Wednesday, December 25, 2019

The Autobiography Of Malcolm X - 791 Words

Do something about it. Everyone has problems from struggles in life. Malcolm X told his life story of how he overcame in his autobiography simply called The Autobiography of Malcolm X as told to Alex Haley. His life changed the world historically, socially, and especially politically by taking a stand against racism of all kinds which still exists in today’s â€Å"modern† standards. Using his personal life experience with racism towards African-Americans, Malcolm spreads the word on equality for all with a realistic tone that inspires trust in him. Malcolm X reaches all kinds of people in an effort to voice his thoughts on equality for all using rhetorical and persuasive techniques for a more effective message. From the beginning, the story Malcolm X tells uses a tone of realism and relatability to establish a dominant impression upon the reader’s mind. An example of this tone is when Malcolm, at a young age, accepts his ultimate fate that had just befallen his f ather. Malcolm tells Alex that â€Å"It has always been my belief that I, too, will die by violence. I have done all that I can to be prepared† (4). The definitiveness he says this with is not an attempt at making readers feel empathy for him, but to appeal to logic by presenting this as a fact of the kind of world he lives in. When Malcolm chooses to state â€Å"die by violence† (4) instead of describing what kind of violence or with more emotion, he gets the reader past the emotional aspect of his belief with this stolid dictionShow MoreRelatedThe Autobiography of Malcolm X729 Words   |  3 PagesLiterary Analysis: The Autobiography of Malcolm X The Autobiography of Malcolm X, told by Alex Haley, details the incredible journey of one of the most inspiration and life altering leaders the world has ever encountered. The book begins with the illustration of Malcolm’s early life experiences and ends with X predicting that he will die a violent death prior to seeing the publication of his autobiography. At the beginning of the book, Haley describes how Malcolm’s father, a Baptist MinisterRead MoreThe Autobiography Of Malcolm X Essay1369 Words   |  6 PagesWho is Malcolm X? Answers tend to vary by person but in the â€Å"Autobiography of Malcolm X†, it really delved into the pivotal details of his life and readers like myself, went on an enthralling metaphorical journey to see the intriguing development of him as a child, a young adult, a convict, a follower, and ultimately a leader. For starters, Malcolm X was not born with the infamous and famous X. His birth name was Malcolm Little and the innocent Malcolm Little was very belittled (pun intended) inRead MoreAutobiography Of Malcolm X1614 Words   |  7 PagesKaykay Zhu October 19, 2017 The Autobiography of Malcolm X as told to Alex Haley is an account of Malcolm X’s evolving perspective on racial justice. Malcolm X was a prominent figure in the Nation of Islam who advocated for black nationalism and separatism. The man who became one of America’s most powerful voices for African Americans was deeply affected by the terrors of racism, which shaped his view of social justice and the condemnation of the white man. The way Malcolm X narrates his experiences changesRead MoreThe Autobiography Of Malcolm X1276 Words   |  6 PagesThe Autobiography of Malcolm X as told to Alex Haley, and Coming of Age in Mississippi by Anne Moody sheds light on how principles of ambition, pride, and faith throughout their lives paved individual paths for revolutionary success. Troubling upbringings as seen in both of their lives eventually instilled a drive that ultimately revolutionized America’s perspective of racial equality. Their worldview grows to encompass hum anity as one and is developed alongside their spiritual and cultural inquiryRead MoreThe Autobiography Of Malcolm X Essay1152 Words   |  5 Pages1 2 THE AUTOBIOGRAPHY OF MALCOLM X Introduction Malcolm X?s autobiography written in collaboration with Alex Haley is an exciting story of personality transformation. During several years, Malcolm X told Haley his biography in several extensive interviews. Haley described and orchestrated the stories and Malcolm X edited and endorsed every part of the book. The story is narrated in the first person and it seems like Malcolm was writing this of hisRead MoreThe Autobiography Of Malcolm X1701 Words   |  7 Pagesread the autobiography of Malcolm X. Malcolm X was one of the most controversial Men in American history. I’m familar with the name Malcolm X however, I’m not familliar with the works and background of Malcolm X. This is why I choose to read the autobiography of Malcolm X written by himself and Alex Haley. Which gives the read an insight on his background, beliefs, and the American society then. I believe that many people including myself have misunderstood Malcolm X. I believe that Mal colm X is misunderstoodRead MoreThe Autobiography of Malcolm X535 Words   |  2 Pages The autobiography of Malcolm X is a book that was published in 1965. It is of result of collaboration between human rights activist Mr. Malcolm X and journalist Alex Haley. The book depicts more about Malcolm X’s life, experiences and beliefs. The book again talks about spiritual conversion narrative that outlines Malcolm Xs philosophy of black pride, Black Nationalism. Malcolm was born in May 19th 1925 in Omaha to a family of Earl and Louise Little. The book also explains to us that he inheritatedRead MoreThe Autobiography Of Malcolm X1278 Words   |  6 PagesMalcolm X, born Malcolm Little, is one of the greatest advocates for race in the nation. However, his opinion of the state of racial issues in our country, and what can be done to solve them. Trials throughout Malcolm’s life of personal opinions and events that have occurred have shaped his outlook on the issue. Alex Haley’s autobiography novel, The Autobiography of Malcolm X, reveals Malcolm’s cha nging views on the solution of race in this country through the shaping stages of experiences in hisRead MoreThe Autobiography Of Malcolm X1634 Words   |  7 PagesThe Autobiography of Malcolm X was about one African Americans struggle during a time of extreme racism and discrimination to make a name for himself. Malcolm had many life experiences before tragically being shot and killed. He was a hustler in Harlem, a porter for a railroad, and was eventually a minister for the black Islam movement lead by Elijah Mahammad. Malcolm Little lived a very interesting life to become the man he will be remembered as. Right before Malcolm was born members of the KKKRead MoreThe Autobiography Of Malcolm X1505 Words   |  7 PagesCritical Book Review Book review based on The Autobiography of Malcolm X Introduction: This biography of Malcolm X was a book, which had a purpose of enlightening people on how blacks were treated, it mainly focused on the life of Malcolm and how it affected his life and changed him. Malcolm X is born and raised in Omaha, Nebraska, America. A country where racism is so prevalent that his family frequently gets into a confrontation with the KKK and Black Legion society due to his father being

Tuesday, December 17, 2019

The Lottery, By Shirley Jackson - 2061 Words

In Shirley Jackson’s, â€Å"The Lottery,† the author demonstrates the loss of the original significance of a tradition that results from people blindly following it. For example, the author makes it blatantly clear in the beginning of the story that The Lottery, the village’s annual ritual, which involves a human sacrifice is beginning to have lesser and lesser symbolic value to the villagers as opposed to when it began due to a lack of understanding in regard to the tradition’s significance. Secondly, Jackson describes how the Lottery has a completely different atmosphere, purpose, and practice due to the fact that it was passed along several generations and had been through several decades of transition, all the while being mindlessly adhered to by every single member of the village. Lastly, the author demonstrates the process in which the village’s annual tradition has been stripped bare, and is merely used to cater to the desires of the village rs. Overall, Shirley Jackson does a wonderful job demonstrating the general process of the results of blindly following popular tradition and celebration in the modern world by characterizing a specific village’s tradition with interesting dialogue and a noteworthy plot. Firstly, the author, in the very beginning of the short story, makes it obvious that The Lottery, the village’s annual tradition, has significantly less value to the villagers as opposed to when the ritual was first practiced. For example, Jackson writes, â€Å"The originalShow MoreRelatedThe Lottery, By Shirley Jackson1195 Words   |  5 PagesOn the surface, Shirley Jackson’s short story, â€Å"The Lottery,† reads as a work of horror. There is a village that holds an annual lottery where the winner is stoned to death so the village and its people could prosper. Some underlying themes include: the idea that faith and tradition are often followed blindly, and those who veer away from tradition are met with punishment, as well as the idea of a herd mentality and bystander apathy. What the author manages to do successfully is that she actuallyRead MoreThe Lottery by Shirley Jackson757 Words   |  4 Pagessucceed but many fail just like the main character Tessie Hutchinson in Shirley Jackson’s short story â€Å"The Lottery†. When someone hears the word â€Å"lottery†, he or she may think that someone will be rewarded with prize. But â€Å"The Lottery† By Shirley Jackson is different than what one thinks. In the story, a lottery is going to be conducted not like Mega Million or Powerball one play here. In the story, the person who wins the lottery is stoned to death instead of being rewarded with the prize. TessieRead MoreThe Lottery By Shirley Jackson931 Words   |  4 PagesIn 1948 Shirley Jackson composed the controversial short story â€Å"The Lottery.† Generally speaking, a title such as â€Å"The Lottery† is usually affiliated with an optimistic outlook. However, Jackson’s approach is quite unorthodox and will surely leave readers contemplating the intent of her content. The story exposes a crude, senseless lottery system in which random villagers are murdered amongst their peers. Ess entially, the lottery system counteracts as a form of population control, but negatives easilyRead MoreThe Lottery By Shirley Jackson1504 Words   |  7 Pagesâ€Å"The Lottery† by Shirley Jackson In The Lottery Shirley Jackson fills her story with many literary elements to mask the evil. The story demonstrates how it is in human nature to blindly follow traditions. Even though some people have no idea why they follow these traditions. The title of the story plays a role in how Shirley Jackson used some literary elements to help mask the evils and develop the story. The title â€Å"The Lottery† serves as an allegory. When people think of the lottery majorityRead More`` The Lottery `` By Shirley Jackson894 Words   |  4 Pagesshort story â€Å"The Lottery†, author Shirley Jackson demonstrates Zimbardo’s concepts in three different areas: Authority figures, Tradition and Superstition, and Loyalty. The first concept Jackson portrays in â€Å"The Lottery† is the authority figures. Jackson indicates that the lottery is being held in the town center by one authority figure, Mr. Summers, annually on June 27th. Every June 27th, without fail, townspeople gather in the town square to participate in the annually lottery even though mostRead MoreThe Lottery, By Shirley Jackson1510 Words   |  7 PagesShirley Jackson’s â€Å"The Lottery† illustrates several aspects of the darker side of human nature. The townspeople in Jackson’s â€Å"The Lottery† unquestioningly adhere to a tradition which seems to have lost its relevance in their lives. The ritual that is the lottery shows how easily and willingly people will give up their free will and suspend their consciences to conform to tradition and people in authority. The same mindless complacency and obedience shown by the villagers in Jackson’s story are seenRead MoreThe Lottery By Shirley Jackson8 11 Words   |  4 Pagesâ€Å"The Lottery† was published by Shirley Jackson. The story was true expression of Jackson’s genuine thoughts about human beings and their heinous competence in an annual village event for corn harvest . First, her used to word symbolized main point of the story. Second, Jackson was inspired by few historical events happened in the past and a life incident in her life. Lastly, She was able to accomplish the connection between historical and biographical with the story. Therefore, Shirley Jackson’sRead MoreThe Lottery By Shirley Jackson934 Words   |  4 Pagesâ€Å"The Lottery† by Shirley Jackson signifies the physical connection between the villagers and their unwillingness to give up their tradition. â€Å"The Lottery† is very unpredictable and quite misleading. The black box has no functionality, except every June 27th. Shirley Jackson depicts the black box as an important and traditional tool. Although the villagers in â€Å"The Lottery† are terrified of the goal of the lottery and the black box, they are unwilling to let go of the tradition. Shirley Jackson portraysRead MoreThe Lottery by Shirley Jackson799 Words   |  4 Pagesthe mood and to foreshadow of things to come. The Lottery by Shirley Jackson is a story in which the setting sets up the reader to think of positive outcomes. However, this description of the setting foreshadows exactly the opposite of what is to come. In addition, the theme that we learn of at the end leads us to think of where the sanity of some human beings lies. The story begins with the establishment of the setting. To begin, Shirley Jackson tells the reader what time of day and what time ofRead MoreThe Lottery by Shirley Jackson1764 Words   |  7 Pagesfilled with excitement and eeriness, leaving the reader speechless. The Lottery , a short story written by famous writer Shirley Jackson, created an uproar on June 26, 1948, when it was published in the magazine The New Yorker (Ball). The gothic thriller, set in an unknown time and place, shares the tradition of a small town, a little larger than three hundred people, in which a drawing is held once a year. In this â€Å"Lottery,† each family’s husband draws a slip of paper from a black box. The husband

Sunday, December 8, 2019

Impact on Liabilities Auditing and Assurance Services

Question: Discuss about the Impact on Liabilities Auditing and Assurance Services. Answer: Introduction The recent global financial crisis of 2007-08 has made significant influence on the role of auditing and assurance services that laid considerable changes in the liabilities of auditors. The global financial crisis primarily occurred due to risk taking behavior of top five banks of US. These banks increased financial risk that caused manuapltion in the financial system. The role of investment bank in creating housing and credit bubble in the economy raised several concerns for the liability of auditors (Andenas and Chiu, 2013). Lehman Brothers was fourth largest investment bank in US, which collapsed in financial crisis. This paper includes discussion over the liabilities of auditors after the global financial crisis. In this, research is performed by using several resources such as peer-reviewed journals, internet and books. Through this, the impact of global financial crisis on the responsibilities and liabilities of auditors are analyzed. At last, recommendations are provided for an accounting firm to ensure effective fulfillment of enhanced liabilities. Literature Review Lehman Brothers appointed Ernst Young (EY) for auditing their accounts and financial reports independently. Due to this, EY as independent auditor was responsible for presenting fair opinion regarding the accuracy of financial statements and their ability to present true financial condition of the company. EY was aware about the faulty accounting practices of Lehman Brothers such as Repo 105 and liquidity pool assets. Due to this, the practice of EY was accused in public (Wiggins et al., 2014). It failed to fulfill its duties and responsibilities of presenting true picture of a firms financial state. Due to this, the global financial crisis has considerable impact on the liability of auditors. According to Xu et al., (2013), audit behavior significantly changed in Australia after the global economic crisis. In 2008-09, auditors became more active in terms of providing opinions related to the going concern issue than the period 2005-2007. They have increased their efforts to audit the financial statement of the firm and to provide reasonable assurance. The auditing report and fee reflects the changes in the process of audit. In this study, it is also found that audit fee has increased after the global financial crisis as the auditors efforts also increased in significant manner. On the other hand, Carson et al., (2012) state that going-concern opinions of auditor played critical role in causing financial crisis. By reviewing financial statements fairness at the reasonable level, auditors provide opinions regarding going-concern of firm. Auditor opinions set expectations among investors for the stock value and return. Compensation structure, auditor size and auditor-client relationship are important factors that influence an auditors going-concern opinions for a firm. In this way, this study depicts that the auditors are liable for giving right judgment regarding the going-concern of firm. Dart (2011) found in his investigation that auditors economic dependency and non-audit service create threat for the auditors independence. Auditors provide audit and non-audit services jointly to the client that causes more threat for the independency. It is also determined in this research that auditors economically depends on the firm and this also has potential to influence their opinions for the firms financial statements. Although, long term relationship among client and auditor affect the independency of auditors but the above stated factors causes great impact. Investors perceives that auditors independency may affect the audit quality and consequently consequences for them. Tepalagul and Lin (2016) also highlight the relationship between auditor independence and audit quality on the basis of articles which were published from 1976-2013. There are mainly four sources are determined that have great impact on the independence of auditors such as client-auditor affiliation, significance of client, working period and non-audit provisions are identified in this research as major areas of limiting the independence of the auditor for presenting fair opinions regarding the fairness of financial statement. The independence of auditors affects quality of audit at the greater extent and due to this global financial crisis is responsible for enhancing liability of auditing firms for the maintenance of auditing. The silence of auditors at the time of global financial crisis caused changes in the liabilities of auditors. In accordance to Mala and Chand (2012), International Auditing and Assurance Standards Board (IAASB) issued an audit alert and depicted responsibilities of auditors in terms of applying Fair Value Accounting (FVA) practices. They became more accountable to acknowledge rule of FVA and to disclose them properly. Auditors liability to understand accounting practices and their proper disclosure became more complex after the global financial crisis. Rotta (2010) stated that lack of ethics is also closely related to the role of auditors during the financial crisis. The profession of auditors was insufficient to understand ethical responsibilities towards the stakeholders. Ethics has close connection with the quality of audit and consequently the financial downturn. In auditing professional, the inclusion of ethical rules and standards becomes highly importance after the collapse of major financial institution during global financial crisis. On the basis of above literature review, it can be stated that auditor failed to reflect the actual condition of firms financial condition and this caused raised concerns for their ability to perform audit functions. After the financial crisis, liabilities of auditors extended through the application of range of regulation and ethical principles within this profession. Application Financial crisis made auditors more liable to access the declaration in concern of the stated accounts. They need to assess an organizations approach of valuing the asset and liabilities completely. Due to this, auditors become responsible to examine the approach of organization to value their assets. Through this, auditors can detect the misstated financial values in the accounting statements and to prevent fraud (Laux and Leuz, 2010). After economic crisis, auditors duties and responsibilities in terms of reviewing the financial statements is likely to become highly complex and broad. An accounting firm may need to improve practices of valuing assets of the organization, which auditing financial statement. The global financial crisis raised concerns for auditors independence. They become ethically responsible for ensuring objectivity and independence in the reviewing the financial statement of firms. Ethical issues for auditors mainly occur when they provide audit and non-audit services to a client. It creates relationship between auditor and firm that affects their ability to audit the financial statements and accounts independently (ACCA, 2011). Auditing fee is considered as important factor to raise concerns for the auditor after the financial crisis. Huge amount of fee was provided by the firms to the auditors for giving consultancy services that played critical role in creating ethical issues for the profession of audit. The audit fee affects independency of auditors in maintaining transparency and objectivity (Pl, 2011). The auditor independency factors have potential to make auditors and accounting firms more liable to follow ethical standard in providing audit and non-audit ser vices to the client. The relationship of auditors fee and audit quality has potential to create liability for disclosing remuneration. Auditors become liable to disclose the information regarding remuneration and other perks and benefits receive from a client for their services. They also need to mention the type of non-audit services offered to client and corresponding fee. Through this, auditors are liable to declare their independency within auditing of financial accounts of firms (ACCA, 2011). On the other hand, global financial crisis made auditors ethically responsible to make required disclosure for non-audit services. Auditors became responsible for framing, implementing and disclosing audit committees policy in regard to the offered non-auditing services for ensuring transparency (ACCA, 2011). Due to this, accounting firm may experience increase in liabilities towards client, public and investors. Internal audit is a major area in which liability of auditors has changed significantly after the global financial crisis. Auditors became liable to examine the application informed management practices and safeguards for ensuring reporting of accurate financial data about firms operations. Without ensuring this, they are prohibited to examine the accounts of a firm. Auditors are ethically responsible to examine the arrangements of internal control within an organization (Healy and Palepu, 2012). By gaining satisfaction for internal control arrangements, auditing firm can serve to the client. It is critical for an accounting firm to ensure accomplishment of this liability for preventing legal claims. In the global financial crisis, auditors silence and negligence increased ethical responsibilities towards the public. Professional competence and due care and professional behavior becomes major principle for the auditing service. These principles made auditors ethically liable for ensuring maintenance of professional competence in auditing the financial statement of a firm. They become responsible for behaving more professionally by taking reasonable steps to reduce audit risk (Gramling et al., 2012). Auditors are liable to take reasonable actions and steps for indentifying and accessing risk of financial misstatement, obtaining required audit evidences, providing fair opinion about the accuracy of firms financial statement. The role of auditors in the global financial crisis increased ethical liabilities of auditing firms (ACCA, 2011). These have significant potential to increase liability of auditors in an accounting firm. Auditor independence before the global financial crisis was limited due to their multidisciplinary practices including tax practices, consultation and legal advisor. This caused development of familiar relationship between client and auditors that limits their independency. Due to this, auditors become responsible for establishing a supervisory board for examining and ensuing auditors independence throughout the process of auditing (Du Plessis et al., 2010). Similarly, professional skepticism and professional judgment are two aspects included in the auditors responsibility. It makes an auditors liable to exercise relevant training, knowledge and skills to make informed decisions and actions in regard to the auditing firm. Similarly, auditors are also ethically responsible to have an attitude of questioning the accounting practices and reporting. It makes them liable to being alert for the conditions that may raise the possibilities of material manipulation in the financial statement (Adelopo, 2016). In this way, auditors liability becomes broad in terms of planning and providing audit services to the firms. Auditors became liable to address the needs of public in terms of providing opinion for the audited financial statement of a firm. They are required to collect sufficient evidences for proving the accuracy of their opinions and consequently financial statements. Through this, they need to ensure that enough evidences are presented by them to ensure independence in auditing process (Rapoport, 2011). The auditors of accounting firms are liable to provide evidence-based opinions for the firms operations and financial statement. Additionally, global financial crisis also placed liabilities for auditors in disclosing discussion between the client and auditing firm to make the auditing process valuable from the perspective of stakeholder. Auditors responsibilities are to present clear and precise statement about business model and potential risks, going-concern opinion and capital structure. Through this, auditors inform the stakeholders and other concerned parties about the fairness in reporting financial accounts (Kennedys, 2011). Auditors in accounting firm may face these liabilities in auditing process as the result of the financial downturn. Recommendation On the basis of above discussed literature for the impact of global financial crisis on the liabilities of auditors, it is determined that an accounting firm becomes responsible for fulfilling ethical and legal responsibilities, while auditing the financial statement of a firm. They need to ensure independency and reasonable assurance for their opinions for a firms financial conditions. The Association of Chartered Certified Accountants (ACCA), International Federation of Accountants (IFA) and International Auditing and Assurance Standards Board (IAASB) are some key global accounting and regulatory bodies that are accountable to regulate the auditing firm by defining roles, responsibilities, duties and rights of the auditing firms (Adelopo, 2016). These bodies aim to regulate the auditors practices and to ensure adherence of professionalism throughout auditing process for ensuring objectivity, integrity and independence. By following the guidelines of these professional bodies, an accounting firm can fulfill its extended liabilities towards the stakeholders. This could be useful for firm to take required steps to improve the quality of auditing process. For managing audit quality, an accounting firm can follow the below framework, which is provided by IAASB to ensure auditors independency and integrity: (IFAC, 2013) On the basis of above framework, accounting firms needs to develop an environment for ensuring improvement in the quality of auditing. This framework indicates that an accounting firm should understand the interrelationship between input, output and process to develop a culture of produce quality audit. Input and process elements include personnel training and education, methods, standards and practices. Output can be improved by understanding stakeholders perception about audit quality as it would help an accounting firm to address the concerns of financial statement users, while providing auditing services (IFAC, 2013). It may improve the audit report value for the users. Conclusion The above framework also indicates importance of contextual factors in improving the quality of audit. Corporate governance, regulatory environment, cultural values and information systems some contextual factors should be considered by an accounting firm to improve quality of audit. These factors influence quality of audit either in direct or indirect way. Thus, IAASBs audit quality framework would be effective to include all concerned parties of the financial auditing process from the auditors to client, regulators and users (IFAC, 2013). These are ultimately for improving the quality audit and their inclusion could auditors to provide opinions independently. In the words of Al-Khaddash et al. (2013), litigation environment and regulatory framework can be used by accounting firm to improve the quality of audit as it provides a legitimate framework to determine financial reporting requirements of the firms in accordance to their operations, nature and size. This could allow an accounting firm to audit process more effectively and to provide fair opinion to the users. On the other hand, Knechel et al., (2012) state that the impact of auditors expertise and knowledge on the quality of audit process and consequently. By focusing on educating auditors about their emerging roles, responsibilities, duties and ethical liabilities in auditing process, an accounting firm can be effectively reduce the possibilities of any faults in the process of auditing and consequently causes of financial crisis in global economy. Additionally, Sweeney et al., (2010) state that ethical values of auditors have potential to influence the quality of audit report and opinion. Weak ethics may allow auditors to provide importance to personal benefit over utmost people. In such cases, auditor may flaw the process of auditing. Due to this, accounting firm can improve the quality of audit by encouraging auditors to maintain ethics of audit profession, while auditing clients financial statement. This may help to reduce the scope of faulty audit report. References Adelopo, I., (2016)Auditor Independence: Auditing, Corporate Governance and Market Confidence. Routledge. Al-Khaddash, H., Al Nawas, R. and Ramadan, A. (2013) Factors affecting the quality of auditing: The case of Jordanian commercial banks.International Journal of Business and Social Science,4(11). Andenas, M. and Chiu, I.H. (2013) The foundations and future of financial regulation: Governance for responsibility. UK: Routledge. Association of Chartered Certified Accountants (ACCA) (2011) APB Tightens Ethical Standards. [Online]. Available at: https://www.accaglobal.com/pk/en/technical-activities/technical-resources-search/2011/july/apb-tightens-standards.html (Accessed: 14 September 2016). Association of Chartered Certified Accountants (ACCA) (2011) Audit reform: aligning risk with responsibility. [Online]. Available at: https://www.accaglobal.com/content/dam/acca/global/PDF-technical/audit-publications/tech-af-arar.pdf (Accessed: 14 September 2016). Association of Chartered Certified Accountants (ACCA) (2011) Audit under fire: a review of the post-financial crisis inquiries. [Online]. Available at: https://www.accaglobal.com/content/dam/acca/global/PDF-technical/audit-publications/pol-af-auf.pdf (Accessed: 14 September 2016). Carson, E., Fargher, N.L., Geiger, M.A., Lennox, C.S., Raghunandan, K. and Willekens, M. (2012) Audit reporting for going-concern uncertainty: A research synthesis.Auditing: A Journal of Practice Theory,32(sp1), pp.353-384. Dart, E. (2011) UK investors perceptions of auditor independence.The British Accounting Review,43(3), pp.173-185. Du Plessis, J.J., Hargovan, A. and Bagaric, M. (2010)Principles of contemporary corporate governance. Cambridge University Press. Gramling, A.A., Johnstone, K.M. and Rittenberg, L.E. (2012)Auditing. USA: Cengage Learning. Healy, P.M. and Palepu, K.G. (2012) Business Analysis Valuation: Using Financial Statements. USA: Cengage Learning. International Federation of Accountants (IFAC) (2010) International Standard On Auditing 200. [Online]. Available at: https://www.ifac.org/system/files/downloads/a008-2010-iaasb-handbook-isa-200.pdf (Accessed: 14 September 2016). Kennedys (2011) The Great Debate - the Future of Audit. [Online]. Available at: https://www.kennedyslaw.com/files/Uploads/Documents/CPAProtect_April2011.pdf (Accessed: 14 September 2016). Knechel, W. R., Krishnan, G. V., Pevzner, M., Shefchik, L. B., Velury, U. K. (2012) Audit quality: Insights from the academic literature.Auditing: A Journal of Practice Theory,32(sp1), pp. 385-421. Laux, C. and Leuz, C. (2010) Did fair-value accounting contribute to the financial crisis?.The Journal of Economic Perspectives,24(1), pp.93-118. Mala, R. and Chand, P., (2012) Effect of the global financial crisis on accounting convergence.Accounting Finance,52(1), pp.21-46. Pl, T. (2010) The impact of the economic crisis on auditing.European Integration Studies,8(1), pp.131-142. Rapoport, M. (2010) Role of Auditors in Crisis Gets Look. [Online]. Available at: https://www.wsj.com/articles/SB10001424052748703814804576036094165907626 (Accessed: 14 September 2016). Rotta, C.P. (2010)A Short Guide to Ethical Risk. Gower Publishing, Ltd.. Sweeney, B., Arnold, D., Pierce, B. (2010) The impact of perceived ethical culture of the firm and demographic variables on auditors ethical evaluation and intention to act decisions.Journal of Business Ethics,93(4), pp. 531-551. Tepalagul, N. and Lin, L. (2015) Auditor Independence and Audit Quality A Literature Review.Journal of Accounting, Auditing Finance,30(1), pp.101-121. Wiggins, R.Z., Bennett, R.L. and Metrick, A. (2014) The Lehman Brothers Bankruptcy D: The Role of Ernst Young.Yale Program on Financial Stability Case Study. Xu, Y., Carson, E., Fargher, N. and Jiang, L. (2013) Responses by Australian auditors to the global financial crisis.Accounting Finance,53(1), pp.301-338.

Sunday, December 1, 2019

Jesse Jaramillo-Camacho Essays - Music, African-American Culture

Jesse Jaramillo-Camacho PB #2 The Fox News commentary on Kendrick Lamar's 2015 BET performance and the analytical essay, "The Social Significance of Rap Hip-Hop Culture" by Becky Blanchard, are both on the topic of the effects of rap and Hip-Hop on the youth. They differ in genre, message, style, and content. The analytical essay takes a more positive stance on rap and Hip-Hop, whereas the Fox News commentary takes a much more negative stance. The purpose of the Fox News commentary is to demonize and blame rap and Hip-Hop for delinquency in youth. They do this by making vague statements and limiting context. In the beginning of the segment , they show a clip of the performance with Kendrick Lamar rapping on a vandalized cop car and highlight the lyrics "We hate po po , wanna kill us dead in the street for sure..." and "My gun might blow" There are lyrics around those words but they highlight ed those to portray the rapper as anti-cop and pro crime . Geraldo Rivera's comment, "This is why I say that Hip-Hop has done more damage to young African-Americans than racism in recent years." serves to diminish the racism that the Africa n-American community faces and paint Hip-Hop as detrimental . The Fox News commentary's purpose is to accuse rap and Hip-Hop of being detrimental to youth, disrespectful to law, and causing damage in the African-American community. The purpose of the analytical essay is to provide analysis and context around the argument of rap and Hip-Hop. With analysis and evidence, the overall message of the essay is positive, unlike the Fox News commentary. We can see the purpose in the closing statements, "despite the blame placed on rap for the prominence of violence in American society, hip-hop music is a symptom of cultural violence, not the cause. [] it is necessary to look at it as the product of a set of historical, political, and economic circumstances and to study the role it has served as voice for those subjugated by systematic political and economic oppression . " The author tells us to dig-deeper and analyze before we criticize r ap and Hip-Hop. The purpose of the text is to provide analysis and historical background to the arguments surrounding rap and Hip-Hop. Fox News knows their audience. Usually the people that watch Fox News are older white conservatives. This demographic does not listen to Hip-Hop. Most of these people believe Hip-Hop and rap are corrupting forces that turn African-Americans into thugs. The Fox News commentary plays to their audience. They feed them more evidence and reason to demonize the music and say that it's actually rap and Hip-Hop that stunts the African-American community instead of the true factors. As a company, Fox News needs to make money, they do this be creating loyal viewers. They create loyal viewers by giving them a platform for similar views and opinions. The audience of the analytical essay is college students. We can guess this because the article was on the site Stanfor.edu. College students are usually young liberal intellectuals that need evidence and a good argument before believing anything. College students are the listeners of rap Hip-Hop, and the article plays to that. The mostly positive message is an argument that college students can support. The use of massive historical context and thorough analysis is a solid argument that will satisfy any college student who was undecided on the topic. In the analytical essay, Becky Blanchard structures the text into many paragraphs that discuss different pieces of evidence. She mainly uses historical context to make her argument. The historical context is extremely effective in proving her point. Not only does she use rap and Hip-Hop history as evidence, she also uses the culture of African-Americans from slavery to modern America to show the effects that they had on the music. The choice to use this type of evidence allows the reader to picture the broad scape and broad influence African-American culture has had on rap and Hip-Hop. In the Fox News report, the commentators make their arguments in a somewhat structured manner. They each take turns speaking their opinion. The first line of the

Tuesday, November 26, 2019

Fascinating Facts About Arctic Bearded Seal

Fascinating Facts About Arctic Bearded Seal The bearded seal (Erignathus barbatus) gets its name from its thick, light-colored whiskers, which resemble a beard. These ice seals live in Arctic waters, often on or near floating ice. Bearded seals are 7-8 feet long and weigh 575-800 pounds. Females are larger than males. Bearded seals have a small head, short snout, and square flippers. Their large body has a dark gray or brown coat that may have dark spots or rings. These seals live on or under the ice. They may even sleep in the water, with their heads at the surface so that they can breathe. When under the ice, they breathe through breathing holes, which they may form by pushing their heads through thin ice. Unlike ringed seals, bearded seals dont seem to maintain their breathing holes for long periods. When bearded seals rest on the ice, they lay near the edge, facing down so that they can quickly escape a predator. Classification Kingdom: AnimaliaPhylum: ChordataClass: MammaliaOrder: CarnivoraFamily: PhocidaeGenus: ErignathusSpecies: Barbatus Habitat and Distribution Bearded seals live in cold, icy regions in the Arctic, Pacific, and Atlantic Oceans. They are solitary animals who haul out on ice floes. They may also be found under the ice, but need to come up to the surface and breathe through breathing holes. They live in areas where the water is less than 650 feet deep. Feeding Bearded seals eat fish (e.g., Arctic cod), cephalopods (octopus), and crustaceans (shrimp and crab), and clams. They hunt near the ocean bottom, using their whiskers (vibrissae) to help find food. Reproduction Female bearded seals are sexually mature at around 5 years, while males become sexually mature at 6-7 years. From March to June, males vocalize. When they vocalize, the males dive in a spiral underwater, releasing bubbles as they go, which creates a circle. They surface in the center of the circle. They make a variety of sounds - trills, ascents, sweeps, and moans. Individual males have unique vocalizations, and some males are very territorial, while others may roam. The sounds are thought to be used to advertise their fitness to potential mates and have only been heard during the breeding season. Mating occurs in spring. Females give birth to a pup about 4 feet long in length and 75 pounds in weight the following spring. The total gestation period is about 11 months. Pups are born with a soft fur called lanugo. This fur is grayish-brown and is shed after about a month. Pups nurse their mothers rich, fatty milk for about 2-4 weeks, and then must fend for themselves. The life span of bearded seals is thought to be about 25-30 years. Conservation and Predators Bearded seals are listed as least concern on the IUCN Red List. Natural predators of bearded seals include polar bears (their main natural predators), killer whales (orcas), walruses and Greenland sharks. Human-caused threats include hunting (by native hunters), pollution, oil exploration and (potentially) oil spills, increased human noise, coastal development, and climate change. These seals use the ice for breeding, molting, and resting, so they are a species thought to be very vulnerable to global warming. In December 2012, two population segments (the Beringia and Okhotsk population segments) were listed under the Endangered Species Act. NOAA said that the listing was due to the likelihood of a significant decrease in sea ice later this century. References and Further Reading Alaska Department of Fish and Game. Bearded Seal. Accessed January 31, 2013.ARKive. Bearded Seal. Accessed January 31, 2013.Berta, A.; Churchill, M. 2012. Erignathus barbatus (Erxleben, 1777). Accessed through: World Register of Marine Species, January 31, 2013.Discovery of Sound in the Sea. Bearded Seal. Accessed January 31, 2013.Kovacs, K. Lowry, L. (IUCN SSC Pinniped Specialist Group) 2008. Erignathus barbatus. In: IUCN 2012. IUCN Red List of Threatened Species. Version 2012.2. Accessed January 31, 2013.NOAA Fisheries: Office of Protected Resources. Bearded Seal Accessed January 31, 2013.

Friday, November 22, 2019

University of Minnesota Duluth UMD Admissions Data

University of Minnesota Duluth UMD Admissions Data Are you exploring what it takes to be admitted to the University of Minnesota Duluth? Learn more about this schools admissions requirements. You can calculate your chances of getting in with this free tool from Cappex. About the University of Minnesota Duluth (UMD) The University of Minnesota Duluth is one of the five main campuses in the University of Minnesota System. Duluth is Minnesotas fourth largest city, located on the northwestern shore of Lake Superior. Founded in 1895 as the Normal School at Duluth, the university now offers 74 undergraduate degree programs on its 244-acre campus. Professional fields such as business, communications, and criminology are extremely popular. The university has a 20 to 1 student/faculty ratio. In athletics, the UMD Bulldogs compete in the NCAA Division II Northern Sun Intercollegiate Conference and the Division I Western Collegiate Hockey Association. Admissions Data (2016) UMD, University of Minnesota Duluth Acceptance Rate: 77Â  percentGPA, SAT and ACT Graph for UM-Duluth AdmissionsTest Scores: 25th / 75th PercentileSAT Critical Reading: 460 / 600SAT Math: 510 / 610SAT Writing: - Â  / -What these SAT numbers meanACT Composite: 22 / 26ACT English: 20 / 26ACT Math: 22 / 27ACT Writing: - / -What these ACT numbers mean Enrollment (2016) Total Enrollment: 11,018Â  (9,967 undergraduates)Gender Breakdown: 54Â  percent Male / 46 percent Female88 percent Full-time Costs (2016-17) Tuition and Fees: $13,139 (in-state); $17,485 (out-of-state)Books: $1,200 (why so much?)Room and Board: $7,460Other Expenses: $2,304Total Cost: $24,103 (in-state); $28,449 (out-of-state) University of Minnesota Duluth Financial Aid (2015-16) Percentage of New Students Receiving Aid: 88Â  percentPercentage of New Students Receiving Types of AidGrants: 67 percentLoans: 66Â  percentAverage Amount of AidGrants: $7,498Loans: $7,753 Academic Programs Most Popular Majors: Accounting, Biology, Business Administration, Communication Studies, Criminology, Finance, Marketing, Psychology What major is right for you? Sign up to take the free My Careers and Majors Quiz at Cappex. Retention and Graduation Rates First Year Student Retention (full-time students): 78Â  percentTransfer Out Rate: 30 percent4-Year Graduation Rate: 35 percent6-Year Graduation Rate: 59Â  percent Intercollegiate Athletic Programs Mens Sports: Track and Field, Football, Ice Hockey, Basketball, BaseballWomens Sports: Ice Hockey, Soccer, Tennis, Track and Field, Volleyball, Softball If You Like University of Minnesota Duluth, You May Also Like These Schools St. Cloud State UniversityUM Twin CitiesWinona State UniversityMinnesota State MankatoUniversity of St. ThomasUniversity of Wisconsin MadisonUM CrookstonSouthwest Minnesota State UniversityBemidji State UniversitySt. Olaf College More Minnesota Colleges - Information and Admissions Data Augsburg | Bethel | Carleton | Concordia College Moorhead | Concordia University Saint Paul | Crown | Gustavus Adolphus | Hamline | Macalester | Minnesota State Mankato | North Central | Northwestern College | Saint Benedict | St. Catherine | Saint Johns | Saint Marys | St. Olaf | St. Scholastica | St. Thomas | UM Crookston | UM Duluth | UM Morris | UM Twin Cities | Winona State University of Minnesota Duluth Mission Statement complete mission statement can be found at d.umn.edu/about/mission.html UMD serves northern Minnesota, the state, and the nation as a medium-sized comprehensive university dedicated to excellence in all of its programs and operations. As a university community in which knowledge is sought as well as taught, its faculty recognizes the importance of scholarship and service, the intrinsic value of research, and the significance of a primary commitment to quality instruction. Data Source: National Center for Educational Statistics

Thursday, November 21, 2019

Community development in social work Essay Example | Topics and Well Written Essays - 2500 words

Community development in social work - Essay Example These processes include the organization or establishment of services, e.g. for social welfare, health protection, education, improvement of agriculture, development of small scale industries† (cited in UNESCO Working Paper for ACC Working Group on Community Development, 1956, 1). The word social work is made up two words, ‘social’ and ‘work’, and has different meanings when observed from the social perspective of different regions in the world. Thus, social work in India would be different from the social work being carried out in Iraq or Afghanistan, which would again differ in America, or UK, or Australia. Social work concept changes from country to country, varying according to the social and cultural environment, and political culture in the country, where one is conducting the social work. Broadly, social work, which is based on the principles of justice for all and human rights, aims to bring about social changes, develop good human relationship s, and to empower people for their own well being and liberation. Community Development, however, does not stop at just being a part of social work. There are many more implications to the word, and it is extremely broad in its scope. While CD does imply social work, today in the modern era of globalization, it also broadly implies the activities of the various political leaders, various civic activists, and the actions of other responsible and aware citizens, who all get involved in the various works done for the betterment of lives in local communities. So it is much more than just social service. CD means empowering the citizens as individuals, or in groups, so that they can learn the skills (often required to create political power to bring about social consciousness on some common agenda) which can be implemented to bring about positive changes. Thus, one may redefine CD as â€Å"Community development is a set of values embodied in an occupation.   It

Tuesday, November 19, 2019

Decartes argument on the existence of God Essay Example | Topics and Well Written Essays - 750 words

Decartes argument on the existence of God - Essay Example Descartes thought the only way to attain true knowledge was to depend only on human reasoning while disregarding the role of the senses, if any. â€Å"His philosophy refused to accept the Aristotelian and Scholastic traditions that had dominated philosophical thought throughout the Medieval period; it attempted to fully integrate philosophy with the ‘new sciences’; and Descartes changed the relationship between philosophy and theology. Such new directions of philosophy made Descartes into a revolutionary figure† (Baillet 1693). For this revelation, he is now universally celebrated as the father of modern philosophy. Through this works regarding the development in thought, he was also known as the founder of modern day mathematics and scientific method. In forming his ideas, Descartes wrote many books, including his most well-known, â€Å"Discourse on Method†, first published in 1637, concerning the nature of knowledge and human existence. â€Å"Discourse o n Method† is divided into three sections Descartes described and named ‘meditations.’ It is in the third of these meditations that Descartes reflected upon the true nature of God and determined that He is indeed real and exists more than just in people’s minds. ... â€Å"In this item of first knowledge, there is simply a clear and distinct perception of what I am asserting; this would not be enough to make me certain of the truth of the matter if it could ever turn out that something which I perceived with such clarity and distinctness was false. So I now seem to be able to lay it down as a general rule that whatever I perceived very clearly and distinctly is true† (Descartes, 1637). One of the first notions that he professed in this line of thinking was that he had a fundamental idea that God exists. Descartes’ reasoning that God did indeed exist outside just the mind of man he had to have had a causation of some type because he had previously proven that nothing comes from nothing. Descartes rationalized that this cause must be based at least as much in reality as the idea. However, since he did not think himself infinitely perfect, of course, Descartes rationalized he could not have thought of this idea all on his own therefore there must be an remote cause that is infinitely perfect. Only God is infinitely perfect so God must indeed exist. â€Å"Descartes assumes that we have an idea of God as an actually infinite being, not just a being that is as great as we can imagine by extending the finite perfections of a human being. For this reason, it is impossible for us to have constructed our idea of God through an extension of the idea we have of ourselves or any other finite creature† (Rutherford, 2006). The second argument Descartes’ used to prove God’s existence emanates from his own ability to envision something perfect despite himself being imperfect. This second argument starts with the understanding that he exists – again, â€Å"I

Sunday, November 17, 2019

Political films Essay Example for Free

Political films Essay The research paper â€Å"The Timing of Presidential Cinema† discusses and analyzes social meaning of political films. Little research is done in this filed, although many films contain political and economic meaning. Interestingly, the release of presidential cinema is associated with the controlling party and with the ideology that the party has in the White House. Republican and Democratic administrations are characterized by the largest amount of political films. Moreover, more films are released during the second presidential term. Releases are more acute during presidential elections. The stronger the economies, the more films about presidents are released. The article â€Å"Quantitative analysis of Motion Picture Content† tends to measure the influence of films on American population. In particular, the emphasis is paid to providing an instrument to measure with scientific precision the content of each film. The cinema has long been accepted and the author argues that more than fifty million of American moviegoers are influenced by desire to seek entertainment when going to the cinema. Therefore, motion picture has become a profound influence on people and it is rather difficult to measure those influence. The role of Hollywood films in American society has not been yet questioned as researchers lack methods to summarize and analyze what the public is presented. The article â€Å"The Image of the Scientist in Science Fiction: A Content Analysis† reviews the social role of the scientists which is conveyed through the cinema. Scientists has undergone both criticism and appraisal, they has been presented as heroes and villains science-fiction magazines, stories and films. Of course, many scientists have been negligible. The social role of the scientist is addressed in terms of saving humanity, but after World War II such measurement has become problematic. Science fiction, therefore, is claimed to serve as vehicle to construct social utopias and to dethrone them. The article is of practical relevance as the USA experience shortage of scientists and engineers.

Thursday, November 14, 2019

Child By Tiger :: essays research papers

The opening stanzas from William Blake’s poem â€Å"The Tiger† in â€Å"The Child By Tiger† by Thomas Wolfe help accentuate the theme of the story. They further relate to the passage in which Dick Prosser’s bible was left open to. The stanzas incorporated in the story reveal that with every good is evil. â€Å"The Child By Tiger† inlays a sense of good with evil tailing it as its shadow. In the beginning, Blake’s stanza questions â€Å"†¦who could frame thy fearful symmetry?† Dick Prosser appears to be kind and moral, but later reveals his vengeful side as he chaotically kills people. His conflicts with society inspire the evil to spring forward and divulge himself. The reference to â€Å"tiger!† in Blake’s stanza indirectly relates to the fact that Prosser is referred to as a cat through Wolfe’s story. Prosser’s evil self is illustrated as stealthily and smartly stalking his prey; pretending to be the same amongst the others. This evil, Prosser himself, exhibits tendencies of moral goodness as he tries to suppress his situational conflict. Evil stalks a prey smartly; it takes notice of every slight move, and every attempt to through it off fails because it always lands back on its feet. Prosser was a very religious man; he had a bible that he constantly read and was worn from use. The last passage marked as read insinuates that Prosser’s death was destined. He was made to â€Å"lie down† in wait, and see what he could spread his â€Å"dread grasp† on. His role was to act as everyone else because his evil self was stalking the others. Prosser was the â€Å"deadly terrors† everyone ran from, for he was on â€Å"the path of righteousness for his name’s sake.† He was meant for the town to see the evil that it can create. Child By Tiger :: essays research papers The opening stanzas from William Blake’s poem â€Å"The Tiger† in â€Å"The Child By Tiger† by Thomas Wolfe help accentuate the theme of the story. They further relate to the passage in which Dick Prosser’s bible was left open to. The stanzas incorporated in the story reveal that with every good is evil. â€Å"The Child By Tiger† inlays a sense of good with evil tailing it as its shadow. In the beginning, Blake’s stanza questions â€Å"†¦who could frame thy fearful symmetry?† Dick Prosser appears to be kind and moral, but later reveals his vengeful side as he chaotically kills people. His conflicts with society inspire the evil to spring forward and divulge himself. The reference to â€Å"tiger!† in Blake’s stanza indirectly relates to the fact that Prosser is referred to as a cat through Wolfe’s story. Prosser’s evil self is illustrated as stealthily and smartly stalking his prey; pretending to be the same amongst the others. This evil, Prosser himself, exhibits tendencies of moral goodness as he tries to suppress his situational conflict. Evil stalks a prey smartly; it takes notice of every slight move, and every attempt to through it off fails because it always lands back on its feet. Prosser was a very religious man; he had a bible that he constantly read and was worn from use. The last passage marked as read insinuates that Prosser’s death was destined. He was made to â€Å"lie down† in wait, and see what he could spread his â€Å"dread grasp† on. His role was to act as everyone else because his evil self was stalking the others. Prosser was the â€Å"deadly terrors† everyone ran from, for he was on â€Å"the path of righteousness for his name’s sake.† He was meant for the town to see the evil that it can create.

Tuesday, November 12, 2019

Different types of farming Essay

Farming has contributed to communities by being a source of income and food. As stated in the Oxford Dictionary â€Å"farming is the activity or business of growing crops and raising livestock.† Different communities use different types of farming to suit their way of living. They either use commercial or subsistence farming. Commercial farming is farming that is done by companies and raising of crops and livestock for sale in outside markets. Subsistence farming is self-sufficiency farming which means farmers focus on growing enough food to feed their families. Farming has been depended on to sustain a good economy in many societies. The term economy is defined as â€Å"the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services,† in the Oxford Dictionary. There are three types of economies planned economy, mixed economy and free economy, and in The Bahamas the mixed economy is practiced. A mixed economy is an economic system that includes a mixture of capitalism and socialism. This type of economic system that includes a combination of private economic freedom and centralized economic planning and government regulation. The Bahamas is heavily dependent on the tourism, banking and construction industries. The Bahamas is mainly dependent on tourism but the tourism rates have and are declining. Tourism is the practice of traveling for recreation for business and leisure purposes. There are many different jobs that are in the tourism industry. Some are construction workers, hotel managers and other positions that are available and taxi drivers. Since the recession is global less people have travelled and visitor arrivals have fallen. This has forced businesses to close and as a result people have lost their jobs. The tourism industry has provided work for half of the Bahamian workforce. With contributions from other industries such as farming the effects of this recession can be minimized. Contribution means the act of giving in common with others for a common purpose. If the farming industry is used then less jobs will be lost and more jobs will be provided, and decrease our dependence on imported foods. One contribution that farming can make is creating jabs. Jobs in the country are important because it provides the necessary items for families. A Job is â€Å"to carry on public business for private gain,† according to the Webster dictionary. Jobs provide money to circulate around the country to improve the country and to help with the welfare of families in the country.

Saturday, November 9, 2019

Natural Resources And The Economy Of Middle East Essay

The role of oil in the economies of the Middle East has altered over time and it is possible to recognize stages in its development. At first the main benefit was financial for the reason that, even though revenues were modest from the 1930s to the 1960s, these met most of the expenditure needs of the royal households in the Gulf and funded the major proportion of government current spending. Since oil production expanded in the 1960s revenues grew, and the quadrupling of oil prices in 1973-4 resulted in an enormous windfall. This could be interpreted as the second stage. Oil revenue was viewed mainly as a means of funding investment rather than just current expenditures, despite the fact that for some of the Gulf states the revenue was so great that it was probable to put some aside into ‘funds for future generations’. Because Middle East production stagnated and declined in several countries, the link between oil prices and development became of crucial significance. This was obvious from the infrastructure boom ensuing from the 1979 oil price rises, and the virtual halt to major investment projects following the price falls of the 1980s. (Mohamed Rabie, 1992). A third phase has now started in which the volume of exports and the price of crude oil is becoming of less importance for the economies of the region. Oil is less vital as an output however more crucial as an input. It is the marketing of refined products and petrochemicals which matters more and more, not the sales of crude oil. In these state of affairs pricing issues turn out to be more complex. Low domestic pricing of oil inputs can assist the international competitiveness of the Middle Eastern refining and petrochemicals industry, particularly during the entry, start-up and infant-industry phases. In the longer term Middle Eastern crude oil may not be internationally traded, instead it is oil products exports which will matter. In this situation OPEC’s declining significance as a cartel is less damaging to the economies of the Middle East than might otherwise have been the case. Diversification into downstream production means that it matters much less that oil prices are performing like those of other main commodities, with cyclical volatility and a long-term tendency to decline. The economies of the Middle East may still be oil-dependent; however the nature of this dependence is altering from output to input dependence. This has the advantage of being more controllable. Some of the issues which were important in the literature on the oil and development link are debatably now less pertinent in a period of lower oil prices. There was a long debate in the 1970s and 1980s regarding whether oil windfalls were a blessing or a curse. One argument for the latter view was the view that oil-dependent economies tended to undergo from ‘Dutch disease’, so called due to the effect of gas exports from the Netherlands in driving up the guilder, making manufacturing exports uncompetitive and imports cheaper, with ensuing adverse consequences for unemployment. Even though this argument is at first sight persuasive, and there was certainty proof in its support in the Netherlands and arguably in Britain, its relevance to the Middle East is open to question. (Mohammed Akacem, 1992). The countries of the Gulf had little local manufacturing capacity in the 1970s which could have been threatened, and the lack of labour was more of an issue than unemployment. Oil exports were in any case denominated in dollars, as were most imports, consequently the level of the exchange rate was of comparatively minor significance for trade. A strong exchange rate checked inflationary pressures, and any depreciation would merely have resulted in imported inflation which would have added to that generated domestically through supply bottlenecks. For countries such as Egypt, with manufacturing capacity and non-oil exports for instance cotton and textiles, Dutch disease was more likely, particularly as oil became more and more the leading export after the return of the Suez fields by Israel, and there was as well the indirect effect of Gulf oil exports on the exchange rate through remittances. Investigation by economists, particularly Bent Hansen, made known little empirical support for Dutch disease in Egypt. Cotton and textiles were mainly exported to Eastern Europe under bilateral trade deals that had administered rather than market prices. Imports were subject to tariffs, quotas, foreign exchange controls and other restrictions. The official exchange rate was itself-controlled, while admittedly at a high, and perhaps overvalued, level in the 1970s. It is uncertain, though, if a lower rate would have done much to boost exports, given the supply constraints in the Egyptian economy. (R. K. Ramazani, 1998). Oil revenues were most likely of more consequence at the political economy level, as they reinforced the role of the state by increasing both its power of patronage and its capability to control economic activity. There was less need to collect other forms of tax revenues due to the significance of oil revenues, and also conceivably less government accountability. All countries in the Gulf adopted some form of development planning, simply so as to find out their expenditure priorities and ascertain how spending plans interacted. The consultation when planning the expenditure of oil revenues merely extended to the government ministries, though, and not to the general public. In addition, governments often ignored their own development plans if circumstances changed, either through new defence and security concerns or due to the changing price of oil. References: John Page (1999). The Impact of Lower Oil Prices on the Economies of Gulf States; Middle East Policy, Vol. 6 Marc J O’Reilly (1999). Oil Monarchies Without Oil: Omani & Bahraini Security in a Post-Oil Era; Middle East Policy, Vol. 6 Mohamed Rabie (1992). The Politics and Economics of Oil; Middle East Policy, Vol. 1

Thursday, November 7, 2019

Tabula rasa Essay Example

Tabula rasa Essay Example Tabula rasa Paper Tabula rasa Paper The role of genetics, the environment, the child, and the need for past as prologue What does the past as prologue mean? The degree to which it is deemed necessary to consider the past to understand the present What does the born this way model emphasize? Role of genetics in development What does the born this way model discredit? The environment What did behaviorism represent? Children as passive recipients of colonization influences Which model was the most popular when Pigged first came into the picture? Nurture model Who said that humans are blank slates? John Locke What is the term used for blank slate? Tabular Rasa What does the blank slate theory mean? Individuals are built without built-in mental content and that their knowledge moms from experience and perception What did Watson believe to be true about why children develop the way that they do? Observing children, rather than speculating on their ancestry Did Watson agree with John Lockers blank slate theory? Yes What was Watson view on development in general? Complex motives and behaviors can be built upon via classical conditioning What was the study Watson used to prove his point? Little Albert and conditioned fear Watson famous quote was known for what? No matter who you are and where you come from, you can turn into anything What is classical conditioning? The association of some behaviors with specific stimuli and even show how some stimuli that now elicit responses might not have done so once in the past How did Watson make the little boy afraid of rats? He made an obnoxious sound every time the boy reached for the rat, he was not afraid of rats before but became so with time Why was classical conditioning not a successful theory? Hard to test scientifically, absurdly complicated as an explanation for motivated behavior (usually just a simple emotional response) What did skinner believe to be true about how children develop? The environment was primary source of explanation for behavior, useless to study the brain and thinking processes What did skinner emphasize the most when it came to understanding thoughts? We have brains, but you did not need to understand thoughts to understand behavior What did skinner call thought? The black box What did skinner believe to be true about understanding behavior? Relations between what goes on in the environment and how the organism behaves What was different about what Watson believed and what skinner believed? Skinner didnt think that classical conditioning was all that important , he leveled that behavior is predicted by rewards and punishments What is reinforcement? Things happen more frequently if they are rewarded What is extinction? When rewards are taken away, the behavior IS likely to stop happening What is punishment? Instead of something satisfying happening, something adverse followed What did bandeau believe to be true about development? People learn things observationally and imitating others (role model) What is the critical distinction in knowledge and performance? Even if we know how to do something we dont always do it What did bandeau believe about the brain? Behavior is cognitively based What did bandeau believe to be the most powerful motive in development? Self-efficacy: ones belief in his/her ability to control their own life, (it is not what they know but what they believe about themselves) What the dominant model in the mid asss? Environmental model What was the name of the dominant model before Pigged? Mechanistic child: children develop as a machine, predictable What did Pigged assume about a child? Active participant, relationship with the world is adaptive, child is creating equilibrium, constrained by what the child already knows What kind of thinkers did Pigged believe children were? Fundamentally different kind of thinkers, not just inexperienced and immature Pigged on A-not-B? ; Babies fail at this task because they do not have the concept of Object permanence. For 8-1 a-month-olds, an object is acting and sensing. Its location, the search itself, is part of the object, Babies older than 12 months, succeed at the task because they are able to form and abstract mental representation of the object. What was the key to Piglets behavior about young children? Young children were simply not less skilled or learned about denied objects, they cannot separate the concept of an object from the actions it takes to retrieve it from under a cloth (A Not Be) What is the self- determination theory? While people are often motivated to act by external rewards such as money, prizes, and acclaim (known as extrinsic motivation), self-determination theory focuses primarily on internal sources of motivation such as a need to gain knowledge or independence (known as intrinsic motivation). According to self-determination theory, people need to feel the following in order to achieve such psychological growth Competence: People need to gain mastery f tasks and learn different skills Connection or Relatedness: People need to experience a sense of belonging and attachment to other people.

Tuesday, November 5, 2019

Useful Essay Writing Tips on Any Topic

Useful Essay Writing Tips on Any Topic How to Write a Brilliant Essay despite the Topic You may be the best research paper writer and face difficulties when completing an editorial at the same time. There is no magic formula for all academic assignments. They are different and comes with different requirements, languages and writing styles. However, there is a way to write brilliant essay papers of any type despite the topic. All you need is to think creatively and encourage your readers to explore and debate the topic. This is what we are going to learn in this particular article. Apart from keeping an eye on the shape of the paper, you also need to highlight your writing professionalism in every line. These parameters are clear. What are the other aspects to include in the academic paper? Analyze and Explore – carry out the research and explore the information you have found. Become an expert on the topic, Use as many available sources as you can; Write a Thesis Statement – writing a brilliant paper is impossible without a strong thesis statement. So, the next stage is to learn how to write a good thesis; Essay Examples – the global web comes as an endless source of useful information. Simply browse top writing website to find essay samples; Introduction and Conclusion – write them after you are done with the body paragraphs. Such approach results in better understanding of the topic as well as core ideas to indicate in the first and last paragraphs; Format your Paper – this is probably the toughest challenge. You need to learn all major formatting styles including APA, MLA, Chicago, Harvard, etc.; Proofread and Double-Check Your Paper – a brilliant essay should never contain the slightest hint of grammar or punctuation mistakes. Ask your friends to revise the paper or hire professional native-speaking editors. Now you are 100% ready to start the writing process and produce a solid content despite the topic. If you still have difficulties when getting started, hiring professional writing services is probably the best bet for you. How to overcome writing challenges? Essay writing is certainly a daunting task for thousands of students across the world. It is not just because they are bad at writing. The difficulties appear with every new type of paper and topic we need to handle. On the other hand, here are some tips that will definitely put an ease on the writing process: Plan Ahead – never strive to complete the paper two or three days before the deadline. The exploration process and research are more time-consuming than they seem. Plan your steps ahead and reserve some time for editing and revisions; Explore All Sources – find as many sources related to the topic as you can. Go online and check for articles, books, and other publications to support your point of view. At least you will have something to write about; Make a Plan – a good start is to conduct a clear outline. It will be your plan. Stick to it and make the writing process easier; Avoid Plagiarism – the slightest sign of plagiarism will doom your paper to academic failure. You can use special online services both free and paid to check and eliminate plagiarism. Or you can simply ask professional writers to complete your essay for you. They will deliver your paper on time without any mistakes. It will contain all structural elements and be 100% plagiarism-free. The option is certainly worth considering.

Sunday, November 3, 2019

Walt Disney Company Assignment Example | Topics and Well Written Essays - 750 words

Walt Disney Company - Assignment Example From this study it is clear that management and leadership development involves training employees on good leadership qualities and what it entails being a good manager. Employees get skills and lessons for team building because leaders ought to build teams and be good team leaders. Supervisory and organization skills are required to make a good manager as it enables one to create good business relationships, facilitating the meeting and also mentoring their junior employees.This study highlights that professional development involves taking professional courses and certification that help employees better their skills and be the best. Performance support systems and reimbursements to pursue job-related degrees help the employees to be more abreast with the modern world and changes that occur in the job market. Employees pursuing further studies mean that they get to qualify for promotions and also can move to companies where they get to advance their career status. With the developm ent of technology, any company would want its employees to have high tech computer skill to be able to operate the machines and computer they use at work. With new software coming up in production, the employees should be ready to use them and training in computer helps a great deal in this. The company offers mentoring programs that include internships, scholarships and programs to mentor startups such as the Disney Accelerator. Mentorship programs benefit not only the beneficiaries but also the company.

Thursday, October 31, 2019

The Eighteenth-Century Piano Sonata In MLA Format Essay

The Eighteenth-Century Piano Sonata In MLA Format - Essay Example Looking at the list of musical directions today one may wonder why the subject of those listening to classical music is not brought up. The reason is that, as sad as it is, less and less people today are familiar with classical music and an even smaller number of people can distinguish between composers of the classical era. The eras I am going to deal with are the Baroque and Classical eras. In history, the period from 1600 to 1750 is known as the Baroque era. Dance, music, architecture, art - everything in the Baroque era was on a grand scale. It was a magnificent era that brought about smart, dignified, talented people and bright creations. What is remarkable is that during the Baroque era people's interest was drawn to instrumental music more than ever (Encyclopedia Britannica). The instruments that were mostly popular in this time period were the keyboard instruments counting the clavichord, harpsichord, piano, and organ (Brainrad). These clavichord instruments sweeped away the renaissance popularity of softer viol string instruments. The soft violin was replaced by the more rough, more aggressive and expressive violin, viola, and cello. These instruments were not only in use of composers. At the beginning of the eighteenth century when music played an everyday part in most people's lives, most of the citizens were capable of playing (Classical Music Pages). We must remember that during the Baroque period the foundations of music for the next centuries were given. Moreover, the idea of the modern orchestra and opera was born. Also, in the Baroque period composers came to be the servants of nobility and clergymen. According to Brairad, as music was very popular at that time it was used "to show off", thus the music grew "showy and complicated". While music during the epoch of Baroque can be described as bright, chaotic, unexpected, and frivolous, the music of the Classical era was very different. In my paper I am touching upon both Classical and Baroque era s because the composers I am going to talk about later composed at the turn of these two centuries, representing both eras equally. The Classical period started late in the eighteenth century and it focused on the opposite types of sounds that Baroque musicians paid strong attention to ((History of Classical Music). Classical music was arranged, organized, well-planned and accurate.  

Tuesday, October 29, 2019

European Court of Justice Turner v Grovit and Harada Essay

European Court of Justice Turner v Grovit and Harada - Essay Example Anti-suit injunction is defined as â€Å"an order of the court requiring the injunction defendant not to commence or to cease to pursue, or not to advance particular claims within, or to take steps to terminate or suspend court or arbitration proceedings in a foreign country†1. The definition of anti-suit injunction claims that under this legal framework, none of the defendants or plaintiffs can take the assistance to obtain undue advantages of a foreign legislation apart from the country wherein the dispute took place. It is usually observed in case of cross-border disputes that the litigants perceive that they can take the advantage by shifting the proceedings in their home country, with the expectation to obtain a favourable judgement to the case ruling2. In order to disregard this belief of the litigants, anti-suit injunction has been introduced3.Arguably, anti-suit injunctions are often regarded as interference to the disputes in foreign courts. Addressing this particular issue, the discussion henceforth will evaluate whether the considerable of anti-suit injunction as an act of interference by a foreign court is justifiable. Illustrative examples will also be sought from various cases, including the landmark case of Turner v Grovit (C-159/02) [2005] 1 AC 101 in order to strengthen the rationalization of the arguments in this essay. The case of Turner v Grovit, decided in April 2004, is considered one of the landmark cases in the European Court of Justice (ECJ), which apparent denotes the legislative implications of anti-suit injunctions to the principle of lis alibi pendens. This case became the basis for the explanation of anti-suit injunction as Turner, the plaintiff, was granted with anti-suit injunction, as a measure to restrict the application of the rule given in correspondence to the re-appeal of the defendant (i.e. Harald Ltd.) in the Spanish court4.  

Sunday, October 27, 2019

Evaluation Methods in Empirical Economics

Evaluation Methods in Empirical Economics Evaluation methods in empirical economics fall into five broad categories; each provides an alternative approach for constructing the counterfactual. Alternative evaluation methods depend on several criteria like; a) nature of the program i.e. whether the program/policy is local or national, small scale or global, b) nature of questions to be answered, and c) nature of data available (Blundell and Dias 2000). Heckman et.al (1997, 1998a,b) showed that data quality is also a crucial ingredient for the determination of the appropriate estimation strategy. Both in the case of large scale and small scale impact evaluation work, randomized assignment is often used. It is a fair allocation rule. Because the program manager ensures that, every eligible person or unit has the same chance of receiving the program. When the observation will be very large, any characteristic (either observed or unobserved) will flow through treatment and comparison group; if they are created through randomised assignment. An evaluation is internally valid; if it uses a valid comparison group; and when the impact estimated in the evaluation sample can be generalised to the total population, that evaluation will be called externally valid. Randomized assignment is used, when there exists excess demand for a program and when a program needs to be phased until it covers the entire population. (Gertler et.al 2011). In the Progresa program, where cash was transferred to poor mothers in rural Mexico for their children’s enrolment in school; Schultz (2004) based on the randomized assignment found that, educational grants to rural poor mothers had an effect on the enrolment.. In the paper â€Å"Expanding credit access: using Randomized Decisions to estimate the Impacts’, (Karlan and Zinman 2008), the authors concluded that, marginal loans produced significant net benefits for borrowers over a wide range of outcome by using randomized experiment. In assessing the effect of performance based payment on the use and quality of maternal and child health services provided by health-cares in Rwanda, Basinga et.al (2011) concluded that, financial performance incentives (i.e. payment for performance) could improve the use and quality of maternal and child health services. Vermeersch by using randomised technique examined that, school participation was 30% greater in twenty five Kenyan schools where a free breakfast was introduced than in twenty five comparison schools( Vermeersch 2002). Kremer et.al (2002) evaluated a program where a nongovernmental organisation provided uniforms, textbooks, and classroom construction to seven schools that were randomly chosen from fourteen poorly performing schools in Kenya and found that, dropout rates was considerably low in treatment schools. In evaluating a twice-yearly school based mass treatment program in Kenya, where inexpensive de-worming drugs were provided ( as intestinal worm among children was highly prevalent) in seventy five schools which were randomly selected, Miguel and Kremer (2003a) found that, the absenteeism rate in treatment schools lowered down by 25%. From randomized evaluation , it was found that, provision of textbooks in schools in Kenya increased the test scores by about 0.2 standard deviation, but there was an increase in test score of those students who had scored well (top 20-40%) in the pre-test exam before the intervention of the program. They also found that, text book provision didn’t affect the test scores of bottom 60% students (Glewwe et.al 2002). Seva mandir, an Indian NGO, runs in Indian villages, introduced a program, where a second teacher (preferably woman) was randomly assigned to twenty one out of forty two schools in non formal education centres. Banerjeee et.al(2002) evaluated this program by monitoring the attendance of both teachers and children and found that, the number of closing days reduced after the introduction of the program (i.e. 44% in one- teacher and 39% in two- teacher). They also found the participation of girls also increased. Banerjee et.al (2003) evaluated the impact of a remedial education program introduced by Pratham, an Indian NGO, where young women were hired from the communities and were providing remedial education to children in Government school. On an average, after two years of the program, they found that, the test scores of the students increased by 0.39 standard deviation. Moreover, the bottom level children gained the largest out of this program. They also concluded that, hiring remedial education teachers from community is 10 times more cost effective than hiring new teachers. Glewwe et.al (2003) evaluated a program where parent school committees were providing gifts to teachers whose students were performing well and concluded that, the test scores f the students who were a part of the program initially increased but later on fell back to the level of comparison group at the end of the program. In the evaluation of a Colombian program for extending the coverage of secondary school ( Programa de Amlplication de cobertura de la Education Secundaris), where vouchers for private schools were allocated by lottery due to the limitation of program’s budget, Angrist et.al (2002) took the advantage of randomly assigned treatment and found that, lottery winners were 15-20% more likely to attend private schools, 10% more likely to complete the 8th grade and scored on an average 0.2 standard deviation higher on standardised tests. Randmised promotion method is similar to that of the randomised offerings. Under this method, we randomly select the units to whom we promote the treatment; instead of randomly selecting units to whom we offer the treatment. By doing so, we leave the program open for every unit. There are three types of units under randomised promotion method:1) Always- always they want to enrol in the program, 2) Enroll- If- Promoted- they will enrol only when additional promotion is provided, 3)Never- they will never enrol in the program; whether the promotion is offered or not ( Gertler 2011). Both Gertler et.al (2008)[1] and Newman et.al (2002)[2] used the randomised promotion technique as an impact evaluation tool. In impact evaluation, Regression discontinuity design method will e used for a program that have a continuous eligibility index with a clearly defined cut-off score to determine the eligibility of the participants (Gertler 2011). In assessing the effect of social assistance program, which was funded through the Canadian Assistance plan, in Quebec, Canadain in labor market outcome, Lemieux and Milligan (2005) by using regression discontinuity design method by limiting the sample to men found that, access to greater social assistance benefits reduced employment by about 4.5 percent for men. To study the impact of school fee reduction program on school enrolment in the city of Bogota, Colombia, Barrera-Osario et.al (2007) used regression discontinuity design method and found a positive impact on school enrolment rates. Regression discontinuity design method was also used t evaluate a social safety net initiative in Jamaica. In 2001, the Government of Jamaica initiated a program namely, Program of Advancement through Health and Education (PATH), where grants was given to children in eligible poor households on the condition of regular attendance and health visits. Levy and Ohis (2007) by using regression discontinuity design found that, PATH program increased school attendance for children ages 6 to 17 by an average of 0.5 days per month. Likewise, Matinez(2004)[3] and Filmer and Schady (2009)[4] also used regression discontinuity design method to study the impact of a program. Propensity score matching method pairs each program participants with a single nonparticipant, where pairing is done on the basis of the degree of similarity in the estimated probability of participating in the program (Smith and Todd 2001). In measuring the impact of training program on trainee’s earning, Lalonde (1986) by comparing both experimental and non experimental results concluded that, non experimental methods are subjected to specification errors and also suggested to be aware while implementing these methods. Dehejia and Wahba (1998,1999) by using NSW data concluded that, matching approaches are generally more reliable thangeneral econometric estimators as they found that, matching estimators were able to produce a result which was a replicate of experimental NSW result. Smith and Todd (2005a) argued that, PSM does not solve the selection problem which was studied by Lalonde. [1] Gertler et.al (2008) evaluated the impact of a maternal and child health insurance program in Argentina. [2] Newman et.al (2002) evaluated a program where social investment fund was provided for small scale investments in education, health and water infrastructure in Bolivia. [3] Matinez(2004) studied the effect of old age pension program on consumption. [4] Filmer and Schady(2009) studied the impact of scholarship in school enrolment and testscores of poor students in Colombia.

Friday, October 25, 2019

The Death Penalty;Does It Deter Crime :: essays research papers

Does the Death Penalty Deter Crime? Scientific studies have consistently failed to find convincing evidence that the death penalty deters crime more effectively than other punishments. The most recent survey of research findings on the relation between the death penalty and homicide rates, conducted for the United Nations in 1988 and updated in 1996, concluded: "Research has failed to provide scientific proof that executions have a greater deterrent effect than life imprisonment and such proof is unlikely to be forthcoming. The evidence as a whole still gives no positive support to the deterrent hypothesis..." (Reference: Roger Hood, The Death Penalty: A World-wide Perspective, Oxford, Clarendon Press, revised edition, 1996, p. 238, paragraph 328) w.web.amnesty.org The death penalty has never deterred crime. When the death penalty was reinstated in the 1970’s crime rates were sky high. In research conducted for the United Nations in 1996, crime rates were the same as those in the 70’s. Depending on the exact year since the death penalty was reinstated in the U.S. crime rates have dipped or risen 10-15%. Normally the ladder. In the United Sates we call the death penalty, capital punishment. The word capital speaks of the head. This is because throughout history the most common way of executing criminals was by severing the head. Now when I hear capital punishment I will be reminded of something even more grotesque and morbid than previously. In a survey taken by prisoners serving life terms, 55-60% said that they would have rather received the death penalty than life terms. www.religioustolerance.org/execute.htm It seems to me that, since more prisoners would prefer to be killed, it is a lesser form of punishment. However that by no means makes this cruel and degrading form of punishment acceptable. We are denying the right of life. Regardless of the fact that those on death row did take that right away from another human being, it is not our place to take theirs.

Thursday, October 24, 2019

Business Analysis and Valuation Exam Notes

Topic 7: NOA1=NOA0+OIt – (C1-I1) NFO1=NFO0+NFE1 – (C1-I1)+d1 NFA1=NFA0+NFI1 – (C1-I1)-d1 CSE1=CSE0+OI1 – NFE1 – d1 NI1=OI1 – NFE1 (C1-I1) = d1+F1 d1=div+ share buyback – share issues F=net purchases of FAs – interest on FAs – net issue of debt + Interest on debt d=C-I+NFI-NFA d=C-I-NFE+NFO FCF=OI-NOA (Method 1) FCF=NFA-NFI+d (Method 2) FCF=NFO+NFE+d CSE=NOA+NFA/(-NFO) CSE1=CSE0+Earnt-dt Net Operating Accruals = OI1 – C1 or NOA – I1 If C-I-i > d: lend or buy down debt. If C-I-i < d: borrow or reduce lending. The rate of return from investing in a firms’ stock is its holding period return. [(div+P1)/P0]. Topic 8:Reformulated CSE Statement CSE0 +Net transactions with s/holders +Share issues – Share buy backs – Dividends +Comprehensive Income +NI reported +/- securities avail. For sale +/- currency translations +/- hedging +/- prior earnings restatements CSE1 Table 8. 1 of Dirty Surplus Item s: OI Items Changes in accting for contingencies Additional minimum pension liability Tax benefits of loss carry-forwards acquires Tax benefits of dividends paid to ESOPs Unrealized gains and losses on equity securities avail. For sale Some adjustments of deferred tax valuation allowances funding status of pension plans Financing inc (or exp) itemsPreferred dividends Unrealized gains on losses on debt securities avail. For sale Operating or Financing inc items F. C. translation gains (losses) Gains(losses) on derivative instruments for hedging purposes Restatement of prior years’ income due to accting principles. Bal/sheet items to be reclassified Credits to s/holders’ equity for stock compensation exp. Dividends payable. Topic 9: Effective tax rate for operations Tax on OIOI before tax ReOI1=OI1 – ( – 1) NOA0 Operating PM from sales OI from Sales (after tax)Sales Net CI Margin = CI/Sales RNOA = OI/Ave. NOA NBC = NFE/Ave. NFO RNFA = NFI/Ave. NFA ROCE = Ea rn (CI)/Ave.CSE OLLEV = OL/NOA Capitalization Ratio = NOA/CSE FLEV = NFO/CSE SPREAD = RNOA – NBC Reformulated Bal/sheet FAs: Cash equivalents S/T investments S/T notes receivable* L/T debt investments FLs: S/T borrowings Current maturities on L/T debt S/T note payable* L/T borrowings Lease obligations Preferred stock OAs & OLs: All else Minority Interest CSE *notes are FA/Ls if they bear the mkt rate of interest. L/T equity investments are usually OAs if they are a >20% holding, recorded at mkt value if avail. for sale or, at cost if held to maturity. S/T equity/marketable investments are OAs if part of a trading portfolio.If used mop up excess cash = FA. Minority interest is a separate line item. And NOA – NFO = CSE + Minority Int. Reformulated Income Statement Net sales -Expenses to generate sales =OI from sales (before tax) -Tax on OI from sales +Tax as reported +Tax benefit from NFE – Tax allocated to other OI =OI from sales (after tax) Other OI (exp) requir ing tax alloc. Restructuring charges and asset impair. Merger exps Gains/Losses on asset sales Gains/Losses on security transactions -Tax on other OI After-tax operating items Equity share in subsidiary income Operating items in extraordinary inc Dirty surplus op. items in Table 8. Hidden dirty surplus op. items OI (after tax) -NFE (after tax) +Interest exp -Interest inc. Realized gains/losses on FAs =NFE before tax -Tax benefit from NFE =NFE after tax Gains/loss on debt retirement +unrealized holding loss D-S items in Table 8. 1 (incl. Pref. dividends) Hidden d-s financing items -Minority Interest =Comp. Income to common Topic 10: Reformulated CF Statement CF from operations +Reported cash from op. Net cash interest payments after tax – CF from investing +Reported cash from inv. +Liquidation of assets +Sale of assets +Maturities of assets – Purchases of Assets Working Cash =FCF from op. ctivities Net Dividends +Dividends +Share buy back – Share issue +Net Debt Financing Cash and Cash Equivalents + net payments to d/holders and issuers =Cash paid for financing activities Topic 11: ROCE = RNOA+[FLEV(RNOA-NBC)] Implicit int. on OL= S/T borrowing rate (after tax) OL ROOA=OI+Implicit Int. (aft. tax)OA RNOA=ROOA+(OLLEVOLSPREAD)OLSPREAD = ROOA – S/T borrowing rate (after tax) ROA=NI+Int Exp (aft. tax)Ave Total Assets Minority interest is added to numerator if any. 2 Drivers of RNOA: RNOA = PM ATO PM = OI (aft. Tax)/Sales ATO = Sales/NOA (usually expressed as 1/ATO) PM Drivers: PM = Sales PM + other items PMSales PM=Gross margin ratio – Exp ratios =GMsales-Admin. expsales-Sell. expsales-R&Dsales-Operating taxessales Other Op. items PM=subsidiary incsales+other equity incsales+Special itemssales+other gains and lossessales Drivers of ATO (1/ATO) can be broken down into ratios for the individual assets and liabilities. Drivers of NBC is calculated from the weighted average of the costs for different sources of net financing. NBC=FONFO ? aft. tax int. on FOFO-FANFO? aft. tax on FAFA-FANFO? Unrealized gains on FAFA+Pref. stockNFO? Pref. DivPref. stock+†¦ Topic 12: OI = Core OI from sales + Core Other OI + Unusual ItemsRNOA=Core OI from SalesNOA+Core other OINOA+UINOA Core OI from salesNOA=Core sales PM? ATO=Core OI from salesSales? SalesATO NBC=Core NFENFO+UFENFO RNOA1=(core sales PM1ATO0) +(ATO1Core Sales PM1) +(core other OI/NOA)+ (UI/NOA) Changes in core sales PM are driven by variable and fixed costs. Sales PM = (Sales – VC – FC)/Sales Contribution Margin Ratio = 1 – (VC/Sales) OLEV=CM ratio/PM %Core OI=OLEV%Core sales CSE1=(sales11/ATO0) +[(1/ATO1)Sales1] – NFO1 Reformulated OI Core OI Core Sales Rev. Core CoS = Core GM Core Op. Exp. = Core OI from sales bef. Tax Tax on core OI from sales +Tax as reported +Tax benefit from NFETax alloc To core other OI Tax alloc to UI = Core OI from sales + Core other OI + Equity income in subsidiaries + Earnings on pension assets + Other conti nuing inc not from sales Tax on core other OI = Core OI Unusual Items Special charges Special liability accruals Nonrecurring items Asset write-downs estimates Start-up costs expensed P/L from asset sales Restructuring charges P/L from discon operations Extraordinary op items Accounting charges Unrealized g/l on equity investments Gains from share issues Currency gains and losses Derivative g/l (operations) Tax allocated to unusual items = Comprehensive OI Topic 13: Earnings component: i) Operating income (ii) Net financial expense (iii) Earnings Book value component: (i) NOA (ii) NFO (iii) CSE Residual Earnings measure: (i) ReOI1 = OI1 – (F – 1) NOA0 (ii) ReNFE1 = NFE1 – (D – 1) NFO0 (iii) RE1 = Earn1 – (E – 1) CSE0 Value of NFO: V0NFO=NFO+ReNFET? D+CVT? DT Value of NOA: V0NOA=NOA0+ReOIT? F+CVT? FT Value of Equity: V0E=CSE0+ReOIT? F+CVT? FT NFO is usually measured at market value. Therefore forecasted ReNFE are zero. Usually: VoE=V0NOA-V0NF O But with ReNFE = 0, VE = VNOA Drivers of RE: RE1 = [ROCE1 – (E – 1)] CSE0 (1) amount of s/holders’ investment (2) rate of return on investment relative to E.Drivers of ReOI: ReOI1 = [RNOA1 – (F – 1)] NOA0 (1) amount of NOA put in place (2) profitability of assets relative to F. Drivers of ReNFE: ReNFE1 = [NBC1 – (D – 1)] NFO0 (1) amount of net financial debt (2) NBC relative to D. AEG Measure (i) AOIG=[OI1 + (F – 1)FCF0] – FOI0 (ii) ANFEG=[NFE1+(D – 1)F0] – DNFE0 (iii) AEG=[Earn1+(E-1)d0] – EEarn0 V0NOA=1? F-1OI1+AOIGT? F Cost of capital: ?E=? F+VoDV0E? F-? D P/B Ratio: V0ECSE0=V0NOANOA0+NFO0CSE0V0NOANOA0-1 Forward P/E ratio: V0EEarn1=V0NOAOI1+ELEV1V0NOAOI1-1NBC1 ELEV = NFE/Earnings Trailing P/E ratio: V0E+d0Earn0=V0NOA+FCF0OI0 +ELEV0V0NOA+FCF0OI0-1NBC0-1