Hume and the Ethics of Virtue Essay -- Character Morals Aristotle Pape

I argue that Hume's ethics can be characterized as a virtue ethics, by which I mean a view according to which character has priority over action and the principles governing action: virtuous character guides and constrains practical deliberation. In a traditional utilitarian or Kantian ethics, character is subordinate to practical deliberation: virtue is needed only to motivate virtuous action. I begin by outlining this approach in Aristotle's ethics, then draw relevant parallels to Hume. I argue that virtuous character in Aristotle is understood in terms of "self-love." A true self-lover enjoys most the exercise of the characteristic human powers of judging, choosing, deciding and deliberating. A virtuous agent's self-love enables sizing up practical situations properly and exhibiting the virtue called for by the situation. But if an agent's character is defective, the practical situation will be misapprehended and responded to improperly. I argue that though Hume claims moral judgm ents are the product of sympathy, they are actually the result of a complex process of practical reflection and deliberation. Although Hume writes as though anyone can be a judicious spectator, there is reason to think that persons of calm temperament, who enjoy deliberation and have a facility for it, are more likely to perform the corrections in sentiments that may be necessary. If this is so, an agent's character has priority over his or her practical deliberations. I am interested in the general question of how to characterize Hume's ethics, in particular, in whether Hume can be seen to offer some version of a virtue ethics. Let me first explain what I take a virtue ethics to be. For a virtue ethics, the central question is: "What kind of perso... ... I follow the text of L. A. Selby-Bigge, 2nd ed., rev., ed. P. H. Nidditch, Oxford, Clarendon Press, 1978. (9) I shall be concerned only with the Nicomachean Ethics (cited as "EN"). I follow the translation of Terence Irwin, Hackett Publishing, Indianapolis, 1985. (10) For a more detailed discussion of this interpretation of akrasia, see my "Aristotle on the Conflicts of the Soul: Toward an Understanding of Virtue Ethics", in A. Reath, B. Herman, and C. Korsgaard, eds. (note 4, above). (11) I do not mean to deny here that the virtuous person engages in deliberation or that she has formed particular practical principles as a result of deliberation. Nor do I wish to deny that she deliberates properly, in contrast to her non-virtuous counterparts. I mean only to uncover the non-rational conditions that cause her and other agents' deliberations to be as they are.

Civil Marriage Essay

Civil marriage has lately turned into dubious issue in Lebanon. It has turned into a political issue questionable by most gatherings on both side of political divide. Media has been publicizing it seriously. The idea of civil marriage has picked up much region in this nation and right now arrived at the point of no return. As such it can never again be disregarded or overlooked. Nowadays, civil marriage is authorized in many countries. In our country, we had arguments against this issue from both religious authorities and some political parties. First of all, Lebanon’s top Sunni Muslim power issued a fatwa against moves to authorize civil relational unions inside the country, where couples of diverse religions need to venture out abroad to get married. This fatwa declares: â€Å"Every Muslim official whether a deputy or a minister, who supports legalization of civil marriage, even if it is optional, is an apostate and outside the Islamic religion, would not be washed, would not be wrapped in a burial shroud, would not have prayers for their soul in line with Islamic rules, and would not be buried in Muslim cemetery†. Moreover, as far as it matters for him, Sheikh Ghassan Halaby, consultant to Druze spiritual leader Sheikh Naim Hassan told the Daily Star that his religious group contradicts this marriage, particularly without any earlier exertion to teach people in general what a law change might mean. In addition, Ibrahim Saad, the leader of one of the country’s Greek Orthodox profound courts, said that as a submitted Christian he supports marriage in the church. Nonetheless, he unequivocally upheld a law that might take into consideration discretionary civil marriage. So these are attitudes of religions against this type of marriage.

The Impact Of Fashion On Consumer s Choices Of Many...

Abstract â€Å"The finest supply chains aren’t just swift and cost effective, they are also agile and flexible and they ensure that all their companies interests stay aligned.†- Hall L Lee The turbulent and highly unpredictable market in the fashion industry creates hasty changes in consumer demands. Many products and services are assumed to have life cycle, perhaps none have more diverse cycles than Fashion. Fashions are, by definition, temporary cyclical phenomena adopted by consumers for a particular time and situation. The phenomenon of fashion invades consumer’s choices of many products and services. The triumph of fast fashion to a great extent depends on identifying a trend quickly and translating it into the market before the trend is†¦show more content†¦As cost is the most significant factor to be taken into thought in the production process many companies take advantage of offshore outsourcing by collaboration or manufacture their products overseas to get a lower price (Matilla, 2002). Fast Fashion industry is perhaps one of the most demanding challenges for industrial logistic management. According to (Christopher, 2004) there is an increasing propensity to get products and materials from other countries. This global outsourcing may consequence in longer lead times despite the low labour cost. Keeping track of this enormously fast and cut-throat world of fashion industry has never been trouble-free. Background â€Å"The Factors of Fashion Markets† Following are the characteristics of fashion industry 1. Short life cycle: The product generally has a short life-expectancy. It is designed to capture the mood of the moment during the season sales. 2. High volatility: Consumer demand is known as barely ever steady or straight and possibly influenced by constantly changing factors such as weather, films, pop stars, or well known sports stars. 3. Low predictability: Due to the high level of volatility and the unstable nature of fashion goods, it is enormously difficult to predict the total demand perfectly correctly by itself on a week-by-week or item-by-item basis. 4. High Impulse purchase: Many buying decisions by consumers for these products are made at the point ofShow MoreRelatedThe Impact Of Fashion On Consumer s Choices Of Many Products And Services3702 Words   |  15 PagesThe turbulent and highly unpredictable market in the fashion industry creates hasty changes in consumer demands. Many products and services are assumed to have life cycle, perhaps none have more diverse cycles than Fashion. Fashions are, by definition, temporary cyclical phenomena adopted by consumers for a particular time and situation. The phenomenon of fashion invades consumer’s choices of many products and services. The triumph of fast fashion to a great extent depends on identifying a trend quicklyRead MoreCustomer Service : An Important Part Of Business1124 Words   |  5 Pages1. Introduction Customer service has become an important part of business for a number of reasons. Nowadays, customers have numerous choice of selection where they will buy product/ service based on their needs; therefore customer service is importance to build up customers’ loyalty and their returns. It is difficult for any organisation survive without customer service as there are no one to create connection between organisations and customers, handle payments or answer questions from prospectiveRead MoreWhat Can Raise Awareness Of Sustainable Consumption Of Textiles For College Students1637 Words   |  7 PagesIntroduction: Many consumers aren’t educated on the importance of sustainability of clothing and textiles. The media mistakenly represents sustainability and the influence it can have on the environment. This research paper will attempt to address the question of what could raise awareness of sustainable consumption of textiles for college students. Consumers should all be aware of how they can conserve the environment by preserving clothing which is a concept that many people have not acknowledgedRead MoreWhat Australian Fashion Retailers Can Learn from Zaras Product Management Process855 Words   |  3 PagesWhat Australian fashion retailers can learn from Zara’s product management process to improve their business Australian fashion retailer these days are facing a huge struggle by selling over-priced clothes. However, the globalization has poked Australian retailers to found themselves in the midst of an international fashion invasion, while the markets found themselves starstruck on the attractiveness that international retailers offer. The condition of Australian fashion retailers have been under-servicedRead MoreInformation And Handling Of Customer Conversations1607 Words   |  7 Pagesthe western countries such as the US and Europe, many companies and investors changed their eyes towards the emerging markets (Shaw, 2012). According to Euro monitor International Report, the top five fastest-growing major economies in 2015 will be all emerging market economies in the Asia Pacific region. In southeast Asia, because the internet is playing an important channel through which consumers in an emerging countries gather products and services including informations. It has an influential impressionRead MoreZara Operation Strategy1286 Words   |  6 Pages3 Top-Down Perspective 4 Bottom-Up Perspective 4 Market Requirement versus Operations Resources 4 Market Requirement Perspective 5 Operation Resources Perspective 5 Conclusion 5 Reference 6 Introduction Zara is a Spanish fashion and accessories retailers that founded in 1975 by Amancio Ortega and Rosalia Mera (Ledesma, 2013). Zara designs, manufactures their apparel, footwear and accessories for men, women and sells up-to-minute â€Å"fashionabilty† at low prices throughout EuropeRead MoreEssay about Product Life Cycle1502 Words   |  7 PagesProduct Life Cycle A new product progresses through a sequence of changes from introduction to growth, maturity decline. This sequence is known as the â€Å"Product Life-Cycle† is associated with changes in the marketing situation, thus impacting the marketing strategy the marketing mix. Introduction Stage In the introduction stage, the firm seeks to build product awareness develop a market for a product. The impact on the marketing mix is as follows: †¢ Product :- Branding qualityRead MoreReligiosity And Islamic Consumer Behavior Essay1071 Words   |  5 Pages Religiosity and Islamic Consumer Behavior Name: Institution: â€Æ' Introduction Consumer behavior is the process by which individuals seek, decide, procure, utilize and dispose of products so as to satisfy their needs and wants. Consumer behavior is attracting interest from scholars especially the marketing psychologists. The concept is important to marketing because it reveals why, when and how consumers make the decisions to buy. Many factors influence consumer behavior, for example, the priceRead MoreMarketing Analysis : Brand Loyalty1718 Words   |  7 Pagesis one of the hottest subjects in marketing today. Customer’s brand loyalty play an significant role in company’s development. There are a range of definitions of this term, but in this essay ‘brand loyalty’ refers to people being willing to buy products from the same manufacturer repeatedly rather than from other suppliers. More and more companies are tried to investing in optimizing the benefits of their brand externally and internally. Various researchers (Ballester and Al eman, 1999) refer thatRead MoreSample Message Essay1345 Words   |  6 PagesPersuasive Message COMM/470 Sample Persuasive Message The Internet has created many choices for consumers to shop within the privacy of their own home. The world of e-tailing has many competitors, striving to make a sale each and every time a consumer visits their website. In order to persuade the consumer to purchase a product, a business must effectively communicate the message about their product to the consumer. The primary purpose of a persuasive message is to have the receiver read or listen The Impact Of Fashion On Consumer s Choices Of Many... Abstract â€Å"The best supply chains aren’t just fast and cost effective, they are also agile and adaptable and they ensure that all their companies interests stay aligned.†- Hall L Lee The turbulent and highly unpredictable market in the fashion industry creates hasty changes in consumer demands. Many products and services are assumed to have life cycle, perhaps none have more diverse cycles than Fashion. Fashions are, by definition, temporary cyclical phenomena adopted by consumers for a particular time and situation. The phenomenon of fashion invades consumer’s choices of many products and services. The triumph of fast fashion to a great extent depends on identifying a trend quickly and translating it into the market before the trend is over. Fashion industry is tantamount with swift change and as a result, commercial success/failure in the markets is mostly dogged by the organizations flexibility and responsiveness. Responsiveness is characterised by short time to market, the aptitude to scale up and down quickly and the rapid amalgamation of consumer preferences into the design process. This case study focuses on the successful supply chain of Fabindia and its manufacturing, how will it impact the Fashion sustainability. Thorough research has been done before the proposal on the company and its successful strategies. Introduction Fast fashion defined as a business strategy that aims to decrease the buying process andShow MoreRelatedThe Impact Of Fashion On Consumer s Choices Of Many Products And Services3732 Words   |  15 PagesThe turbulent and highly unpredictable market in the fashion industry creates hasty changes in consumer demands. Many products and services are assumed to have life cycle, perhaps none have more diverse cycles than Fashion. Fashions are, by definition, temporary cyclical phenomena adopted by consumers for a particular time and situation. The phenomenon of fashion invades consumer’s choices of many products and services. The triumph of fast fashion to a great extent depends on identifying a trend quicklyRead MoreCustomer Service : An Important Part Of Business1124 Words   |  5 Pages1. Introduction Customer service has become an important part of business for a number of reasons. Nowadays, customers have numerous choice of selection where they will buy product/ service based on their needs; therefore customer service is importance to build up customers’ loyalty and their returns. It is difficult for any organisation survive without customer service as there are no one to create connection between organisations and customers, handle payments or answer questions from prospectiveRead MoreWhat Can Raise Awareness Of Sustainable Consumption Of Textiles For College Students1637 Words   |  7 PagesIntroduction: Many consumers aren’t educated on the importance of sustainability of clothing and textiles. The media mistakenly represents sustainability and the influence it can have on the environment. This research paper will attempt to address the question of what could raise awareness of sustainable consumption of textiles for college students. Consumers should all be aware of how they can conserve the environment by preserving clothing which is a concept that many people have not acknowledgedRead MoreWhat Australian Fashion Retailers Can Learn from Zaras Product Management Process855 Words   |  3 PagesWhat Australian fashion retailers can learn from Zara’s product management process to improve their business Australian fashion retailer these days are facing a huge struggle by selling over-priced clothes. However, the globalization has poked Australian retailers to found themselves in the midst of an international fashion invasion, while the markets found themselves starstruck on the attractiveness that international retailers offer. The condition of Australian fashion retailers have been under-servicedRead MoreInformation And Handling Of Customer Conversations1607 Words   |  7 Pagesthe western countries such as the US and Europe, many companies and investors changed their eyes towards the emerging markets (Shaw, 2012). According to Euro monitor International Report, the top five fastest-growing major economies in 2015 will be all emerging market economies in the Asia Pacific region. In southeast Asia, because the internet is playing an important channel through which consumers in an emerging countries gather products and services including informations. It has an influential impressionRead MoreZara Operation Strategy1286 Words   |  6 Pages3 Top-Down Perspective 4 Bottom-Up Perspective 4 Market Requirement versus Operations Resources 4 Market Requirement Perspective 5 Operation Resources Perspective 5 Conclusion 5 Reference 6 Introduction Zara is a Spanish fashion and accessories retailers that founded in 1975 by Amancio Ortega and Rosalia Mera (Ledesma, 2013). Zara designs, manufactures their apparel, footwear and accessories for men, women and sells up-to-minute â€Å"fashionabilty† at low prices throughout EuropeRead MoreEssay about Product Life Cycle1502 Words   |  7 PagesProduct Life Cycle A new product progresses through a sequence of changes from introduction to growth, maturity decline. This sequence is known as the â€Å"Product Life-Cycle† is associated with changes in the marketing situation, thus impacting the marketing strategy the marketing mix. Introduction Stage In the introduction stage, the firm seeks to build product awareness develop a market for a product. The impact on the marketing mix is as follows: †¢ Product :- Branding qualityRead MoreReligiosity And Islamic Consumer Behavior Essay1071 Words   |  5 Pages Religiosity and Islamic Consumer Behavior Name: Institution: â€Æ' Introduction Consumer behavior is the process by which individuals seek, decide, procure, utilize and dispose of products so as to satisfy their needs and wants. Consumer behavior is attracting interest from scholars especially the marketing psychologists. The concept is important to marketing because it reveals why, when and how consumers make the decisions to buy. Many factors influence consumer behavior, for example, the priceRead MoreMarketing Analysis : Brand Loyalty1718 Words   |  7 Pagesis one of the hottest subjects in marketing today. Customer’s brand loyalty play an significant role in company’s development. There are a range of definitions of this term, but in this essay ‘brand loyalty’ refers to people being willing to buy products from the same manufacturer repeatedly rather than from other suppliers. More and more companies are tried to investing in optimizing the benefits of their brand externally and internally. Various researchers (Ballester and Al eman, 1999) refer thatRead MoreSample Message Essay1345 Words   |  6 PagesPersuasive Message COMM/470 Sample Persuasive Message The Internet has created many choices for consumers to shop within the privacy of their own home. The world of e-tailing has many competitors, striving to make a sale each and every time a consumer visits their website. In order to persuade the consumer to purchase a product, a business must effectively communicate the message about their product to the consumer. The primary purpose of a persuasive message is to have the receiver read or listen

Why Iran Supports the Syrian Regime

The Invention Of The Light Globe - 1149 Words

The Light Globe, since its early invention, has quickly become one of the basic essentials of the modern technological world we know of today. The multiple sources that are credited for the creation of this fundamental force have made a major breakthrough in the way we as humans perceive our society and how it works. Nowadays, we must acknowledge the basic element that is light, the agent that stimulates sight and allows visibility, and not take the invention of the light globe for granted. In this essay, I will be outlining the contributing factors such as the Inventors, When, Where and How the Light Globe was created, What problems this invention solved and the Impacts on the Economy, the people living throughout the Industrial Revolution, the Impacts on the existing industries and the long term effects of the invention of the Light Globe. There are a various range of inventors that assisted in the creation of the Light Globe. Although, many sources only worked with small aspects such as electric batteries, lamps and developed the bulbs. The first contributing inventor was Alessandro Volta, an Italian scientist, who invented the electric battery which was capable of generating flowing electricity through a circuit. The next was Humphry Davy who created the first Electric Light Globe, also known as the Arc Light, in 1809. He connected two wires to a battery and a charcoal strip which resulted in the bulb to glow. Next, was Hans Christian Oested, a Danish scientist, who madeShow MoreRelatedThe Light Globe1152 Words   |  5 PagesThe Light Globe The Light Globe, since its early invention, has quickly become one of the basic essentials of the modern technological world we know of today. The multiple sources that are credited for the creation of this fundamental force have made a major breakthrough in the way we as humans perceive our society and how it works. Nowadays, we must acknowledge the basic element that is light, the agent that stimulates sight and allows visibility, and not take the invention of the light globe forRead MoreImpact Of Technology On Society s Society Essay1549 Words   |  7 Pageshave the ability to travel whenever and to wherever they please, whether be it for pleasure or work. Communication with friends and family across the globe happens instantaneously with a simple click of a button. The movement of resources and products occurs around the world daily and items that were at one time based in a location across the globe can be delivered and on hand the next day. Global transportation, communicatio n and trade create an immense network, which ultimately shrinks the worldRead More Thomas Edison Essays1451 Words   |  6 Pageshe stated to paten his first invention the vote recorder. After his first invention he started to invent other useful things that will change the world. In the end Thomas Edison has patented 1,093 inventions where he was nicknamed The Wizard of Menlo Park. He believed in hard work, sometimes working twenty hours a day. Edison was quoted as saying, Genius is one percent inspiration and 99 percent perspiration. In tribute to this important American, electric lights in the United States were dimmedRead MoreJohn D. Rockefeller Vs. Thomas Edison1545 Words   |  7 PagesThomas Edison created thousands inventions that have greatly helped the United States and other countries all around the world. Edison (1847-1931) was a well known inventor and businessman. One of the most well known inventions by Edison was the incandescent light bulb, which produces light by heating a wire with electricity. He also created the movie camera, phonograph and vote recorder which are just to name a few of the thousands of patents Edison had on his inventions. Rockefeller was born in RichfordRead MoreThomas Edison : The Greatest Inventor1516 Words   |  7 PagesEdison came about his very first unsuccessful invention which was a vote counter. Over the following course of years, following his first invention, Edison continued to invent or improve different inventions and with the Invention Solutions 2 money he received he set toward establishing the world’s earliest industrial-research lab for himself in Menlo Park, New Jersey. It was at this laboratory that he created one of his most original, and favourite inventions, the â€Å"Phonograph†, he was later on givenRead MoreDuring Nikola Tesla s Childhood1138 Words   |  5 Pagessource to make their lives easier. Without Nikola Tesla or Thomas Edison s invention, our lives would be much harder than it is today. Nikola Tesla was born in Smiljan, Croatia on July 9, 1856. He attended the Polytechnic School at Graz for four years and spent a year at the University of Prague (1879-1880). His first employment was in a government telegraph engineering office in Budapest, where he made his first invention, a telephone repeater, and conceived the idea of a rotating magnetic fieldRead MoreThe Future Of The Hoverboard Essay1030 Words   |  5 Pagesconvenient by using extra wheels and more inventions? Problem and Application: The new invention of the hoverboard has amazed people and this self balancing scooter is amusing. The hoverboard is a self balancing scooter that could be dangerous or hard to use. I think that people want to make the it easier to use and more convenient. It is important to make a new innovative hoverboard because the the original hoverboard causes many injuries and the new invention will prevent those injuries. SecondlyRead MoreBringing Electricity to the Masses Essay961 Words   |  4 PagesIt was not very long ago that as night descended the cities, towns, and homes of the world fell into darkness as well. Lit by candles, oil lamps, gas lamps, and open flame, the light put off by these flames was not very bright and also had the down fall of producing fumes, smoke, and ash. â€Å"The electric light was little more than a novelty for the wealthy and only had small scale applications where only a few bulbs would be needed.† (Flatow 11) If we think about how dependent on electricity we areRead MoreThe Achievements of the Tang and Song Dynasties Essay1154 Words   |  5 Pagessoon realize that most often, these technological advancements did not just â€Å"poof† into existence, but are usually the outcome of building upon yesterday’s technology. If we follow this cycle back into time, we can attribute almost any modern day invention to an ancient civilization during i ts golden age. China was no exception. China’s Song and Tang dynasties fostered scientific advances comparable to Rome’s during its Pax Romana. The most significant and impacting of these were the development ofRead MoreInventions Of Gunpowder And Its Inventions Essay1411 Words   |  6 PagesInvention of Gunpowder and its inventions The innovation of Explosive was a mix-up. The objective that was attempting to be accomplished was to make a blend/ mixture for eternity life. It wound up being the direct opposite of that , rather they made a blend for death that is as yet utilized today in numerous things and ways. Gun powder became to be known as black powder. The makers of black powder were Old Chinese chemists. The chemists get a kick out of the chance to test things so they started

Corporate Finance Free Essays

There is nothing like optimum capital structure for a firm. The Optimal Capital structure is that Capital Structure at which the weighted Average cost of capital (Ko) is Minimum. It is that combination of Equity and Debt at which the total cost of capital is mini-mum. We will write a custom essay sample on Corporate Finance or any similar topic only for you Order Now Trade-off theory argues that there’s an optimal amount of debt of each firm. At this level of debt, firms can take the most advantage of debts. Debts can be tax shield so that they can save money for firms to reinvest in other projects so as to earn more profits. However, debts can be quite dangerous because highly leveraged firms may face bankruptcy and financial distress costs (no matter they’re direct or indirect) may increase the cost of debt of the company. Therefore, there must be a level of debt that make the benefits of debt and potential danger of debt offset each other. In another word, the marginal revenue of debt equals the marginal cost of debt. But remember, the real cases are not as easy as we put here. When a firm procures funds from investors or owners, there will be an explicit or implicit promise to pay return to them. The return is paid in terms of interest which is compulsory paid to all investors and owners, but the return paid to owners in the form of dividends is optional. The dividend decision by any firm, like the investment and financing decisions is also taken for maximization of market price of the share. The term dividend refers to that the portion of profit (after tax) which is distributed among own-ers/shareholders of the firm and the profit which is not distributed is called as retained earnings Dividend Payout Ratio is determined by the dividend policy adopted by the company, and it is im-plemented to decide about the percentage of profits to be distributed by the firm to its own-ers/shareholders. Dividend is always depends on the total profit that a firm acquired after taxes. There are a few factors that affect the Dividend policy of a company. They are Liquidity , Growth Plans and Control Dividend Payout Ratio is also called as DP Ratio which is a mathematical value as DP Ratio = Dividend paid to the Shareholders / Net Profit after tax. Capital Structural Theories Capital structural theories are designed with a concept of valuation of the firm; it is the earnings of the firm and the investments made by the firm. Capital Structural Theories also used to find the dividend pay-out for its owners/shareholders. Cost of the capital, investment and return on investment (ROI) are a part of dividend policy. The relationship between leverage cost of capital and the value of the firm can be analysed in different ways. Factors determining Capital Structure are minimization of risk, control, flexibility and the profitability of the firm. A firm’s capital structure is a combination of the firm’s liabilities (debts) and the assets (equity and profits). For Example: A firm with 100 billion as capital structure has 40 billion from equity (shareholders and owners) and the 60 million as debt (Loans and Funding), then the firm is said to be 40% – equity fi-nanced and 60% – debt financed. . Traditional Theories Net Operating Income (NOI) approach is just an opposite of NI approach. According to the NOI ap-proach, the market value of the firm depends upon the net operating income or profit and the overall cost of capital. NOI approach is based on the argument that the market values the firm as a whole for a given risk complexion. Thus, for a given value of the firm remain the same irrespective of the capital composition and instead on the overall cost of capital. Mathematically Net Operating Income (NOI) is Value of the Firm = Earnings before Tax / Cost of Equity Capital Net Operating Income approach says that an increase in debt proportion of the capital source will always result in increase of the equity proportion of the firm. Modigliani-Miller Model Modigliani-Miller model which was presented in the year of 1958 on the relationship of leverage, cost of capital and the value of the firm. This is widely used capital structure method to analyze the value of the firm. They have shown that the financial leverage doesn’t matter and the cost of capital and the value of the firm are independent of the capital structure. Modigliani-Miller methods show that there is nothing which may be called as Optimal Capital Structure – to get high valuation of the firm. Modigliani-Miller model is based on following assumptions: 1. The capital markets are perfect and complete information is available to all the investors free of cost. The implication of this assumption is that investors can borrow and lend funds at the same rate and can move quickly from one security to another, 2. Securities are infinitely divisible; Investors are rational and well informed about the risk-return of all the securities. Modigliani-Miller model says that the total value of the firm is equal to the capitalized value of the operating earnings of the firm. The capitalization is to be made at a rate appropriate to the risk class of the firm. Growth Plans, are involved in capital structural theories in which a certain amount will be allocated for the growth plans. A finance manager should draw a plan according for the dividend policy. For Example: The firm has $10 million as equity capital and $6 million as debt capital and the firm made a profit (after tax) of $2 million, and the fund allocated to the growth plan was $1 million. For suppose there are 10,000 shareholders in the company and as per capital structural theories some amount will be allocated for the liquidity that is five hundred thousand and the remaining amount should be distributed as Dividends. In this case each shareholder or the owner will receive $50 as dividend. Capital structural theories say that if a firm is in profit and it is looking to expand the business, the profit can be rolled over to the investment option. In this case there will be no dividends or bonuses issued to the shareholders or the owners. For Example: Low-payout consequences, which is done when the cash gets accumulated the finan-cial manager may be tempted to take on more projects that do don’t meet the minimum rate of return investments. If a firm has $1 million as operating income with 1000 shareholders and firms adopts to take new projects with the profit. Then this may cause unrelated relationship balances between the share-holders and the management of the firm. Optimal Capital Structure: Even though Modigliani-Miller Model says that there is nothing like Opti-mal Capital Structure, but the non-traditional methods say that a firm can attain profits only by im-plementing Optimal Capital Structure. Some firms adopt this capital structure to minimize the risk, flexibility on the investments and the profitability. The finance manager should be able to identify that optimal point (profit point) for the firm precisely, but not to attempt to track the optimal range for the capital structure. Optimal Capital Structure differs from different firms, Existing Firm and a New Firm. For Example: Existing Firm may require additional capital funds for meeting the requirements of growth, expansion, and diversification or even for working capital management. The decision for a particular source of funds is to be taken in the totality of capital structure, i. e. n the light of the re-sultant capital structure after the proposed issue of capital or debt. The Capital Structure of the new firm is designed in the initial stages of the firm and the financial manager has to take care if many considerations, the present capital structure be designed in the light of a future target capital structure. Future plans, growth and diversifications strategies should be considered and factored in the analysis, so optimal ca pital structure greatly influences the divi-dend policy of any firm, depending upon there capital structure. Broadly speaking the dividend policy can be determined by two basic analyses required to find the valuation of the proposed capital structure of the firm, i. e. one from the point of view of profitability and another from view of liquidity. Capital structure will always determine the profits of the firm and the development of the firm. Equity and Debt capital are well managed by the capital structure of the firm. A well designed capital structure will have a very good impact on the dividend policy of the company. How to cite Corporate Finance, Essay examples Corporate Finance Free Essays Consider a project to produce solar water heaters. It requires a $10 million investment and offers a level after-tax cash flow of $1. 75 million per year for 10 years. We will write a custom essay sample on Corporate Finance or any similar topic only for you Order Now The opportunity cost of capital is 12 percent, which reflects the project’s business risk. Suppose the project is financed with $5 million of debt and $5 million of equity. The interest rate is 8 percent and the marginal tax rate is 35 percent. The debt will be paid off in equal annual installments over the project’s 10-year life. A) Calculate APV. APV = NPV + PV of debt tax shield NPV = PV of cash flows – initial investment Initial Investment 10,000,000 Cash flows 1,750,000 Period 10 years Discounting rate12% PV of cash flows 9,887,890 using the PV function NPV (112,110) We now calculate the PV of debt tax shield Year Debt Outstanding at Start of Year InterestInterest Tax ShieldsPresent Value of Tax Shields 1 5,000,000 400,000 140,000 129,630 2 4,500,000 360,000 126,000 108,025 3 4,000,000 320,000 112,000 88,909 4 3,500,000 280,000 98,000 72,033 3,000,000 240,000 84,000 57,169 6 2,500,000 200,000 70,000 44,112 7 2,000,000 160,000 56,000 32,675 8 1,500,000 120,000 42,000 22,691 9 1,000,000 80,000 28,000 14,007 10 500,000 40,000 14,000 6,485 Total 2,200,000 770,000 575,736 NPV (112,110) PV of debt tax shield 575,736 APV 463,626 B) How does APV change if the firm incurs issue costs of $400,000 to raise the $5 million of required equity? With flotation cost , APV = NPV + PV of debt tax shield – flotation cost Flotati on cost 400,000 APV 63,626 How to cite Corporate Finance, Essay examples Corporate Finance Free Essays 1. Which one of the following is a means by which shareholders can replace company management? A. stock options B. We will write a custom essay sample on Corporate Finance or any similar topic only for you Order Now promotion C. Sarbanes-Oxley Act D. agency play E. proxy fight 2. Decisions made by financial managers should primarily focus on increasing which one of the following? A. size of the firm B. growth rate of the firm C. gross profit per unit produced D. market value per share of outstanding stock E. total sales 3. Which one of the following is the financial statement that shows the accounting value of a firm’s equity as of a particular date? A. income statement B. creditor’s statement C. balance sheet D. statement of cash flows E. dividend statement 4. Which one of the following is the financial statement that summarizes a firm’s revenue and expenses over a period of time? A. income statement B. balance sheet C. statement of cash flows D. tax reconciliation statement E. market value report 5. The percentage of the next dollar you earn that must be paid in taxes is referred to as the _____ tax rate. A. mean B. residual C. total D. average E. marginal EDCAE 6. The cash flow of a firm which is available for distribution to the firm’s creditors and stockholders is called the: A. perating cash flow. B. net capital spending. C. net working capital. D. cash flow from assets. E. cash flow to stockholders. 7. Canine Supply has sales of $2,200, total assets of $1,400, and a debt-equity ratio of 0. 3. Its return on equity is 15 percent. What is the net income? A. $138. 16 B. $141. 41 C. $152. 09 D. $156. 67 E. $161. 54 8. Beach Wear has current liabilities of $350,000, a quick ratio of 1. 65, inventory turnover of 3. 2, and a current ratio of 2. 9. What is the cost of goods sold? A. $980,000 B. $1,060,000 C. $1,200,000 D. $1,400,000 E. 1,560,000 9. The sustainable growth rate of a firm is best described as the: A. minimum growth rate achievable assuming a 100 percent retention ratio. B. minimum growth rate achievable if the firm maintains a constant equity multiplier. C. maximum growth rate achievable excluding external financing of any kind. D. maximum growth rate achievable excluding any external equity financing while maintaining a constant debt-equity ratio. E. maximum growth rate achievable with unlimited debt financing. 10. The internal growth rate of a firm is best described as the: A. inimum growth rate achievable assuming a 100 percent retention ratio. B. minimum growth rate achievable if the firm maintains a constant equity multiplier. C. maximum growth rate achievable excluding external financing of any kind. D. maximum growth rate achievable excluding any external equity financing while maintaining a constant debt-equity ratio. E. maximum growth rate achievable with unlimited debt financing. DEDDC 11. What is the present value of $1,100 per year, at a discount rate of 10 percent if the first payment is received 6 years from now and the last payment is received 28 years from now? A. $6,067. 36 B. $6,138. 87 C. $6,333. 33 D. $6,420. 12 E. $6,511. 08 12. The current yield is defined as the annual interest on a bond divided by which one of the following? A. coupon B. face value C. market price D. call price E. dirty price 13. Currently, the bond market requires a return of 11. 6 percent on the 10-year bonds issued by Winston Industries. The 11. 6 percent is referred to as which one of the following? A. coupon rate B. face rate C. call rate D. yield to maturity E. interest rate 14. Big Falls Tours just paid a dividend of $1. 55 per share. The dividends are expected to grow at 30 percent for the next 8 years and then level off to a 7 percent growth rate indefinitely. What is the price of this stock today given a required return of 15 percent? A. $67. 54 B. $69. 90 C. $72. 47 D. $77. 67 E. $78. 19 15. Hardwoods, Inc. is a mature manufacturing firm. The company just paid a $10 dividend, but management expects to reduce the payout by 9 percent each year, indefinitely. How much are you willing to pay today per share to buy this stock if you require a 15 percent rate of return? A. $34. 79 B. $37. 92 C. $38. 27 D. $41. 33 E. $42. 09 ACDDB How to cite Corporate Finance, Essay examples

Is Global Peace an Illusion free essay sample

Q. 6 Over several centuries, the collaborative goal of the world has been to attain the harmony, understanding and interdependent relationships between nations that brings peace, security and stability to the world. However, although global peace is attainable, much collaborative effort is needed to turn global peace into a reality, instead of living in a world of deception where global peace is merely a false belief. Therefore, the world aims to attain global peace via international efforts and individual contributions, to counter the problems that prevents global peace of being attained, such as due to the lack of understanding and collaboration between nations, as well as due to selfish demands and the lack of initiative from individuals to make it work. Some people may think that global peace is simply too good to be true due to the lack of collaboration and understanding between nations. As the people of different nations have their own set of ideologies and beliefs, this leads to conflicting ideologies between nations which could spark an international dispute such as in the case of the cold war which occurred between the United States of America which practiced capitalism, as well as the Soviet Union which practiced communism. We will write a custom essay sample on Is Global Peace an Illusion? or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This vast difference in belief thus led to conflicts between the nations, which sparked feelings of hatred and resentment between the people of the two nations. This prevented the success of efforts to call for further global peace. Additionally, differing interests of the nation could lead to violence, as well as terrorism, such as in the case of the Bali Bombings in 2005 which involved a terrorist group, Jemaah Islamiyah (JI) of Al Qaeda. They bombed specific tourist sites in Bali to display their displeasure towards people of another nation, as well as to rebel against the newly adopted democratic practice. This led to great instability within the country, as well as many people from around the world to feel dubious about the Indonesians in general. This led to an even greater segregation as well as isolation of the Malay race and Muslim religion as they were thought to be terrorists, deterring the progress of the world to achieve global peace and harmony. Secondly, the lack of individual initiative to push for greater global peace leads to the inefficiency of the world to achieve global peace. As individuals make up the largest percentage of the country, they have arguably the most influence to ensure that efforts to achieve global peace are successful. Hence, individuals are the key driving force for the achievement of global peace, and not relying solely on governmental efforts. However, as many individuals are simply pushing the responsibility to the government, global peace cannot be achieved However, commendable efforts have been made by international organizations (IGOs) and governments to make global peace a reality, which includes international governmental organizations such as the United Nations (UN) and Association of Southeast Asian Nations (ASEAN). Such organizations aim to promote regional and international peace and stability, and to promote active collaboration and mutual assistance between countries which would foster stronger bonds, thus promoting harmony between nations. An example is when the UN started the United Nations Development Program (UNDP) to alleviate income inequality between nations to prevent conflict between nations due to growing income disparity between the rich and the poor. On 1 December 2000, the United Nations General Assembly also adopted a resolution on the role of diamonds in fuelling conflict, breaking the link between the illicit transaction of rough diamonds and armed conflict, as a contribution to prevention and settlement of conflicts. The ASEAN-Korea Summit in 2009 also contributed to greater understanding between the countries involved, and thus helped to bridge differences. Hence, international efforts by IGOs, along with the cooperation from respective governments, are able to pave the way towards attaining global peace and harmony by promoting mutual understanding between nations which would promote the forging of strong bonds between the nations, instead of conflicts due to differences in beliefs. In conclusion, although global peace is able to be attained, it is not able to be sustained for a long period of time. Global peace is also not able to be achieved universally as efforts to call for peace are inadequate as lack sufficient support from the people in the world. Thus, the ephemeral nature of peace inevitably causes global peace to be nothing but a false belief, seemingly attainable yet out of reach.