Development And Proliferation Of The European Union

Due to their permeability, national boundaries (symbolic, not physical) have been constantly reconstructed, reshaped and remodelled in order to accommodate the endless flows of information coming from foreign sources, thus allowing the formation of a global society which is no longer defined by ideological, historical or geographical boundaries. This can lead to a phenomenon which can be best described as a â€Å"borderless world† (Allen Hamnett, 1995, cited in Chan and McIntyre, 2002, xv), with prime examples being the European Union, which promotes the values of freedom, equality and unity between its citizens, and, more specifically, the Schengen Area, whose member states have abolished passport and border controls between them altogether.†¦show more content†¦Transnational agents penetrate the symbolic boundaries of a state by means of mediated communication, satellite and cultural flows, therefore making the nation-states vulnerable in the face of globalization, and consequently, lose their autonomous power (Chan and McIntyre, 2002, xvii). The interconnectedness created by globalization results not only in diversity among cultures, but also in the hybridization of those cultures that now coexist under the veil of â€Å"The Golden Digital Époque†. When one considers the field of international communication, or cross-cultural communication, and the interconnectedness that comes with it, the first culture determinant that comes to mind is â€Å"language†. Language is a crucial factor in the development of worldwide communication, the process of â€Å"glocalization† notwithstanding, because it enables its audience to understand the message conveyed in a way that is common to all. Nowadays, the majority of international news or media products are produced in an English cultural milieu on the grounds that the language is taught in schools all around the world from an early age and is regarded as a foreign language of international circulation - BBC, CNN, Fox News Channel are among the channels which convey international and local news in their own language and which

Valuation Apv vs Wacc Free Essays

The three approaches value the entire firm but they differ around the way they treat tax shields. We will first review the rational and the underlying assumptions behind each approach. We will then use a numerical example to illustrate the mechanics behind the three approaches and show under which assumptions they yield the same results. We will write a custom essay sample on Valuation: Apv vs Wacc or any similar topic only for you Order Now Enterprise Valuation According to Modigliani and Miller, the value of a company’s economic assets must equal the value of the claims against those assets. Enterprise valuation models value the sum of the cash flows to all claim holders, including equity holders and debt holders and discount them to the appropriate cost of capital. The cash flow available to all claim holders is called the free cash flow (FCF) from operations and is defined below: FCF = EBIAT + Depreciation – Capital Expenditure – Increases in Working Capital EBIAT is the income the company earns after tax without regard to how the company is financed. Non-cash expenses such as Depreciation are then added. Because we are valuing a going concern we also take into account the cash flow management will retain for new capital expenditures and possible increase in working capital. The remaining is in effect the cash available to owners and creditors. By definition free cash flow is independent from leverage (and is often referred as un-levered free cash flow). Therefore the value derived from the interest tax shield (interest on debt is tax deductible) has still to be incorporated in the enterprise valuation. This is where the three approaches WACC, APV and CCF differ: †¢ The WACC approach values the tax shield by adjusting the cost of capital †¢ The APV approach values the tax shield separately from the un-levered free cash flow †¢ The CCF approach values the tax shield by incorporating it in the cash flow The Weighted Average Cost of Capital Approach To determine the value of the enterprise, the free cash flows from operations have to be discounted to present value. According to Modigliani and Miller’s proposition number one without taxes or financial market mperfections the cost of capital does not depend on financing so the weighted average of the expected returns to debt and equity investors equals the opportunity cost of capital regardless of leverage: Rd x D/V + Re x E/V = Ra = Constant independent of D/V Ra = Opportunity cost of capital = Un-levered cost of equity = Return on assets = pre-tax WACC Rd = Cost of debt, Re = Cost of equity, D/V and E/V = Target l evels of debt and equity using market values Fabrice Bienfait IFM Final Paper Page 2 of 8 None of the components of the cost of capital are directly observable and therefore need to be approximated using various models and assumptions. The cost of equity is derived from the capital asset pricing model (CAPM) while the cost of debt can be estimated from the firm credit rating and default risk or from yields on publicly traded debt. However interest on debt is tax deductible so if we were to discount free cash flows from operations using Ra we would not take into account the value of the tax shield. Therefore the after-tax weighted average cost of capital (WACC) is used instead. WACC includes an adjustment to the cost of debt by the marginal tax rate (Tm): WACC = Rd x (1-Tm) x D/V + Re x E/V (= Ra – Rd x Tm x D/V) WACC is less than the opportunity cost of capital Ra because the cost of debt is calculated after tax as Rd (1-Tm). Thus the tax advantages of debt financing are reflected in a lower discount rate. The WACC equals the opportunity cost of capital when there is no debt and declines with financial leverage because of increasing interest tax shields. The WACC increases again when the debt level becomes significant relative to the value of the firm reflecting the main costs associated with borrowing, the costs of bankruptcy. Figure 1: WACC as a Function of the Debt Ratio Rates of Return Re R WACC Rd Debt to Equity Discounting all future cash flows using a constant WACC assumes that the company manages its capital structure to a fixed debt to value ratio (D/V). Therefore the company’s WACC is the right discount rate only if the company’s debt ratio (D/V) is expected to remain reasonably close to constant. However if the company is expected to significantly change its capital structure (i. e. Fabrice Bienfait IFM Final Paper Page 3 of 8 constant level of debt, LBO, recapitalization), the WACC would have to be continuously adjusted which makes the approach more difficult to apply. The Adjusted Present Value Approach The APV approach values the cash flows associated with capital structure independently by separating the value of operations into two components: the value of the firm without debt and the benefits and the costs of borrowing: Value of the firm = Value of the un-levered firm + Present value of interest tax shields – Costs of financial distress The value of the un-levered firm is obtained by discounting free cash flows at the return on assets (Ra). If the company manages its debt-to-value to a target level (D/V=constant) then the interest tax shield is as risky as the firm and should be discounted at Ra. In this case the APV approach yields the same results as the WACC approach but is computationally less efficient. However if the debt is assumed to be a fixed amount (D=constant) the interest tax shield is less risky than the firm but as risky as the debt itself and should be discounted at the cost of debt. In this case the APV approach is not only the only correct approach, it is also computationally very efficient if the tax saving are considered as perpetuity since: Present value of interest tax shields = (Tm x Rd x D) / Rd = Tm x D The main risk in using the APV approach is to ignore the costs of financial distress, especially at very high debt ratios, which leads to an overvaluation of the firm. The Capital Cash Flow Approach Capital cash flows are simply derived from free cash flows by adding interest tax shields: CCF = FCF + Interest tax shield = FCF + Tm x Rd x D With this approach capital cash flows are then discounted at the return on assets. This implicitly assumes that interest tax shields are as risky as the firm and are discounted at the return on assets. This is true when debt is a fixed proportion of value. Under this assumption the capital cash flow approach will generate the same results as the WACC approach. Furthermore if the debt is forecasted in levels instead of a debt-to-value ratio the CCF approach is easier to use because the tax shield are simple to calculate and to include in the CCF. If the forecasted debt levels imply a change in the debt-to-value ratio, the CCF retains his simplicity since the discount rate, the return on assets, is independent of the capital structure and can be used for every forecast period. Therefore the approach is easier to apply in transactions involving change in capital structure such as a LBO or a restructuring. However in this case discounting the interest tax shields at Ra is a simplifying assumption since the risk of those cash flows is not anymore the same as the risk associate with the firm. Fabrice Bienfait IFM Final Paper Page 4 of 8 Numerical Example Table 1 shows the financial assumptions underlying our numerical example. The firm is valued over a period of 5 years during which EBIT is growing at 5% per annum and depreciation, capital expenditure and increase in working capital are constant. However the firm’s capital structure changes significantly through the repayment of a major portion of its debt. Table 1: Assumptions (in â‚ ¬) Risk Free Rate Market Risk Premium Tax Rate Asset Beta Debt Beta EBIT Depreciation Capex Increase in NWC Debt Year 1 5% 7% 40% 1. 2 0. 4 100,000 50,000 60,000 10,000 100,000 Year 2 5% 7% 40% 1. 2 0. 35 105,000 50,000 60,000 10,000 50,000 Year 3 5% 7% 40% 1. 2 0. 3 110,250 50,000 60,000 10,000 25,000 Year 4 5% 7% 40% 1. 2 0. 25 115,763 50,000 60,000 10,000 12,500 Year 5 5% 7% 40% 1. 2 0. 2 121,551 50,000 60,000 10,000 6,250 We will start valuing the firm using the WACC approach (see table 2). This is the less appropriated and most complex methodology given the forecasted changes in capital structure. Indeed the WACC needs to be recalculated every year and an iterative calculation has to be used since the value of the firm for each year is required to derive the percentage of debt and equity. The firm value in year N is the value of the remaining cash flows. For instance the value of the firm at the beginning of Year 3 is the value of the remaining cash flow in Year 3, 4 and 5 discounted using the WACC in year 3, 4 and 5. Table 2: WACC Valuation (in â‚ ¬) EBIT – Taxes on EBIT = EBIAT + Depreciation – Capex – Increase in NWC = FCF Percent Debt Cost of Debt After Tax Cost of Debt Percent Equity Return on Assets Cost of Equity WACC Discount Factor PV Firm Value Year 1 100,000 (40,000) 60,000 50,000 (60,000) (10,000) 40,000 61. 3% 7. 8% 4. 7% 38. 7% 13. 4% 22. 3% 11. 5% 0. 90 35,878 163,178 Year 2 105,000 (42,000) 63,000 50,000 (60,000) (10,000) 43,000 35. 2% 7. 5% 4. 5% 64. 8% 13. 4% 16. 6% 12. 4% 0. 80 34,329 141,923 Year 3 110,250 (44,100) 66,150 50,000 (60,000) (10,000) 46,150 21. 5% 7. 1% 4. 3% 78. 5% 13. 4% 15. 1% 12. 8% 0. 71 32,666 116,451 Year 4 115,763 (46,305) 69,458 50,000 (60,000) (10,000) 49,458 14. 7% 6. 8% 4. 1% 85. 3% 13. 4% 14. 5% 13. 0% 0. 63 30,979 85,196 Year 5 121,551 (48,620) 72,930 50,000 (60,000) (10,000) 52,930 13. 3% 6. 4% 3. 8% 86. 7% 13. 4% 14. 5% 13. 1% 0. 55 29,325 46,817 Fabrice Bienfait IFM Final Paper Page 5 of 8 The cost of debt is calculated using CAPM: The cost of equity is calculated using the MM proposition I: Rd = Rf + ? d x MRP Re = (Ra – D/V Rd) / (E/V) Using the WACC approach we find a value for the firm of â‚ ¬163,178. Next we use the APV approach to value the firm calculating separately the value of the un-levered firm and the value of the interest tax shield (Tm x Rd x D). The approach is straightforward in this case since we are given a forecast of the level of debt. We find that the APV approach yields the same firm value (â‚ ¬163,178) as the WACC approach when discounting interest tax shield at Ra. We also illustrate that using Rd would yield a higher valuation of the firm (this is not the correct discount rate in this case given that the debt is not constant). Table 3: APV Valuation (in â‚ ¬) FCF Return on Assets Discount Factor PV Value of Unlevered Firm Interest Tax Shield Return on Assets Ra Discount Factor PV Value of Interest Tax Shield @ Ra Interest Tax Shield Cost of Debt Rd Discount Factor PV Value of Interest Tax Shield @ Rd Value of Firm with ITS @ Ra Value of Firm with ITS @ Rd Year 1 40,000 13. 4% 0. 88 35,273 158,491 3,120 13. % 0. 88 2,751 4,686 3,120 7. 8% 0. 93 2,894 5,121 163,178 163,613 Year 2 43,000 13. 4% 0. 78 33,438 Year 3 46,150 13. 4% 0. 69 31,647 Year 4 49,458 13. 4% 0. 60 29,907 Year 5 52,930 13. 4% 0. 53 28,225 1,490 13. 4% 0. 78 1,159 710 13. 4% 0. 69 487 338 13. 4% 0. 60 204 160 13. 4% 0. 53 85 1,490 7. 5% 0. 86 1,286 710 7. 1% 0. 81 572 338 6. 8% 0. 76 255 160 6. 4% 0. 71 114 Finally we use the CCF approach. The calculation clearly shows how th e interest tax shields are incorporated in the cash flows and then discounted at Ra. The CCF approach is equivalent to the WACC approach. Furthermore the approach also produces the same value as the APV method with interest tax shields discounted at Ra. Fabrice Bienfait IFM Final Paper Page 6 of 8 Table 4: CCF Valuation (in â‚ ¬) EBIT – Taxes on EBIT = EBIAT + Depreciation – Capex – Increase in NWC + Interest tax Shield = CCF Return on Assets Discount Factor PV Firm Value Year 1 100,000 (40,000) 60,000 50,000 (60,000) (10,000) 3,120 43,120 13. 4% 0. 88 38,025 163,178 Year 2 105,000 (42,000) 63,000 50,000 (60,000) (10,000) 1,490 44,490 13. 4% 0. 8 34,597 Year 3 110,250 (44,100) 66,150 50,000 (60,000) (10,000) 710 46,860 13. 4% 0. 69 32,134 Year 4 115,763 (46,305) 69,458 50,000 (60,000) (10,000) 338 49,795 13. 4% 0. 60 30,112 Year 5 121,551 (48,620) 72,930 50,000 (60,000) (10,000) 160 53,090 13. 4% 0. 53 28,311 Conclusions The three enterprise valuation techniques considered in this paper are different in the way they treat interest tax shields. However we have seen that the WACC approach and the CCF approach are identical and that under certain assumptions the APV approach also yields the same valuation. The WACC approach is easy to use and efficient when the assumption that capital structure will not change in the future can be made (D/V= constant). If debt level is forecasted to remain constant in absolute term (D=constant), the APV approach should be used discounting the interest tax shield at the cost of debt. Finally the CCF approach is the appropriate and most efficient approach when forecasted debt levels imply a change in capital structure. In this case it is also equivalent to the APV approach discounting the interest tax shield at the return on assets. Fabrice Bienfait IFM Final Paper How to cite Valuation: Apv vs Wacc, Papers

Textual Analysis of Star Wars Revenge of the Sith Cover Essay Example

Textual Analysis of Star Wars: Revenge of the Sith Cover Essay Communication is imperative to the life of our culture. Fiske (1990:2) describes communication as â€Å"the production and exchange of meanings. It is concerned with how messages, or texts, interact with people in order to produce meanings†. All humans instinctively look for meaning amongst countless forms of texts all the time, whether it be in television commercials, friends fashion sense or architectural structures. However, I will be providing an analysis of the signs within the text Star Wars III: Revenge of the Sith in the form of a DVD cover. A textual analysis makes an educated guess at some of the most likely interpretations that might be made from a particular text (McKee, 2003:1). I will deconstruct elements of the title, characters and conventional DVD symbols to effectively establish the most obvious meaning behind each of these signs. At its most basic level, a sign is the combination of the physical form that the it takes, (the signifier), and the concept that it represents (the signified) (Saussure in Schirato, 1996:24). The elements within the title Star Wars contain various signs which work effectively to produce and communicate its intended meaning. The first word in the title Star acts as a conventional sign, as the word is known by different sounds and spelling in other languages. (Harrington:2013b). However in English-speaking countries, the word alludes to the setting of outer-space. Space is often the prominent location of many science-fiction texts, whether it be in books such as Starship Troopers by Robert Heinlein, or movies such as Alien by Ridley Scott. The other signifier Wars is a universal connotation of an ongoing battle occurring between opposing parties, usually a good or bad force. We will write a custom essay sample on Textual Analysis of Star Wars: Revenge of the Sith Cover specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Textual Analysis of Star Wars: Revenge of the Sith Cover specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Textual Analysis of Star Wars: Revenge of the Sith Cover specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Harrington (2013b) clarifies that a text belongs to a genre when it shares key elements such as style, form and conventions with other texts. The subject of good and evil is a recurring theme throughout the sci-fi genre and can be proven by the Digital Film Archive (n. d. :5) when they explain that science fiction â€Å"encapsulates the universal central narrative of good versus evil†. IMDB (Most Popular â€Å"Good Versus Evil† Sci Fi Titles, n. d. ) gives an extensive list of sci-fi movies that follow this central narrative. Consequently, the combination of Star and Wars written in a gold font, signifies to the viewer that this film is a battle of good verse evil occurring within a galactic realm. The audience is able to draw on existing intertextual knowledge of other science -fiction movies are therefore able to familiarise themselves with the piece. The understanding of characters within a text are an important component in structuring the works intended meaning. The characters displayed on the front of Star Wars III assist the audience in creating a likely interpretation of the texts intended meaning. The visual design shows an ascending formation of four serious-faced characters, shadowed by a menacing figure in the background. Three of the characters in the foreground of the image are facing left and appear to be human, while the other extra-terrestrial being has its back turned to them in the other direction. This deliberate positioning represents a sense of conflict (Harrington, 2013b) or a clash of morale, thus working in relation with the title of the film and its signification of good versus evil. Most viewers would determine that the evil is represented in the form of the alien. Although there is an arbitrary connection between aliens and wickedness, it can be noted that Western Society has long held the notion that the unknown is something to be feared, as proven by alien commentators (Bowman, 2007). Similarly, the relationship between the human characters and the dark figure in the background could easily be interpreted as a representation of good and evil, stemming from cultural symbolism. The three humans are presented under a luminous, white light, which can be interpreted as them being upright and pure, while the dark figure behind them is deliberately masked in black, signifying evilness or death. These connotative meanings, that being the secondary meanings that are evoked (Gripsrud, 2006:16) are prevalent in Western Society where white symbolises purity, and black symbolises evil, again reinforcing the good and evil theme within sci-fi. However, it should be addressed that such symbolism in the text may not be recognised in other cultures. There are several conventional signs established on the Star Wars III cover that effectively communicate the text as a movie. The first and most obvious sign is the â€Å"DVD video† logo appearing on the bottom-right side of the image. This small symbol works circumtextually to indicate that this is a digital video disc and not a CD. Circumtextual framing relates to the material immediately surrounding the text (Harrington 2013a). Another sign that reveals the covers DVD format is the horizontal banner running across the top of the page reading â€Å"THX: Digitally mastered for superior sound and picture quality† (Star Wars III: Revenge of the Sith n. . ). Not only does this boast the films enhanced feautures, but it also tells the audience that this text has audio and visual qualities, which are the primary elements to a motion picture. The â€Å"THX† symbol indicates to viewers that have extratextual knowledge, or dependent knowledge unspecified by the text (Ma cLachlan, Gale, Reid, 1994:3), that this brand as an audio-visual enhancement seen in various other motion pictures . From a wider cultural context, both the â€Å"DVD† and â€Å"THX† symbol may not carry such meaning within countries that have limited access to technology. The â€Å"M† symbol on the bottom-left corner of the movie poster gives insight into the texts format and genre. Most viewers in Australia would immediately recognise this conventional sign as a national classification seen on plenty of other DVDs and hence see this text as another movie. They would also be aware that the â€Å"M† signifies that the movie is a for a more mature audience, typically over the age of fifteen based on extratextual knowledge of the classification system. The words â€Å"Moderate science fiction violence† (Star Wars III: Revenge of the Sith n. d. ) next to the symbol, gives circumtextual framing to the genre of the movie. After reading this, the viewer would easily relate the scientific nature of the violence to be a reflection of the science-fiction style seen throughout the work. Therefore, the Star Wars III movie cover effectively uses the visual elements of the title, characters and conventional DVD symbols to communicate its intended meaning with the audience.

Free Essays on Title VII †History And Impact

on that day in Philadelphia in July of 1776. This is a simple phrase that should be an easy mantra to live by, yet some 229 years later the debate on this very concept continues. Irreversibly set in motion by years of struggles that have gone on since the end of slavery, federal protections of minorities and women have galvanized the nation. From the Civil Rights Act of 1866, to the Civil Rights Act of 1991, equality for all men and women has created opportunities for many to live the American dream. This essay reviews the history of Title VII, its evolution and impact on the American workplace, describes who is covered by these protections, and briefly reviews what policies companies should avoid in doing business. History and evolution of Title VII Title VII was preceded by the Civil Rights Act of 1866. Title VII was part of the Civil Rights Act passed in 1964. This act applies to all employees and potential employees. These laws came about mainly to stop discrimination against black people in America. The protections for women were added at the end in an effort to keep the bill from passing, but this [no comma before "but" the following is not a stand-alone clause] strategy backfired and the entire bill became law. Since Title VII was passed, other laws have followed to protect more employees including the disabled. The laws protect employees, but do not cover independent contractors. Title VII is the only act whereby a citizen can file a charge and have the Equal Employment Opportunity Commission (EEOC) handle the case free of charge. A plaintiff can sue for compensatory damages, where the compensation is based upon what the employee lost due to the discrimination. There are also punitive damages, where the emp loyer is punished for the discrimination (Employment Law, 2003). Title VII affects companies that have 15 or more employees. T... Free Essays on Title VII – History And Impact Free Essays on Title VII – History And Impact â€Å"All men are created equal.† Thomas Jefferson wrote these words on that day in Philadelphia in July of 1776. This is a simple phrase that should be an easy mantra to live by, yet some 229 years later the debate on this very concept continues. Irreversibly set in motion by years of struggles that have gone on since the end of slavery, federal protections of minorities and women have galvanized the nation. From the Civil Rights Act of 1866, to the Civil Rights Act of 1991, equality for all men and women has created opportunities for many to live the American dream. This essay reviews the history of Title VII, its evolution and impact on the American workplace, describes who is covered by these protections, and briefly reviews what policies companies should avoid in doing business. History and evolution of Title VII Title VII was preceded by the Civil Rights Act of 1866. Title VII was part of the Civil Rights Act passed in 1964. This act applies to all employees and potential employees. These laws came about mainly to stop discrimination against black people in America. The protections for women were added at the end in an effort to keep the bill from passing, but this [no comma before "but" the following is not a stand-alone clause] strategy backfired and the entire bill became law. Since Title VII was passed, other laws have followed to protect more employees including the disabled. The laws protect employees, but do not cover independent contractors. Title VII is the only act whereby a citizen can file a charge and have the Equal Employment Opportunity Commission (EEOC) handle the case free of charge. A plaintiff can sue for compensatory damages, where the compensation is based upon what the employee lost due to the discrimination. There are also punitive damages, where the emp loyer is punished for the discrimination (Employment Law, 2003). Title VII affects companies that have 15 or more employees. T...

5 Misplaced Phrases

5 Misplaced Phrases 5 Misplaced Phrases 5 Misplaced Phrases By Mark Nichol The flexibility of the English language is a blessing and a curse: It is commendable because it invites creativity, but the feature can also be a flaw, leading to confused context. In these five sentences, the faulty positioning of a phrase mars the meaning. 1. â€Å"Meanwhile, his supporters continue to physically assault and terrorize student protesters.† When only the first of two parallel verbs is preceded by an adverb, that word is assumed to modify both verbs, but although it is possible to physically terrorize someone, that probably isn’t the writer’s meaning. To distinguish that the adverb modifies only the first verb and because physical assault is more egregious than terrorizing, and ascending order is an effective syntactical scheme the order in which the verbs appear should be inverted: â€Å"Meanwhile, his supporters continue to terrorize and physically assault student protesters.† 2. â€Å"For all its faults, the Bush administration regards the regime as an ally in the so-called war on terror.† This sentence structure suggests that the faults are being attributed to the Bush administration, rather than to the regime. To correct this misstatement, relocate the interjection â€Å"for all its faults† to follow the reference to the latter government rather than the former: â€Å"The Bush administration regards the regime, for all its faults, as an ally in the so-called war on terror.† 3. â€Å"The battle lines had been drawn, but I waged my war against plagiarism, determined that I would not could not lose for my students’ sake.† The placement of â€Å"for my students’ sake† at the end of the sentence, after lose, creates the impression that the idea is of the teacher losing for the sake of his or her students. The statement is clearer when the phrase is inserted parenthetically earlier in the sentence: â€Å"The battle lines had been drawn, but for my students’ sake, I waged my war against plagiarism, determined that I would not could not lose.† 4. â€Å"They whisper to each other across the room from their respective twin beds.† The proximity of â€Å"across the room† to â€Å"from their respective twin beds† implies that the whisperers are located together across from where the beds are situated. To more clearly express that each whisperer is on or in his or her own bed, attach â€Å"across the room† to whisper, the verb the phrase modifies. â€Å"They whisper across the room to each other from their respective twin beds.† 5. â€Å"She picked Verrà ¼ckt nach Mary off the shelf, the German-dubbed version of There’s Something About Mary, and held the package up.† Here, the fact that shelf immediately precedes â€Å"the German-dubbed version of There’s Something About Mary† implies that they are in apposition, meaning that the phrase describes the shelf). However, it is an appositive describing the movie with the German title, so it should immediately follow the title: â€Å"She picked Verrà ¼ckt nach Mary, the German-dubbed version of There’s Something About Mary, off the shelf and held the package up.† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the General category, check our popular posts, or choose a related post below:How to Structure A Story: The Eight-Point Arc15 Great Word GamesWhat the heck are "learnings"?

Article Summary Paper Essay Example | Topics and Well Written Essays - 750 words

Article Summary Paper - Essay Example The study aimed at investigating effects of investors’ perceptions over stock and the stock’s returns in the international scope. One of the study’s hypothesis predicted relationship between the sentiments and stock returns in the international market while the other two hypotheses predicted effects of environmental factors to the relationship between investors’ attitude towards stock and returns. The following economic question can therefore be inferred for the study (Schemeling 394, 395). The author expected an inverse relationship between invertors’ sentiments and stock returns and their conceptual framework and reviewed literature informs this. The author noted deviation from the standard finance theory that argues for the role of arbitrageurs in eliminating irrationality in the stock market. Literature suggested that investors’ opinions are persistent and that arbitrage is not effective in managing irrationality. These suggested effects of investor sentiments on stock returns and reported inverse relationship from the United States’ stock market, being inferred to the international market, informed the expectation (Schemeling 394, 395). Stock returns and investor sentiments were the study’s main theoretical variables and consumers’ confidence was used as the empirical proxy for investor sentiments. Background information on availability of the proxy, both on cross sectional and time series scope, and its consistency informed use of the proxy. Unlike consumer confidence, other possible indicators of investor sentiment are not consistent. â€Å"Agreegate stock market,† â€Å"portfolio of value stock† and â€Å"portfolio of growth stock† were however proxies for stock returns (Schemeling 397). Professor Kenneth French’s website was the data source for stock return proxies while Directorate Generale for Economic and Financial Affaire, Datastream and Ecowin were the data sources for consumer confidence (Schemeling 397). Where rt+1 defines

Community School Model Essay Example | Topics and Well Written Essays - 1000 words

Community School Model - Essay Example It involves the integration between community development, social and health services, family support, youth development, and academics. These schools’ organization is based on aiding students in learning, strengthening communities and families and succeeding. They also act as community centres for the provision of services catering for student learners and erection of bridges connecting communities, families, and schools. Not only do these schools provide an environment for the promotion of academic excellence, but they also provide services in mental health, physical health, and social services within the campus. As a result, the schools emerge as community hubs, which act as one-stop places for the provision of diverse needs that help the child achieve the best outcome possible. This paper seeks to describe the Full Service Community Schools and discuss its suitability for post-secondary settings. There are assumptions that schools are only meant for the service of deliveri ng academic skills and that the most effective way of developing a young person into capable and competent adult is by academic methods. However, it is also important to develop the youth emotionally and socially into capable and competent adults who are ready to be integrated into the workforce and be functional informed citizens (Cummings, 2011). The main ideal behind full service schools is that youths are best served when all concerned adults are brought together centrally. This facilitates the collaboration and communication of these select adults to cater for the youth’s needs in the development. The FSCS model has its basis in youth development research, after-school fields, and education. FSCSs are schools that have social service, wellness, behavioural health, enrichment, and academic components (Cummings, 2011). They open way past the regular school hours and their target markets for services and programs include community members, families, and parents. The model c an be implemented with the help of a partnership with local non-profit organizations. Through this, the school becomes a local hub for growth of relationships between organizations dealing with youth development, volunteers, students, families, and local businesses. Of special importance are the after-school enrichment and academic programs (Cummings, 2011). Participation in after-school programs develop youths positively by bettering school attendance, improving schoolwork attitudes, higher college aspirations, improved work habits and interpersonal skills, reduction in rates of dropout, and improved grades. Youths spend most of their time in school buildings and thus everything the student needs should be provided, at least in part, by the school (Dryfoos & Maguire, 2007). It allows parents the freedom not to re-arrange work schedules to care for the child, like taking them to a dentist, since these professionals are made available to the school. Family or individual health servic es for mental health are made available in the school. Most FSCS schools have a parent or family rooms where guardians or parents can talk freely and informally. In these classes, information on the insurance application, enrolment in classes for parent education, and participation in other adult enrichment activities is availed to the parents. Full Service Community Schools are built and designed on five conditions identified by the coalition for community schools aimed at creating an environment for