Analysis of Poems. Half Past Two - 4135 Words

Half Past Two Half Past Two is a poem in which Fanthorpe describes how a young child is given a detention for an unspecified misdemeanor and is forgotten by his teacher. Fanthorpe draws on her experience as a teacher to describe the scene as seen through the childs eyes. The Title of the poem tells me a lot of information even before I read the poem. The information it puts across is that: A boy is told to stay behind until Half Past Two but this has no-meaning to him because he has no concept of time. The boy can’t tell the time but yet he divides the day up into familiar, recognizable units, as in schooltime, lunchtime, hometime. : Half Past Two uses a lot of different tones, tones such as: Nostalgic, Innocent,†¦show more content†¦This message is made clear with a number of literary techniques, the most evident of which is repetition. The lines ‘do not go gentle’ and ‘rage rage against the dying of the light’ are repeated throughout the poem at the end of every stanza. These lines make use of an extended metaphor comparing death to the darkness of nightfall, and life to the bright day. Also a paradox is used in ‘good night’ where Thomas calls the uncertainty and inevitability of death, represented by nightfall, as good. Also the good deeds of the righteous men are personified as ‘dancing in the green bay’, which signifies life; as is the sun personified ‘as sun in flight.’ These used os personification also invoke a deep imagery which makes the reader imagine the sunset and the approach of nightfall, making the message behind the metap hor clear. Punning on ‘grave men’ Thomas uses a metaphor to again compare the brightness of their eyes to blazing meteors, showing the intensity of their will power to live on. Thus does Thomas, with the use of simple words, evoke strong emotions in the reader through this poem. A bold defiance is shown towards death, and he encourages those who are faced with it to share his passion for life. He pleads them to fight against its approach, even though he is well aware that in the end everyone has to cave in. No matter how worthless this fight againstShow MoreRelatedAnalysis of the Poem Half Past Two -U a Fanthorpe692 Words   |  3 PagesHalf past two –U A FANTHORPE This poem is written by U. A. Fanthorpe. It looks like a child has written it. The boy was told to stay behind until half past two but this has no meaning because he doesn’t know how to read time. There is repetition of doing something wrong pointing to the punitive nature of educational system. Children are always being punished for doing something wrong. Adults never have time to sit and talk and explain to the kid so that he doesn’t repeat the mistake again. KidsRead More The Victims Essay1216 Words   |  5 Pagessuffering within â€Å"The Victims† by Sharon Olds is implied through contradictive perspectives. In the poem there is a shift in focus and tone during line 17. The poem addresses issues of suffering from two distinct perspectives, the first coming from a little girl and the second a grown woman. The narrative, imagery and diction are different in the two contrasting parts of the poem, and the second half carefully qualifies the first, as if to illu strate the more mature and established attitudes of theRead More With Reference To At Least Four Different Poems, Explore How Cultural1442 Words   |  6 PagesDifferent Poems, Explore How Cultural Identity Is Represented By The Various Poets The four poems I have selected to focus on all portray a cultural identity in their own unique way. Wherever I hang and The Fat Black Woman Goes Shopping, are both written by Grace Nichols, a poet of Guinean background. I have also chosen to explore Dream Variation by Langston Hughes as well as Half-Caste by John Agard. I have chosen this selection of poetry because I feel that each poem has greatRead MoreMusà ©e des Beaux Arts by W. H. Auden Essay1106 Words   |  5 Pagessuffering through the form of his poem and by alluding to artwork that compares human perceptions and juxtaposes ordinary images with images of suffering and tragedy. The form of Musà ©e des Beaux Arts plays an influential role in the way the poem’s content is conveyed. Auden’s poem appears to be divided into two separate parts. The first thirteen lines provide the reader with a general overview or introduction to humanities indifference to suffering. The second half, alluding to a Peter Breughel paintingRead Moreanalysis of poem1342 Words   |  6 Pagesï » ¿ To analyze a poem stylistically, we can analyze the poetic device, which is usually deviation and foregrounding, that the poet used in the poem. The term foregrounding refers to an effect brought about in the reader by linguistic or other forms of deviation in the literary text (Leech, 1985).In poem, devices of foregrounding and deviation are always used to draw reader’s attention and impress the readers. In the aspect of deviation and foregrounding, there are some perspectives on the nature ofRead MoreAnalysis of Rat Song, by Margaret Atwood1129 Words   |  5 Pag esï » ¿Rat Song Introduction †Rat Song† is a poem written by Margaret Atwood and is part of Selected Poems from 1976. What is interesting about the poem is that it is written from the point of view of a rat. And by looking through the eyes of a rat (which many people see as a primitive and inferior animal) the poem shows how judgemental, hateful, hypocritical and â€Å"unnatural† the human race is. The poem furthermore advocates that humans are a much greater parasite than the rats they are so desperatelyRead MoreOscar Wilde1403 Words   |  6 Pagesexpress real emotion to his audience. His writing truly portrays his characters and refers to his past and real events that he had gone through. Was Oscar Wilde able to capture the meaning of love throughout his poetry to convey his true feelings during his life time? Oscar Wilde connects the meaning of Her Voice to be the words of a women falling in and out of a relationship (Finemen, Kelly). The poem is written in a story form explaining events on how a couple can fall in love and out of love soRead MoreEmotion and Aunt Frieda Essay859 Words   |  4 PagesVincent Davino Dr. Fraustino ENLT 121 5/12/10 â€Å"Analysis of Undressing Aunt Frieda† â€Å"Undressing Aunt Frieda,† is a poem about the narrator’s remembrance of his Aunts life while visiting her on a death bed. The narrative is in first person, and takes place as the narrator and his daughter are about to leave the relative. The first half of the poem explores Frieda and her past. The second half is about how the narrator and daughter have grown and learned from the aunt. While undressing herRead MoreThe Writer by Richard Wilbur Essay901 Words   |  4 PagesWilbur’s poem. Some questions we might ask as a basis for analysis are as follows: 1. Who is the speaker in the poem? In â€Å"The Writer,† the speaker is likely Wilbur speaking about his daughter. 2. Who is the audience of the poem? The poem seems to be directed toward parents who might relate to Wilbur as they watch their children grow up.   Likewise, the poem might also be directed at young people, who will inevitably  undergo a journey similar to that of Wilbur’s daughter in the poem – fraughtRead MoreA Stylistic Analysis of quot;What Every Woman Should Carryquot;751 Words   |  4 Pagesinterpretation of the poem What Every Woman Should Carry by Maura Dooley. This will be followed by, with the use of stylistic features, a more thorough interpretation. The stylistic features that will be used are deviation, parallelism as well as cohesion and foregrounding. This will be done by taking a closer look at the only stanza contained in the entire poem which consists of 12 lines. This particular poem could be broken into two parts. Lines one to six appears to deal with the past and six to twelve

The Stonewall Riots Essay examples - 1957 Words

Life for most homosexuals during the first half of the Twentieth century was one of hiding, being ever so careful to not give away their true feelings and predilections. Although the 1920s saw a brief moment of openness in American society, that was quickly destroyed with the progress of the Cold War, and by default, that of McCarthyism. The homosexuals of the 50s â€Å"felt the heavy weight of medical prejudice, police harassment and church condemnation †¦ [and] were not able to challenge these authorities.† They were constantly battered, both physically and emotionally, by the society that surrounded them. The very mention or rumor of one’s homosexuality could lead to the loss of their family, their livelihood and, in some cases, their†¦show more content†¦The founders â€Å"greatly admired Martin Luther King’s nonviolent methods in forcing integration† and attempted to emulate those principles in their struggle. The problem was not in their efforts, or intentions, but the fact that their society was politically weak, garnering little support among the homosexuals of that era. As the civil unrest of the 1960s continued to grow, with more radical and leftist movements emerging, the Mattachine Society was viewed as traditional, conservative, and unwilling to literally fight for the rights of their people. It was not uncommon for the New York Police Department Morals Task Force to raid gay bars. In fact, during the two decades leading up to the Stonewall Riots, the raids were more commonplace than naught. Many have speculated as to why the raids were common – some saying it was because of the Italian Mafia’s involvement in owning those establishments, and consequently forgetting to bribe the local police; others believe it to be based in bias, hatred, and ignorance of people different from oneself. In the Stonewall Inn’s specific case, it could have been a combination of both. The Inn, w hich was owned by the Mafia, was actually a bottle club, meaning they did not own a liquor license. You had to be a member to drink there. While these various theories are most likely true, as far as ancillary causes, the fact remains that there was anShow MoreRelatedThe Stonewall Rebellion Or Stonewall Riots1591 Words   |  7 PagesThe Stonewall Rebellion or Stonewall Riots was a series of violent riots that took place between gay and trans activists, drag queens, and other patrons of The Stonewall Inn against the police after a raid had been carried out by the Sixth Precinct police. The days and rebellions that followed are monumental moments in LGBT and World history. For New York’s gay and trans communities the 1960’s marks a turning point in their history; Sodomy had been reduced to a misdemeanour, with a maximum sentenceRead MoreHistorical Impact of The Stonewall Riots in Stonewall Essay1041 Words   |  5 Pageslook into the historical impact of the Stonewall Riots in Stonewall: The Riots that Sparked the Gay Revolution. This engaging book adds to the genre of sexual orientation discrimination. Carter extensively analyzes the various factors that played a role in igniting the Stonewall riots and the historical impact that the riots had on the Gay Revolution and movement for gay equality. Through the use of interviews, newspapers, and maps, Carter argues that the riots were a product of many geographical,Read MoreThe Stonewall Riots And Its Impact On Lgbt Society1034 Words   |  5 Pagesand decided to take a stand against the unjust acts of the New York Police Department, which would forever change LGBT history. The Stonewall Riots were preceded by several years of mistreatment, and began when a beloved gay bar was raided; this created a major impact on LGBT rights and activism. LGBT Americans have been prejudiced against long before the Stonewall Riots. Those who identified as a person in this community would be sent to mental institutions and affectionate acts between these individualsRead MoreThe Stonewall Riots And The Lgbt Rights Movement Into Motion1912 Words   |  8 Pagesfor their basic human rights not only to get married, but also to be protected in the workplace and use the restrooms in which they feel comfortable. Throughout much of history, they have been dehumanized and referred to as sexual deviants. The Stonewall Riots put the LGBTQ+ Rights Movement into motion. The photo being analyzed today was taken one year later on June 28, 1970, at what is now known as the first ever Gay Pride Parade. The photo is owned by gettyimages, though the watermark suggests thatRead MoreThe Stonewall Riots of 1969 Jumpstarted the Gay Movement Essay1043 Words   |  5 Pagesnever have been conceptualized in the United States. This unforgettable incident, the Stonewall riots of 1969, altered the public’s view of the gay community and arguably jumpstarted the next revolution in an entirely new civil rights movement. In the wee hours of June 28th, 1969, members of the gay community were forced to enter a string of intense protests when the New York City Police began to raid the Stonewall Inn, a popular hangout spot for drag queens and members of the LGBT community, in GreenwichRead MoreStonewall Riot Essay743 Words   |  3 PagesThe stonewall riot was the most revolutionary movement in LGBT+ history.Life before the stonewall riot.Plus, the stonewall movement in action and how it played off and ended.The ripple no from the stonewall riot.Also, did you know that the stonewall riot was the first more important rebel for LGBT+ rights. Before the stonewall riot, homosexuals were completely miserable because of police and homophobes.According to Dissent Magazine â€Å"both the New York Times and the Washington Post ran pieces thatRead MoreEssay on The Stonewall Riots1229 Words   |  5 Pagesabout prejudice against homosexuals in both riots and artistic forms. Therefore, these people seek to prove to the heterosexual world that homosexual ‘deviancy’ was a myth. The media considers the1969 Stonewall Riots in New York City the spark of the modern gay rights movement. This occurred after the police raided the Stonewall bar, a popular gay bar in Manhattan’s Greenwich Village. Allyn argues that the new energy and militancy generated by the riot played a crucial role in creating the gay liberationRead MoreStonewall Riots Essay2631 Words   |  11 PagesStonewall Riots Liberation for gay people is to define ourselves how and with whom we live, instead of measuring our relationships by straight valuesÂ… To be free territory, we must govern ourselves, set up our own institutions, defend ourselves, and use our own energies to improve our lives (Wittman, 75). Carl Wittmans Refugees from Amerika: A Gay Manifesto, drew together many of the themes dealing with gay liberation. This quote demonstrates the goals of the gay and lesbian movement, a movementRead MoreThe Stonewall Riot of 1969830 Words   |  3 Pageswomen’s liberation movement, gay liberation in the late twentieth century still sought to impress upon the marginalizing and sectarian constructions that subjugated gays to an imposed peripheral existence of personal and public abhorrence. The Stonewall Riot of 1969 signaled the start of a substantial social movement, the dissemination of which would permeate the gay community and call into action an assault on the mechanisms of social o rder, public legislation and cultural dispositions that sustainedRead MoreThe Stonewall Riots Of 19692157 Words   |  9 PagesFrancisco in the 1950’s to the political and social groups that came to be following the Stonewall Riots of 1969, they would speak out and not allow themselves to be kept down anymore. The aim of this paper is to establish the events and opinions that led up to the uprising at the Stonewall Inn such as perceived and real discrimination by police, medical professionals, and society itself, what actually happened at Stonewall, and how they sparked the modern LGBT movement in the United States over the next

Response Evaluation of the explorative strategies and the drama Essay Example For Students

Response: Evaluation of the explorative strategies and the drama Essay Through the second reading the relationships of the characters came through. Linda was someone who Lisa turned to; she trusted her and could ask for advice from her. Lisas boyfriend appeared unreliable and unfaithful, because he left her when he found out about the baby. I dont believe Lisa had a very good relationship with her parents, otherwise she would not have mentioned that they would kill her. Character Brainstorm Lisa Hot seating of Characters- Lisa and Brian To develop the characters, we used the explorative strategy of hot seating. This is where a person sits down, in character, and is asked questions about his or herself. They answer as if they were the character, with no help and with no pre- prepared material. Hot seating helps in creating a clearer, more developed and detailed character. We hot seated two people who played Lisa and her boyfriend, Brian. I believe that hot seating the two characters was very successful, we learnt a lot about the two characters, and some of their true identity was uncovered. Their real feelings towards each other were revealed and we were all able to go away with a clearer picture of the characters. To improve on Hot seating in the future, I think that the audience should think about their questions carefully, and try to ask relevant questions. Forum Theatre- Lisa telling her Boyfriend she is Pregnant Forum theatre is where some people act out a scene or piece, the audience, can interrupt at anytime, and make alterations or suggestion as to what will happen, they act as directors exploring the different ideas that can happen.. A member of the audience may also change with one of the actors at any time in the performance. We put the use of forum theatre to action, on the scene where Lisa tells her boyfriend she is pregnant. This should have given us plenty of chances to alter the scene, but not many were acted on, I think this was because it was the first time we had down this, and people were a little unsure of what to do, or how the rest of us might take it. An idea that was explored was that Brian, Lisas dim boyfriend, lost his temper for the first time. I believe that this would have worked but we didnt get to find, because the character of Lisa was so overpowering. If we were do use forum theatre again, I think we would all make more of an effort to contribute, so that more ideas are explored and we get the most out of it. What I have Learnt Relationships and Pregnancy From the practical I have learnt the following about relationships and pregnancy;I was in a group with.We began by discussing what we had done in our previous groups and how we were going to mix and match all of our ideas. We brainstormed all the ideas that could be a result to what was in the text. We used the idea that Lisas boyfriend left her and her parents wanting to kill her to build on and create our play. Once Lisa found out she was pregnant and her boyfriend left her, we decided that it would go downhill from then for Lisa. It ended with her killing herself. From the text my group and I thought that Lisa was afraid of her parents especially her farther. We also thought that she was a bit drastic; we showed this by making her kill herself in the end and showing the relationship between her and her farther, from when she was small and how it deteriorated as she got older. The other group had a very different take on the whole play. .u03c2f2e95d6968910c3983b471e33c2a , .u03c2f2e95d6968910c3983b471e33c2a .postImageUrl , .u03c2f2e95d6968910c3983b471e33c2a .centered-text-area { min-height: 80px; position: relative; } .u03c2f2e95d6968910c3983b471e33c2a , .u03c2f2e95d6968910c3983b471e33c2a:hover , .u03c2f2e95d6968910c3983b471e33c2a:visited , .u03c2f2e95d6968910c3983b471e33c2a:active { border:0!important; } .u03c2f2e95d6968910c3983b471e33c2a .clearfix:after { content: ""; display: table; clear: both; } .u03c2f2e95d6968910c3983b471e33c2a { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u03c2f2e95d6968910c3983b471e33c2a:active , .u03c2f2e95d6968910c3983b471e33c2a:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u03c2f2e95d6968910c3983b471e33c2a .centered-text-area { width: 100%; position: relative ; } .u03c2f2e95d6968910c3983b471e33c2a .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u03c2f2e95d6968910c3983b471e33c2a .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u03c2f2e95d6968910c3983b471e33c2a .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u03c2f2e95d6968910c3983b471e33c2a:hover .ctaButton { background-color: #34495E!important; } .u03c2f2e95d6968910c3983b471e33c2a .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u03c2f2e95d6968910c3983b471e33c2a .u03c2f2e95d6968910c3983b471e33c2a-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u03c2f2e95d6968910c3983b471e33c2a:after { content: ""; display: block; clear: both; } READ: Are Romeo And Juliet Really In Love EssayIn their play the farther was a very quiet character that didnt have much of a say or influence on the whole, instead the mother did, in our play it was the other way round. Their ending was very different to ours; they chose to pick up on what Lisa said at the end, that she was going to be successful and rich. In their play Lisa married Brian and they became rich and so did their parents. What was also different was that they also used what she said at the end, about the money, to show that they were poor at the start. I dont think anything was similar between any of the two plays. Our plays were so different. Their mother was a stripper ours was a delicate, powerless housewife. Theirs was a happy ending ours was sad. Brian stayed with Lisa in theirs in ours he took off. I only got the chance to see one other group and their play related to the text, but it would have been good to see a groups play which did not relate to the text and if it worked or not. The work that we did using forum theatre may have influenced the other groups work, because we explored the idea that Brian took the news well, in the play it was apparent, because Brian and Lisa stayed together. Brain taking the news badly influenced our play, as in the end he didnt like what he heard and took off. Space was a vital use of drama medium in the plays, because there were many different settings, and space was very helpful in being able to differentiate between them. I believe a group that used space well was my group. For each different setting we had a designated area, which made it very easy to follow the play. The setting we used the most, the bathroom, was set out in the middle, then Lisas lounge to the right, then the bus stop where Lisa and Brian met, and where she told him she was pregnant. The use of space made it a lot easier to act and mime, because everyone knew where everything was, for example the telephone or coffee table. The other group use the different qualities of characters well played Brian, who in their play, was very posh and reserved, she showed this by speaking properly, pronouncing her ts and rs walking with her head high with a straight back who played the mother was very loud and boisterous; she showed this through her use of voice and movement. She had very big movements, a loud voice and never stopped talking. who was the farther was the opposite, he was quiet and calm throughout the playdid this, by only speaking when required, and when she did she was quiet and spoke at the same tone throughout. She had small unnoticeable actions which didnt make her stand out at all. Their group had a range of characters, most of them were like chalk and cheese. These different characters help create the different relationships between them all revealed her internal by her external a lot. The little things she did, like fiddling with her fingers which showed that internally she was a very nervous person. You could tell that she was shy because she never made eye contact with any of the other characters through the whole play. She used her voice, movement and speech effectively. She had a very quiet voice, which she hardly ever raised, and she never actually talked directly to anyone. Her speech, her words were neither rude nor powerful. She spoke quickly which showed how nervous she was. Her movements were quick and small, the kind that nobody would notice. The use of movement, speech and voice reflected her character, a small, powerless housewife. .u840f35c36471ea8938160d8fdc7516a5 , .u840f35c36471ea8938160d8fdc7516a5 .postImageUrl , .u840f35c36471ea8938160d8fdc7516a5 .centered-text-area { min-height: 80px; position: relative; } .u840f35c36471ea8938160d8fdc7516a5 , .u840f35c36471ea8938160d8fdc7516a5:hover , .u840f35c36471ea8938160d8fdc7516a5:visited , .u840f35c36471ea8938160d8fdc7516a5:active { border:0!important; } .u840f35c36471ea8938160d8fdc7516a5 .clearfix:after { content: ""; display: table; clear: both; } .u840f35c36471ea8938160d8fdc7516a5 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u840f35c36471ea8938160d8fdc7516a5:active , .u840f35c36471ea8938160d8fdc7516a5:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u840f35c36471ea8938160d8fdc7516a5 .centered-text-area { width: 100%; position: relative ; } .u840f35c36471ea8938160d8fdc7516a5 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u840f35c36471ea8938160d8fdc7516a5 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u840f35c36471ea8938160d8fdc7516a5 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u840f35c36471ea8938160d8fdc7516a5:hover .ctaButton { background-color: #34495E!important; } .u840f35c36471ea8938160d8fdc7516a5 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u840f35c36471ea8938160d8fdc7516a5 .u840f35c36471ea8938160d8fdc7516a5-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u840f35c36471ea8938160d8fdc7516a5:after { content: ""; display: block; clear: both; } READ: Compare and contrast David and Lucys EssayI was most impressed by I thought her performance was really good. Her character was really well played from the twitching to getting the glasses of water when anyone got angry or upset. You wouldnt notice it unless you worked with her. It is the little things she did which made the difference. She was very good at keeping the group working and making them concentrate, but she was never bossy. To improve my play, I would try to make my character stronger, and have more of an impact. I dont think I would change anything, just improve. So that it would be perfect.

The Interpretation Of Act V Scene I Essays - Viola, Twelfth Night

The Interpretation of Act V Scene I The Twelfth Night is a Shakespearean romantic comedy that is filled with plenty of humor and lots of deception. It is frequently read as a play about masking, about the conscious and unconscious assumption of false identities and about levels of self-knowledge and self-deception; this theme is played out prominently through Viola's transsexual disguise (Kahn 43). The play is comprised of five acts and numerous scenes. However, I am only going to touch on one of these scenes in my paper. The scene I chose to write about is act V scene I. I chose this scene because it is the one that interested me the most, and I feel that it is also the scene with the most hidden meanings. Act V scene I, in my opinion, is a very complicated scene. I am going to discuss the part of the scene just before Sebastian enters, with Viola disguised as Cesario. Viola, in this part, is surrounded by many people all of whom think she is someone other than the person she actually is. This is where Viola/Cesario speaking to Olivia protests undoubtedly her love for Orsino by saying, "After him I love, More than I love these eyes, more than my life (Twelfth Night 5.1. 134)." Olivia, after hearing this, is confused and protests to Viola that they are married by saying, "Whither, my lord? Cesario, husband, stay (Twelfth Night 5.1. 141)!" Viola/Cesario denies this and is shocked by the accusation. Olivia continues to press the issue by getting the priest to confirm the marriage. It is at this point, when Orsino hears and believes the priest's confirmation of the marriage, that I feel he expresses signs of homosexuality towards Viola whom he still believes is Cesario. Orsino becomes fill ed with anger and jealousy towards Viola/Cesario saying, "Farewell, and take her, but direct thy feet where thou and I henceforth may never meet. (Twelfth Night 5.1. 166-167)." At some level, Cesario is a homosexual object choice for both Olivia and Orsino; at another, a heterosexual one (Kahn 44). I believe that at this part of the scene Viola/Cesario is experiencing some form of an identity crisis. Although she is a woman who has deceived everyone into believing she is a man, she is now becoming bewildered by a strange turn of events. She's being accused of denying having known Antonio and having beaten up Sir Toby Belch and Sir Andrew. She is being accused of acts that she has not done and has no recollection of ever doing. The reason she denies all of these wrong doings is because her brother, Sebastian, is responsible. This casts doubt in her mind as to who she really is and what is happening. Sebastian enters the scene and his entrance, in a way, relieves Viola of all the accusations she has endured. It was Sebastian who Antonio has been looking for; it was Sebastian who beat up Sir Toby Belch and Sir Andrew, and finally it was Sebastian who has married Olivia. We come to realize this when he says: I am sorry, madam, I have hurt your kinsman: But had it been the brother of my blood, I must have done no less with wit and safety. I do perceive it hath offended you: Pardon me, sweet one, even for the vows We made each other but so late ago. (Twelfth Night 5.1. 207-213) Antonio! O my dear Antonio, How have the hours rack'd and tortur'd me, Since I have lost thee! (Twelfth Night 5.1. 216-218) At this point everyone is stunned not knowing who is who. In a sense, everyone feels as if they are seeing double. It's ironic since Sebastian and Viola are twins. Once Viola and Sebastian realized they were brother and sister Viola feels as though she is free to cast off her masculine disguise and let everyone know that she is really a woman as she talks about putting back on her feminine clothes or her "maiden weeds (Twelfth Night 5.1. 253)." Karen Greif says that the recognition of identity is at first an experience involving only the reunited twins; but, as the facts of their kinship are brought forth, the circle of awareness expands to include Orsino and Olivia. They appreciate for

Free Essays on Racism All Grown Up

I swear to the Lord I still can’t see Why Democracy means Everyone but me. -Langston Hughes, The Black Man Speaks When my father was younger, handlebar moustaches and bellbottoms were in style. In fact, he was wearing an all-white, bellbottomed tuxedo with a gigantic gold chain slung across it on the day he married my mother. This was top-notch attire then. When my mother was younger, hot pants and mood rings were in style. She refuses to show me any photos from these days, but I know they happened. When Racism was younger, outright bigotry was in style. Complexion-based hate was just another one of those things. Since then all three have grown up, and since then it is no longer fashionable to dress one’s self in a bellbottomed tux, or hot pants, or bigotry. Racism is certainly still around however, it has simply taken on a more socially and politically acceptable form. In â€Å"The Possessive Investment of Whiteness,† George Lipsitz lays out, in a series of statistics quoted from numerous social studies and surveys, what modern-day racism looks like. Modern-day racism, what the b igots of the past might have referred to as â€Å"the racism of tomorrow,† lies in a hypocritical acceptance of freedom-loving whites that patriotically pride themselves on their melting pot of a country, all the while indifferently condoning a system that relies on the neglect and exploitation of its non-white citizenship. Very chic. In a lot of obvious ways this new fact of Racist America is for the better. There’s less outright hate speech. There are less proactive attempts by individuals to quash any sign of racial progress. The flipside of that, however, is that there doesn’t really have to be. An undercurrent of fear and greed alongside of warped and misleading policies and fund allocations has replaced the red-faced, raving white supremacist as American minorities’ newest and fanciest hurdle. In many ways this can be more dangerous, be... Free Essays on Racism All Grown Up Free Essays on Racism All Grown Up I swear to the Lord I still can’t see Why Democracy means Everyone but me. -Langston Hughes, The Black Man Speaks When my father was younger, handlebar moustaches and bellbottoms were in style. In fact, he was wearing an all-white, bellbottomed tuxedo with a gigantic gold chain slung across it on the day he married my mother. This was top-notch attire then. When my mother was younger, hot pants and mood rings were in style. She refuses to show me any photos from these days, but I know they happened. When Racism was younger, outright bigotry was in style. Complexion-based hate was just another one of those things. Since then all three have grown up, and since then it is no longer fashionable to dress one’s self in a bellbottomed tux, or hot pants, or bigotry. Racism is certainly still around however, it has simply taken on a more socially and politically acceptable form. In â€Å"The Possessive Investment of Whiteness,† George Lipsitz lays out, in a series of statistics quoted from numerous social studies and surveys, what modern-day racism looks like. Modern-day racism, what the b igots of the past might have referred to as â€Å"the racism of tomorrow,† lies in a hypocritical acceptance of freedom-loving whites that patriotically pride themselves on their melting pot of a country, all the while indifferently condoning a system that relies on the neglect and exploitation of its non-white citizenship. Very chic. In a lot of obvious ways this new fact of Racist America is for the better. There’s less outright hate speech. There are less proactive attempts by individuals to quash any sign of racial progress. The flipside of that, however, is that there doesn’t really have to be. An undercurrent of fear and greed alongside of warped and misleading policies and fund allocations has replaced the red-faced, raving white supremacist as American minorities’ newest and fanciest hurdle. In many ways this can be more dangerous, be...

The 10 Most-Banned Classic Novels

The 10 Most-Banned Classic Novels Want to read a banned book? Youll have plenty of excellent novels to choose from. There have been many attempts throughout history to suppress or otherwise censor works of literature, even works that have gone on to become  classics. Authors such as George Orwell, William Faulkner, Ernest Hemingway, and Toni Morrison have all seen their works banned at one time or another. The list of banned books is massive, and the reasons for their exclusion varies, but books with sexual content, drug use, or violent imagery are banned most frequently, regardless of their literary value. Here are the top 10 most-banned classic works of fiction in the 20th century, according to the American Library Association, and a little bit about why each was considered controversial. The Great Gatsby, F. Scott Fitzgerald Gatsby, Fitzgeralds Jazz Age classic is one of the most-banned books of all time. The tale of playboy Jay Gatsby and the target of his affection, Daisy Buchanan, was challenged as recently as 1987, by Baptist College in Charleston, S.C. because of language and sexual references in the book. The Catcher in the Rye, by J.D. Salinger The stream-of-consciousness story of Holden Caulfields coming of age has long been a controversial text for young readers. An Oklahoma teacher was fired for assigning Catcher to an 11th grade English class in 1960, and numerous school boards have banned it for its language (Holden goes on a lengthy rant about the F word  at one point) and sexual content. The Grapes of Wrath, by John Steinbeck John Steinbecks Pulitzer Prize-winning novel that tells the story of the migrant Joad family has been burned and banned for its language since its release in 1939. It was even banned for a time by Kern County, Calif., which is where the Joads end up because Kern County residents said it was obscene and libelous. To Kill a Mockingbird, by Harper Lee This 1961 Pulitzer-Prize winning story of racism in the Deep South, told through the eyes of a young girl named Scout, has been banned mainly for its use of language, including the N word. A school district in Indiana challenged To Kill a Mockingbird in 1981, because it claimed the book  represented institutionalized racism under the guise of good literature, according to the ALA. The Color Purple, by Alice Walker The novels graphic portrayals of rape, racism, violence against women, and sex have seen it banned by school boards and libraries since its release in 1982. Another winner of the Pulitzer Prize, The Color Purple was one of more than a dozen books challenged in Virginia in 2002 by a group calling themselves Parents Against Bad Books in Schools. Ulysses, by James Joyce The stream-of-consciousness epic novel, considered Joyces masterpiece, was initially banned for what critics viewed as its pornographic nature. In 1922, postal officials in New York seized and burned 500 copies of the novel. The matter ended up in court, where a judge ruled that Ulysses should be available, not just on the basis of free speech, but because he deemed it a book of originality and sincerity of treatment, and that it has not the effect of promoting lust. Beloved, by Toni Morrison The novel, which tells the story of the freed slave Sethe, has been challenged for its scenes of violence and sexual material. Toni Morrison won the Pulitzer Prize, in 1988 for this book, which continues to be challenged and banned. Most recently, a parent challenged the books inclusion on a high school English reading list, claiming that the sexual violence depicted in the book was too extreme for teenagers. As a result, the Virginia Department of Education created a policy requiring the review of sensitive content in reading materials.   The Lord of the Flies, by William Golding This tale of schoolboys stranded on a desert island is often banned for its vulgar language  and violence by its characters. It was challenged at a North Carolina high school in 1981 because it was considered  demoralizing inasmuch as it implies that man is little more than an animal. 1984, by George Orwell The dystopian future in Orwells 1949 novel was written to depict what he saw as serious threats from the then-budding Soviet Union. Nevertheless, it was challenged in a Florida school district in 1981 for being pro-Communist and having explicit sexual matter. Lolita, by Vladmir Nabokov Its little wonder that Nabokovs 1955 novel about middle-aged Humbert Humberts sexual relationship with adolescent Dolores, whom he calls Lolita, has raised some eyebrows. Its been banned as obscene in several countries, including  France, England, and Argentina, from its release until 1959, and in New Zealand until 1960. For more classic books that were banned by schools, libraries, and other authorities, check out the lists at the American Library Associations website.

Community Involvement Essay Example | Topics and Well Written Essays - 1500 words

Community Involvement - Essay Example The villagers lived in one location for mutual protection and the sharing of resources. From these simple beginning we have evolved a very complex structure of governance and social services, and volunteer community action is a primary support of that structure. Basically it begins when somebody notices that something needs to be done or changed, and that person decides to do something about it. It can be as simple as organizing a few people to paint a wall or as complicated as setting up a permanent community service organization. Of course, the more complex the project, the more people will be required and the more difficult it will be to organize. In this paper we will examine the methodology and functioning of community action as it applies to North American culture, specifically the United States. The scope of this paper does not allow space to examine community action in other cultures, though there are most certainly many similarities. Other cultures and government systems also have many differences. What motivates individuals to become volunteers or even to lead community action is different for each person. However, the best motivation is a desire to make their environment a better place to live. What makes any town or city a good place to live? The answer is really simple: healthy happy inhabitants. So we want to eliminate anything which damages health or happiness. This means we want to eliminate crime, health hazards in all their forms, substance abuse, severe poverty, pollution of all sorts and urban blight. Governments try to work on all of these, but local volunteer action is necessary also, because government simply cannot and should not do it all. We must remember that the more we expect government to do, the less freedom we will have. Therefore, we should all support volunteer based community action. Some volunteers will say it is a desire to help others or to give

Strategic Choices Term Paper Example | Topics and Well Written Essays - 750 words

Strategic Choices - Term Paper Example   Low cost of the Southwest airline helps to give all persons to fly with lowest rate.   It helps to offer the services or product that is different from its existing competitors.   It helps to create unique identity towards the product or service offered. It will help to  set up assets or competencies that competitors are not capable to copy or build up on their own. Weaknesses-There is no prescribed constructions for union or involvement of labor in management decision making.   This will leads to various problems within the labor and union.   Union and labor involvement of the competitor firms is different from each other.   Focus on the particular area of the weakness helps to overcome the problems certain extent.   This strategy will helps to overcome the problem that may raised due to this particular weakness. Opportunities- Technology has enhanced methods of advertisement and also enhancing methods of ticking for ex: Internet etc.   This strategy will helps t o better utilization of technology at lowest possible rate of expenses.   Use the technology that is used for the advertisement is different from that of the competitors that will helps attract more customers,   This strategy helps to focus on the particular kind of advertisement to capture the mind of customers.   This is one of the most efficient strategies that will provide an opportunity to build their own position in the society. Threats-Interruption to operations due to various types of adverse circumstances and air-traffic control connected constraints.   This strategy helps to offer low cost services at the time of adverse conditions.   Economic condition of the country is different from each other. Differentiation strategy helps to offer service according to the condition of the country.   This strategy gives attention only the negative condition of the nations to provide the better services. Southwest could also employ the point’s redemption plan as a ch ance to construct partnerships exterior of the airline business and arrive at to new markets. Porter argues that the strengths of an ultimately fall under one of the two headings, and they are â€Å"differentiation† and â€Å"cost advantage† (Differentiation Advantage, n,d, pg.5). By applying these strengths either on a narrow range on a wider scope three generic strategies can be formulated namely differentiation, cost leadership, and focus. These strategies are applied at the unit level of the business. â€Å"If the primary determinant of a firm's profitability is the attractiveness of the industry in which it operates, an important secondary determinant is its position within that industry† (Porter’s Generic Strategies 1999 para 1). They are termed generic strategies for the reason that they are not depended on any industry or firm. A firm generates its value by performing a sequence of activities which Porter recognizes as value chain. In addition to the organizations’ own value-creating activities, the business functions in a value scheme of vertical activities which consist of upstream dealers and downstream channel members. â€Å"Four distinct strategies we use to analyze strategic options, although there are various approaches to achieving these strategies employed by different firms. They are: †¢ Cost leadership †¢ Differentiation †¢ Niche focus †¢

The Federal Government and Laissez-Faire Essay Example for Free

The Federal Government and Laissez-Faire Essay The period of American history from 1865 to 1900 consisted of much controversy concerning economic control. Individual enterprises fought diligently to dominate economic affairs but the government was obligated to intervene when unjust activity was apparent. It was unanimously believed, among businessmen, that the government should have very little say in economic issues, the basis for Laissez-Faire. This policy invited the rights of the public consumer to be violated. As a result of the unjust treatment by the enterprises, it was necessary for the government to step in. The Interstate Commerce Act was enacted to limit the freedom and wrongful capital gain of railways to benefit the people. The Senate passed the Sherman Antitrust Act, heavily influenced by the monopolies, to prevent trade restrictions. Freedom and independence are extremely valuable aspects in any setting but can only remain if utilized responsibly. The successful individual enterprises were determined to maintain the Laissez-Faire policy. In Document A, Amasa Walker is quoted saying, Economically, it will ever remain true, that the government is best which governs least. When the government is too involved in the economy, a great many regulations are set and the corporations become less prosperous because their effective methods are limited. A New York City merchant, Daniel Knowlton, (Document B) has a supporting opinion pertaining to the proper functions of the government. He believes the government is in place to maintain domestic tranquility, defend the people from invasion, and protect them when traveling. Every merchant and big business owner alike new theyd benefit under the Laissez-Faire policy. The Interstate Commerce Act was a major intervening action taken by the Federal government in 1887. The act prevented discrimination and promoted reasonable and just fees. The success of the railroad has been attained at the most unwarranted discriminations and its effect has been to build up the strong at the expense of the weak. as stated in Document J. This method of success had come to cease because the rich were becoming richer and the poor, poorer. Document L depicts the beneficial aspects of the Interstate Commerce Act, The act to regulate commerce was not passed to injure any interests, but to conserve and protect bringing about great and salutary  measures of improvement. The act has operated directly to increase railway earnings despite initial appearance. The Sherman Antitrust Act was the proceeding measure taken by the Feds. The Senate, being dominated by monopolists as shown in Document M, was forced to pass the act. Actions in Senate were taken in the interest of monopolies instead of the people. This is a Senate of the monopolists by the monopolists, for the monopolists. The act declared all contracts restricting trade to be illegal. This was of importance to the monopolies because trade restrictions would harm them greatly. Contemporary corporations were required to be versatile in the expanding American economy. Individual enterprises fought diligently to dominate economic affairs but the government was obligated to intervene when unjust activity was apparent. The Laissez-Faire attitude was quite popular during this time. However, problems arose when it was in affect. The government instituted the Interstate Commerce Act and the Sherman Antitrust Act to maintain a more balanced economy and make life easier for the poor. The Federal government only intervened in the economy when it was necessary to do so.

Witch of blackbird pond Essay -- essays research papers

The name of the book that I read was â€Å"The Witch of Blackbird Pond† By, Elizabeth George Speare. The book took place in the year of 1687. Some of the book takes place on a boat called the â€Å"Dolphin,† and then the rest of the book in Wethersfield, in the state of Connecticut. The main characters in the book are Katherine Tyler (her nickname was Kit), Nat Eaton, Uncle Matthew, Aunt Rachel, Hannah Tupper, Kit’s cousins Mercy, and Judith, Prudence, Hannah Tupper, John Holbrook, Goodwife Cruff and Goodman Cruff. One of the problems in the beginning of the book is when she goes to her cousin’s house and was adapting to their way of life; for instance when she got there, they all did not have good clothes and she had really fancy clothes that they would have never worn in their life because they were too expensive. Another problem that she encountered was that she met a lady named Hannah Tupper that lived near Blackbird Pond and she was a Quaker. That’s why she was forced to live there, because no one liked her and she was al so accused of being a witch. Kit made friends with her when she bumped into her in the meadow. This jeopardized her life and that was a problem. She helped Prudence read and write and that was a little risky too.   Ã‚  Ã‚  Ã‚  Ã‚  I mostly identify with the main character kit. I mostly identify with her because she likes to try new things and I like to try new things also. I also identify with her because she likes to explore new places, for instan...

Reasons for the Spratly Island Disputes Essay

The main reason for the conflict within the Spratly islands lies in the territorial disputes and quarrels among the different countries. Natural resources include fish, guano, undetermined oil and natural gas potential. There are mainly 2 reasons for disputes to occur in these islands mainly 1. The potential oil and natural gas reserves that lies dormant under the Spratly Islands. 2. Construction of the Busiest port Asia’s had been experiencing a rapid economic boom with giants such as China emerging as the next economic superpower. However, its economic advancement requires a large amount of energy and to claim the Spratly Islands would be useful for the countries’ future economic advancement. The 6 countries involve in the conflict is mainly Brunei, Malaysia, Philippines, China, Taiwan and Vietnam. Each of these countries requires the oil and natural resources within the sea bed of the Spratly islands to serve for these economic needs. Many of the emerging Asian countries require oil from the Middle East and Africa, these resources would have to pass through the Strait of Malacca into the South China Sea. The Spratly Islands lies on the strategic lines of the South China Sea therefore means that all 6 countries hope to have their hands on the Spratly islands to set up a sea port along the South China Seas. Over half of the world’s merchant fleet sails through the South China Sea every year. Therefore setting up a sea port at the Spratly Islands would therefore create one of the busiest ports in the world. This port will create numerous job opportunities and revenues for emerging countries. This had therefore sparked a part of the conflict as due to countries desire for the strategic location to belong to them, they would quarrel and fight over the claims of these islands to support their economic needs. However, the main reason for the conflict for the Spratly Islands would still be the scarce oil and natural resources found in the Spratly Islands. The future world is a world of a competition of economic development and economic gains and to obtain a substantial amount of oil and natural gas is the ability to create energy. The more energy a country has, the faster it can develop, the faster its economy can grow and become robust. Indeed, the strategic location of the Spratly Islands is also a cause for the conflict among the 6 countries. However, there is already a shortage of oil and natural gas in the world but there is not yet a shortage of strategic location in the South China Sea. The oil and natural resource is the main reason for the Asian countries to fight over these areas and it being a strategic location is merely an addition to their claim over these islands.

Financial Management Chapter 8 K

ey Chapter 8 Stocks and Their Valuation LEARNING OBJECTIVES After reading this chapter, students should be able to: †¢ Identify some of the more important rights that come with stock ownership and define the following terms: proxy, proxy fight, takeover, and preemptive right. †¢ Briefly explain why classified stock might be used by a corporation and what founders’ shares are. †¢ Differentiate between closely held and publicly owned corporations and list the three distinct types of stock market transactions. Determine the value of a share of common stock when: (1) dividends are expected to grow at some constant rate, (2) dividends are expected to remain constant, and (3) dividends are expected to grow at some super-normal, or nonconstant, growth rate. †¢ Calculate the expected rate of return on a constant growth stock. †¢ Apply the total company (corporate value) model to value a firm in situations when the firm does not pay dividends or is privately he ld. †¢ Explain why a stock’s intrinsic value might differ between the total company model and the dividend growth model. Explain the following terms: equilibrium, marginal investor, and Efficient Markets Hypothesis (EMH); distinguish among the three levels of market efficiency; briefly explain the implications of the EMH on financial decisions; and discuss the results of empirical studies on market efficiency and the implication of behavioral finance on those results. †¢ Read and understand the stock market page given in the daily newspaper. †¢ Explain the reasons for investing in international stocks and identify the â€Å"bets† an investor is making when he does invest overseas. Define preferred stock, determine the value of a share of preferred stock, or given its value, calculate its expected return. 1. LECTURE SUGGESTIONS This chapter provides important and useful information on common and preferred stocks. Moreover, the valuation of stocks reinforc es the concepts covered in both Chapters 6 and 7, so Chapter 8 extends and reinforces those chapters. We begin our lecture with a discussion of the characteristics of common stocks, after which we discuss how stocks are valued in the market and how stock prices are reported in the press. We conclude the lecture with a discussion of preferred stocks.The details of what we cover, and the way we cover it, can be seen by scanning Blueprints Chapter 8. For other suggestions about the lecture, please see the â€Å"Lecture Suggestions† in Chapter 2, where we describe how we conduct our classes. DAYS ON CHAPTER: 3 OF 58 DAYS (50-minute periods) ANSWERS TO END-OF-CHAPTER QUESTIONS 8-1True. The value of a share of stock is the PV of its expected future dividends. If the two investors expect the same future dividend stream, and they agree on the stock’s riskiness, then they should reach similar conclusions as to the stock’s value. -2A perpetual bond is similar to a no-grow th stock and to a share of preferred stock in the following ways: 1. All three derive their values from a series of cash inflows–coupon payments from the perpetual bond, and dividends from both types of stock. 2. All three are assumed to have indefinite lives with no maturity value (M) for the perpetual bond and no capital gains yield for the stocks. 8-3Yes. If a company decides to increase its payout ratio, then the dividend yield component will rise, but the expected long-term capital gains yield will decline. 8-4No. The correct equation has D1 in the numerator and a minus sign in the denominator. -5a. The average investor in a listed firm is not really interested in maintaining his proportionate share of ownership and control. If he wanted to increase his ownership, he could simply buy more stock on the open market. Consequently, most investors are not concerned with whether new shares are sold directly (at about market prices) or through rights offerings. However, if a ri ghts offering is being used to effect a stock split, or if it is being used to reduce the underwriting cost of an issue (by substantial underpricing), the preemptive right may well be beneficial to the firm and to its stockholders. . The preemptive right is clearly important to the stockholders of closely held firms whose owners are interested in maintaining their relative control positions. SOLUTIONS TO END-OF-CHAPTER PROBLEMS 8-1D0 = $1. 50; g1-3 = 5%; gn = 10%; D1 through D5 = ? D1 = D0(1 + g1) = $1. 50(1. 05) = $1. 5750. D2 = D0(1 + g1)(1 + g2) = $1. 50(1. 05)2 = $1. 6538. D3 = D0(1 + g1)(1 + g2)(1 + g3) = $1. 50(1. 05)3 = $1. 7364. D4 = D0(1 + g1)(1 + g2)(1 + g3)(1 + gn) = $1. 50(1. 05)3(1. 10) = $1. 9101. D5 = D0(1 + g1)(1 + g2)(1 + g3)(1 + gn)2 = $1. 50(1. 05)3(1. 10)2 = $2. 1011. 8-2D1 = $0. 50; g = 7%; ks = 15%; [pic] = ? [pic] -3P0 = $20; D0 = $1. 00; g = 10%; [pic] = ? ; ks = ? [pic] = P0(1 + g) = $20(1. 10) = $22. ks= [pic] + g = [pic] + 0. 10 = [pic] + 0. 10 = 15. 50%. ks = 15. 50%. 8-4Dp = $5. 00; Vp = $60; kp = ? kp = [pic] = [pic] = 8. 33%. 8-5a. The terminal, or horizon, date is the date when the growth rate becomes constant. This occurs at the end of Year 2. b. 0 1 2 3 | | | | 1. 25 1. 50 1. 80 1. 89 37. 80 = [pic] The horizon, or terminal, value is the value at the horizon date of all dividends expected thereafter. In this problem it is calculated as follows: pic] c. The firm’s intrinsic value is calculated as the sum of the present value of all dividends during the supernormal growth period plus the present value of the terminal value. Using your financial calculator, enter the following inputs: CF0 = 0, CF1 = 1. 50, CF2 = 1. 80 + 37. 80 = 39. 60, I = 10, and then solve for NPV = $34. 09. 6. The firm’s free cash flow is expected to grow at a constant rate, hence we can apply a constant growth formula to determine the total value of the firm. Firm Value = FCF1/(WACC – g) Firm Value = $150,000,000/(0. 10 – 0. 05) F irm Value = $3,000,000,000.To find the value of an equity claim upon the company (share of stock), we must subtract out the market value of debt and preferred stock. This firm happens to be entirely equity funded, and this step is unnecessary. Hence, to find the value of a share of stock, we divide equity value (or in this case, firm value) by the number of shares outstanding. Equity Value per share = Equity Value/Shares outstanding Equity Value per share = $3,000,000,000/50,000,000 Equity Value per share = $60. Each share of common stock is worth $60, according to the corporate valuation model. 8-7a. 0 1 2 3 4 | | | | 3,000,000 6,000,000 10,000,000 15,000,000 Using a financial calculator, enter the following inputs: CF0 = 0; CF1 = 3000000; CF2 = 6000000; CF3 = 10000000; CF4 = 15000000; I = 12; and then solve for NPV = $24,112,308. b. The firm’s terminal value is calculated as follows: [pic] c. The firm’s total value is calculated as follows: 0 1 2 3 4 5 | | | | | | 3, 000,000 6,000,000 10,000,000 15,000,000 16,050,000PV = ? 321,000,000 = [pic] Using your financial calculator, enter the following inputs: CF0 = 0; CF1 = 3000000; CF2 = 6000000; CF3 = 10000000; CF4 = 15000000 + 321000000 = 336000000; I = 12; and then solve for NPV = $228,113,612. d. To find Barrett’s stock price, you need to first find the value of its equity. The value of Barrett’s equity is equal to the value of the total firm less the market value of its debt and preferred stock. Total firm value$228,113,612 Market value, debt + preferred 60,000,000 (given in problem) Market value of equity$168,113,612Barrett’s price per share is calculated as: [pic] 8-8FCF = EBIT(1 – T) + Depreciation – [pic] – ([pic] = $500,000,000 + $100,000,000 – $200,000,000 – $0 = $400,000,000. Firm value = [pic] = [pic] = [pic] = $10,000,000,000. This is the total firm value. Now find the market value of its equity. MVTotal= MVEquity + MVDebt $10,000,0 00,000= MVEquity + $3,000,000,000 MVEquity= $7,000,000,000. This is the market value of all the equity. Divide by the number of shares to find the price per share. $7,000,000,000/200,000,000 = $35. 00. 8-9a. Terminal value = [pic] = [pic]= $713. 33 million. . 0 1 2 3 4 | | | | | -20 30 40 42. 80 ($ 17. 70) 23. 49 522. 10 753. 33 $527. 89 Using a financial calculator, enter the following inputs: CF0 = 0; CF1 = -20; CF2 = 30; CF3 = 753. 33; I = 13; and then solve for NPV = $527. 89 million. c. Total valuet=0 = $527. 89 million. Value of common equity = $527. 89 – $100 = $427. 89 million. Price per share = [pic] = $42. 79. 8-10The problem asks you to determine the value of [pic], given the following facts: D1 = $2, b = 0. 9, kRF = 5. %, RPM = 6%, and P0 = $25. Proceed as follows: Step 1:Calculate the required rate of return: ks = kRF + (kM – kRF)b = 5. 6% + (6%)0. 9 = 11%. Step 2:Use the constant growth rate formula to calculate g: [pic] Step 3:Calculate [pic]: [pic] = P0 (1 + g)3 = $25(1. 03)3 = $27. 3182 ( $27. 32. Alternatively, you could calculate D4 and then use the constant growth rate formula to solve for [pic]: D4 = D1(1 + g)3 = $2. 00(1. 03)3 = $2. 1855. [pic] = $2. 1855/(0. 11 – 0. 03) = $27. 3182 ( $27. 32. 8-11Vp = Dp/kp; therefore, kp = Dp/Vp. a. kp = $8/$60 = 13. 3%. b. kp = $8/$80 = 10. 0%. c. p = $8/$100 = 8. 0%. d. kp = $8/$140 = 5. 7%. 8-12[pic] 8-13a. ki = kRF + (kM – kRF)bi. kC = 9% + (13% – 9%)0. 4 = 10. 6%. kD = 9% + (13% – 9%)(-0. 5) = 7%. Note that kD is below the risk-free rate. But since this stock is like an insurance policy because it â€Å"pays off† when something bad happens (the market falls), the low return is not unreasonable. b. In this situation, the expected rate of return is as follows: [pic] = D1/P0 + g = $1. 50/$25 + 4% = 10%. However, the required rate of return is 10. 6 percent. Investors will seek to sell the stock, dropping its price to the following: pic] At this point, [p ic], and the stock will be in equilibrium. 8-14Calculate the dividend cash flows and place them on a time line. Also, calculate the stock price at the end of the supernormal growth period, and include it, along with the dividend to be paid at t = 5, as CF5. Then, enter the cash flows as shown on the time line into the cash flow register, enter the required rate of return as I = 15, and then find the value of the stock using the NPV calculation. Be sure to enter CF0 = 0, or else your answer will be incorrect. D0 = 0; D1 = 0; D2 = 0; D3 = 1. 0; D4 = 1. 00(1. 5) = 1. 5; D5 = 1. 00(1. 5)2 = 2. 25; D6 = 1. 00(1. 5)2(1. 08) = $2. 43. [pic] = ? 0 1 2 3 4 5 6 | | | | | | | 1. 00 1. 50 2. 25 2. 43 0. 658 +34. 71 = 0. 858 18. 378 36. 96 $19. 894 = [pic] [pic] = D6/([pic] – g) = $2. 43/(0. 15 – 0. 08) = $34. 71. This is the stock price at the end of Year 5.CF0 = 0; CF1-2 = 0; CF3 = 1. 0; CF4 = 1. 5; CF5 = 36. 96; I = 15%. With these cash flows in the CFLO register, press NPV to g et the value of the stock today: NPV = $19. 89. 8-15a. The preferred stock pays $8 annually in dividends. Therefore, its nominal rate of return would be: Nominal rate of return = $8/$80 = 10%. Or alternatively, you could determine the security’s periodic return and multiply by 4. Periodic rate of return = $2/$80 = 2. 5%. Nominal rate of return = 2. 5% ( 4 = 10%. b. EAR = (1 + NOM/4)4 – 1 EAR = (1 + 0. 10/4)4 – 1 EAR = 0. 103813 = 10. 3813%. -16The value of any asset is the present value of all future cash flows expected to be generated from the asset. Hence, if we can find the present value of the dividends during the period preceding long-run constant growth and subtract that total from the current stock price, the remaining value would be the present value of the cash flows to be received during the period of long-run constant growth. D1 = $2. 00 ( (1. 25)1 = $2. 50PV(D1) = $2. 50/(1. 12)1= $2. 2321 D2 = $2. 00 ( (1. 25)2 = $3. 125PV(D2) = $3. 125/(1. 12)2= $2 . 4913 D3 = $2. 00 ( (1. 25)3 = $3. 90625PV(D3) = $3. 0625/(1. 12)3= $2. 7804 ( PV(D1 to D3)= $7. 5038 Therefore, the PV of the remaining dividends is: $58. 8800 – $7. 5038 = $51. 3762. Compounding this value forward to Year 3, we find that the value of all dividends received during constant growth is $72. 18. [$51. 3762(1. 12)3 = $72. 18. ] Applying the constant growth formula, we can solve for the constant growth rate: [pic]= D3(1 + g)/(ks – g) $72. 1807= $3. 90625(1 + g)/(0. 12 – g) $8. 6616 – $72. 18g= $3. 90625 + $3. 90625g $4. 7554= $76. 08625g 0. 0625= g 6. 25%= g. 8-17First, solve for the current price. P0 = D1/(ks – g) P0 = $0. 50/(0. 2 – 0. 07) P0 = $10. 00. If the stock is in a constant growth state, the constant dividend growth rate is also the capital gains yield for the stock and the stock price growth rate. Hence, to find the price of the stock four years from today: [pic] = P0(1 + g)4 [pic] = $10. 00(1. 07)4 [pic] = $13. 1079 6 ? $13. 11. [pic] 8-18a. [pic] b. [pic] 8-19 0 1 2 3 4 | | | | | D0 = 2. 00 D1 D2 D3 D4 g = 5% [pic] a. D1 = $2(1. 05) = $2. 10; D2 = $2(1. 05)2 = $2. 21; D3 = $2(1. 5)3 = $2. 32. b. Financial Calculator Solution: Input 0, 2. 10, 2. 21, and 2. 32 into the cash flow register, input I = 12, PV = ? PV = $5. 29. c. Financial Calculator Solution: Input 0, 0, 0, and 34. 73 into the cash flow register, I = 12, PV = ? PV = $24. 72. d. $24. 72 + $5. 29 = $30. 01 = Maximum price you should pay for the stock. e. [pic] f. No. The value of the stock is not dependent upon the holding period. The value calculated in Parts a through d is the value for a 3-year holding period. It is equal to the value calculated in Part e except for a small rounding error.Any other holding period would produce the same value of [pic]; that is, [pic] = $30. 00. 8-20a. 1. [pic] 2. [pic] = $2/0. 15 = $13. 33. 3. [pic] 4. [pic] b. 1. [pic] = $2. 30/0 = Undefined. 2. [pic] = $2. 40/(-0. 05) = -$48, which is nonsense. Th ese results show that the formula does not make sense if the required rate of return is equal to or less than the expected growth rate. c. No. 8-21The answer depends on when one works the problem. We used the February 3, 2003, issue of The Wall Street Journal: a. $16. 81 to $36. 72. b. Current dividend = $0. 75. Dividend yield = $0. 75/$19. 8 ( 3. 9%. You might want to use ($0. 75)(1 + g)/$19. 48, with g estimated somehow. c. The $19. 48 close was up $0. 98 from the previous day’s close. d. The return on the stock consists of a dividend yield of about 3. 9 percent plus some capital gains yield. We would expect the total rate of return on stock to be in the 10 to 12 percent range. 8-22a. End of Year: 02 03 04 05 06 07 08 | | | | | | | D0 = 1. 75 D1 D2 D3 D4 D5 D6 Dt= D0(1 + g)t D2003= $1. 75(1. 15)1 = $2. 01. D2004= $1. 5(1. 15)2 = $1. 75(1. 3225) = $2. 31. D2005= $1. 75(1. 15)3 = $1. 75(1. 5209) = $2. 66. D2006= $1. 75(1. 15)4 = $1. 75(1. 7490) = $3. 06. D2007= $1. 75(1. 15)5 = $1. 75(2. 0114) = $3. 52. b. Step 1: PV of dividends = [pic]. PV D2003 = $2. 01/(1. 12)= $1. 79 PV D2004 = $2. 31/(1. 12)2= $1. 84 PV D2005 = $2. 66/(1. 12)3= $1. 89 PV D2006 = $3. 06/(1. 12)4= $1. 94 PV D2007 = $3. 52/(1. 12)5= $2. 00 PV of dividends= $9. 46 Step 2: [pic] This is the price of the stock 5 years from now. The PV of this price, discounted back 5 years, is as follows: PV of [pic] = $52. 80/(1. 12)5 = $29. 6. Step 3: The price of the stock today is as follows: [pic]= PV dividends Years 2003-2007 + PV of [pic] = $9. 46 + $29. 96 = $39. 42. This problem could also be solved by substituting the proper values into the following equation: [pic]. Calculator solution: Input 0, 2. 01, 2. 31, 2. 66, 3. 06, 56. 32 (3. 52 + 52. 80) into the cash flow register, input I = 12, PV = ? PV = $39. 43. c. 2003 D1/P0 = $2. 01/$39. 43= 5. 10% Capital gains yield= 6. 90* Expected total return= 12. 00% 2008 D6/P5 = $3. 70/$52. 80= 7. 00% Capital gains yield= 5. 00 Expected total return= 12 . 00% We know that ks is 12 percent, and the dividend yield is 5. 10 percent; therefore, the capital gains yield must be 6. 90 percent. The main points to note here are as follows: 1. The total yield is always 12 percent (except for rounding errors). 2. The capital gains yield starts relatively high, then declines as the supernormal growth period approaches its end. The dividend yield rises. 3. After 12/31/07, the stock will grow at a 5 percent rate. The dividend yield will equal 7 percent, the capital gains yield will equal 5 percent, and the total return will be 12 percent. d.People in high income tax brackets will be more inclined to purchase â€Å"growth† stocks to take the capital gains and thus delay the payment of taxes until a later date. The firm’s stock is â€Å"mature† at the end of 2007. e. Since the firm’s supernormal and normal growth rates are lower, the dividends and, hence, the present value of the stock price will be lower. The total ret urn from the stock will still be 12 percent, but the dividend yield will be larger and the capital gains yield will be smaller than they were with the original growth rates. This result occurs because we assume the same last dividend but a much lower current stock price. . As the required return increases, the price of the stock goes down, but both the capital gains and dividend yields increase initially. Of course, the long-term capital gains yield is still 4 percent, so the long-term dividend yield is 10 percent. 8-23a. Part 1: Graphical representation of the problem: Supernormal Normal growth growth 0 1 2 3 ( | | | | †¢Ã¢â‚¬ ¢Ã¢â‚¬ ¢ | D0 D1 (D2 + [pic]) D3 D( PVD1PVD2 [pic] P0 D1 = D0(1 + gs) = $1. 6(1. 20) = $1. 92. D2 = D0(1 + gs)2 = $1. 60(1. 20)2 = $2. 304. [pic] [pic]= PV(D1) + PV(D2) + PV([pic]) = [pic] = $1. 92/1. 10 + $2. 304/(1. 10)2 + $61. 06/(1. 10)2 = $54. 11. Financial Calculator solution: Input 0, 1. 92, 63. 364(2. 304 + 61. 06) into the cash flow register, in put I = 10, PV = ? PV = $54. 11. Part 2: Expected dividend yield: D1/P0 = $1. 92/$54. 11 = 3. 55%. Capital gains yield: First, find [pic], which equals the sum of the present values of D2 and [pic] discounted for one year. [pic] Financial Calculator solution: Input 0, 63. 364(2. 304 + 61. 6) into the cash flow register, input I = 10, PV = ? PV = $57. 60. Second, find the capital gains yield: [pic] Dividend yield = 3. 55% Capital gains yield = 6. 45 10. 00% = ks. b. Due to the longer period of supernormal growth, the value of the stock will be higher for each year. Although the total return will remain the same, ks = 10%, the distribution between dividend yield and capital gains yield will differ: The dividend yield will start off lower and the capital gains yield will start off higher for the 5-year supernormal growth condition, relative to the 2-year supernormal growth state.The dividend yield will increase and the capital gains yield will decline over the 5-year period until divid end yield = 4% and capital gains yield = 6%. c. Throughout the supernormal growth period, the total yield will be 10 percent, but the dividend yield is relatively low during the early years of the supernormal growth period and the capital gains yield is relatively high. As we near the end of the supernormal growth period, the capital gains yield declines and the dividend yield rises. After the supernormal growth period has ended, the capital gains yield will equal gn = 6%.The total yield must equal ks = 10%, so the dividend yield must equal 10% – 6% = 4%. d. Some investors need cash dividends (retired people), while others would prefer growth. Also, investors must pay taxes each year on the dividends received during the year, while taxes on capital gains can be delayed until the gain is actually realized. 8-24a. ks = kRF + (kM – kRF)b = 11% + (14% – 11%)1. 5 = 15. 5%. [pic] = D1/(ks – g) = $2. 25/(0. 155 – 0. 05) = $21. 43. b. ks = 9% + (12% â€⠀œ 9%)1. 5 = 13. 5%. [pic] = $2. 25/(0. 135 – 0. 05) = $26. 47. c. ks = 9% + (11% – 9%)1. 5 = 12. 0%. [pic] = $2. 25/(0. 12 – 0. 5) = $32. 14. d. New data given: kRF = 9%; kM = 11%; g = 6%, b = 1. 3. ks = kRF + (kM – kRF)b = 9% + (11% – 9%)1. 3 = 11. 6%. [pic] = D1/(ks – g) = $2. 27/(0. 116 – 0. 06) = $40. 54. 8-25a. Old ks = kRF + (kM – kRF)b = 9% + (3%)1. 2 = 12. 6%. New ks = 9% + (3%)0. 9 = 11. 7%. Old price: [pic] New price: [pic] Since the new price is lower than the old price, the expansion in consumer products should be rejected. The decrease in risk is not sufficient to offset the decline in profitability and the reduced growth rate. b. POld = $38. 21. PNew = [pic]. Solving for ks we have the following: $38. 1= [pic] $2. 10= $38. 21(ks) – $1. 9105 $4. 0105= $38. 21(ks) ks= 0. 10496. Solving for b: 10. 496% = 9% + 3%(b) 1. 496% = 3%(b) b = 0. 49865. Check: ks = 9% + (3%)0. 49865 = 10. 496%. [pic] = [pic] = $38. 21 . Therefore, only if management’s analysis concludes that risk can be lowered to b = 0. 49865, or approximately 0. 5, should the new policy be put into effect. SPREADSHEET PROBLEM 8-26The detailed solution for the spreadsheet problem is available both on the instructor’s resource CD-ROM and on the instructor’s side of South-Western’s web site, http://brigham. swlearning. com. INTEGRATED CASEMutual of Chicago Insurance Company Stock Valuation 8-27ROBERT BALIK AND CAROL KIEFER ARE SENIOR VICE-PRESIDENTS OF THE MUTUAL OF CHICAGO INSURANCE COMPANY. THEY ARE CO-DIRECTORS OF THE COMPANY’S PENSION FUND MANAGEMENT DIVISION, WITH BALIK HAVING RESPONSIBILITY FOR FIXED INCOME SECURITIES (PRIMARILY BONDS) AND KIEFER BEING RESPONSIBLE FOR EQUITY INVESTMENTS. A MAJOR NEW CLIENT, THE CALIFORNIA LEAGUE OF CITIES, HAS REQUESTED THAT MUTUAL OF CHICAGO PRESENT AN INVESTMENT SEMINAR TO THE MAYORS OF THE REPRESENTED CITIES, AND BALIK AND KIEFER, WHO WILL MAKE THE ACTUA L PRESENTATION, HAVE ASKED YOU TO HELP THEM.TO ILLUSTRATE THE COMMON STOCK VALUATION PROCESS, BALIK AND KIEFER HAVE ASKED YOU TO ANALYZE THE BON TEMPS COMPANY, AN EMPLOYMENT AGENCY THAT SUPPLIES WORD PROCESSOR OPERATORS AND COMPUTER PROGRAMMERS TO BUSINESSES WITH TEMPORARILY HEAVY WORKLOADS. YOU ARE TO ANSWER THE FOLLOWING QUESTIONS. A. DESCRIBE BRIEFLY THE LEGAL RIGHTS AND PRIVILEGES OF COMMON STOCKHOLDERS. ANSWER:[SHOW S8-1 THROUGH S8-5 HERE. ] THE COMMON STOCKHOLDERS ARE THE OWNERS OF A CORPORATION, AND AS SUCH THEY HAVE CERTAIN RIGHTS AND PRIVILEGES AS DESCRIBED BELOW. 1. OWNERSHIP IMPLIES CONTROL.THUS, A FIRM’S COMMON STOCKHOLDERS HAVE THE RIGHT TO ELECT ITS FIRM’S DIRECTORS, WHO IN TURN ELECT THE OFFICERS WHO MANAGE THE BUSINESS. 2. COMMON STOCKHOLDERS OFTEN HAVE THE RIGHT, CALLED THE PREEMPTIVE RIGHT, TO PURCHASE ANY ADDITIONAL SHARES SOLD BY THE FIRM. IN SOME STATES, THE PREEMPTIVE RIGHT IS AUTOMATICALLY INCLUDED IN EVERY CORPORATE CHARTER; IN OTHERS, IT IS NEC ESSARY TO INSERT IT SPECIFICALLY INTO THE CHARTER. B. 1. WRITE OUT A FORMULA THAT CAN BE USED TO VALUE ANY STOCK, REGARDLESS OF ITS DIVIDEND PATTERN. ANSWER:[SHOW S8-6 HERE. ] THE VALUE OF ANY STOCK IS THE PRESENT VALUE OF ITS EXPECTED DIVIDEND STREAM: [pic] = [pic]HOWEVER, SOME STOCKS HAVE DIVIDEND GROWTH PATTERNS THAT ALLOW THEM TO BE VALUED USING SHORT-CUT FORMULAS. B. 2. WHAT IS A CONSTANT GROWTH STOCK? HOW ARE CONSTANT GROWTH STOCKS VALUED? ANSWER:[SHOW S8-7 AND S8-8 HERE. ] A CONSTANT GROWTH STOCK IS ONE WHOSE DIVIDENDS ARE EXPECTED TO GROW AT A CONSTANT RATE FOREVER. â€Å"CONSTANT GROWTH† MEANS THAT THE BEST ESTIMATE OF THE FUTURE GROWTH RATE IS SOME CONSTANT NUMBER, NOT THAT WE REALLY EXPECT GROWTH TO BE THE SAME EACH AND EVERY YEAR. MANY COMPANIES HAVE DIVIDENDS THAT ARE EXPECTED TO GROW STEADILY INTO THE FORESEEABLE FUTURE, AND SUCH COMPANIES ARE VALUED AS CONSTANT GROWTH STOCKS.FOR A CONSTANT GROWTH STOCK: D1 = D0(1 + g), D2 = D1(1 + g) = D0(1 + g)2, AND SO ON. WI TH THIS REGULAR DIVIDEND PATTERN, THE GENERAL STOCK VALUATION MODEL CAN BE SIMPLIFIED TO THE FOLLOWING VERY IMPORTANT EQUATION: [pic] = [pic] = [pic]. THIS IS THE WELL-KNOWN â€Å"GORDON,† OR â€Å"CONSTANT-GROWTH† MODEL FOR VALUING STOCKS. HERE D1 IS THE NEXT EXPECTED DIVIDEND, WHICH IS ASSUMED TO BE PAID 1 YEAR FROM NOW, kS IS THE REQUIRED RATE OF RETURN ON THE STOCK, AND g IS THE CONSTANT GROWTH RATE. B. 3. WHAT HAPPENS IF A COMPANY HAS A CONSTANT g THAT EXCEEDS ITS ks? WILL MANY STOCKS HAVE EXPECTED g > ks IN THE SHORT RUN (THAT IS, FOR THE NEXT FEW YEARS)?IN THE LONG RUN (THAT IS, FOREVER)? ANSWER:[SHOW S8-9 HERE. ] THE MODEL IS DERIVED MATHEMATICALLY, AND THE DERIVATION REQUIRES THAT ks > g. IF g IS GREATER THAN ks, THE MODEL GIVES A NEGATIVE STOCK PRICE, WHICH IS NONSENSICAL. THE MODEL SIMPLY CANNOT BE USED UNLESS (1) ks > g, (2) g IS EXPECTED TO BE CONSTANT, AND (3) g CAN REASONABLY BE EXPECTED TO CONTINUE INDEFINITELY. STOCKS MAY HAVE PERIODS OF SUPERNORMAL GR OWTH, WHERE gS > ks; HOWEVER, THIS GROWTH RATE CANNOT BE SUSTAINED INDEFINITELY. IN THE LONG-RUN, g < ks. C. ASSUME THAT BON TEMPS HAS A BETA COEFFICIENT OF 1. , THAT THE RISK-FREE RATE (THE YIELD ON T-BONDS) IS 7 PERCENT, AND THAT THE REQUIRED RATE OF RETURN ON THE MARKET IS 12 PERCENT. WHAT IS THE REQUIRED RATE OF RETURN ON THE FIRM’S STOCK? ANSWER:[SHOW S8-10 HERE. ] HERE WE USE THE SML TO CALCULATE BON TEMPS’ REQUIRED RATE OF RETURN: ks= kRF + (kM – kRF)bBon Temps = 7% + (12% – 7%)(1. 2) = 7% + (5%)(1. 2) = 7% + 6% = 13%. D. ASSUME THAT BON TEMPS IS A CONSTANT GROWTH COMPANY WHOSE LAST DIVIDEND (D0, WHICH WAS PAID YESTERDAY) WAS $2. 00 AND WHOSE DIVIDEND IS EXPECTED TO GROW INDEFINITELY AT A 6 PERCENT RATE. 1.WHAT IS THE FIRM’S EXPECTED DIVIDEND STREAM OVER THE NEXT 3 YEARS? ANSWER:[SHOW S8-11 HERE. ] BON TEMPS IS A CONSTANT GROWTH STOCK, AND ITS DIVIDEND IS EXPECTED TO GROW AT A CONSTANT RATE OF 6 PERCENT PER YEAR. EXPRESSED AS A TIME LINE, WE HAVE THE FOLLOWING SETUP. JUST ENTER 2 IN YOUR CALCULATOR; THEN KEEP MULTIPLYING BY 1 + g = 1. 06 TO GET D1, D2, AND D3: 0 1 2 3 | | | | D0 = 2. 00 2. 12 2. 247 2. 382 1. 88 1. 76 1. 65 . . . D. 2. WHAT IS THE FIRM’S CURRENT STOCK PRICE? ANSWER:[SHOW S8-12 HERE. WE COULD EXTEND THE TIME LINE ON OUT FOREVER, FIND THE VALUE OF BON TEMPS’ DIVIDENDS FOR EVERY YEAR ON OUT INTO THE FUTURE, AND THEN THE PV OF EACH DIVIDEND DISCOUNTED AT k = 13%. FOR EXAMPLE, THE PV OF D1 IS $1. 8761; THE PV OF D2 IS $1. 7599; AND SO FORTH. NOTE THAT THE DIVIDEND PAYMENTS INCREASE WITH TIME, BUT AS LONG AS ks > g, THE PRESENT VALUES DECREASE WITH TIME. IF WE EXTENDED THE GRAPH ON OUT FOREVER AND THEN SUMMED THE PVs OF THE DIVIDENDS, WE WOULD HAVE THE VALUE OF THE STOCK. HOWEVER, SINCE THE STOCK IS GROWING AT A CONSTANT RATE, ITS VALUE CAN BE ESTIMATED USING THE CONSTANT GROWTH MODEL: pic] = [pic] = [pic] = [pic] = $30. 29. D. 3. WHAT IS THE STOCK’S EXPECTED VALUE ONE YEAR FROM NOW? ANS WER:[SHOW S8-13 HERE. ] AFTER ONE YEAR, D1 WILL HAVE BEEN PAID, SO THE EXPECTED DIVIDEND STREAM WILL THEN BE D2, D3, D4, AND SO ON. THUS, THE EXPECTED VALUE ONE YEAR FROM NOW IS $32. 10: [pic] = [pic] = [pic] = [pic] = $32. 10. D. 4. WHAT ARE THE EXPECTED DIVIDEND YIELD, THE CAPITAL GAINS YIELD, AND THE TOTAL RETURN DURING THE FIRST YEAR? ANSWER:[SHOW S8-14 HERE. ] THE EXPECTED DIVIDEND YIELD IN ANY YEAR n IS DIVIDEND YIELD = [pic], WHILE THE EXPECTED CAPITAL GAINS YIELD ISCAPITAL GAINS YIELD = [pic] = k – [pic]. THUS, THE DIVIDEND YIELD IN THE FIRST YEAR IS 7 PERCENT, WHILE THE CAPITAL GAINS YIELD IS 6 PERCENT: TOTAL RETURN = 13. 0% DIVIDEND YIELD = $2. 12/$30. 29 = 7. 0% CAPITAL GAINS YIELD = 6. 0% E. NOW ASSUME THAT THE STOCK IS CURRENTLY SELLING AT $30. 29. WHAT IS THE EXPECTED RATE OF RETURN ON THE STOCK? ANSWER:THE CONSTANT GROWTH MODEL CAN BE REARRANGED TO THIS FORM: [pic] = [pic]. HERE THE CURRENT PRICE OF THE STOCK IS KNOWN, AND WE SOLVE FOR THE EXPECTED RETURN. FOR BON TEMPS: pic] = $2. 12/$30. 29 + 0. 060 = 0. 070 + 0. 060 = 13%. F. WHAT WOULD THE STOCK PRICE BE IF ITS DIVIDENDS WERE EXPECTED TO HAVE ZERO GROWTH? ANSWER:[SHOW S8-15 HERE. ] IF BON TEMPS’ DIVIDENDS WERE NOT EXPECTED TO GROW AT ALL, THEN ITS DIVIDEND STREAM WOULD BE A PERPETUITY. PERPETUITIES ARE VALUED AS SHOWN BELOW: 0 1 2 3 | | | | 2. 00 2. 00 2. 00 1. 77 1. 57 1. 39 . . . P0 = 15. 38 P0 = D/kS = $2. 00/0. 13 = $15. 38. NOTE THAT IF A PREFERRED STOCK IS A PERPETUITY, IT MAY BE VALUED WITH THIS FORMULA. G.NOW ASSUME THAT BON TEMPS IS EXPECTED TO EXPERIENCE SUPERNORMAL GROWTH OF 30 PERCENT FOR THE NEXT 3 YEARS, THEN TO RETURN TO ITS LONG-RUN CONSTANT GROWTH RATE OF 6 PERCENT. WHAT IS THE STOCK’S VALUE UNDER THESE CONDITIONS? WHAT IS ITS EXPECTED DIVIDEND YIELD AND CAPITAL GAINS YIELD IN YEAR 1? YEAR 4? ANSWER:[SHOW S8-16 THROUGH S8-18 HERE. ] BON TEMPS IS NO LONGER A CONSTANT GROWTH STOCK, SO THE CONSTANT GROWTH MODEL IS NOT APPLICABLE. NOTE, HOWEVER, THAT THE STO CK IS EXPECTED TO BECOME A CONSTANT GROWTH STOCK IN 3 YEARS. THUS, IT HAS A NONCONSTANT GROWTH PERIOD FOLLOWED BY CONSTANT GROWTH.THE EASIEST WAY TO VALUE SUCH NONCONSTANT GROWTH STOCKS IS TO SET THE SITUATION UP ON A TIME LINE AS SHOWN BELOW: 0 1 2 3 4 | | | | | 2. 600 3. 380 4. 394 4. 65764 2. 301 2. 647 3. 045 46. 114 54. 107 SIMPLY ENTER $2 AND MULTIPLY BY (1. 30) TO GET D1 = $2. 60; MULTIPLY THAT RESULT BY 1. 3 TO GET D2 = $3. 38, AND SO FORTH. THEN RECOGNIZE THAT AFTER YEAR 3, BON TEMPS BECOMES A CONSTANT GROWTH STOCK, AND AT THAT POINT [pic] CAN BE FOUND USING THE CONSTANT GROWTH MODEL. pic] IS THE PRESENT VALUE AS OF t = 3 OF THE DIVIDENDS IN YEAR 4 AND BEYOND AND IS ALSO CALLED THE TERMINAL VALUE. WITH THE CASH FLOWS FOR D1, D2, D3, AND [pic] SHOWN ON THE TIME LINE, WE DISCOUNT EACH VALUE BACK TO YEAR 0, AND THE SUM OF THESE FOUR PVs IS THE VALUE OF THE STOCK TODAY, P0 = $54. 107. THE DIVIDEND YIELD IN YEAR 1 IS 4. 80 PERCENT, AND THE CAPITAL GAINS YIELD IS 8. 2 PERCENT: DI VIDEND YIELD = [pic] = 0. 0480 = 4. 8%. CAPITAL GAINS YIELD = 13. 00% – 4. 8% = 8. 2%. DURING THE NONCONSTANT GROWTH PERIOD, THE DIVIDEND YIELDS AND CAPITAL GAINS YIELDS ARE NOT CONSTANT, AND THE CAPITAL GAINS YIELD DOES NOT EQUAL g.HOWEVER, AFTER YEAR 3, THE STOCK BECOMES A CONSTANT GROWTH STOCK, WITH g = CAPITAL GAINS YIELD = 6. 0% AND DIVIDEND YIELD = 13. 0% – 6. 0% = 7. 0%. H. SUPPOSE BON TEMPS IS EXPECTED TO EXPERIENCE ZERO GROWTH DURING THE FIRST 3 YEARS AND THEN TO RESUME ITS STEADY-STATE GROWTH OF 6 PERCENT IN THE FOURTH YEAR. WHAT IS THE STOCK’S VALUE NOW? WHAT IS ITS EXPECTED DIVIDEND YIELD AND ITS CAPITAL GAINS YIELD IN YEAR 1? YEAR 4? ANSWER:[SHOW S8-19 AND S8-20 HERE. ] NOW WE HAVE THIS SITUATION: 0 1 2 3 4 | | | | | 2. 00 2. 0 2. 00 2. 00 2. 12 1. 77 1. 57 1. 39 20. 99 25. 72 = [pic] DURING YEAR 1: DIVIDEND YIELD = [pic] = 0. 0778 = 7. 78%. CAPITAL GAINS YIELD = 13. 00% – 7. 78% = 5. 22%. AGAIN, IN YEAR 4 BON TEMPS BECOMES A CONSTANT GROWTH STOCK; HENCE g = CAPITAL GAINS YIELD = 6. 0% AND DIVIDEND YIELD = 7. 0%. I. FINALLY, ASSUME THAT BON TEMPS’ EARNINGS AND DIVIDENDS ARE EXPECTED TO DECLINE BY A CONSTANT 6 PERCENT PER YEAR, THAT IS, g = -6%. WHY WOULD ANYONE BE WILLING TO BUY SUCH A STOCK, AND AT WHAT PRICE SHOULD IT SELL? WHAT WOULD BE THE DIVIDEND YIELD AND CAPITAL GAINS YIELD IN EACH YEAR?ANSWER:[SHOW S8-21 AND S8-22 HERE. ] THE COMPANY IS EARNING SOMETHING AND PAYING SOME DIVIDENDS, SO IT CLEARLY HAS A VALUE GREATER THAN ZERO. THAT VALUE CAN BE FOUND WITH THE CONSTANT GROWTH FORMULA, BUT WHERE g IS NEGATIVE: [pic] = [pic] = [pic] = [pic] = [pic] = $9. 89. SINCE IT IS A CONSTANT GROWTH STOCK: g = CAPITAL GAINS YIELD = -6. 0%, HENCE: DIVIDEND YIELD = 13. 0% – (-6. 0%) = 19. 0%. AS A CHECK: DIVIDEND YIELD = [pic] = 0. 190 = 19. 0%. THE DIVIDEND AND CAPITAL GAINS YIELDS ARE CONSTANT OVER TIME, BUT A HIGH (19. 0 PERCENT) DIVIDEND YIELD IS NEEDED TO OFFSET THE NEGATIVE CAPITAL GAINS YIELD.J. BON TEMPS EMB ARKS ON AN AGGRESSIVE EXPANSION THAT REQUIRES ADDITIONAL CAPITAL. MANAGEMENT DECIDES TO FINANCE THE EXPANSION BY BORROWING $40 MILLION AND BY HALTING DIVIDEND PAYMENTS TO INCREASE RETAINED EARNINGS. THE PROJECTED FREE CASH FLOWS FOR THE NEXT THREE YEARS ARE -$5 MILLION, $10 MILLION, AND $20 MILLION. AFTER THE THIRD YEAR, FREE CASH FLOW IS PROJECTED TO GROW AT A CONSTANT 6 PERCENT. THE OVERALL COST OF CAPITAL IS 10 PERCENT. WHAT IS BON TEMPS’ TOTAL VALUE? IF IT HAS 10 MILLION SHARES OF STOCK AND $40 MILLION TOTAL DEBT, WHAT IS THE PRICE PER SHARE? ANSWER:[SHOW S8-23 THROUGH S8-28 HERE. 0 1 2 3 4 | | | | | -5 10 20 21. 20 $ -4. 545 8. 264 15. 026 398. 197 $416. 942 = TOTAL VALUE VALUE OF EQUITY = TOTAL VALUE – DEBT = $416. 94 – $40 = $376. 94 MILLION. PRICE PER SHARE = $376. 94/10 = $37. 69. K. WHAT DOES MARKET EQUILIBRIUM MEAN? ANSWER:[SHOW S8-29 AND S8-30 HERE. ] EQUILIBRIUM MEANS STABLE, NO TENDENCY TO CHANGE. MARKET EQUILIBRIUM MEANS THAT PRICES ARE STABLEâ₠¬â€œAT ITS CURRENT PRICE, THERE IS NO GENERAL TENDENCY FOR PEOPLE TO WANT TO BUY OR TO SELL A SECURITY THAT IS IN EQUILIBRIUM.ALSO, WHEN EQUILIBRIUM EXISTS, THE EXPECTED RATE OF RETURN WILL BE EQUAL TO THE REQUIRED RATE OF RETURN: [pic] = D1/P0 + g = k = kRF + (kM – kRF)b. L. IF EQUILIBRIUM DOES NOT EXIST, HOW WILL IT BE ESTABLISHED? ANSWER:[SHOW S8-31 AND S8-32 HERE. ] SECURITIES WILL BE BOUGHT AND SOLD UNTIL THE EQUILIBRIUM PRICE IS ESTABLISHED. M. WHAT IS THE EFFICIENT MARKETS HYPOTHESIS, WHAT ARE ITS THREE FORMS, AND WHAT ARE ITS IMPLICATIONS? ANSWER:[SHOW S8-33 THROUGH S8-37 HERE. ] THE EMH IN GENERAL IS THE HYPOTHESIS THAT SECURITIES ARE NORMALLY IN EQUILIBRIUM AND ARE â€Å"PRICED FAIRLY,† MAKING IT IMPOSSIBLE TO â€Å"BEAT THE MARKET. WEAK-FORM EFFICIENCY SAYS THAT INVESTORS CANNOT PROFIT FROM LOOKING AT PAST MOVEMENTS IN STOCK PRICES–THE FACT THAT STOCKS WENT DOWN FOR THE LAST FEW DAYS IS NO REASON TO THINK THAT THEY WILL GO UP (OR DOWN) IN THE FUTURE. THIS FORM HAS BEEN PROVEN PRETTY WELL BY EMPIRICAL TESTS, EVEN THOUGH PEOPLE STILL EMPLOY â€Å"TECHNICAL ANALYSIS. † SEMISTRONG-FORM EFFICIENCY SAYS THAT ALL PUBLICLY AVAILABLE INFORMATION IS REFLECTED IN STOCK PRICES, HENCE THAT IT WON’T DO MUCH GOOD TO PORE OVER ANNUAL REPORTS TRYING TO FIND UNDERVALUED STOCKS.THIS ONE IS (WE THINK) LARGELY TRUE, BUT SUPERIOR ANALYSTS CAN STILL OBTAIN AND PROCESS NEW INFORMATION FAST ENOUGH TO GAIN A SMALL ADVANTAGE. STRONG-FORM EFFICIENCY SAYS THAT ALL INFORMATION, EVEN INSIDE INFORMATION, IS EMBEDDED IN STOCK PRICES. THIS FORM DOES NOT HOLD–INSIDERS KNOW MORE, AND COULD TAKE ADVANTAGE OF THAT INFORMATION TO MAKE ABNORMAL PROFITS IN THE MARKETS. TRADING ON THE BASIS OF INSIDER INFORMATION IS ILLEGAL. N. PHYFE COMPANY RECENTLY ISSUED PREFERRED STOCK. IT PAYS AN ANNUAL DIVIDEND OF $5, AND THE ISSUE PRICE WAS $50 PER SHARE. WHAT IS THE EXPECTED RETURN TO AN INVESTOR ON THIS PREFERRED STOCK?ANSWER:[SHOW S8-38 AND S8-39 HERE. ] [pic]= [pic] = [pic] = 10%. ———————– ks = 15% gn = 6% ( 1/(1. 15)3 ( 1/(1. 13)3 ( 1/(1. 13)2 ( 1/1. 13 gs = 50% gn = 8% [pic] ks = 12% gs = 15% gn = 5% WACC = 10% [pic] = 30. 29 = [pic] g = 0% g = 0% g = 0% gn = 6% ks = 13% [pic] = $66. 54 = [pic] gs = 30% gs = 30% gs = 30% gn = 6% ks = 13% g = 0% ks = 13% g = 6% ks = 13% ks = 10% gs = 20% gs = 20% gn = 5% WACC = 12% WACC = 12% gn = 7% [pic] WACC = 13% gn = 7% 530 = [pic] ( 1/(1. 15)4 ( 1/(1. 15)5 ks = 12% ( 1/1. 13 ( 1/(1. 13)2 ( 1/(1. 13)3 ( 1/(1. 13)2 ( 1/(1. 13)2 ( 1/1. 13 ( 1/(1. 13)2 ( 1/(1. 13)3 ( 1/(1. 13)3 ( 1/1. 13 ( 1/1. 13 (%89

Free Essays on Case Briefing

Anheuser- Busch, Inc., v. Schmoke, Mayor of Baltimore City, 63 F.3d 1305 (1995) United States Court of Appeals FACTS In January 1994, Baltimore exercised the authority granted it by the State and enacted Ordinance 288 prohibiting the outdoor advertising of alcoholic beverages in certain locations of Baltimore City. It also includes an exception permitting advertising in certain commercially and industrially zoned areas. The City Council of Baltimore is basing its ban on the premise that children are exposed to the advertising of alcoholic beverages â€Å"simply by walking to school or playing in their neighborhood†. The City goes on to state that children’s â€Å"attitudes are favorable to alcohol and are significantly related to their exposure to alcohol advertisements†. Anheuser-Busch argues that the purpose of its advertising is to â€Å"solidify brand loyalty and increase market share by shifting adult beer drinkers from other brands to the advertised brand of beer†. On January 14, 1994, filed suit in federal court, challenging the ordinance under the First Amen dment. ISSUE Is Baltimore City violating Anheuser-Busch’s First Amendment rights? Holding Niemeyer, Circuit Judge The court held the ordinance constitutional after concluding that â€Å"it directly advances the City’s asserted interest in promoting the welfare and temperance of minors† and is â€Å"narrowly tailored† to that end. We do not believe that the liquor industry spends a million dollars a year on advertising solely to acquire an added market share at the expense of competitors. We hold, as a matter of law, that prohibitions against the advertising of alcoholic beverages are reasonably related to reducing the sale and consumption of those beverages and their attendant problems. It is readily acknowledged that limitations on outdoor advertising of alcoholic beverages designed to protect minors also reduce the opportunities for adults to receive... Free Essays on Case Briefing Free Essays on Case Briefing Anheuser- Busch, Inc., v. Schmoke, Mayor of Baltimore City, 63 F.3d 1305 (1995) United States Court of Appeals FACTS In January 1994, Baltimore exercised the authority granted it by the State and enacted Ordinance 288 prohibiting the outdoor advertising of alcoholic beverages in certain locations of Baltimore City. It also includes an exception permitting advertising in certain commercially and industrially zoned areas. The City Council of Baltimore is basing its ban on the premise that children are exposed to the advertising of alcoholic beverages â€Å"simply by walking to school or playing in their neighborhood†. The City goes on to state that children’s â€Å"attitudes are favorable to alcohol and are significantly related to their exposure to alcohol advertisements†. Anheuser-Busch argues that the purpose of its advertising is to â€Å"solidify brand loyalty and increase market share by shifting adult beer drinkers from other brands to the advertised brand of beer†. On January 14, 1994, filed suit in federal court, challenging the ordinance under the First Amen dment. ISSUE Is Baltimore City violating Anheuser-Busch’s First Amendment rights? Holding Niemeyer, Circuit Judge The court held the ordinance constitutional after concluding that â€Å"it directly advances the City’s asserted interest in promoting the welfare and temperance of minors† and is â€Å"narrowly tailored† to that end. We do not believe that the liquor industry spends a million dollars a year on advertising solely to acquire an added market share at the expense of competitors. We hold, as a matter of law, that prohibitions against the advertising of alcoholic beverages are reasonably related to reducing the sale and consumption of those beverages and their attendant problems. It is readily acknowledged that limitations on outdoor advertising of alcoholic beverages designed to protect minors also reduce the opportunities for adults to receive...

English as a Foreign Language (EFL) - Definitions

English as a Foreign Language (EFL) - Definitions Definition A traditional term for the use or study of the English language by non-native speakers in countries where English is generally not a local medium of communication. English as a Foreign Language (EFL) corresponds roughly to the Expanding Circle described by linguist Braj Kachru in Standards, Codification and Sociolinguistic Realism: The English Language in the Outer Circle (1985). See examples and observations below. Also see: English as a Second LanguageTop Four ESL WebsitesCommunicative CompetenceContrastive RhetoricEnglish as an Additional LanguageEnglish as a Lingua FrancaEnglish as a Native LanguageEnglish as a Second LanguageGlobal EnglishInner Circle, Outer Circle, Expanding CircleInterlanguageNative SpeakerismNew EnglishesNotes on English as a Global LanguageSecond Language (L2)World English Example and Observations: ESL and EFL instructional approaches differ in significant ways. ESL is based on the premise that English is the language of the community and the school and that students have access to English models. EFL is usually learned in environments where the language of the community and the school is not English. EFL teachers have the difficult task of finding access to and providing English models for their students. . . . As the number of ESL students has increased in schools across North America, more classrooms and school have become more like EFL than ESL environments.(Lee Gunderson, ESL (ELL) Literacy Instruction: A Guidebook to Theory and Practice, 2nd ed. Routledge, 2009)Distinctions Between ESL and EFLAlthough ESL (English as Second Language) and EFL (English as Foreign Language) are often used interchangeably, there are unique differences between the two. . . .ESL countries are nations where the medium of instruction in education and government is in English, although English may not be the native language.On the other hand, EFL countries do not use English as a medium of instruction but English is taught in schools. Malaysia was once considered an ESL country but now leans more towards EFL.The methods and approaches of teaching English as a second language and foreign language do differ greatly.(Christopher Fernandez, Of English Teachers Then and Now. The Star [Malaysia], November 11, 2012)The distinction between second language and foreign language is not, however, a sharp one, and there are cases, like Indonesia, where classification is disputable. Moreover, there is a considerable amount of variation in the roles played by second languages, for example in education, in the fields of discourse used, and in the giving of prestige or power. In India, the medium of instruction in schools was changed from English to the regional languages after Independence, and subsequently there has been a gradual process of Indianization of the universities, which at one time were all English-medium.(Charles Barber, The English Language: A Historical Introduction. Cambridge Univ. Press, 2000)Indonesia, a former Dutch colony, used to emphasize the teaching of Dutch . . .. The movement towards English as a foreign language began at independence, and English is now the main foreign language being learned in Indonesia. English is taught for eight or nine years from primary school (from Grade 4 or 5) through high school (Renandya, 2000). The main objective is to provide reading skills to enable Indonesians to read science-related materials in English.(Maria Lourdes S. Bautista and Andrew B. Gonzalez, Southeast Asian Englishes. The Handbook of World Englishes, ed. by Braj B. Kachru, Yamuna Kachru, and Cecil L. Nelson. Blackwell, 2006)

God's excistance Essay Example | Topics and Well Written Essays - 1250 words

God's excistance - Essay Example The world as we know is full of evils which are rampant and this could not have come from the God that was acclaimed traditionally. Mill believed that though God existed, he was either limited in power or was not entirely benevolent. This means that he purposefully lets the evils that ail society to take place and rids them when he sees necessity or when one seeks intervention2. Emily is a victim of the evil that is rampant in the world. She is haunted and possessed by evil spirits which take control of her after she leaves home for college. The whole idea of God being entirely benevolent is fogged up by the fact that Emily is overcome by the forces which are beyond her control, which are the evil spirits after she chooses to discontinue her medication and rely entirely on her faith in God to help her overcome the evil spirits that taunt her. In the film, Emily is overcome by forces which she cannot control. The forces turn out to be evil spirits. She is initially advised to use medi cation so that she can overcome these evil spirits which seem to be slowly taking control of her. She starts speaking in quire tongues and getting in to a trance where she starts being destructive and her behaviors become shocking. When in the trance, she has a tendency of destroying religious symbols and artifacts, a proof that she is possessed by forces that oppose religion. The whole ordeal begins one night when Emily encounters a strange burning smell which comes from the hall-way in her dorm room. She decides to go and see what is burning and in the process, she notices that the door shuts itself and opens several times. She then goes back to her room and in what seems to be like hallucinations, she sees her jar of pencils move by itself and her bedclothes rolling themselves down. She then experiences a great weight which seems to be pulling her down and at the same time choking her.This prompts her to leave school and go back home. Both her and her parents are now convinced th at she is possessed by demons and the only way that she can be helped is by performing an exorcism on her. The local parish priest, Father Moore, is called to perform the exorcism but unfortunately Emily does not make it out alive. Father Moore is arrested and charged with negligent homicide on Emily’s death. There are good reasons to suppose that Emily is sick and not possessed. After she encounters several more visions after her first, she is hospitalized and after tests, she is diagnosed with epilepsy. She is given medication to counter what is thought to be seizures but the anti-seizure medication is not of help to her. She still encounters her visions and bodily contortions which increase in severity. According to the doctor and the prosecution, Emily’s behaviors can be as a result of psychosis due to the visions that she encounters or epilepsy due to the severe bodily contortions. Another possible argument would be that Emily suffered from schizophrenia and is no t demon possessed. For example, during her exorcism, Emily named 6 demons that had possessed her and this could be a logical base for arguing out that her condition was not spiritual but more of mental illness. The prosecution in the film actually puts up a solid case based on the medical proof that is being suggested. It is also possible for a viewer to argue out that God cannot exist amidst all this evil that is depicted in the