Finance for Managers Earnings Transparency

Question: Describe about the Finance for Managers for Earnings Transparency. Answer: 1: Present dividend = D0 = 2.35 Required Rate of return = R = 15% Growth rate for first 5 years = g1 = 22% Dividend at end of year 1 = D1 = D0 * (1+g1) Present Value of dividend D1 = PV (D1) = D1/ (1+ R) Dividend at end of year 2 = D2 = D0 * (1+g1) ^2 Present Value of dividend D2 = PV (D2) = D2/ (1+ R) ^2 Similarly for t=5, Dividend at end of year t = Dt = D0 * (1+g1) ^t a) Present Value of dividend Dt = PV (Dt) = Dt/ (1+ R) ^t Growth rate after 5 years = g = 6% b) Price of share at end of year 5 = P5 = (D0 * (1+g1) ^5 * (1+g))/ (R-g) Present Value of Price of share at end of year 5 = PV (P5) = P5/ (1+R) ^5 c) Price of share today = PV (D1) + PV (D2) + PV (D3) + PV (D4) + PV (D5) +PV (D1) + PV (P5) For exact calculation refer to attached excel sheet d) The following factors are followed by the Financial Managers of a company at the time of deciding the dividend policy of that company: Type of the Industry: The industries which generate consistent revenue adopt the stable dividend policy. On the other hand, the industries which generate uncertain revenues are conservative in the adoption of the dividend policies (Malik et al. 2013). The Age of Companies: New companies use to retain their earnings as they need capital for the business; they invest back the earning in spite of giving dividends. In case of the new companies, there are not any issues regarding investment; thus they give dividends out of the earnings (Rafique 2012). Leverage: Due to have debt liabilities, companies with greater leverages gives small amount of dividends (Obradovich and Gill 2013). Liquidity: Having large amount of cash reserves and other liquid assets, the companies are able to pay higher amount of dividends. Inflation: The companies use to pay fewer amounts of dividends and retail the earning at the time of inflation (Khan, Meher and Syed 2013). 2: F = Face Value N = Time period Since coupon is paid semi-annually, m=2 No. of time coupon is paid = m*n Coupon Rate = 9.875% R = Rate of interest a) Market Value of Bond = (C/m)/(R/m) * [1- 1/(1+R/m)^mn] + F / ( 1 + R/m)^mn b) The bond prices increase when the interest rate decreases and vice-versa. (Exact calculation is attached in the excel file) c) When the price of the bond which is trading in the market is higher than its par value, it is considered as the Premium Bond (Favara et al. 2016). On the other hand, when the price of the bond which is trading in the market is lower than its par value, it is considered as the Discount Bond (Elliott and Nishide 2014). d) The increase in bond price is due to the decrease in the interest rate and vice-versa (Malkiel 2015). 3: a) Debt D 300000000 Bonds Coupon C 0.09 time period n 15 m 2 time interval mn 30 Face value F 1000 Price of bond Pb 1440.03 Price of Bond = Pb = (C/m)/ (Rd/m) * [1- 1/(1+Rd/m)^mn] + F / ( 1 + Rd/m)^mn Input all values to calculate Rd Ordinary shares 14000000 Dividend D1 2.2 Growth g 0.05 Price of share P0 20 Price of share = P0 = D1 / (Ro-g) Input all values to calculate Ro Preference Shares 2000000 Price of share Ps 12 Dividend D 1.2 Price of share = Ps = D/ Rs Input all values to calculate Rs Tax Rate = t = 30% Value of debt = D = 300000000 Value of ordinary shares = Vo = Number of ordinary shares * Price of ordinary shares Value of preference shares = Vs = Number of preference shares * Price of preference shares Total Value of company = V = D+ Vo + Vs Weighted Average Cost of Capital = WACC = (D/V)* (Rd) * (1-t) + (Vo/V)*Ro + (Vs/V)*Rs b) The cost of capital is controlled by the Financial Managers by controlling the following factors: Capital Structure: The increase in cost of capital is caused by more amounts of debts. As a result the cost of capital is changed. The same is applicable for the equities Dividend: The cost of capital can be changed by the company by controlling the payout ratio. Policy of Investment: Cost of debt and cost of equity is changed with accordance to the investment policy of the company. Here, the risk factor needs to be considered (Barth, Konchitchki and Landsman 2013). 4: a) The Loan of Bank of America The amount Toyota plans to borrow = $5 million Term of the loan = 90 days Interest cost = Prime rate 1.125% = 6.25% 1.125% = 5.125% Interest cost = $5,000,000 0.05125 (90/360) = $64,062.50 The Loan of Daiwa Bank The amount Toyota plans to borrow = $5 million Termof theloan= 90 days Interestcost= LIBOR +0.75%= 4.2%+ 0.75%= 4.95% Interest cost = $5,000,000 0.0495 (90/360) = $61,875 The Daiwa Bank offers Toyota thelower cost loan with a lower interest cost of $61,875 versus $64,062.50. b) Yield to maturity (YTM) refers to the total return expected on a bond if it is held till maturity and all the payments are made as scheduled. YTM helps the financial managers in comparing bonds with different coupon rates and maturities (Billett, Hribar and Liu 2015). 5: Expected Cash flow in Korean Won = Cash flow (US millions) * Expected exchange Rate (won/$) Present Value of expected cash flow = Expected Cash flow in Korean Won / (1+R) ^t Where R = Discount Rate and t = time in years Net Present Value = Sum of all Present Value of expected cash flow Moon Rhee should proceed with the project as the Net Present Value (NPV) is positive provided that it has the enough amount of financial backing to invest such a large amount and wit for three to four years for the return (Pasqual, Padilla and Jadotte 2013). 6: Billys Tools EBITDA = Profit Depreciation and Amortization Earnings per share = EPS = EBITDA / No. of shares P/E = Price of share / EPS Enterprise Value /EBITDA = ((Price of share * No. of shares) + Debt) / EBITDA Johnson Machine Tools Ltd EBITDA = Profit Depreciation and Amortization a) Value of shares of company using P/E = P/E * EBITDA Total value = Value of shares of company using P/E + Debt b) Total value using value/EBITDA = (Enterprise Value /EBITDA) * EBITDA Value of shares = Total value using value/EBITDA- Debt 7: a) Scenario 1 Scenario 2 Selling Price 20 22 Demand 15000 13500 Variable cost 10 10 Fixed cost 100000 100000 EBIT 50000 62000 Depreciation and Amortization 20000 20000 Tax rate 0.3 0.3 Working capital 3000 3000 Free cash flow 52000 60400 EBIT = ((Selling Price Variable Cost) * Demand) Fixed Cost Free Cash Flow = EBIT (1- tax rate) + Depreciation and Amortization Working Capital Free Cash Flow will increase if the price is increased. b) Scenario Analysis is a more realistic tool for the assessment of the impact if different scenario on a project. There is a difference between sensitivity analysis and scenario analysis. Sensitivity Analysis considers the sensitivity of the Net Present Value (NPV) analysis to changes in the variable values (Gal and Greenberg 2012). On the other hand, Scenario Analysis considers the probability of the changes in NPV Analysis happening in the variables (Dutta and Babbel 2014). References Barth, M.E., Konchitchki, Y. and Landsman, W.R., 2013. Cost of capital and earnings transparency.Journal of Accounting and Economics,55(2), pp.206-224. Billett, M.T., Hribar, P. and Liu, Y., 2015. Shareholder-manager alignment and the cost of debt.Available at SSRN 958991. Dutta, K.K. and Babbel, D.F., 2014. Scenario analysis in the measurement of operational risk capital: a change of measure approach.Journal of Risk and Insurance,81(2), pp.303-334. Elliott, R.J. and Nishide, K., 2014. Pricing of discount bonds with a Markov switching regime.Annals of Finance,10(3), pp.509-522. Favara, G., Gilchrist, S., Lewis, K.F. and Zakrajsek, E., 2016.Recession Risk and the Excess Bond Premium. Board of Governors of the Federal Reserve System (US). Gal, T. and Greenberg, H.J. eds., 2012.Advances in sensitivity analysis and parametric programming(Vol. 6). Springer Science Business Media. Khan, M.I.K., Meher, M.A.K.M. and Syed, S.M.K., 2013. Impact of Inflation on Dividend Policy: Synchronization of Capital Gain and Interest Rate. Malik, F., Gul, S., Khan, M.T., Rehman, S.U. and Khan, M., 2013. Factors influencing corporate dividend payout decisions of financial and non-financial firms.Research Journal of Finance and Accounting,4(1), pp.35-46. Malkiel, B.G., 2015.Term structure of interest rates: expectations and behavior patterns. Princeton University Press. Obradovich, J. and Gill, A., 2013. Coporate Governance, Institutional Ownership, and the Decision to Pay the Amount of Dividends: Evidence from USA. Pasqual, J., Padilla, E. and Jadotte, E., 2013. Technical note: equivalence of different profitability criteria with the net present value.International Journal of Production Economics,142(1), pp.205-210. Rafique, M., 2012. Factors affecting dividend payout: Evidence from listed non-financial firms of Karachi stock exchange.Business Management Dynamics,1(11), pp.76-92.

The Movie Exhibition Industry

Deliverable 1 The Motion Picture Industry Value Chain Could the motion picture industry add value to their productions if they concentrated on only one venture? Most of the distribution in the market is done by the divisions of major studios. The studio’s investments span across various major fields and this makes the management of the investment a great challenge. Advertising We will write a custom essay sample on The Movie Exhibition Industry specifically for you for only $16.05 $11/page Learn More If the studio’s concentrated only on movie production, the quality of their productions would increase. They would channel all their energies into creating new movie ideas and this would definitely appeal to their target audience. The Business of Exhibition Could movie exhibitors find other ways of adding value to the customer while gaining revenue? Most of the profits made by exhibitors are from the sale of concessions. The food served at the movies has gradually increased in price but the quality has remained the same. If movie exhibitors diversified their food options and incorporated alcohol in their drinks options, their high food prices would be justified and the customer base would be increased if they added food options for vegetarians. The Theater Experience Now that people can watch movies in their own home, what can movie exhibitors do now to gain that competitive advantage over home theatre systems and offer customers something that their home theatre system cannot? In order to stay in business, the theaters can open smaller branches closer to the living areas so that the people do not have to go through long drives to get to the movies. They should be placed around malls where a lot of people frequent for necessities like food. This would attract customers who had gone to the mall for other reasons and have time to spare. Raising the Exhibition Curtain in 2011 and Beyond How can exhibitors ensure that they re tain their customers with the current economic recession? The exhibitors are overcharging the customers and this has reduced the number of people willing to go to the movies. The exhibitors should be considerate when they set their price. The customers understand a small price hike due to recession but extreme price hikes as have been witnessed, are affecting the number of people going for movies. Deliverable 2 Is the lack of competition from new investors causing these companies to deliver low standard services? How much more do the exhibitors need to do in order to maintain the theater experience do they need to shift to a completely different type of service that no other entertainment venue can offer for that same price? How can the theaters survive the hard economic times while ticket prices are rising, the number of people going to movies is dropping, and the numbers of theatres are increasing? Deliverable 3 The motion picture industry seems to be lacking competition from ne w investors. If there were more studios producing movies, there would be more ideas being made into different movies. This would attract more movie goers. Similarly, if more companies invested in exhibition, the competition would force the exhibitors offer better services. For exhibitors to create a great experience for movie goers they can improve the food they sell and more food options availed. The people working at the movies should also be polite to the customers and treat them well. For theaters to still make a profit without overpricing the tickets, they could reduce the number of staff they have by introducing computerized ticket sale point and drink buying points. They could save on the workers salaries and still run a profitable and efficient business.Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More This essay on The Movie Exhibition Industry was written and submitted by user Malaysia Alvarez to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

When the Free Market Dries Out Bremmers Account of the Future Economics

When the Free Market Dries Out Bremmers Account of the Future Economics It seems that the idea of a capitalistic society and the fact that capitalism is at present the only logical way to structure various social and economical relationships seems obvious enough; yet it cannot be denied that certain alternatives may exist and that capitalism is, after all, the idea created by people and can be, therefore, just as easily demolished by them.Advertising We will write a custom book review sample on When the Free Market Dries Out: Bremmer’s Account of the Future Economics specifically for you for only $16.05 $11/page Learn More Taking a closer look at the ideas which Ian Bremmer communicates in his recent book The end of free market, one must take into account the sad fact that capitalistic structure of society might finally prove less resistant in the competition with the rest of structures than expected. Analyzing the book by Bremmer ad checking its verbosity, one can possibly come to the conclusion whether the humankind wil l finally be dominated by a less flexible system known as state capitalism or remain within the boundaries of the traditional democratic ideas. According to what Bremmer says, it is the state capitalism that poses the greatest threat to the realm of the capitalistic world. Undermining the very principles of the capitalistic ideas, it is finally going to destroy the fundament of the society as it is today, making markets completing subjected to the power of the state government. In Bremmer’s own words, the people obsessed with totalitarian ideas â€Å"have invented something new: state capitalism1†; according to the author, the given system is supposed to destroy the entire mechanism of the capitalist world and finally bring the existing financial economical and political relationships to an inevitable end. Analyzing the given book, one must mention, first of all, that the arguments which the author offers are in fact quite string. Indeed, the concept if the state capit alism is not the product of someone’s inflamed imagination – on the contrary, the theory is rather old and has sufficient grounds to base o. According to the evidence offered by Grinder and Hagel, the concept of state capitalism is quite a well-known idea which differs from the fundamentals of capitalism â€Å"with regard to the second proposition: that an inherent antagonism exists between banks and industrial corporations.†2Advertising Looking for book review on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More However, even back then, the authors could see the obvious flaws of the proposed system: â€Å"This is not to deny the possibility that localized conflicts of interest may frequently emerge between particular banks and particular industrial corporations over the perception of profit opportunities.†3 Therefore, it should be admitted that the threat of the state capitalism develo pment has been quite an issue for a considerable amount of time. In addition, among the arguments which Bremmer provides in his argument concerning the effects of the possible state capitalism advent, the fact that globalization enhances the above-mentioned process is evident. According to the author, â€Å"All that movement across borders will eventually strip nation-states of their power, because governments will never be able to manage the international commercial, political, social, and environmental challenges that globalization creates†4. However, the author misses the positive effects of globalization, namely, the significance which globalization has for a range of developing countries. Indeed, dealing with the countries which are currently only developing their economics and are at their earliest stages of development is quite complicated and even dangerous; in addition, the leading countries do not bear such moral obligations as to help the developing countries striv e for better economical conditions. According to Lee and Vivarelli, globalization, despite the numerous controversies it might cause, does have a sufficient effect on such issues as unemployment, helping to resolve the issue:Advertising We will write a custom book review sample on When the Free Market Dries Out: Bremmer’s Account of the Future Economics specifically for you for only $16.05 $11/page Learn More When a developing country opens its borders to foreign capital, FDIs generate positive employment impacts both directly and indirectly through job creation within suppliers and retailers and also a tertiary employment effect through generating additional incomes and so increasing aggregate demand.5 Therefore, it can be considered that the ideas which Bremmer conveys might seem a bit selfish and appropriate only for the leading countries of the world, while the developing ones might fall into an even worse crisis. Because of the given issue, the ideas offered by Bremmer cannot be considered as completely true and unbiased suppositions. If Bremmer had been less focused on the leaders in the world market sphere and paid a tad more attention to the concerns of the third-world countries, he could have come to a different decision. Another important element in Bremmer’s assessment of the existing policies concerning markets and their variations all over the world, which borders prophecy, is the fact that the author traditionally considers the Russian and the Chinese markets as not fully compatible, since they are supposedly still influenced by the state, though legitimately governed by free entrepreneurships. Indeed, the effects of the Cold War are still evident.6 However, according to what the report offered by Dun and Bradstreet Ltd. Says, The combined impact of the new monetary policy direction and increased investor risk aversion will result in further downward pressure on the Real, which experienced a rapid depreciat ion against the US dollar in September and continues to experience volatility in light of the euro-zone crisis. Notably, inflation has remained stubbornly high despite the slowdown in the economy; CPI inflation rose to 7.3% in September although we anticipate that it will ease slightly by end-2011). No matter how hard it is to accept the bitter facts which Bremmer offers in his work, it is still clear that the Eastern Europe and the Asian countries, namely, China7, are suffering considerable crisis currently and, which is even more significant, are going to face another economic challenge in the nearest future. According to the statistics data and the economical prognoses provided in the DG Special Report,Advertising Looking for book review on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More DB expects the economy to slow in 2012. Russia remains vulnerable to the risk aversion that gripped global financial markets during August-October 2011. In Q3 alone the country registered USD18.7bn in net capital outflows, and the rouble fell by 12% against the US dollar.8 Hence, Bremmer offers a precise analysis of the current state of economy in the world’s largest countries, thus, basing his research on completely verified and, therefore, impeccable and trustworthy data. However, it is still worth noticing that the researcher does not compare the data with the previous records, offering only the results of a relatively short time period. Despite the somewhat insistent tone of the book, Bremmer does provide solid research; among the most impressive pieces which the author offers, the classification of the state capitalism models is an all-embracing overview of the shapes which the phenomenon has taken or can presumably take. As the author himself warns the readers, State ca pitalism is not a single coherent political ideology. It’s a set of principles that a government can adapt to meet its particular needs. As we’ll see, Saudi royals, Russia’s elite factors, and China’s senior party leadership design policies intended to extend their domestic power within very different political environments. (85) Thus, the fact that the author acknowledges the existence of various types of state capitalism due to the difference in cultural, economical and political peculiarities of different countries is an obvious advantage of the book. Offering a more profound analysis and allowing to investigate the problem even deeper, the classification which the author offers is extremely important for the further prognoses for the future of the capitalistic relationships and the free market. However, it can also be considered a major drawback that the author apparently diminishes the role of government concerning of the financial and economical pro cesses which are going on in the corresponding countries. According to what Bremmer says, the states should not interfere the economical or the financial situation which the state companies are currently in, providing only financial support for the state-owned enterprises: â€Å"To finance all these state-owned and state-supported companies, governments should simply print the money they need, but they would lower the value of their currencies, stroke inflation, and undermine the value of their assets in the process†9. In addition, Bremmer never refers to the obvious â€Å"moral hazard†10, as Mostrous, Gue and Dittman defined the issue concerning the state capitalistic system in action. Nevertheless, among the negative aspects of Bremmer’s work, the overall tone of the research and the emphases put on certain issues are worth being reconsidered. For instance, Bremmer does not stress the importance of the change where it comes as an obvious and undeniable fact: à ¢â‚¬Å"In meetings of much greater consequence now taking place around the world, this inability to agree on the proper role for the state in the performance of markets will change the way we live†11. In addition, it seems that Bremmer, though acknowledging the necessity and inevitability of the globalization process, still does not approve of it. The latter could be considered an opinion which must be taken into consideration, yet the author does not convey the exact negative results of the globalization except the fact that it is likely to spur the above-mentioned fusion of different countries’ economical and financial policies. According to Bremmer, the latter is likely to drive to state capitalism structure emerging in the rest of the countries and finally gripping the world, ousting the current capitalist system: The most obvious example comes from the transition from an international bargaining table dominated by heads of state of the G7 group of industrialized nat ions- all of them champions of free-market capitalism- toward a G20 model that acknowledges the need to allow relative free-market skeptics like China, Russia, Saudi Arabia, India, and others to join the conversation.12 Addressing the positive aspects of the research conducted by Bremmer and the ideas which obviously contain a grain of truth in them, it is necessary to mention that fact that the author considers the possibility of enmity between Russia or China and the United States, comparing it to the has-been Cold War experience (Bremmer). Despite the fact that the author reassures that there is no longer any trace of hostility between the countries and that the past prejudices and arguments are long gone, there is still considerable anxiety in Bremmer’s work: China might one day pose a broader military threat than it does now, but its economy has grown so quickly and its living standards have improved so dramatically over the past two decades that it’s hard to imag ine the kind of catastrophic, game-changing event that would push its leadership to pose a Soviet-scale military challenge to America and Europe (Bremmer). Even though the supposition that the good relationships between the states might finally end is not offensive in its existence, it is still a considerably far stretch. As Cohen and Grinberg explain, the relationships between the USA and China are quite stable at present, since both countries are willingly integrating into the Smart Power, which is â€Å"based on, as Secretary Clinton outlined in her confirmation hearing, the fundamental belief that ‘We must use†¦ the full range of tools at our disposal- diplomatic, economic, military, political and cultural – picking the right tool, or combination of tools, for each situation.’’’13 In addition, in regard to the topics discussed by Bremmer, the issue of economic globalization should be addressed as well as one of the elements most closely in tertwined with the concept of capitalism. However, it is worth keeping in mind that the threats of the state capitalism as the structure which allegedly is supposed to make the entire world market subjected to the state government and the governmental structure. If taking into account all the factors which shape the world market situation, one must admit that the impact which state capitalism is going to have on the world markets is rather unpredictable and cannot be considered a â€Å"totalitarian regime† a priori. As Kagarlitsky explains, â€Å"attempts to create a state sector may give rise to state capitalism and even to semi-feudal relations, or may remain a pure formality14.† Therefore, it can be deduced that Bremmer includes a number of exaggerations in his book, thus, depicting the future of the human race in the darkest ways possible. The given method is, no doubt, extremely efficient for the people to start act and change the course of the history as soon as possible, without letting the dreadful threat take over the world and turn what at present is Bremmer’s suspicion about the future into the exact reality. Hence, one must give Bremmer’s book certain credit for extremely vivid images of the world without democratic economy and the markets belonging entirely to states and the people who are currently at the helm. It can be considered that, in his theory concerning the possible flaws of the capitalistic structure, Bremmer has a point. Therefore, judging by the analysis introduced above, despite the evident drawbacks of the existing structure of relationships between people, either economical, or social, or political, the democratic one is the least flawed and by far the most promising in terms of people’s further development and the growth of the international business relationships which will finally lead to prosperity. Hence, it can be considered that the potential threat which state capitalism poses to the socie ty can still be eliminated. Nevertheless, it must be accepted that the current tendencies in the economical systems of certain countries obviously and willingly accept the fact that have-been free markets are controlled by the governmental structures. Hence, entrepreneurs should strive towards a free economic space which is not dominated by the government. Once reaching complete independency, the world market will be able to evolve. Bibliography A DG Special Report. Outlook for key emerging markets. Virgin Islands, US: Dun Bradstreet Ltd, 2011. Braun, Aurel. NATO-Russia relations in the twenty-first century. New York, NY:   Routledge, 2008. Bremmer, Ian. The end of the free market. New York, NY: Penguin Publisher Inc., 2010. scribd.com/doc/81627810/The-End-of-the-Free-Market-Ian-Bremmer Cohen, William S., Greenberg, Maurice R. Smart power in U.S.-China  relationships. Ottawa, CA: CSIS, 2009. Grinder, Walter E. Hagel, John III. â€Å"Toward a theory of state capitalism: ultim ate decision-making and class structure.† Journal of Libertarian Studies, 1, No. 1 (1977): 59-79. Kagarlitsky, Boris. The twilight of globalization. Sterling, VI: Pluto Press, 2000. Lee, Eddy, Vivarelli, Marco. â€Å"The social impact of globalization in the developing countries.† IZA, No. 1925 (2006): 1-26. Mostrous, Yiannis G., Gue, Elliott H., Dittman, David F. The rise of the state:  profitable investing and geopolitics in the 21st century. Upper Saddle River, NJ: FT Press, 2010. Swaine, Michael D. America’s challenge: engaging a rising China in the twenty-first  century. Washington, DC: Carnegie Endowment, 2011. Footnotes 1. Ian Bremmer, The end of the free market (New York, NY: Penguin Publisher Inc., 2010. scribd.com/doc/81627810/The-End-of-the-Free-Market-Ian-Bremmer). 2 Walter E. Grinder John III Hagel, â€Å"Toward a theory of state capitalism: ultimate decision-making and class structure.† Journal of Libertarian Studies, 1, No. 1 (1977): 66. 3 Walter E. Grinder John III Hagel, â€Å"Toward a theory of state capitalism: ultimate decision-making and class structure.† Journal of Libertarian Studies, 1, No. 1 (1977): 66. 4 Ian Bremmer, The end of the free market (New York, NY: Penguin Publisher Inc., 2010. scribd.com/doc/81627810/The-End-of-the-Free-Market-Ian-Bremmer). 5 Eddy Lee Marco Vivarelli, â€Å"The social impact of globalization in the developing countries.† IZA, No. 1925 (2006): 6. 6 Aurel Braun, NATO-Russia relations in the twenty-first century (New York, NY: Routledge, 2008). 7 Michael D Swaine, America’s challenge: engaging a rising China in the twenty-first  Century (Washington, DC: Carnegie Endowment, 2011). 8 A DG Special Report. Outlook for key emerging market ( Virgin Islands, US: Dun Bradstreet Ltd, 2011), 4. 9 Ian Bremmer, The end of the free market (New York, NY: Penguin Publisher Inc., 2010. scribd.com/doc/81627810/The-End-of-the-Free-Market-Ian-Bremmer) 10 Yiannis G. Most rous, Elliott H. Gue, David F. Dittman, The rise of the state:  profitable investing and geopolitics in the 21st century (Upper Saddle River, NJ: FT Press, 2010), 13. 11 Ian Bremmer, The end of the free market (New York, NY: Penguin Publisher Inc., 2010. scribd.com/doc/81627810/The-End-of-the-Free-Market-Ian-Bremmer). 12 Ian Bremmer, The end of the free market (New York, NY: Penguin Publisher Inc., 2010. scribd.com/doc/81627810/The-End-of-the-Free-Market-Ian-Bremmer). 13 William S.Cohen, Maurice R. Greenberg, Smart power in U.S.-China  relationships. (Ottawa, CA: CSIS, 2009): 4. 14 Boris Kagarlitsky, The twilight of globalization, (Sterling, VI: Pluto Press, 2000): 53.

DIGITAL MEDIA PLATFORMS AND EDUCATION Essay Example | Topics and Well Written Essays - 250 words

DIGITAL MEDIA PLATFORMS AND EDUCATION - Essay Example However, it is factual that this mode of education is bringing in a lot of transformation to the student life, like coming up with ‘on-demand’ rather than sequential modes of learning (Power, 2010). At the same time, most institutions are still insisting and using the old systems of personal delivery, timetables, and printed books. The mode of transmission from an educator to a student and examinations as a mode of assessment is still in use (Power, 2010). This research aims at uncovering the impact that the digital media revolution has had on education standards and the effects it is having on the old traditional system. The main aim of choosing this topic is due to the viral nature at which digital media is infiltrating the current generation. This is an aspect that is bound to have effects on various realms, with education as a vital factor in the day to day livelihoods. Findings from the research can be used by education stakeholders on a variety of decision making

How does a leader find the balance between employee needs and the Essay

How does a leader find the balance between employee needs and the organizational goals of a company - Essay Example Such leaders sometimes prove effective in achieving their goal but they are inconsiderate toward their employees. In my perspective, this type of leadership is not balanced because such leaders can’t approach their goals and reach a decision that can satisfy most of their employees. So being a â€Å"balanced† leader who tries to achieve the company’s goal, and also cares for the workers requires a special approach. First of all, the leader should understand the characteristics of all of their workers, and he/she should use past experience to reach a decision that can satisfy the majority of individuals in the company. Understanding the characteristics of workers is the main objective in drawing a balance between the employees’ need and the organization’s goals. The leader of a company should gather all information about the workers and study each section of their abilities and weaknesses. Employees are human beings and they are not perfect, so understanding their situation is the first step in balancing the employees’ needs and organization’s goal. Then the leader can establish the working style, vision, mission, and rules of organization that can satisfy the employees as well as help the leader achieve the goals of the company. Besides collecting and analyzing the data, leaders should use past experience when they reached a decision for their previous organizations. They should reflect on their past experience while making a recent decision for the company, so that the leaders can learn from their past mistakes that made them distracted from the organization’s goals and also overlook the employees’ needs. This way, the decision they take will satisfy the recent employees’ needs, and approach the organization’s goals. It is complicated to draw a balance between the employees’ needs and the organization’s goals. It is because we are living in the real world that is different from a perfect world. There are no paths to

My Vacation Essay Example for Free

My Vacation Essay There is one magical place where my family vacations to most summers. It is quiet, relaxing, beautiful, magnificent, and inspiring. Located in Saranac Lake, in rural New York, this is where my family has some of the best times. We stay in a calm and serene cabin where my Aunt and Uncle live. But I’m getting ahead of myself. Before I can explain what I do during this vacation, I must explain the background and history of this special family gathering. My family is not the type the goes on expensive or classy vacations to the Caribbean. We prefer memorable vacations, whether it is in Florida, Colorado, Cape Cod, or Saranac Lake. The places we go do not matter, but more the events that take place during them. Once my mom’s side of the family had grown, and all my grandparents, aunts, and uncles, had their children, everyone decided it would be fun to have a family reunion of some sort. My Aunt’s cabin sounded like a fun place to meet every summer- and that’s where we have met ever since. Now lots of the kids have grown up, and even though they are older they still enjoy some of the things we did when we first came. Some activities include hiking, swimming, fishing, canoeing, and boating on the lake. Also, playing board games and watching movies when it’s rainy, having cookies down on the dock, or playing a good game of hide and seek in the woods. Vacations to the lake are like an escape from the outside world, and a chance to see nature and still have fun. Every summer is guaranteed to be a blast, in rain or shine. To conclude, my vacations to the lake will always remain memorable and special. I hope that one day I will be able to continue the tradition for my family. Through the years, I have always been sort of jealous of my friends who told about their extravagant vacations to paradise, but I have soon realized that I would never trade my experiences for any of theirs. Why? Because I have something that they will never have. I have a family that loves and cares for each other, and would do anything to make everyone happy. I have a lifetimes worth of memories from only a few days. Finally, I have joy.

The Life Of Mozart Essay -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  My book report is from the biography of Mozart written by Robert W. Gutman. It was illustrated by the Jacket art courtesy of Music Lovers Society and was published by Harcourt Brace and Company. It was printed in New York City and the year of publication was 1999.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Mozart was born in Salzburg, Austria, the son of composer, musical author, and violinist, Leopold Mozart and his wife, Anna Maria Pertl. His given names were Johann Chrysostom Wolfgang Theophilus, the last of which is Gottlieb in German, and Amadeus in Latin. He used Wolfgang and Amadeus in his signature, so he is generally known by these two names.   Ã‚  Ã‚  Ã‚  Ã‚  He displayed marked musical gifts very early, playing the keyboard confidently when aged four, composing his first pieces for it aged five, and quickly mastering the violin. Leopold was keen to exhibit his son's extraordinary talents, along with those of his gifted pianist-daughter, Maria-Anna (called Nannerl) (1751--1829), and he undertook a series of tours across Europe with them when Mozart was just six years old.   Ã‚  Ã‚  Ã‚  Ã‚  In 1767 the family went to Vienna for five months, where Mozart wrote an opera buffa (comic opera) for the Emperor, La finta semplice (trans, the Pretend Simpleton); and a Singspiel (a German-language opera with some spoken dialogue), Bastien und Bastienne (1769), commissioned by Dr Franz Anton Mesmer. However, in Vienna, the Italian musicians at court, including the composer Antonio Salieri, made it difficult for him to produce his operas. He returned to Salzburg, and was appointed honorary Konzertmeister to Archbishop Sigismund von Schrattenbach.   Ã‚  Ã‚  Ã‚  Ã‚  There followed three extended visits by father and son to Italy (1770--2). Musical experience gained on these tours helped mold Mozart's style, especially in dramatic music. He was prolific, writing sacred vocal pieces and instrumental works too. By 1772 he had written about 25 symphonies (some are lost), and his first quartets. Further quartets and symphonies followed during and after a visit to Vienna in 1773, when he came into contact with Haydn's music. Between 1775--6 he composed two operas: La finta Giardiniera (trans The Lady Who Disguised Herself as a Gardener) and Il Re Pastore (The Shepherd King); five... ...apellmeister of St Stephen's Cathedral. His last complete works were the masonic Singspiel, Die Zauberflote (1791, The Magic Flute); an opera seria, La clemenze di Tito (1791, The mercy of Tito), and a clarinet concerto for Leopold's coronation. Commissioned by an unknown stranger to compose the Requiem Mass, Mozart became obsessed with the idea that it was for his own death, and he died before the work was finished after a three-week fever. No convincing evidence about the cause of death has come to light, although there has been much speculation about it. Deeply in debt at the time of his death, Mozart did not live long enough to enjoy the financial rewards from the success of The Magic Flute, and was buried in a pauper's grave.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Even though I did not get a chance to read the whole entire book, I thought that Mozart’s life was interesting and worthwhile. He seemed a little kooky at times, but his music is very beautiful. I thought that Robert W. Gutman did a very good job interpreting Mozarts’ life. The book was a little hard to follow but it gave me much to write about him and learned more about his work.