Career Pl Procurement And Supply Chain Management

Career Plan: Procurement and Supply Chain management My major in the course is chain supply management. I plan to use the education gained in supply chain management to build my career in procurement to develop my skills and improve the procurement process. In my post bachelorette degree, I intend to take professional trainings in procurement, gain more experience and build more expertise in procurement. This is aimed at helping organizations simplify the procurement function and make it effective and efficient. This is because I understand that the supply chain management is one of the most centralized and pivotal process. Therefore, I plan to learn more about supply chain management, the building of procurement relationships with third parties, try to think about how to improve the procurement quality, and building competitive procurement processes. Supply Chain Management I plan to study supply chain management in detail to ensure I have all the knowledge, skills and expertise that will make that profession more efficient in delivery and also more relevant in an organization. After my post bachelorette degree, I will involve myself in leading roles in the development of key processes in an organization to ensure that I procure best results. For this reason, I will study communication skills because it is a vital tool in ensuring that I gain the right leadership practices in an organization. Currently I have good communication skills and I can use both English and ChineseShow MoreRelatedThe Marine Corps Directives System Study Guide28513 Words   |  115 Pages1-3 1-11 1-35 In This Study Unit MCI Course 0416B 1-1 Study Unit 1 (This page intentionally left blank.) 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Changes in Life Essay - 562 Words

In my life, I have been exposed to a challenge called change. Change can occur in many different ways and is dealt with in many different ways. I have come to the awareness that change can be the deepest of all things. I always thought that change occurred when you moved to a state or when you lost someone real close to you. Those are a challenge to change, yes, but change doesn’t have to occur over a climactic incident. It can just appear overnight when your brain winds up when it’s time to do something different. Even with friends that you used to have and know that move on. For example, most of my friends from elementary school, I don’t even talk to them anymore. For obvious reasons, people will turn down the changes in life.†¦show more content†¦It’s depressing how this works, but it’s probably the most reason why people change. It’s much like peer pressure which usually ends up in the wrong direction. For example, I was almost peer pressured to consume alcohol and to do smoking. Fortunately, for me, I escaped that change and didn’t experience it. The people we adore love us so much that they want us to remain the way we are forever. Like how my mother always wanted me to stay the same little child, but I grew up. Not all people can stay the same for a long time. If the people we love and adore would just accept the change and go with it, they would understand where the change was coming from. It can be shaky to try to stop change and fight against it, especially if the person wants to change a lot. When I was ready for high school, I was expected to change almost everything in my life. The reason that somebody wants to change is usually not their choice, but a feeling that the person feels inside their head. Maybe the change isn’t the best change, but if you dig deeper, the person that you adore isn’t really changing. They are just trying to find themselves and the one thing they need the most is the support of the people who they care about the most. 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To establish positive and productive relationships Free Essays

Arredondo Positive and productive relationships with families establish a strong connection for the benefit of nurturing and educating the children entrusted to my care. I know how important it is for the parents to know about their child’s day, upcoming school events, and progress in all areas of the children’s learning and development. I know that consistent communication is the key to a trusted partnership with parents. We will write a custom essay sample on To establish positive and productive relationships or any similar topic only for you Order Now Having a clear understanding up front of what we can expect from each other helps us establish common goals for the benefit of the children. It is an important foundation for creating the very best early childhood experience for the parents and children. Daily communication between parents, teachers and school management is an essential component to my partnership. The parents will receive additional information on a weekly and monthly basis in a variety of formats including welcome letters, weekly and monthly newsletters, ongoing assessment communication, and parent teacher conferences. Multiple forms of communication foster the connection between home and school to build relationships and create continuity of xperiences, which increase a child’s sense of security and well being. I also provide my parents with helpful parent resources related to children’s learning and development. Many items and links are classroom or age group specific, including book suggestions, home fun activities and additional online resources. In order to keep up with what’s going on in the children’s lives after they leave my care, I maintain a close personal relationship with the parents. To do this I must be attentive and trustworthy. I talk to the parents about the child’s behavior at home as ell as at school. If there needs to be any adjustments including discipline I immediately talk to the parents about what we should decide on next. We discuss a plan that will work for home and at school so the child knows it’s the same consequence in both environments. If ever I am not physically at work on a day a parent has a special request I leave a parent/ teacher log for them to fill out and leave. I was very eager to receive the questionnaires back from my parent’s. I have quickly learned how much respect I have received from my families. I was thrilled to find that I meet, and in some cases over exceed expectations of the parents. Reading some of the parent’s answers it’s established that I have positive, responsive and cooperative relationships with their children and all members of their families. This was definitely one question all the parents seemed to agree on. In conclusion to this essay this has confirmed all my beliefs about my classroom and I. I will continue to grow professionally through out my years of teaching and look forward to many more How to cite To establish positive and productive relationships, Papers

My Health Record Has Been an Electronic Summary Free Samples

Question: Discuss On Implementation Of My Health Record? Answer: Introduction: The My Health Record is an online summary of peoples health in Australia. Individuals are capable of knowing about the happenings inside it. Moreover, it has allowed communication with the hospitals, healthcare providers and doctors (Hemsley et al., 2016). The My Health Record has been galvanized with various reforms in the sectors like quality of patient care. Further various other issues like declining the expenses of admissions with medications as prescribed has been needed to be innovated. A proper vision document has been called for regarding the implementation of My Health Record system. The following report figure out the problems that might arise. Besides, various capabilities and advantages are also kept in mind. The probable arising problems: Various obstacles that might arise through the on goings of My Health Record are: Lack of adequate health professionals to add information: It should be kept in mind that the main purpose of the initiative has been to improve quality, efficiency and safety of the patient care. There has been an essential need to decrease the medical errors regarding poor exchange of information about health. As a result of this adequate data about health has been required to be processed. Without this the initiative could not progress effectively (Hemsley et al., 2017). Need to put on more data about the initiative: Very few people have been noticed to upload copies of their Advanced Care Directive. This is a critically vital document about ones wish for further medical treatment. More legal data websites are required to prompt the clients to keep their Advanced Care Directive in the My Health Record. The illiteracy to handle computers and ignorance about saving or uploading documents might keep away people from the My health Record. Ignorance about handling of records: The record has been imposing high demand on the e-health and reading literacy. This has been difficult for many people to utilize. Thus it can form a barrier for the system. Further, with these problems the clients who do not have computers and internet access are also needed to be considered in the scenario of the problems (Pearce Bainbridge, 2014). Capabilities of the agency: Various capabilities of My Health Record are discussed hereafter: Clinical Documents: It supports the continuity of the care. It improves the communication between the patients and healthcare providers. E-Health Foundations: It combines the main technologies of the authentication, encryption and unique identification. National infrastructure: My Health Record has undertaken a national level initiative by creating a digital health infrastructure enabling health care for both present and future ("My Health Record | Welcome to My Health Record", 2017). Implementation and adoption: The agency has implemented Digital health within a wide range of healthcare settings along with private and public enterprises. E-Health References Platform: The e-Health reference platform of the agency provides software vendors and participants. They adopt digital health test latest software and the clinical processes ("My Health Record | Welcome to My Health Record", 2017). Security and authentication: The authentication and security is achieved by digital certificates conforming to the Australian Government endorsed PKI or Public Key Infrastructure standard. Secure Message Delivery or SMD: The Secure Message Delivery or SMD systems of the My Health Care are the collection of specifications defining the approach to communication of digital health with broadly supported information technology industry standards. E-Medication Management: This capability manages the processes of dispensing, prescribing, monitoring, dispensing and administering of the medicines. It is an inclusive part of assuring quality health outcomes. It also ensures use of medicines with effective costs (Kerai, Wood Martin, 2014). Benefits of the system: The benefits of having the access to My Health Record are: Better Access: The healthcare information available at one place in online could be easily accessed by the authorized specialists, hospitals and doctors. Improved Safety: During any medical emergency the health care providers attached with the agency provides the best possible treatment very quickly. More Convenient: The remembrance and repetition of the health history regarding the medicines, dates of tests and so on are easily recorded ("My Health Record | Welcome to My Health Record", 2017). Strong Security: One can easily choose the individuals who can easily access to his profile. Otherwise, in cases of illegal access, penalties are there. Privacy Matters: In order to maintain the privacy of the clients, the agency holds detailed data of the patient along with his family members. The registered healthcare provider organizations like hospitals and general practitioners can access the detailed information of the patient (Britt et al., 2013). Conclusion: Thus it is seen that the My Health Record has been a very effective methodology digitalizing the system of Australian healthcare. The healthcare has been providing awareness among the people regarding various problems like chronic diseases. It also provides a strategic guideline to face the diseases. Moreover, it has been a very cost-efficient policy. However, the government must further bear the large expense in imposing the system. Lastly, the future enhancements of this important initiative require considering of the experiences and vision of people with several health conditions References: Britt, H., Miller, G. C., Henderson, J., Bayram, C., Valenti, L., Harrison, C., ... O'Halloran, J. (2013).General Practice Activity in Australia 2012-13: BEACH: Bettering the Evaluation and Care of Health(No. 33). Sydney University Press. Hemsley, B., Georgiou, A., Carter, R., Hill, S., Higgins, I., van Vliet, P., Balandin, S. (2016). Use of the My Health Record by people with communication disability in Australia: A review to inform the design and direction of future research.Health Information Management Journal,45(3), 107-115. Hemsley, B., McCarthy, S., Adams, N., Georgiou, A., Hill, S., Balandin, S. (2017). Legal, ethical, and rights issues in the adoption and use of the My Health Record by people with communication disability in Australia.Journal of Intellectual Developmental Disability, 1-9. Kerai, P., Wood, P., Martin, M. (2014). A pilot study on the views of elderly regional Australians of personally controlled electronic health records.International journal of medical informatics,83(3), 201-209. My Health Record | Welcome to My Health Record. (2017). Myhealthrecord.gov.au. Retrieved 24 March 2017, from https://myhealthrecord.gov.au/internet/mhr/publishing.nsf/content/home Pearce, C., Bainbridge, M. (2014). A personally controlled electronic health record for Australia.Journal of the American Medical Informatics Association,21(4), 707-713.

Schneiders Foods Marketing Mix

Introduction The purpose of this report is to evaluate the marketing mix of Schneiders food, past marketing strategies and prospects in the future to suggest changes.Advertising We will write a custom research paper sample on Schneiders Food’s Marketing Mix specifically for you for only $16.05 $11/page Learn More Company Background The last large traditional manufacturing plants â€Å"Schneiders food† established in Canada In 1890 to produce packaged processed meats, poultry and grocery products; this company runs as a subsidiary of Maple Leaf Foods (Schneiders 1 and Mercer 1). Marketing Mix of Schneiders Food (Maple Leaf Foods) Products Schneiders Food, being a brand of Maple Leaf Food, offers a wide variety of products like Bacon, Cold-Cuts-and-Deli-Meats, Ham, Hot Dogs, Sausages, ham stuffed tomatoes, Country-Naturals, and Lunchmate as well as many other items. According to MLF (1), Maple Leaf Food offers high quality products through br ands like Schneiders, Dempster’s, POM, Mitchell’s Gourmet-Foods, Bon-Matin, Burns, Olivieri, Maple Leaf Prime Naturally, and so on; moreover, products like Dempster’s and Bon-Matin-Healthy-Way with ProCardio are exclusive recipes designed to maintain healthy cholesterol and blood pressure-levels; conversely, ThinkFOOD is formed to expand the company’s bakery and protein-based products. The company’s Meat-Products-Group comprises value-added fresh-meats, chilled and ready-to-cook products, ready-to-serve products, and packaged-meats; moreover, Bakery-Products-Group comprises breads, rolls, ethnic-breads, bagels, croissants, morning-goods, baked-goods, and pastas, whereas the Agribusiness-Products-Group possesses biodiesel production and hog production operations Price According to the annual report 2011 of Maple Leaf Foods, it increased the price of packaged meat products due to volatility of the price of raw meat products and the rationale of this strategy was to increase aggregate profit margin this firm. On the other hand, Mercer (1) stated that it needed to invest large amount in order to expand its business operation in Hamilton and other place; therefore, the management of this company decided to boost the price. At the same time, the management of parent company of Schneiders food increased the price to balance the restructuring costs of $2.5 million and to face the challenge of operating costs, for example, annual income from poultry processing business decreased drastically because of continuous raises in live bird costs.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Place Packaged food products of this company was popular both in national and international markets (particularly in the American and European market), for example, in home, it operated in Ontario, Manitoba, Quebec and British Columbia; however, Maple Leaf Foods would like to restructure the business by starting operation in new place or closing unprofitable centers (Schneiders 1 and Mercer 1). In 2000, it had 22 operating facilities along with 5000 staff (excluding retail market) to offer above 1000 products in the US and Canada; however, the marketers of this company expanded its operation the European market particularly Italian market following joint venture strategy and took technological supports from various partners, for example, Cappola Food, Mitchell’s Gourmet Foods and so on. Promotion Apart from a number of advertising methods conducted by Maple Leaf Foods, its brand Schneiders undertakes promotional activities based on its individual products; for example, discount of one dollar on subsequent purchases of Lunchmate and Fruit, and coupon to save one dollar on any pack of Schneider’s Juicy Jumbos, Red Hots and Grill ‘Ems products. However, it is arguable that rather than offering various types of pr omotional codes, Schneiders mainly focuses on promotional activity based on small discounts on the products, which creates boredom among customers; moreover, the method of offering the discounts are also not lucrative. Assessment of How Well the Marketing Strategies Worked In the Past In order to assess the extent to which the marketing mix of the company has worked in the past, it is essential to look at the financial highlights and past sales figures of the company. It is arguable that the marketing strategies have worked well in the past as the financial position and sales figures indicate that in the past, the company has performed better than its competitors and in comparison to its own position presently. The following figure shows the past performance of the company in terms of sales, financial position, and earnings per share in order to illustrate that the marketing strategies have worked well in the past, because of which the situation was better in 2005 – 2006 peri od: Advertising We will write a custom research paper sample on Schneiders Food’s Marketing Mix specifically for you for only $16.05 $11/page Learn More Figure 1: The past performance Source: MLF (1) Prospects in the Next Few Years According to MLF (2), the sales of the company has fell gradually from 2007 to 2011; in addition, although most of the multinational corporations has already recovered from the global financial crisis, falling sales in this stage when the economy is booming indicates that there are certain deficiencies in the marketing strategies of the business presently. Although the marketing strategies have worked well in the past, this requires modifications at this stage so that the consumer demands do not fall in future because of boredom with the company’s products, or because of monotonous promotional strategies. There is a requirement for diversification in the product line and initiation to offer attractive promotiona l packages. Otherwise, in the next few years, the revenues of the company will diminish significantly; however, the following figure shows how the present performance of the company is deteriorating: Figure 2: The present performanceAdvertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Source: MLF (2) Need for Change Product Because of inadequate present performance, it is necessary for the company to diversify its product line to increase the customer base; moreover, in order to boost sales, the company should offer attractive promotional packages. Price Present pricing strategy of Maple Leaf Foods needs to change though the pricing structure played vital role for the success of last year; however, it requires change because the purchasing power of the customer has decreased all over the world; therefore, it should reduce present pricing strategy to increase large customer base in local and foreign packaged processed food markets. On the other hand, Flaming (2) presented audit report on energy savings in meat processing and stated that Schneiders food had tried to reduce operating costs to offer products at comparatively lower price, for instance, it saved about $78,000 by reducing warm stand-by boiler; however, following figure shows more elaborately – F igure 3: – Steam System Energy Savings Source: – Flaming (2) Figure 4: – Refrigeration System Energy Savings Source: – Flaming (2) In this context, Maple Leaf Foods will lose strong customer base of Schneiders food if it not restructure its pricing strategy. At the same time, if the management if this company seems that they will not change pricing strategy, then they must have to rethink about their marketing plan along with value creation program. Place Business expansion strategy of Schneiders Food before acquisition was relatively slow, but effective to gain competitive advantages and increase profit margin from international market; however, the aim of this company was to consider the development of the product Life Cycle to expand its market. Mercer (1) provided information about the expansion plan in the local market and the annual report Maple Leaf Foods did not give any clear idea in this regard, but from the scenario, it can assume that Schneid ers Food followed the Uppsala internationalization model, which recommends the company to develop business in local market and starts internationalization from psychically near. According to this internationalization model, the growth would be slow; thus, this report suggests Schneiders Food to consider other expansion model, such as, born global to concentrate on rapid expansion in the prospective market like Asian market. Promotion Instead of focusing on monotonous small discounts only, there should be interesting promotional packages, for example, setting special offers for New Year festivals, Christmas Eve, Valentines Day, Mother’s Day, Father’s Day, and Halloween by means of special vouchers, promotional codes, and special reductions for loyal customers. On the other hand, it is notable that Maple Leaf Food has not effectively used social media in marketing the products of its Schneiders brand – as a result, there is inadequate advertisement of the brand in such an important media. By advertising through Google +, Foursquare, Twitter, Myspace, or Hi5, the company will be able to inform a large number of people about the products at the same time; this is because today, people of almost every country use this social networks to connect with the outer world notwithstanding the geography, age, gender, martial status, education, or cultures. Social-networking-websites are awesome for constructing consumer relationships; moreover, it is quite simple to connect with consumers at social websites through which the company can provide helpful information about products and update information frequently; conversely, Schneiders could share consumers’ experiences and ask for feedback; in addition, consumers will also enjoy joining the community to find information about what to buy. Works Cited Flaming, Dennis. Energy Savings in Meat Processing. 2011. Web. Mercer, Greg. Maple Leaf Foods closing Kitchener Schneider’s plant, 1,200 job s to be lost. 2011. Web. MLF. A little bit about us. 2008. Web. MLF. Annual Report of Maple Leaf Foods. 2011. Web. MLF. Investor Fact Sheet. 2008. Web. Schneiders. Overview of Schneiders food. 2011. Web. This research paper on Schneiders Food’s Marketing Mix was written and submitted by user Jazmin Lott to help you with your own studies. 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Free Essays on The Great War

The Great War As war consumed Europe, Americans hoped that the Atlantic ocean was enough to seperate them from it and keep them out of the war. President Wilson said that the US would stay out of it saying it was a war in which we had nothing to do. But America could not help but take sides. As immigrants from Europe gave roots to many Americans, it was hard for them not to be opinionated about which side to take. The herirage shared by most Americans and Britain put American public opinion on the sides of the Allies. Trade between the US and the Central Powers also shrank giving another reason it was hard to remain neutral. Adding to that was the fact that exports to the Allies nearly quadrupled and ties between them became closer. In 1915 the British passenger liner, the Lusitania was sunk supposedly by German U-Boats, pissing many people off. Most Americans considered this grounds for war. Wilson, however, refused to take extreme measures against Germany but instead sent them several messages insisting that its government safegaurd the lives of noncombatants in the warzone. When the Sussex was torpedoed by a German torpedo Wilson demanded that they give up submarine warfare or risk war with the US. The Sussex pledge was made out of that where Germans said they wouldnt sink any more merchant ships without warning. Wilson was re-ellected in 1916 and focused on finding a peaceful solution to the war. He knew the only way to keep America out of this war was to end it altogether. Germany announecd on January 31st, 1917, that any vessels in the waters near G.B., France, and Italy would be sunk without warning. This was a violation of the Sussex Pledge and caused the US to break off diplomatic ties with Germany. America Finally entered the war due to the fact that Germany and Mexico were going to attack the US. On April 2nd, 1917, Wilson asked the members of congress to d... Free Essays on The Great War Free Essays on The Great War The Great War As war consumed Europe, Americans hoped that the Atlantic ocean was enough to seperate them from it and keep them out of the war. President Wilson said that the US would stay out of it saying it was a war in which we had nothing to do. But America could not help but take sides. As immigrants from Europe gave roots to many Americans, it was hard for them not to be opinionated about which side to take. The herirage shared by most Americans and Britain put American public opinion on the sides of the Allies. Trade between the US and the Central Powers also shrank giving another reason it was hard to remain neutral. Adding to that was the fact that exports to the Allies nearly quadrupled and ties between them became closer. In 1915 the British passenger liner, the Lusitania was sunk supposedly by German U-Boats, pissing many people off. Most Americans considered this grounds for war. Wilson, however, refused to take extreme measures against Germany but instead sent them several messages insisting that its government safegaurd the lives of noncombatants in the warzone. When the Sussex was torpedoed by a German torpedo Wilson demanded that they give up submarine warfare or risk war with the US. The Sussex pledge was made out of that where Germans said they wouldnt sink any more merchant ships without warning. Wilson was re-ellected in 1916 and focused on finding a peaceful solution to the war. He knew the only way to keep America out of this war was to end it altogether. Germany announecd on January 31st, 1917, that any vessels in the waters near G.B., France, and Italy would be sunk without warning. This was a violation of the Sussex Pledge and caused the US to break off diplomatic ties with Germany. America Finally entered the war due to the fact that Germany and Mexico were going to attack the US. On April 2nd, 1917, Wilson asked the members of congress to d...

Asian American Experience Essay Example | Topics and Well Written Essays - 750 words - 1

Asian American Experience - Essay Example The economic diversity of Asian American citizens has been a worrying factor. Takaki (502) argues that differences in the social standings of Asian American communities have caused suffering to some of the Asian Americans. Although the Immigration Act of 1965 brought many elites to the United States, it also brought in many refugees seeking better life. This means that the Asian American community is a bipolar one, having the educated professionals and the needy group. Judging, however, by the notion advanced by the media, that most Asian Americans are prominent and intelligent people, many feel obliged to conform to this stereotype. The government often neglects groups such as the unemployed, the elderly and the farm laborers. Social services such as access to medical services and schooling for this needy group are often unavailable. The Asian American community is seen to exemplify the American dream, to the extent that President Reagan, in 1984, perceived the Asian American popula tion as America’s utmost success story (Takaki). President Reagan stated categorically, that all Americans were descendants of the immigrants chasing the American dream. He added that America’s economy needed the hard work and honesty of the Asian Americans to continue thriving. The wages of most Asian Americans are not at par with those of the ordinary Americans. According to Takaki (612), the mean personal income of whites in 1980 was equivalent to that of the Japanese provided the latter had more education and worked for longer hours.

Body Image Essay Example | Topics and Well Written Essays - 500 words

Body Image - Essay Example Teenage girls tend to view their bodies critically and may hold negative self-perceptions about their physical appearance. Teenage girls are much more likely than teenage boys to question their attractiveness. This negative self-concept is especially likely to be manifest as dissatisfaction with body shape. Girls in their early teens, or even among those who are younger if they achieve puberty early, frequently express dissatisfaction with their body size and appearance (Williams & Currie, 2000). The emergence of body image concerns is important because it may be associated with the appearance of disordered eating patterns. This is especially worrying when it occurs in early teen years that are in crucial period for physical growth. The more dissatisfied young girls are with their bodies, the more likely they are to undereat, with implications for their health and well-being. Males, in contrast, usually take a different view of their bodies. That is not to say that boys and young men are unconcerned about their body image, but rather than wanting to be thinner and more attractive, many males want to be more muscular with greater bulk. For males, this represents greater power. Whereas girls' self-concepts of attractiveness stem primarily from physical attractiveness, boys' self-concepts are linked to perceptions of physical effectiveness. Analyses of advertising content in

Causes and Effects of Workplace Romances Essay Example | Topics and Well Written Essays - 750 words

Causes and Effects of Workplace Romances - Essay Example However, office romances have scores of negative implications at the workplace. First, office romances lead to sexual harassment and discrimination. At times, the employers discriminate other employees, who have a negative perception about office romances. Secondly, romances at the office may lead to favoritism. This is where the employers and managers favor the partners in romantic relationships while neglecting other employees. In many instances, the demands of some people are prioritized, rather than prioritizing demands of all the employees. Thirdly, romances at the office lead to distraction. The workers involved in a romantic relationship at the office have minute focus and concentration on their job. Apparently, they concentrate on propagating their romantic relations, rather than facing the ostensible task. This may lead to dismal performance, as the job is not a priority in such places. Fourthly, romances at the workplace may have an effect on the morale of other workers. Fo r example, envy from other employees may affect the working relations at the workplace. In conclusion, romances at the office are prevalent. Many people are involved due to various causative factors. Family life, environment, and personal interests initiate romances at the office. However, a number of effects can be cited. This includes unprofessional conduct, lowered productivity due to distraction and envy among workers. Although romances at the office can enhance working relations between two people, the negative effects are dire.

How Capital Structure Affects UK Cost of Capital

How Capital Structure Affects UK Cost of Capital Abstract Firms require a reasonable capital structure to meet the required target. To raise the finance, firms normally choose to review some different factors that are taken into account in considering. In this study, the author will examine the correlation between capital structure and the cost of the capital. As the cost will be a main factor for the firms to raise the finance. And different of capital structure will cause variable cost. This report will review the literature in capital structure and cost of finance. Along with the availability of source of finance, including the matching principle, a famous tools trade-off theory. As well as the argument follows, pecking order theory and agency cost theory. Drawing a conclusion based on the research survey data collection. Justify the relationship in how capital structure affects capital cost. Introduction The term capital structure refers to the mix of different types of funds which a company uses to finance its activities. Capital structure varies greatly from one company to another. For example, some companies are financed mainly by shareholders funds whereas others make much greater use of borrowings. Since the seminal publication of Modigliani and Miller (1958), corporate finance researchers have devoted considerable effort to investigating capital structure decisions (e.g. Myers, 1977 and 1984). Significant progress has been made in understanding the determinants of corporate capital structure with an increased emphasis on financial contracting theory (for example, Barclay and Smith, 1995; Mehran et al., 1999; and Graham et al., 1998 and, for an international view, Rajan and Zingales, 1995). This theory suggests that firm characteristics such as risk and investment opportunity set affect contracting costs. In turn, these costs impact on the choice between alternative forms of finance such as debt and equity, and between different classes of fixed-claim finance such as debt and leasing. The author will examine the relationship between the cost of capital and the structure of capital, and the effect of cost to raise finance in terms of making financial decision in the firms. Literature review 2.1 Theory of capital The origins of capital structure theory lie in the models of optimal capital structure that were developed in the wake of the famous Modigliani-Miller irrelevance theorem. These models later became to be known as the static trade-off theory (see e.g. Modigliani and Miller, 1958, 1963; Baxter, 1967; Gordon, 1971; Kraus and Litzenberger, 1973; Scott, 1976; Kim, 1978; Vinso, 1979). In this theory, the combination of leverage related costs (associated with e.g. bankruptcy and agency relations) and a tax advantage of debt produces an optimal capital structure at less than a 100% debt financing, as the tax advantage is traded off against the likelihood of incurring the costs. This theoretical result is now widely accepted in the profession. However, in seeking to model the wide diversity of capital structure practice, a number of additional factors have been proposed in the literature. 2.2 Factors that affect capital structure First, the use of debt finance can reduce agency costs between managers and shareholders by increasing the managers share of equity (Jensen and Meekling, 1976) and by reducing the free cash available for managers personal benefits (Jensen, 1986). Second, Myers and Majluf (1984) argue that, under asymmetric information, equity may be mispriced by the market. If firms finance new projects by issuing more equity, under pricing may cause les profit for existing shareholders in terms of the project NPV. Myers (1984) refers to this as pecking order theory of capital structure. The underinvestment can be reduced by financing the mispriced equity by the market. Internal funds involve no undervaluation and even debt that is not too risky will be preferred to equity. If external finance was required, firms tended first to issue the safest security, debt, and only issued equity as a last resort. Under this model, there is no well-define target mix of debt and equity finance. Each firms observed debt ratio reflects its cumulative requirements for external finance. Generally, profitable firms will borrow less because they can rely on internal resources and retain earnings. The preference for internal equity implies that firms will use less debt than suggested by the trade-off theory. Other factors that have been invoked to help explain the diversity of capital structures include: management behaviour (Williamson, 1988), firm-stakeholder interaction (Grinblatt and Titman, 1998), and corporate control issues (Harris and Raviv, 1988 and 1991). 2.3 How to finance The conventional discussion on a firms choice between long-term and short-term debt has generally focused on three aspects: matching debt maturity with asset life; extending the term-to-maturity of loans to stretch the firms debt capacity; and concentrating long-term debt issues in periods of relatively low interest rates. Recent development in the financial research literature has advanced several economics concepts such as transaction and agency costs, tax-timing option, and information asymmetry, to the debt maturity choice paradigm. Brick and Ravid (1985) show that taxes can also imply an optimal debt maturity structure. Depending on the term-structure of interest rates, long-term (short-term) is optimal, since it accelerates the tax benefit of debt given an increasing (decreasing) term structure. When firms cannot reveal the true quality of their cash flows, i.e. when information asymmetry exists, they can prevent or abate undervaluation by using a variety of signalling devices, such as debt (leverage), dividend payments or the maturity structure of debt. Thus, information asymmetry gives firms an incentive to signal their quality and credibility by taking on more debt and shortening their debt maturity. A higher leverage, especially more short-term debt, signals favourable inside information to the market because it offers the possibility to renegotiate terms in the future, when more information has become available. Long-term debt entails higher information costs than short-term debt, because the market expects a stronger deterioration of quality than insiders do. Firms with a low level of information asymmetry are therefore more likely to issue long-term debt (Flannery, 1986). In the study of international capital structures, Rajan and Zingales (1995) argue that it is important to test the robustness of US finds in different environments. They identify as potentially important the cross-country differences in tax and bankruptcy codes, in the market for corporate control and in the historical role played by banks and security markets. Methodology This survey focuses primarily on the determinants of the capital structure policy of firms but also includes some questions on topics that are closely related to the capital structure. For example, the questions address their approximate cost of equity to the managers, how they estimate their cost of equity (with CAPM or other methods), and whether the impact on the weighted average cost of capital is a consideration in their capital structure choice. The survey was developed after a careful review of the capital structure literature pertaining to the U.S. and European countries. For ease of comparability, the author tried to keep the format and design the survey similar to that of Graham and Harvey (2001), but modified or simplified some questions that are likely to be relevant in the UK context. For example, literature suggests that there are strong differences in corporate objectives between American and UK financial systems since the former system focuses on maximizing shareholder wealth while the later emphasizes the welfare of all stakeholder including employees, creditors and even he government. To examine this difference, the author ask the CFOs about the extent to which different stakeholders influence their firms financial decisions, the author also ask the firms the percentage of their free float share and whether they have preference or common share. 3.1 Sampling The initial samples for mailing the survey consist of a total of 57 firms from UK. The choice of initial sample was based on selecting firms that are representative of the UK firms, are widely traded, are comparable across country, and are public limited with available information. These criteria are important to justify the firms specific difference. From this sample, 9 firms were deleted because of non-availability of addresses and another 17 firms were deleted because they declined to participate in the survey, leaving a final sample of 31 firms. The survey was anonymous as this was an important criterion to obtain honest responses. In the mailing a letter was included that was addressed to the CFO or CEO explaining the objective of the study and promising to send a copy of the findings to those who wished to receive. A total of 12 responses were received by mail, which represents a response rate about 38 percent. 3.3 Summary of findings The respondent firms represent a wide variety of industries with a larger concentration in manufacturing; mining; energy and transportation sector; high technology; and financial sectors. About three forth of firms have a target debt to equity ratios, and about half of these firms maintain a target debt to equity ratios of one. Further, many respondents have a large percentage of their total debt in short term. About 80 percent of respondents report that they calculate their cost of equity, and over 77% of them employ the Capital Asset Pricing Model (CAPM) to calculate this cost. The estimated cost of equity reported by respondents ranges between 9%-15% only few firms report cost of capital greater than 15% The correlations among the demography variables of this survey are largely as predicted in the literature. These correlations will be discussed in detail in the next section. Analysis Three sets of factors in managers opinion that are likely to influence capital structure of firms are selected based on a review of literature. The first set is based on the implications of different capital structure theories such as the trade-off theory, the pecking order theory, and the agency cost theory. Generally the managers will make the financial decisions based on theories and through these decisions to affect their cost of capital. The second set relates to the managers timing of debt or equity issues since literature suggests that managers are concerned about financial flexibility. With evidence support in the findings, most of managers within all industries consider the financial flexibility as the most important issue when raise finance. Finance by short term may give the company advantage in changing their status to meet the changing world environment and provide less risks in investments. Finally, the last set of factors is based on common beliefs among managers about the impact of capital structure changes on financial statements such as the potential impact of equity issue on earnings. This factor shows the important of experience in managers mind and how it will be impact on the decisions. In summary, to analyse a companys capital structure, we assume that the company is only financed by two ways, either by shareholders equity or borrowings. It is just to consider how cost of capital affect the different proportion of debt in capital structure. Figure 8: Two advantages and two disadvantages of borrowing Advantages Disadvantages 1. Cheap direct cost because debt is less risky to the investor 1. Financial leverage causes shareholders to increase their cost of capital 2. Cheap direct cost because interest is a tax deductible expense. 2. Bankruptcy risks if borrowings are too high. The main advantage of borrowing is that the debt has a cheaper direct cost than equity. Debt is less risky to the investor than equity (low risk result a low required return) Interest payments are tax deductable whereas dividends are not. However, borrowing has two distinct disadvantages. Firstly it causes shareholders to suffer increased volatility of earnings. This is known as financial leverage. The increased volatility to shareholders returns resulting from financial leverage causes shareholders to demand a higher rate of return in compensation. The second disadvantage of borrowing is that if the company borrows too much, it increases its bankruptcy risks. At reasonable levels of gearing this affect will be imperceptible, but it becomes significant for highly geared companies and results in a range of risks and costs which have the effect of increasing the companys cost of capital. Limitation and Ethical issue The research focus on the UK market and respondents are from different areas of industry. The limitation has been carried out. First will be the time of the research. As a three months research, the data was not examined as correct enough to support the authors point. The data collection should be carrying continually in a long period of time and often reviewed at some certain time. Second, the way of collecting these data is limited by mailing. The survey may not represent the whole market as the limited number of respondents. A research should conduct all the possible methods including quantitative and qualitative. Finally, as this is not a professional research, lots of objectives in the research declined to give feedback in judging their financial structure in the case some of this could be their classified information. The ethical issue has been raised in this research; this will be honesty in the feedbacks from the respondents. As this survey is anonymous research, the managers may not give the right information in case of rising threats in competition. The importance of financial structure in firms causes the mangers to think before they actually answer the questions. The privacy issue in their mind raised that they may not want to share all the information regarding to the financial statement. Conclusion The purpose of this article is to supplement the existing literature with an analysis of the factors determining the financial structure affecting the cost of capital. The analyses give rise to the following conclusions. The study presents a dynamic model to address the possibility of adjustment costs incurred in reaching an optimal capital structure. And examine the literature in the factors in capital structure in affecting the cost of financing a firm through the facts in reality. The conclusion can be drawn as the cost of capital is a key factor that firms taken into account when raise finance along with the financial flexibility. On the other hand, the capital structure of a firm will affect the firms cost in both short term and long term. The firms raise the finance to meet the required target, there is no such a way to limit firms financial structure. They may want to choose a short term loan to meet flexibility of cash flow, in the contrast; the long term finance may require more information and satisfaction of the firms. The cost of capital depends on how firms finance their capital structure. Reference and bibliography Barclay, M.J. and C.W. Smith (1995), The Priority Structure of Corporate Liabilities, Journal of Finance, Vol. 50, No. 3 (July) Baxter, N. D. (1967) Leverage, the Risk of Ruin and the Cost of Capital, Journal of Finance, 22 Brick, I. and Ravid, A. (1985) On the relevance of debt maturity structure, Journal of Finance, 40 Flannery, M. (1986) Asymmetric information and risky debt maturity choice, Journal of Finance, 41 Gordon, M. (1971) Towards a theory of financial distress, Journal of Finance, 26 Graham, J.R., M.L. Lemmon and J.S. Schallheim (1998), Debt, Leases, Taxes and The Endogeneity of Corporate Tax Status, Journal of Finance, Vol. 53, No. 1 (February) Graham, J.R. and C.R. Harvey (2001), The Theory and Practice of Corporate Finance: Evidence from the Field, Journal of Financial Economics, Vol. 60, Nos. 2/3 (May) Grinblatt, M. and S. Titman (1998), Financial Markets and Corporate Strategy (Irwin/McGraw- Hill, USA) Harris, M. and A. Raviv (1988), Corporate Control Contests and Capital Structure, Journal of Financial Economics, Vol. 20 Harris, M. and A. Raviv (1991), The Theory of Capital Structure, Journal of Finance, Vol. 46, No. 1 (March) Jensen, M.C. (1986), Agency Costs of Free Cash Flow, Corporate Finance and Takeovers, American Economic Review, Vol. 76, No. 2, Jensen, M.C. and W. Meckling (1976), Theory of the Firm: Managerial Behaviour, Agency Costs, and Capital Structure, Journal of Financial Economics, Vol. 3, No. 4 Kim, E. (1978) A mean-variance theory of optimal capital structure and corporate debt capacity, Journal of Finance, 23 Kraus, A. and Litzenberger, R. (1973) State preference model of optimal leverage, Journal of Finance, 28 Mehran, H., R.A. Taggart and D. Yermack (1999), CEO Ownership, Leasing and Debt Financing, Financial Management, Vol. 28, No. 2 Modigliani, F.F. and M.H. Miller (1958), The Cost of Capital, Corporation Finance, and the Theory of Investment, American Economic Review, Vol. 48, No. 3 (June) Myers, S.C. (1977), Determinants of Corporate Borrowing, Journal of Financial Economics, Vol. 5, No. 2 (November) Myers, S.C. (1984), The Capital Structure Puzzle, Journal of Finance, Vol. 39, No. 3 (July) Myers, S. and Majluf, N. (1984) Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, 13, Rajan, R.G. and L. Zingales (1995), What Do We Know About Capital Structure Choice? Some Evidence from International Data, Journal of Finance, Vol. 50, No. 5 Scott, J. (1976) A theory of optimal capital structure, Bell Journal of Economics, 7 Vinso, J. (1979) A determination of the risk of ruin, Journal of Financial and Quantitative Analysis, 14 Williamson, O.E. (1988), Corporate Finance and Corporate Governance, Journal of Finance, Vol. 43, No. 3 (July) Advantage and disadvantage of borrowing, available on website www.accaglobal.com, access on 28.04.2010 How Capital Structure Affects UK Cost of Capital How Capital Structure Affects UK Cost of Capital Abstract Firms require a reasonable capital structure to meet the required target. To raise the finance, firms normally choose to review some different factors that are taken into account in considering. In this study, the author will examine the correlation between capital structure and the cost of the capital. As the cost will be a main factor for the firms to raise the finance. And different of capital structure will cause variable cost. This report will review the literature in capital structure and cost of finance. Along with the availability of source of finance, including the matching principle, a famous tools trade-off theory. As well as the argument follows, pecking order theory and agency cost theory. Drawing a conclusion based on the research survey data collection. Justify the relationship in how capital structure affects capital cost. Introduction The term capital structure refers to the mix of different types of funds which a company uses to finance its activities. Capital structure varies greatly from one company to another. For example, some companies are financed mainly by shareholders funds whereas others make much greater use of borrowings. Since the seminal publication of Modigliani and Miller (1958), corporate finance researchers have devoted considerable effort to investigating capital structure decisions (e.g. Myers, 1977 and 1984). Significant progress has been made in understanding the determinants of corporate capital structure with an increased emphasis on financial contracting theory (for example, Barclay and Smith, 1995; Mehran et al., 1999; and Graham et al., 1998 and, for an international view, Rajan and Zingales, 1995). This theory suggests that firm characteristics such as risk and investment opportunity set affect contracting costs. In turn, these costs impact on the choice between alternative forms of finance such as debt and equity, and between different classes of fixed-claim finance such as debt and leasing. The author will examine the relationship between the cost of capital and the structure of capital, and the effect of cost to raise finance in terms of making financial decision in the firms. Literature review 2.1 Theory of capital The origins of capital structure theory lie in the models of optimal capital structure that were developed in the wake of the famous Modigliani-Miller irrelevance theorem. These models later became to be known as the static trade-off theory (see e.g. Modigliani and Miller, 1958, 1963; Baxter, 1967; Gordon, 1971; Kraus and Litzenberger, 1973; Scott, 1976; Kim, 1978; Vinso, 1979). In this theory, the combination of leverage related costs (associated with e.g. bankruptcy and agency relations) and a tax advantage of debt produces an optimal capital structure at less than a 100% debt financing, as the tax advantage is traded off against the likelihood of incurring the costs. This theoretical result is now widely accepted in the profession. However, in seeking to model the wide diversity of capital structure practice, a number of additional factors have been proposed in the literature. 2.2 Factors that affect capital structure First, the use of debt finance can reduce agency costs between managers and shareholders by increasing the managers share of equity (Jensen and Meekling, 1976) and by reducing the free cash available for managers personal benefits (Jensen, 1986). Second, Myers and Majluf (1984) argue that, under asymmetric information, equity may be mispriced by the market. If firms finance new projects by issuing more equity, under pricing may cause les profit for existing shareholders in terms of the project NPV. Myers (1984) refers to this as pecking order theory of capital structure. The underinvestment can be reduced by financing the mispriced equity by the market. Internal funds involve no undervaluation and even debt that is not too risky will be preferred to equity. If external finance was required, firms tended first to issue the safest security, debt, and only issued equity as a last resort. Under this model, there is no well-define target mix of debt and equity finance. Each firms observed debt ratio reflects its cumulative requirements for external finance. Generally, profitable firms will borrow less because they can rely on internal resources and retain earnings. The preference for internal equity implies that firms will use less debt than suggested by the trade-off theory. Other factors that have been invoked to help explain the diversity of capital structures include: management behaviour (Williamson, 1988), firm-stakeholder interaction (Grinblatt and Titman, 1998), and corporate control issues (Harris and Raviv, 1988 and 1991). 2.3 How to finance The conventional discussion on a firms choice between long-term and short-term debt has generally focused on three aspects: matching debt maturity with asset life; extending the term-to-maturity of loans to stretch the firms debt capacity; and concentrating long-term debt issues in periods of relatively low interest rates. Recent development in the financial research literature has advanced several economics concepts such as transaction and agency costs, tax-timing option, and information asymmetry, to the debt maturity choice paradigm. Brick and Ravid (1985) show that taxes can also imply an optimal debt maturity structure. Depending on the term-structure of interest rates, long-term (short-term) is optimal, since it accelerates the tax benefit of debt given an increasing (decreasing) term structure. When firms cannot reveal the true quality of their cash flows, i.e. when information asymmetry exists, they can prevent or abate undervaluation by using a variety of signalling devices, such as debt (leverage), dividend payments or the maturity structure of debt. Thus, information asymmetry gives firms an incentive to signal their quality and credibility by taking on more debt and shortening their debt maturity. A higher leverage, especially more short-term debt, signals favourable inside information to the market because it offers the possibility to renegotiate terms in the future, when more information has become available. Long-term debt entails higher information costs than short-term debt, because the market expects a stronger deterioration of quality than insiders do. Firms with a low level of information asymmetry are therefore more likely to issue long-term debt (Flannery, 1986). In the study of international capital structures, Rajan and Zingales (1995) argue that it is important to test the robustness of US finds in different environments. They identify as potentially important the cross-country differences in tax and bankruptcy codes, in the market for corporate control and in the historical role played by banks and security markets. Methodology This survey focuses primarily on the determinants of the capital structure policy of firms but also includes some questions on topics that are closely related to the capital structure. For example, the questions address their approximate cost of equity to the managers, how they estimate their cost of equity (with CAPM or other methods), and whether the impact on the weighted average cost of capital is a consideration in their capital structure choice. The survey was developed after a careful review of the capital structure literature pertaining to the U.S. and European countries. For ease of comparability, the author tried to keep the format and design the survey similar to that of Graham and Harvey (2001), but modified or simplified some questions that are likely to be relevant in the UK context. For example, literature suggests that there are strong differences in corporate objectives between American and UK financial systems since the former system focuses on maximizing shareholder wealth while the later emphasizes the welfare of all stakeholder including employees, creditors and even he government. To examine this difference, the author ask the CFOs about the extent to which different stakeholders influence their firms financial decisions, the author also ask the firms the percentage of their free float share and whether they have preference or common share. 3.1 Sampling The initial samples for mailing the survey consist of a total of 57 firms from UK. The choice of initial sample was based on selecting firms that are representative of the UK firms, are widely traded, are comparable across country, and are public limited with available information. These criteria are important to justify the firms specific difference. From this sample, 9 firms were deleted because of non-availability of addresses and another 17 firms were deleted because they declined to participate in the survey, leaving a final sample of 31 firms. The survey was anonymous as this was an important criterion to obtain honest responses. In the mailing a letter was included that was addressed to the CFO or CEO explaining the objective of the study and promising to send a copy of the findings to those who wished to receive. A total of 12 responses were received by mail, which represents a response rate about 38 percent. 3.3 Summary of findings The respondent firms represent a wide variety of industries with a larger concentration in manufacturing; mining; energy and transportation sector; high technology; and financial sectors. About three forth of firms have a target debt to equity ratios, and about half of these firms maintain a target debt to equity ratios of one. Further, many respondents have a large percentage of their total debt in short term. About 80 percent of respondents report that they calculate their cost of equity, and over 77% of them employ the Capital Asset Pricing Model (CAPM) to calculate this cost. The estimated cost of equity reported by respondents ranges between 9%-15% only few firms report cost of capital greater than 15% The correlations among the demography variables of this survey are largely as predicted in the literature. These correlations will be discussed in detail in the next section. Analysis Three sets of factors in managers opinion that are likely to influence capital structure of firms are selected based on a review of literature. The first set is based on the implications of different capital structure theories such as the trade-off theory, the pecking order theory, and the agency cost theory. Generally the managers will make the financial decisions based on theories and through these decisions to affect their cost of capital. The second set relates to the managers timing of debt or equity issues since literature suggests that managers are concerned about financial flexibility. With evidence support in the findings, most of managers within all industries consider the financial flexibility as the most important issue when raise finance. Finance by short term may give the company advantage in changing their status to meet the changing world environment and provide less risks in investments. Finally, the last set of factors is based on common beliefs among managers about the impact of capital structure changes on financial statements such as the potential impact of equity issue on earnings. This factor shows the important of experience in managers mind and how it will be impact on the decisions. In summary, to analyse a companys capital structure, we assume that the company is only financed by two ways, either by shareholders equity or borrowings. It is just to consider how cost of capital affect the different proportion of debt in capital structure. Figure 8: Two advantages and two disadvantages of borrowing Advantages Disadvantages 1. Cheap direct cost because debt is less risky to the investor 1. Financial leverage causes shareholders to increase their cost of capital 2. Cheap direct cost because interest is a tax deductible expense. 2. Bankruptcy risks if borrowings are too high. The main advantage of borrowing is that the debt has a cheaper direct cost than equity. Debt is less risky to the investor than equity (low risk result a low required return) Interest payments are tax deductable whereas dividends are not. However, borrowing has two distinct disadvantages. Firstly it causes shareholders to suffer increased volatility of earnings. This is known as financial leverage. The increased volatility to shareholders returns resulting from financial leverage causes shareholders to demand a higher rate of return in compensation. The second disadvantage of borrowing is that if the company borrows too much, it increases its bankruptcy risks. At reasonable levels of gearing this affect will be imperceptible, but it becomes significant for highly geared companies and results in a range of risks and costs which have the effect of increasing the companys cost of capital. Limitation and Ethical issue The research focus on the UK market and respondents are from different areas of industry. The limitation has been carried out. First will be the time of the research. As a three months research, the data was not examined as correct enough to support the authors point. The data collection should be carrying continually in a long period of time and often reviewed at some certain time. Second, the way of collecting these data is limited by mailing. The survey may not represent the whole market as the limited number of respondents. A research should conduct all the possible methods including quantitative and qualitative. Finally, as this is not a professional research, lots of objectives in the research declined to give feedback in judging their financial structure in the case some of this could be their classified information. The ethical issue has been raised in this research; this will be honesty in the feedbacks from the respondents. As this survey is anonymous research, the managers may not give the right information in case of rising threats in competition. The importance of financial structure in firms causes the mangers to think before they actually answer the questions. The privacy issue in their mind raised that they may not want to share all the information regarding to the financial statement. Conclusion The purpose of this article is to supplement the existing literature with an analysis of the factors determining the financial structure affecting the cost of capital. The analyses give rise to the following conclusions. The study presents a dynamic model to address the possibility of adjustment costs incurred in reaching an optimal capital structure. And examine the literature in the factors in capital structure in affecting the cost of financing a firm through the facts in reality. The conclusion can be drawn as the cost of capital is a key factor that firms taken into account when raise finance along with the financial flexibility. On the other hand, the capital structure of a firm will affect the firms cost in both short term and long term. The firms raise the finance to meet the required target, there is no such a way to limit firms financial structure. They may want to choose a short term loan to meet flexibility of cash flow, in the contrast; the long term finance may require more information and satisfaction of the firms. The cost of capital depends on how firms finance their capital structure. Reference and bibliography Barclay, M.J. and C.W. Smith (1995), The Priority Structure of Corporate Liabilities, Journal of Finance, Vol. 50, No. 3 (July) Baxter, N. D. (1967) Leverage, the Risk of Ruin and the Cost of Capital, Journal of Finance, 22 Brick, I. and Ravid, A. (1985) On the relevance of debt maturity structure, Journal of Finance, 40 Flannery, M. (1986) Asymmetric information and risky debt maturity choice, Journal of Finance, 41 Gordon, M. (1971) Towards a theory of financial distress, Journal of Finance, 26 Graham, J.R., M.L. Lemmon and J.S. Schallheim (1998), Debt, Leases, Taxes and The Endogeneity of Corporate Tax Status, Journal of Finance, Vol. 53, No. 1 (February) Graham, J.R. and C.R. Harvey (2001), The Theory and Practice of Corporate Finance: Evidence from the Field, Journal of Financial Economics, Vol. 60, Nos. 2/3 (May) Grinblatt, M. and S. Titman (1998), Financial Markets and Corporate Strategy (Irwin/McGraw- Hill, USA) Harris, M. and A. Raviv (1988), Corporate Control Contests and Capital Structure, Journal of Financial Economics, Vol. 20 Harris, M. and A. Raviv (1991), The Theory of Capital Structure, Journal of Finance, Vol. 46, No. 1 (March) Jensen, M.C. (1986), Agency Costs of Free Cash Flow, Corporate Finance and Takeovers, American Economic Review, Vol. 76, No. 2, Jensen, M.C. and W. Meckling (1976), Theory of the Firm: Managerial Behaviour, Agency Costs, and Capital Structure, Journal of Financial Economics, Vol. 3, No. 4 Kim, E. (1978) A mean-variance theory of optimal capital structure and corporate debt capacity, Journal of Finance, 23 Kraus, A. and Litzenberger, R. (1973) State preference model of optimal leverage, Journal of Finance, 28 Mehran, H., R.A. Taggart and D. Yermack (1999), CEO Ownership, Leasing and Debt Financing, Financial Management, Vol. 28, No. 2 Modigliani, F.F. and M.H. Miller (1958), The Cost of Capital, Corporation Finance, and the Theory of Investment, American Economic Review, Vol. 48, No. 3 (June) Myers, S.C. (1977), Determinants of Corporate Borrowing, Journal of Financial Economics, Vol. 5, No. 2 (November) Myers, S.C. (1984), The Capital Structure Puzzle, Journal of Finance, Vol. 39, No. 3 (July) Myers, S. and Majluf, N. (1984) Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, 13, Rajan, R.G. and L. Zingales (1995), What Do We Know About Capital Structure Choice? Some Evidence from International Data, Journal of Finance, Vol. 50, No. 5 Scott, J. (1976) A theory of optimal capital structure, Bell Journal of Economics, 7 Vinso, J. (1979) A determination of the risk of ruin, Journal of Financial and Quantitative Analysis, 14 Williamson, O.E. (1988), Corporate Finance and Corporate Governance, Journal of Finance, Vol. 43, No. 3 (July) Advantage and disadvantage of borrowing, available on website www.accaglobal.com, access on 28.04.2010

The Players in the Cocaine Game: An investigative look at the dealers,

The Players in the Cocaine Game: An investigative look at the dealers, suppliers, and enforcers From the third world of many South American countries, to the third street projects in the inner-city, to the third floor of a downtown luxury loft, cocaine is prevalent and being used. The business of the coca leaf is a billion dollar a year industry, if not more. Our foreign counterparts are profiting in full off of the drug. Mexico, Peru, and Colombia are some of the countries in Central and South America that are profiting and manufacturing cocaine. â€Å"Today's wholesale cocaine industry operated by Mexico's cartel is a $30 billion per year business -- a figure that easily outstrips revenues reported by giants like Ford, General Motors, Wal-Mart, Exxon, and General Electric. (Millar, 2000)† This is Mexico’s figure that doesn’t include the other manufactures, including Colombia, which is the world largest supplier. With such a revenue market, the control of the drug and drug trafficking is not as simple as making it illegal and enforcing it by law. With that, there is no doubt that America has itself entrenched in this industry one way or another. The United States has a history of being the enforcer on the international level with hidden agendas. We are like the gossip queen in High School that needs to have his or her nose in everyone’s business. On the one hand we have a strong anti-drug policy both here in the United States and for the international suppliers of cocaine and other drugs. On the other hand, America is one of the largest purchasers of cocaine with government involvement and aid. â€Å"United States chemical manufacturers aren’t too offended by the drug trade either. A congressional committee found that 90 p... ...ce. 4. Milar, Kathy. â€Å"Partnerships bring reinvention to the war on drugs†. http://govinfo.library.unt.edu/npr/rego/security/drugwar.htm 5. Balsamo, William, George Jr. Carpozi. Crime Incorporated. New Horizon Press, 1991 6. Rock, Paul ed., Manning, Peter K. and Lawrence John Redlinger. â€Å"Invitational Edges of Corruption: Some Consequences of Narcotic Law Enforcement†. Drugs and Politics. New Jersey; Transaction Inc. 1977 7. Menzel, Sewall, Fire in the Andes- US Foreign Policy and Cocaine Politics in Bolivia and Peru. Maryland; University Press of America, 1996 8. Borucke, Michael, â€Å"Seeing double in Colombia†. 28, April 2000. http://www.tech.mit.edu/V120/N23/col23boruc.23.html 9. Scarface. Dir. Brian de Palma. Perf. Al Pacino. Universal Studios, 1983.

Apple, IT and. The Specter of Sweatshop Labor Essay

Apple INC               Apple Company has been in business for more than 40 years designing, manufacturing and market mobile communication and media devices and portable digital music players (Hitchcock, 2011). Apple markets a number of software and a number of networking solutions. Apple is the definition of new and advanced technology. They deal with a range products from music player; IPad, mobile devices; IPhone computers; Mac, television and business and personal software. Their products are distinctive and mostly preferred by an enormous number of customers. Their market base extends globally. Apple products are unique and are identified with their brand name and a picture of an apple fruit. Apple offers support for their products that operate on their internally designed software. Their products are well equipped with modern technology and designed to meet clients’ expectations and needs.               In the modern world, technology dictates our day to day lives. A few decades ago, mobile phones were owned by specific few and mostly used for business. Today mobile phones are used for both personal and business activities. Phones are a sense of direction, communication and a friend to humanity. Apple products have a distinctive nature and a stratified class not owned by many.               IPhone, a product of Apple, is a phone preferred by many abroad and locally. The nature of the phone is designed to operate and meets people daily needs. iPhone is beautifully made mobile device that combines a number of functions. iPhone functions as a communication platform, a digital music player and for internet communication. iPhone features range from communication platform, the internet net work platform, and entertainment. iPhone has a multi-touch user interface, web browsing, PC based email platform and is integrated with other window based computers. iPhone serves as an entertainment platform, integrated with iTunes libraries where one can download music, video clips, software and other application. The phone has different versions with various and advanced technology ranging from iPhone 1 to the recent Apple design iPhone 5 the latest version of iPhone. Apple offers support when it comes to iPhone with their online accessories compatible with thepho ne. The phone is a remarkable piece and appealing to the eye.               Another distinctive product of Apple is the iPad. IPad is a product characterized by entertainment and internet communication. Some of the features of iPad include; music player, a platform for downloading music, video clips and software, web browsing and an email platform. Just like iPhone, iPad is also compatible with window based computers and also Mac range of computers; products of Apple. Ipad has touch user interface and ability to download music, photos, and video clips. Ipad enables people to connect with their applications in more friendly way. The device is both used for running personal errands and business activities. The friendliness of the device enables people of all age ease in using the device. Children prefer ipad since its compatibility with different variety of games, online and offline. Ipad has different versions with their latest fourth-generation iPad mini.                Apple products have distinctive nature of the ‘I’ before their products is their original trademark and other features not found in many related technological devices, a beautiful structure friendly to humanity with their portability feature and remarkable service constituted with support system by the Company.                  The two key external factors affecting Apple Company are increasing completion from companies offering mobile, computer, tablets and television devices and international legal disputes. For many years, Apple has been the leading innovator when it comes to technological devices followed closely with their leading competitors. Microsoft has been the leading competitor of Apple for many years and set up their devices accordingly. Microsoft, the designers of widows based platforms, are the biggest rivals Apple when it comes to computers and tablets applications. Microsoft latest design of Windows 8 is increasingly threatening Apple domination of tablets application. Windows 8 comes with a designed app store a feature which was only evident in Apple line of tablets. This real completion for Apple and might turn out to be a catastrophe for Apple company. Widows’ app store offer varieties that are bad for business for Apple INC.                  Windows phones were also a big competition for Apple Company but recently Google has set up and surpassed widows. Google Android operating systems and Android line of phones are now the main competitors for Apple iPhone and operating systems. The market base for Android products is threatening Apple market base for iPhones and operating systems. Google recent development, of purchasing Motorola, is a big problem for Apple because of Google huge manufacturer of mobile devices. Another development of Google threatening Apple is their new design of home theater systems of Televisions partnering with Sony and Samsung Companies.               The second critical external factor affecting Apple Company is continued international legal disputes around the world. Apple being the leading innovators for their line of products makes them be the hunted and not the hunters. One of their going international legal disputes is the ongoing co-wireless licensing patent lawsuit. Co-wireless licensing patent an ally of Microsoft is suing Apple for wireless patents. If the lawsuit were to go through, this would be a huge blow for Apple since most of their products operate on a wireless network.                Apple is also facing another international legal dispute following claims that Apple purchased iPad trademark illegally. With their distinctive feature of their products starting with an ‘i’, this lawsuit could turn out to be a catastrophe for the company disrupting the flow of Apple tablet market share. These legal disputes are bad for business for the Apple Company and if they were to go through it could mark the end of the leading innovators Apple INC.                  Stakeholders in an organization include customers, employees, the entire community, suppliers and the business partners. Customers and the community are the key stakeholders in the success of an organization. Satisfied customers and the whole community lead to real business. Primary stakeholders affect an organization mostly financially. Primary stakeholders include shareholders, employees, and suppliers.                Primary stakeholders contribute to an organization’s environmental risks that impact negatively on financial performance of an organization. For example, the lawsuit affecting Apple INC, are environmental risks facing the company as a result of the Company’s management decisions and employees contributions.                Managing risks are also caused by executives of the company whole and poorly having in my mind that stakeholders are on their side contributing to financial problems. Management of an organization are the building blocks of a company and how they operate or run business affect the firm directly and reflect on the finances of the Company. Apple Company operates under a strict management and a no-nonsense leader.                  Inadequate participation of employees may contribute to poor financial performances. Pressure from the employees is evident on how a firm performs (Henriques and Sadorsky, 2007). Steve Jobs exact pressure on his employees and many consider him a tough leader; as Apple continues to record profits in their financial reports.                Another factor that affects financial performance of an organization is the structure and working of an organization. Apples leadership under Steve Jobs who was very strict when it comes to the Company’s performance and does not take any incompetence from the employees lightly. Apple Company has a well-structured supply chain management that coordinates its suppliers, the operations of the organization and the customers. This coordination by Apple and its business partners ensures smooth operations in the Company eliminating possibility of registering loses.                Labor practices are a controversial corporate social responsibility concern associated with Apple. Apple has been accused of overworking its’ employees following recent speculations from two supplier shops in China known as Foxconn and Inventec. Media recorded that; workers in these Companies are forced to work long hours and are underpaid. In addition, they are forced to live on the premises of these Companies where they have to pay rent and other expenses from the little they earn from the Company. This has raised debates over Chinese labor regulations and whether it is entirely Apple’s fault of Foxconn fault. Apple continues to defend their reputation by claims that they uphold acceptable working standards (Ericka, 2008). References Morphy, Ericka (January 31, 2008), â€Å"Apple, IT and. The Specter of Sweatshop Labor,† Mac New World Christina Hitchcock, (Oct,11,2011). â€Å"Apple, Inc. Mission Statement, Business Description, and (n.d.).† Retrieved from http://christinaahitchcock.com/?p=102Brayden King (Mar, 4, 2013).â€Å"Managing the Reputational and Market Risks of Social Activism† Retrieved from http://insight.kellogg.northwestern.edu/article/managing_the_reputational_and_market_risks_of_social_activism/Peter, muller. (Apr 8, 2012). â€Å"External Factors. affecting AppleInc† Retrieved fromwww.youtube.com/watch?v=2sOdHonN8jQ Source document

Latin Translation Resources and Tools

Latin Translation Resources and Tools Whether you want to translate a short English phrase into Latin or a Latin phrase into English, you can not just plug the words into a dictionary and expect an accurate result. You cant with most modern languages, but the lack of a one-to-one correspondence is even greater for Latin and English. If all you want to know is the essence of a Latin phrase, some of the so-called online translation tools for Latin may help. Perhaps you want to know what Marcus in silvam vocat means. The Latin-English translation program I tried translated it as Marcus upon woods vocat. That is obviously not quite right because vocat isnt an English word. Its not a great translation. Since I used that online tool, Google has added its own translator that worked efficiently  enough but has been commented on negatively by many users. If you want a thorough, accurate translation, you will probably need to have a human do it for you, and you may have to pay a fee. Latin translation is a skill that takes a substantial investment in time and money, so translators deserve to be compensated for their efforts. In case youre interested in developing the skill of translating Latin, there are Latin online courses and other self-help methods for beginning Latin as well as Latin degree programs in colleges and universities. Between the two extremes, however, there are some useful tools on the Internet. Parser A parser, like The Latin Parser, tells you basic facts about a word. Depending on what information the parser spits out, you can determine which part of speech the word is and other essentials you need to know in order to translate. You might use a parser if you realize that the Latin phrase you want to understand has 1 (or 2) unknowable word and a bunch of other words you can almost decipher. In the Marcus in silvam vocat example, Marcus looks enough like a name, that you neednt look it up. In looks like the English word of the same spelling, but what about silvam and vocat? If you dont even know what part of speech they are, a parser will help, since its job is to tell you its person, number, tense, mood, etc., if its a verb, and its number, case, and gender  if its a noun. If you do know the words in question are accusative singular and 3d singular, present active indicative, you probably also know that the noun silvam translates as forest/wood and the verb vocat as calls. At any rate, a parser and/or dictionary can help with little bits of Latin like this. Dont use the parser to find the Latin for an English word. For that, you need a dictionary. Assuming you have a vague familiarity with Latin, a parser will tell you the possible forms of a given word. This will help if you cant remember the endings of the paradigms, but understand their purposes. Quick Latin includes a dictionary. Latin Dictionary and Grammar Aid This program does not require that you download. You can use it for exploring- trying to figure things out on your own, since you can insert endings (a list of which is on the page) or stems. VISL Pre-analyzed Latin sentences This resource from Syddansk University seems an extremely useful program for people teaching themselves Latin, but it only deals with pre-selected sentences. It doesnt translate the Latin into English at all, but shows the relationships among words by means of tree diagrams. If you have ever tried diagramming a convoluted Latin sentence, you will understand what an imposing task this is. By means of a tree you can see how the words relate to each other; that is, you can tell that one word is part of a phrase begun by another word- like a preposition leading a prepositional phrase. The pre-selected sentences are from standard Latin authors, so you may find the help you need. Translation Service If you need more than a quick approximation of a phrase of Latin, and cant do it yourself, youll need help. There are professional, fee-charging services, like Applied Language Solutions Latin Translation Service - English to Latin Translation. Ive never used them, so I cant tell you how good they are. There are now Latin Translators, with prices spelled out up front. Both claim the lowest prices, so check. A quick look suggests theyre both right- depending on the number of words and direction of Latin language translation: The Latin TranslatorClassical Turns

The History of Samurai in Japan

The History of Samurai in Japan Samurai were a class of highly skilled warriors that arose in Japan after the Taika reforms of A.D. 646, which included land redistribution and heavy new taxes meant to support an elaborate Chinese-style empire. The reforms forced many small farmers to sell their land and work as tenant farmers. Over time, a few large landholders amassed power and wealth, creating a feudal system similar to that of  medieval Europe. To defend their riches, Japanese feudal lords hired the first samurai warriors, or bushi. Early Feudal Era Some samurai were relatives of the landowners they protected, while others were simply hired swords. The samurai code emphasized loyalty to ones master- even over family loyalty. History shows that the most loyal samurai were usually family members or financial dependents of their lords. During the 900s, the weak emperors of the Heian Era lost control of rural Japan and the country was torn apart by revolt. The emperors power was soon restricted to the capital, and across the country, the warrior class moved in to fill the power vacuum. After years of fighting, the samurai established a military government known as the shogunate. By the early 1100s, the warriors had both military and political power over much of Japan. The weak imperial line received a fatal blow to its power in 1156 when Emperor Toba died without a clear successor. His sons, Sutoku and Go-Shirakawa, fought for control in a civil war known as the Hogen Rebellion of 1156. In the end, both would-be emperors lost and the imperial office lost all its remaining power. During the civil war, the Minamoto and Taira samurai clans rose to prominence. They fought one another during the Heiji Rebellion of 1160. After their victory, the Taira established the first samurai-led government and the defeated Minamoto were banished from the capital of Kyoto. Kamakura and Early Muromachi (Ashikaga) Periods The two clans fought once more in the Genpei War of 1180 to 1185, which ended in victory for the Minamoto. Following their victory, Minamoto no Yoritomo established the Kamakura Shogunate, retaining the emperor as a figurehead. The Minamoto clan ruled much of Japan until 1333. In 1268, an external threat appeared. Kublai Khan, the Mongol ruler of Yuan China, demanded tribute from Japan, and when Kyoto refused to comply the Mongols invaded. Fortunately for Japan, a typhoon destroyed the Mongols 600 ships, and a second invasion fleet in 1281 met the same fate. Despite such incredible help from nature, the Mongol attacks cost the Kamakura dearly. Unable to offer land or riches to the samurai leaders who rallied to Japans defense, the weakened shogun faced a challenge from Emperor Go-Daigo in 1318. After being exiled in 1331, the emperor returned and overthrew the shogunate in 1333. The Kemmu Restoration of imperial power lasted only three years. In 1336, the Ashikaga shogunate under Ashikaga Takauji reasserted samurai rule, though this new shogunate was weaker than that of the Kamakura. Regional constables called daimyo developed considerable power and meddled with the shogunates line of succession. Later Muromachi Period and Restoration of Order By 1460, the daimyos  were ignoring orders from the shogun and backing different successors to the imperial throne. When the shogun, Ashikaga Yoshimasa, resigned in 1464, a dispute between backers of his younger brother and his son ignited even more intense fighting among the daimyo. In 1467, this squabbling erupted into the decade-long Onin War, in which thousands died and Kyoto was burned to the ground. The war led directly to Japans Warring States Period, or  Sengoku. Between 1467 and 1573, various daimyos led their clans in a fight for national dominance, and nearly all of the provinces were engulfed in the fighting. The Warring States Period drew to a close in 1568 when the warlord Oda Nobunaga defeated three powerful daimyos, marched into Kyoto, and had his preferred leader, Yoshiaki, installed as shogun. Nobunaga spent the next 14 years subduing other rival daimyos and quelling rebellions by fractious Buddhist monks. His grand Azuchi Castle, constructed between 1576 and 1579, became of symbol of Japanese reunification. In 1582, Nobunaga was assassinated by one of his generals, Akechi Mitsuhide. Hideyoshi, another general, finished the unification and ruled as kampaku,  or regent, invading  Korea in 1592 and 1597. The Tokugawa Shogunate of the Edo Period Hideyoshi exiled the large Tokugawa clan from the area around Kyoto to the Kanto region in eastern Japan. By 1600, Tokugawa Ieyasu had conquered the neighboring daimyo from his castle stronghold at Edo, which would one day become Tokyo. Ieyasus son, Hidetada, became shogun of the unified country in 1605, ushering in about 250 years of relative peace and stability for Japan. The strong Tokugawa shoguns domesticated the samurai, forcing them to either serve their lords in the cities or give up their swords and farm. This transformed the warriors into a class of cultured bureaucrats. The Meiji Restoration and the End of the Samurai In 1868, the Meiji Restoration signaled the beginning of the end for the samurai. The Meiji system of constitutional monarchy included such democratic reforms as term limits for public officials and popular balloting. With public support, the Meiji Emperor did away with the samurai, reduced the power of the daimyo, and changed the capitals name from Edo to Tokyo. The new government created a conscripted army in 1873. Some of the officers were drawn from the ranks of former samurai, but more of the warriors found work as police officers. In 1877, angry ex-samurai revolted against the Meiji in the Satsuma Rebellion, but they later lost the Battle of Shiroyama, bringing the era of the samurai to an end. Culture and Weapons of the Samurai The culture of the samurai was grounded in the concept of bushido, or the way of the warrior, whose central tenets are honor and freedom from fear of death. A samurai was legally entitled to cut down any commoner who failed to honor him- or her- properly. The warrior was believed to be imbued with bushido spirit. He or she was expected to fight fearlessly and die honorably rather than surrender in defeat. Out of this disregard for death came the Japanese tradition of seppuku, in which defeated warriors- and disgraced government officials- would commit suicide with honor by disemboweling themselves with a short sword. Early samurai were archers, fighting on foot or horseback with extremely long bows (yumi), and used swords mainly for finishing off wounded enemies. After the Mongol invasions of 1272 and 1281, the samurai began to make greater use of swords, poles topped by curved blades called naginata, and spears. Samurai warriors wore two swords, the katana, and the wakizashi, which were banned from use by non-samurai in the late 16th century.