Life Without Gravity Essay Example For Students

Life Without Gravity Essay Gravity is really an unknown force. Wecan define it as a field of influence, andthat it effects the entire existence of theuniverse. Some people think that gravityconsists of particles called gravitons,which travel at the speed of light. Theonly thing we do know is how gravityoperates in different parts of our universe. Without gravity, there would be no spaceand time. There is a legend that says that Galileoonce dropped two objects off the LeaningTower of Pisa to show that the heavier ofthe two objectsdropped faster. If a feather and hammerwere the two objects he used thenobviously the hammer would hit theground first. This is due to air resistance,which is the force air exerts on a movingobject. This force acts in the oppositedirection to that of the objects motion. Inthe case of a falling object, air resistancepushes up as gravity pulls down, whichcauses the object to slow down. WhenGalileos experiment was repeated on themoon, the hammer and the feather hit theground at the exact same time. This is dueto the fact that the moon has no atmosphere. Therefore, air resistance doesnt exist onthe moon. Also, the amount of airresistance on an object depends on thespeed, size, shape, and density of theobject. The larger the surface area of theobject, the greater the amount of airresistance on it. This is why feathers,leaves, and sheets of paper fall moreslowly than pennies, acorns, andcrumpled balls of paper. There is another legend that states thatwhen Newton was lying against a tree inan orchard, he was struck on the head byan apple. He wondered what provided theacceleration for the apple to fall to theground. Was this a force of the earth onthe apple? If so, then the apple must exerta force on the earth according toNewtons law of action/reaction forces. Newton applied this theory unto theplanets, which orbit the sun. He found bystudying astronomical data, that the forcethat held the earth in orbit around the sunwas the same force that drew the appletoward the earth. This was theforce of gravity that is given by this scaryformula:F = Gm1*Gm2gravity _______r^2F equals the force in Newtons, G equalsthe gravitational constant which is 6.67 *10^-11 Nm^2 | kg^2, m1 and m2 equalthe mass of each body in kilograms, andfinally, r equals the distance between the2 bodies in meters. If all of this is confusing, I feel your pain,because it took me a long time to get thisall down!Another concept that is important tounderstand is terminal velocity. Terminalvelocity is the highest velocity that will bereached by a falling object. As an objectfalls through air, air resistance graduallyincreases until it balances the pull ofgravity. According to the law of inertia,when the forces acting on an object arebalanced, the motion of the object will notchange. When this happens, the fallingobject will stop accelerating. It willcontinue to fall, but at a constant, finalvelocity. Newtons laws of motion and law ofgravitation can be used to explain theforces, position and motion of all objectsin the universe. A simpleanalogy of how gravity controls themotion of a planet around the Sun can beshown by a mass on the end of a stringbeing spun around in a horizontal plane at constant speed. The ball hasconstant speed but the direction is alwayschanging so according to the definition ofvelocity the object must be undergoing aconstant acceleration. According toNewtons second law, for a mass to beaccelerating, it must have a resulting forceacting upon it. The question is: Wheredoes this force come?The forces involved can be examined byconsidering what happens when the stringbreaks. .ue3ff6f8898db72c80459a7e45207d54a , .ue3ff6f8898db72c80459a7e45207d54a .postImageUrl , .ue3ff6f8898db72c80459a7e45207d54a .centered-text-area { min-height: 80px; position: relative; } .ue3ff6f8898db72c80459a7e45207d54a , .ue3ff6f8898db72c80459a7e45207d54a:hover , .ue3ff6f8898db72c80459a7e45207d54a:visited , .ue3ff6f8898db72c80459a7e45207d54a:active { border:0!important; } .ue3ff6f8898db72c80459a7e45207d54a .clearfix:after { content: ""; display: table; clear: both; } .ue3ff6f8898db72c80459a7e45207d54a { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ue3ff6f8898db72c80459a7e45207d54a:active , .ue3ff6f8898db72c80459a7e45207d54a:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ue3ff6f8898db72c80459a7e45207d54a .centered-text-area { width: 100%; position: relative ; } .ue3ff6f8898db72c80459a7e45207d54a .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ue3ff6f8898db72c80459a7e45207d54a .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ue3ff6f8898db72c80459a7e45207d54a .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ue3ff6f8898db72c80459a7e45207d54a:hover .ctaButton { background-color: #34495E!important; } .ue3ff6f8898db72c80459a7e45207d54a .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ue3ff6f8898db72c80459a7e45207d54a .ue3ff6f8898db72c80459a7e45207d54a-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ue3ff6f8898db72c80459a7e45207d54a:after { content: ""; display: block; clear: both; } READ: 6 elements to a contract EssayWhen the string breaks the mass is nolonger constrained to travel in its circularorbit and moved off in the direction asshown. This indicates that there must be aforce holding the mass in its circular orbit. It is directed towards the center of thecircle and is called the centripetal force. The centripetal force has a resultingcentripetal acceleration. The thing is, youcan extend all of these concepts, andapply them onto the objects like the sun,moon, planets, and even entire galaxies. The gravitational force of the sun, actingon the earth, keeps the earth in its orbit,preventing it from traveling away intointerstellar space. The gravitational forceof the earth, acting on us, holds us to theearths surface. The gravitationalattraction between a person and the earth is proportional the personsmass and inversely proportional to thesquare of the planets radius (distancefrom the person to the center). Thisnumber for gravitational attraction iscalled your weight. Every planet has mass and so everyplanet exerts a gravitational force onnearby objects. We say that planets havegravity. However, what we really mean isthat there is a gravitational force ofattraction between the planet and a personstanding on the planets surface. Thisforce depends on the visitors mass, theplanets mass, and the planets radius. Accordingly, people have differentweights on different planets. For example, a person on the moonweighs only about 1/6 as much as onearth. The moons radius is 25% earthsradius and the moons mass is 8% ofearths mass. So, if a student weighs 150pounds on earth, they would weigh only(1/6) * 150 pounds, which equals 25pounds, on the moon. Gravity does more than just keepingplanets orbiting the sun and causingpeople to have weight, gravity also causestides. In simple terms, the tides are caused by the gravitational attractionbetween the moon and earths oceansAND by the motion of earth throughouter space. Einstein predicted gravitational waves. They are best understood in comparisonwith electromagnetic waves, which werepredicted by Maxwell in 1864 anddiscovered by Hertz 22 years later. Hertz discovers electromagnetic waves in1886. Electromagnetic waves are wavesof electricity. They give us our sense ofvision with which to see the universe. Gravitational waves are waves of gravity. They are vibrations of space itself. Theytravel through space at the speed of light,but are more like sound than light. Hertz discovery set the foundation forthe electronic revolution of the twentiethcentury. Electromagnetic waves not onlyrevolutionized our lives, but also ourknowledge of the universe. Astronomersgradually opened the electromagneticspectrum, first using visible light and thenradio, x-rays and gamma rays. Each newpart of the spectrum provided us withdramatic new insights into the universe. Einstein predicted gravitational waves in1916. They have not yet been directlydetected on earth, although astronomersJoe Taylor and Russell Hulse received the1993 Nobel Prize for proof of theirexistence, by showing that a star system is losing energy by producinggravitational waves. Gravitational waves are a completely newspectrum. If electromagnetic waves let ussee the universe, gravitational waves willlet us hear the universe. They will provideus with a new sense, the sense of hearing,with which to explore the universe. Gravity is a very complicated subject, butscientists are learning more and moreabout it as time goes on. Contributionsfrom people such as Newton and Einsteinhelped shape the way we see thingstoday. Without them, no telling what kindof misconceptions we all might believe intoday.

Essay about Cyber Bullying and Internalizing Difficulties Essay Example For Students

Essay about Cyber Bullying and Internalizing Difficulties Essay In recent decades, there have been numerous technological advances. Due to the availability of such advances, the use of this technology, particularly the use of Internet, is overwhelmingly present in our society for people of all ages. For instance, 93% of teenagers, ages 12 through 17 use the Internet, matching the 93% of young adults. Whereas, 74% of adults, ages 18 and older, use the Internet (Lenhart et al, 2010). Studies found that adult users over the age of 18 consider the Internet as a means of completing tasks such as shopping and paying bills, in comparison to those under the age of 18 who considers it a tool for social connections (Bhat, 2008). About 73% of teenagers and young adults as well as 47% of adults use social networks, the most commonly used being Facebook (Lenhart et al., 2010). The use of the Internet is not only limited to that of computers considering cell phones now offer mobile Internet. A large number of the population have cellphones, with 58% of 12 years old, 75% of teenagers, and 93% of adults owning cell phones (Lenhart et al, 2010). With advances in technology and its increased use, we have become perpetually in contact with one another, opening ourselves up to a new form of bullying: cyber bullying. As a recently recognized form of bullying, cyber bullying also referred to as electronic or Internet bullying, is defined as â€Å"the use of information and communication technologies to support deliberate, repeated, and hostile behavior by an individual or group that is intended to harm others† (Belsey, n. d., p. 8; Bonanno Hymel, 2013). Cyber bullying is characterized by intimidation, harassment, victimization, and aggression toward others that occurs through email, chat rooms, instant messages, webs. .Journal of Education, 40(3). Strom, P.S., Strom, R.D. (2005). When teens turn cyberbullies. The Education Digest, 71 (4), 35–41.Terzi-Unsal, S., Kapci, E. G. (2005). Risk factors for suicidal behavior: Psychosocial risk models with Turkish adolescents. Social Behavior Personality: An International Journal, 33, 593–607.Wang, J., Iannotti, R. J., Nansel, T. R. (2009). School bullying among adolescents in the United States: Physical, verbal, relational, and cyber. Journal of Adolescent Health, 45, 368–375.Williams, K. R., Guerra, N. G. (2007). Prevalence and pre- dictors of Internet bullying. Journal of Adolescent Health, 41(6 Suppl 1), S14–S21.Ybarra, M.L. , Diener-West, M., Leaf, P.J. (2007). Examining the overlap in internet harassment and school bullying: Implications for school intervention. Journal of Adolescent Health, 41(6, Suppl. ), S42–S50.

Jetblue Ipo Pricing Essay Example

Jetblue Ipo Pricing Paper 1. Introduction An initial public offering (IPO) is defined as the first offering of shares by a private company to the public. A share is one of a finite number of equal portions of the capital of a company that entitles the shareholder to a proportion of distributed, non-reinvested profits known as dividends, and to a portion of the value of the company in case of liquidation. Shares can be either voting or non-voting, meaning that the shareholder may have the right to vote on the board of directors and thus the corporate policy (Draho, 2004). The money the private company raises through the issuance of shares is either transferred to the original investors of the company, used to pay-off existing debt, used to finance operating expenses, or, is used to fund future company projects. The ability to conduct an IPO efficiently and effectively encourages entrepreneurship and economic growth through increasing the availability of equity and lowering the cost of equity finance (Kleeburg, 2005). The following report introduces a generic process of an IPO without detailing specifics for an individual country or region. The advantages and disadvantages of choosing an IPO to raise capital is then discussed followed by an examination of the various pricing and allocation techniques that are commonly adopted in the IPO. The final section uses the 2002 IPO of JetBlue as a case study to demonstrate the accuracy and effectiveness of the discussed pricing techniques. 2. The IPO Process Jenkinson and Ljungqvist (2001) define 5 generic steps that are required to be undertaken in the process of raising equity through an IPO: We will write a custom essay sample on Jetblue Ipo Pricing specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Jetblue Ipo Pricing specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Jetblue Ipo Pricing specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Figure 2. 1 – Five generic steps undertaken in the process of an IPO Each of the 5 steps are briefly discussed in the following section paying particular attention to the role of the investment bank and the pricing and allocation decision. 2. 1. The Choice of Market It is important to note that the act of ‘going public’ has two distinct requirements: †¢Investors who are willing to purchase the shares †¢Exchange regulatory conditions that companies must meet Historically, the first aspect of finding investors has not been of great concern, however, given the increasing levels of integration of global financial markets companies are able to select the market that best suits their requirements. The choice of market is therefore essentially focussed on ensuring that there is enough depth within the market so that the company can raise the amount of equity required and that the company is able to comply with the regulations imposed by the stock exchanges and their regulatory bodies (Jenkinson and Ljungqvist, 2001). . 2. Producing a Prospectus The second stage of an IPO is the preparation and lodgement of a prospectus with the market regulatory authorities. A prospectus sets out the terms of the equity issue and provides information on the financial and management performance of the issuing company. It is used to ensure adequate information is provided so that investors can make an informed investment decision (ASX, 2008). Investment banks ar e usually engaged to assist in the preparation of the prospectus to ensure due diligence has been performed. Due diligence refers to the process of providing reasonable grounds that there is nothing in the prospectus that is misleading, and typically involves reviewing company contracts and tax returns, visiting company offices and facilities and interviewing company and industry personnel (Draho, 2004). This prospectus usually includes either a fixed price for the offer (where a predetermined price has been established) or an initial price range (a first ‘best guess’ on the price) that have been determined by the investment bank. With the latter technique the initial price range is usually modified throughout the remaining stages of the IPO (Brau and Fawcett, 2006). 2. 3. Marketing Having produced a prospectus, the next stage is marketing the issue to investors. This marketing can take place in a variety of forms and usually involves a road show, where the issuing firm and the investment bank conduct presentations to a high concentration of institutional investors. Where the offer price has already been established (i. e. fixed price offering) the main purpose of the marketing stage is to elicit bids from investors. Where an indicative price range has been given, the key purpose is to produce expressions of interest and thus begin the process of book building. Book building encompasses the collating of non-legally binding offers of price and quantity that is used to develop a demand curve and thus a more accurate price range for the subscription (Geddes, 2003). An important aspect that influences the marketin g technique is the role of the investment bank as the underwriter. Underwriting can be in the form of a firm commitment, where the investment bank accepts the risk of the issue by agreeing to purchase any securities that had not been subscribed, or on a best efforts basis, where the investment bank agrees to only use its expertise to sell the securities to the best of their abilities (Jenkinson and Ljungqvist, 2001). 2. 4. Pricing and Allocation Where a fixed priced is initially established, it is typical for either heavy over or under subscription to occur. In these cases, allocation methods such as pro rata allocation, retail investor bias allocation or random allocation are utilised depending on the policies imposed by the market regulators (Jenkinson and Ljungqvist, 2001). Where book building has occurred, if the issue is oversubscribed the allocation is typically based on either a common strike price (where a single price is quoted and allocation is based on the amount of information contained in the bid and/or the investor reputation), or, allocation and pricing starting from the highest bid downward until the issue demand is fully met (Draho, 2004). . 5. After the IPO Once the final pricing and allocation decisions have been made, trading in the shares usually commences within a few days. In some countries it is typical for the investment bank to be involved in a price stabilisation process where the principal purpose is to protect the downward price pressure once trading begins. This process of price stabilisation is usually linked with the granting of an over-allotment option (typically 15% of the total number of shares issued) which have usually been sold during the marketing process (Geddes, 2003). 3. Advantages / Disadvantages of the IPO Decision There are considerable advantages with obtaining equity through the IPO process. There are, however, some drawbacks that also need to be taken into consideration. Table 3. 1 outlines the key advantages and disadvantages as outlined by Fishman (1993). AdvantagesDisadvantages The partners can obtain a true value of the shares they possess in the companyThe market is extremely unpredictable and an unsuccessful IPO can result in a great loss of time as well as money for the company Partners can remove their signatures from the lines of credit and thus, are no longer personally liable to the creditorsThe ownership of the partners is dissolved and they become mere employees who are responsible to the shareholders and Board of Directors The overall financial condition of a company is improved as it brings in non-refundable moneyContinuous dealing with shareholders and the press is a time-consuming process A broader capital base gives the company more access to credit which gives the company an option to venture into new business opportunitiesShareholders judge the performance of the company on the basis of the profits and stock price and may cause managers to overlook the long-term strategic objectives Capital raised in an IPO can be used to pay off debt and t hus reduce the interest costs and enhance the company’s debt to equity ratioThe company needs to make nation-wide presentations about its performance to the interested shareholders, brokers and the investment bankers The value of the stock may see an upward trend thus increasing the initial investors financial wealthThe company’s continued success may bring a lot of close scrutiny by the public When a company goes public, it attracts the attention of the media and financial community thus providing free publicity and helps in creating a better corporate imageLarge amounts of fees and expenses are associated with a public company on a continual basis commissions, advertising costs, securities exchange fees etc. By going public and listing on a stock exchange it can directly foster public reputation in general Table 3. – Advantages and disadvantages of going public through the IPO process 4. IPO Valuation Techniques Deriving a value for an IPO is the critical par t of the process. In both fixed price and book building offers some form of initial price must be determined by the investment bank. The key methods that are used to determine the value of a company and thus the initial IPO price include (Geddes, 2003): †¢Discounting Methods – based on a firms intrinsic value (future cash flows) †¢Comparable Multiples Method: value based on similar publicly traded companies 4. 1. Discounting Methods Theoretically, the price of a share is derived by discounting all future cash flows that accrue to shareholders. These techniques are used throughout industry, however, they do suffer in practical application due to the risk associated with forecasting both revenue and expenses (Draho, 2004). The two most frequently used discounting methods include the discounted free cash flows (DCF) and a residual income model (RIM). 4. 1. 1. Discounted Free Cash Flows Free cash flows are defined as the cash flows from operations after investment in working capital and any capital expenditures. These cash flows are considered more appropriate than accounting earnings which include non cash items such as depreciation that cannot be used to pay shareholders. Cash flows are used to pay dividends and thus capture true value for the investor. These cash flows are then discounted using a risk adjusted rate. The rate is estimated either by using the capital asset pricing model (CAPM) for a 100% equity company or by calculating the weighted average cost of capital of the firm’s debt and equity (Geddes, 2003). 4. 1. 2. Residual Income Model The DCF model requires accounting earnings to be converted to cash flows. This is considered inappropriate as accounting values do not take into consideration the time value of money and may be subject to manipulation by way of accounting methods. The RIM is similar to the DCF method in that both methods use a risk adjusted discount rate. The RIM model, however, utilises the difference between the realised earnings and the expected earnings, where the expected earnings is the cost of equity multiplied by the start of period equity book value (Draho, 2004). 4. 2. Comparable Multiples This is the most common method used by investment banks to value IPO’s. Its fundamental approach is the comparison of ratios of companies that operate in similar businesses that possess the same characteristics of risk, current and future profitability and growth prospects (Geddes, 2003). There are number of ratios that can be used under this method, the most common being: †¢Price/Earnings multiples †¢Price/EBIT †¢Market value/Book value †¢Price/sales The successful application of this method lies in choosing an appropriate comparison company. One method used by practitioners is to select up to 10 company’s operating within the same industry and to use the group’s median multiple to value the issuer. The second and most common method is to select 3-4 companies that are direct competitors within the particular industry to the issuer. The third method is to use multiples of firms that have recently gone public assuming all issuers share common valuation multiples (Jenkinson and Ljungqvist, 2001). Comparable multiples is a popular method to value an IPO due to its simplicity and accuracy (Richardson and Tinaikar 2004). With the use of multiples there is no need to estimate the cost of capital, neither is there a need to depend on forecasted earnings and assumptions of valuation models. The use of multiples is supported by the idea that relevant ratios capture the markets estimate of risk and growth (Zarowin, 1990). 5. JetBlue Pricing Table 5. shows the results of utilising the techniques discussed in the previous section for determining the share price for the 2002 JetBlue IPO (for complete calculations see Appendix 1 and 2). The initial subscription price of the IPO was given by th e investment bank (in this case Morgan Stanley) at $22-$24 and this was revised to $25-$26 during the book building process. MethodShare Price ($) Discounted Cash Flow Free Cash Flows$94. 00 Industry Averages Price / Earnings Multiples$40. 38 Market Value / Book Value$115. 22 Price / EBIT$33. 13 EBIT Multiple Leading$38. 92 Competitor Averages Price / Earnings Multiples$97. 06 Market Value / Book Value$274. 54 Price / EBIT$88. 33 EBIT Multiple Leading$65. 10 Recent IPOs EBIT Multiple Leading$40. 37 Table 5. 1 – Share prices for the JetBlue IPO using the different techniques It should be noted that the JetBlue opening share price, this being the price of the stock at the end of the first day of trading, was $50. 30 demonstrating that the IPO was heavily underpriced. The price peaked in September 2003 at just above $90. 00. JetBlue’s current trading price is approximately $17. 21 (after adjusting its actual price of $5. 10 for the three 3:2 share splits and dividends distributed). This shows that there has been a significant loss since the shares began trading in April 2002 (for historical monthly stock price data see Appendix 3). This could reflect either changing market conditions since the IPO or inadequate pricing techniques used at the time of the IPO. Table 5. 1 demonstrates the wide range of share prices that can be achieved depending on the technique that is adopted. The free cash flows technique utilised Southwest Airlines data, assumptions for the airline industry and cash flows given from JetBlue management (see Appendix 1). This value was quite high but reflects high investor demand which took the share price above $90. 00. Of the comparable multiple techniques, the industry average and recent IPO methods reflect the first day closing price, whereas, the competitor average technique reflects similar results to the discounted cash flow technique. Recognising that the discounted cash flow method utilises data for Southwest Airlines that may not accurately represent JetBlue’s conditions, a sensitivity analysis was conducted (see table 5. 2). The four variables that were examined were the horizontal growth rate, the beta (a measure of company returns relative to market returns), the credit rating and the debt to equity ratio. VariableShare Price ($) Growth Rate Forecasted4%$94. 00 Optimistic5%$133. 44 Conservative3%$64. 18 Beta Forecasted1. 3$94. 00 Optimistic1. 1$149. 74 Conservative1. 5$52. 78 Credit Rating (spread) ForecastedBa (3. 00%)$94. 00 OptimisticBaa (1. 50%)$96. 37 ConservativeB (5. 0%)$90. 90 Debt / Equity Ratio Forecasted5. 0%$94. 00 Optimistic10. 0%$108. 03 Conservative2. 5%$86. 96 Table 5. 2 – Sensitivity analysis of share price for fluctuations in the growth rate, beta and credit spread Changes in the value of beta, the perpetual growth rate and the debt to equity ratio provide considerable variatio n in the calculated share price. Credit rating had little influence over the final value. As the premise of the discounting cash flow method is the forecasting of data, this sensitivity analysis demonstrates that caution should be used when relying on this technique given the uncertainty of forecasting information. 6. Conclusion In conclusion, the initial public offering (IPO) process involves a decision on which market is used to raise the funds, the preparation of a prospectus to meet regulatory conditions, marketing of the issuance to institutional investors and a pricing and allocation decision based on the type of subscription that is being offered (fixed price or book building). The key challenge for both the issuing firm and potential investors is the pricing of the shares. The two key techniques of discounted cash flows and comparable multiples, demonstrate that considerable variation in value can occur depending on the technique used. The reliability and accuracy of forecasted and historical data is also of considerable importance in ensuring accurate pricing. In order to overcome many of the disadvantages of an IPO, accurate pricing is paramount to ensure ongoing investor involvement. To draw any conclusion on the accuracy of techniques from this case study would be inappropriate, however, the complexities of the pricing decision has been quite clearly demonstrated. 7. Reference List Australian Securities Exchange. (2008, February 29). Listing on ASX. Retrieved April 23, 2008, from http://www. asx. com. au/professionals/listing/index. htm Brau, J. Fawcett, S. (2006). Initial public offerings: An analysis of theory and practice. The Journal of Finance, 61(1), 399-436. Draho, J. (2004). The IPO Decision: Why and How Companies Go Public. Cheltenham, UK: Edward Elgar Publishing. Fabozzi, F. Modigliani, F. (2003). Capital Markets: Institutions and Instruments (2nd ed. ). New Jersey, Prentice Hall. Fishman, L. (1993). Going public: The pro’s and cons. The Secured Lender. 49(4), 58-60. Geddes, R. (2003). IPO’s and Equity Offerings. Oxford, UK. Butterworth-Heinemann. Jenkinson, T. Ljungqvist, A. (2001). Going Public: The Theory and Evidence on How Companies Raise Equity Finance (2nd ed. ). United States: Oxford University Press Inc. Kleeburg, R. (2005). Initial Public Offering. Ohio, Thomson. Richardson, Gordon D, and Surjit Tinaikar. (2004). Accounting based valuation models: what have we learned? Accounting and Finance, 44(2), 223-255. Zarowin, Paul. 1990. What determines earnings-price ratios: Revisited. Journal of Accounting, Auditing Finance, 5(3), 455-457.

US Army essays

US Army essays In 1829, Andrew Jackson enacted a law that forced all Indians to move west to land that was set aside for them. Before the Indians settled on their new land, more white settlers moved in and searched for gold. They took away land set aside for the Indians. The whites again moved westward to California, and once again, the government took land, which it had given to the Indians, and called it Manifest Destiny. In 1877, Chief Joseph chose between peace and war with the white man, and he changed the future of his people forever, when he chose war. During the war, the white men continued their immoral acts upon the Indians. The U.S. Army engaged in endless slaughter and massacres based on lies and deceptions. Along with their purposes for war, these reasons made the U.S. Army guilty of gross inhumanity towards the Indians in their long and costly war. The U.S. Armys purposes when they went to war were not just, because all that brought them into war was their greed for more land. When the whites landed in America, the Indians took them in, gave them land, and taught them the skills they needed to survive in the new world. All this, of course, was taken as a sign of weakness (Wounded Knee 1) and the Indians were sent packing West. The white settlers took advantage of the Indians kindness and took over their territories. More and more people were shipped across the Atlantic. To make room for them, they took over land that used to belong to the Indians. The Indians attempted to save their tribes from extinction by attacking many white settlements that had originally belonged to them. The Indians attacked fifty-two settlements, completely destroying twelve of them. (Wounded Knee 4) This was taken as a sign of war by the new settlers, so they retaliated in a much stronger effort. The U.S. Army took the Indians to war to fulf ill their own greed and took over the land they claimed...

The Benefits and Educational Value in Studying Philosophy and Logic Essay

The Benefits and Educational Value in Studying Philosophy and Logic - Essay Example Philosophy and logic are inextricably linked together. For, without one, one could not have the other. The philosophy books one may read—such as The Republic or Plato’s Apology—might cost some money, however, the benefits and educational value of both philosophy and logic are priceless. First of all, what were the benefits of philosophy? Perhaps one must first discuss what logic was. Logic was a derivation of philosophy. For, in order to philosophize, one needed to be able to make rational arguments in succession, each argument following logically from the last point. It then follows that the end result would be a conclusion proving one’s hypothesis or initial claim to be true. This is generally how philosophical discussions develop. â€Å"[The great thinker] Eusebius accept[ed] the conventional division of philosophy into ethics, physics and logic†¦Ã¢â‚¬  The benefits of using philosophy are great—using philosophy exercises the mental faculties and forces one to think extemporaneously. The educational value of philosophy is to train subjects simply to think. If nothing else, philosophy requires a great deal of thought to engage in it.

Acc#5 Farm Financial Standards Council Model Case Essay

Acc#5 Farm Financial Standards Council Model Case - Essay Example GM has adopted traditional cost allocation system wherein the overheads are arbitrarily allocated to the products on the basis of the labor or machine hours. It produces only one product i.e. the corvette and as such apportionment of overhead costs may not be such a big problem except for the fluctuations of production volumes which may distort the contribution margin figures. John & Mary Farmer on the other hand produce two products namely: corn and soybean that too in two farms, for which there are a variety of cost drivers which have to be identified to diversified activities to estimate the differences in cost of production between farms and overall profitability between commodities produced in different years. While adopting traditional cost allocation system, as in GM, may be easier for accounting purposes, it actually does not serve the purpose of arriving at a specific cost structure especially when the direct labor component is in small proportion in the total production process owing to the present automation taking place even in the farming sector. 1. Overheads would have been charged according to the production volumes which may fluctuate from time to time. Hence, the accurate per unit contribution margin which is the basis for competitive managerial decisions in today’s world would be misguiding. 3. The products produced in the case study are corn and soybean that too in different fields of which few are owned by the firm and the others are taken on lease. With such diversified methodology of tie ups with different parties, if ABC is not undertaken, the differences in the production would not be useful in providing effective strategy to minimize risk associated with the business and enhance profitability. 4. With the growing mechanization even in the farm sector, the importance of direct expenses is shrunk day by day

Taj Mahal Essay Example | Topics and Well Written Essays - 500 words

Taj Mahal - Essay Example The picture depicts the beautiful monument made of white marble, on the blue backdrop of the sky and the river, below! The Taj Mahal was built over a period ranging sixteen years, from 1632 to 1648, by the Mughal Emperor Shah Jahan, in the sweet remembrance of his wife, Mumtaz Mahal. It is essentially a mausoleum, built by the emperor, with love for his wife. Ever since, it has been the cynosure of tourists, architects and historians, alike. The first striking feature of this picture is the magnanimity of this mausoleum of love, contrasted against the miniature structure of humanity! We can see the huge graceful structure, against which the tourists and visitors look inconspicuous. This is what the monument delivers, with its beauty, which is a visual treat. The visitors and tourists possess expressions of awe and wonder, on viewing this magnificent building, which refuses not to cast a spell on anyone who visits or views it. Another striking feature of this monument is that the pure white marble used to build this monument is reflective of t