Examination essay writing
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Thursday, August 27, 2020
Succubus Dreams CHAPTER 18 Free Essays
string(32) and no dark in his dark hair. My fantasy self ran out of the kitchen and toward the sound of the crying. Aubrey and the riddle feline twitched their heads up, shocked at my unexpected development. On the opposite side of the parlor, the young lady sat on the floor next to an end table with sharp corners, a little hand squeezed to her temple. We will compose a custom exposition test on Succubus Dreams CHAPTER 18 or then again any comparative theme just for you Request Now Tears gushed down her checks as she cried. Instantly, my fantasy self was on her knees and had enveloped the young lady with a warm hug. I could feel what the other Georgina felt, and I almost sobbed also over the vibe of that delicate, warm body in my arms. My fantasy self shook the young lady, mumbling mitigating, silly words as she brushed her lips against the smooth hair. In the long run, the girlââ¬â¢s cries halted, and she leaned her head against my fantasy selfââ¬â¢s chest, substance to just be cherished and shaken. I opened my eyes and gazed at Sethââ¬â¢s plain white roof. He lay close to me, nestled into my body and as yet possessing an aroma like the back rub oil. Indeed, even conscious, the dreamââ¬â¢s pictures were as yet solid thus genuine. I knew precisely how my daughterââ¬â¢s hair had felt, the manner in which she smelled, the musicality of her heart. My own heart pined such a great amount for her that I could nearly overlook the way that last nightââ¬â¢s vitality was currently gone. This was transforming into a genuine issue. I sat up, delicately pushing Seth off of me. Be that as it may, as I attempted to make sense of some solution for this most recent dream, an odd idea continued squeezing into the rear of my head. Erik. I couldnââ¬â¢t quit contemplating Erik. It was nothing specifically, either. No particular issue. However, at whatever point I attempted to consider something different â⬠my activity, the vitality misfortune, Seth â⬠it was Erikââ¬â¢s face that showed up in my mind. I didnââ¬â¢t get it, yet it stressed me. Sethââ¬â¢s arms went after me as I sneaked out of bed, however I dexterously evaded them. Snatching my mobile phone out of my handbag, I took off toward the lounge room. Nobody replied when I dialed Arcana, Ltd. It was practically tenâ⬠¦usually he was open by at that point. I called data looking for Erikââ¬â¢s home number, yet it seemed, by all accounts, to be unlisted. A feeling of fear was working in me. Urgent, I dialed Danteââ¬â¢s store. ââ¬Å"Dante, I think somethingââ¬â¢s happened to Erik, however I donââ¬â¢t have his home number and â⬠ââ¬Å" ââ¬Å"Whoa, hold up, succubus. Slow down. Start from the beginning.â⬠Sponsorship up, I clarified how Iââ¬â¢d envisioned again and woken up fixated on Erik. ââ¬Å"Maybe itââ¬â¢s nothing, yet after the suffocating thingâ⬠¦I donââ¬â¢t know. Do you have his home number?â⬠ââ¬Å"Yeah,â⬠Dante said after a few minutes. ââ¬Å"I do. Iââ¬â¢llâ⬠¦Iââ¬â¢ll keep an eye on him for you and call you back.â⬠ââ¬Å"Thanks, Dante. I mean it.â⬠I detached as a sluggish Seth ventured out of the room. ââ¬Å"Whoââ¬â¢s Dante? Was that a gather call to the Inferno?â⬠ââ¬Å"They wonââ¬â¢t acknowledge the charges,â⬠I mumbled, still pained. Sethââ¬â¢s face turned genuine. ââ¬Å"Whatââ¬â¢s wrong?â⬠I delayed, not on the grounds that I was hesitant to educate him concerning Dante but since I didnââ¬â¢t know whether I needed him made up for lost time in the entirety of this. ââ¬Å"It includes interminable intrigue,â⬠I cautioned. ââ¬Å"And the higher functions of the universe.â⬠ââ¬Å"I live for those things,â⬠he said wryly, subsiding into a rocker. ââ¬Å"Tell me.â⬠In this way, I did. He thought about my first vitality misfortune however not the rest. I didnââ¬â¢t educate him concerning the substance of the fantasies, simply that they depleted me of vitality. I additionally clarified about the unavoidable outcomes and how Iââ¬â¢d woken up soggy one morning and pondering Erik today. At the point when I completed, I gazed at the wireless critically. ââ¬Å"Damn it. Why isnââ¬â¢t he calling?â⬠ââ¬Å"Why do you generally reveal to me this at the last minute?â⬠asked Seth. ââ¬Å"Itââ¬â¢s been giving you inconvenience for some time. I thought it had been a one-time thing.â⬠ââ¬Å"I didnââ¬â¢t need to trouble you. What's more, I realize how clever you are about undying stuff.â⬠ââ¬Å"Things that influence you â⬠that might be hurting you â⬠donââ¬â¢t trouble me. That is to say, well, they do, yet thatââ¬â¢s not the point. This all returns to commun â⬠ââ¬Å" The telephone rang. ââ¬Å"Dante?â⬠I asked anxiously. I hadnââ¬â¢t even tried to check the number. In any case, it was him. His voice sounded bleak. ââ¬Å"You need to come here. To Erikââ¬â¢s.â⬠ââ¬Å"The store?â⬠ââ¬Å"No, his home. Itââ¬â¢s near my place here.â⬠ââ¬Å"Whatââ¬â¢s going on?â⬠ââ¬Å"Just come over.â⬠Dante ran through a location and headings. With speedy shape-moving, I was dressed and prepared to dart out the entryway in a moment. Seth advised me to pause, and in under a moment â⬠not tantamount to me, however still great â⬠he was prepared as well. Iââ¬â¢d never pondered Erik having his very own home. To me, he just consistently kind of existed in his store. The location was about a mile from Danteââ¬â¢s, in an old, yet all around looked after neighborhood. Erikââ¬â¢s house was one of the little home sorts so basic in Seattle neighborhoods, and the front yard was loaded up with roses gone lethargic for the winter. As we strolled up the means, I engaged a concise vision of Erik out there tending the blossoms in the mid year. Dante opened the entryway before I could thump. I thought about whether heââ¬â¢d detected me or had just observed us through the window. He showed no specific response to Sethââ¬â¢s nearness and guided us in toward the houseââ¬â¢s one room. The houseââ¬â¢s inside appeared as though it hadnââ¬â¢t been refreshed in some time. Actually, a great deal of the furniture helped me to remember mid-twentieth-century styles. A plaid couch with harsh texture. A well used velvet rocker in seventies gold. A TV that disastrously looked equipped for shading. None of that set off any kind of response in me, however. What frightened me was one surrounded picture sitting on a shelf. It demonstrated an a lot more youthful Erik â⬠possibly in his forties â⬠with less wrinkles in his brown complexion and no dim in his dark hair. You read Succubus Dreams CHAPTER 18 in class Article models He had his arm around a thirty-something brunette with enormous dim eyes and a grin as extensive as his. Dante prodded me when I halted, an odd look all over. ââ¬Å"Come on.â⬠Erik lay in bed. To my alleviation, he was alive. I didnââ¬â¢t acknowledge until that second exactly how stressed Iââ¬â¢d been. My psyche had dreaded the most exceedingly awful, despite the fact that Iââ¬â¢d wouldn't allow it to surface. Be that as it may, alive or not, he truly didnââ¬â¢t look so incredible. He was perspiring and shaking, eyes wide and face gray. His breathing was shallow. At the point when he saw me, he recoiled, and for a large portion of a second, I saw fear in his eyes. At that point, the dread blurred, and he endeavored a powerless grin. ââ¬Å"Miss Kincaid. Excuse me for not having the option to get you properly.â⬠ââ¬Å"Jesus,â⬠I wheezed, sitting on the bedââ¬â¢s edge. ââ¬Å"What occurred? Are you okay?â⬠ââ¬Å"I will be.â⬠I examined him, attempting to bits together what had occurred. ââ¬Å"Were you attacked?â⬠His look flicked over to Dante. Dante shrugged. ââ¬Å"In a way of speaking,â⬠Erik said finally. ââ¬Å"But not in the manner youââ¬â¢re thinking.â⬠Dante inclined toward the divider, seeming somewhat less grave than he had before. ââ¬Å"Donââ¬â¢t burn through her time with enigmas, elderly person. Spill it.â⬠Erikââ¬â¢s eyes limited, a touch of fire flaring in their profundities. At that point, he turned around to me. ââ¬Å"I was attackedâ⬠¦mentally, not truly. A lady came to me tonightâ⬠¦wraithlike, inhumanâ⬠¦wreathed in vitality. The sort of beauteous, exciting vitality I see you gleam with sometimes.â⬠It was a sweet method to portray my post-sex allure. ââ¬Å"Was she bat-winged and fire eyed?â⬠I asked, reviewing Danteââ¬â¢s quite a while in the past joke about the fanciful depiction of succubi. ââ¬Å"Not a succubus, Iââ¬â¢m apprehensive. That may be simpler. No, thisâ⬠¦I believeâ⬠¦was Nyx.â⬠ââ¬Å"Didâ⬠¦did you state Nyx?â⬠obviously that was what heââ¬â¢d stated, however Iââ¬â¢d been sitting tight for him to dispatch into a conversation of Oneroi, not their mom. Nyx had neither rhyme nor reason. It was one thing for dream spirits to show up in your room and in your fantasies. It was a totally unique issue for a massive early stage element of tumult who had been instrumental in making the world as we probably am aware it to show up in your room. It resembled saying God had made a trip for waffles while in transit to work. Possibly Erik was as yet incoherent. ââ¬Å"Nyx,â⬠he affirmed, almost certainly speculating my musings. ââ¬Å"Chaos herself. Or on the other hand, more precisely, Night herself.â⬠From the corner, Dante giggled delicately. ââ¬Å"Weââ¬â¢re all screwed now.â⬠ââ¬Å"Sheââ¬â¢s the mother of the Oneroi,â⬠Erik reminded me. ââ¬Å"And, in spite of the fact that fantasies arenââ¬â¢t her sole area, she also is associated with them.â⬠ââ¬Å"Thenâ⬠¦Ã¢â¬ I attempted to get a handle on the suggestions. ââ¬Å"Are you saying sheââ¬â¢s been liable for whatââ¬â¢s been going on to me?â⬠ââ¬Å"It nearly makes sense,â⬠said Dante. Erik obviously concurred. ââ¬Å"Sheââ¬â¢s connected to time and all the horde potential destinies that exist for the universe. Destiny and time are always drawing nearer to bedlam â⬠to entropy â⬠and thatââ¬â¢s what she benefits from. Sheââ¬â¢s attempting to make a greater amount of it on the planet, to present to us that much closer to extreme crumbling. Be that as it may, sheââ¬â¢s far from bringing anything like that about, so she makes due with little demonstrations of ch
Saturday, August 22, 2020
Friday, August 21, 2020
MoboRobo The Simply Productive Tool For Smartphone Management
MoboRobo â" The Simply Productive Tool For Smartphone Management Make Money Online Queries? Struggling To Get Traffic To Your Blog? Sign Up On (HBB) Forum Now!MoboRobo â" The Simply Productive Tool For Smartphone ManagementUpdated On 06/04/2019Author : HBB Editorial StaffTopic : Desktop AppsShort URL : https://hbb.me/2rWYGk6 CONNECT WITH HBB ON SOCIAL MEDIA Follow @HellBoundBlogâFor what do you use your Smartphones?â We are sure that this question will more answers than when youâre asked of something else! It is clear enough to state the increased productivity of Smartphones, especially after rise of OS as Android and iOS. Some of you might be using it for professional purposes, such as managing documents, keeping the important ones in touch, etc, whereas personal user will prioritize talking to friends, accessing Facebook, gaming etc in his list of requirements. Sometimes at least, applicable for both these cases, screen of Smartphone will not be that sufficient to accomplish some tasks. Suppose you have a lot of duplicate contacts in y our mobile device. When youâll have to find out duplicate contacts and merge them together, the task will be a bit hard unless you have sought help from other applications. In such situations, you might have wished if you have been able to manage such tasks of the Smartphone in your PC! If you still have such thoughts, you have come to the right place, and we are very much glad to review MoboRobo for you!MoboRobo is an all-in-one Smartphone management tool, which is available for Windows-based PCs. Just as we said before, MoboRobo helps you virtually expand your Smartphone screen to fit that of your computer. After that, youâll be able to complete all those big-screen-requiring tasks in no time. And, MoboRobo is ready to help you at that kind of instances. Now, we will move onto the detailed review of MoboRobo, in which we shall explore different aspects of this multipurpose tool. Nevertheless, contrary to the usual review methods, we will give importance to noticeable features of this superb tool. First, we will have a glimpse on this free tool.Note: For this review, we have used an Android Smartphone, and process may vary when you are using an iOS-based device with MoboRobo.Glimpse on MoboRoboAs we mentioned earlier, MoboRobo is a free tool to manage your Android or iOS powered Smartphone from the PC screen itself. When you have connected your Smartphone to MoboRobo, you have almost full control over device, as it is able to accomplish even administrative tasks. Now, we will move on to different aspects of MoboRobo so that all our readers will have a clear idea about this awesome tool.ConnectionThere are two methods available for connecting your device to MoboRobo. In the first option, you can use one USB cable to establish the connection. For this, however, you have to enable USB debugging in developer settings so that MoboRobo will be able to access your device more deeply. In addition, the tool itself emphasizes this method to set up connection, as it gives more control over the device. In the second method, we have to depend upon Wi-Fi to set up connection between Android Smartphone and PC. In this, you can get rid of wires but control may be a bit lower. So, it is always good to go with the first method â" USB cable.Contacts, Messages and Call Log ManagerWhen it comes to MoboRobo, management of all these factors are available under one tab, called âDataâ. Yet, we will have a separate approach to three of these.Contact Management: Contact management is quite easy in MoboRobo, as it takes advantage of your full PC screen! You can see a list of all contacts in your device in the main page. From the sidebar, you can go to contacts lists based on categories. Also, we have an option to add new contacts, import or export contacts using files, and set up contacts backup.Message Management: Important feature of message management section is real-time update of messages. You can send and receive SMS message from your computer, whe n you have your device connected to MoboRobo.Call Log Management: You can view whole call log of your device, edit them and prompt a call (actually, call will be made from your device, but you have an option to enable speaker mode). There is option to export all call logs as well.READConvert Your Video To 170+ Media FormatsApplication ManagementThis is the most productive section of MoboRobo. In Apps management section, you have a bunch of features! One of the best features we found is its ability to transfer application from installation path (phone memory to SD card and vice versa). While some other apps were none of use in this section, MoboRobo was able to transfer it correctly. Additionally, there is an in-built App Updater, using which you can update apps in your device (if update is available). This feature is useful if you have a strong internet connection in PC but lack it in Smartphone. At the same time, you can use this service if you are a Smartphone vendor and want to g ive your users an up-to-date app experience.Apart from these, MoboRobo has a dedicated app store with it. From this app store, you can download apps install them in your device instantly. From the same store, you will be able to download Mobo Live, an Android launcher from team of MoboRobo. This feature is equally important, as you can use it for installing applications massively in your new device.Media ManagementMedia management actually means the compilation of Images, Music and Videos. Though they are available in three different categories, we decided to combine since features are almost same. In each section of media management, you can check out media files in your devices along with some options to filter results. Apart from that, there is a special kind of store, from which you can download wallpapers, ringtones and videos respectively. Just like we did in the case of Apps, these stores are helpful when you want to download favourite videos and music to your device.Backup Restore and Phone CleanupMoboRobo knows that all Smartphone owners give importance to the data they have stored in device. So, the tool is having a special section to backup information such as contacts, messages, call logs, images, apps, music etc into PC and restores them if you have lost that information.Is your device running slow? If so, you can use the Phone Cleanup feature to clean your device and thus boost speed. In this process, MoboRobo will clear cache files in device as well as remaining app installation files so that you will be having extra free space in device as well as speed. Along with these, MoboRobo boasts an in-built file manager as well.User Interface of MoboRoboUser Interface of MoboRobo is something worth praising due to its simplicity and productiveness! One will require no kind of introduction to use MoboRobo, because the UI is extremely simple. The tabbed layout of tool makes it very easy to manage different sections and pop-up messages make sure that we do not miss important information regarding device.Itâs Time for DecisionWell, taking a decision about MoboRobo is quite simple â" AWESOME. This is what we think about the tool after our first use, as MoboRobo has helped us to manage our Smartphones never like before without forcing us face any sort of glitch. Anyway, we are eager to know your opinion about this tool and we expect those opinions in comments.Download MoboRoboFor more details:Website: http://www.moborobo.com/FB Page: https://www.facebook.com/MoboroboENTwitter: https://twitter.com/Moborobo_EN
Monday, May 25, 2020
Brown V. Board At 60 Why Have We Been So Disappointed
Despite its flaws, there were ways in which Brown was also successful. A way in which the Brown verdict was successful is that it paved the road to key legislation and court rulings that helped African-Americans find their place in society. In essence, the verdict in Brown resulted in African-Americans taking increased leaps of initiative to improve their circumstance. According to Richard Rothstein in his report ââ¬Å"Brown v. Board at 60: Why Have We Been So Disappointed? What Have We Learned?â⬠Brownââ¬â¢s 1954 success in highlighting the nationââ¬â¢s racial caste system gave encouragement to a wave of freedom rides to desegregate interstate transportation, to national support for Rosa Parksââ¬â¢ determination to desegregate local buses and other public facilities, to lunch counter sit-ins to desegregate restaurants and other public accommodations, to heroic efforts to register African Americans in the Deep South to vote, and to confrontations over admission of African Americans to southern universities. It also spurred civil rights legislation in 1957, 1960, 1964, 1965, and 1968 that, in combination, undid the nationââ¬â¢s legal support for race-based status. None of this would have taken place without Brown (2). From this quote, the positive influence of the Brown ruling is clear. From Rothsteinââ¬â¢s words, it can be interpreted that the Brown verdict became precedence for all other racial cases and civil rights legislation. Furthermore, it can be concluded that it was the source ofShow MoreRelatedProj587 Course Project rough draft b Essay7672 Words à |à 31 Pagescall. The main advertising theme has been that Carnival cruises are ââ¬Å"Fun Shipsâ⬠as its current slogan says ââ¬Å"FUN FOR ALL - ALL FOR FUNâ⬠. Carnival prides itself on delivering fun, memorable vacations to their guest by offering a wide array of quality cruises, which present outstanding value for the money. The current economic landscape is impacted by an aging population with disposable income as well as many external and environmental forces. For instance, over 60% of the worldwide cruise passengersRead MoreR.K.Narayan and Swami and Friends7399 Words à |à 30 Pages the flavor of the SEASON is buzzing with Harry Potter Mania, still I am glued up reading R.K. Narayanââ¬â¢s First Novel ââ¬Å"Swami and friendsâ⬠(which was published in 1935) so enthusiastically Even my parents were not born at that time, but theINNOCENCE that I find in this book makes is itrefreshingly different from what we have nowadays. Yes, as I kid I too loved to read about magic, mystery, adventures, and detective stuff. There are plenty of books which can take u totally to a differentRead MoreMt Whitney6367 Words à |à 26 Pagesorganisation and its customer. The unit builds on a range of concepts and techniques that should already be familiar to you and develops an understanding of service excellence within a service environment. ï ® Your learning outcomes When you have studied this unit and completed the assignments, you will be able to: ï⠷ ï⠷ ï⠷ ï⠷ ï⠷ ï⠷ describe the service encounter experience understand customer expectations linked to service levels develop an understanding of the issues involved in the implementationRead MoreStrategy Management18281 Words à |à 74 Pagesmhhe.com rot12737_fm_i-xlvi.indd iv 17/11/11 7:37 PM Confirming Pages Dedication To my eternal family for their love, support, and sacrifice: Kelleyn, Harris, Winston, Roman, and Adelaide ââ¬âFrank T. Rothaermel rot12737_fm_i-xlvi.indd v 17/11/11 7:37 PM Confirming Pages ABOUT THE AUTHOR FRANK T. ROTHAERMEL Georgia Institute of Technology Frank T. Rothaermel (PhD) is the Angel and Stephen M. Deedy Professor in the College of Management at the Georgia Institute of TechnologyRead MoreFACEBOOK case study Essay11495 Words à |à 46 Pagesthe way we look for answers from the Internet. It could also be a great tool for advertisersââ¬âand a way to deliver on the expectations of shareholders.â⬠Zuckerberg answered immediately, ââ¬Å"I donââ¬â¢t like seeing my vision for a connected world smothered with logos and slogans! But that is why youââ¬â¢re hereââ¬âto try to convince me otherwise.â⬠Sandberg responded, ââ¬Å"There are options for demonstrating the value of our data. Ways that can be a win for everyoneââ¬âyou, advertisers, shareholders, and users!â⬠ââ¬Å"So, whatRead MoreAcca F5111177 Words à |à 445 PagesPAPER F5 PERFORMANCE MANAGEMENT P R A C T I C E R E V I S I O N K I T In this January 2010 new edition We discuss the best strategies for revising and taking your ACCA exams We show you how to be well prepared for your exam We give you lots of great guidance on tackling questions We show you how you can build your own exams We provide you with three mock exams including the December 2009 exam We provide the ACCA examiner s answers as well as our own to the June and December 2009 examsRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words à |à 1573 Pagesrequest to 201-236-3290. Many of the designations by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those designations appear in this book, and the publisher was aware of a trademark claim, the designations have been printed in initial caps or all caps. Library of Congress Cataloging-in-Publication Data Robbins, Stephen P. Organizational behavior / Stephen P. Robbins, Timothy A. Judge. ââ¬â 15th ed. p. cm. Includes indexes. ISBN-13: 978-0-13-283487-2 ISBN-10:Read MoreAnne of Green Gables: Personality and Destiny9447 Words à |à 38 Pages rebellion,precocity, imagination,love for nature and life. These personalities are considered fixed and invariable .But there is few studies comprehensively exploring the development of Anneââ¬â¢s personality and destiny as well as their interactions. So this topic is new to us and worthy of thorough study. The thesis will be divided into three chapters. Chapter one: Introduction. A brief introduction of the author, the work Anne of Green Gables, its influences and related research status atRead MoreAn Investigation of Customerââ¬â¢s Perception and Expectation of Services in Pension Fund Administration (Pfa) in Nigeria (a Study of Pfa Customers in Enugu)21541 Words à |à 87 PagesSocial Insurance Trust Fund. However, the systems were grossly mismanaged, unregulated, unfunded and uncompetitive thus, the need for the reform. Following the reform, the Pension industry has become ââ¬Ëpassivelyââ¬â¢ competitive and more recently there has been overt agitations and clamour for regulatory authorities (PENCOM) to provide the modalities for the transfer of RSA from one PFA to another as evidence of switching behaviour has started to emerge. With the expectations of transfer window opening upRead MoreExploring Corporate Strategy - Case164366 Words à |à 658 Pages CASE STUDIES ECS8C_C01.qxd 22/10/2007 11:54 Page 598 ECS8C_C01.qxd 22/10/2007 11:54 Page 599 Guide to using the case studies The main text of this book includes 87 short illustrations and 15 case examples which have been chosen to enlarge speciï ¬ c issues in the text and/or provide practical examples of how business and public sector organisations are managing strategic issues. The case studies which follow allow the reader to extend this linking of theory and practice
Thursday, May 14, 2020
Finance and Debt Tax Shields - 2147 Words
Case Discussion: The Wm. Wrigley Jr. Company: Capital Structure, Valuation and Cost of Capital 1. Dobrynin plays the role of the financial entrepreneur, exploiting inefficiencies in investment valuation and corporate finance. She seeks to profit by restructuring firms with ââ¬Å"lazy financingâ⬠or too much cash and unused debt capacity relative to the (low) risks faced by the firms. By pressuring directors and managers to adopt more efficient policies, she hopes to reap an investment gain. The larger issue is whether or not Wrigley is inefficiently financed. If so, how much capital structure change will bring it to more efficient operation? 2a. A recapitalization based on a dividend will have no effect on the number of sharesâ⬠¦show more contentâ⬠¦Equity accounts for 89% of Wrigleyââ¬â¢s book value of capital before the recapitalization. But the book value per share is $5.49,[1] less than one-tenth of Wrigleyââ¬â¢s current share price of $56.37. This huge disparity is the possibility that book values are backward-looking and ignore important economic considerations, such as the value of brands, intellectual property, and customer franchise as well as the debt tax shields. In contrast, finance theory and best practice rely on the firmââ¬â¢s current market value as a guide to compute the capital weights. Before the recapitalization, Wrigleyââ¬â¢s market value of equity accounted for 99% of its capital. And, after the recapitalization, that ratio fell to 78%. The increase in leverage will imply a change in Wrigleyââ¬â¢s cost of capital. WACC before recapitalization Wrigleyââ¬â¢s prerecapitalization WACC is 10.9%. The cost of equity assumes a risk-free rate of 5.65% for 20-year U.S. Treasuries (case Exhibit 7), a risk premium is assumed 7% (or 5%), and uses Wrigleyââ¬â¢s current beta of 0.75 (case Exhibit 5). 4. WACC after recapitalization The increase in leverage will affect Wrigleyââ¬â¢s WACC in at least three ways: 1. Cost of debt: Wrigleyââ¬â¢s debt rating will change from AAA (consistent with no debt) to a BB/B rating reflecting the higher risk. The postrecapitalization credit rating is a matter of judgment. It is highly instructive to guide students through a rating exercise for Wrigleyââ¬â¢s pro forma recapitalization. ThisShow MoreRelatedWeek 13 Solutions1215 Words à |à 5 PagesWACC ââ¬â Table 19.4 shows a simplified balance sheet for Rensselaer Felt. Calculate this companyââ¬â¢s weighted-average cost of capital. The debt has just been refinanced at an interest rate of 6% (short term) and 8% (long term). The expected rate of return on the companyââ¬â¢s shares is 15%. There are 7.46 million shares outstanding, and the shares are trading at $46. The tax rate is 35%. We make three adjustments to the balance sheet: Ignore deferred taxes; this is an accounting entry and represents neitherRead MoreFin316 Final Exam Practice1236 Words à |à 5 PagesFinance 316 practice problems for final exam 1. True or False: According to the CAPM, a stock s expected return is positively related to its beta. True 2. In practice, the market portfolio is often represented by: A. a portfolio of U.S. Treasury securities. B. a diversified stock market index. C. an investor s mutual fund portfolio. D. the historic record of stock market returns. 3. A stock s beta measures the: A. average return on the stock. B. variability in the stock s returns comparedRead MoreWrigley Junior Case Study1629 Words à |à 7 Pagesfirm was achieved when the weighted average cost of capital was minimized. Thus she intended to estimate what the cost of equity and the wacc might be if wrigley pursued this capital structure change. The projected cost of debt would depend on her assessement of wrigleyââ¬â¢s debt rating after recapitali zation and on current capital market rates. WACC before recapitalization Wrigleyââ¬â¢s pre recapitalization WACC is 10.9%, the cost of equity assumes a risk free rate of 5.65% for 20 years US treasuriesRead Morecase Bed, Bath Beyond1202 Words à |à 5 Pagesï » ¿Advance Corporate Finance - Bed Bath and Beyond Case Questions: You are BBBYââ¬â¢s CEO, Steven Temares. It is April 2004 and you are about to decide what to do with the companyââ¬â¢s excess cash: - Keep it? - Pay it out and issue debt? You structure your analysis by answering the following questions: 1. What is wrong with building up cash? Provide (at least two) reasons in favor and against keeping cash in the firm. Against: By paying out excess cash and issuing debt, BBBY could improveRead MoreFinancial Leverage And The Performance Of Firms Essay923 Words à |à 4 Pages Date Leverage refers to the strategy whereby a company uses debt financing or borrowed funds to finance its operations and generate higher returns. Research conducted indicates that there is a positive relationship between financial leverage and the performance of firms. Use of financial leverage is one of the factors that contribute heavily in the success or failure of companies. Use of debt in financing the operations of a company enables the company to generate more returnsRead MoreWrigley Jr. Company1520 Words à |à 7 Pagesa managing director of Aurora Borealis hedge fund, considers the possible gains from increasing the debt capitalization of The Wm. Wrigley Jr. Company. Blanka suggests Wrigley raise the amount of $3 billion in debt of the capitalization while Wrigley has been conservatively financed and remained no debt at the end of 2001. This report is aiming to analyze whether Wrigley should use $3 billion debt recapitalization to either pay dividends or to repurchase shares. 2.0 Current Capital Structure Read MoreBlaine Kitchware Essay1190 Words à |à 5 PagesQuestion 1: The investment banker commented that Blaine was ââ¬Å"over-liquid and under-leveredâ⬠due to the fact that Blaine was debt-free and also held $231 million in cash, a 39% of its total assets. The pros of this type of capital structure are that it gives the company more freedom when making business decision and disturbing its cash. And the company with more liquidity reacts quicker under an economic or industry hardship. The cons of this type of capital structure are that it is wasting the potentialRead MoreCapital Strength Of A Business Organization1114 Words à |à 5 Pagesthe risk of bankruptcy. Therefore the debt ratio in a business organisation where the focus is on gaining control the debt levels in the capital tends to be low (Gordon and Barton 1988). The critical aspect to consider in this factor is that more the capital strength of the business, the need for more debt arises due to the high costs, and this proves out to be advantageous at the same time due to the vast a vailability of the fixed assets for the long -term debt. So the conclusion can be drawn thatRead MoreCase Study1262 Words à |à 6 PagesDUKE UNIVERSITY Fuqua School of Business FINANCE 351 - CORPORATE FINANCE Hint Sheet: Congoleum Corporation Prof. Simon Gervais Fall 2011 ââ¬â Term 2 This case illustrates a leveraged buyout and highlights some of its value-creating aspects. You are invited to combine the valuation principles and methods discussed in the course to evaluate a complex transaction from the perspectives of the various participants. Here are some guidelines for your valuation analysis. â⬠¢ Overview of the Valuation ProcessRead MoreBw/Ip International, Inc Case1736 Words à |à 7 PagesValuation of Corporate Finance BUFN 750 BW/IP International, Inc 1ã⬠BW/IP is a good candidate for the leverage buyout. * Steady cash flow (around 30 million per year). * Strong management team. * Positive NPV (about 61.5 million) The NPV of BW/IP is 61.5million(301-239.5).Thus, we are quite optimistic about this BW/IPââ¬â¢s project. Calculating the NPV. Method: APV: VL=VU+PV (ITS). We can get the interest paid schedule from the BW/IPââ¬â¢s projected operating performance, which means
Wednesday, May 6, 2020
America s History Review Questions - 973 Words
Arnav Velaparthi Period 4 2/8/15 APUSH Chapter 16 Americaââ¬â¢s History Review Questions 1. During the Civil War and Reconstruction period, Republicans made vast efforts in improving domestic economic growth. A transcontinental railroad was first enacted to not only increase the speed of travelling from the Atlantic to the Pacific, but to also increase trade with other nations, and bolster the farming and tourism of the West. The railroad would help populate areas in the West, which would help make America the highway of nations. Private companies were called upon by Republicans to help fund the railroad, even though they were still provided with loans, public grants of land, and various subsidies. These railroad companies had a significantâ⬠¦show more contentâ⬠¦While Democrats argued that protective tariffs would be detrimental to consumers, especially from the South, tariff revenues were able to give America an edge over other nations in the market. Even though tariffs would result in more jobs, help eliminate poverty, and protect workers, corporations failed t o pass their benefits to workers, and gained monopolistic power. Furthermore, adhering to the gold standard was another critical economic decision for Republicans. In effort to replace ââ¬Å"bimettalism,â⬠Republicans adopted the gold standard. While it did attract investment capital from European nations, and led to the exchange of U.S. bonds and currency, the gold standard plummeted the nationââ¬â¢s money supply as silver was more abundant. Thus, the national policies implemented by the Republicans during the Civil War and Reconstruction were able to stimulate economic growth, but also at times hinder growth. 2. The trans-Mississppi west area saw a period of significant economic growth following the Civil War. The transcontinental road played a critical role in trade, tourism, and farming in the West. The Homestead Act, which granted 160 acres of federal land to anyone who could improve the property, was a mere effort to help build the interior West and attract farming. However, farmers soon saw themselves struggling as the land granted was not suitable for farming, and would require larger plots of land for
Tuesday, May 5, 2020
University and Research free essay sample
Changes that started during the second half of the 20th century and that have continued into the 21 SST threaten to bring about monumental changes in the nature of universities. Some of the changes are commendable, for example, the large expansion in the proportion of the population attending universities, at least in the richer nations. Other trends are disturbing, especially the increasing tendency Of governments and industry to view universities as engines for short-term economic gain.While universities certainly cannot ignore the context in which they function and the needs of society, responding purely to short-term economic considerations threatens to subvert the very nature of universities and some of the benefits hey provide to society. So what exactly is a university and what is its purpose? Much prefer the Oxford English Dictionary definition of the word university to some of the more utilitarian definitions in other dictionaries. The Oxford definition reads, in part, body of teachers and scholars engaged in the higher branches of learning. Thus, it is the community of faculty and students that is the essence of a university. The higher branches of learning in which teachers and scholars engage have 2 important products: the educated minds that are essential for the well-being of society, and new knowledge and ideas. Some of that new knowledge will enrich society by producing economic growth, directly or indirectly, but the benefits of new knowledge go far beyond economic gain. Universities have always been subjected to outside influences.The oldest European university, the university of Bologna, has existed at least since the sass. Some time before 1222, about 1000 students left Bologna and founded a new university in Pad because of the grievous offence that was brought to bear on their academic liberties and the failure to acknowledge the privileges solemnly granted to teachers and students. 1 The outside interference came from the Roman Catholic Church, and, for several centuries, Pad was home to the only university in Europe where non-Catholics could get a university education. Both Bologna and Pad were student-controlled universities with students electing the professors and fixing their salaries. However, in spite of marked differences, there are similarities between what happened then and what is happening today, with important outside influences ? then the dogma Of religion, now the dogma of business threatening to change the activities of the community of teachers and scholars. The seeds of what is appending now were sown in the years following World War II.Before the war the most important influence on a faculty member was probably the departmental chair, who in those days had power to influence in an important way what went on in the department. Nonetheless, a faculty member would have had access to departmental resources and would not necessarily have required outside research funding (although such funding was sometimes available from private foundations). The mechanism of funding research, and the amount of money available for research, changed gr eatly in the postwar years. In 1 945, Vainer Bushs landmark report toPresident Harry Truman, Science the Endless Frontier, 2 had an important influence on university research. In this report, Bush stated, The publicly and privately supported colleges, universities, and research institutes are the centers of basic research. They are the wellsprings of knowledge and understanding. As long as they are vigorous and healthy and their scientists are free to pursue the truth wherever it may lead, there will be a flow of new scientific knowledge to those who can apply it to practical problems in Government, in industry, or elsewhere. Bush supported the idea that the US overspent should provide strong financial support for university research, but also supported the idea that the individual investigator should be the main determinant of the topics for investigation, with statements such as Scientific progress on a broad front results from the free play of free intellects, working on subjects of their own choice, in the manner dictated by their curiosity for exploration of the unknown. 2 In the latter half of the last century, many countries adopted the model of gr anting councils, which used a system based on peer review to distribute money for investigator-initiated search. This model has been a great success, but it has also contributed to important changes in universities. Much more money has been available to support medical research, basic science research and engineering research than has been available for the social sciences or arts. Thus, decisions about support for different disciplines devolved from the universities to governments, who decided on the budgets of their various grant-giving bodies.Also, individual researchers who were successful in obtaining grants no longer depended as much on departmental facilities. In my opinion, this to only weakened the power of departmental chairs but also decreased collegiality within departments. With increased enrolments, as a university education became accessible to a greater proportion of the population, and an increased need for infrastructure for the larger student population and for complex research equipment, administrators became more concerned about sources of funding and consequently more detached from the faculty.There is always a tendency for senior academic administrators to speak and behave as though they were the university (when of course they are there to serve he community of teachers and scholars). This is of course a normal human trait, no different from the tendency of politicians to forget that they are elected to serve the people. However, this increasing detachment of senior university administrators from the faculty has facilitated the erosion of collegiality within departments and universities. The individual personalities of university faculty probably also facilitated this change. Learned recently, when looking at the literature on personality, that an inverse correlation between intelligence and conscientiousness has been demonstrated in a umber of studies (see, for example, Mountain et AAA). Thus, it might be more than just my paranoia leading me to believe that the small proportion of university faculty who lack conscientiousness and collegiality is larger than in some other walks of life.The erosion of collegiality is not a matter of great significance, except that it probably played a role in making researchers more open to the efforts of governments to transform them into entrepreneurs. The most recent and possibly the most important change in university research resulted from the push by governments to commercialism the results f such research. In the United States, the Bay-Dole Act of 1 980 encouraged universities to license to private industry discoveries made wi th federal funds. The push by governments for centralization of new knowledge grew during the 1 9805 and sass and continues to have an important influence on universities. Recently, Lord Ginsburg, the science and innovation minister in the United Kingdom, boasted that there had been a cultural change in universities there, which has resulted in a substantial increase in university spin-offs. 5 In 2002 the Association of Universities and Colleges of Canada entered an agreement with the government to double the amount of research performed by these institutions and to triple their centralization performance by 2010. Although this agreement was reached in the absence of any broad consultation with the faculty who are supposed to commercialism their work, the universities seem to be well on track to achieve this objective, with a 126% increase in revenues from license royalties between 1999 and 2001. Most major universities now have a technology transfer office, and at many universities success in centralization is taken into account when faculty are considered for tenure. Will there come a time when success in centralization carries the same weight as (o r more weight than) teaching and research in the awarding of tenure?The end result of all the changes discussed above is that individual faculty members have become much more like entrepreneurs whose main allegiance is to the maintenance or growth of their own research programs and not infrequently to the centralization of their research. The researcher exploring Vainer Bushs endless frontier could be considered the modern equivalent of the homesteader taming the seemingly endless frontier of the 9th century American West-8 This is not necessarily detrimental if a new generation of university research entrepreneurs provides the new knowledge that will benefit patients and society.However, the change in culture that made university faculty more like entrepreneurs also made them more open to the desire of governments to make them entrepreneurs in the economic sense. Although the nature of universities has been changing, there was no threat to the fundamental nature of universities until the drive for centralization began. A recent report of the Canadian Association of university Teachers states that university administrators have been building increasingly hierarchical management structures that place the future of academic medicine in danger. The reports main concern is that incentives to create commercialese products push economic concerns, rather than scientific and ethical considerations, to the forefront. non the fields of biologic psychiatry and behavioral neuroscience the emphasis on commercial applications has already, to some extent, moved research priorities away from an emphasis on mental well-being to an emphasis on commercial reduces. There are many examples of this shift.For example, more research is being carried out on antidepressant drugs than on psychotherapy, even though in mild to moderate depression (the majority of cases) drugs and psychotherapy are approximately equal in efficacy. There is increasing evidence for the efficacy of exercisers,11 and fish oils,13 in the treatment and prevention of depression. However, these strategies receive much less attention than antidepressant drugs. Even an established antidepressant treatment such as S-denominationally (SAMe)14 receives little attention.Searching the abstracts of the 2004 meeting of the Society for Neuroscience, I found 179 with the key word antidepressant and only 4 with the key word S-denominationally, and none of those 4 was concerned with the antidepressant action of SAMe. SAMe is a major methyl donor and seems to work in a fundamentally different way from any product being investigated by drug companies. Surely we could expect that an antidepressant acting through a different mechanism would be a popular topic of investigation. However, SAMe is a natural product and not of commercial interest.Similarly, insights into what exercise or fish oils do to the brain may provide important insights into the pathologically of depression and its treatment, but these subjects receive little attention. Many basic science researchers investigating the mechanisms of antidepressants produced by drug companies do not receive funding from those companies. However, enough are lured by drug company research funds into working on topics of interest to the companies to significantly influence what are fashionable topics of research.Laboratories with funding from industry can often afford more trainees, who ay then adopt a more industry-centered approach in their own research. While the availability of funds from industry has certainly influenced research, the pressure on university faculty to commercialism the results of their research will undoubtedly cause even greater distortion in the areas of research that are most popular. Granting agencies have increasingly tried to foster research in neglected areas by allocating funds to specific areas Of research and requesting applications in those areas.Although this approach is certainly necessary, it has not done much to alter the effects of drug many money on research output. Also, in some ways it moves research even further away from the ideal in Vainer Bushs report that Scientific progress on a broad front results from the free play of free intellects, working on subjects oftener own choice, in the manner dictated by their curiosity for exploration of the unknown. 2 This model was notably successful in the last half of the 20th century, but it may not survive the pressure to commercialism.While there is still much scope for curiosity-driven research, the curiosity of researchers is likely to be aligned increasingly with the interests of drug impasse. As mentioned above, a cultural change has accompanied the increasing centralization of university research. The pressure to commercialism has been critiqued in some quarters, but many university faculty have nonetheless embraced centralization, or at least remained unconcerned about it. Are we far from a time when a researcher without a patent that is being commercialese will be regarded in the same way as those who do not publish regularly in the top journals?And how long will it be before governments make centralization a mandate of granting councils and a requirement for the majority Of grants? A fascination with the workings of the brain and how it can malfunction in mental illness is the usu al motivator for researchers in neuroscience and psychiatry research. As a result, curiosity-driven research will always tend to serve the best interests of patients. Although research driven by commercial interests will certainly benefit psychiatric patients in some ways, it cannot serve their overall needs, as it is much too narrowly focused. The designation of funds by granting agencies for specific neglected topics will help but is unlikely to produce any large changes in the direction of research. Thus, the biggest losers from the pressure to commercialism will be psychiatric patients. In addition I am concerned whether students who are trained to focus on the short-term commercial implications of their research will be able to maintain the breadth of vision that is a characteristic of the majority of creative researchers. Changes due to pressure from governments to commercialism are not limited to researchers.The increased emphasis on centralization in universities has in some ways distorted the perceptions of senior university administrators about the purpose of the institutions. For example, there mess to be a lack of concern about some of the sources of funds that universities receive. Universities now hold patents on many life-saving drugs. These patents sometimes limit access to the drugs, particularly in low-income countries. 1 5 In Canada, one-quarter of the faculties of medicine receive funding from the tobacco industry. 6 Perhaps a suitable future definition of a university will be a whole body of teachers and scholars engaged in turning ideas into profit. In 13th century Italy the response to interference by the Roman Catholic Church in the work Of scholars was a move to another action to escape the interference. In the 21 SST century that option is not available even to the minority who are concerned about the drive to commercialism. However, the picture is not entirely bleak. Charitable foundations will remain immune to commercial interests. In addition, even though charitable foundations will probably remain relatively small players in the funding of research, there are promising signs. For example, the Bill and Melinda Gates Foundation, created in 2000, has an endowment of about LOS$27 billion and is striving to use its money for the benefit of humankind in areas neglected by governments. This foundation is not involved in psychiatric research, but its focus on preventive approaches may help to direct interest to that important area.Research on prevention in psychiatry is still in its infancy and will certainly remain that way if short-term commercial considerations stay paramount. However, charitable foundations cannot be expected to have any large effect on the change in university culture brought about by the drive to commercialism. Although would like to be able to end this editorial on a more hopeful note, I am concerned about these cultural changes, and I do not see any solution.
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