chemical storage jetties and the like. The

List and describe the seven steps of selling. Give an example of each Essay

List and describe the seven steps of selling. Give an example of each step. CH12 - Essay Example In the case of a school principal, ask the number of uniforms needed, sizes and colors. Overcoming objections involves eliminating all customers’ doubts by answering all questions they have concerning the product. A customer, for example, hiring one of your taxi cars can ask how long the car has been operating, its fuel consumption, any mechanical problems, and whether it is licensed (Silver & Howard, 2006). In this step, the customer makes a commitment and ends up buying the product. Give out your product as you receive the cash (Silver & Howard, 2006). A polite way of doing so would be, for example, asking, â€Å"Will you family be comfortable with the Toyota corolla?† In this step, the seller makes compliments and presents ideas that can lead to additional product sales. Normally, the suggested sales have a relationship with the original purchase (Silver & Howard, 2006). You can, for example, recommend the customer who hires your taxi to fuel it in a nearby filling station where you have shares. For success in business, entrepreneurs should stay in touch with customers even after making the sales. Follow-ups include making phone calls, sending emails, and wishing them happy birthdays. Such actions help retain customers (Silver & Howard,

Our Daily Life Essay Example for Free

Our Daily Life Essay I have encountered so many things in life; all of them seem to be related to me. In this reflection that you’ll see is all my experience in life that is changing every day. I know I’m not a perfect person but I will share this to you (all readers) to reflect it, not just me or the person beside you. I have this persons in my mind that I want to share, first of is my cousin in my father side; his name is Nunoy â€Å"Nuno† Lapasaran. He has this kind of sickness that he will bring to himself to the future, he is a Special Child. Every day I’m at his house also my father’s house, all day I’m always playing with my other cousin. I recognized his movements every time I go there, he always wearing girl’s clothes for short he is a she. He always flirts on every guy that passes by, even our cousins there. He can also fight other if he’s in danger. This is my observation to his condition; although he is got that sickness, he adopts slowly, it is good news for us. And we are family we protect each other wherever you are, whatever you are and we never broke our bonds to each other. My next subject but the same topic is also my cousin in my mother’s side; his name is Joriz Rosimo. This little guy is really hard to play with because he always pounding us with his fist and always spitting like an ordinary special child will do. To tell you the truth I got carried away with emotion and I just spank his butt, of course he cried out loud and my Tita heard it, and I got rebuked by my Tita and my mother about what I did. For that I just endure all the punches that he will throw at me. I learned many things from it and got to used it in my life right now. To endure all the big problems that will come at me and solved it with my family. I’m not alone in this life, there my family caring, loving us every day. And this is my last reflection to myself. I realize that Every Child is Special, just love them don’t hate them, care for them not to abuse their sickness, teach them, learn from them. I hope that I delivered this reflection very well and to God be the Glory.

Jetblue Airways SWOT and Financial Analysis

Jetblue Airways SWOT and Financial Analysis Executive summary In this report, the financial position of JetBlue Airways Corporation, a low-fare, low-cost passenger Airline Company serving the US market, is studied in order to provide recommendations to the company with regards to its investments plans. By the year 2003, the company is intending to support its growth through the acquisition of several new aircraft over the coming 13 years. The company will thus need a high capital expenditure to support those acquisitions, as well as several related investments. For the purpose of this study, a SWOT analysis of JetBlue as by its position in June 2003 is performed. A background research is conducted in order to assess how other airline companies are financing their aircraft acquisitions and other investments, and in a broader aspect, study the specificities of their financial structures. The different financing alternatives available to the company are presented and studied in relation to the financial position of the company. A non-financial analysis of the debt and equity options is conducted, in order to assess the relevance of each of those options with regards to all areas of the business other than finance. The outcomes of those analyses are combined and a recommendation is issued to the Chief Financial Officer of JetBlue: It is recommended that the company issues common stock in order to finance the needed investments in the second half of 2003. In a longer-term perspective, it is recommended to the company to use leases and secured debt for the upcoming aircraft acquisitions when favorable terms are available to the company, and to finance the remaining parts of the investments through cash generated from operations and through issuance of new equity, in order to compensate for the increasing financial and operational risks of the company. Problem Definition JetBlue Airways Corporation is a low-fare, low-cost passenger airline company serving the US market. The company completed an IPO in April 2002, around two years after it was founded. JetBlue has had a successful business model and strong financial results during that period, and performed well in comparison to other airline companies in the US during the period between 2000 and 2003. The company, as by July 2003, is seeing several opportunities to grow by adding new markets and new flights to existing destinations. To accomplish this growth, the company is seeking to purchase 65 new Airbus A320, with an option to buy additional 50 ones, and also committed to purchase 100 Embraer E190 aircraft, with the option to purchase 100 additional ones. The company needs thus to think about a way to finance those acquisitions, as well as other needed investments such as spare parts, new engines, additional hangars and a flight training center. John Owen, the Chief Financial Officer of JetBlue, is in charge of finding the best financing scheme for the company. The problem facing John Owen is twofold: First, he needs to finance the acquisitions planned for the second half of 2003. Indeed, for the period from July 1 to December 31, 2003, the company has committed to purchase 8 Airbus A320 aircraft, for a total amount of $305 million to be paid in 2003 (Exhibit 8). The company is generating cash from its operating activities that amounted to $129,725 thousand for the first half of 2003, and already generated $238,989 thousand from financing activities (Exhibit 6). This will cover for part of this capital expenditure estimated at $570 million for 2003 (Exhibit 9). So John Owen needs to finance the remaining part of this capital expenditure. Second, John Owen needs to think about a long-term financing strategy. Indeed, JetBlue is committed to the purchase of 207 additional aircraft for a total amount of $6.86 billion over 8 years. Owen has to think about the best capital structure for the company and thus the best financing strategy for JetBlues investments, including the aircraft acquisitions and the related investments. SWOT Analysis Strengths The first strength of JetBlue is its founding teams background. Indeed, the company was founded by a veteran in the low-fare airline industry, backed by a group of private equity firms. The management of the company has also the expertise of leading a publicly held company, following the IPO in 2002. The company has a successful business model and exhibits strong financial results, as well as strong revenue growth despite the downturn in the industry following the terrorist attacks of September 11, 2001. Thus, JetBlue is a perceived as a solid and growing company by the investors. The low operation costs of JetBlue are one of the most important strengths of the company. The company is utilizing aircraft efficiently generating more revenue per plane. The company is also operating one type of aircraft, the Airbus A320, thus lowering maintenance and training costs and spare parts needs. The workforce of JetBlue is non-unionized and does not benefit from strict work regulations. The distribution costs of JetBlue are also low. Indeed, the company does not provide any paper tickets. The company operates only new airplanes, thus minimizing maintenance costs and offering a good â€Å"flying experience† to its customers. The company also benefits from its reliable on-time performance, comfortable airplanes, and friendly flying personnel to attract and secure its customer base. The company serves densely populated cities in underserved airports, with high fares. This strategy helps the company capture market share in these segments. The company is financing its existing aircraft through secured debt and operating leases, on favorable terms. Those financing possibilities are still available for the company for additional aircraft purchase. Weaknesses A considerable weakness of JetBlue is its small size. The company is operating 42 aircraft, for 73 flights per day and annual revenues of $635 million. The company can probably not rely on its personnel loyalty, due to the non-advantageous working conditions and regulation. The company is operating only one type of airplane, the Airbus A320. This represents a weakness for the company as well. Indeed, the planes have the same age and might all suffer at the same time from an eventual recurrent technical problem on this type of aircraft, which should be catastrophic for the company. JetBlue does not have a line of credit, or short-term borrowing facility. Therefore, the company depends on its operating cash flow to finance its short-term and working capital obligations. The balance sheet of the company also needs to be strengthened. JetBlue also faces one of the airlines principal risks which is the rising fuel price. The company is spending a considerable amount of money in hedging for fuel prices volatility. In addition, as the company is relatively consuming low volumes of fuel, it can suffer from significantly higher prices in case of fuel shortage. JetBlue is a levered company. With a short-term debt of $26,580 thousand and a long-term debt of $731,740 thousand as by June 2003, and equity of $480,594 thousand, the companys leverage ratio is 157.8%, whereas the industry average is around 129.46% (Infinancials). Opportunities Internal The purchase of the new 100-seat Embraer E190 aircraft would allow JetBlue to enter smaller markets while maintaining low operating costs, and increase flight frequency on existing routes. The private placement of convertible debt proposed by JetBlues investment bankers would provide sufficient capital at relatively low interest rates. JetBlue is a fast growing company, and should thus bear having less debt. The company has thus the opportunity to raise additional equity. External The low fares offered by JetBlue would allow it to attract new passengers who might otherwise not fly. The mid-sized market that JetBlue intends to enter will represent a new opportunity for growth to the company. By expanding its activities, the company will purchase larger volumes of jet fuel and would thus have more leverage in procuring fuel than today. The company will thus suffer relatively less from fuel shortages. Threats Internal The company is intending to grow and become an airline company â€Å"like the others†. JetBlue might thus lose its advantages from being low-cost, small and highly profitable. The company is clearly departing from its strategy, which has been the source of its strengths up to 2003. JetBlue plans to purchase a new type of aircraft, the Embraer E190. This is again a departure from the companys initial strategy which is to operate only one type of aircraft. JetBlue might thus incur higher maintenance and training costs, higher spare parts and engines costs, and some negative impact on the maintenance scheduling. JetBlue plans to increase its aircraft fleet from 45 to 252. In addition, the company plans to invest in other domains such as spare parts, new engines, additional hangars and a flight training center. This represents a very big investment and thus a consequent threat for the company. Such an investment will let the company more exposed to financial distress and raises the question of the management ability to cope with such a rapid expansion. The company board members are very concerned about dilution. There is a threat that they will not support John Owen, the CFO, if he recommends to raise new equity capital. With the rapid expansion of the company, the jet fuel expenses, as well as the cost of their hedging will grow rapidly. The company will be more exposed to both the fuel price volatility and the growing cost of hedging it. As the company will get bigger, with higher manpower, those might want to be unionized. External The fuel price is also an external factor due to its non-predictable volatility. JetBlue plans to be the launch customer for the new Embraer E190 aircraft. Although this allowed probably the company to have a price discount, it is also a threat. JetBlue might be exposed to technical and/or non-technical problems that have been not detected by the manufacturer or other users of the jet. The reason for the company to go public was to wean off its dependence on the venture capital and private equity industries. Issuing private debt securities represent a threat for JetBlue as this might lock back the company to such private investors. In addition, those investors and the private investors in general might not be interested by the eventual convertible debenture issued by the company. JetBlue is a small client of Morgan Stanley, the investment bank in charge of proposing financing alternatives for the company. Morgan Stanley might thus charge heavily JetBlue, and/or try to bias the companys choice for its benefit. The competition from other low-cost and regular airline companies which might try to counter JetBlues expansion. The revenues of the company and its growth aspirations are subject to the economic conditions. An economic downturn or additional terrorist attacks might impact negatively JetBlues ability to finance its debt obligations. The company will also have to secure additional airport gates which will represent a threat for the company in case it cannot negotiate advantageous conditions as with underserved airports. The alternatives In order to finance the acquisitions planned for the remaining part of 2003, JetBlue received two financial propositions from the investment banks. The first alternative is to issue additional 2.6 million shares at an estimated $42.50 per share. JetBlue will thus be able to raise up to $110.5 million. The fees and commissions of the bank for this proposal amount to $3,591,250 which represents a cost of 3.25%. The second proposal from the investment banks is to issue $150 million in a private placement of convertible debentures. The debentures will be a 30-year convertible debt with a coupon rate of 3.5%. In addition, the debt will be convertible into shares of JetBlue at $63.75 per share, which represents a conversion rate of 15.6863 shares per $1,000 principal amount of notes. The notes will be unsecured obligations and will rank equal in right of payment with all other unsecured debt. Currently, all of JetBlues debt is secured. The bank will not charge any additional fees for this alternative. JetBlue can consider some other alternatives as well. Indeed, the company can issue some preferred stock. This stock might be considered as equity in accounting, to strengthen the balance sheet of the company, but will at the same time accommodate the board members concern about dilution. This preferred stock option might however fail to attract investors. Another alternative might be the issuance of simple corporate bonds. The coupon rate for those will however be higher than the 3.5% of the convertible bonds. This option will thus cost more for JetBlue than convertible bonds, especially before the companys shares price eventually exceeds $63.75. Issuing public corporate bonds will have higher cost for the company as well. Indeed, those need to be ranked by some ranking agencies and will have higher coupon rates (Exhibit 12). Two other alternatives exist for JetBlue, for the aircraft acquisitions financing: The operating lease and the secured debt (each acquisition debt is secured by the acquired aircraft). Those two options are available for JetBlue at advantageous conditions. Thus, the alternatives that will be retained for the remaining of the analysis are the operating lease and secured debt for the aircraft acquisitions, and the equity issuance and the convertible private bonds for the acquisitions and the other investments. Background Research Some background research has been performed in order to assess how other airline companies are financing their aircraft acquisitions and other investments, and in a broader aspect, study the specificities of their financial structures. This study included some regular as well as low-cost airline companies. British airway, for example, is financing its aircraft acquisitions through debt, all of which being asset related. The group is principally using finance leases and hire purchases contracts to acquire aircraft (British Airways Annual Report 2010, p.104). Delta Airlines, on its side, is using pass-through certificates to finance aircraft (Delta Airlines Annual Report 2010, p.34). In addition, the company has $5.2 billion of loans secured by 287 aircraft (Delta Airlines Annual Report 2010, p.72). United Continental Holdings has a high amount of obligations, including debt, aircraft leases and financings (United Continental Holdings Annual Report 2010, p.53). A substantial portion of the companys assets, principally aircraft, are pledged under various loans and other obligations. The company also uses secured notes, equipment notes, pass-through certificates and multiple financings secured by certain aircraft spare parts, aircraft and spare engines (United Continental Holdings Annual Report 2010, p.55). United Continental Holdings also raises cash from issuance of common stock (United Continental Holdings Annual Report 2010, p.56). The low-cost airline companies seem to be, on their side, more conservative. Indeed, EasyJet is adopting a conservative capital structure policy, including a liquidity target of  £4 million cash per aircraft, and a 50% limit on net gearing (EasyJet Annual Report 2010, p.9). All of the companys debt is asset related (EasyJet Annual Report 2010, p.85). The company holds 62 aircraft under operating leases and 8 aircraft under finance leases, out of 196 total aircraft, principally Airbus (EasyJet Annual Report 2010, p.87). RyanAir, another low-cost airline company, has a fleet of 232 Boing 737-800s. The company makes its firm-order purchases through a combination of bank loans, operating and finance leases and cash flow generated from the companys operations (RyanAir Annual Report 2010, p.42). Both RyanAir and EasyJet exhibit a capital structure that relies less on debt than the regular companies counterparts, as illustrated by the following table: It is important to mention that some small airline companies choose to issue bonds for their investments as well. SpiceJet, an Indian airline company operating to Mumbai, Bangalore, Ahmedabad, Pune, Goa and Delhi issued in 2005 foreign currency convertible bonds worth $90 million to fund aircraft acquisitions (IndiaAviation, 2005). All in all, airline companies are using both debt and equity (together with other financing means, including cash flows generated from operations) to raise money. In its ‘Airlines return to capital markets article, David Knibb (2009) summarizes the ways several companies found financings: Lufthansa, Air-France KLM, British Airways, Air Canada, Australias Virgin Blue, Avianca and Indian carrier Kingfisher all issued bonds during 2009. AMR used private lenders to borrow money. Some other companies, smaller, chose to issue shares: SAS, Virgin Blue, AirAsia, Kingfisher, and Icelandair. From this study, it appears that the majority of airline companies are financing their aircraft acquisitions, apart from using cash flow generated by operations, through debt, either leases or secured debt. Other investment needs are financed either through debt or equity, depending on the companies. However, a common trend to low-cost companies seems to be their conservative financial structures, in comparison to bigger, regular airline companies. Financial Analysis of the Alternatives As per June 2003, JetBlue Corporation has a short-term debt of $26,580 thousand, a long-term debt of $731,740 thousand and equity of total $480,594 thousand (Exhibit 5a). In order to compute an average interest rate for the company, data from 2002 are used: The interest expenses for this year equaled $10,370 thousand (exhibit 4), for a total long-term debt of $690,252 thousand (Exhibit 5a), thus an interest rate of 1,5%. The tax expenses as per June 2003 are of $40,188 thousand for a total earnings before tax of $95,503 thousand (exhibit 4), thus a corporate tax rate of 0.42. From exhibit 1, the JetBlues equity beta during the period from April 2002 to June 2003 is 0.69. As per the data from Exhibit 5a for June 2003, the financial structure of the company was as follows: From the Hamadas formula, we can compute the unlevered beta of JetBlue as follows: Beta(u)=Beta(l)/[1+(1-T)*(Wd/We)] With Beta(l)=0.69, T=0.42, Wd=61.21 and We=38.79 Thus Beta(u)=0.36 In addition, from exhibit 12, the Treasury bill interest rate as of June 30, 2003 is 1.09%, this will be used as the risk-free rate of return. Assuming a market rate of return 9 points higher than the risk-free return, we can use the WACC spreadsheet in order to estimate the financial structure of JetBlue that minimizes the WACC of the company: Appendix 1. It turns out that the company has an optimal financial structure, minimizing its weighted average cost of capital, following those estimated figures. Any of the two options, either the convertible debt or the equity, will probably pull the financial structure from its current optimal position. For the first alternative, the convertible debenture, the coupon rate of this bond is 3.5%, for a total amount of $150,000 thousand. The weighted average cost of debt for JetBlue, if they issue such bonds, will be: [(3.5%*150,000)+(1.5%*731,740)]/(150,000+731,740), thus 1.84%. The financial structure of JetBlue will be as follows: Using the WACC spreadsheet, we can see the companys financial position with regards to the optimal financial structure of JetBlue following the new cost of debt: Appendix2. If JetBlue chooses the debt option, the financial structure of the company will no more be the one offering the minimal WACC. The same analysis can be done for the second alternative. Following the shares issuance, the financial structure of JetBlue will be as follows: Using the WACC spreadsheet, we can see the companys financial position with regards to the optimal financial structure of JetBlue following the raise in equity: Appendix3. From this analysis, it can be noted that JetBlue will still have a financial position that minimizes the companys weighted average cost of capital, thus maximizing the overall value of the companys stock. It can be concluded, from a financial point of view, that the best alternative for the investments planned for 2003 is the equity issuance. Non-Financial Analysis JetBlues passenger revenues knew a steady growth from 2000 ($101,665 thousand) to 2002 ($615,171 thousand). The revenues are forecasted to continue to grow up to a level of $1,796.9 million in 2005 (Exhibit 9). This revenue stability and expected high growth provide a strong confidence to JetBlue in its ability to meet its financial obligations, thus having the opportunity to issue either debt or equity. The companys assets amount to $1,565,322 thousand as per June 2003. Those assets are principally composed by operating property and equipment, which are pledged under the operating leases and secured debt of the company. If JetBlue chooses to finance its future aircraft acquisitions by debt, the acquired aircraft can be used to secure the corresponding debt. JetBlue, as any airline company, incurs very high fixed costs due to its high value operating property and equipment. The company has thus a very high operating leverage and is greatly exposed to the risk of cash flow projections errors in case it does not meet the projected revenues figures. Any variation in the estimated revenues, might lead the company to a position where it could not meet its financial obligations related to debt. From this point of view, JetBlue needs to secure its cash flows. As stated earlier, the company revenues knew a high growth for the precedent years and are expected to continue growing steadily. This high level of growth allows the company to rely on equity. JetBlue is a profitable company, in comparison to peers, as stated in the following graph: JetBlue exhibits good levels of gross margin and operating margin. Furthermore, the companys return on sales, return on assets and return on equity are higher than industry averages and the company can be said to be quite profitable in comparison to company peers. This offers some flexibility to the company to rely on debt. JetBlue has a high level of tax rate (0.42), this allows the company to have an even lower cost of debt and offers the company the advantage of being able to rely more on debt in order to minimize its weighted average cost of capital. All of the companys debt is secured. In addition, the company does not have any line of credit, or short-term borrowing facility. The company does therefore not have any control restrictions or obligations towards its creditors. The shareholders of the company are on their side very concerned about any dilution. This fear of losing the control of the company limits the possibility of the CFO to issue new equity. The founding and managerial team of JetBlue is issued from the airline industry. They are used to manage a highly leveraged and public company. They should thus have a positive attitude towards high levels of debt. They should be able to deal with the opposite aspect (issuing more equity) as well. JetBlue does not need any rating agency for the issuance of the bonds, as those are private. The alternative of issuing public bonds has been eliminated as this one will incur higher costs for the company. The lenders of the company seem on their side to have a positive attitude towards the company, which should be able to issue additional secured debt for its aircraft acquisitions with advantageous conditions. The company has been performing well in the recent years. However, many major US air carriers struggled between 2000 and 2003, and some of them filed for bankruptcy protection. The market is impacted by a general economic slowdown caused partly by the terrorist attacks of September 11, 2001. The market is also subject to big variations depending on several unpredictable factors, like political stability, weather conditions, natural disasters, terrorist attacks etc. All of this calls for some financial conservatism for the airline industry. The internal stability of JetBlue will probably continue to hold, unless the company faces some financial distress, or if the shareholders are no more supporting the management team. From a short-term point of view, John Owen might lose the shareholders support if he goes for equity issuance. From a mid to long-term point of view, he might as well negatively impact the internal stability of the company if he is not conservative enough to avoid any financial distress situation. The debt offering will afford JetBlue less financial flexibility, especially due to the jet fuel prices. If fuel prices rise, this will incur less operating income and thus some difficulties to the company to meet its additional debt service payments. Owen has also to review his hedging strategy of the fuel prices volatility: If the company chooses to hedge more of its fuel consumption, it will incur much higher hedging costs. If on the contrary the company chooses to reduce hedging costs, it will be more exposed to financial distress when the prices increase. Conclusion: The best solution JetBlues market capitalization can be estimated at around $3.12 billion (74,423,693 * $41.98) as per June 30, 2003. The company is intending to grow heavily in the following years, and has plans to acquire 207 new aircraft for a total $6.86 billion up to 2011,

First Love: Pathway To Adulthood :: essays research papers

First Love: Pathway to Adulthood Love is one of the strongest emotions that a human being can feel. It can arise ever so suddenly, spreading a feeling of warm happiness through every inch of a person; like wildfire spreading through a tree. But as the feelings become more intense, the flame of passion can turn into a blazing fire that burns painfully through every vein. A person's first love is especially powerful because it grows from an innocent, naà ¯ve passion. Such was the case for both Vladimir, in Turgenev's First Love, and Tatyana, in Pushkin's Eugene Onegin. The first experience of unrequited love for Vladimir and Tatyana was filled with these raptures and tribulations, which, although left them broken hearted, gave them the strength and maturity needed to become adults. Throughout the genre of First Love, Vladimir was shown to be completely swooped up in overwhelming emotion for Zinaida. Vladimir was entranced with her beauty from the moment he first saw her, "I gazed at her, and how dear she already was to me , and how near. It seemed to me that I had known her for a long time, and that before her I had known nothing and had not lived†¦. (33)" Vladimir was in love at the first sight of her. He couldn't help himself from becoming infatuated with her because he didn't know the first thing about love. As the genre moves on, Vladimir's feelings for Zinaida became deeper and deeper. Vladimir thought to himself: I felt weary and at peace, but the image of Zinaida still hovered triumphant over my soul, though even this image seemed more tranquil. Like a swan rising from the grasses of the marsh, it stood out from the unlovely shapes which surrounded it, and I, as I fell asleep, in parting for the last time clung to it, in trusting adoration. (48) Vladimir allows himself to become completely wrapped up in Zinaida to the point where it becomes an obsession. He is in love with her so much that he even envisions himself rescuing her, as if from any other man: "I saw a vision of myself saving her from the hands of her enemies: I imagined how, covered with blood, I tore her from the very jaws of some dark dungeon and then died at her feet (71-72)." Vladimir was so lost in love for Zinaida that he fantasized about her in order to make their love seem real. Although Vladimir's obsessive love for Zinaida brought wonderful emotions, it also brought the pain and suffering of jealousy and rejection. The raptures that Vladimir experienced went hand in hand with the

Joe Dimaggio Essay -- baseball players

Joe DiMaggio   Ã‚  Ã‚  Ã‚  Ã‚  Joe DiMaggio was one of the best baseball players of all time. He set many records, including the longest wining streak in Major League Baseball history, it lasted 56 games. He came to America as the son of poor Italian immigrants, but grew up to be an American Icon.   Ã‚  Ã‚  Ã‚  Ã‚  Joseph Paul DiMaggio was born on November 25, 1914. His parents were Giuseppe Paolo DiMaggio and Rosalie DiMaggio. He had three brothers and three sisters. His brothers were Michael DiMaggio, Tom DiMaggio, and Vince DiMaggio. His sisters were Dominic, Nellie, and Marie DiMaggio. His father was a fisherman, and his family was poor. They lived in an old, small shack. Vince DiMaggio dropped out of high school and turned his back on fishing. He worked at a fruit stand but still had a lot of talent in baseball. He was looked at by semi-pro teams like the Seals. Both of his older brothers played semi-pro baseball for over one hundred dollars a month. He joined the San Francisco Seals and played for them. Joe DiMaggio grew up in San Francisco and went to school there. He was not bad at school through his elementary year but when he got to high school he didn’t fit in. He was a poor son of a fisherman and his schoolmates were higher classed. He dropped out of high school in 10th grade. He worked as a truck loader, and he crated oranges and worked at a factories, but he was not satisfied doing these odd jobs for minimum wage. He thought that being his brothers Tom and Vince played professional ball for the San Francisco Seals he might be able to too. They played for over $100.00 a month. In 1932 he joined the San Francisco Seals. That year he played 186 games with the Seals. That is a huge amount of games for one season. Joe played for the Seals from 1932-35, but made a large impact on major league baseball scouts.   Ã‚  Ã‚  Ã‚  Ã‚  In nineteen thirty-five, Joe DiMaggio was invited to go to spring training with the New York Yankees. He met the baseball player Lou Gehrig, and other great ball players. Jerry Coleman, the Yankee’s second baseman, said about Joe, â€Å"Nothing made Joe happier then to do well in a big series and help the club win. He was a winner in the finest sense of the word. He was simply the greatest ball player I ever saw and it’s not easy to carry that burden. Joe carried it with class and dignity.† When the Yankee’s left fielder, Charlie Keller met Joe, he said, â€Å"When... ...ll players of all time. Work Cited Page Internet sources: Vizzuso. Hall of Famer Biographies. [Online] Available http://xroads.virginia.edu/~CLASS/AM483_P7/projects/vizzuso/final.html, April 10, 2000. No author. National Baseball Hall of Fame-Joe DiMaggio. [Online] Available http://www.baseballhalloffame.org/hofers_and_honorees/hofer_bios/dimaggio_joe.html, April 10, 2000. Book sources: Stout, Glen. DiMaggio, an Illustrated Life. New York: Walker and Company, 1995. Outline Joe DiMaggio Controlling Purpose-The purpose about this report is to tell about the life of one of the best baseball players ever, Joe DiMaggio. I- Early Life   Ã‚  Ã‚  Ã‚  Ã‚  A.) Birth   Ã‚  Ã‚  Ã‚  Ã‚  B.) Family   Ã‚  Ã‚  Ã‚  Ã‚  C.) School   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  1.) Elementary School   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  2.) High School   Ã‚  Ã‚  Ã‚  Ã‚  D.) Jobs II- San Francisco Seals   Ã‚  Ã‚  Ã‚  Ã‚  A.) Getting There   Ã‚  Ã‚  Ã‚  Ã‚  B.) Career Stats for the Seals III- Yankees   Ã‚  Ã‚  Ã‚  Ã‚  A.) Early Career   Ã‚  Ã‚  Ã‚  Ã‚  B.) Team Leader   Ã‚  Ã‚  Ã‚  Ã‚  C.) Career Stats for the Yankees IV- Family Life   Ã‚  Ã‚  Ã‚  Ã‚  A.) Marriage   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  1.) Marilyn Monroe   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  2.) Dorothy Arnold   Ã‚  Ã‚  Ã‚  Ã‚  B.) Children V- After the Yankees   Ã‚  Ã‚  Ã‚  Ã‚  A.) After the Yankees   Ã‚  Ã‚  Ã‚  Ã‚  B.) Death   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  

A Good Man Is Hard to Find.

Fiction Essay Nobel Prize winner William Faulkner said that a writer must â€Å"leave no room in his workshop for anything but the old verities and truths of the heart, the old universal truths lacking with any story is ephemeral and doomed- love and honor and pity and pride and compassion and sacrifice. † Flannery O’Connor uses these universal truths in her short story, A Good Man Is Hard to Find. An old southern woman trying to come to terms with the new culture of the south dooms her family by unknowingly leading them to come face to face with a notorious criminal called â€Å"The Misfit†.O’Connor pushes her characters to the edge using violence so that they may find grace. In the story, there is a human versus human conflict. The grandmother constantly compares her two grandchildren with the way things used to be in her time. The grandmother says, â€Å"In my time, children were more respectful of their native states and their parents and everything e lse. † (O’Connor 119). The grandchildren are terribly rude and are always speaking everything that is on their minds without a filter. There is also a human versus environment/society conflict.The grandmother comes from a time where slavery still existed, or, the Old South. She was brought up differently than her grandchildren who represent the New South. Viewing the relationship between the grandmother and the grandchildren, it appears that the cultures of the Old South and New South are polar opposites. This brand new generation has different values due to the changes that were happening in history. Within this story there is another human versus human conflict between the family and the Misfit.When the grandmother recognizes The Misfit and shouts it out, she instantly dooms her family. As The Misfit orders the father and son to be killed first the grandmother tries to reason with him in order to spare her life. Desperately she says, â€Å"I know you’re a good man. You don’t look a bit like you have common blood. I know you must come from nice people! † (O’Connor 127). Surprisingly enough, the grandmother does not seem to be interested in saving the family from this impending doom. She is only interested in saving herself and that is her motivation for trying to reason ith The Misfit. Only during the last moments of her life does she begin to shout out for her son. The story ends tragically because the whole family is murdered. The grandmother realized that her generation was the reason why The Misfit existed calling him â€Å"one of my own children† (O’Connor 132). This goes back to the culture of the Old South, which bred the next generation of the New South. The grandmother realizes that the reason why this new culture is so different is because the Old South created it, old southern values were no longer respected.When The Misfit shoots the grandmother she â€Å"half sat and half lay in a puddle of blood with her legs crossed under her like a child’s and her face smiling up at the cloudless sky. † (O’Connor 132). In these moments after her death O’Connor gave her grace. Even though she has been brutally murdered she has been given this peace as she looks up into the sky. In this story, Flannery O’Connor pushed her characters to the edge by using extreme violence. In â€Å"A Reasonable Use of the Unreasonable,† O’Connor explains her reasons for doing this.O’Connor writes, â€Å"I have found that violence is strangely capable of returning my characters to reality and preparing them to accept their moment of grace. † (O’Connor 1048). The grandmother’s violent murder gave her grace and clarity. O’Connor also shows us that there are humans that fear only for themselves and not others and that sometimes tragedy happens even though it is not fair. But another thing O’Connor shows us is that just like how tragedy happens, grace is also given to those who do not deserve it. A Good Man Is Hard to Find. Fiction Essay Nobel Prize winner William Faulkner said that a writer must â€Å"leave no room in his workshop for anything but the old verities and truths of the heart, the old universal truths lacking with any story is ephemeral and doomed- love and honor and pity and pride and compassion and sacrifice. † Flannery O’Connor uses these universal truths in her short story, A Good Man Is Hard to Find. An old southern woman trying to come to terms with the new culture of the south dooms her family by unknowingly leading them to come face to face with a notorious criminal called â€Å"The Misfit†.O’Connor pushes her characters to the edge using violence so that they may find grace. In the story, there is a human versus human conflict. The grandmother constantly compares her two grandchildren with the way things used to be in her time. The grandmother says, â€Å"In my time, children were more respectful of their native states and their parents and everything e lse. † (O’Connor 119). The grandchildren are terribly rude and are always speaking everything that is on their minds without a filter. There is also a human versus environment/society conflict.The grandmother comes from a time where slavery still existed, or, the Old South. She was brought up differently than her grandchildren who represent the New South. Viewing the relationship between the grandmother and the grandchildren, it appears that the cultures of the Old South and New South are polar opposites. This brand new generation has different values due to the changes that were happening in history. Within this story there is another human versus human conflict between the family and the Misfit.When the grandmother recognizes The Misfit and shouts it out, she instantly dooms her family. As The Misfit orders the father and son to be killed first the grandmother tries to reason with him in order to spare her life. Desperately she says, â€Å"I know you’re a good man. You don’t look a bit like you have common blood. I know you must come from nice people! † (O’Connor 127). Surprisingly enough, the grandmother does not seem to be interested in saving the family from this impending doom. She is only interested in saving herself and that is her motivation for trying to reason ith The Misfit. Only during the last moments of her life does she begin to shout out for her son. The story ends tragically because the whole family is murdered. The grandmother realized that her generation was the reason why The Misfit existed calling him â€Å"one of my own children† (O’Connor 132). This goes back to the culture of the Old South, which bred the next generation of the New South. The grandmother realizes that the reason why this new culture is so different is because the Old South created it, old southern values were no longer respected.When The Misfit shoots the grandmother she â€Å"half sat and half lay in a puddle of blood with her legs crossed under her like a child’s and her face smiling up at the cloudless sky. † (O’Connor 132). In these moments after her death O’Connor gave her grace. Even though she has been brutally murdered she has been given this peace as she looks up into the sky. In this story, Flannery O’Connor pushed her characters to the edge by using extreme violence. In â€Å"A Reasonable Use of the Unreasonable,† O’Connor explains her reasons for doing this.O’Connor writes, â€Å"I have found that violence is strangely capable of returning my characters to reality and preparing them to accept their moment of grace. † (O’Connor 1048). The grandmother’s violent murder gave her grace and clarity. O’Connor also shows us that there are humans that fear only for themselves and not others and that sometimes tragedy happens even though it is not fair. But another thing O’Connor shows us is that just like how tragedy happens, grace is also given to those who do not deserve it. A Good Man Is Hard to Find. Fiction Essay Nobel Prize winner William Faulkner said that a writer must â€Å"leave no room in his workshop for anything but the old verities and truths of the heart, the old universal truths lacking with any story is ephemeral and doomed- love and honor and pity and pride and compassion and sacrifice. † Flannery O’Connor uses these universal truths in her short story, A Good Man Is Hard to Find. An old southern woman trying to come to terms with the new culture of the south dooms her family by unknowingly leading them to come face to face with a notorious criminal called â€Å"The Misfit†.O’Connor pushes her characters to the edge using violence so that they may find grace. In the story, there is a human versus human conflict. The grandmother constantly compares her two grandchildren with the way things used to be in her time. The grandmother says, â€Å"In my time, children were more respectful of their native states and their parents and everything e lse. † (O’Connor 119). The grandchildren are terribly rude and are always speaking everything that is on their minds without a filter. There is also a human versus environment/society conflict.The grandmother comes from a time where slavery still existed, or, the Old South. She was brought up differently than her grandchildren who represent the New South. Viewing the relationship between the grandmother and the grandchildren, it appears that the cultures of the Old South and New South are polar opposites. This brand new generation has different values due to the changes that were happening in history. Within this story there is another human versus human conflict between the family and the Misfit.When the grandmother recognizes The Misfit and shouts it out, she instantly dooms her family. As The Misfit orders the father and son to be killed first the grandmother tries to reason with him in order to spare her life. Desperately she says, â€Å"I know you’re a good man. You don’t look a bit like you have common blood. I know you must come from nice people! † (O’Connor 127). Surprisingly enough, the grandmother does not seem to be interested in saving the family from this impending doom. She is only interested in saving herself and that is her motivation for trying to reason ith The Misfit. Only during the last moments of her life does she begin to shout out for her son. The story ends tragically because the whole family is murdered. The grandmother realized that her generation was the reason why The Misfit existed calling him â€Å"one of my own children† (O’Connor 132). This goes back to the culture of the Old South, which bred the next generation of the New South. The grandmother realizes that the reason why this new culture is so different is because the Old South created it, old southern values were no longer respected.When The Misfit shoots the grandmother she â€Å"half sat and half lay in a puddle of blood with her legs crossed under her like a child’s and her face smiling up at the cloudless sky. † (O’Connor 132). In these moments after her death O’Connor gave her grace. Even though she has been brutally murdered she has been given this peace as she looks up into the sky. In this story, Flannery O’Connor pushed her characters to the edge by using extreme violence. In â€Å"A Reasonable Use of the Unreasonable,† O’Connor explains her reasons for doing this.O’Connor writes, â€Å"I have found that violence is strangely capable of returning my characters to reality and preparing them to accept their moment of grace. † (O’Connor 1048). The grandmother’s violent murder gave her grace and clarity. O’Connor also shows us that there are humans that fear only for themselves and not others and that sometimes tragedy happens even though it is not fair. But another thing O’Connor shows us is that just like how tragedy happens, grace is also given to those who do not deserve it.

StockTrak

If we compare our Bear and Bull spreads to short and long stock positions respectively we can actually show how options are highly levered financial instruments, increasing profits, but also losses tremendously. If we had shorted a Cataracts stock our profit from the price decline would have been 6. 50% per share, while with our Bear Spread we made a profit of ten times the cost of building the spread. On the other hand, If we had held a Nikkei stock we would have had a loss of 6. 27% per share from the price cline, whereas our loss with the bull spread was 74. 8% if we compare it to the cost of building the spread. This figures show how option trading is cheaper relative to stock trading, but profits or losses are much higher in percentage terms. For our Butterfly, Strangle and Straddle strategies we chose Pfizer, which based on our analysis, presented Itself as a very stable stock, with a 6-months average price of $30. 66 and a current price of $31. 12 (March 13th). We wanted to be t on very low volatility and make a profit from very low fluctuations from Pfizer stock.Our Butterfly parade consisted on shorting two 32-strike calls and taking a long position on 31- strike and 33-strike calls. The center strike price of our butterfly was the exercise price of the Straddle and also lied exactly in the middle of the $31. 5-strike put and $32. 5-strike call for our Strangle. In the end, our Butterfly spread turned out to be for our spread (see Graph 3). 2. ) The article posted referrers to â€Å"covered call writing† as taking a long position on stock and writing a call that is significantly out-of-the money.With his strategy, if the call option is exercised and the investor has to sell his hares, he is covered by holding the underlying. If we compared the covered call strategy to a short naked call we can clearly see that the risk for the naked position is unlimited if the price of the stock increases. With the covered call, by going long on the underlying, we cap our profit but we also limit our loss, whereas with the naked short call we are completely exposed. The analog position using puts, I. E â€Å"covered put writing† would mean writing a put and shorting the underlying.To execute such a strategy is possible, but the risk embedded in it is very high, because the potential asses from a price increase in the stock are unlimited. The premium gained from the put writing might not be large enough to cover the losses from the short position if the price increase is high. 3. ) For our collar strategy we selected Apple stock. To execute such a trade we bought 1,000 shares at $527. 49, went long one thousand 535-strike puts and shorted the same number of 540-strike calls; both option contracts expired on April 25.Our collar was as close to zero as possible, where the put options had a price of $16. 5 and the call options were priced at $17. 25. If the rice of Apple had stayed between the two designated strikes, our profit would ha ve been the value of the stock plus the $0. 75-differential between the option prices. At maturity Apple closed at $571. 94, meaning that the call option was exercised and we lost $41. 94, but we also gained $44. 45 on the price appreciation of the shares, leaving us with a net profit of (44. 45 – 41. 94 + 0. 75) $3. 26 per share. 4. To execute the stop- loss and delta-hedge strategies we wrote 100 at-the-money call option contracts on Backbone and Google. Our initial position to hedge both strategies was long the hares of both companies. For Backbone we used the stop-loss strategy and set arbitrary times to check our positions and hedge it. The initial cash inflow of shorting these options was $35,500 and the cost of hedging this position went up to $174,312. 51. On the other hand, with the Google options we used the delta-hedge strategy and checked the stock price 3 times a day.The initial cash inflow from shorting the calls was $54,000 and the costs related to hedging reac hed a total of $1 The amount spent for hedging the FEB.. Shares was 5 times larger than he value of the options we sold, while for Google the ratio was 20 to 1 . After seeing these figures we can observe that hedging strategies are extremely costly, but are essential to protect short positions against risk and prevent higher losses. 5. ) To create the â€Å"synthetic† rep we bought Gold at spot price of $1,296 on March 27 and shorted Gold futures expiring in April; the average of the ask and bid prices for this contract was $1 ,302.Executing this transaction, we locked in our prices for a return of 0. 463%. The I-month treasury bills from the U. S. Federal Reserve website is quoted at 0. 0167%, which is essentially 0%. Comparing the return rate from our futures contract with the I-month T-bill rate, there is an arbitrage opportunity. To exploit this opportunity we would borrow money at the T-bill rate of and use it to buy gold at the spot price, in addition to these transacti ons, we would short Gold futures to make a final profit of 0. 613%. 6. ) current pence of BIBB: $ 290. 54 price of put @ 290: 10. 30 price of call @ 290: 13. 00 Deep in the money calls: price of call 0280: 9. 40 pence of put 0280: 5. 42 Deep in the money puts: price of call @300: 7. 72 pence of put 0300: 16. 8 If we look at at-the-money options and, considering that the risk free rate is essentially zero, the stock price and the present value of the strike price are practically equal, so in order for UT Call Parity to obey, the put and call price should be identical.As we can see in the quoted prices above, parity doesn't hold; the call price is higher than the put. We could exploit this opportunity by going long on the put and the share, shorting the call and borrowing the present value of K. When it comes to deep in-the-money calls the share price is higher than the present value of K, so the call price should be higher than the put price by the same amount as the price differenti al between S and IV (K). We can see from the prices above that the call is undervalued in relation to the put.To exploit this arbitrage opportunity we would buy a call, invest IV (K) and short the put and the share. Finally, for deep in-the- money puts, the share price is lower than the present value of K, so the put price should be higher than the call price by the same amount as the price differential between S and IV (K). We can see that the put is undervalued in relation to the call. To exploit this arbitrage opportunity we would buy the put and the share, borrow IV (K) and short the call. 7. When looking at the overall performance of our portfolio and its relative risk we can conclude that it was much riskier relative to the S and also had a lower return. If we look at the summary figures of our portfolio we can see that it had an overall return of 0. 63%, whereas the SPY IETF had a percentage return of 1 . 19% (see Graph 4). We believe that the reason for the lower return and higher risk of our portfolio comes from several trades involving silver and platinum futures entrants that we performed to experiment with the platform and observe how these contracts behaved.In general we think that such a project is a very useful and enjoyable way to get to know the trading world. Performing actual trades allowed us to â€Å"get our hands dirty' and truly understand how to build spreads and implement investment strategies. This project gave us the opportunity to go beyond the theory and realize that trading can sometimes be more complicated that it seems on paper, but can also become much clearer once the theory is implemented in a â€Å"real world† setting. We very much enjoyed working on this project.