My Best Friend Essay Example for Free

My Best Friend Essay In all honesty, my closest companion is an older lady in her late 70s. Her name is Maria. She is Spanish nice, wedded, without any kids. We couldn’t give off an impression of being increasingly extraordinary. Maria and I met at the exercise center a year ago. That’s pretty much all we shared practically speaking when we met †that we were both dynamic and sound. Numerous individuals would address why I would grow such a cozy relationship with somebody more than twice my age. It was our disparities that really brought us close. Maria had just experienced everything that I presently couldn't seem to look in my life, and she had a ton to educate me. I was a prepared audience, as I was confronting things throughout my life that I had never experienced. I required direction and kinship, and Maria resembled a holy messenger sent to manage me. I appreciate investing energy with Maria. She is wonderful constantly and accommodating. I can converse with her about anything, and she appears to realize exactly what to state or when not to state anything by any stretch of the imagination. She is extremely certain and doesn’t attempt to dazzle anybody by professing to be somebody else; maybe this is the reason I am so attracted to her. Maria is extremely content with her life regardless of the way that she never had kids and is in a mind-blowing winter. She has allowed me the chance to take a gander at my life in an alternate point of view and to acknowledge and be pleased with the entirety of the decisions that I have made, while simultaneously offering direction for my future. Each second I go through with Maria is a blessing. I value it. I trust she gains as much from our fellowship as I do.

Design for Environment Coursework Example | Topics and Well Written Essays - 500 words

Structure for Environment - Coursework Example A force screw appended to the engine driver pole is relied upon to have adequate quality and protection from power. These properties guarantee no undesired development from the client and bone recovery powers happens. The engine should be sufficiently little to stay inside the gadget. Expansion of burden heading to the gadget guarantees that the client can apply full weight on the gadget without disappointment. These drivers involve both interior just as outer variables. This gadget, being relied upon to be implantedin patients body, need to meet all the similarity prerequisites. A portion of the normal objectives of this structure include: The determination of the necessary paces of bone extending will be required. The gadget will at that point be balanced as needs be. Oneself locking arrangement for the gadget guarantees that poles don't return. The force screw gives the stretching power. The gadget will be planned with steel streets with smooth surfaces just as edges. This will, subsequently, dispose of any physical injury on substance just as bone contact dividers. The device’ moving parts will be inside fitted to maintain a strategic distance from injury. Titanium-steel compound, being un-receptive, implies that no harmful substances coming about because of responses will be discharged. These responses generally happen as electrochemical disintegration. Arrival of any poisonous substance could cause torment (Edwards, 1996). As prior expressed, the gadget is to have smooth surface and edges to stay away from injury. Since the gadget is to beembedded in thebody, the purposes of association of the two bars ought to be made hermetically sealed. This will guarantee that the device’s inward condition is isolated from the body liquids maintaining a strategic distance from any conceivable contamination.Corrosion of embedded metals in human bodies has been a significant test. The gadget being made of titanium-steel composite maintains a strategic distance from any chance of consumptions. Reasonable fixing connections will likewise be structured. They will be

Provide Evidence in a Prosecution Case :: science

Give Evidence in a Prosecution Case Examinations to Provide Evidence in a Prosecution Case with the Pervis Vinegar Company on Unknown Toxins The point of this examination is to preform tests on two examples of vinegar, one that is industrially sheltered and the other not (from the Pervis Company) to decide the obscure poison contained in the Pervis Vinegar. Materials: * Numerous Beakers/Conical Flasks * Phenolphthalein Indicator * Burette * Numerous Test Tubes * Sticky Tape * Test Tube Rack * Sodium Hydroxide (NaOH) * Calculator * Sample of Commercially Safe Vinegar * 2 Surgical Swabs (huge cotton bud) * Sample of Pervis Vinegar (Toxic) * 2 Agar Gel Plates * Universal Indicator * Incubator Oven * Incubator * Bunsen Burner * Water * 2 Small Syringes * Potassium Chromate Solution * Hydrochloric Acid Strategies To completely decide and recognize the obscure poison present in the Pervis vinegar test, four tests were required. A molarity test was finished, an example of the vinegar was then permitted to develop on an agar plate to discover whether microorganisms were available and a pH test would likewise be finished. The last test was a precipitant test to find if the overwhelming metal Lead was available in the Pervis test. A titration analyze was currently set up utilizing Sodium Hydroxide arrangement as the soluble base in the burette with a molarity 0.01177 and 25ML of Pervis vinegar was set in the measuring utencil underneath the burette. Roughly four drops of Phenolphthalein marker where added to the Pervis vinegar and afterward the deliberate measures of NaOH were gradually added to the vinegar. The burette should have been topped off a few times and the normal measure of NaOH arrangement expected to kill the Pervis vinegar was 181.5 ML. That equivalent investigation was then had a go at utilizing industrially safe vinegar in the measuring utencil beneath the burette. Four drops of Phenolphthalein marker were again put in the vinegar and afterward estimated measures of NaOH were discharged from the burette into the recepticle. This was finished three tines with the normal NaOH expected to kill the protected vinegar around 154.5 ML. These sums for the NaOH included were then recorded for later investigation. The pH test was presently finished with the two examples of vinegar. Two test tubes were set in a test tube holder and 14ML of each example of vinegar filled one of the test tubes. Around two drops of Universal Indicator were set in the test tubes and the response colourers were recorded for sometime in the future.

Client Risk Profile

Question: Compose a report onClient Risk Profile. Answer: We have been delegated as an evaluator of Performance Sports Group Ltd for the year finished May 31, 2016. So as to communicate a supposition on the genuine reasonable perspective on the budget reports, it is the essential to have a comprehension of the inner and outside condition of the business substance under the review. Execution Sports Group Ltd. is a top producer of athletic gear for ice hockey, roller hockey, lacrosse, baseball and softball. The results of the organization are accessible in more than 45 nations through a system of in excess of 7,000 retail stores and more than 60 wholesalers. The organization is a world head and prestigious brand in hockey. The items produced are advertised under the brand name of BAUER, MISSION, MAVERIK, CASCADE, INARIA, COMBAT and EASTON. The items made are dispersed all through the world. The fundamental focal point of the organization is to develop a main situation on the planet through obtaining significant piece of the pie in all the ite m classifications. In this manner, the organization works in a profoundly serious condition with differentiated items produced by it, making a high intrinsic hazard to the auditor.The Board of Directors comprises of eight executives, to be specific, Bernard McDonell, Karyn O. Barsa, Joan Dea, Dan Friedberg, C. Michael Jacobi, Harlan Kent, Matthew M. Mannelly and Bob Nicholson. The Company has established Audit Committee, Compensation Committee, Corporate Governance and Nominating Committee and Risk Committee. The Audit Committee includes Bernard McDonell, Joan Dea, C. Michael Jacobi. The Compensation Committee includes Karyn O. Barsa, Dan Friedberg and Bob Nicholson. The Corporate Governance and Nominating Committee contains Dan Friedberg, C. Michael Jacobi, Matthew M. Mannelly and Bob Nicholson. The Risk Committee involves Karyn O. Barsa, Joan Dea and Matthew M. Mannelly.The official board of the organization comprises of profoundly experienced and devoted work force with a triumph past track in the field of promoting items, incorporating vital acquisitions and arranging and usage of development systems. The top level worker turnover is low which can be seen by the way that the officials have been working with the organization since a normal of ten years. The official board includes Harlen Kent (Chief Executive Officer, Director), Amir Rosenthal (President, PSG Brands), Mark Vendetti (Executive Vice-President/Chief Financial Officer), Angela Bass (Executive Vice-President, Global Human Resources), Paul Dachsteiner (Vice President of Information Services), Paul Gibson (Executive Vice President, Chief Supply Chain Officer), Todd Harman (Executive Vice President of Baseball/Softball), Troy Mohns (Executive Vice President, New Business Development Corporate Strategy)Matt Smith (Executive Vice President, Marketing) and Michael J. Divider (Executive Vice President, General Counsel and Corporate Secretary).The Board of Directors of the organization believes great co rporate administration to be the fundamental part for the smooth working of the organization and increment in investors esteem over the long haul. The organization is committed to give reasonable and convenient data as consistence with the corporate administration measures of United States and Canadian protections controllers, the New York Stock Exchange and the Toronto Stock Exchange.The business methodology of the organization is to fabricate, create and convey quality items that improve the presentation of competitors. The organization expects to expand the net income and furthermore the net revenue through diminishing the expenses and expanding the general proficiency all through all the procedures, specifically, gracefully, assembling and dissemination. Coming up next are the methodologies that had been shaped by the organization so as to convey net income growth:1. Increment Ice and Roller Hockey Share;2. Influence Cost Leadership to build Profitability;3. Target Emerging and Underdeveloped Consumer Segments;4. Develop Apparel Across all Sports Categories;5. Benefit from the quickly developing lacrosse market;6. Seek after Strategic Acquisition.Therefore, from the understanding that we have accumulated so far of the business condition of the element, it tends to be said that the hazard profile of the organization is high as the organization bargains in various items around the world, it works in an exceptionally serious condition which can prompt material error of fiscal summaries. The organization works in an industry where there are fast changes and a need to keep up pace with the changing condition so as to safeguard the present position and snatch future development openings. Further, the organization bargains worldwide and in this manner have outside trade presentation. The organization have different brands and a wide promoting channel through which the dispersion of items happens. Consequently, there are various territories that should be thought of while arranging the review of the substance as the inalienable hazard included and evaluated through the comprehension of the inward and outer condition of the element is extremely high. In any case, then again, the element has great corporate administration, code of morals and being customary in the compliances, which denotes that there is a pleasant control component working in the association. Thus, the control hazard associated with the review of the element is low. In this way, it very well may be closed from the investigation of the natural and the control hazard that the danger of material error included is normal. Scientific Procedures During the arranging stage, the scientific techniques are attempted so as to comprehend the budgetary situation of the substance and break down the issues (in the event that any) for the unfriendly change from industry midpoints. Additionally, it assists with figuring the general review chance required through the examination of the information. The information considered while the examination has been taken from the quarterly outcomes for the quarter finished August, 2015, November, 2015 and February, 2016.The revealed income for the quarter finished August, 2015, November, 2015 and February, 2016 were $175, $153 and $126.1 individually. During all the 75%, there had been negative outside money sway over the income, which had, anyway been at a reducing rate. The absolute announced income of the organization in its quarterly report is allotted to Canada, United States and rest of the world. According to the relative data of the organization (time frame over period), the income develo pment pace of the organization had diminished with the exception of in quarter finished August, 2015 for income from United States. In addition, the income during the said period has likewise diminished. Furthermore, as a level of income, money impartial gross benefit expanded to 33.9% for the multi month time span finished 29 February, 2016 from 32.0% in the multi month duration finished 28 February, 2015. Counting the effect of remote trade, the gross net revenue for the nine months finished February, 2016 diminished from 32.0% to 29.5% as contrasted and the comparing time of the earlier year. The equivalent has been because of the lessening in income alongside the expansion in offering, general and managerial costs from 21.5% to 29.5% and innovative work costs from 3.6% to 4.1% (according to period over period correlation). Anyway the Industrial Average Gross Margin for the Quarter finishing, 29 February, 2016 is 40.82% which is definitely more than the Gross benefit of the Compa ny for example 33.9%.Further, the Earnings before Interest, Tax, Depreciation and Amortization likewise diminished from 15.5% to 4.6% for the nine months finished February, 2016 contrasted with February, 2015. The EBITDA edge of the Industry for the Quarter finished February, 2016 is 10.65% when contrasted with 4.6% of the organization. The outcomes have diminished essentially during the period.The influence proportion as on 29 February, 2016 was 10.98, barring the effect of outside trade on the Companys trailing year EBITDA, the Leverage Ratio was 5.72. While the Industrial Leverage proportion for the quarter finishing 29 February, 2016 is 2.6. accordingly reasoning that the influence proportion of the organization is muvh higher when contrasted with the Industrial normal. The end money balance as on 29 February, 2016 was $2.5. The administration accepts that the continuous tasks and resultant incomes alongside the money stores would give adequate liquidity to the business operatio ns.The cost of merchandise sold during the multi month finished February 29, 2016 diminished by $24.6 million or 7.1% to $320.4 million. This has been essentially because of the decline in income, lower Hockey item costs driven by profitability and sourcing activities regarding the recently reported five-year gracefully chain activity, decrease in ware related manufacturing plant input costs from Asian sellers, lower non-money charges to cost of products sold. The reduction was barring the effect of remote trade. The negative EPS determined after alteration of effect of remote trade for the multi month time span finished 29 February, 2016 was $0.06. This means the arrival to the investors of the organization has diminished, as the near EPS for the time of earlier year revealed a positive acquiring for every portion of $0.84.The expository strategies applied and referenced here above had helped us to shape a progressively educated comprehension about the activities and nature of the element. The organization has different income sources, regarding geographic portions and business section (item shrewd). Further, being an organization working in various nations, the organization is presented to outside money changes which may prompt material misquotes. Further, the zones to be underlined are income, cost of merchandise sold, outside changes and obligations due. Review Risk The fiscal reports are a lot of imperative to both the inward and outside clients. They displays the presentation of the organization just as causes the clients to take

Management And Maturity Of Income Essay Example Pdf - Free Essay Example

Financial Economics has made significant progress in asset management, the coordination between firms cash inflows with cash outflows by matching the maturity of income generated by assets with the maturity of interest incurring debts. People now little about the maturity structure of firms assets and liabilities, because willingly obtainable and thorough information regarding a firms liabilities and liabilities like commitment were not easy and time overwhelming to gather in our country, while many papers had explained how imbalances in the maturity period of asset and liability structure could be the main reason of currency and financial crises in the emerging markets, the factors that create such imbalances in the first place have established comparatively little attention so far. The agency costs can be reduced if firms issue short-term debt and, thus, are evaluated periodically. Information asymmetry and conflict between shareholders and debt holders can be intensified in transition economies for three reasons: (i) lack of shareholder and creditor protection owing to the imperfect legal system; (ii) the high level of uncertainty enables firms with overdue debt to switch to high-risk assets, which increases flotation and/or transaction costs; and (iii) the ownership structure of companies in emerging markets creates potentially higher agency costs because managers dominate the board of directors and have comparatively greater control rights (Harvey, Lins and Roper (2004). Smith and Warner (1979) argue that riskier and smaller companies have higher agency related costs because managers of small companies have mutual interests with the shareholders since they are holding a larger proportion of the equity. The managers are interested in increasing the equity value even if doing so reduces the firms total value, behavior that obviously conflicts with the credi tors objectives. The objective of this study was to contribute and filling the gap of maturity mismatch between firms assets and liabilities, and firms can employ to reduce agency costs is to match the duration of assets and liabilities. Study showed theoretically how mismatch may lead to and exacerbate maturity mismatch due to market uncertainty, and how maturity mismatch increased output instability on the non/financial firms. Second, research provided empirical results that support the predictions that firms debt maturity was positively related to maturity of its assets to test this prediction the study made the model which depended on the following variable like debt maturity ratio, asset maturity ratio, market to book value ratio, and firm size. A common recommendation was that a firm would compare the maturity period of its assets to that of its long term liabilities. If long term liabilities had less maturity period with respect to assets, then there may not be sufficie nt cash on hand to pay back the principal when it was outstanding. On the other hand, if debt has a greater maturity period with respect to assets, then cash flows from assets come to an end, whereas debt expenses stay outstanding. Maturity matching could lessen these risks and then structure of corporate hedging that decreases predictable expenditure of financial distress. In a related element, Myers (1977) dispute that maturity matching could control agency conflicts between equity holders and debt holders by ensuring that debt reimbursements were planned to communicate with the reduction in the worth of assets. In a model of this fact, Chang (1989) revealed that maturity matching can reduce organization expenditure of debt financing. Hoven and Mauer (1996) study also reveals well-built support for the standard textbook recommendations that firms should compare the maturity period of their assets to that of their liabilities. Research investigation specified that asset maturity was an important aspect in explaining distinction in debt maturity structure. The sample of firms were taken from non/financial firms listed on the Kse-100 index and their financial data consisting from year 2004 to 2008 and those firms were used to analyze the distinctive financial characteristics. The reasons for choosing non-financial firms because it played significant role in the economy of our country and the measurement of maturity matching of assets and liabilities and reduction in agency cost would help these firms to avoid risks like liquidation and changing in interest rates. For example, if the duration of the maturity of assets was larger than the maturity period of its liabilities, then the maturity structure was at risk to growing interest rates. This was because the higher maturity period assets were more responsive to interest rates than the lower maturity period liabilities. If interest rates go up then the assets were turned down in value more rapidly than the liabilities were. If interest rates remain constant, there may be a deficit in supporting the liabilities. One way to diminish this problem was to rebalance the assets such that the maturity period of the assets were equal to the maturity period of the liabilities, then any interest rate modify has a minor outcome. If in the above case, the asset maturity period was too high, the maturity period must be shortened. This short fall may be achieved by either rebalancing the structure with shorter maturity period assets or by shorting longer maturity period assets, and if the firms debts and debt like obligations are larger then its assets in amount then this mismatch between the maturity period of assets and liabilities can lead it towards liquidation so to keep away from that liquidation the firms should keep up matching between the amount of its assets and liabilities, and companies that have a greater reliance on external finance face a comparatively weaker agency problem. De Ha as and Peeters (2006) agency cost issue can be alleviated by the higher variability of firm value, which can interfere with the firms ability to payoff its obligations. This was a key pattern of the advantage that Non-Financial firms listed on KSE-100 Index can acquire from this study by matching the maturity period of its assets to that of its debts and by reducing the agency cost problem. 1.2 Statement of Problem The objective of my study is to contribute to filling the gap of maturity mismatch between firms assets and liabilities, and the importance of agency cost, which shows theoretically how mismatch may lead to and exacerbate maturity mismatch due to market uncertainty, and how maturity mismatch increases output instability in the Non-Financial firms listed on KSE-100 Index. The purpose of the study is to notice whether the debt maturity structure described by Shah and khan (2005); Myers (1977); Titman (1992); Diamond (1991); Barnea, Haugen, and Senbet (1980); Jalilvand and Harris, (1984); Ozkan, 2000, Yi, 2005 and Whited, (1992); Warner (1979); Hoven and Mauer (1996); Barclay and Smith (1995); Barnea, Haugen, and Senbet (1980, 1985); and Hart and Moore (1995) present the detail regarding the debt maturity structure. The scope of study is to analyze the maturity matching structure between firms assets and liabilities, and agency cost problem. 1.3 Hypotheses H0: There is a posi tive relationship between Debt maturity and asset maturity. H1: There is a positive relationship between Debt maturity and Firm Size. H2: There is an inverse relationship between Debt maturity and Market to Book Ratio. 1.4 Outline of the Study The outline of the study processed as follows. Chapter one based on the introduction of the thesis, which consists of the some introduction of debt maturity structure by different researchers, the statement of problem, scope and objectives hypothesis etc. Chapter two consists of literature review given by different researchers, theories on debt maturity structure, and factors affecting the debt maturity structure. In chapter three, research methods were described, which contained method of data collection, sampling technique, sample size, research model developed, and statistical technique. Chapter four consists on the findings and interpretation of the results which were taken after the data collection process. Chapter five contained the conclusion, discussions, implications, recommendations, and future research. CHAPTER 2 LITERATURE REVIEW The literature included two types of theories about the debt maturity structure: agency cost theory, and maturity matching theory. 2.1 Agency Cost Theory Myers (1977) discussed that risky debt financing caused low investment benefits when a firms investment had chances to look for growth option. Financial Analysts worked to represent equity holders failed to accomplish profitable investment options because risky debt control a part of equity holders incentive in the form of a decrease in the probability of default. Myers represented that low investment benefits can be assured by providing short-term debt to mature before the growth options utilized. The hypothesis was that the firms assets had a greater ratio of growth options were used shorter-term debt. Titman (1992) presented that if growing firms have both the greater chances of bankruptcy and positive future-outlook then got incentive from borrowing short-term debt and going for a constant-rate contract. Briefly, there was an acceptance in the literature that growth (market-to-book ratio of assets) should be inversely correlated to debt maturity in the agency/contracting cos ts perspective. Williamson (1988) firms with more tangible assets should find asset substitution (risk shifting) more difficult, which lowers debt agency costs and thus raises optimal leverage. Hart and Moore (1995) defined the role of long-term debt in controlling managements capability in increasing funds for future projects. It was analyzed that long-term debt may restrict self-interested managers from financing non-profitable investments entails a direct variation of long-term debt with market-to-book ratio. Therefore, the relationship between growth options and debt maturity structure had an experimental issue. Diamond (1991) focused on the relationship between debt maturity and the credit value of a firm. Diamond defined liquidity risk as the risk that a debtor will lose control rents because creditors do not want to refinance, and therefore choose to liquidate the firm. Because short-term debt was seen by Diamond as being debt that matures before the profits of an in vestment were received, it was necessary to refinance short-term debt. For firms with high credit worthiness, the liquidity risk was not relevant. A decreased in credit worthiness did not lead to a crunch of credit to the firm. For this reason, firms with a high credit rating were expected to borrow on the short term. For firms with a medium credit rating, the liquidity risk can be of importance. Firms with a low credit rating also interested to borrow on the long term. Firms with a low credit rating were therefore forced to borrow on the short term. Firms with comparatively greater ratio of future investment opportunities tend to be littler. Barnea, Haugen, and Senbet (1980) found that organization conflicts, similar to Myerss (1977) underinvestment problem, could be restrained by reducing the maturity of debt. Therefore, smaller firms which faced additional harsh agency conflicts than larger well-maintained firms may use shorter-term debt to mitigate these conflicts. In most cases, the issuing costs of a public debt issue were fixed, and these costs were therefore self-determining of the size of the debt. Because public debt has a longer maturity than private debt, a positive relation between the size of a firm and the maturity of debt was proposed. However, those reasoning did not apply to small unlisted firms, because these firms make very little use of public debt. The present study also included leverage and industry affiliation as determinants of debt maturity. Arguably, larger firms have lower asymmetric information and agency problems, higher tangible assets relative to future investment opportunities, and thus, easier access to long-term debt markets. The reasons why small firms were forced to use short-term debt include higher failure rates and the lack of economies of scale in raising long-term public debt. It was further argued that larger firms tend to use more long-term debt due to firms remaining financial needs (Jalilvand and Harris, 1984). Agency problems (risk shifting, claim dilution) between shareholders and lenders may be particularly severe for small firms. Then, bondholders attempt to control the risk of lending to small firms by restricting the length of debt maturity. Large (small) firms, thus expected to had more long (short)-term debt in capital structure. Consequently, these arguments imply a positive relationship between firm size and debt maturity. It was widely accepted by the current literature that larger firms have lower agency costs of the debt (Ozkan, 2000, Yi, 2005 and Whited, 1992), because these larger firms were believed to have an easier access to capital markets (firms can more easily overcome the transaction costs) and a stronger negotiation power (firms have a stronger position in the debt negotiation than smaller firms). Hence both these arguments favor larger firms for issuing more long-term debt compared to smaller firms. In addition to it Smith and Warner (1979) argued that sma ller firms were more likely to face higher agency costs in terms of a conflict of the interest between shareholders and debt holders. Hoven and Mauer (1996) found out only little evidence for the agency cost aspect that debt maturity used to restrict the conflicts of interest between share holders and debt holders. Although smaller firms in the sample lead to used short term debt, findings also suggested that firms with big amounts of growth options have small leverage, and hence small to moderate incentive of debt maturity structure to reduce the conflicts of interest above the utilization of those options. Barclay and Smith (1995 ) test of the determinants of corporate debt maturity accepted the hypothesis that firms with greater growth choices in investment opportunity sets issued large amount of short-term debt. Study also found that firms issue large amount of long-term debt. The findings were robust to surrogate measures of the investment opportunity set. Technique as we ll propose to growth options in the firms investment opportunities be key in discussing both the time-series and cross-sectional fluctuation in the firms maturity structure. Study also supported strong relationship among firm size and debt maturity: superior firms issue a considerably bigger proportion of long-term debt. This was uniformed with the observance that small firms dependent more heavily on bank debt that traditionally had shorter maturity than public debt. Smaller firms had large growth options, which were indicating to employ shorter-term debt to reduce the agency conflicts; these indications assume debt as uncertain. Though, the capital structure theory suggested that these firms employ moderate amounts of leverage to mitigate the risk of financial loss. As such, firms with low leverage and low chances of financial loss would likely be unbiased to employ debt maturity structure to restrict agency conflicts, all other matters remain constant. Agency cost theory also proposed that smaller to medium size firms have relatively higher agency costs because the possible divergence of risk shifting and reducing the concentration between equity holders and managers (Smith and Warner, 1979). To overcome the issue and to control the agency cost short-term debts were recommended Barnea, Haugen, and Senbet (1980, 1985). The large constant flotation cost of constant securities comparative to the small size of the firm had an additional barrier that stops all small firms access to the capital market. Smith (1986) argues that managers of regulated firms have less discretion over investment decisions, which reduces debt agency costs and increases optimal leverage. Shah and khan (2005) evidenced the blended support for the agency cost, Study findings showed that smaller firms employ more shorter term debt then longer term debt; even there was no evidence that growing firms employ more of short-term debt as assumed by (Myers, 1977) that debt maturity varies i nversely to proxies for firms growth options in investment opportunities, The implication of firm size variable also verify the information asymmetry hypothesis, established it costly to access capital market for long term liabilities. 2.2 Maturity Matching Theory A frequent recommendation in the literature discussed that a firm should go with the maturity structure of its assets to that of its debt. Maturity matching can concentrate these threats and thus a structure of corporate hedging that decreased projected expenses of financial suffering. In a related element, Myers (1977) explained that maturity matching could control agency conflicts between equity holders and debt holders by ensuring that debt repayments had planned to match up with the decrease in the worth of assets in place. At the closing stages of an assets life, the firm encountered a reinvestment judgment. Concerning to debt that matures at that time assists to restore the suitable investment benefits as soon as new investments were needed. Though, this analysis specifies that the maturity of a firms assets did not the only determinant of its debt maturity. Its growth options play a vital role as well. Chang (1989) revealed that maturity matching could reduce organization ex penses of debt financing. Stohs and Maurer (1996) and Morris (1976) argued that a firm can face risk of not having sufficient cash in case the maturity of the debt had shorter than the maturity of the assets or even vice versa in case the maturity of the debt was greater than asset maturity (the cash flow from assets necessary for the debt repayment terminates). Following these arguments, the maturity matching principle belongs to the determinants of the corporate debt maturity structure. Emery (2001) argued that firms avoid the term premium by matching the maturity of firms liabilities and assets. Hart and Moore (1994) confirmed matching principle by showing that slower asset depreciation means longer debt maturity. Therefore, this study expected a positive relationship between debt maturity and asset maturity. Gapenski (1999) differentiated two strategies of maturity matching namely the accounting and financing approach. The accounting approach considers the assets as curren t and fixed ones and calls for the financing of the current assets by short-term liabilities and of the fixed assets by long-term liabilities and equity. The financing approach considers the assets as permanent and temporary. In these terms the fixed assets were definitely permanent ones and some stable part of the fluctuating current assets was also taken as permanent. This approach then suggests financing the permanent assets by long-term funds (long-term liabilities and equity) and temporary assets by short-term liabilities. Consequently, the financing approach generally employs ceteris paribus more long-term liabilities than the accounting approach does. Firms also consider asset maturity as an essential determinant of the debt structure. In contrast, companies that have a greater reliance on external finance face a comparatively weaker agency problem. The related agency costs are lower because the higher income variability of these firms erodes their capacity to cover their int erest and credit payments. Hoven and Mauer (1996) come across with well-built support for the regular textbook recommendations that firms should compare the maturity period of firms liabilities to that of firms assets. Study results were indicating asset maturity a key aspect in discussing instability in debt maturity structure. Shah and khan (2005) found unambiguous support for maturity matching hypothesis. Study findings reveal that the fixed assets vary directly with debt maturity structure. Myers (1977) argues that maturity matching of firm assets and liabilities can also partially serve as a tool for mitigation of the underinvestment problem, which was discussed in the agency costs theory section. Here the maturity matching principle ensures that the debt repayments should be due according to the decrease of the asset worth. Comparing maturities as an effort to list debt repayments to match up with the decrease in expected worth of assets now in place. Gapenski (199 9) differentiates two strategies of maturity matching namely the accounting and financing approach. The accounting approach considers the assets as current and fixed ones and calls for the financing of the current assets by short-term liabilities and of the fixed assets by long-term liabilities and equity. The financing approach considers the assets as permanent and temporary. In these terms the fixed assets are definitely permanent ones and some stable part of the fluctuating current assets is also taken as permanent. This approach then suggests financing the permanent assets by long-term funds (long-term liabilities and equity) and temporary assets by short-term liabilities. Consequently, the financing approach generally employs ceteris paribus more long-term liabilities than the accounting approach does. The financing approach (borrowing more on long-term basis) brings more stable interest costs than the accounting approach; but as the yield curve is usually upward sloped, the financing approach is also more costly. The financing approach versus accounting approach decision making is thus a classical risk return trade-off relationship. In praxis, the corporate commonly favor the accounting approach before the finance approach, the same holds for our consideration of maturity matching for the empirical evidence of the debt maturity structure. Based on these Maturity matching arguments, we will consider the impact of balance sheet liquidity immunization on the corporate debt maturity structure. The financing approach compared with accounting approach decision making had a classical risk return trade-off relationship. In praxis, the corporate commonly favor the accounting approach before the finance approach, the same holds for our consideration of maturity matching for the empirical evidence of the debt maturity structure. Based on these Maturity matching arguments, this study considered the impact of balance sheet liquidity immunization on the corporat e debt maturity structure. Guedes and Opler (1996) stated that the mean of estimation of asset maturity did not appear to be vary much between firms, those issue debt (term of one to nine years) and firms that issued debt up to twenty nine years term. But firms that issue debt for greater than thirty years term had assets with significantly long lives. Assumptions expect that firms will compare the maturity of assets and liabilities show that partially correct. Morris (1976) argues that such a strategy allows firms to decrease uncertainty both over interest costs over the assets life as well as over the net income that will be derived from the assets. (Emery (2001) the higher the term premium, the stronger should be the firms incentive for maturity matching. CHAPTER: 3 RESEARCH METHODS 3.1 Method of Data Collection Secondary data is comprised on non-financial firms listed on KSE-100 Index for year 2003-2008, collected from the different sources i.e. Karachi Stock M arket, Balance sheet analysis report published by State Bank of Pakistan and other internet sources. The data is comprised on following variables: Dependent variable Debt Maturity Independent Variables Asset Maturity, Firm Size, Market to Book Ratio, 3.2 Sampling Technique Procedure All the non-financial firms listed on the Karachi stock Exchange KSE-100 index selected for the purpose of conducting the research study. 3.3 Sample Size Sample for this study has been taken from Balance Sheet Analysis of non-financial companies listed on the Karachi Stock Exchange (2003-2008), a publication of Statistics Department of State Bank of Pakistan. The book contains six years data of balance sheets and income statements of non financial firms. 3.4 Research Model Developed Following model was determined the impact of different variables on the debt maturity and to test the hypothesis that the variables that impact on debt maturity were studied in this thesis, like: Asset Maturity, Firm Size, and Market to Book Ratio, by using multiple linear regression. DEBMAT = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± + ASSETMAT (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1) + SIZE (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2) + MV/BV (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¼ Where DEBMAT is Firms Debt Maturity (Debt maturing more then one year / Total Debt) ASSETMAT is Firms Asset maturity (Fixed Assets / Depreciation) SIZE is Firm Size (Log (natural) of total assets) MV/BV is Market-to- Book Ratio (Market value of firms assets / Book Value of firms assets)  µ is error term ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± is the Constant 3.5 Statistical Technique After collecting the data from the selected population, it was analyzed by using SPSS software to study the impact of independent variables on the dependent variables. The statistical technique Multiple Linear Regression was used to identify the variables that impact the debt maturity. CHAPTER: 4 RESULTS 4.1 FINDINGS AND INTERPRETATION OF THE RESULT: Multiple linear regression technique applied through SPPS software by using the Enter method, which is highly recommended for this type of analysis. Following results appeared: TABLE 1: MODEL SUMMARY FOR DEBT MATURITY Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate Durbin- Watson 1 .624 .389 .336 .16521 1.884 A. Predictors: (Constant), ln_assmt, ln_mkttobv, FIRM size B. Dependent Variable: sqrt_dema This table displays R, R squared, adjusted R squared, the standard error, and Durbin- Watson. R, the multiple correlation coefficients, is the correlation between the observed and predicted values of the dependent variable. Larger values of R indicate stronger relationships. R squared showed the percentage of deviation in the dependent variable explained by the regression model. Small values specify that the model did not in shape with the data well. Dependent variable (Debt maturity) and two independent variables (asset maturity, and market to book value ratio) were transformed to make the data normally distributed. It shows that 38.9 % variation in dependent variable (square root of debt maturity) was due to independent variables (log of asset maturity, firm size, and log of market to book value ratio). TABLE 3: ANOVA FOR DEBT MATURITY ANOVA Model Sum of Squares df Mean Square F Sig. 1 Regression .592 3 .197 7.228 .001* Residual .928 34 .027 Total 1.520 37 A. Predictors: (Constant), ln_assmt, ln_mkttobv, FIRM size B. Dependent Variable: sqrt_dema This table summarizes the results of an analysis of variance. If the significance value of the F statistic is small (smaller than say 0.05) then the independent variables did a fine work to clarify the deviation in the dependent variable. If the significance value of F is greater than 0.05 then the independent variables didnt clarify the deviation in the dependent variable. In this model the significance value of the F statistic is less then 0.05, thus the independent variables did a fine work to clarify the deviation in the dependent variable. TABLE 5: COEFFICIENT FOR DEBT MATURITY Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF Model 1 (Constant) -.733 .301 -2.434 .020 ln_assmt .266 .065 .559 4.063 .000 .948 1.055 FIRM size .041 .020 .288 2.097 .043 .954 1.048 ln_mkttobv -.055 .042 -.180 -1.311 .198 .957 1.045 EQUATION: Sqrt_dema = -0.733 + 0.266*ln_assmt + 0.041* Firm size 0.055*ln_mkttobv +  µ In this model square root of Debt Maturity was the dependant variable and the independent variables include Asset Maturity, Firm Size, and Market to Book Ratio,  µ is the error term. If debt maturity changed by 1 unit then asset maturity increased by 0.266, firm size increased by 0.041, and market to book value ratio decreased by 0.055. 4.2 HYPOTHESES ASSESMENT SUMMARY The hypotheses of the study were distinctive financial characteristics have significant impact on debt maturity. These financial characteristics were asset maturity, firm size, and market to book value ratio. In this study each the financial characteristic tested and concluded the results. TABLE 4.3 : Hypotheses Assessment Summary S.NO. Hypotheses R Square Coefficients SIG. 0.05 RESULT H1 There is a positive relationship between Debt maturity and asset maturity. 0.389 0.266 0.000 Accepted H2 There is a positive relationship between Debt maturity and Firm Size. 0.389 0.041 0.043 Accepted H3 There is an inverse relationship between Debt maturity and Market to Book Ratio. 0.389 -0.055 0.198 Accepted Chapter 5 DISCUSSIONS, IMPLICATIONS, FUTURE RESEARCH AND CONCLUSIONS In this study, multiple linear regression analysis is exercised to examine data collected from listed Pakistani non-financial firms for period 2003-08. Regression analysis is used to measure the long term debt used by firms. Debt maturity is taken as a dependent variable in the study where as asset maturity, firm size, and market to book value ratio are independent variables to measure their effect on debt maturity. 5.1 Conclusion The study concludes that the most important variables are debt maturity, and asset maturity. According to this study, these variables are most important in the prediction/ anticipation of maturity structure of firms asset and liabilities. According to study, asset maturity is very important for the model to predict the debt maturity structure. Asset maturity is positively related to debt maturity. This study confirmed matching principle by showing that slower asset depreciation means longer debt maturity. These results were also supported by Hart and Moore (1994). Firm size is also one of the important variables for this study. This study found out only little evidence for the agency cost aspect that debt maturity used to restrict the conflicts of interest between share holders and debt holders, these results were matching with the study conducted by Hoven and Mauer (1996). These results were varied in various countries, because there have been difference in environments and circum stances and firms make decision accordingly, it also showed that smaller firms employ more shorter term debt then longer term debt, which was supported by Shah and khan (2005). There was an acceptance of growth (market-to-book ratio of assets) should be inversely correlated to debt maturity in the agency/contracting costs perspective in this study, these results were supported by Titman (1992). 5.2 Discussion All variables were considered to be in line with the literature, however, based on regression coefficients shown by many variables along with dependency problem, the final model comprised of independent variables; asset maturity, and firm size had significant value of less than 0.05 which suggests that these variables have significant impact on the debt maturity of non-financial firms listed on KSE-100 index. On the other hand, results also revealed that market to book value ratio had significant value greater than 0.05 therefore it may not necessarily lead to an impact on non-financial firms listed on KSE-100 index. 5.3 Implications and Recommendations This research was limited to the non-financial firms listed on Karachi Stock Exchange. The data taken from 58 firms are taken through various sectors for the year 2003-08. It was suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the debt maturity structure. Moreover, it is also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the debt maturity structure. Besides that, this study can also be replicated in other developing countries. Reference Jose Guedes and Tim Opler The Determinants of the Maturity of Corporate Debt Issues The Journal of Finance, Vol. 51, No. 5 (Dec., 1996), pp. 1809-1833 Andreas Stephan, Oleksandr Talavera, and Andriy Tsapin (2008) Corporate Debt Maturity Choice in Transition Financial Markets Working Paper No.4/03 Harvey, C.R, Lins, K.V, and Roper, A.H (2004). The effect of capital structure when expected agency costs are extreme Journal of Financial Economic 74(1), 3-30. Attaullah Shah Shahid Ali Khan (2004) Empirical Investigation of Debt-Maturity Structure: Evidence from Pakistan Faculty member Institute of Management Sciences, Peshawar Mark Hoven Stohs and David C. Mauer The Determinants of Corporate Debt Maturity Structure The Journal of Business, Vol. 69, No. 3 (Jul., 1996), pp. 279-312 Michael J. Barclay and Clifford W. Smith, Jr. The Maturity Structure of Corporate Debt The Journal of Finance, Vol. 50, No. 2 (Jun., 1995), pp, 609-631. Williamson, 0, 1988, Corporate Finance and Corporate Governance Journal of Finance, 43, 567-591. Myers, S.C. (1977). Determinants of corporate borrowing Journal of Financial Economics 5 (November): 147-75 Hart, Oliver, and John Moore, (1995) Debt and seniority: An analysis of the role of hard claims in constraining management American Economic Review 85, 567-585. Smith, C, W, Jr, and Warner, J.B, (1979) On financial contracting: An analysis of bond covenants Journal of Financial Economics 7 (June):117-61. Diamond, Douglas W. (1991) Debt maturity structure and liquidity risk Quarterly Journal of Economics 106, 709-737. Chang, C, 1989. Debt maturity structure and bankruptcy Working paper, Minneapolis: University of Minnesota. Kim, C.S Mauer, D.C, and Stohs, M. Hoven. (1995). Corporate debt maturity policy and investor tax-timing options: Theory and evidence Financial Management 24 (spring): 33-45. De Haas, R, and Peeters, M, (2006). The dynamic adjustment towards target capital structures of firms in transition economies Economics of Transition 14(1), 133-169. Barclay, M.J, and Smith, C.W, Jr. (1995). The maturity structure of corporate debt Journal of Finance 50 (June): 609-31. Titman, S, and Wessels, R, (1988). The determinants of capital structure choice Journal of Finance 43 (March): 1-19. Gapenski, L. C. (1999): Debt-Maturity Structure Should Match Risk Preferences Healthcare Financial Management, December 1999, pp. 56-59,

The Woman Suffrage Rights - Free Essay Example

Hi as you guys know my name is Jeanie Rogers I am a young suffrage leader one of the youngest. When you hear Suffrage you automatically think its only the right or privilege of voting but its is also frequently the incorporated among the rights of citizenship( the duties and privileges of a person owing loyalty to and entitled by birth or naturalization to the protection of a state or nation). Suffrage is based on sex race age and income which most of those things they base it off of shouldnt be a factor in determining who is able to vote thats why Suffrage must be our priority today. The way your skin is or who you choose to have as a companion shouldnt come between weather or not you can vote. Being in this high position that leads to having others look up to me to fight for what we both believe in equal rights, human rights. For women to have Full rights privileges and position. With that said We must rise together and show the world how powerful and good change can be. We have a voice and together we as women can speak up. So as we know Men start gaining there power in society through laws court system and etc. If we had the opportunity to vote we could change how the country see things. They keep us women from the same rights and privileges such as owning property, earning equal pay and etc. labor was starting to understand how everyone deserves the right for fairer working conditions until they insisted that us women would like fewer hours and better wage. When the catch is we want to be treated equally and we want to same conditions no we dont want fewer hours we want just as much as the men. we can stop the social constructs so we no longer have to be in the kitchen or in the house every second of the day. Men believe that its some type of tradition that a woman be a homebody after marriage so basically drop their life goals to cherish their husbands. One day we will be able to break free from that type of marriage. We will no longer need or feel that we need a man to have a voice in this country. Secondly if we consider her as a citizen, as a member of a great nations she must have the same rights as all other members according to the fundamental principles of our government. which means we deserve the same amount as men. We need to be able to vote because those who obey the law should have a voice in making them. I want to change the future because as the future comes that means more generations, more generations that should have the right and chance to impact this country no matter what gender. I want to improve education for a whole generation of children. i want to keep growing gender equality, So lets remember were not only doing this for ourselves, were not being selfish we just want and deserve better.

Essay on The Pros and Cons of Marketing - 939 Words

Finding the Good and the Bad in Marketing In these two real world marketing examples, I have chosen Nepal Thai Food Products (P) Ltd., the manufacturer of Wai Wai instant noodles, as a company that is doing a very good job at marketing. This company is marketing its Wai Wai brand of instant noodles in Nepal from 1985. Another company that I have chosen as a bad example at marketing is Hansophone Electric Electronics. This company is marketing Hansophone brand of EPABX systems in Nepal. While choosing these companies as a good and as a bad example at marketing, the following points that are visible to the observers of the companies marketing activities are taken into consideration.  · Environmental scanning which provides†¦show more content†¦The difference between Wai Wai and other brands was that Wai Wai could be served like other brands as well as it could be eaten without any preparation. It was ready to eat right after opening the packet. Another difference was the seasonings. 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Chilldren of Illegal Immigrants Are Not Entitled to Education

Majority would say school is the most important activity in a child’s life growing up. Therefore it is upsetting that not every child is entitled to an education for various circumstances. I think this is wrong, education should be offered to every child weather their race, religion, sex, political affiliation, and even illegal immigrant children. Many people argue, are children of illegal immigrants entitled to a public education? Nearly 41 million immigrants live in the U.S. today, yes only a fraction of those are children but in a typical immigrant family there are usually 2 parents with 2-5 children with more on the way. People can’t start to possibly mean that these children aren’t entitled to a school education. If they don’t get the right education their parents went through hell for no reason to get them here. They wanted a better life for their children; unlike the life that they had. And what we should be giving them is opportunity; we live in the United States of America for gosh sake. I believe that the children of illegal immigrants are entitled to an American education because without one they will not go anywhere in their life and won’t be able to peruse their dreams, how would you like to feel hopeless in ever becoming successful? I personally know 2 families in the city where I reside and they both were children of illegal immigrants and I can tell you one thing they came at the age of 6th and 8th grade and both of these individuals got the American language

The View of Death in the Chinese Culture Essay - 1528 Words

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Essay on Education as an Absolute Necessity - 548 Words

Education as an Absolute Necessity Today in American society, higher education has become an absolute necessity. The pride and status that once accompanied a high school diploma is longer existent. In the present day job markets, a college degree has become something of a minimal standard integral in obtaining even a mediocre occupation. However, higher education is an expensive investment that many minorities of the United States have found to be an unattainable reality for themselves and their children. College is without question an unforgettable experience, but only for those who can afford it. Yet, should education be only available to the deep pockets, to those who probably could afford not attending at all. No, I believe†¦show more content†¦The average tuition for a top ranking college ranges between forty and thirty thousand dollars a year. For many minorities these numbers just might as well be in the millions. 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Therefore, deciding whether poverty exists in the United Kingdom is challenging as it is crucial to establish a universalRead MoreTo what extent is reducing the number of people living in absolute poverty sufficient to achieve economic growth and development?1222 Words   |  5 Pagesï » ¿To what extent is reducing the number of people living in absolute poverty suffici ent to achieve economic growth and development? Absolute poverty measures the number of people living below a certain income threshold or the number of households unable to afford certain basic goods and services. Much of the poverty in developing countries, such as South Africa, tends to be absolute poverty. Economic growth can be defined as steady growth in the productive capacity of the economy. Short term growthRead MorePoverty Is A Problem Of Poverty1398 Words   |  6 Pagesmost difficult aspects to change. With enough education and knowledge, poverty will one day be a problem of the past. Many people have different opinions on what poverty means. There are two types of poverty, absolute and relative. Absolute poverty is when the people affected can’t provide themselves with the necessities they need such as shelter, food, water, etc. Relative poverty is poverty in which the people affected are provided with the necessities but live below the standards of others. RelativeRead More Individual and State Roles in Communism According to Marx and Engels1169 Words   |  5 Pagesmeans of communication and transport in the hands of the state [†¦.] Extension of factories and instruments of production owned by the state [†¦] Free education for all children.1 The state obligates itself to control numerous aspects of everyday life. It controls all means of production, communication, transportation, property, credit, money, and education. If the state controls all capital, the government could ensure that every citizen receives the share of the wealth they were entitled to. IndividualsRead MoreThe University Of Texas Of The Permian Basin Essay1002 Words   |  5 Pageswomen are agriculture landowners. There are different types of poverties, relative, absolute and subjective poverty. Relative poverty is a state of living where people can afford necessitates but are unable to meet their society’s average standard of living. Relative poverty is the idea of keeping up with those individuals around you. Second, there is absolute poverty that demonstrates the lack of basic necessities, which include food, clean water, safe housing and access to healthcare. Those whoRead MoreA Reflection On The Educational Action Plan Essay1389 Words   |  6 PagesHowever, the situation needs proper judgment of it by comprehensively monitoring the situation and its severity. The scenario of a pessimistic school with a workforce that needs to be adopting an innovative perspective of viewing things is the absolute necessity of the situation. According to Fullan, the most critical problem that is ever faced by an educational institute is not the resistance to innovation. The critical problem of a ny educational institute is the overload, fragmentation and incoherenceRead MorePoverty : Causes And Consequences Of Poverty1484 Words   |  6 PagesPROFESSOR: BOB GREGORY CAN275NBB (CURRENT CANADIAN ISSUES) TITLE: POVERTY IN CANADA DUE APRIL 12, 2017  SECTION A: Cause and Consequences of Poverty: a) Cause of Poverty: When a country is facing a change in its’ trends such as economy, inadequate education, high rate of divorce, overpopulation, epidemic and spreading diseases such as AIDS, climate and environmental issues such as insufficient rainfall, it could be a potential victim of poverty someday. Poverty is becoming so broad across Canada andRead MoreImportance Of Declaring A Change In Education882 Words   |  4 PagesDeclaring A Change in Education! When in the Course of human events, it becomes necessary for students to dissolve the Educational bands which have connected them with another, and to assume among the authorities of Dorchester 2 County, the separate and equal station to which the Laws of Education and of the entitlement we as students have towards them, a decent respect to the opinions of students in Dorchester 2 County which enables them to declare the causes which impel them to the separation.

Migration Essay Example For Students

Migration Essay MigrationThinking back to my childhood, I can recall that my family moved quite frequently from place to place. Since my birth, my family has moved a total of seven times and that was only in the first six years of my life. As an ignorant child, the constant moving around did not question me to think why we moved so much. I never stopped to think that my family could have been in a troubled situation. When I now ask my father the reasons why we moved so often back then, he tells me that he was in search for a better standard of living. He mentioned that we were never forced to move because of a financial situation, but instead he wanted to find a more rewarding occupation to live more elegantly. He wanted to find a place with a good education system for his children and also wanted to live in a warm climate not too distant from the beach. With these three pull factors we moved many times during my childhood and the end result of our migration has played a positive role in my life. My parents and I lived in the over-populated city of Chicago when I was born. My father wanted to relocate in a place that was not over populated. So with this in his mind, we moved in the south direction to Kansas. He got what he wanted in the terms of a smaller population setting. But he was still dissatisfied with the cold weather. The disappointing business experience and cold weather was a push factor to move on and find a better place to live. After Kansas we moved to Ohio because were persuaded by some relatives that we knew that lived there, but again he was not successful with business there either. In search for a better occupation, my father would look in the classified section of the newspaper every afternoon in search of eye-catching businesses. After he would find a few that he was interested in, he would call them up and arrange to take a look at the businesses. In particular, my father saw an advertisement for a Days Inn in Atlanta, Georgia. A pull factor that encoura ged my father to move to Georgia was because of the wonderful hot weather. He was attracted to the fact that the beach setting was not very far. The business turned out to be a success and we ended up settling in this state. My father also wanted to live in a place where there was a good system of education for his children. Another pull factor that Georgia has is a great school system, so that was another motive to stay. The migration to Georgia from the North has made a great effect to my life. I got the opportunity to get a great education and now Im here at the University of Georgia. My parents are now well off with their successful business and my father is very delighted with the wonderful weather. He takes trips to the beach whenever he gets the urge and enjoys the warm climate. Migration to the South has had a successful result for my family. If my father did not take a risk in the past to move to different locations, our standard of living might not be this wonderful. I am glad that I ended up in a great community where education is important and this is a possible place where I might raise my future family. Words/ Pages : 584 / 24

Conceptual Frameworks for Financial Accounting

Questions: 1. Explain why principles-based standards require a conceptual framework? 2. Why is it important that the IASB and FASB share a common conceptual framework? 3. It is suggested that several parties can benefit from a conceptual framework. Do you consider that a conceptual framework is more important for some parties than others? Explain your reasoning? 4. What is meant by a 'cross-cutting' issue? Suggest some possible examples of cross cutting issues? 5. What you think is the fundamental problem with financial statements based upon the historic cost measurement principle used under US GAAP? 6. What do you think of the principle' accounts must reflect economic reality' as a core principle of measurement in accounting? 7.How would you measure economic reality? 8What is reliability in accounting? 9. The article states that the US standard setter FASB requires companies to record a provision in relation to environmental costs of retiring an asset ('to reserve environmental liabilities') if its fair value could be reasonably estimated. How do you think companies would go about estimating such a provision?10. What aspects of the requirements were used by US companies to defer recognition of a liability? 11. In what ways does the recognition of the liability in relation to future restoration activity affect net profit in the current year and future years; and cash flow in the current and future years? 12. The article refers to changes in disclosure requirements relating to environmental liabilities in many countries around the world. How important is it that companies recognise the liability? To what extent is disclosure about the liability sufficient? Answers: 1. Requirement of conceptual framework The movement towards accounting standards based on the principles is a step towards union between IASB standards and FASB standards. However, the immediate requirement is to comply with the Surbanes-Oxley bill that needs to be based on the principle-based standards of accounting. Standards based on principle are relevant as economically that offer high level of comparison between firms with regard to future cash flow prediction or performance evaluation. The objectives of the standards based on principle require a clear definition under the conceptual framework with regard to the determination of trade-offs among the reliability and relevance and the way in which these will affect the comparability. Some improvements are required in the conceptual framework to recognise and measure the expense and revenue approach as it is a crucial part of the mix. In addition, conceptual framework is required to maintain the clarifications in the report and examine the accounting based on principle to identify the possible divergence between the objectives of the users and the prediction of future cash flows against the performance of the companies. 2. Importance of Common Conceptual Framework for FASB and IASB A common goal of IASB and FASB is their standards to be formed as per the principles. To comply with principles-based, a set of standards shall be followed in elementary concepts. For accounting standards on various problems to result in logical reporting and financial accounting, the elementary concepts required to establish a framework that is comprehensive and internally reliable. Without the supervision assisted by an agreed-upon framework, set standard finishes up with concepts formed by individual member of the standard-setting committee. Another familiar goal of IASB and FASB is for convergence of their standards. The Boards are accomplishing various projects that are targeted for attaining short-term objectives on particular problems, as well as various key projects that are handled either jointly or in coordination with each other. Moreover, the Boards are planning to line up their future outlines more closely with each other in order to attain convergence in future standards. The standards of two Boards will face difficulties in converging their standards if their Board forms decisions on different framework. 3. Importance of Conceptual Framework for various Parties A conceptual framework objective assists in the recognition of the targets and the objectives of preparing annual statements. It also assists in the selection of transactions and identification of the requirement of recording these transactions. The direct beneficiaries of these are IASB and the FASB. These frameworks offers the establishment of set standards, moreover, it offers them the impression through which the accounting tools can be utilized for solving presentation and reporting concerns. On the contrary, conceptual framework offers the board various reasons while selecting the substitutes based on value. The conceptual framework does not supply answer to every query. However, it assist in eradicating some of the conflicting options from the list. 4. Cross-cutting issues: Cross-cutting problems are stated as the topic that have a significant impact on all the operations in a particular ground and therefore special attention must be given. Like gender and environment, cross-cutting issues are crucial to all aspects of development. Mainstreaming of cross cutting issues states that all the initiatives for development must have a positive impact on issues like environment and gender equality. Examples: Some possible examples of cross cutting issues are gender education, peace and value education, standardization of culture, environmental sustainability. 5. Problems with historical cost Historical cost is the measure of worth used in determination of price of an asset existing in the balance sheet is based on the assets original or nominal cost at the time of purchase. This method is used for the assets under the GAAP (generally accepted accounting principles). Problems with historical cost method are as follows: Unrealistic valuation of fixed assets: Under the historical cost method, fixed asset are transacted and presented in the balance sheet at the price for which they were purchased. Alteration in the prices is not taken into consideration. Unrealistic profit: Statement of revenue prepared under unrealistic profit method does not show the actual profit as the earnings are recorded based on the present value whereas the expenditures are recorded at historical value. During the inflation period, profits are overstated. Fair value of financial position is not revealed: Balance sheet includes non-monetary as well as monetary items. Non-monetary items like land, building are shown at historical value whereas monetary items lie cash, creditors, debtors are shown at current value. Therefore, non-monetary items are understated during the period of inflation and balance sheet does not present fair value for the financial position. 6. Accounts must reflect economic reality In accounting, it is normally considered that the accounting must reveal economic and corporate realities. It is very clear that in accounting that it is very crucial to show the real imoact on the economy rather than simply painting the picture of reality. Consequences of real economy arises when the users of financial statements changes their actions or opinions due to the alteration in in the standard of accounting or the method of accounting that has been used in preparing the financial statements. The performance of the firm will also be changed in some extend that what is shown in the financial statements. For examples, due to the changes in accounting, the following things can take place, people start purchasing in less quantities, investing less. Moreover, nothing will be same as before, some people will be in better position and some will be in worst position. Therefore, it is very crucial that the accounts must reflect economic reality. 7. Measurement of economic reality Although most of the apprehension about reliability is connected with the measure of fair value, most of the measures are not clearly followed in the industry. However, much reliance is shown for such measures, at present, the accounting statements are substituted with the processes that are considered reliable. Moreover, in the given study it is stressed that the existing business procedures, the liabilities and assets estimate are based upon evaluation. These evaluations are normally inclusive of the useful life of the fixed assets, selling ability for the stocks, collections of receivable, life of useful equipment, cash flows to be created from the investments and lawsuit in the environment (Pearce, Barbier and Markandya 2013). 8. Reliability in accounting: Accounting reliability refers to whether the financial data can be confirmed and utilized on continuous basis by the creditors and investors with the same outcomes. Generally, reliability states the trustworthiness of the financial reports. If decision makers cannot rely on the financial statements, financial reporting will be proved useless. Due to this reason, the FASB is worried with the reliability of information contained in the financial statement (Manfredi et al.2015). As per the FASB, three attributes that must be followed in preparing the financial statement to be reliable are: Neutrality: To present the information in reliable way, it must be neutral. Financial statements that of the company management that are somewhat biased are expected to report increased profit and are not likely to report the unfavourable events. Neutrality implies that management must prepare completely unbiased statements. Verifiability: Financial statements are regarded as verifiable when it gives same results through using different independent measures. For example, third parties and auditors can evaluate and measure the financial statement and get the same result. Representational faithfulness: It states that the statements must reveal the reality or actual incidences taken place during the year. 9. Provision of Environmental Liability With consideration to the increased worries and awareness about environment, it is been stressed that the companies around the world are pressurised to account for the issues related to environment that are faced by the common public in the society. Thus, it is very important that the companies should make definite provisions for recognition of environmental liability in the carrying procedure of business. Some provisions are there to record and present these transactions in effective way that can be useful for the shareholders. Therefore the accountants are required to adop some principles for recording the environmental liability. Few provisions that are included in the procedure are costing and planning for various activities with providing for provisions based on the on-demand performance and guarantees offered by the businessconcern. Moreover, it is identified that provisions in this regard are required to be made with consideration to the overall effect that these activities ha ve on the overall performance of the company (Evangelinos, Nikolaou and Leal Filho 2015). 10.Requirement of Liability Recognition It is emphasized in the given case that the organizations from United States are forced to abide by the standards developed by US Financial Accounting Standard Board that issued various provisions in 2002 with regard to identification of environmental obligation in the business. As per the provision, the corporations who were following the obligations related to asset retirement were obliged to reserve environmental obligations that are connected with the ultimate retirement of an property. Further, the environmental obligations are retained if the fair value of the property can be calculated in appropriate way. The expansion of these requirements is led towards the development of the procedure of environmental obligation within the business procedure. It has also been identified that through the case study is important for the companies in the US for the establishment and development of their business in their country (Csikszentmihalyi and Larson 2014). 11. The Effect of Recognition of Liability The execution of environmental sustainability results into overall increase in the cost of the organization at the primary stage. The increased amount of expenses is incurred for undertaking various measures. For example, reporting about the CSR in the yearly statements of the company along with considering the shareholders of the company into assurance with regard to the methiods adopted by the management with regard to CSR activities. It is further noticed that high expenses is incurred for the execution of environmental sustainability, thus, it is likely that the profit in the current year will decrease as an outcome of rise in expenditure. However, it is very much likely that the total profit of the company will increase as the overall goodwill of the company is expected to increase in the coming years due to the rise in the CSR methods adopted by firm. The implementation and execution of the CSR measures is important in increasing the profitability and sales of the company due t o overall rise in the goodwill. With the assessment of cash flow, it has been assessed that primarily CSR activities will affect the the cash flow of the company to move outwards. However, as the profitability will start rising, cash flow will be in favour of the company (Arena, Conte and Melacini 2015). 12. Importance of Disclosure of Environmental Liability Environmental liability states the liability on the producers with regard to release of large amount of waste from the manufacturing procedures. It is the outlay of cost that is expensed by the company for polluting surroundings. The rising worries among the people of the society have pressurized the management of various businesses to take efficient measures to progress their activities in environmental sustainability. The policy makers of various companies to implement measures to develop environmental performance uphold considerable amount of budget. With consideration of the rising in the significance of environmental concerns, the substance for the organizations to identify environmental obligation has gained importance in the present times. Thus, it has become very important for the companies to identify environmental obligations within their procedures (Glasson,Therivel and Chadwick 2013). References: Arena, M., Conte, A., and Melacini, M. (2015). Linking environmental accounting to reward systems: the case of the Environmental Profit and Loss Account. Journal of Cleaner Production, 108, 625-636. Csikszentmihalyi, M., and Larson, R. (2014). Validity and reliability of the experience-sampling method. In Flow and the Foundations of Positive Psychology (pp. 35-54). Springer Netherlands. Evangelinos, K., Nikolaou, I., and Leal Filho, W. (2015). The Effects of Climate Change Policy on the Business Community: A Corporate Environmental Accounting Perspective. Corporate Social Responsibility and Environmental Management, 22(5), 257-270. Glasson, J., Therivel, R., and Chadwick, A. (2013). Introduction to environmental impact assessment. Routledge. Manfredi, S., Allacker, K., Pelletier, N., Schau, E., Chomkhamsri, K., Pant, R., and Pennington, D. (2015). Comparing the European Commission product environmental footprint method with other environmental accounting methods. The International Journal of Life Cycle Assessment, 20(3), 389-404. Pearce, D., Barbier, E., and Markandya, A. (2013). Sustainable development: economics and environment in the Third World. Routledge.

Spare the Rod, Spoil the Child free essay sample

The saying spare the rod, spoil the child is well-known. It means that children need to be punished for any wrong doing. Some people take it too far and think that it means they should hit their children whenever it is decided they are bad. However, children should not be abused. The saying means that punishment is needed for bad behavior. When asked about the origin of the phrase, people will say that it comes from the Bible. It is true that the notion of spare the rod, spoil the child, comes from the Bible. The verse is found in Proverbs 13:24. However, none of them say, spare the rod, spoil the child. They all say that those who spare the rod from their son hate the son. They go on to say that those who chastise, discipline, or give punishment to the son love him. Even the Hebrew, or transliterated musar is translated at disciplines. We will write a custom essay sample on Spare the Rod, Spoil the Child or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The proverbial idea of spare the rod, spoil the child is from at least 1377. This can be seen in the writing The vision of William concerning Piers Plowman by William Langland. In it he wrote, Who-so spareth ye sprynge, spilleth his children. Spryge could mean sprig which would be like a rod. Spilleth at that time meant spoil. However, it is probably older, as can be seen since the idea is probably from the Bible. None of these say, spare the rod, spoil the child, though. It was Samuel Butlers poem, Hudibras , from 1662 that is the origin of the exact form of the phrase that we use now. It is a satirical poem about factions in the English Civil War. It goes, Love is a Boy, / by Poets styld, / Then Spare the Rod, / and spill the Child. Spill was a commonly accepted form of the word spoil in 1662. The phrase probably became popular and evolved as the English language evolved.