How does susan hill present Arthur Kipps Essay Example

How does susan hill present Arthur Kipps Essay Jamaica It Is a little disconcerting , the laid back attitude of the hire car companies employees as we assumed a half assured Job. The first road sign we see when departing the airport Is keep left, obviously put out by the hire car company. So of course, we are driving on the left side of the road as we wheel Into the first roundabout, horns honking and Mum muttering. I tighten my settable for our rather frightening drive to Beeches Angrier Resort on the Islands west shore. Jamaican seem to drive either way too slow or much too fast. And, with one middle-passing lane shared by vehicles driving either direction, drivers seemingly enjoy playing a nervy game of who was the ballets. We do arrive safely at our all-inclusive resort and, after the drive. The cheery. Personable valet also bumps fists with me, offers the phrase Respect Moon, and hands me a fancy tropical fruit drink.. We sip our drinks, now fully relaxed on a comfy sofa in the breeze-filled Colonial-style parlor. Some more elided back employees then take away our bags and takes to our room. I have to say however that the employees ay be laid back but they must be efficient as there was no problem Moon and no worries, leaving us with no complaints. The island of Jamaica is the very essence of cool, . Lets the perfect sun destination for the family, and birth place of Bob Marled . The locals are inviting, contagiously funny, laid back, naturally warm, friendly and themselves content with what they have, even when they are trying to sell you carved mahogany trinkets or, on one occasion when we took stroll off resort property, a little bit of Marijuana. We will write a custom essay sample on How does susan hill present Arthur Kipps specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on How does susan hill present Arthur Kipps specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on How does susan hill present Arthur Kipps specifically for you FOR ONLY $16.38 $13.9/page Hire Writer To keep busy, the resort allows for outdoor games of shuffle board, basketball or Crazy golf and offers indoor pool tables and a games room, Billiards In the pool, gliding down watersides or bellying up to a poolside bar for a cocktail are enjoyable pastimes. Guests can also scuba dive and explore the vast biodiversity of life as it Is Included In the price of your stay, so you may as well make the most of It. The guides are again laid back but only because they make the situation comfortable for themselves. For example strapping a tank to my back , comfort you with the words youll be k Moon and throwing me In. If you Like heights, a circus troupe oversees trapeze lessons, or you can clamber up the rock-climbing wall. The food. Once you ignored that the resort was mostly full of Americans. Who piled cheese and syrup on there bacon at breakfast, was amazing. Ribs, Fish, Pizza anything you dreamed of the chef would make, and to show our gratitude we passed him a hefty tip under the hotels no tip policy. Will have left feeling it was money well spent.

Sentirse Conjugation in Spanish, Translation, and Examples

Sentirse Conjugation in Spanish, Translation, and Examples The verb sentirse is a reflexive verb that means to feel. It is used to talk about how someone feels psychologically or physically. For example, Me siento feliz (I feel happy) or Nos sentimos cansados (We feel tired). This verb can also be used as a non-reflexive verb, sentir, in which case it can have several different meanings. It can mean to feel or sense something, and sometimes it can even mean to taste or hear something. For example, Siento el viento en mi cara (I feel the wind on my face) or Siento sabor a chocolate en la bebida (I taste chocolate flavor in the beverage). Sentir can also mean to be sorry, as in the common expression lo siento (Im sorry) or Siento que hayamos llegado tarde (Im sorry that we arrived late). Sentirse Conjugation Since sentirse is most often used in its reflexive form, this article includes sentirse conjugations including the reflexive pronouns in the indicative mood (present, past, conditional, and future), the subjunctive mood (present and past), the imperative mood, and other verb forms. Notice that sentirse is a stem-changing verb. This means that in some conjugations, when the vowel of the stem is in a stressed syllable, the e changes to ie and sometimes i. For example, the present tense first person singular conjugation is me siento, and the preterite third person conjugation singular conjugation is se sintià ³. When conjugating sentirse, make sure to avoid confusion with the verb sentarse (to sit down), which has a very similar conjugation. Present Indicative When conjugating a reflexive verb, you must always include the reflexive pronoun before each conjugated verb. In the present tense, the stem change e to ie occurs in all the conjugations except nosotros and vosotros. Yo me siento Yo me siento feliz con mi familia. I feel happy with my family. Tà º te sientes Tà º te sientes cansada al final del dà ­a. You feel tired at the end of the day. Usted/à ©l/ella se siente Ella se siente triste por la mala noticia. She feels sad because of the bad news. Nosotros nos sentimos Nosotros nos sentimos emocionados por el triunfo del equipo. We feel excited about the team's victory. Vosotros os sentà ­s Vosotros os sentà ­s enfermos despuà ©s de comer mucho. You feel sick after eating too much. Ustedes/ellos/ellas se sienten Ellos se sienten relajados en la playa. They feel relaxed at the beach. Preterite Indicative You can use the preterite tense to describe completed actions in the past. In the preterite, there is a stem change e to i only for the third person singular and plural conjugations. Yo me sentà ­ Yo me sentà ­ feliz con mi familia. I felt happy with my family. Tà º te sentiste Tà º te sentiste cansada al final del dà ­a. You felt tired at the end of the day. Usted/à ©l/ella se sintià ³ Ella se sintià ³ triste por la mala noticia. She felt sad because of the bad news. Nosotros nos sentimos Nosotros nos sentimos emocionados por el triunfo del equipo. We felt excited about the team's victory. Vosotros os sentisteis Vosotros os sentisteis enfermos despuà ©s de comer mucho. You felt sick after eating too much. Ustedes/ellos/ellas se sintieron Ellos se sintieron relajados en la playa. They felt relaxed at the beach. Imperfect Indicative You can use the imperfect tense to describe actions in the past that were ongoing or repeated. It can be translated as was feeling or used to feel. There are no stem changes in the imperfect. Yo me sentà ­a Yo me sentà ­a feliz con mi familia. I used to feel happy with my family. Tà º te sentà ­as Tà º te sentà ­as cansada al final del dà ­a. You used to feel tired at the end of the day. Usted/à ©l/ella se sentà ­a Ella se sentà ­a triste por la mala noticia. She used to feel sad because of the bad news. Nosotros nos sentà ­amos Nosotros nos sentà ­amos emocionados por el triunfo del equipo. We used to feel excited about the team's victory. Vosotros os sentà ­ais Vosotros os sentà ­ais enfermos despuà ©s de comer mucho. You used to feel sick after eating too much. Ustedes/ellos/ellas se sentà ­an Ellos se sentà ­an relajados en la playa. They used to feel relaxed at the beach. Future Indicative The future tense is conjugated with the infinitive form and the future tense endings (à ©, s, , emos, à ©is, n). There are no stem changes in the future tense, since the base for this conjugation is the complete infinitive, sentir. Yo me sentirà © Yo me sentirà © feliz con mi familia. I will feel happy with my family. Tà º te sentirs Tà º te sentirs cansada al final del dà ­a. You will feel tired at the end of the day. Usted/à ©l/ella se sentir Ella se sentirtriste por la mala noticia. She will feel sad because of the bad news. Nosotros nos sentiremos Nosotros nos sentiremos emocionados por el triunfo del equipo. We will feel excited about the team's victory. Vosotros os sentirà ©is Vosotros os sentirà ©is enfermos despuà ©s de comer mucho. You will feel sick after eating too much. Ustedes/ellos/ellas se sentirn Ellos se sentirn relajados en la playa. They will feel relaxed at the beach. Periphrastic  Future Indicative   The periphrastic future tense consists of three components, the verb ir (to go), the preposition a, and the infinitive sentir. The reflexive pronoun should be placed before the conjugated verb ir (to go). Yo me voy a sentir Yo me voy a sentir feliz con mi familia. I am going to feel happy with my family. Tà º te vas a sentir Tà º te vasa sentir cansada al final del dà ­a. You aregoing to feel tired at the end of the day. Usted/à ©l/ella se va a sentir Ella se vaa sentir triste por la mala noticia. She isgoing to feel sad because of the bad news. Nosotros nos vamos a sentir Nosotros nos vamosa sentir emocionados por el triunfo del equipo. We aregoing to feel excited about the team's victory. Vosotros os vais a sentir Vosotros os vaisa sentir enfermos despuà ©s de comer mucho. You aregoing to feel sick after eating too much. Ustedes/ellos/ellas se van a sentir Ellos se vana sentir relajados en la playa. They aregoing to feel relaxed at the beach. Present Progressive/Gerund Form The gerund or present participle can be used as an adverb or to form progressive tenses like the present progressive. For reflexive verbs in progressive tenses there are two options for placing the reflexive pronoun: before the conjugated auxiliary verb estar, or attached to the end of the present participle. Notice that the gerund for sentir has the stem change e to i. Present Progressive ofSentirse se est sintiendo / est sintià ©ndose Ella se est sintiendo triste por la mala noticia. She is feeling sad because of the bad news. Past Participle The past participle can be used in perfect tenses like the present perfect. Note that the reflexive pronoun has to go before the conjugated auxiliary verb haber. Present Perfect of Sentirse se ha sentido Ella se ha sentido triste por la mala noticia. She has felt sad because of the bad news. Conditional Indicative The conditional tense is usually translated as would verb. Yo me sentirà ­a Yo me sentirà ­a feliz con mi familia si nos llevramos bien. I would feel happy with my family if we got along. Tà º te sentirà ­as Tà º te sentirà ­as cansada al final del dà ­a si hicieras ejercicio. You would feel tired at the end of the day if you worked out. Usted/à ©l/ella se sentirà ­a Ella se sentirà ­atriste por la mala noticia, pero no tiene sentimientos. She would feel sad because of the bad news, but she has no feelings. Nosotros nos sentirà ­amos Nosotros nos sentirà ­amos emocionados por el triunfo del equipo si ganramos. We would feel excited about the team's victory if we won. Vosotros os sentirà ­ais Vosotros os sentirà ­ais enfermos despuà ©s de comer mucho, pero comisteis comida liviana. You would feel sick after eating too much, but you ate light food. Ustedes/ellos/ellas se sentirà ­an Ellos se sentirà ­an relajados en la playa si pudieran descansar. They would feel relaxed at the beach if they could rest. Present Subjunctive Notice that in the present subjunctive all the conjugations have a stem change. However, the nosotros and vosotros conjugations only change from e to i, while the rest change from e to ie. Que yo me sienta Mi padre espera que yo me sienta feliz con mi familia. My father hopes that I feel happy with my family. Que tà º te sientas El jefe espera que que tà º no te sientas cansada al final del dà ­a. The boss hopes that you do not feel tired at the end of the day. Que usted/à ©l/ella sesienta Eric espera que ella no se sienta triste por la mala noticia. Eric hopes that she doesn't feel sad because of the bad news. Que nosotros nos sintamos El entrenador sugiere que nosotros nos sintamos emocionados por el triunfo del equipo. The coach suggests that we feel excited about the team's victory. Que vosotros os sintis Laura espera que vosotros no os sintis enfermos despuà ©s de comer mucho. Laura hopes that you don't feel sick after eating too much. Que ustedes/ellos/ellas sesientan David recomienda que ellas se sientan relajadas en la playa. David recommends that they feel relaxed at the beach. Imperfect Subjunctive You can conjugate the imperfect subjunctive in two different ways; both forms require the stem change e to i. Option 1 Que yo me sintiera Mi padre esperaba que yo me sintiera feliz con mi familia. My father hoped that I would feel happy with my family. Que tà º te sintieras El jefe esperaba que tà º no te sintieras cansada al final del dà ­a. The boss hoped that you did not feel tired at the end of the day. Que usted/à ©l/ella sesintiera Eric esperaba que ella no se sintiera triste por la mala noticia. Eric hoped that she didn't feel sad because of the bad news. Que nosotros nos sintià ©ramos El entrenador sugerà ­a que nosotros nos sintià ©ramos emocionados por el triunfo del equipo. The coach suggested that we feel excited about the team's victory. Que vosotros os sintierais Laura esperaba que vosotros no os sintierais enfermos despuà ©s de comer mucho. Laura hoped that you didn't feel sick after eating too much. Que ustedes/ellos/ellas sesintieran David recomendaba que ellas se sintieran relajadas en la playa. David recommended that they feel relaxed at the beach. Option 2ï » ¿ Que yo me sintiese Mi padre esperaba que yo me sintiese feliz con mi familia. My father hoped that I would feel happy with my family. Que tà º te sintieses El jefe esperaba que que tà º no te sintieses cansada al final del dà ­a. The boss hoped that you did not feel tired at the end of the day. Que usted/à ©l/ella sesintiese Eric esperaba que ella no se sintiese triste por la mala noticia. Eric hoped that she didn't feel sad because of the bad news. Que nosotros nos sintià ©semos El entrenador sugerà ­a que nosotros nos sintià ©semos emocionados por el triunfo del equipo. The coach suggested that we feel excited about the team's victory. Que vosotros os sintieseis Laura esperaba que vosotros no os sintieseis enfermos despuà ©s de comer mucho. Laura hoped that you didn't feel sick after eating too much. Que ustedes/ellos/ellas sesintiesen David recomendaba que ellas se sintiesen relajadas en la playa. David recommended that they feel relaxed at the beach. Sentirse Imperative To give direct orders or commands you can use the imperative mood. For reflexive verbs you must be careful where the pronoun is placed: in positive commands, it goes after the verb, while in negative commands, it goes before the verb. Positive Commands Tà º sià ©ntete  ¡Sià ©ntete cansado al final del dà ­a! Feel tired at the end of the day! Usted sià ©ntase  ¡Sià ©ntase triste por la mala noticia! Feel sad because of the bad news! Nosotros sintmonos  ¡Sintmonos emocionados por el triunfo del equipo! Let's feel excited about the team's victory! Vosotros sentidos  ¡Sentidos enfermos despuà ©s de comer mucho! Feel sick after eating too much! Ustedes sià ©ntanse  ¡Sià ©ntanse relajados en la playa! Feel relaxed at the beach! Negative Commands Tà º no te sientas  ¡No te sientas cansado al final del dà ­a! Don't feel tired at the end of the day! Usted no se sienta  ¡No se sienta triste por la mala noticia! Don't feel sad because of the bad news! Nosotros no nos sintamos  ¡No nos sintamos emocionados por el triunfo del equipo! Let's not feel excited about the team's victory! Vosotros no os sintis  ¡No os sintis enfermos despuà ©s de comer mucho! Don't feel sick after eating too much! Ustedes no se sientan  ¡No se sientan relajados en la playa! Don't feel relaxed at the beach!

The History of Eye Shadow Research Paper Example | Topics and Well Written Essays - 500 words

The History of Eye Shadow - Research Paper Example Ancient people were limited in the amount of ingredients they could include in their cosmetic recipes. For this cause, the range of eye shadow colors available was very limited. Often, people either did or did not wear this cosmetic. There was no choice of color. However the limitations on eye shadow colors was not to remain. As the focus on beauty is something that has perpetuated though many generations in a variety of cultures, cosmetics were fated to evolve and improved. In many cultures wearing makeup was a status symbol. In the 7th and 8th century Greeks found that they could wear shades of blue and green eye shadow by using lapiz lazuli and Malachite, which are stones, as a main ingredient (An Eye Shadow History, n.d.). Those in Japan during the 11th Century found that they could manipulate the color of their eye shadow by using different color flower petals. Oddly enough, in ancient Japan they used bird droppings as one of the ingredients. The ancient Egyptian’s use of eye shadow is very famous. They are often depicted wearing bold dark liner that surrounds their eyes and flows up to their temple of their heads. The knowledge of the Egyptians’’ makeup practices are so well known that one can be shown a picture of someone wearing Egyptian style eye shadow and quickly identify the person depicted to be Egyptian. In fact, makeup and cosmetics were so important in ancient Egypt that often people were buried with a sizable supply.

Should America have stronger gun control laws LogicCritical Thinking Essay

Should America have stronger gun control laws LogicCritical Thinking - Essay Example Unfortunately many forget the main reason the amendment was created and the necessity for citizens to have a way to stand up to and protect themselves from their government in case it turns against them. The right to bear arms is essential to living in a free country. If the citizens give up their rights to own firearms they, to a certain degree, are giving up their freedom. As part of living in a democracy citizens must ensure that their government is putting the needs of the people first. It is the citizen's responsibility to defend their freedoms, and when worst comes to worst, to revolt against an overbearing government. Therefore, the decision to give up the right to bear arms should only be considered after deep scrutiny and a full understanding of the consequences, with a possible loss of one's freedom as a result. According to George Mason, one of the coauthors of the Second Amendment, "To disarm the people is the best and most effectual way to enslave them" (W.A.T.E.R. 44). This sentiment is shared by many American citizens, especially with those who are members of the National Rifle Association. While widely recognized today as a major political force and as America's foremost defender of Second Amendment rights, the NRA has, "Since its inception, been the premier firearms education organization in the world" (NRA.org). Members of the NRA help to educate citizens on the proper use of firearms whether it is for sport or for protection. The idea that without guns people will be unprotected comes from the revolutionary war in which America was created. Despite the needs and wants of the American settlers, the British government insisted that its laws and ways of life continued to be followed even though they knew that they were not in their citizen's best interests. In order to escape the over bearing and corrupt British government the American settlers had no choice but to revolt. They needed guns in order to stand up to the British and to defend their rights as citizens and human beings. "One of the democratic rights of the United States, the Second Amendment to the Constitution gives the people the right to bear arms. However, there is a greater right: "the right of human dignity that gives all men the right to defend themselves," (W.A.T.E.R. 44). Many citizens share in Black Panther cofounder Huey P. Newton's thoughts believing that without guns they are giving up their freedom and in turn everything that their country stands for. History only strengthens this fear as citizens look to the past to learn that they must be responsible for their own lives. For example many look back to slavery and see that without a way to defend oneself anyone can become a slave, or the Nazi concentrations camps were guns were taken out of the hands of the people and they were left with no way to fight back. Newton says, "If the guns are taken out of the hands of the people and only the pigs have guns, then it's off to the concentration camps, the gas chambers or whatever the fascists in America come up with" (W.A.T.E.R. 44). For gun supporters and members of the NRA it is often hard to understand the opposing opinions of citizens who side with anti gun groups. "The National Rifle Association people are quite right to be suspicious of the designs of the gun controllers. It is absolutely true that there are people around who,

Managing hypoglycemia in primary care as a practice nurse Essay

Managing hypoglycemia in primary care as a practice nurse - Essay Example Many patients opt to increase their food intake to an extent where hyperglycemia becomes inevitable. Others respond by being psychologically upset which in turn compromises their quality of lif e. Long-term consequences may include a less productive lifestyle coupled with feelings of anxiety and fear. Glucose acts as the primary fuel for the large variety of functions that nervous system performs. Despite the fact that glucose is vital for neuronal survival, the local storage of glucose within the substance of brain is limited; astrocytes contain glycogen which may produce glucose for a very limited period of time. For this reason, neuronal survival is mainly dependent upon a sustained supply of glucose through the blood brain barrier. Consequently, brain becomes one of the primary targets of hypoglycemia and suffers the first insult when blood glucose level starts to fall below a certain level (65 mg/dl). Irregular electrical activity at neuronal level may precipitate seizures when the level falls below 40mg/dl. Neuronal electrical activity ceases to exist when blood glucose level is below the 10mg/dl range (Ahrens et al, 2010). Since the control mechanism related to glycemia is affected in diabetes, it is common for diabetics to encounter hypoglycemic events due to reduced food intake, altered level of activity or overuse of glucose-lowering drugs. In severe cases, hypoglycemia may bring forth worst prognostic outcomes like coma or death. Due to the fact that different symptoms like hunger, irritability or anxiety are often attributed to hypoglycemia by health care workers without documenting actual hypoglycemia, the exact incidence of hypoglycemia cannot be determined with certainty. Among people presenting with symptoms suggestive of hypoglycemia, only 5-10% are actually hypoglycemic i.e. blood sugar levels below 50 mg/dL. Moreover, the incidence

The Modigliani-Miller Proposition I Theory (MM I)

The Modigliani-Miller Proposition I Theory (MM I) 1. Introduction According to many research of corporation finance, the capital structure decision is one of the most fundamental issues facing to the executives and management level. The corporate finance is a specific area of finance dealing with the financial decisions corporations make and the tools as well as analysis used to make these decisions. The discipline as a whole may be divided among long-term and short-term decisions and techniques with the primary goal being maximizing corporate value while managing the firms financial risks. Capital investment decisions are long-term choices that investment with equity or debt, and the short-term decisions deals with the balance of current assets and current liabilities which is managing cash, inventories, and short-term borrowing and lending. Corporate finance can be defined as the theory, process and techniques that corporations use to make the investing, financing and dividend decisions that ultimately contribute to maximizing corporate value.Thu s, a corporation will first decide in which projects to invest, then it will figure out how to finance them, and finally, it will decide how much money, if any, to give back to the owners. All these three dimensions which are investing, financing and distributing dividends are interrelated and mutually dependent. The capital structure of a company refers to a combination of debt, preferred stock, and common stock of finance that it uses to fund its long-term financing. Equity and debt capital are the two major sources of long-term funds for a firm. The theory of capital structure is closely related to the firms cost of capital. As the enterprises to obtain funds need to pay some costs, the cost of capital in the investment activities is also the main consideration of rate of return. The weighted average cost of capital (WACC) is the expected rate of return on the market value of all of the firms securities. WACC depends on the mix of different securities in the capital structure; a change in the mix of different securities in the capital structure will cause a change in the WACC. Thus, there will be a mix of different securities in the capital structure at which WACC will be the least. The decision regarding the capital structure is based on the objective of achieving the maximization of shar eholders wealth. With regard to the capital structure of the theoretical basis, most well-known theory is Modigliani-Miller theorem of Franco Modigliani and Merton H.Miller (1958 and 1963). Yet the seeming simple question as to how firms should best finance their fixed assets remains a contentious issue. 2. Modigliani-Miller Proposition I The Modigliani-Miller Proposition I Theory (MM I) states that under a certain market price process, in the absence of taxes, no transaction costs, no asymmetric information and in an perfect market, the cost of capital and the value of the firm are not affected by the changed in capital structure. The firms value is determined by its real assets, not by the securities it issues. In other words, capital structure decisions are irrelevant as long as the firms investment decisions are taken as given. The Modigliani and Miller (1958) explained the theorem was originally proven under the assumption of no taxes. It is made up of two propositions that are (i) the overall cost of capital and the value of the firm are independent of the capital structure. The total market value of the firm is given by capitalizing the expected net operating income by the rate appropriate for that risk class. (ii) The financial risk increase with more debt content in the capital structure. As a result, cost of equity increases in a manner to offset exactly the low cost advantage of debt. Hence, overall cost of capital remains the same. The assumptions of the MM theory are: 1. There is a perfect capital market. Capital markets are perfect when investors are free to buy and sell securities investors can trade without restrictions and can borrow or lend funds on the same terms as the firms do investors behave rationally investors have an equal access to all relevant information capital markets are efficient no costs of financial distress and liquidation there are no taxes 2. Firms can be classified into homogeneous business risk classes. All the firms in the same risk class will have the same degree of financial risk. 3. All investors have the same view for the investment, profits and dividends in the future; they have the same expectation of a firms net operating income. 4. The dividend payout ration is 100%, which means there are no retained earnings. In the absence of tax world, base on MM Proposition I, the value of the firm is unaffected by its capital structure. In other words, regardless of whether a company has liabilities, the total risk of its securities holders will not change even the capital structure is changed. As the weighted average cost of capital unchanged, so must the same as the total value of the company. That is VL = VU = EBIT/ requity where VL is the value of a levered firm = price of buying a firm that is composed of some mix of debt and equity, VU is the value of an unlevered firm = price of buying a firm composed only of equity and EBIT is earnings before interest and tax. Whether or not the company has loans or the loans for high or low, investors are all accessible through the following two kinds of investment on their own to create the desired type of earning. 1. direct invested in the companys stock borrowing 2. if shares of levered firms are priced too high, investors will try to take advantage of borrowing on their own and use the money to buy shares in unlevered firms. The use of debt by the investors is known as homemade leverage. The investors of homemade leverage can obtain the same return as the levered firms, therefore, for investors; the value of the firm is not affected by debt-equity mix. The MM Proposition I assumptions are quite unrealistic, there have some implications, (i) Capital structure is irrelevant to shareholder wealth maximization. (ii) The value of the firm is determined by the firms capital budgeting decisions. (iii) Increasing the extent to which a firm relies on debt increases both the risk and the expected return to equity but not the price per share. (iv) Milton Harris and Artur Raviv (1991) illustrated the asymmetric information that firm managers or insiders are assumed to possess private information about the characteristics of the firms return stream or investment opportunities. They will know more about their companies prospects, risks and values than do outside investors. Then it cannot fulfill the assumption of perfect market. Based on the inadequate of MM Proposition I, Franco Modigliani and Merton H.Miller revised their theory in 1963, which is MM Proposition II. 3. Modigliani-Miller Proposition II The Modigliani-Miller Proposition II Theory (MM II) defines cost of equity is a linear function of the firms debt/equity-ratio. According to them, for any firm in a given risk class, the cost of equity is equal to the constant average cost of capital plus a premium for the financial risk, which is equal to debt/equity ratio times the spread between average cost and cost of debt. Also Modigliani and Miller (1963) recognized the importance of the existence of corporate taxes. Accordingly, they agreed that the value of the firm will increase or the cost of capital will decrease with the use of debt due to tax deductibility of interest charges. Thus, the value of corporation can be achieved by maximizing debt component in the capital structure. This theory of capital structure for the study provided an important and analytical framework. According to this approach, value of a firm is VL = VU = EBIT (1-T) / requity + TD where TD is tax savings. MM Proposition II is assuming that the tax s hield effect of each is the same, and continued in sight. Leverage firms are increased in interest expense due to reduced tax liability, has also increased the allocation to the shareholders and creditors of the cash flow. The above formula can be deduced from the company debt the more the greater the tax saving benefits, the greater the value of the company. The revised capital structure of the MM Proposition II, pointed out that the existence of tax shield in a perfect capital market conditions cannot be reached, in an imperfect financial market, the capital structure changes will affect the companys value. Therefore, the value and cost of capital of corporation with the capital structure changes in different leverage, the value of the levered firm will exceed the value of the unlevered firm. MM Proposition theory suggests that the higher the debt ratio is more favorable to corporate, but though borrowing adds an interest tax shield it may lead to costs of financial distress. Financial distress occurs when promises to creditors are broken or honored with difficulty. Financial distress may lead to bankruptcy. The trade-off theory of capital structure theory in MM based on the added risk of bankruptcy and further improves the capital structure theory, to make it more practical significance. 3.1 Trade-off Theory of capital structure According to Myers (1984), a firm that follows the trade-off theory sets a target debt to value ratio and then gradually moves towards the target. The target is determined by balancing the tax benefits of using debt against costs of financial distress that rise at an increasing rate with the use of leverage. It so predicts moderate amount of debt as optimal. But there is evidence that the most profitable firm in an industry tend to borrow the least, while their probability of entering in financial distress seems to be very low. This fact contradicts the theory because if the distress risk is low, an increase of debt has a favorable tax effect. Under the trade-off theory, high profits should mean more debt-servicing capacity and more taxable income to shield and therefore should result in a higher debt ratio. 3.2 Pecking Order Theory of capital structure The pecking order theory stems from Myers (1984) argues that adverse selection implies that retained earnings are better than debt and debt is better than equity. Firms prefer internal finance and if external finance is required, firms issue debt first and issue equity only as a last resort. The pecking order explains why the most profitable firms generally borrow less because they have low target debt ratios but they dont need outside money. As in Baskin (1989), asymmetric information affects capital structure by limiting access to outside finance. Managers know more than outside investors about the profitability and prospects of the firm. Information problems are particularly acute with common stock, announcement of stock issue can drive down the stock price. 4. Conclusion The capital structure decision is one of the most fundamental issues in corporate finance. Regardless of which kind of capital structure, to achieve one of the most optimal capital structures, the company should be mixture of equity and debt and it cannot only focus on equity or debt. Equity is a cushion and debt is a sword, debt is always cheaper than equity, partly because lenders bear less risk and partly because of the tax advantage associated with debt. In general, there are differences in the capital structures of different industries; they are having their own characteristic. The most important thing is the companys liquidity is sufficient or not. In making the decision of how to allocate the fund in which type of assets, the company has to consider and compare the different factors such as NPV, IRR and payback period. In evaluating the NPV, IRR and payback period, cash inflow is fund of the vital element. Therefore the company should know how to obtain the financing and how t o invest it. They should carefully to allocate their resources to maximize the firm value. References: Baskin, J. (1989) An empirical investigation of the pecking order hypothesis, Financial Management, Vol. 18, pp.26-35 Harris, M. and Raviv, A. (1991) The theory of Optimal capital structure, Journal of Finance, Vol. 48, pp.297-356 Merton H. Miller. (1977) Debt and Taxes, Journal of Finance, Vol. 2, pp.261-275 Modigliani, F and Miller, M.H. (1958) The cost of capital, corporation finance and the theory of investment, The American Economic Review, Vol. 48, pp.261-97 Modigliani, F. and Miller, M.H. (1963) Corporate income taxes and the cost of capital: A correction, The American Economic Review, Vol. 53, pp.433-443 Myers, S.C. (1977) Determinants of corporate borrowing, Journal of Financial Economics, Vol. 5, pp.146-75 Myers, S.C. (1984) The capital structure puzzle, Journal of Finance, Vol. 39, pp.575-592

Simulation Proliferation and the City Essay examples -- Essays Papers

Simulation Proliferation and the City Mr. Hand wears all black, is tall, thin, and pale. He floats around a dark city and ends far too many lines with a creepy self-affirming â€Å"yesss.† In Dark City (Alex Proyas 1998) we see over and over again indications of the tropes and repetitions that make up the urban/filmic imagination. Not quite vampires, not quite grey aliens, not quite business men, not quite religious, not quite serial murderers, Mr. Hand and the other Strangers seem to be archetypal characters of the city. Is the imagination a domesticating function, territorializing wild occurrence and happenstance into termed rearrangements of what has come before? Or is it an explosive and infinite fountain of creativity? Modern metropolises and imagination present themselves together in such films as mutually helpful tools for inspecting one another – but my effort is to use the city to discuss several imaginations. As is only obvious enough from one city dweller talking to another, imagination (m oreso than representation or memory) is home to the ever changing city. Conversely, however, the city enables a specific citified imagination, with its own structure and economy. To begin, though, I want to interrogate, as a point of departure, the philosophy of fantasy in a highly commercial, idyllic, anti-city movie. Those lucky children of the 80’s witnessed the depiction and eventual summarization of the relation between fantasy, imagination, fiction, story, and control in the politico-creative manifesto, The Neverending Story (Wolfgang Peterson 1984). In the movie, Sebastian (a somewhat troubled young boy) reads a book (whose unfolding is the main content of the screen) and is then implicated in the collapse of a fantas... ...gination can be spoken of as a discourse that is ultimately just about itself: it is only by imagination that one imagination is to discover anything about the next – yet this ethereality is not only not troubling for the stability of simulation, but itself stabilized by the overproduction of simulacra such that its processing is pressured into sheer reactive creativity. The strikingly bizarre and symptomatically fascinating point, though, is why imagination might have almost anything at all to do with simulation, but this is just the predominant strength of an imagination over its inscription, by representation, into broader circulating winds of reality: its apparent nihilism. -------------------------------------------------------------------------------- [1] Ã… ½iÃ… ¾ek, Slavoj. â€Å"Passion in the Era of Decaffeinated Belief.† Thy Symptom Issue 5, Winter 2004.