101 Phrases for Teachers to Encourage a Child

10 Chlorine Facts (Cl or Atomic Number 17)

10 Chlorine Facts (Cl or Atomic Number 17) Chlorine (component image Cl) is a component you experience each day and need so as to live. Chlorine is nuclear number 17 with component image Cl. Quick Facts: Chlorine Image: ClAtomic Number: 17Appearance: Greenish-yellow gasAtomic Weight: 35.45Group: Group 17 (Halogen)Period: Period 3Electron Configuration: [Ne] 3s2 3p5Discovery: Carl Wilhelm Scheele (1774) Chlorine Facts Chlorine has a place with the halogen component gathering. It is the second lightest halogen, after fluorine. Like different incandescent lamp, its a very receptive component that promptly frames the - 1 anion. In light of its high reactivity, chlorine is found in mixes. Free chlorine is uncommon however exists as a thick, diatomic gas.Although chlorine mixes have been utilized by man since antiquated occasions, unadulterated chlorine was not delivered (deliberately) until 1774 when Carl Wilhelm Scheele responded magnesium dioxide with spiritus salis (presently known as hydrochloric corrosive) to shape chlorine gas. Scheele didn't perceive this gas as another component, rather trusting it to contain oxygen. It wasnt until 1811 that Sir Humphry Davy decided the gas was, truth be told, a formerly unidentified component. Davy gave chlorine its name.Pure chlorine is a greenish-yellow gas or fluid with a particular smell (like chlorine blanch). The component name originates from its shadi ng. The Greek word chloros implies greenish-yellow.Chlorine is the third most plenteous component in the sea (about 1.9% by mass) and 21st most plentiful component in the Earths outside layer. There is such a great amount of chlorine in the Earths seas that it would weigh 5x more than our current air in the event that it were some way or another abruptly discharged as a gas.Chlorine is basic for living beings. In the human body, its found as the chloride particle, where it controls osmotic weight and pH and helps processing in the stomach. The component is normally gotten by eating salt, which is sodium chloride (NaCl). While its required for endurance, unadulterated chlorine is very harmful. The gas aggravates the respiratory framework, skin, and eyes. Introduction to 1 section for every thousand in air may cause passing. Since numerous family synthetic substances contain chlorine aggravates, its hazardous to blend them in light of the fact that harmful gases might be discharged. Specifically, its imperative to abstain from blending chlorine dye with vinegar, alkali, liquor, or acetone.Because chlorine gas is harmful and in light of the fact that its heavier than air, it was utilized as a compound weapon. The primary use was in 1915 by the Germans in World War I. Afterward, the gas was additionally utilized by the Western Allies. The adequacy of the gas was restricted in light of the fact that its solid smell and unmistakable shading made soldiers aware of its quality. Warriors could shield themselves from the gas by looking for higher ground and breathing through sodden fabric since chlorine breaks up in water. Unadulterated chlorine is acquired essentially by electrolysis of saltwater. Chlorine is utilized to make drinking water safe, for blanching, purification, material preparing, and to make various mixes. The mixes incorporate chlorates, chloroform, engineered elastic, carbon tetrachloride, and polyvinyl chloride. Chlorine mixes are utilized in prescriptions, plastics, sterilizers, bug sprays, food, paint, solvents, and numerous different items. While chlorine is as yet utilized in refrigerants, the quantity of chlorofluorocarbons (CFCs) discharged into nature has significantly declined. These mixes are accepted to have contributed essentially to the demolition of the ozone layer.Natural chlorine comprises of two stable isotopes: chlorine-35 and chlorine-37. Chlorine-35 records for 76% of the characteristic wealth of the component, with chlorine-37 creation up the other 24% of the component. Various radioactive isotopes of chlorine have been produced.The first chain response to be foun d was a concoction response including chlorine, not an atomic response, as you may anticipate. In 1913, Max Bodenstein watched a blend of chlorine gas and hydrogen gas detonated upon introduction to light. Walther Nernst clarified the chain response system for this marvel in 1918. Chlorine is made in stars by means of the oxygen-consuming and silicon-consuming procedures. Sources Greenwood, Norman N.; Earnshaw, Alan (1997). Science of the Elements (second ed.). Butterworth-Heinemann. ISBN 0-08-037941-9.Weast, Robert (1984). CRC, Handbook of Chemistry and Physics. Boca Raton, Florida: Chemical Rubber Company Publishing. pp. E110. ISBN 0-8493-0464-4.Weeks, Mary Elvira (1932). The disclosure of the components. XVII. The halogen family. Diary of Chemical Education. 9 (11): 1915. doi:10.1021/ed009p1915Winder, Chris (2001). The Toxicology of Chlorine. Ecological Research. 85 (2): 105â€14. doi:10.1006/enrs.2000.4110

Giuliani, Rudolph William

Giuliani, Rudolph William Giuliani, Rudolph William jo?o?le-ä ´ne [key], 1944â€", American government official, b. Brooklyn, N.Y. He attended Manhattan College and studied law at New York Univ. In the Justice Dept. as associate deputy attorney general (1975â€"77), associate attorney general (1981â€"83), and U.S. attorney for New York's Southern District (1983â€"89), Giuliani was known for his successful high-profile prosecutions of Mafia bigwigs and Wall Street miscreants. A Republican, he narrowly won the New York City mayoralty in 1993, defeating the incumbent, David Dinkins , who had bested him by a slim margin in 1989. Running largely on a successful reduction in city crime, he won reelection in 1997. In 2000 he was the all-but-announced Republican candidate for the U.S. Senate, running against Hillary Rodham Clinton , but ill health and the breakup of his marriage led him to withdraw. Following the 2001 terrorist attack on the World Trade Center , Giuliani won international regard for his vigor and sensitivity in leading the city as it coped with the disaster. He retired in 2001, having failed in his efforts to suspend term limits and run for a third term; Michael R. Bloomberg succeeded him as mayor. In 2007â€"8, he was an unsuccessful candidate for the Republican presidential nomination. A strident supporter of Donald Trump in the 2016 presidential election, he was touted for a number of cabinet posts after Trump's win, but ultimately (2018) became a member of President Trump's legal team responsible for dealing with the Mueller investigation. See his Leadership (2002); biographies by W. Barrett (2000) and A. Kirtzman (2000); F. Siegel, The Prince of the City (2005); W. Barrett and D. Collins, Grand Illusion: The Untold Story of Rudy Giuliani and 9/11 (2006). The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved. See more Encyclopedia articles on: U.S. History: Biographies

Examination Of The Fourth Amendment - 2339 Words

Examination of the Fourth Amendment The fundamental purpose of the Fourth Amendment in the United States Constitution is to protect every citizen’s right from unreasonable searches and seizures. The Bill of Rights composed of the first 10 amendments states the limits of governmental authority. For instance, the First Amendment guarantees individuals’ natural rights such as freedom of speech, religion, and press. In addition, the Fourth Amendment restricts government intrusions into personal privacy and property. Both the Bill of Rights and the Fourth Amendment emerged from several English political documents such as the Magna Carta, the Petition of Right, and the English Bill of Rights (Bill of Rights - Bill of Rights Institute). Among these documents, the Magna Carta particularly had a major influence on the establishment of the Fourth Amendment. Although the majority of the laws addressed in the document are no longer valid in today’s democratic system, the Mag na Carta was the first written document to guarantee citizens’ rights (Sen). Prior to the American Revolution, the American colonies were not protected from unreasonable infringement. For instance, the British colonists enforced tax measures by general searches, which constituted an unacceptable intrusion (Levy). Although Writs of Assistance were issued by King George to investigate evidence of smuggling by the colonists, they allowed the British agents to enter and search anyone’s property without a specificShow MoreRelatedAn Examination Of Public School Students Fourth Amendment Rights On Campus2286 Words   |  10 Pages Privacy vs. Safety An Examination of Public School Students’ Fourth Amendment Rights on Campus Kathryn Hesse Communication 385 Fall 2014 The Fourth Amendment was written to protect every American’s personal right to privacy by issuing requirement for searches and seizures of one’s person and property. This amendment protects U.S. citizens from having their privacy violated by the government for no reason. According to the Fourth Amendment, â€Å"The right of the people to be secureRead MoreForensic Investigation On The Criminal Justice System1186 Words   |  5 Pagesthere are forensic procedures used to collect and process the forensic evidence from electronic devices. The procedures have to follow the fourth and Fifth Amendment guidelines. In this paper, I will discuss the standard operating procedures for processing the computer forensic evidence as outlined in the case within the provisions of the fourth and fifth amendments. The forensic procedures for collecting evidence from the networked computers, PDAs, Cell phone, and laptops should be practiced withinRead MoreUnited States, Missouri V. Mcneely, 569 U. S1404 Words   |  6 Pages Name and Citation of Case: United States, Missouri v. Mcneely, 569 U. S. (2013) Decision: The Supreme Court attests. The Court noticed that its point of reference requests a case-by-case examination when lower courts figure out if urgent conditions advocated a warrantless pursuit. 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The Court noticed that its point of reference requests a case-by-case examination when lower courts figure out if urgent conditions advocated a warrantless pursuit. In spite of the fact that the State contended that exigency essentially exists in any DWI related blood test given that blood-alcohol content quickly decreases with time, the Court found no argumentation to embrace a per se rule. The Court concurred that essentially postponing a blood test to get a warrant wouldRead MoreProtecting The Citizen For Unreasonable Search And Seizure963 Words   |  4 PagesThe 4th and 5th amendment are protecting the citizen for unreasonable search and seizure. That means, that an investigator needs a search warrant to search and seizure a private property. In some cases the investigator doesn t need a search warrant, but only when an exception to the warrant requirement applies. For instance if a police pull ove r a car because the driver drove to fast and the officer recognize the smell of marihuana out of the car, then he is allowed to search the car without a searchRead MoreWhat Violates The Fourth Amendment?1194 Words   |  5 PagesWhat Violates the Fourth Amendment? â€Å"Unreasonable search and seizures shall not be violated, and no warrants shall issue, but upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.† – Amendment IV The most controversial aspect of the fourth amendment is the debate over what constitutes as a legitimate search. Since the amendment’s addition to the constitution on December 15, 1791, citizens have questionedRead MoreThe Fourth Amendment : Historical Conception, Key Elements, Legalities, And Violations1221 Words   |  5 PagesAbstract The Fourth Amendment has two basic premises. One focuses on the reasonableness of a search and seizure, and the other on warrants. One view is that the two are distinct, while another view is that the second helps explain the first. However, which interpretation is correct is unclear. In addition, law enforcement today differs sharply from the period in which the Constitution s framers lived. During that period, no organized police forces existed that were even remotely like those of todayRead MoreCJA 484 Criminal Law Foundations Evaluation1424 Words   |  6 PagesConstitution is comprised of a set of amendments, which have been written to protect several different rights that as a citizen are protected from false persecution. These constitutional amendments play a large roll, in the manner in which aspects of court procedure handled in both juvenile and adult court systems. The Fourth, Fifth, and Sixth Amendment were evolutionary in an effort to protect the rights of the people of the United States. Authoring the three amendments gave way to an overhaul in theRead MoreInvestigation Of Search And Seizure1025 Words   |  5 Pagescollected for prosecution. That brings us the Fourth Amendment formed in 1971. Which states: The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated. No Warrants shall be issued, but upon Probable Cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized. The Constitution, through the Fourth Amendment, defends people from unreasoning searches

The Act Model Is The Action Or Behavior ( Experiential...

However, it is the action or behavior (experiential avoidance) that leads to the problem. Furthermore, according to the ACT model, when clients try and control these unwanted thoughts and emotions they actually only increase their difficulty (sadness about feeing unwanted or worthless). The ACT model suggests that the very effort to control ones’ emotions and thoughts increases the likelihood of failure and consequently increasing their avoidance. Therefore, according to this model therapist help the client to refocus their efforts. Rather than focusing on escaping their unwanted thoughts and feelings to work towards acceptance. This acceptance could change the clients perpetuating cycle of ruminating on their painful depressive thoughts that they have become fused to. This disruption in their ruminative thought pattern has the potential to allow the client to begin to orient their thoughts through observation and awareness. Moreover, the ACT model then aims to orient the client back to their values and help clients to allow more adaptive responses and thoughts in and reduce their stress and depressive thoughts (Walser, et al., 2015; Walser, Chartier, Sears, 2011). According to the ACT model for depression therapists begin by gathering background information and to understand how the client orients them self, meaning language that they use about themselves and about their suffering. During the beginning phase of treatment clients could be asked to complete a BDI-II. NextShow MoreRelatedAvoidance Of Experiences That May Create Negative Internal Reactions1507 Words   |  7 PagesAvoidance of experiences that may create negative internal reactions is generalized to avoidance of many other activities, restricting the individual’s engagement in valued action and increasing distress. For these reasons, ABBT aims to help individuals modify their relationship with internal experiences, decrease experiential avoidance and increase engagement in valued action. To achieve these objectives, ABBT incorporates mindfulness strategies, cognitive behavioral interventions, ACT and DialecticalRead MoreChild Abuse Prevention and Treatment Act Essay1076 Words   |  5 Pages According to our textbook, Public Law 93-247 which is the Child Abuse Prevention and Treatment Act (CAPTA), came into effect on January 31, 1974. This law is regards to childhood maltreatment. The law implemented the National Center on Child Abuse and Neglect. Central agencies needed to be created in each individual state. The central agencies had to have legal authority to investigate and be able to prosecute cases that involved abuse and neglect. The States also had to develop their own definitionsRead MoreEmotion Focused Therapy ( Eft ) Essay1715 Words   |  7 PagesEmotion-Focused Therapy (EFT) in relation to psychological trauma. After an overview of its history and foundations, we will present its assessment of nature of health, psychological disturbance, and therapeutic change. Furthermore, the treatment model and an evaluation of EFT will be provided. Emotion-Focused Therapy: history and foundations Emotion-Focused Therapy was developed in the early 1980s by Sue Johnson and Leslie Greenberg to provide a clear framework for working with emotion in coupleRead MoreChild Abuse And Its Effects On Children1747 Words   |  7 Pagesless. Family violence was less common and so was substance abuse and both were frequently associated with stepfathers.† The common mental illnesses were psychotic illnesses (paranoid schizophrenia), bipolar disorder, depression, it did not include behaviors like anger or anxiousness. Many people may believe that people are lying about mental illnesses to get out of being in trouble, or people looking down on them. It is the easy way out of getting in trouble by saying that the person was depressedRead MoreIs Relational Frame Theory?1730 Words   |  7 Pagestheories on how we should live our lives, battle disorders of all kinds, and how to fix or solve those disorders. The specific theory that we will be taking a look on is Acceptance and Commitment Therapy or more commonly known in the psychology world as ACT. Like most other theories that take from other theories in its format, this one is no different. Steven C. Hayes is considered and recognized by the psychological community to be the founder of Acceptance and Commitment Therapy. Steven Hayes is knownRead MoreMy Current Therapy Practicum At Hartgrove Hospital3718 Words   |  15 Pagesexposed to Acceptance and Commitment Therapy (ACT) briefly in the past during my classes and during a didactic at practicu m, but I have not done an in-depth examination of how it differs from CBT and what its theoretical and philosophical bases are. I wanted to take this paper as an opportunity to learn more about a therapy that may fit better with how I work with clients and how I view my role as a therapist. An Overview of ACT In the early development of ACT, Hayes and his first doctoral student, ZettleRead More1.Provide A Brief Overview Of Cognitive-Behavioral Therapy1462 Words   |  6 Pagesindividual’s feelings and behavior, while BT is focusing on the external environment that can cause the behaviors, such as a stimulus (Early Grady, 2016). The use of the two therapies together allows the therapist to teach the client how to monitor their negative thoughts (cognitive), while also seeing what may cause them to have these thoughts in the first place (behavioral). CBT benefits the client by assisting in the elimination of maladaptive thoughts and behaviors, which leads to an improvementRead MoreCompare and contrast Acceptance and Commitment Therapy and Solution Focused Brief Therapy3258 Words   |  14 PagesAcceptance and Commitment Therapy While Acceptance and Commitment Therapy (ACT) has been in development since the 1980’s, it has only recently risen to prominence and is sometimes described as a ‘new wave’ therapeutic technique. ACT is a modern behaviour therapy that uses acceptance and mindfulness interventions alongside commitment and behaviour change strategies to enhance psychological flexibility (Sonja, 2011). ACT differs from many modern therapies, in particular its approach to dealing withRead MoreCulturally Adapted Acceptance And Commitment Therapy For Treating Depression Among Latino Adults9015 Words   |  37 PagesDepression 15 Electroconvulsive Therapy 15 Antidepressant Treatment 17 Cognitive Therapy and Cognitive Behavioral Therapy (CBT) 20 Interpersonal Psychotherapy (IPT) 22 Acceptance-Based Behavioral Therapies (ABBT) 23 Dialectical Behavior Therapy (DBT) 25 Acceptance and Commitment Therapy 26 Cultural Considerations in Treatment 29 Cultural Considerations in Treating African Americans 30 Cultural Considerations in Treating Asian Americans 31 Page Cultural ConsiderationsRead MorePersonal Application Assignment3819 Words   |  16 PagesTHE PERSONAL APPLICATION ASSIGNMENT (PAA) A variety of texts and articles over the past few years have argued for the use of an alternative approach to teaching organizational behavior, one that emphasizes experiential learning. This approach emphasizes an existential, emergent view for learning organizational behavior (McMullen, 1979), where the role of the instructor is that of learning facilitator, responsible for designing experiences for students to base learning upon, rather than as teacher

All About Personal Essay Student Samples

All About Personal Essay Student Samples Your life story can likewise be thought to be an amazing topic in writing your private essay. Bridget's essay is quite strong, but there continue to be a couple little things that could be made better. So whether you're writing a brief essay on career targets or a lengthy essay for this matter in every instance you ought to adhere to a set pattern of rules. It's a very long essay on career objectives and aspirations it is possible to write a quick essay on the identical tune too. Essay writing isn't always that easy in fact it can be. Essays, generally speaking, covers different topics. These seven sample essays respond to a selection of thought-provoking questions. Sample essay two sample essay. If you're applying to multiple art schools, it might be tempting to use the identical application or private essay. Many assignments have to be written in the shape of an essay. Resume examples and templates are really helpful, especially when you're writing one of your initial resumes. Get insightful ideas on how to compose a productive college application essay and set yourself apart. The Death of Personal Essay Student Samples When an art school provides the option of submitting a personal statement, it could be tempting for forgo the chance. It's very useful to take writing apart so as to see just the way that it accomplishes its objectives. In order to be a teacher you must attain at least a four year degree and finish a collection of certification tests in the subject of study that you want to teach. Participating in such a huge study from beginning to finish has validated my interest in academic research for a profession. The Personal Essay Student Samples Cover Up W hen you get a compelling topic, choose the major idea that you want to communicate and introduce it using a bang. For u to be an excellent teacher, you've got in order to communicate at any time however you feel or what is happening at home. The author starts with a rather thorough story of an event or description of an individual or place. Explain the auto connection better. You can be requested to compose short and long essay and it is dependent on the frame of mind of your professors or admission cell. In order to be a teacher you must finish a four year degree that normally takes five decades of your life to complete. An excellent teacher to me is somebody who loves their students as a kid. Thus, State University isn't only the ideal location for me, it is the sole spot for me. The One Thing to Do for Personal Essay Student Samples In addition, the college and university students of unique regions of the planet can take Online Essay Writing Serviceseasily with no limit of time. They have to take a lot of seemingly unnecessary classes in college. They should develop values that will be beneficial to the common welfare of society. Every student differs and learns in a variety of ways. What You Need to Know About Personal Essay Student Samples When many schools encourage creativity in regards to crafting your own personal statement, it's importa nt to incorporate best writing practices to guarantee a piece that is simple to read, thorough, and engaging. This study at your university does help me to discover innovative strategies to achieve my targets and to realize my whole potential in every part of my future expert carrier. In addition to its growing cultural and ethnic diversity, State University is turning into a master at developing a niche for each student. Keeping your writing personal and true only increases the passion, something which admissions teams often search for in an art student. This book lets you know how to develop your style and the way to compose any. Fortunately this guide is going to help you score high marks for professionalism. No matter how the organizations official style guide that is known as the publication manual of the american psychological association is utilized by students and professionals in lots of disciplines.

Questions on Financial Management Essay Example

Questions on Financial Management Essay Sensitivity analysis provide information for decision makers to more informed about project sensitivities, to know the room they have for judgemental error and to decide whether they are prepared to accept the risks. During the implementation phase of the investment process the original sensitivity analysis can be used to highlight those factors which have the greatest impact on NPV. Decision makers can draw on key parameters differ significantly from the estimates. For example, this project is highly sensitive to the price of product. $50 of change can make a great impact on NPV. Managers after recognising this from the sensitivity analysis should make some plans to avoid big change of price. From sensitivity analysis of Pentre plc, we can see market size in year 2 to year 5 is more sensitive than market size in year 1. Thus the company should take more efforts to keep and extend its market share from second year. Sensitivity analysis also has many drawbacks. For example, the absence of any formal assignment of probabilities to the variations of the parameters is a potential limitation. Change of government policy, eventuality impact such as SARS. We will write a custom essay sample on Questions on Financial Management specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Questions on Financial Management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Questions on Financial Management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Another criticism is that each variable is changed in isolation while all other factors remain constant. For example, if inflation is higher then both anticipated selling prices and input prices are likely to be raised. b) Merits and Drawbacks of the Use of Internal Rate of Return The Internal Rate of Return (IRR) is the discount rate at which the Net Present Value (NPV) of a project equals zero. The IRR decision rule specifies that all independent projects with an IRR greater than the cost of capital should be accepted. When choosing among mutually exclusive projects, the project with the highest IRR should be selected). IRR method has many advantages that make it one of the most widely used methods for evaluating capital investments. First, the IRR makes an appropriate adjustment for the time value of money. The value of a dollar received in the first year is greater than the value of a dollar received in the second year, and even cash flows that arrive several years in the future receive some weight in the analysis. Second, the hurdle rate itself can be base on market returns obtainable on similar investments. This takes away some of the subjectivity of other analytical methods that must be made when using payback or accounting rate of return, and it allows managers to make explicit, quantitative adjustments for differences in risk across projects. Third, because the answer that comes out of an IRR is a rate of return, it is easy for both financial and nonfinancial managers to grasp intuitively. Fourth, the IRR technique focuses on cash flow rather than on accounting measures of income. Though it represents a substantial improvement over payback or accounting return analysis, the IRR technique has its own set of problems that should analysis. One common problem is the difficulty associated with its calculation. In most circumstances the IRR of a project can only be found by trial-and-error. This is because the number of periods (or cash flows) involved in the project needs to be solved to calculate the IRR. IRR is the discount rate at which the NPV of a projects cash flows in equal to zero. Since zero is a number that lies between a positive number and a negative number, IRR must lie between two discount rates. So we need to guess a starting point to perform the interpolation. The second problem is that the nature of the rule must be modified depending on whether the project under evaluation is an investing project or a financing project (e.g. borrowing money from a bank). In the case of an investment, a corporation will accept a project with a high rate of return. With a financing project, the corporation is looking for the cheapest source of finance. Hence, the decision rule for a project must be modified to take into account whether it is an investment project or a financing project. Another problem with the IRR technique arises from the fact that a rate of return does not take into consideration the size of a project. This is sometimes referred to as the problem of scale. Incorrect investment decisions could be made when applying the IRR rule, because it ignores projects sizes. QUESTION 2: Valuing Shares Year 1 2 3 4 5 Retentions 180.00 148.80 124.99 111.97 116.17 Retention ratio 60% 40% 30% 25% 25% Incremental earnings 72 44.64 31.25 16.80 Incremental earnings ratio 40% 30% 25% 15% Profit 300.00 372.00 416.64 447.89 464.68 Dividend paid 120.00 223.20 291.65 335.92 348.51 g = retention rate * return on investment = 25% * 15% = 3.75% a) i. Dividend model V4 = D5 / (r g) = 348.51 / (15%-3.75%) = 3097.87 V0 = 120*0.8696+223.2*0.7561+291.65*0.6575+335.92*0.5718+3097.87 *0.5718 = 104.35+168.76+191.76+192.08+1771.36 = 2428.31 a) ii. Earnings based model E * 1/15% = 3001/15% = $2000 Vt = 180*0.8696 + 148.8*0.7561 + 124.99*0.6575 + 111.97*0.5718 = 156.53+112.51+82.18+64.03 =$415.25 R5 / (r g) * 0.5718 = 116.17 / (15%-3.75%) * 0.5718 = 590.45 V0 = 2000 + 415.25+ 590.45 = 3005.7 a) iii. Assumptions There are no taxes. The absence of corporate income taxes is assumed. There are no costs of financial distress. For example, there are no transactions costs, and all securities are infinitely divisible. There are no asymmetries of information. It implies that the expected values of the probability distributions of expected operating earnings for all future periods are the same as present operating earnings. The investment and operating policies of the firm are given and investors are assumed to be rational and to behave accordingly. b) Price earnings ratio A price-earning ratio is a commonly used way to simplistically value a company, determine what a companys stock should be worth. It is also known as P/E, is calculated by dividing the companys stock price by the companys earnings per share, or EPS. The P/E ratio gives an indication of how many times shareholders paying for a companys stock compares a companys earnings. P/E ratios can be used to compare against other companies, or against a companys own historical P/E ratio. Investors usually are willing to pay a higher P/E for companies they judge will be growing faster than the norm even though they do not pay those earnings out in dividends but retain them to fund future growth. If that growth is realized, the price of the companys stock usually grows faster than the overall stock price of the slower growth or higher dividend paying company. However, if estimated earnings are not realized or the stock market itself loses favor with the investor, such as higher interest rates attracting investment capital, the downside potential is greater as well. The risk is not just the ability of the company to create profits, but the investment risk in the higher price you paid relative to earnings. OSIM International LTD FY2003 Dec FY2002 Dec FY2001 Dec FY2000 Dec Adjusted EPS (Earnings/Current no. of Shares) $0.05387 $0.03836 $0.02997 $0.02113 P/E Ratio (Current price/Adjusted EPS) 18.93 26.59 34.03 48.27 http://www.listedcompany.com/ir/osim/web/stock.cgi OSIM is a global leader in healthy lifestyle products. It is the leading Asian brand for healthy lifestyle products. OSIMs P/E ratio decreased in the four years though the EPS increased rapidly. This means investors predict companys future isnt as good as former years. The price is going down, but the risk is lower than before. However, this is also a good growth stock for those who can buy and hold for further growth including bonus issues which the company had given every few years because healthy lifestyle products has a good outlook in the future. Brilliant Manufacturing Limited. FY2003 Sept FY2002 Sept FY2001 Sept FY2000 Sept Adjusted EPS (Earnings/Current no. of Shares) $0.04622 $0.01526 $0.00350 0.01327 P/E Ratio (Current price/Adjusted EPS) 12.98 39.32 171.43 45.21 http://www.listedcompany.com/ir/brilliant/web/stock.cgi? Brilliant Manufacturing produces precision machining of 5.25 floppy disk drive aluminium housing for Tandon in Singapore. After the acquisition of Tandon by Western Digital, The Company grew substantially from servicing Western Digital to other valued customers in the Hard Disk Drive (HDD) sector. P/E ratio decreased rapidly from 2002, this is because the boom of computer and internet industry in 2001. Stepped to 2003, due to the down results for the financial year, P/E ratio dropped quickly from 39 to 13 but the earnings also increased almost 4 times last year. That means the investment is worth and the company is still earning profits. Giant Wireless Technology FY2004 Mar FY2003 Mar FY2002 Mar FY2001 Mar Adjusted EPS (Earnings/Current no. of Shares) $0.02283 $0.02825 $0.02638 $0.02751 P/E Ratio (Current price/Adjusted EPS) 14.89 12.04 12.89 12.36 http://www.listedcompany.com/ir/giant/web/stock.cgi? Since commencing its operations in 1988, Giant Wireless Technology has grown to become a leading developer and manufacturer of wireless telecommunications solutions and electronics products for the U.S., Europe and China markets. Though the EPS decreased from FY2003 to FY2004, the P/E ratio increased 2 percent. This means investors give a high prediction to company. They willing to pay a higher P/E for company, judge company will be growing faster than the norm even though they do not pay those earnings out in dividends but retain them to fund future growth. If that growth is realized, the price of the companys stock usually grows faster than the overall stock price of the slower growth or higher dividend paying company. QUESTION 3: Financing Decisions a)i. earning per share Current Proposed Assets Debt (9%) Equity Market Value/Share Shares outstanding EBIT Interest Tax (30%) Return on equity(Earnings after Interest ;Tax) $1680m 0 $1680m $4 420m $300m 0 $90m $210m $1680m $600m $1080m $4 270m $300m $54m $73.8m $172.2m Earning per share(EPS) $0.5 $0.64 a)ii. Level of earning at which EPS will be same Current Proposed Assets Debt (9%) Equity Market Value/Share Shares outstanding EBIT Interest Tax (30%) Return on equity(Earnings after Interest ;Tax) $1680m 0 $1680m $4 420m 0 EBIT*30% ? $1680m $600m $1080m $4 270m $54m (EBIT-54)*30% ? Earning per share(EPS) $0.5 $0.5 EBIT 0 EBIT*30% = EBIT 54 (EBIT-54)*30% 420 270 EBIT = 151.2 b) Discuss some of the factors that are likely to limit the amount of debt that a company is likely to want to employ in its financing. Company is financed by ordinary shares (equity) or debt. Generally, debt has a cheaper direct cost than equity. There are two distinct reasons for this: ; Debt has low risk results in a low required return. Thus, company can reduce the cost of financing. ; Interest can be paid before taxation, whereas dividends are not. However, borrowing isnt perfect. To determining how much debt to use, corporate should first consider taxes. The government allow corporations to deduct interest payments from income before taxation, this essentially subsidizes dollar paid in interest. But any borrowing at all will cause the cost of equity capital to rise, offsetting the cheap direct cost of debt. Financial distress may also keep firms from loading up on debt. Explicit financial distress costs include the payments made to lawyers, accountants, and so on. they reduce the cash flows that will eventually be paid to the bondholders and stockholders. Clearly, investors would prefer that firms stay out of financial distress so that these losses are not incurred. Corporations must also consider the indirect costs of bankruptcy. As the firm takes on more and more debt, the probability of bankruptcy increases. This cause the firm will not be able to meet interest payments in any given year and will be forced into default goes up as the amount of debt and corresponding interest increases. It includes the costs of low inventories, higher costs of inputs from suppliers who fear the company might not pay its bills next month, and the loss of customers who desire a long-term relationship with the firm. These costs prevent firms from maintaining exceptionally high levels of debt. A fourth factor limiting the use of debt is desire for control by current shareholders. MM theory in a 1976 article, noted differences between the firm that is 100 percent manager owned and one where the equity is owned partially by managers and partially by outsiders. The managers should run the firm to maximize its value. But managers may not implement their decisions because of the control of shareholders. On the other hand, debtors cannot control the firms management that is advantaged. Availability of assets for pledge also limits the use of debt. In order to ensure its security of loan, bank always acquires pledges from the company and this kind of pledges should be easy to be realized. If the company lack of assets that can be used as pledges, it must be difficult to raise money as debt. When a company starts to borrow, the advantages always go with the disadvantages. In order to minimize the cost of capital and maximize the earning, company should consider above-mentioned factors carefully to gain benefits from financial leverage. c) Dividend Payment Policies 1. residual dividend pay dividend only if more earnings available than are needed to support optimal capital budget NTUC Income Shares 1999 ; 2000 6% each year 2001 5% 2002 3.5% 2003 5% Its dividend policy is to reward shareholders for investment earnings on their capital, which is used to back our business. Dividends are declared on all shares held during the financial year and are based on their business performance during the year. It is declared at the Annual General Meeting and is credited directly to your bank account. Dividend is payable in full on shares held for a duration of 12 calendar months during the financial year and on a pro-rated basis on shares held for less than 12 months. http://www.google.com.sg/search?q=cache:XweOBesthMcJ:incnet.income.com.sg/uishare/main.aspx+dividend+policy;hl=en 2. stable growth rate set target growth rate for dividend and strives to increase dividend by that amount every year ACOM CO., LTD. (Tokyo Stock Exchange) ACOMs dividend policy is to provide shareholders with stable dividend growth. Dividends for the fiscal year under review included an amount equivalent to the commemorative dividends paid last year in the interim and year-end dividends as well as a à ¯Ã‚ ¿Ã‚ ½5.00 per share increase in the term-end dividend, to à ¯Ã‚ ¿Ã‚ ½22.50. Consequently, the total year dividend for fiscal 1998 was à ¯Ã‚ ¿Ã‚ ½40.00 per share, a rise of à ¯Ã‚ ¿Ã‚ ½5.00 from the previous year. This represents a payout ratio of 13.3% and a 2.0% dividend on equity. www.c-direct.ne.jp/english/ divide/10108572/8572_98/8572e_02.pdf 3. Constant payout pay certain amount of earnings as dividends (or pay a constant $ amount each year). Neptune Orient Lines (NOL) NOL is a global transportation company, with core businesses involved in container transportation and supply chain management. NOL intends to maintain an annual dividend of 8 Singapore cents per share net, or a full year dividend payout of 20% of net profits, whichever is higher. In line with this policy, the Board of Directors has declared an interim dividend of 7 Singapore cents per share net (8.75 cents gross). This dividend is issued out of existing Section 44 tax credits and is payable on 30 August 2004. http://www.nol.com.sg/newsroom/04news/040727.html 4. low regular dividend plus extra pay a low regular dividend and an extra at the end of the year (depending on the earnings performance that year) SINGAPORE Exchange (SGX) July 30, 2004 SGX proposed a final dividend of 4.075 cents per share and a special dividend of 6.5 cents, bringing the total payout for FY04 to 13.5 cents per share. It paid 40.5 cents per share in dividends last year, including a special 34-cent dividend from the liquidation of assets. http://business-times.asia1.com/story/0,4567,124036,00.html