How Effectively the Barnardo’s Website Presents it’s Campaign to Prevent Child Poverty Essay

* The layout of actual* The way in which language is manipulated* The effect on the int remnanted auditionIn this essay I volition analyse how the part of graphics, language, lay-out and cogitate in this meshsite argon effective in raising quite an a littles awareness so that Barnardos washstand help to s exculpate and prevent child poverty. Barnardos deals with m each situations and projects such(prenominal) as day care and play schemes, subsequently school clubs, advice and counselling for parents and parenting education. There are over three hundred of these projects, run by Barnardos, around the UK.In this website, Barnardos are challenge to a younger audience. In the textbook it tells us that they have launched an e-card vex asking 1 million children and young populate to respond. I deem this is a good persuasion because most of the young citizenry are on the Internet now as opposed to the older generation. The different scene of the article that appeals to young people is the fact that it is relate to people of the similar age groups and the case think over brook be related to to a greater extent easily by younger people as it is active a young person. Although it is aimed at younger people it is going to position passed on to the adults anyway by asking for help on the Internet, corpulent a teacher as part of a school project. The estimate of having this campaign on the Internet is more appealing as more people would look on the Internet for a campaign alternatively of calling in to a store and picking up a cusp.In this campaign, Barnardos use pictures to try and diverge us to help. They persuade us by making us feel sympathetic towards the children, which ordain profess us want to help the children. They do this by viewing us pictures that we can relate to, pictures such as school halls and corridors, out doors and swing parks. They show us these pictures because these are places that would be related to children. never theless the difference, however, is that they show them as being decrepit and vandalised. The other thing they use is dull colours, which makes the pictures seem sad, lonesome(a) and as well as evil. By making them derelict and dull they make us think that the victims feel sad and lonely because that is the emotion the pictures give across and because of these emotions we feel entitled to help transpose their lives. The position, on the foliate, of the pictures also makes us feel different about support the campaign. The photographs are rigid in the centre of the page and the text is meet them. This meat that you cannot submit the text without looking at the pictures and the emotion in the text with the emotion in the pictures makes it appeal more to us and makes us feeling even more obliged to help the children.At the top of each page Barnardos have placed their logo and slogan. It is placed at the top left-hand corner of each page and I think this is effective because p eople would look there first. The logo is a picture of what looks give care two adults with a child and they look quite cheery which makes you think that the lives of children who are victims of child poverty will end up like that if they get the help from Barnardos and the nation-wide public. The slogan underneath this backs it up, it says Giving Children Back Their Future, which is what Barnardos are trying to do with this campaign. The slogan and logo are effective, when presented in this way, because they make you feel like you can trust Barnardos to give them a better future.throughout the website, Barnardos keep mentioning the other facilities they operate, which reinforces its perceptual constancy and reliability. On the first page it leans on the fact that it is safe and offers a safe environment, safe and touch place to play. The charity does this to show their audience that they are honest and determined about stopping and preventing child poverty and about acquire a ll the help they can with the campaign. You see can that they always are looking towards the future of the children.The case ingest that is included supports this. The case study is a human appeal about someone who was a victim of child poverty and the conclusion of the study tells us how Barnardos helped and how the son is going to change his own life and turn everything around. People can relate to a case study like this because they want a better world and their instincts make them feel sorry for the boy and make them want to help others like him. The other techniques they use are the affectional phrases in the case study. They use phrases such as neither of the adults had overmuch time for Michael and they tell us the boy had no sense of stability. These phrases are quite harsh and can make you think twice about not wanting to help, especially to an older audience because they wouldnt want their children growing up like that.The links on the web page are very clear and helpf ul, they use FAQs (frequently asked questions) such as who we are and what we do. These secernates of phrases are also used as headings at the top of each page. The links also include a support us heading which you could take as a invocation or cry out for help. The contact us link means that if you have any additional questions or need help with anything you can contact them easily and even help them more if they need it. The sort of support and help they want is for young people to send an e-card which is also a link at the concluding page. Because it is set out in this format means you dont need to give any money and it means you have no way out of it because it is attention-getting and you would feel obliged to help because it is any easy thing to do. When people start to postulate about the campaign they might think they will have to give money but it appeals to the reader because it doesnt relate an awful lot to change someones life.The language in the campaign is very si mple and plain in the text. They dont use a large variety of vocabularies so that younger people can understand it better because it isnt difficult or challenging. The text has a lot of emotive language such as, inescapable aspect and lacks local amenities. The word you is used, in the context You can be a force for change, which makes you think that they are talking nowadays to you and makes you feel that the childrens lives are dependant on you. In the function headed the facts bullet points are used which makes the text a lot easier to read and you think that you are reading very little but you genuinely take in a lot of information.I think that the idea of a web page is very effective because I be intimate that I would prefer reading something of the Internet than reading a leaflet on a campaign. The most effective technique, I think, is the case study because I thought it was very moving and after I read it I could slightly relate to it because the person seemed to be abou t the analogous age as me and obviously wanted to change his life around. What Barnardos did to try and change that boys life was spectacular. After I finished I sent an e-card because I was persuaded into doing the right thing which was the wholly point of the campaign.

Philosophy of Man Essay

Death is a typically human event, not just a biological occurrence. It is a separating of body and soul, notwithstanding it is not just the body that dies, it is the whole man. It is difficult to talk of the very upshot of death, since just about pack who had been there, did not talk of their experience. There are some written accounts of such experiences and from these we get glimpses of the next life. Corazon Cruz Philosophy of man is the ruminate of man and its philosophy in life that is subdivided into many branches such us ethics, metaphysics natural philosophy etc.PHILOSOPHY came from the Greek word PHILO heart Love and SOPHIA meaning wisdom, French believe that PHILO means friendship kinda than Love cause they believe that Love is a state of confusion, mallicious intentions merge up w/ pure intention (attraction/physical aspect). Why does people who answers his/her superior called PILOSOPO? Before, when the Spaniards holds the Europe, some philosophers budge back by t he used of make adds, they fight w/ the used of there mind (APOCALYPS). In Philippines. Before, DR. Jose Rizal fight the Spaniards by writing things that is against to the Spaniards.Before the only people who are briskness and brave enough to fight and write against the Spaniards are the Philosophers. Dr. Jose Rizal is a potassium alum of PHILOSOPHY in the Ateneo university Phil. and the only batch that has the alike(p) GGP or same grades which is 1. 0 or a perfect average. Rizal speculate Philosophy because its a good start in grasping his wants, that is to be a Lawyer, but something happened, her mother suffer from an illness and needs to be cured. So Dr. Rizal past give up being a Lawyer and he began to study Medicine for him to cure his Mothers illness.

The Who Music Quiz

Short Disclaimer You may or may not notice that I did not reference work e actuallything The Who beat bendd, or all the people in their line-up at all condemnations. Nor did I mention Tommy(the movie) or Quadrophenia (the movie). I wanted to focus on The Whos medical specialty in their prime years, rather than their various reunions and films.Band MembersPete Townshend Guitar, bluntsRoger Daltrey Vocals, harmonica thatt Entwistle Bass, vocals, French hornKeith Moon (until 1978) Drums, vocalsKenney J anes ( later 1978) DrumsJohn Bundrick (after 1978) KeyboardsDiscography1964 hit Im the Face1965 Singles I Cant Explain, My Generation1965 The Who Sings My Generation1966 Singles Substitute, Im a Boy, The Kids Are Alright, Happy bull1966 A Quick One1967 Singles Pictures of Lilly, I Can have For Miles1967 The Who Sell Out1968 Singles I Cant Reach You, Dogs, whoremaster batch.1968 Magic Bus The Who on go game1969 Singles Pinball Wizard, Im Free, The Acid baron1969 Tommy1970 S ingles The Seeker, Summertime Blues1970 do it at Leeds1971 Singles cornerstone Blue Eyes, Lets See Action1971 Whos Next1971 Meaty, Beaty, Big and Bouncy1972 Singles Join To annoyher, Relay1973 Singles 515, Love Reign everywhere Me1973 Quadrophenia1974 Single The Rael Me1974 Odds and Sods1975 Singles Squeeze Box, mooring line Kid1975 The Who by the numbers pool1978 Who Are You?1979 The Kids Are Alright (Soundtrack)1981 Face Dances1982 Its Hard1991 thirty Years of Maximum R&B (Box Set)1996 My Generation The very silk hat of the Who1996 Live at the Isle of Wight2000 BBC Sessions2002 Ultimate Collection2002 Live at the Royal Albert Hall2004 Then and Now 1964-2004Few hardenings in didder history have had the talent, ability, energy, and impact as The Who did from the mid(prenominal) 60s to the slowly 70s. Starting as an forwardshoot of the British Invasion, the Who evolved to flex one of the to the highest degree berthful and one of the salientest jolt n roll stripess o f all time. though by definition they werent a super- group (the members were not al sterilise established as premier medicinal drugians before The Who took get rid of), they arguably had the talent to be one. Destroying equipment, blowing up low-pitched drums, Townshends windmill, Daltreys tough guy view and rock vocal power, and Entwistles eye of the hurricane woo to the stage testify and lead deep kick downstairs- vie be all defining split of The Who that make them a legend in their time and into today.Pete Townshend was the artistic loss leader of the pile, and he constantly moved them in sweet directions to reach areas no rock bands had been and hardly a(prenominal) have been since. A office from his artistic creativity, his guitar prevailing was very exhaustively. He is often overlooked because he did not do many an early(a)(prenominal) solos or untold flashy guitar work, tho he fit the band perfectly. Not only was Townshend a capable guitarist, but his vo cal typography ability is up on that point with the scoop. Townshend as well sang background vocals and occasionally lead vocals, making him stock-still more(prenominal) valuable to the band. Roger Daltrey, the singer of the group, baged as a neat singer with lusty range and glimpses of power. His versatility allowed him to progress into a power-rock front man, and his amazing stage presence propel guide The Whos live shows end-to-end their career. yet the real focus of The Who is usually on the rhythm section (or in The Whos case, the lead slavish section). John Entwistle was a pioneer in bass playing, as he was one of acetle players to show that bass could be the lead instrument in rock music. He immediately make his presence cognize in The Who with his heavy sound and distorted bass, analogous the fills in My Generation . Entwistle overly added firm backup vocals, which gave The Who more dimensions in their vocal harmonies. And then ,of course, t dumbfound is K eith Moon. Moon was a defining diorama of The Who, and a key part of why they were so different from almost all other bands. His attacking drum modality, blazing speed, and constant fills would become a trademark of The Who, especially in their live show. Although Keith is usually noteworthy for being a crazy man on the drums, he tends to show a significant amount of control on their studio apartment record albums. on that point are more fills than other drummers, but seemly restraint so as not to ruin the track. Instrumentally, Entwistle and Moon led the band. Townshend was a good guitar player, but he usually found himself pounding out power-chords and solid riffs in the role of a rhythm player while John and Keith took the role as lead players. That is not to suppose that Pete never contend lead or that he could not solo, however.Townshend and Entwistle first met each other in high school, and initially contend in a southward band together (John was on trumpet and Pe te was on banjo) in 1962. In 1963, Entwistle left to play bass for the newly formed Detours, with singer Roger Daltrey al score in place. Soon, Townshend joined them band on guitar. Not hanker after, thither was a sound void, and Keith Moon was added to the band. They changed their name to The Who in 1964. subsequently struggle for a few months to progress, the band met an interested manager in Pete Meaden. under his direction, the band became known as the High Numbers and began wearing suits and playing more of an R&B style. Their first single contained Im the Face/Zoot suit , but it faired poorly. Meaden was cut, and they ameliorate as The Who. I Cant Explain was the bands close single, and it did often better. After the band played a TV performance that have Moon and Townshend destroying their instruments, The Who jump gaining popularity.The bands dynamics in this time period are very kindle. Each member had vastly different personalities, which often led to disputes a nd arguments, sometimes even violence onstage. Instead of keeping these altercations private, The Who made them well-known. They became notorious for their violent demeanour and aggressive stage act, but instead of having a negative effect on the band, the result was that their popularity continually grew. It is important here to stress the Whos significance to the Mod movement in London at the time. The hundred of mods in the audience became a medium through which The Who could allow out their pent-up aggression. In these years, The Who soon became the Mod band, the voice of the intractable teenagers, soon to represent what rock and roll would become a obstreperous escape from the previous generation and a defiant statement against it.As I Cant Explain had jumped to the British Top Ten, the band was now ready to record an album. The Who Sings My Generation was built around the en gentle track, also come forthd as a single. The album showcases the au naturel(p) style of the b and early in their career. on that point is noticeable becharm of R&B, blues, and Motown, added into the Whos style of power rock. Its fixed legacy to music is undoubtedly My Generation . This song displays the defiant attitude of the band and Townshends infamous, hope I die before I get old line. The rebellious nature of the song even became somewhat of an influence on the future punk movement, which would start to see its true beginnings in just a couple years. Also seen here are instrumental statements of Entwistle and Moon. As mentioned before, Entwistles fills are remarkable. The end of the song features Moon all over the drums, producing a wall of sound that no other drummer of the time could even hope to emulate. The song would also become a key part of their live show for the upcoming years.The single Substitute was released shortly after that album, and met more British success. The song itself is a solid pop communication channel with great drumming and good vocals. Th e Band again prepared for more studio work. The Whos following(a) record would turf out to be an interesting one, to say the least. Titled A Quick One (in Britain) or Happy dickhead (in America), it would expand on the base of The Who to showcase a wide contour of music. The tracks range from the circus type music of Cobwebs and Strange (which features amazing drumming from Moon, its somewhat of a mini drum solo) to the ten minute mini-opera of the title track, A Quick One . This is Townshends first experiment with a elongated piece that centered on a theme. The plot concerns a womanhood who cheats on her husband while he is aside for a long time. Musically, the song moves through six movements that run together successfully. Also on the album were the strange Happy Jack and even stranger Boris the rover , twain of which are solid and are now well known tracks. The most important parts of this album were the particular that the band was sure enough showing signs of evolut ion (which were necessary to further develop and survive as the 60s died out), and the mini-opera construct Townshend was starting to create. This idea would become more important on the bands next album, and eventually reach a climax on Tommy.Their next record, The Who Sell Out (1967), is debatably a concept album that centers on a mock radio broadcast program. Between nearly every song, there is a short mock radio jingle. The album even includes the band advertising certain products in song form, as the title would suggest. There are some rather obvious examples of this, such as Heinz parched Beans , and other examples that can actually stand alone as solid songs, interchangeable Odorono . There is even some dabbing in psychedelia (after all, it was 1967) homogeneous on Armenia, City In the Sky . The Who take full advantage of the studio to take a leak this record, though the music itself still has a bit of the raw essence of the early Who. These early albums do not tend to pr esent the loud raucous Who that their live show represented instead, there is a strong sense of melody and control. Moon shows remarkable constraint (for him, at least) on songs give care Tattoo . Sunrise, I Cant Reach You, and Our Love Was showed Townshends softer side as a songwriter. I Can See For Miles was the only the albums pinch ten hit and the only track that got radio play and it features great singing from Roger and typical Keith Moon drumming. However, the real climax of the album is Rael , and ghost give care conceptual experiment. The Who even develops some of the instrumental themes for Tommy on this song (mostly from songs like Sparks or The Underture ). They were now only a short step away from a full-blown concept album.The Whos live show was growing in popularity, size, volume, etc, as they became a bigger band over the last few years. Destroying their equipment was now a standard part of their nightly show. In fact, The Who destruct so much equipment and gear, that they were actually in debt for a few years, patronage the success of their albums and hit. Ironically, the band had stopped smashing their instruments by the time they had enough funds to actually afford doing it. In 1967, The Who performed at the Monterey Pop fete in front of 200,000 people. Two years before the legendary Woodstock, a festival of this magnitude was a great tool to help lance the band into their upcoming power rock years. In 1968, The Who continued to release singles, including the ever-popular Magic Bus . To help keep momentum, they also released Magic Bus -The Who on Tour , a parade of some early singles and some album cuts not available previously.Through the rest of 1968, Townshend worked on what would be considered by many the bands artistic blooming. He developed an interesting concept and a interwoven plot that moved through the carriage of a deaf, dumb, and blind boy who plays pinball. Tommy , released 1969, is a double-album and a conceptual mas terpiece. The album is known for being the first very successful rock-opera (and one of the first in general). Tommy was met with great commercial success, especially in America. The plot, though enigmatical at times, is generally easy to follow. An interesting aspect of Tommy is in the unearthly themes it develops. By the end Tommy becomes such a powerful figure for fans want salvation (Sally Simpson ). Musically, the album is unquestionably strong.The Who were able to use great vocal harmonies and soft melodies in combination with their naturally loud and upfront style to produce an ideal mix of the two. Moon is excellent without being over-powering, and Townshends song writing may have peaked here with impressive lyrics throughout the whole album. There are also instrumental movements like Sparks and The Underture , both of which relate to a strong musical theme. Combined with unbelievable songs like Amazing Journey, The Overture, Acid Queen, Pinball Wizard, Christmas, Im Free , Were Not Gonna Take It , and a great album structure, Tommy is an album that by itself would have made The Whos career great.Tommy was the peak of the early Who, and soon the band would undergo changes that would dominate their style in the 70s. Touring to support the album, their live show grew in magnitude. Often they would play the integral album all the way through, each night reproducing the epic plot. 1969 also brought approximately another event that would have lasting effects on The Who Woodstock. The legendary music festival was the basis for further evolution in the bands sound. The power of their live show was now all but unmatched, and it thrived off performances of epic songs such as the See me, Feel me climax. Roger Daltrey especially evolved during this time. In these years, he became Tommy to the audience, a sex symbol and a leader of the band on stage.Not to say that he was outshining the other members, however. In 1970, The Who immovable to d0cument their asto unding show with their release of Live at Leeds . The original LP have rousing versions of Summertime Blues and Young Man Blues , on with a 15-minute version of My Generation that experiments with the Tommy themes. This album is regarded as one of the crush live albums ever released, and its no wonder why. It is still widely considered one of the scoop live performances ever recorded. A two-disc Deluxe Edition of the album is now available, which features Tommy performed almost in its entirety.Later that same year, The Who also played at the gigantic Isle of Wight Festival. With over 600,000 fans in attendance, The Who delivered a spectacular set. The material is similar to that of Live at Leeds , with new songs like Water, I Dont Even Know Myself, Spoonful/Twist and Shout , and an reduce version of Tommy . The show is now available on DVD as well as CD. The Whos momentum in 1970 to 1971 was also supplemented by the release of Meaty Beaty Big and Bouncy , a collection of early s ingles, as well as the release of The Seeker as a new single. The new song gave audiences a feel for the type of sound that The Who would produce during the upcoming years.After the release of a record that stretched the idea of what was practicable by four guys on a stage with just their instruments, The Who opinionated to use the studio to their full advantage on their next album. Synthesizers call for the album, and there use here was one of the first times a band used them so effectively. However, Pete was having difficulty with the albums concept. Townshends original idea was a project titled Life house , which supposedly dealt with science manufacture and a utopian society, but the idea was becoming increasingly mazy and spiralled out of control. In response to the stress build up and complications, Townshend suffered a nervous breakdown. After his recovering, The Who picked up the pieces of Petes failed work and came up with their 1971 release, Whos Next (this album is s aid jokingly by many to be the greatest misfortune in the history of rock music). The new album carried a much heavier sound than their previous studio work, and was very synthesizer-driven.This is evident right from the start of the album. There are definite beginnings of The Whos arena rock era, which would last essentially all of the 70s. Hard rock anthems like Baba ORiley, Bargain, Behind Blue Eyes, and Wont fit Fooled Again all became very popular and received extensive play on FM radio. It also contains popular fan songs like My married woman and The Song is Over . Whos Next is usually thought of as the bands best album, and is probably their most popular.After more touring with the new material The Who were ready to go back into the studio. Determined to overcome his previous failure and do another Tommy so to speak, Townshend prepared to create another complex concept album. He moved through many possible ideas, each time getting involved in them for a period and then aba ndoning the concept. Eventually, Townshend colonised on looking back at the time he knew best the Mods. The double-album Quadrophenia was crafted together and released in 1973. The albums concept dealt with a youth, Jimmy, growing up in 60s and struggling to find himself in a mod society. Despite starting with a much stronger story than Tommy originally had, Quadrophenias plot suffers from being underdeveloped. Townshend move to incorporate four vastly different personalities into his central character, each of which reflected a member of the band, but this too was left underdeveloped and only trimmed Quadrophenia as a thematic album.Ultimately, the records attempted concept was too complex for the mass Who audience to understand. The album is also very studio heavy, significance that its complexities (horn sections, various studio effects, overdubs, etc) made it very difficult for the band to retroflex it live, unlike most of their earlier material. Despite these negative poin ts about the album, the music overall is very well do. Standout tracks include The Real Me, The Punk and the Godfather, Ive Had Enough, 515, and Love Reign OEr Me. The Real Me features some amazing bass playing, even by Entwistles standards, and Love Reign OEr Me showcases Daltreys undeniable power and the emotional climax of the album. Quadrophenia also features what may be Keith Moons best studio drumming. However, the inability to reproduce the albums sound on a tour would prove costly for the group, and caused them to take a step back.After Quadrophenia , The Who began to drift apart slightly. Townshend and Entwistle were both interested in their own solo projects. Pete began to drink excessively, a habit that would plague him for the next several years. Moon was enjoying his rock star lifestyle of substance abuse and like Townshend, this would cause problems for him in the next few years. Regardless of this, Pete continued working on songs for The Who and for their next album. During their off year in 1974, The Who released Odds and Sods , another singles and album cuts collection spanning The Whos career to that point.The band goes back to the basics on The Who by the Numbers , released 1975. The complex arrangements of the last album were replaced by basically pure rock music. Townshends lyrics were very emotional and personal. The album and its subsequent tour were both hits, but it did not stand up the level of their past four releases. The records strongest tracks were Slip Kid and Squeeze Box , with a number of other communicative songs like They Are All in Love and How Many Friends . After the tour, The Who was exhausted and artistically worn-out and agreed to take an extended break.Very little would be heard from the band until they came back together in 1978 to work on their new album. The resulting record would be Who Are You , which was a relatively big success. However, the album is plagued with problems and inconsistencies. Alcoholism and s ubstance abuse were taking their tolls on Townshend and Moon, and although their instrumental ability is still intact, there is the sense that the group is starting to fade. Moon especially during this time was very flakey. It was questionable whether he would turn up for sessions or not. Sometimes he would even allow parts of his drumming and have to relearn things in the studio. The album relied hard on synthesizers and complex arrangements, and in some cases these are certainly overdone. The title track is the albums biggest accomplishment. The commercial success of the record may have triggered The Whos comeback, but it was not to be. On September 7, 1978, Keith Moon overdosed on a drug that was helping him get away from his alcoholism, and died.Losing a band member like Keith Moon almost immediately implies that the band would not continue. Moon was a defining aspect of The Who for nearly 14 years, and he was certainly not replaceable. Almost no drummers could bring to a ba nd what he brought to The Who. However, the endure members elected to continue playing. Later they would all agree that The Who in fact did end with Keith Moons death. Kenney Jones, formerly of the Small Faces, was hired as Moons replacement. Keyboardist John Bundrick was also added to the group, and they began working on new material and set up for a tour. They gained momentum through the release of The Kids Are Alright, a collection of photo footage of the groups entire career.But their momentum and goodwill was crushed when they were informed about the deaths of 11 people after being trampled in a Cincinnati accident. Townshend set down deep into drug use now, and had an almost fatal encounter with heroin in 1981. Daltrey and Entwistle worked on their solo careers, but met limited success. The band reformed to release Face Dances (1981) and Its Hard (1982). Though with some standout material (namely reputation Front ), the albums pale in comparison to The Who of ten years ag o. Their 1982 Tour was supposedly a goodbye to fans, as they were basically packing it in. The eternal sleep of the 80s saw numerous Who collections emerge, and finally in 1991 the band brought together a successful 4-disc box set. The three core members continued their solo careers, and have reunited a few times in the 90s for brief tours and various benefits. When it looked as though the group was gaining steam, John Entwistle died in June of 2002.The Whos lasting legacy to rock music is one of the greatest ever left. They did what no band had done and very few have done. Between the early mod Who, the guitar-smashing mid 60s Who, the concept/thematic album Who, and the unyielding arena-rock Who, few bands have changed as much as they did and covered so much area in music. Their legendary live show is still though off as one of the best rock has ever seen. With the super talented musicians they had, it is no wonder that The Who were able to produce so much good music and influenc e so many bands and artists of their time, and even now. Their music will and so live on forever.

Global Nursing Shortage and Impact on Health Care Environment

In recent years international wellness c atomic number 18 organizations ar more and more recognizing the impact of give fright for shortages in every case of wellness do delivery. Many health wish delivery systems are increasely recognizing the threat recurrent shortages of registered nurses impose on the health shell out system (Krall & Prus, 1995). This trend has become increasingly apparent from about the mid(prenominal) 1980s through the present, with concerns everywhere nursing shortages leading numerous health deal out specialists to explore the dynamics of the nursing labor market utilise neoclassical labor market analysis (Krall & Prus, 67).Using this approach many suggest that continuing nursing shortages in the global market consequent from depressed wages and excess demand, and that hospitals tend to command monopsonistic power when it comes to nursing management (Krall & Prus, 1995). Under this line of thinking hospitals have traditionally resulted to su bstituting less skilled nursing personnel in place of RNs when the contract arises to cope with nursing shortages, potentially decreasing the quality of fear afforded patients and customers of the hospitals. matchless thing is certain the future of the modern global health care organization is uncertain in shadowy of chronic labor shortages among sufficient nursing round (Epstein, 1999). Many health care organizations are seeking alternative methods to render patients with the quality care they need despite nursing shortages. Many are resorting to more vehemence on preventive care while other(a)s are branching out into the biotic company in an cause to identify community resources that may publicise more support for patients in the health care environment (Epstein, 1999).Heirich (1998) notes that it is vital that health care organizations afterthought the health care delivery system in order to stand the innovation necessary to accommodate the rapidly changing world e conomy and global health care environment. Old formulas for funding health care no longer work health care costs come on to rise. Many organizations are focusing on cost control, which may embroil budget shortfalls when it comes to compensating nursing cater.More and more however health care organizations are also realizing the need to focus on adequate recompense and attention to nurses and nursing shortages. New business and health coalitions are forming in major metropolitan areas to second control costs and also rend more qualified personnel, stimulating physicians and nurses as well as other providers to work together to improve service delivery in light of new health care challenges (Heirich, 1998). Future of Workforce Design and shapingAs health care organizations are changing in result to chronic nursing shortages so too are organizations re-evaluating work force designs and organisational development within the health care setting. More and more the emphasis within t he health care community and organization has been creating more unconditioned organizational structures and global enterprises that encourage cross collaboration or multi-disciplinary approaches to health care delivery (Heirich, 1998).Chronic labor shortages of nurses in the global work have encouraged healthcare organizations to adopt new strategies for attracting qualified personnel. In Britain for example, long standing labor shortages among nurses has resulted in dire efforts to recruit migratory nurses from other countries (McGann & Mortimer, 2004). Other organizations including the Illinois State Association are considering recognizing various grades of nurses, including nurses with 12 months vs. urses with twenty seven or more months of train, in an effort to provide more and lower cost nursing care for patients (McGann & Mortimer, 2004).Nursing workforce design is increasingly taking on an interdisciplinary and collaborative approach, with more nurses and health care s taff trained in a divers(a) array of services (Clark & Drinka, 2000). More health care systems are growth teams that consist of a nurse, doctor, nurse practitioner, social worker and other community members that provide a mix of services to patients (Clark & Drinka, 2000).Such efforts may help relieve some of the burden associated with nursing shortages while still ensuring that patients are cared for and offered the highest quality services possible in the health care setting. health care organizations are also functional to involve nursing staff more in decision making processes in an attempt to growth job satisfaction and promote reduced turn over and greater loyalty among qualified staff, as many nursing shortages have been attributed to overworked nurses and leave out of job satisfaction (Clark & Drinka, 2000).More and more workforces are designing systems that throw overboard nurse practitioners to provide feedback and work in an environment that is more supporting eve n in light of chronic over scheduling or nursing shortages. Impact Nursing Shortage on Education and raising Educational facilities are increasingly realizing the need to cross train staff to work in a variety of settings to cope with nursing shortages. additionally more and more educational institutions are promoting team building skills dressing to promote greater collaboration among nurses and among other health care professionals.The chronic global nursing shortage has affected the future of nursing education, supporting(a) more genteelness program development with emphasis on training nurses in other skill areas including stress management to cope with increasing burdens associated with under staffing and increasing job demands (McGann & Mortimer, 2004). Mosley (1998) suggests that the health care delivery and training model is shifting to move from more individual patient care to care in an integrated environment or system that affords a continuum of services .In this env ironment accountability for the health and well beingness of patients moves from a single nurse or care provider to duplex members of the health care team. This wellness model is increasingly promoted in educational facilities where potential health care providers and nurse trainees are taught to include community organizations, family, physicians and individuals as persona of the health care team working to promote the health and well being of patients.The new model for educating nurses includes more vicissitude training so nurses are capable of working with various patients from diverse backgrounds (Clark & Drinka, 2000). It also includes an interdisciplinary approach to training that cross-trains nurses and other health care staff members to work in various settings and under dynamic conditions. disdain these efforts chronic shortages still exist with regard to attracting and retaining competent staff.Many educational facilities are realizing decreased enrollment in nursing programs, in part because many perceive the field of nursing to be one that is over taxing (Clark & Drinka, 2000). Educators will have to work diligently at play up programs that provide potential nursing students with the skills necessary to face the new challenges associated with working in a global nursing environment.

Dracula Transformation Essay

dwarf of the Vampire is a post-modern text edition which is a reconstruction of Dracula, a novel by Bram fireman, and Nosferatu a film directed by F. W. Murnau. The use of intertexuality in Shadow of the Vampire is a key brass which aloneows it to echo themes, the mediaeval mode and issues that ar present in the other(a) two texts. Through a clear pastiche, Merhige produces a new text from the old.Immortality is a key theme which has been subverted from the physical scent out finished drink blood, as its represented in Dracula, to the spiritual sense through art by producing a perfect film which will last and entertain many generations. Bram Stoker uses many motifs such as the wafer, stake, rood-tree and garlic flowers to demonstrate the Counts immortality as these reoccurring images show the contain objects that can rid of a vampire, emphasizing his strength and power.Although these symbols are all present and continual in Shadow (crosses arent for decoration- village r says to Murnau), they put ont portray the immortality, instead Merhige uses film techniques to replace the language techniques of Dracula. The whir in of the camera is an example as it shows the deep expression and discouragement of Murnau to achieve his perfect picture and effectively his immortality. Dialogue and particular quotes mend his goal obvious our memory wont blur or fade and context that will last like the graves and alike shows his obsession to earn immortality.Murnaus obsession with his picture in Shadow causes him to turn into the mad garter of the film and instead all our abject emotions begin aimed at Count Orlock, who is a poor and weak return key of the vampiristic image set by Dracula1. In Dracula the protagonist (being the Count) in any case becomes obsessed with immortality and the female instances (Mina and Lucy) as he repeatedly visits them the illicit beloved that Dracula has for these women adds to the terror and gothic romance of the novel.A s the female characters become threatened and distressed by the Count, they add to the suspenseful and mysterious gloriole and engage the reader as they share similar emotions 2 the female character of Greta in Shadow is a resonance of this distress as she is unknowingly affected by the presence of Orlock which causes her to turn to drug yell to deal with it (does too Murnau and the producer).Greta is overly unknowingly being distressed by the camera itself which acts as a symbol for an oppressive male protagonist which contains characteristics of Dracula her naive comment theatre gives me life, this thing only takes it away, is an example of irony and too foreshadows future events and feelings such as she subconsciously knows it (like her other comments) but instead of acting upon it she again turns to drugs to avoid the fact.Murnaus obsession is proven by his willingness to use other people as affords, most notably Greta as he generates a deal with Orlock for her life. The flashbacks of Greta ( beforehand she is feed upon) causes shock to the viewer as the quotes like consider it a sacrifice for your art and make the ultimate sacrifice for love cause the emotions of sorrow, repugnance and excitement to flourish as the viewer realises Murnaus ambition from the run and its inevitability. These quotes are well-crafted examples of foreshadowing and irony.His obsession with his art is continuously shown end-to-end as he makes ridiculous demands and is easily aggravated, such as when the photographer was bitten by Orlock, Murnau exclaimed lack of enthusiasm, I told you to fix it. In Dracula sacrifice is dominantly skillful in a positive way with the heroic pigeonholing make many sacrifices to finally reach their goal of destroying Dracula (however, this heroic group is omitted in Shadow and is the primary reason for Murnaus conquest).Arthur sacrifices his love for Lucy to part with her soul and his own, but as a result he moldiness kill her gruesom ely also, the men (Morris, Billington, Van Helsing and Seward) sacrifice their blood in transfusions to find Lucy alive. This is foreshadowed by Lucy as she previously exclaimed if only I could shit them all when she was deciding her lover between these men this gives the blood grammatical gender to it (sexual innuendo) and this is an example of gothic romance with the presence of rival lover and ten-fold suitors.This sexuality of the blood is present in quotes such as the young lady went on her knees and away with you, hes mine and these show the popular opinion and empowerment of the male characters in a patriarchal society. The sexuality disposed to blood in Dracula is again subtly echoed into Shadow of the Vampire, with Orlocks lust and desperation for Greta being portrayed in the sexual sense as he is given blood from bats and other sources throughout the film but none satisfied him like Greta with him falling sleepy soon after to lighten the mood with black humour befo re the action-packed ending is aroused.The mysterious atmosphere that is obvious in all one-third texts is similarly brought about through the usage of slightly subverted gothic elements and techniques. The empty-bellied and ruined castle setting of Dracula is important to setting the headmaster superhuman/gothic tone that the novel continues throughout as shown by Jonathan Harkers diary entries the castle is a veritable prison and I am a prisoner and doors everywhere, locked and bolted. Additionally, the position of the castle adds to the mystery scarce on the borders of three states portions of Europe as these names arent old(prenominal) to us. Shadow of the Vampire incorporates this setting as small rooms, caves and an abandoned monastery are all used in the majority of the film and the transition of cinematography from the developed west to the unknown and strange east (Helgoland).Both texts also use the dark of night to represent the dark, supernatural tone that each are setting Stoker uses the sun as a symbol of protection from poisonous (the dark) and is evident in comments of Mina I keep waiting till the sun be to me a safety and that bonny sun life was to me again. Shadow of the Vampire sets most of its scenes in the dark and uses images of the silhouetted moon and shadows together with eerie background music to make the viewer feel uncomfortable and scared like the characters.Shadow uses pursue sounds like thunder and howling in night scenes to give the supernatural sense (in the same way Nosferatu does) which is an echo of the onomatopoeia used by Stoker such as muffled roar and howling of dogs. Both texts also make use of the gothic palette as a dominator of the act upon used because they give the sense of age (grey), danger (red) or evil (black) which are essential to the quick-shifting moods as they hint to the audience whats glide slope up next.Overall, the incorporation of a post-modern style and the subversion and inclusion of theme s, issues and gothic elements from Nosferatu and Dracula were crucial to the success and transformation of Shadow of the Vampire. The continual success of this film is due to its excellent depiction of vampires and their nature which can be evident in modern day life and in the character of people which has never been paralleled as its so ferociously received.

Biochemistry involves Essay

Biochemistry involves the study of biological processes and chemic analysis which include aliveness organisms reactions, chemical compounds and elements. Historic eachy, biochemistry gained prominence in the early twentieth century when research on origin of living organisms began, various forms of scientific methods where used toward the success the makeup, several questions raised where how biochemists seek to know how the understanding works, the effectiveness of molecular compounds on the immune system. Furthermore, they are interested in cellular replication, differentiation and the interconnecting relationship between cells and organs.They deal with the chemical report of inheritance (traits, character, etc. ) and disease. Apart from this, biochemist also determines how certain molecules such as proteins, nucleic acids, lipids, vitamins and hormones function and their involvement in metabolic processes. Mostly on edict of chemical reactions in living cells because this sho ws the complex chemical reactions that occur in a wide variety of life forms. It provides the basis for advancement of medication practically such as veterinary medicine, agriculture science and biotechnology and exciting new fields such as molecular genetics, biotechnology etc.The developed knowledge and methods are applied to in all fields of medicine, agriculture, chemical and health related industries. Biochemistry also provides a fantastic research on protein structures and functions, genetic engineering and the two basic components of the quickly expanding field of biotechnology. Being the vastest of all biological sciences, biochemistry has many fields namely neurochemistry, bio-organic chemistry, immunochemistry, physical biochemistry, molecular genetics, biochemical pharmacology and clinical biochemistry.Recent keep in these areas have developed a relationship between technology, chemical engineering, computer engineering. Reference Biochemistry. (2008). ISCID Encycl opedia of Science and Philosophy. Retrieved April 07, 2008 from http//www. iscid. org/encyclopedia/Biochemistry Mendoza, H. M. , Shen, L. N. , Botting, C. , Lewis, A. , Chen, J. , Ink, B. , et al. (2003). NEDP1, a highly conserved cysteine protease that deNEDDylates Cullins. Journal of Biological Chemistry, 278, 25637-25643.

Lady Macbeth – Human Weakness

Lady Macbeth in William Shakespeares play Macbeth is a character who suffers greatly in because of her tender weakness, which is her vaulting ambition. This ambition is non for her, exclusively for her husband. This woman, who seemed so in control at the beginning of the okay, unless cared for her husband and his success, later becomes so consumed with guilt and remorse that it results in her sad death. Through the discussion of characterisation and lkey thoughts, I shall reveal that Lady Macbeths human flaw is non only a major indorser to the ruthlessness of her husband but creates a huge influence in how the play unfolds.The effect of Lady Macbeths ambition and compassion towards her attached husband is immediately shown in the first scene of which she appears. When she receives a letter from Macbeth informing her on his meeting with the three witches, who they promise him that he depart be king. This is, in Lady Macbeths eyes, his rightful position and by her first words , Glamis art thou cawdor/ and shalt be what thou art promised obligates us instantly recognise that she will stop at nonhing to make sure that he gets what she feels Macbeth deserves.So when Lady Macbeths disturbing soliloquy to the highest degree her becoming un- matronly to make sure her plan to kill Duncan will not fail, is not all of a surprise. She tenders upon the spirit of evil in her require to become completely absent of feeling and emotion. add you spirits, which tend on mortal thoughts/ unsex me here and fill me from the crown to toe/ top-full of direst inclemency. She wishes for all her innate womanly qualities to disappear and replace it with evil Come to my womans breasts and take my draw for gall.She calls upon the evil spirits to prevent her in failing her mission to make her husband king. no computions visiting of nature/ shall shake my fell purpose. She asks for Come midst night, and pall thee to the dunnest smoke of hell to hide her malicious thoughts an d plans from everyone. As swell as wishing for herself to become overwhelmed with ambition and callousness, she wants her husband to do the same. As in the same soliloquy she states her concerns for Macbeth that his soul is too full of the milk of human kindness/ to catch the nearest way.This means that she thinks that Macbeths natural kindness is a bad thing and that he would be unable to murder Duncan, the quickest way to become king. However, when Macbeth returns home from bit he is greeted with the plan to kill Duncan. At first he refuses to co-operate but his wife manipulates him to change his mind. She throws at him insults, such as once you durst do it, then you were a man and to call a man who fair fought bravely for his king a coward in a mighty insult. She in any case throws at him From this time such I account thy love.At the end, in order to make sure Macbeth does commit the unnatural deed she tells him a disturbing image of her with her newborn child And dashd the bra ins out, had I so utter as you. Even so, if Lady Macbeth was a heartless, truly selfishly manque and a ruthless character then she would not have to call upon spirits to help become evil and take all her womanly qualities. Thus implying that she has womanly qualities that she wants rid of. And Shakespear makes us weary of this by allowing her to tattle her thoughts and agonys but only when Macbeth is not around.When Macbeth commits the murder, in personation 2, he is truly distraught and cannot think correctly and brings screening the lineage laden daggers with him. So Lady Macbeth, again, takes control of the situation. Earlier in the scene Lady Macbeth, who we first thought would commit the murder could not as had he not resembled my father as he slept/ Id had done it. This shows flaw in her ruthlessness and shows that her calling of evil did not completely work. It also shows that her human weakness, has weakness in itself. However she collects herself and brings the dagger s back to Duncans body. To do this must have taken super human strength.

Marketing Plan of Bentley Motors Limited Essay

trade purpose of Bentley Motors Limited 1. Executive Summary 2. attach to Description Bentley Motors Limited is a British Manufacturer of automobiles, founded on the eighteenth of January 1919 by Walter Own Bentley. In the First World War, Bentley was known because of their roundabout aero-engines. After the war Bentley designed and produced cars that won the Le Mans race in 1924, 1927, 1928, 1929 and 1930. Bentley presented Queen Elizabeth II with an official State Limousine to celebrate her prosperous Jubilee in 2002. Bentley believes that it is a naughty end luxuriousness car, which has tradition and supreme class.Bentley follows a higher(prenominal)-price strategy, and this Marketing Plan outline will show how Bentley improves their gross sales and continues to gain a sh ar in the market. 3. Strategic Focus and Plan This section covers three aspects of corporate strategy that determine the marketing invent (1) the mission, (2) goals, and (3) nucleus competence/susta inable competitive advantage of Bentley Motors Limited. Mission Bentley Motors states that they feignt arrest a mission statement but if they did, it would have been in the words of Walter Owen Bentley, To stimulate a good car, a luxuriant car, the beat in class.The vision statement that Bentley Motors Limited follows is, We be Bentley Motors the definitive British luxury car company, dedicated to developing and crafting the spheres most desirable high performance cars. Goals 1. Have a larger market sh ar. 2. Launch a Sports Utility Vehicle (SUV) in the United Kingdom in 2015. The sit down will be base on the Porsche Cayenne, and will be produced in the United Kingdom. The SUV will be priced around GBP 140,000. 3. Become much eco-friendly. 4. Increase sales to 1500 cars, by 2013. nucleus Competency and Sustainable Competitive Advantage In terms of shopping mall competency, Bentley Motors liveks to use their uniqueness to provide civilise and distinctive, high quality l uxury cars and other products that appeal to its target customers. In order to use its core competency as a sustainable competitive advantage, Bentley will seduce with its customers and employees to strengthen the relationships and build bonds to satisfy the high tastes of its clientele. 4. Situation Analysis This space analysis will show how Bentley is growing larger in the market.globally Bentley sold just over 10,000 cars in 2007 compared to 9,000 cars in 2006 and 1000 in 2003. SWOT Analysis betoken 1 shows some characteristics that might influence the market opportunities for Bentley Motors. The SWOT emphasizes the good choices made by the company. Positive versed factors are related to the board, the management outgrowth, the intrinsic value of the brand associated with the high end luxury car. Favorable external factors include the increasing remove of luxury goods in the environment. A n nonpareil to consider is that the financial crisis of 2007 did not affect Bentle ys clientele.Regarding unfavorable factors, the primary(prenominal) weakness is the limited growth in the market. Due to the outstanding care and attention given to the indemnifyoff of each Bentley car, the production is slowed down as each car is run made. However this limited production is perfect for Bentleys marketing plan. Figure 1 SWOT Analysis for Bentley Motors Internal Factors Strengths Weaknesses Management Excellent and specialise board Owned by Volkswagen, because has to report to Volkswagen. Offerings Unique, high-price and high-end luxury some other competitors like Mercedes, cars.Rolls-Royce, Ferrari and Maserati provide sympathetic products. Marketing The exclusivity of the Bentley Motors brandAs the targeted customers are exclusive, is part of the marketing plan. not many people are aware of the various services and products Bentley Motors provides. Personnel Dedicated to personal discipline of Their workers are so qualified that if one employees, by improving their skillful andemployee leaves they need to spend a lot of business skills. money to evolve and develop another employee. Finance Excellent growth in sales, revenues from To build one car it takes longer than most 2003 onwards. of their competitors, therefore it takes time to riposte revenue. Manufacturing Sophisticated details, like workers A typical mass produced luxury model can be inspecting the leather for insect bites andfinished in 24 hours, but to make a 17 hides of leather are needful to outfit Mulsanne at the Crewe Factory it takes 9 the cabin. weeks. R&D keep efforts to ensure engineering andMost of the competitors have good R&D luxury details for cars.departments as well. External Factors Opportunities Threats Consumers Customers can customize move of the product, Due to the high price of the products, such as requesting certain types of leather Bentley has exclusive consumers and not interiors. many people go and buy a Bentley every so often. Competitive There are a some brands that are that obsessed Mercedes-Benz, Jaguar and BMW produce with having unique luxury products. similar products for a fraction of the price. Technological Bentley recently hired Rolf Frech as its Bentleys competitors have various Engineering Chief. Frech comes from Porsche AG. engineering methods that can produce more efficient cars. Economic During the financial crisis of 2007, Bentleys The targeted customers are a minute targeted customers were still purchasing cars. share of the market. Legal/Regulatory Cars with new reasonable energy (biofuel), ensuring A new law passed, requires some that the power and contortion of the car are not technological change that Bentleys do affected.not have. Industry Analysis Every human wants to differentiate themselves from one another.One way of doing so is by purchasing luxury goods. indeed the market for such goods is bound to grow. In comparis on to other high end luxury vehicles, Bentley is growing more than the others. Figure 2 prodigality car Market Year Sales in U. S Market Brands 2011 2010 % Change Porsche 12,633 12,592 0. 3 Jaguar 9,315 9,748 -4. 4 Ferrari 1,266 1,087 16. 5 Maserati 1,706 1,355 25. 9 Bentley 1,260 954 32. 1 Rolls Royce 255 387 -34.1 Competitors in the Luxury Car Market As shown in figure 2 , the main competitors of Bentley are Rolls Royce, Ferrari, Maserati and Porsche. Company Analysis Bentley is passing recognized for their luxury cars, but they also sell goods that reinforce the scene of their brand, such as silver plated wheel spinners, cufflinks, set of espresso cups, driving clip and luggage sets among a few. 5. Product Market Focus This section describes the marketing and product objectives for Bentley Motors and their target markets, points of difference and positioning.Marketing and Product Objectives Bentley Motors marketing is establish on the effort to combine the strength an d speed of a magnetic declination scar with the luxury of British elegance. These are combined in 3 areas listed below. 1. British Tradition 2. Manufacture 3. Luxury and Sport Target Markets The direct target market for Bentley cars are customers who are not self-conscious and are willing to show what they have earned, these are generally those in the highest 5% of the economy. These customers want premium quality products and services and are willing to pay for it. Points of difference.Bentleys marketing is concentrated on the fact that they have the sophisticated British charm, mixed with the strength of a premium racing car. This is the main difference when compared to Rolls Royce, which looks at itself as a luxury car or with Ferrari that defines itself as a sports car. Positioning Bentleys vehicles try hard to adjoining the gap between a being a traditional British sophisticated luxury vehicle and sports car with strong masculine power, which is best shown with its 6 time su ccess at Le Mans. 6. Marketing political program The 4 marketing mix elements used by Bentley Motors are flesh out below.Product Strategy Bentleys are handmade, custom designed cars. It takes most 150 hours to produce a Continental GT and 400 hours to build an Arnage. centering wheels are double stitched by hand using 2 needles simultaneously. It takes 15 hours to create one steering wheel. These are a few features of Bentleys to name a few. Price Strategy The 2011 Bentley Continental is priced at around $205,600, while the 2011 Maserati Gran Turismo is priced at an average of $125,000. Even though the Maserati is much less priced, the quality that Bentley holds is much greater. Promotion Strategy.Bentley avoids commercializing its products unlike Maserati, therefore making it more prestigious. Bentley places its advertisements in places where they expect their target market to see it, not in commercial places. Bentley also goes by word of mouth, where one satisfied customer pas ses on the good word to a friend. dispersion Strategy Bentley prides themselves on being represented in 212 Bentley facilities worldwide. With 24 offices in the UK, 38 in the USA, 52 in Europe, 15 in the pump East and 15 in Asia and Australasia, among others. Therefore with 212 facilities worldwide, it is within arms reach for those who can afford it.

Jean Paul Sartre Essay

For Jean Paul Sartre, existence meant to manu occurrenceure progressively more various(prenominal)istic (Sartre, 175). Sartre believed this individualistic existence ca employ every maven to travel on a path toward egotism-realization and this process, he noned, had three ramifications. These re-creates being, Ethical, Religious and Aesthetic, as All human beings are currently at one of this stages, depending on the extent to which they have achieved their life-project (Sartre, 175). By more individualistic, Kiekega means that through individually stage individual gain a higher understanding of ego than they had before and it is through the privileged perspective provided by the assessment of and beginning from the previous stage that allows the person to attain this new form of ego. Sartre goes on to further note that, Each stage is a way of eyesight life, a way of understanding the world. They are different ways of living out ones existence, independent spheres of li fe, situations which embody a indisputable stability.Living fully in the aesthetic sphere will never lead to the estimable one, and the upholding of ethics will never open the threshold to religion. He closes by pointing out that no one stage post completely neglect and individuals life and if one were to allows this to sink they would stay stagnant and not progress through the stages. The first stage of Sartres progression of existential stages is esthetics recognized as the entrance in sensuous experience valorization of possibility everyplace actuality egotism atomization of the subject of experience nihilistic wielding of irony and skepticism and flight from tediousness (Stanford, p1). This stage of existence is a very egotismish one that involves spendthrift self-indulgence. Sartre refers to temptation and the appreciation and distraction of beauty a lot in this section. morality in Sartres cultivate has more than one meaning, It is used to denote two (i) a limit ed existential sphere, or stage, which is superseded by the higher stage of the phantasmal life and (ii) an diorama of life which is well-kept even at bottom the apparitional life (Stanford, p1). This is basically the stage where one starts to asses their life and view themselves objectively.It is recognized as the stage of reasoning this stage is limited in that it is the stage that comes before the religious stage, but it is carry within the religious stage in that the traits used in the honorable stage must also be used to make the worthful choices in the religious stage. Ultimately the last-place obligation to transition from Ethics into the religious stage is to completely relinquish ones creed on reason for ones trust in faith. The final stage of existence that Sartre recognizes is the stage of Religion, and specifically Christianity.Sartre believed the most important aspect of this stage, and in life in general, was faith and the passion one has for being morally res ponsible. It is also in this stage that Sartre stresses the value of choice. As noted, anxiousness is a two-sided emotion on one side is the dismay burden of choosing for eternity on the other side is the exhilaration of freedom in choosing oneself. Choice occurs in the instant, which is the point at which time and eternity intersect for the individual creates through temporal choice a self which will be judged for eternity (Stanford, p1). Here we see the concept of self changing once again and the self that was once perceived objectively with eyes looking from the Ethical stage onto the aesthetic stage from a more intellectual position, now in the religious stage is often more spiritual. Aesthetics/Ethics It is through the stage of ethics that aesthetics is recognized for its shallow and delusional ways. This type of aestheticism is criticized from the point of view of ethics. It is seen to be emptily self-serving and escapist. It is a despairing means of avoiding commitment and responsibility (Stanford, p1). patronage the selfish nature of the aesthetic stage Keirkegaard does not completely thoughtlessness its value, he recognizes that the aesthetic stage of existence is what makes the higher stages of existence necessary. This net specifically been seen with the transitional relationship between the aesthetic stage and the ethical stage. The stages work together by give the axeceling each other out within other stages. For example, its noted in Sartres pseudo-dialectic that the aesthetic and the ethical are both annulled and preserved in their synthesis in the religious stage. This is how the transition between the ethical and the religious stage comes about in that the religious stage encompasses room for both previous stages within its borders. Descartes akin Sartre is a highly respected philosophical thinker. His most famous work Meditationes de Prima Philosophia (Meditations On First Philosophy). Published in 1641, poses the main command that Every belief based on the senses (beliefs about the external world) is such that we could conceive it to be false (Descartes, p1). By the external world being debatable, then one is forced to contemplate and examine the existence of reality. This near relates to Sartress concept that the aesthetic stage can simply be assessed from the ethical stage. Descartes adopts the ideal that one can only bed they exist for sure through the process of examination ones life through thought, because the existence of ones thoughts is undeniable and not debatable. I can relate to Sartres ideas in that they are planetary and applicable to every individual. The main concept they teach is the value of moderation.The fact that no one stage can on its own dominate ones life completely. The religious stage is not at all relevant in ones life without the fight drawn from the clash between the aesthetic and the ethical. Without the aesthetic in that respect is no need to stop outside of ones own h obby of personal pleasure to become self-aware, and without this reasoning one c an never become aware of the choices available to them to achieve salvation in the religious stage. I do think since Sartre was such a proponent of the Christian faith, there is no reason why his thinking cant be go ond more in the church.For the most part many Christian churches avoid this type of in depth assessment as it pertains to individual growth. In sum, Sartres philosophies have stood the test of time because they are belt up applicable. His work pays homage to Descartes, as well as Socrates, who both promote the importance of the examined life. Walking through ones life blindly only in the pursuit of meager pleasures or even over analyzing ones every experience without fully embracing the moment, both can be detrimental to the value of ones existence.Sartre, uniform many of the philosophers before him, has setup a model that all individuals can live by, and each stage feeds off the one prio r. In improver to teaching that there is a value in our actions, Sartre also proves that there is a path to better understanding of ones self through the constant self-evalutions of those actions. Work Cited SARTRE, S. , La maladie a la mort, in Oeuvres Completes, Editions de LOrante, Paris, 1984, vol. 16, p. 175. Stanford Encyclopedia of Philosophy Jean Paul Sartre First print Tue Dec 3, 1996 substantive revision Fri May 8, 2009 (Stanford, 2009)

Fra Lippo Lippi: Argument About Art

Then, youll take Your hand away thats fiddling on my throat (12-13). why then Is the monologue delivered? It might be regarded as a diverseness of apologia , as his captors are non a little strike by discovering their prisoners membership of a reclusive order Though your affectionateness twinkles still, you shake your head Mines shaved -? a monk. You say -? the stings in that If attain Cosmic announced himself, Mums the word naturally but a monk (76-79). However, beginning as such, Far Lollipop Lippies speech turns Into an emotional blush of his ideas regarding artificeistic production and Its record.He betms to find It easier to share his independent opinions with the guards, who are socially encompassing(prenominal) to him than either his Prior or his influential patron. It is a monologue of an artisan hindered in his work by his customers, as he has to adapt his paintings to their tastes, except distasteful he finds it. By and by he expresses his views on the natu re of art, it connection with religion and Its mission. His views defer significantly from the Churchs doctrine that the truthful impression of hu gentlemans gentlemans organic structure Is unnecessary and harmful, as art is to elevate human soul. Ding it to forget the earthly. For Prior the artists truthful depiction of human corpse is devils game (172). His main objection is that Lollipops paintings do to so instigate to prayer (316), which should be the chief objective of art. The art should deal with the apparitional world, victimization existent things as far as they take a hop the spiritual categories his posit to the artist can be reduced to Give us no more of body than shows the soul (188). Lollipop successfully builds his deliver doctrine of art, refuting the Priors arguments.While the Prior Is hypocritical In his despise of body, Lollipops art Is sincere In Its praise of paragons creation. He supposes that there is nonhing sinful in representing things as they are, eliciting in his viewers a thrill of recognition in something that is to be called realism centuries later. The shapes of things, their colors, lights and shades, Changes, surprises, -? and perfection made it all (284-285) thus it is no diminished imitation of nature, it helps viewers to see nature as created by God anew. Furthermore, it revives the soul and calls It towards God, helping to see HIS work In everyday things.The artist works ad maroom del Gloria and tries to use his talent to help people in their search of God. Far Lollipop Lippies conception of art differs widely from that which is verbalized by the Church in the person of the Prior. He insists that his art does attend to God better than it would if he conformed to the Priors demands. Firstly, he feels that art, as the Prior sees it, is hypocritical. As it is, You tell too many lies and hurt yourself You dont care what you only Like too much, You ah Like want, IT glen you at your word, You find abundantly detestable. 261-264) scarce is does not he lead a hypocritical life either? Remember, he is a monk and he is caught at an alleys end Where sportive ladies pull out their doors ajar? (5-6) Even rough watchmen look disapproving and shocked. Lollipop Justifies himself. He points UT that he was an eight-year-old child when he was forced to take monastic vows by extreme hunger. He had to renounce either the world with its temptations or a piece of bread, and certainly he chose the former. Im gr receive a man no doubt, Ive broken bounds You should not take a curse eight years old And make him swear to never fondle the girls. 223-225) Secondly, Lollipop insists that his art does serve the Church. His opponents would like his paintings to set the objectives rather than reflect the current state of things, but the artist answers Dont you mark? Were made so that we love hen we see them painted, things we have passed Perhaps a coke times nor cared to see And so they are better, painte d -? better to us, Which is the similar thing. Art was given for that God uses us to help each other so, Lending our minds out. (300-306) First He points out that his works are not a mere meaningless imitation of life.They help people to understand, appraise and appreciate things around them anew, to see them with other eyes, or Just to see what they have been blind to. As he sees it, such use of art comes directly from God, and he obeys Him and serves Him with his gift as well as he is able to. Next, he presents an apologia of the body. It cannot be detached from soul, as it is alike a part of a human being. The world as a whole unites both the spiritual and the material, the heavenly and the earthly it was so created by God.For me, I think I speak as I was taught I always see the garden and God there A-making mans wife and, my lesson learned, The quantify and significance of name, I cant unlearn ten minutes afterwards (265-269) The flesh is an integral part of a human being , it cannot and must not be ignored as Gods creation. Thus Lollipop and the Priors argument extends beyond the affair of art into a potentially dangerous area, broaching the subject of mandatory sexual abstention for clergymen. Lollipop doubts its Justice and expresses ideas which are to appear a few centuries later.He supposes that Gods gifts should incite Joy and gratitude rather than be rejected and he expresses this in his paintings Do you feel thankful, ay or For this fair towns face, yonder rivers line, The mountain round it and the cast aside above, Much more the figures of man, woman, child, These are the frame to? Whats it all about? Dwelt upon, To be passed over, despised? Or Wondered at? Oh, this last of course -? you say. (286-292) He highlights the great(p) alee AT a person, an Uninominal, as a material Ana spiritual wangle. Nature Is only a frame for a human being.Human body is made by God, and as such it is worth admiring and painting in all its perfection. It is Priors disdainful and pejorative attitude towards it that is sinful, as it is disdain towards Gods own creation. Once again, Browning puts into Lipids mind the ideas of the following generations. Lastly, according to the artist, beauty itself does not wake only worldly feelings it inspires people and awakens the soul If you get childly beauty and naught else, You get about the best thing God invents Thats somewhat and youll find the soul you have missed, Within yourself, when you return him thanks. 217-220) Thus it serves both God and people. Thus it provides the victory of the spiritual over the material the Church teaches us to aspire to. This conception is akin to Dostoevsky Beauty will save the world. Beauty is endowed by the artist with a power to revive the human soul and what higher mission could art have? Here is its ultimate aim. It appears symbolic that Lollipop is caught at the alleys end. His own life look a blind alley both in his life and in his art he is cannot f ollow his liberal ideas. In life, he is forced to do it secretly.In art, being extremely sensitive to criticism, he frequently has to conform, to adapt, to paint what is expected of him So, I swallow my rage, Clench my teeth, invite my lips in tight, and paint To please them -? sometimes do and sometimes dont (242-244) But his masterpieces live and, having inspired Robert Browning to write the poem, continue to be wondered at and admired, which speaks for itself. The Norton Anthology of English Literature, Volume E The Victorian Age. 8th De. W. W. Norton & Company, 2005. Print.

NASA’s Love Triangle Approach

In the processplace, consensual personal activities of individuals al offices affect the working blood in undesirable ways. Often suggest relationships between co-workers emit preferential traversement at its best and sexist acts at its worst. Although Title heptad does non decl atomic number 18 intimate relationships in the body of work as an immoral, un respectable and distasteful act, enough room for distinction often produce a resultant effect when persons argon disadvantage due to a preferential treatment of another.There is a likely for hostility when widespread favoritism exists between male and female employees. In a professional working relationship, the workplace would be ideally unembellished from intimate relationships to prohibit favoritism and thereby banning nepotism. Office romances though are not illegal and discriminatory inclined the increased measure of measure spent together by co-workers giving value to their work. However, work is a serious busi ness and direction requires workers to act rationally small-arm doing their job. This phenomenon should be a cause for concern when personal issues interfere with work-related issues. The m whatsoever-sided love triangle situation between Lisa Nowak, Bill Oefelein and Corlean Shipman threaten the traditional ideas of anti-nepotism and non- fraternisation in the workplace.NASA capitalizes on its military machine man workforce to proffer its interests. Although its government activity code of conduct check to NASAs Shana Dale upon interview (Orlando Sentinel, 2007) do not necessarily insisted regulations that guard and meddle on astronauts and other federal employees personal lives.No matter how we try to justify this explanation for NASAs lapses I continue to insist that American companies have a indwelling desire to keep personal relationships at bay in the workplace in the face of corporate dilemmas over discrimination and harassments. Often management sees that relationshi ps within the company lead to a conflict of interests and inefficiency resulting from spending time and energy on non-work related activities (Avelenda, 1998 691). Under the guise of protecting employees from claims of informal harassment, policies would often widen to informally restrict fraternization and intra-organizational intimate interaction.It was thusly a shock to learn how NASA completely disregarded the personal lives of its employees. Astronauts are usually subjected to stringent rules and equally invasive medical procedures. Nowak no mistrust had undergone extensive medical and psychological examinations if protocols were followed prior and by and by her July 4, 2006 on the STS-121 complaint which included a trip to the International Space Station according to NASA (2006).Her NASA bio declared her as a flight engineer with a caste of captain who logged almost 13 days in space and garnered the delight in as the first Italian American in space. Her confrontation wit h a fellow NASA employee who was reportedly a rival for the affections of another space razz pilot definitely exhibits her gullibility to submit to effects of an unrestrained physical body that is aggravated by strained relationships.NASAs lapses in the face of the current situation involving the triangle love affair of their employees indicated the organizations recent disinterest over interpersonal issues involving their own working family. NASA has forgotten that Nowak at the age 43 and likely at the prime of her life after her shuttle trip last summer may have entangle a bleak end to her career as an astronaut whose piece and third spaceflights would be tough to get after space shuttles are scheduled for retirement in 2010(Orlando Sentinel, Feb.,2007).Bouts of depression are also not uncommon to astronauts who come home and are considered as heroes and overachievers. To recall, Edwin Buzz Aldrin as the second man to step on the moon after Neil Armstrong had alcoholic beve rage problems after their successful return from their mission. NASA has then dismissed the complexities of an unpredictable adult male ruttish response in the face of scientific calculable predictability.In response to Nowaks arrest NASA should review the procedures snarly in their psychological evaluations. The military have been instrumental in submitting their personnel particularly pilots for psychological intervention following extraordinary stress like divorce or deaths in the family (Christian Science Monitor September, 2004). NASA may not have been subservient on this aspect.They may have forgotten how catastrophic consequences are brought around by a human element of error. It would therefore be salutary for NASA and its employees to understand the stress of working in the space program and at least delegate guidance on the personal relationships among its astronauts. Mccurdy (1999) once express that astronauts, like police officers, treat their profession as a wa y of life, not just a job. Despite any self-discipline, astronauts are enjoined to focus on their goals and keep on pursuing such goals which was seen in Nowaks single-minded pursuit against a foe.It would help NASA if it should also establish protocols and policies that treat the grievances of their own personnel. A professional independent body that put forwards proper psychological help and emotional assistance and counseling for its personnel should be make available for its employees. This bodys aim is for the recognition of possible emotional and psychological trauma experience by its key personnel without be used to leverage employment standing in the organization.Any semiofficial involvement into the diagnosis and treatment would alert and divert employee-patients away from the program. Secondly, NASA must(prenominal) also work to regulate workplace fraternizing relationships through a less(prenominal) authoritative disapproval of intra-organizational romance. This woul d be properly implemented when put into create verbally for NASA to be able to eliminate its involvement in the future as an employer liability. Further, when inter-organizational romance and sexual relationships are frowned upon naturally, the well-discipline NASA astronauts would be consistent in their efforts to discontinue from intimate relationships with their co-workers. Another alternative also is for NASA to require employees to report any consensual relationships within its initiation and aftermath through the proper human relations body.In the face of the current scenario between Lisa Nowak, Bill Oefelein and Corlean Shipman, given the organizations growing exposure and in conjunction with being held liable for its apparent disregard for the well-being of its employees I feel that NASA has an ethical and moral responsibility to support Nowak through her misdemeanor and refrain from film her faults and deviant behavior. After all, Bill Oefelein seemingly exercised his d ominion by maintaining devil romantic relationships at the same time with two different women in the same organization thereby causing trouble for both.To restrict this trend, it would parcel out NASA if Oefelein should face a temporary suspension as well. Corlean Shipman is entirely the simple party and ould not benefit any organizing body to involve her in any internal disciplinary measure that Oefelien shall face. Lisa Nowak is already facing unlawful charges and yet, NASA is duty-bound to support her through this ordeal after all it has been tatterdemalion in its duties towards its employees and the whole scientific community and the public.Society must therefore scrutinize the various policies involve in National scientific and military organizations and regulate the intimate relationships of employees within their organization. This is to ensure that employees are not pose in an unnecessary position that requires them to choose between duty and relationship to enhance pr oductivity and protect them from any emotional turmoil.Title VII may not be so keen on fraternization within official work and duty but somehow this has provided an way for harassment and discrimination in the past (Avelenda, 693). NASA as a heavy organization geared towards training personnel for space excellence must also recognize the full potential of allowing people to deal with their emotional problems with the assistance and help of independent human relations services that provide psychological evaluation, treatment and counseling for personnel particularly the ones who are involved in missions.Works CitedWilloughby, Mariano, Cabbage, M., Lundy, S. and Hunt, A. (2007).The Orlando Sentinel. February 7.Avelenda, Saily M. (1998).Comment Love and Marriage in the American workplace Why No-Spouse Policies Dont Work. PA. J. LAB. EMP. 691, 693 .United States. NASA. (2006) Astronaut Biography Lisa Nowak.Accessed 04 April, 2007http//www.jsc.nasa.gov/Bios/htmlbios/nowak.htmlEditor ial. (2004). Anyone Ever Prepared To devour? Christian Science Monitor Magazine, September 29.McCurdy, Howard. (1999). Space and the American Imagination, sweet ed. Smithsonian.

Aes Cost of Capital

trans guinea pig superior construction and the approach of dandy Agenda 1 2 3 4 5 outside(a) majuscule Structure and the greet of big(p) Analyzing toll of Capital among Countries home run Border Listing of Stocks International addition Pricing Model (IAPM) The fiscal Structure of Subsidiaries Case Analysis AES Corpo proportionalityn 6 International Capital Structure and the bell of Capital Your Logo International Capital Structure and the Cost of Capital Firms be becoming multinational in twain(prenominal) scope AND in great social organisation Fully integ considerd fiscal commercializes = the equal damage of jacket crown both nationalally and abroad o If non, opportunity whitethorn exists to decrease bell of pileus Cost of Capital The minimum aim of surpass an investment must gene rate to bandaging its fiscal backing toll Firms will undertake projects if the return is expected to drop dead the apostrophize of outstanding turn back = Cost of Ca pital comfort same(predicate) Return Cost of Capital squ ars value increases Return Cost of Capital bad investment Weighted Average Cost of Capital (K) When a sign of the zodiac has both debt and candour support, encumbranceed bonny equal of bang-up K = (1-? )K+ ? (1- t)i K = (1-? )KL + ? i(1- t) (1- ? = weight of speak to of smashing that is from equity KL = appeal of equity capital ? = debt-to- occur- marketplace-value ratio (weight of total hail of capital that is from debt) i = before- impose follow of debt capital (borrowing) t = peripheral bodied income tax rate o Interest payments are tax departable K = (1-? )KL + ? i(1- t) (1- ? ) = weight of follow of capital that is from equity KL = apostrophize of equity capital ? = debt-to-total-market-value ratio (weight of total greet of capital that is from debt) i = before-tax bell of debt capital (borrowing) t = marginal corporate income tax rate o Interest payments are tax deductible K = (1- ? )KL + ? i(1- t) (1- ? ) = weight of personify of capital that is from equity KL = cost of equity capital ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) i = before-tax cost of debt capital (borrowing) t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) (1- ? ) = weight of cost of capital that is from equity KL = cost of equity capital ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) i = before-tax cost of debt capital (borrowing) t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) (1- ? ) = weight of cost of capital that is from equity KL = cost of equity capital ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) i = before-tax cost of debt capital (borrowing) t = marginal corporate income tax rate o Interest payments are tax deductible Example K = (1-? )KL + ? (1- t)i o Company is pay 30% of capital by debt (? ) ? So theyre financing 70% (1-0. 30) by equity (1-? ) Cost of equity capital is 10% Before-tax cost of borrowing is 6% Marginal corporate tax rate is 15% K = (0. 0)0. 10 + 0. 30(1-0. 15)0. 06 Example K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So theyre financing 70% (1-0. 30) by equity (1-? ) Cost of equity capital is 10% Before-tax cost of borrowing is 6% Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So theyre financing 70% (1-0. 30) by equity (1-? ) Cost of equity capital is 10% Before-tax cost of borrowing is 6% Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So theyre financing 70% (1-0. 30) by equity (1-? ) Cost of equity capital is 10% Befo re-tax cost of borrowing is 6% Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So theyre financing 70% (1-0. 30) by equity (1-? ) Cost of equity capital is 10% Before-tax cost of borrowing is 6% Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example K = (1-? )KL + ? (1- t)i o Company s financing 30% of capital by debt (? ) ? So theyre financing 70% (1-0. 30) by equity (1-? ) Cost of equity capital is 10% Before-tax cost of borrowing is 6% Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 K = 8. 53% Minimizing weighted just cost of capital(WACC) Lowest WACC is obtained when the optimal combination of debt and equity are utilize Increases of profitable capital expenditures o Firm value is change magnitude as long as the return on new projects exceeds the debaucheds WACC Internationalizing the firms capital expression helps to decrease the cost of capital Firms Investment Decision and the Cost of Capital A firm that can reduce its cost of capital will be able to increase the profitable capital expenditures that they can invest in This results in increasing treat patroniseer wealth We can do this by beingwideizing our cost of capital Factors that affect the WACC Controllable Uncontrollable 1 Capital structure policy Proportion of debt and equity Interest rates Increases cost of debt, may collaterally increase cost of equity Investment polity Degree of endangerment associated with new projects Tax rates Increase in corporate tax rate decreases cost of debt decreases WACC Economic conditions Ie. Financial crisis of 2007/2008 count on the firms equity cost of capital Usually estimated victimization the Capital Asset Pricing Model (CAPM) Ri = Rf + ? (Rm Rf) Ri Expected return of security I Rf Risk-free interest rate ? measures capriciousness of security i compared to the market portfolio Rm Market portfolio Cost of capital in segmented vs. integrated markets Ri = Rf + ? (Rm Rf) In segmented markets, Rm is usually proxied by the S for the United States In integrated markets, Rm can be proxied development the MSCI World index Cost of capital in segmented vs. ntegrated markets go on Same future cash flows are likely to be priced divers(prenominal)ly in different countries in segmented markets, why? o ? is heedful against the domestic market portfolio a this differs from country to country In fully integrated markets, same future cash flows will be priced the same as ? is now measured against the same mankind market portfolio Analyzing Cost of Capital among Countries Your Logo Does the Cost of Capital Differ among countries? ? Researches suggest that although transnationalist financial markets are not segmented anymore, they are still not fully integrated ? The empirical evidence is not clear-cut If the international financial markets = less than fully integrated, then there can be systematic differences To illustrate that capital markets are less than fully integrated, McCauley and baby-walker (1994) provided a direct comparison of the cost of capital among the 4 study countries Germany, Japan, UK and US Method 1. estimate the cost of debt and equity capital 2. compute the cost of funds (weighted average cost of capital) using capital structure in for each one country as the weight 3. compute the cost of capital in real terms after adjusting for the inflation rate Effective documentary After-Tax Cost of Debt Cost of Equity Debt -to-Equity Value Ratios Real After-Tax Cost of Funds Example Novo Industri Produces industrial enzymes and health care products 1970s, all oversight decided to finance planned future growth of company by entering international capital markets Danish stemma market was pocket-sized and il fluidness company needed to internationalize Novo management felt they were facing a hig her cost of capital than competitors because of the segmented nature of the Danish stock market Example Novo Industri Went international by Increased transparency by presenting financial and technical statements in Danish and English Cross-listed on the capital of the United Kingdom Stock Exchange, Listed ADRs (so that US investors can invest in US dollars quite a than Danish) The Result Novo Industris stock price increased while power(a) Danish stocks didnt Implications of the example Firms operating in small, segmented domestic capital market can gain access to new capital and dis pose the cost of capital by listing their stocks on large, liquid capital markets like the New York and London Stock Exchanges. Cross moulding listing of stocks Your Logo Cross-Border Listings of Stocks Firms can potentially benefit from crossborder listings Why? o Gain access to additional sources of capital while lowering cost of capital by increasing investor base o Increase in stock prices due to more demand and trading of the stock Cross-Border Listings of Stocks Firms expect to prefer to list in neighbouring markets Why? o Similarities in markets o A home bias Cross-Border Listings of Stocks Generally, o Potentially expand investor base, which leads to a higher stock price and lower cost of capital lower transaction costs ? improvement in quality and quantity of firm specific information available to investors o Creates a secondary market for the companys shares and facilitates raising new capital in inappropriate markets liquidity of a companys stock o arouse Cross-Border Listings of Stocks Generally, o Enhances the visibility of the company and its products in outside markets shares may be use as the acquisition currency for taking over foreign companies o Cross-listed o May improve the companys corporate governance and transparency Cross-Border Listings of Stocks May improve the companys corporate governance and transparency Once companies cross-lists it s shares on foreign exchanges (NYSE, LSE), they are required to follow strong disclosure and listing requirements On average, foreign companies listed on U. S. exchanges are valued 17% higher Cross-Border Listings of Stocks Dis favors o see disclosure and listing requirements can be costly (U. S. GAAP) in foreign markets o Volatility o alieners may take a irresponsible interest in the company and challenge domestic control International Asset Pricing Model IAPM Your Logo IAPM For understanding the achievements of international cross-listings. assuming cross-listed summations are internationally tradable assets and internationally nontradable assets. IAPM CAPM Ri=Rf+(RM-Rf)Bi Bi = Cov(Ri , RM)/Var(RM) = Ri=Rf+(RM-Rf)/Var(RM)Cov(Ri,RM) AMM take chances- offense Y*=E(r)-rf/(A? 2) AM is a measure of aggregate take chances aversion M is aggregate market value of market portfolio = Ri=Rf+ AMM Cov(Ri,RM) IAPM Asset pricing mechanism under Comp permite integration assets ar e wad internationally according to world systematic risk Complete partitioning assets are trade respected to country systematic risk. Suppose dickens countries Domestic Country and Foreign Country IAPM Complete Segmentation 1 Domestic Country E(R) Foreign Country E(R) Rg = Rf + AFF Cov (Rg , RF) Ri = Rf + add together Cov (Ri , RD) Complete Integration Both Domestic and Foreign Ri = Rf + AwW Cov (Ri , RW) In realty, assets are priced as partially integrated world financial markets IAPM part Integrated World Financial Markets Internationally tradable assets are priced as if world financial markets were completely integrated Non-tradable assets will be priced by world systematic risk (pricing spillover effect) and a country-specific systematic risk. o o Spillover effect externalities of economic activity or processes those who are not directly voluminous in it. Pollution, technology, even financial markets IAPM Nontradable assets of the domestic country Ri=Rf+ AwW Cov*(Ri, RW)+ minimal brain damage Cov(Ri , RD)- Cov*(Ri , RD) Cov* (Ri , RW) Indirect world systematic risk Cov*(Ri,RW) is the indirect covariance among the ith nontradable asset and world market portfolio. Cov(Ri , RD)- Cov* (Ri , RD) Poor domestic systematic risk Cov*(Ri , RD) is indirect covariance between the future returns on the ith non-tradable asset and domestic countrys market portfolio that is induced by tradable assets. IAPM implications 1. International listing (trading) of assets in differently segmented markets directly integrates international capital market by devising these asset tradable. 2. Firms with non-tradable assets get free ride from firms with tradable assets in sense that former indirectly benefit from international integration in terms of a lower cost of capital and higher asset prices. Effect of Foreign Equity monomania Restrictions Restrictions on maximum % ownership of topical anesthetic firms by foreigners Mexico and India limited to 49% Two differen t classes of equity Chinese firms publish A shares and B shares Ensuring domestic control of local firms Pricing-to-market (PTM) phenomenon Constraint is potent in limiting desired foreign ownership eg. Korean firms restriction on foreigners is 20% Foreigners want to buy 30% Foreign and domestic investors may face different market share prices Asset Pricing under Foreign Ownership Restrictions A firms cost of capital depends on which investors, domestic or foreign, write out capital. A firm can reduce its cost of capital by internationalizing its ownership structure. An Example of Foreign Ownership Restrictions Nestle Nestle used to issue two different classes of common stock Bearer shares foreigners Registered shares Swiss citizens The bearer stock was more expensive. Nestle An Example of Foreign Ownership Restrictions Nestle On November 17, 1988, Nestle lifted restrictions imposed on foreigners, allowing them to hold registered shares as well as bearer shares. A majo r conveyance of title of wealth from foreign shareholders to Swiss shareholders. The total value of Nestle increased substantially when it internationalized its ownership structure. Nestles cost of capital therefrom declined. An Example of Foreign Ownership Restrictions Nestle The Nestle episode illustrates The sizeableness of considering market imperfections The peril of political risk The benefits to the firm of internationalizing its ownership structure The Financial Structure of Subsidiaries Your Logo The Financial Structure of Subsidiaries Three different approaches to determining 1. Conform to the farm companys norm where the parent company is fully responsible for the subsidiarys financial obligations not necessarily consistent with minimizing the parents overall cost of capital The Financial Structure of Subsidiaries Three different approaches to determining 2. Conform to the local norm of the country where the subsidiary operates When the parent company is will ing to let its subsidiary scorn, or the guarantee of obligations becomes difficult to enforce across national borders Not the optimal one approach (immature nature of local financial markets) The Financial Structure of Subsidiaries Three different approaches to determining 3. Vary judiciously to capitalize on opportunities to reduce financing costs and risks Most fairish and consistent with minimizing firms overall cost of capital maneuver advantage of subsidized loans Taxes deduction of interest payment Take advantage of various market imperfections (ex. political risks) CASE Globalizing the Cost of Capital and Cost Budgeting at AES BRIEF BACKGROUND AES Originally Applied Energy work Founded in 1981 Publically traded since 1991 In 2003 Leading independent supplier of electricity in the world $33 Billion in asset (eg. part plants, generation facility, other energy related businesses) stretched across 30 countries and 5 continents AES Early Success 1983 1st cogene ration facility is built in Houston, Texas 1988 gain income = $1. meg 1991 AES goes public, net income = $42. 6 million 1991-1992 AES initiates international expansion 1996-1998 estimated 80%-85% capital investment is overseas 2000 Revenue = $4. 958 billion Net Income = $778 million AES Typical Investment Structure AES AES stock price (market cap in 2000 reached $28 billion $70/share) AES AES stock price (market cap in 2002 fell 95% to $1. 6 billion $1/share AES What Happened? Its chemical formula for success (international exposure) became their recipe for disaster o Much of AES expansion took place in growing countries (there was more unmet demand vs. eveloped countries) Main factors o Devaluation of trace South American currencies ? Argentine, Brazilian, Venezuelan currency crises o Adverse changes in energy regulatory requirements ? Government mandated energy rationing and competition o Decline in energy commodity prices AES AES ISSUES AES Simple Domestic pay Framewor k 12% discount rate was used for all need generation projects o all dividend flows from projects were deemed equally risky ? fair laying claim because businesses had similar capital structures o most risks could be hedged in the domestic market AES Same Model was Exported Overseas Worked well initially, when they runner expanded to Northern Ireland o had many of the same characteristics as domestic projects Model became increasingly strained in Brazil and Argentina o Hedging key exposures was not feasible (currency, regulatory.. ) AES SO AES needed of a modeology for calculating Solution by AES valuation & cost of capital for capital budgeting at AES businesses in diverse locations around the world AES How did AES turn with it? Rob Venerus, director of Corporate Analysis & Planning questioned whether the traditional CAPM would sate He did not advocate the use of a world CAPM o AES owned businesses in poorly integrated capital markets Countries such as Tanzania and Georgia did not have any meaningful capital markets He did not advocate the use a local CAPM either o AES How did AES deal with it? So Rob Venerus developed a new amaze Step 1 Calculate the cost of equity using U. S. market data for each of AES projects o Average the unlevered equity betas from comparable U. S. companies o Relever the beta to reflect the capital structure of each of AES projects o Cost of equity = Rf + ? (Rm Rf) AES How did AES deal with it? Step 2 Calculate the cost of debt by adding the U. S. risk free rate and a default interruption o Cost of Debt = Rf + Default Spread o The default spread is based on the relationship between EBIT ratios for comparable companies and their cost of debt. AES AES How did AES deal with it? Step 3 Add the sovereign spread to both the cost of equity and the cost of debt o this accounts for country-specific market risk, which is the difference between local government bond yields and corresponding U. S. Treasury yields. These steps all ow AES to calculate a WACC that reflects the systematic risk associated with each project in its local market. AES AES How did AES deal with it? BUT Most of these local markets are developing markets where access to capital was limited and information less than perfect project-specific risk could not be diversified away Project-specific risk must be accounted for AES How did AES deal with it? Example of project-specific risk There are 2 hydro plants in Brazil that are identical in every aspect, except for the rivers that fertilize them. River 1 produces cash flows that vary +/50%, River 2 by +/- 10%. If they are financed by 100% equity, CAPM says they are worth the same. Rob Venerus survey this was unconvincing Seven types of Project-specific risk 1. Operational/Technical 2. Counterparty credit/ work 3. Regulatory 7. Contractual Enforcement/Legal 4. Construction 5. Commodity 6. Currency Weights estimated from AES susceptibility to anticipate and mitigate risk. Then given a gr ade between 0 (lowest exposure) and 3 (highest exposure), multiplied by their weights to yield a business-specific risk score AES Example Risk Score Calculation for Lal Pir Project (Pakistan) Business-specific risk score Used to calculate an adjustment to the initial cost of capital o 0 = no adjustment to WACC o 1 = + cholecalciferol basis points (5%) o 2 = +1000 basis points (10%) o 3 = +1500 basis points (15%) Overall (exhibit 8 from case) 1. calculate cost of equity and cost of debt using U. S. market data 2. add sovereign spread to each 3. calculate WACC 4. Add a business-specific risk adjustment to WACC SUGGESTION & passport FOR AES CORPORATION Suggestion & Recommendation AES Corporations current method of valuing risk is clearly inadequate. Not enough risks were being considered in their work, particularly political and economic risks in developing countries that the company expanded to. at a lower place this current model, country-specific risk is also difficult to measu re. This new model to value cost and risk should be implemented by AES. It gives the company a more realistic projection of the risks that they may face with projects that they take on internationally. Risks such as political, economic, country-specific and business-specific risks are now considered, where in the previous model they were neglected. THE END THANK YOU Your Logo