Quotes Essay Example | Topics and Well Written Essays - 500 words - 2

Quotes - Essay Example To give some leeway to the other side of the argument, there is certainly a cost associated with getting an education since college is not cheap. It is not really easy to fund a degree since it may require an individual to take out loans, put in their time as well as effort and eventually get a degree that confirms their going to college and obtaining the required training. However, that process in and of itself is such a beneficial training for life that many employers require college education and also ask for higher degrees for higher positions within the same organization. Of course, such an education becomes rewarding since it allows a person to be greater than what they would have been had they not got their required educational qualifications. Overall, I feel that the process of education may be with its ups and downs but the overall affect of the process can not be considered a negative one. In fact, it becomes so positive that the whole process remains a good experience for those who are willing to undertake it. I fully agree with the statement since hope is perhaps the only thing which keeps us alive. Even Shakespeare suggested that in some cases it might be easier to give in to the thousands of sorrows that mortal flesh is heir to yet perhaps it is nobler to remain steadfast against them with hope that one can oppose and overcome them. It is hope for a better tomorrow which keeps us fighting against impossible odds and a hope for a better world which allows us to continue working towards some impossible goal. Without hope, it is unlikely that a person could simply go on living just to stay alive. I feel that the human spirit needs hope since it allows them to look at the future and see a silver lining even if there isn’t one. Without hope, we can actually fall prey to mental diseases which may manifest them as physical ailments or mental ailments

CORPORATE FINANCE Essay Example | Topics and Well Written Essays - 1500 words

CORPORATE FINANCE - Essay Example It had been generally assumed that there is an optimal mixture of debt and equity in a firm's capital structure that results in a shallow, U-shaped average cost-of-capital curve. That is to say, the market value of the firm will rise to a point with an increase in the debt ratio. Beyond that point, any increase in the debt ratio will cause the market value of the firm to decline. (Ariff and Lau, p. 391-410) Precisely, the traditional view states that capital structure may impact the cost of capital and in that way influence the value of a firm. It holds that the reasonable or rational use of leverage will decrease the total cost of capital primarily and therefore also add to value. When leverage turns out to be excessively high, beyond an optimal point, the cost of capital will begin to increase and hence the value will decline. There is no specific recognition of how to measure either a moderate or reasonable or optimal capital structure (Ariff and Hassan, p. 11). Some have accepted a moving average of historical capital structure; others have accepted an industry ratio. This concept is depicted through Figure 1 below: Although the traditional view appears to be substantially correct in relation to recognized real world behavior of capital structure, it suffers from lack of rigorous proof. ... b) The Independence Hypothesis: Modigliani and Miller (1958) Modigliani and miller 1were the first to develop a modern theory of capital structure supported by rigorous mathematical proof. The M&M (1958) theory is based on several simplifying assumptions: i. Perfect and frictionless capital markets with investors that behave rationally; ii. Individuals can borrow and lend at the same interest rate regardless the amounts; iii. No corporate or personal income taxes' iv. The firm's cost of equity depends upon its business risk class; v. Firms issue only risk-free debt and risk equity, and thus there are no bankruptcy costs; vi. Operating earnings of the firm are not expected to grow. The original M&M theory holds that the average cost of capital is independent of the firm's capital structure and equal to the capitalization rate of an unlevered stream of earnings at the capitalization rate appropriate to its risk class. As a result, the total market value of the firm is independent of its capital structure. Figure 2: Adopted from figure 5 Maugham, 2000, p.1 The original M&M result was obtained assuming perfect capital markets. Subsequent literature has relaxed the underlying assumptions of M&M's 1958 model. Stiglitz (1969) proved, using a state preference framework that the M&M result (1958) holds with risky debt, so long as there are no bankruptcy costs. Hamada (1969), using the CAMP, showed that the M&M result (1958) holds in a world where assets are allowed to have different risk classes. Mossin (1969), using a modified version of Sharpe's single-period asset valuation model, showed that in tax less, frictionless markets where there is no possibility that the firm will go bankrupt, changes in its debt-equity ratio will not alter the total market value of

Middle-East and North Africa Countries Case Study

Middle-East and North Africa Countries - Case Study Example The economic milieu in these countries reflected the need for empowerment. World Bank and IMF took the initiative to address the economic issue of these countries and had has taken financial programs for assistance. The MENA conferences held every year aims at providing sound regional economic reforms for these countries in order to strengthen their economic potential. The chief objective of these conferences is to create a business-friendly climate through boosting of international and regional investment. IMF and World Bank strongly believe that the prime challenge faced by MENA countries is the improvement of economic environment for private sector investment. Hence all the programs are designed to boost the private investment in this region. The IMF reforms designed for the MENA region follows a well calculated road towards global integration of these countries. In the beginning the reforms will help to stabilize the macroeconomic conditions within the countries. The next step will be designing reforms that helps to enhance the efficiency of domestic economy. And finally the countries will be competent enough to compete in the global markets. IMF has assisted the countries in MENA region with the ideas for improving the fiscal management of the countries. Some of the notable reforms implemented regarding this issue are implementation of Value Added Tax (VAT) in the countries like Lebanon, Sudan and Islamic Republic of Mauritania, implementing reforms for income taxation especially in the countries of Saudi Arabia, Yemen, and Pakistan. Development of Financial Market The financial market within the countries of this region needs a radical development. In order to address this issue, Financial Sector Assessment Programs (FSAP) has been launched in 1999 by World Bank and IMF. Building up a resilient and well-regulated economy is imperative in order to establish the macroeconomic stability. The FSAP which is a joint effort by IMF and World Bank was launched with the vision of boosting the efforts taken in these countries for financial soundness. According to the prescribed terms of FSAP, IMF conducts the financial assessments of these countries to gauge their macroeconomic stability. According to the Financial System Stability Assessment (FSSA), probable risks for the country's economy are found out and the nation's ability to absorb macroeconomic shocks is assessed. Improving Transparency and Governance The joint effort of IMF and World Bank to improve the economic conditions of the countries in MENA region included a considerable attention on the quality of governance that prevails there. The economic policies of these countries are examined by comparing them with the international set of standards. IMF publishes the reports after examining the countries on Observance of Standards and Codes (ROSC). There are

The concept of the efficient market hypothesis Essay

The concept of the efficient market hypothesis - Essay Example Furthermore, the change in the currently set prices are would only arise once the new information would land into the market (Ullrich & Ullrich, 2009). The definition of Malkiel (1992; 2003) can be stated as the comprehensive version of the Jensen’s (1978; 1969) idea. Jensen (1978) clearly defined the market efficiency as the state of the market where incremental profits cannot be made by incorporating element of exclusive information in the trading strategies (Timmermann & Granger, 2004).Clearly, the definition put forward by the Malkiel (1992) has three points of emphasis for determining the market as efficient. First, the importance attributed to the information in pricing the units in the financial market. Second factor of emphasis in the definition refers to the capability of the stock market trader or the participants to exploit the exclusive information for generating additional economic profits. Finally, the yardstick to measure the efficiency of market with respect to EMH in term of risk adjusted return net of additional transaction cost (Timmermann & Granger, 2004).Unlike the definitions presented by Jensen (1978) and Malkiel (1992), the proposition concept put forwards by the Fama has many limitations. In fact, Fama was self well aware of the vague component as the fully reflect does not determine any standards for empirical tests (Guerrien & Gun, 2011). LeRoy (1976: 1989) was first to claim the lacking in the definition of the Fama and claimed that definition of the market efficiency.... The definition of Malkiel (1992; 2003) can be stated as the comprehensive version of the Jensen’s (1978; 1969) idea. Jensen (1978) clearly defined the market efficiency as the state of the market where incremental profits cannot be made by incorporating element of exclusive information in the trading strategies (Timmermann & Granger, 2004). Clearly, the definition put forward by the Malkiel (1992) has three points of emphasis for determining the market as efficient. First, the importance attributed to the information in pricing the units in the financial market. Second factor of emphasis in the definition refers to the capability of the stock market trader or the participants to exploit the exclusive information for generating additional economic profits. Finally, the yardstick to measure the efficiency of market with respect to EMH in term of risk adjusted return net of additional transaction cost (Timmermann & Granger, 2004). Unlike the definitions presented by Jensen (1978) and Malkiel (1992), the proposition concept put forwards by the Fama has many limitations. In fact, Fama was self well aware of the vague component as the fully reflect does not determine any standards for empirical tests (Guerrien & Gun, 2011). LeRoy (1976: 1989) was first to claim the lacking in the definition of the Fama and claimed that definition of the market efficiency as the repetition of same concept in different dimension. The criticism from LeRoy (1976) was also admitted by the Fama (1976). In addition to the criticism about the lacking in the presentation of idea, the first criticism about the idea itself appeared in the year 1973 by Shiller (Guerrien & Gun, 2011). Shiller (2003) pointed to the difference which is statistically significant about the true value and assessed

World civilizations in eighteenth century Term Paper

World civilizations in eighteenth century - Term Paper Example Therefore the workforce required for agriculture decreased and this led to a migration of this workforce to the field of industry, which in turn led to the industrial revolution. Before the industrial revolution, goods were manufactured using basic hand tools or machines in homes. The introduction of powered machinery that could mass produce goods in factories, led to the need for new markets for these goods, as well as new means of transportation to carry them. Mechanization of the textile industry coupled with improved techniques for making iron, and the invention of the steam engine, that revolutionized the transport system, in turn led to improved systems of trade and finance. Engines and machines that could do away with the physical labor of man, besides cutting down the time taken to accomplish it was a blessing indeed! Britain was the first to begin mechanized spinning and weaving because she was blessed with the moist weather conditions that helped in this industry. Besides, the fast moving streams supplied hydropower for these mills. As the economy moved from manual to machine based manufacturing, the manufacturing time was slashed and new markets were needed for these goods. The mechanization of spinning was followed in quick succession by the development of techniques for making iron. The introduction of the steam engine was the final triumph that revolutionized the transport system and increased the use of refined coal to power these steam engines. Britain being an island nation, her ports enabled her to trade in these goods and at this time Britain indeed ruled the waves. The efforts of British entrepreneurs were rewarded due to the fact that they had a large and ready market for their goods. Growing trade and commerce in... This paper shows that the thinkers wanted to bring about changes in society through the promotion of education and scientific thinking. In some European countries, a system of government called â€Å"Enlightened Despotism† came into being. Later, we are shown the need to feed the growing population, which led to a transformation in agricultural systems like improved machinery, scientific methods of breeding and introduction of new crops and crop rotation. Throughout the paper, we are given more and more information on the introduction of powered machinery that could mass produce goods in factories, led to the need for new markets for these goods, as well as new means of transportation to carry them. This paper also focuses on trade. Trade systems were dominated by those who held sway over the seas, and expansion of trade depended on the acquisition of colonies and the superiority of naval power. Swiftly from trade, the paper talks about the banking. For example, the Bank of En gland that worked as a government bank as well as a commercial operation, led to the setting up of a number of private banks throughout the country. In conclusion, we see that this industrial revolution transformed the lives of people in every stratum of British, European and American society. Building on the ideas of enlightenment of thinkers such as Voltaire and Rousseau, the eighteenth century saw the overthrow of despotic rule through the American and French revolutions and sowed the seeds of many more such upheavals in the centuries that followed.

Historiography and History Research Methods Essay

Historiography and History Research Methods - Essay Example The 20th century saw historians place less attention on narratives of epic nationalists and focus more on the complex and more objective study of intellectual and social forces. History was treated less like an art and regarded more as a social science, though there were still some historians who felt otherwise. Several other ways of studying history have since come up ever since with Postmodernists in the recent times questioning the need to study history on the basis of personal interpretation of sources. This paper is aimed at providing a historiographical analysis of the Berlin war. The Berlin wall attracted numerous different views from historians, depending on whether they viewed it from the West’s of East’s perspective. Both sides though, seemed to be at first seeking reasons to justify its construction before finally agreeing that the wall is a barrier (Ladd, 1998). The view of those supporting the East, according to Marxist theories, was that the Proletariat was using the wall as a defence against the influential bourgeoisie. Particularly, the East felt threatened by fascism which they saw as against socialist progress as noted by Beattie (2008). They seemed to imply that the neighbouring West Germany still possessed some Nazism. The West however, termed the wall shameful for the way it restricted movement between the two sides. Historians supporting the West, of course, differed with this view. According to them, the wall came up due to the two system’s historical discrepancy. They have, in many instances, viewed the period of the wall’s existence as totalitarian. Liberal historians, like the Marxists, however reported the war to have been a progressive development. From the East German’s point of view, the wall was some sort of a political embarrassment and a place to be avoided but the Western powers like Britain, US and West Germany held a different view about the wall. If fact, the

Jade figure of a hound Research Proposal Example | Topics and Well Written Essays - 500 words

Jade figure of a hound - Research Proposal Example The artwork is in three dimensional, and it is in the form of a small sculpture. For instance, the artwork is symbolic of the importance given to domestic animals in Ancient China. Michael Sullivan opined that, â€Å"To many people â€Å"Ming† means not painting-for only recently has Ming painting come to be appreciated outside China- but the decorative arts.† Besides, one cannot identify any sort of sharp edges on the artwork because the edges are round in shape. The artwork can be divided as: dog’s head, body, and legs. To be specific, the head is pointed backwards and this fills the viewer’s mind with enthusiasm. To be specific, the dog’s head (especially the eyes) is the focal point of the artwork because the dog is expecting something and looking backwards. The next element in the artwork is the dog’s body, and the same is symbolic of the importance of proportion in art. The next element is the legs, symbolic of warmth and peacefulness. In short, the proportionate alignment of artistic elements proves that the artwork was produced by an artist who is interested in observing animals, especially their shape and size. The artwork consists of curves, symbolic of the athletic shape of animals, especially among dogs and other domesticated animals. The overall size of the artwork is related to the normal size of a dog. One can see that the artist did not try to alter the natural colour of jade and the lines and curves on the artwork prove the same. To be specific, the artist made use of jade as a medium to produce his artwork.