From The Earth To The Moon Essays (341 words) - Moon In Fiction

From The Earth To the Moon From the earth to the moon and around the moon by Jules Verne, a book about how he foresaw man reaching the moon. Through the infamous Gun Club which was nothing more than a group of disfigured and excitable old war veterans. Since there was no war, they needed to create some grand project as an outlet for their destructive energy. Illustrated in many of the attitudes of the Gun Club members was how they feared no obstacle and were confident that American resourcefulness would conquer all of their obstacles. One of the ways that they vented their destructive power was to build a projectile-vehicle to voyage around the moon and back. The members of the gun club were determined to build the vehicle that will bring them around the moon. They chose a crew of 3 to voyage on the projectile-vehicle, Michel Arden, President Barbicane, and Captain Nicholl. They all successfully made it around the moon but on the way back they had a little trouble and on re-entry to earth they didn't land quite were they wanted to. They ended up in the Mid-Pacific Ocean. The other members used all the latest equipment that was used to put the transatlantic cable in the Atlantic Ocean to get them out. At the end of the book after it kind of leaves you with a little of Jules Verne's food for thought, he asks if they would ever be able to colonize the moon, and move on colonizing planet after planet. Even then back 200 years we still have the dream of colonizing other planets and also our own moon. This book was exciting and captivating all at once. The book was exciting because you never knew what was going to happen. The book was captivating because you wanted to know what was going to happen. Both of them came from when they were at the bottom of the Pacific Ocean and you weren't sure if The Gun Club was going to have enough influence to get them out of the ocean alive because they were running out of air.

Civil Engineering Pesonal Statement Essay Example

Civil Engineering Pesonal Statement Essay Example Civil Engineering Pesonal Statement Essay Civil Engineering Pesonal Statement Essay It was this quotation mark by Theodore von Karman in my high school natural philosophies book that sparked my involvement in technology. Engineering allows for the designing and constructing of constructions that most people could merely woolgather of but they could non populate without. From Bridgess crossing oceans to link states to unreal islands on which edifice composites can supply lodging for 1000s of people. This impression is what made me desire to go an applied scientist. I have ever been interested mathematics and scientific discipline since grade school. but it was in high school that my wonder flourished when I joined an technology plan. There I learned about the different Fieldss like electrical. structural. and robotics. But it was civil technology that I pursued. Something that became apparent when we were given the opportunity to construct Bridgess from balsa wood which strengths would subsequently be tested. Although my span was non the strongest. it was in the top five and the most aesthetically delighting out of the 20 bridges that participated. That experience was adequate to do me make up ones mind to prosecute a calling in civil technology. Subsequently when I entered college and began to take classs working towards my grade. I learned more about emerging new engineerings which could profit both the people and the planet likewise. I am concerned about environmental issues which our universe is presently confronting and hope to utilize technology to decide these jobs while besides bettering people’s lives. My mathematical accomplishments besides developed and I relish the chance of utilizing these mathematical techniques to work out real-life jobs. Analyzing farther mathematics has proved more demanding than I anticipated. but I have found the excess challenge really honoring. Furthermore. it has shown me the extent to which mathematics is finally present in every facet of our lives. I am involved in extracurricular activities. In 2010 I joined Sigma Alpha Lambda a national leading and awards organisation and their local chapter. With them I have participated in Relay for Life and Food Fight Against Hunger. Two national enterprises aimed at fund-raising and conveying consciousness to malignant neoplastic disease and hungriness severally. For Relay for Life I helped to adorn our squad campground harmonizing to the subject that twelvemonth and for Food Fight Against Hunger I helped roll up can foods every bit good as pecuniary contributions. Outside of school I am besides involved in my church. There I serve as a Sabbath School instructor for kids in pre-K and kindergarten and as a general voluntary. My duties range from assisting the kids learn vocals to assisting form a blood thrust. but besides as a fold we go visit aged folks in a retirement place and voluntary at a shelter to feed the homeless on a monthly footing. Engineering offers us the opportunity to do the universe a better. safer and more exciting topographic point ; this is what attracts me to the topic. I am confident that the challenges offered by civil technology entreaty to me and will animate me to make great things. Engineering has ever been cardinal in developing the universe and is a field in which I would love to be involved.

Designing Documents and Interfaces Essay Example | Topics and Well Written Essays - 250 words

Designing Documents and Interfaces - Essay Example User guides mostly contain a lot of written information on a step by step basis on the procedure of using the products. Children below the age of six also tend to comprehend information conveyed through drawings and illustrations. Therefore I added in procedures that are illustrated in form of pictures showing what should be done within the user guide. They could also have pop-up pictures in order to draw in the attention of the children. I also added games in the user guide whereby I put them within the steps in the user guide in order to ensure the attention of the child is not lost as he or she goes over the guide manual.  The changes in the rhetorical situation led to alterations in the design of the user guide manual due to the fact that I made the user guide more colorful and added more pictures to the user guide and also changed the shape of the user guide manual to shapes that would appeal to children. I believe these changes were effective due to the fact that Children bel ow the age of 6 years would be more drawn in by illustrations and

Biology Research Paper Example | Topics and Well Written Essays - 500 words

Biology - Research Paper Example The genetic component occurs because of the combined effect of mutated genes. The environmental factor is the lack of vitamins particularly folate during early pregnancy. Checkpoints in a cell cycle are meant for the regulation for the proliferation of the cells. These checkpoints are basically present in the G1 and S phase of the cell cycle. The role of these checkpoints is to check for any DNA damage or other problem in the cell before proceeding in to the cell cycle. The reason behind this is to either correct the DNA damage or if it cannot be repaired to move the cell towards apoptosis. The tumor suppressor genes code for proteins which are involved in the repair of the damaged DNA in the cell cycle and initiation of apoptosis if the damaged DNA cannot be repaired to prevent the formation of abnormal cells. The proto-oncogenes act by stimulating the cell cycle by the formation of transcriptions factors which are responsible for the function of genes and by forming signal transducers which are responsible for the stimulus responsible for the initiation of the cell cycle. Signal transduction is involved in the passing of signals to the nucleus of the cell for essential processes which include replication and transcription. Signal transduction occurs by the binding of a molecule to a receptor which may be located on the cell membrane or within the cell. This molecule carries signals and activates the receptor and brings about changes in the cell by sending signals which may lead to transcription. Increased signal transduction can result from mutations in genes that code for systems involved in carrying out signal transduction. This can lead to cancer because if signal transduction increases, the cells replicate and transcribe at a higher rate and are not under the normal regulatory control. Children suffering from Down syndrome have very high chances of developing leukemia. Also patients who have leukemia along with Down syndrome have a

Macroeconomics Essay Example | Topics and Well Written Essays - 750 words

Macroeconomics - Essay Example Briefly identify and explain three methods intended to encourage economic growth for the typical firm in Hong Kong. Currently, various methods are being enacted by the government to encourage economic growth of the. These include: Adoption of free trading market policies Free markets have increased exports resulting in an increased revenue and surplus trading balance that increases the GDP, overall. Modern technological & labor advancement Boosting the technological sector has not only resulted in grooming of Hong Kong as a financial hub but has also increased the quality & quantity of production which has upgraded the manufacturing sector. Increased adoption of technology has improved the performance of labor, considerably. Adapting limited taxation strategy to attract Foreign Direct Investment Limited-tax policies, upgraded infrastructure and lenient incorporation procedures has played a major role in attracting Foreign Direct Investment. This capital inflow has not only increased revenue but has also decreased the unemployment level. Foreign Direct Investment is a major contributor to economy’s growth. ... ic growth is encoraged by productivity promotion, in accordance with the supply side of the economy, then there will be an increase in aggregerate supply as well as aggregerate demand resulting in a non-inflationary growth. Briefly describe Singapore’s economy (background, GDP, growth rate, etc.) Singapore is an open, trade-oriented economy which has a corruption-free government, skilled work-force, highly developed infrastructure with a good manufacturing sector mainly lead by electronics and biomedical manufacturing industries. GDP (2009): $182.23 billion GDP real growth rate (according to IMF 2009): negative 1.3% GDP real growth rate (according to CIA world of fact book 2010): 14.6% Per capita GDP (2009): $36,537 In 2009, the manufacturing sector with 26.3% and services sector with 69.1% has boosted Singapore’s economy. Briefly identify and explain three methods intended to encourage economic growth for the typical firm in Singapore. Following are few different metho d being used, to increase the economic growth for a typical firm in Singapore. Shifting towards service oriented economy Growth in the service sector increases the growth of overall economy. Financial services facilitates investment while telecommunications and power generation services helps to run a successful market economy. Birth of efficient-markets Establishment of efficeint markets, where prices are determined by supply and demand with few restrictions on trading of goods and services and adoption of free trade has increased healty competition, resulting in significant increase in exports and surplus balance of trade which ultimately boosts the economic growth. Approbation & implementation of business friendly policies Singapore Government has adapted business friendly policieswith a

Working Capital Versus Capital Expenditure Management Finance Essay

Working Capital Versus Capital Expenditure Management Finance Essay The purpose of this research is to investigate the impact of firms capital expenditure on their working capital management. Net Liquidity Balance and Working Capital Requirement for determination of working capital requirement and developed multiple regression models. The empirical research found that organisations capital expenditure has a significant impact on working capital management. The study also found that the firms operating cash flow, which was recognized as a control variable, has a significant relationship with working capital management. Capital forecasting in a downturn environment where change is rapid. Incorporating dynamic forecasting to measure the impact of key uncertainties and risks on the portfolio of projects is crucial. The findings increase the knowledge base of working capital management and will help companies manage working capital efficiently in growing conditions associated with capital expenditure. 1.1 Working capital for accountants, investors and managers is the short-term health of a company. Working capital equals current assets minus current liabilities. Current accounts are accounts that the company collects or are due in the next year. Making a capital expenditure will have several effects on the companys working capital, depending on the transaction. However, in certain cases, there may be no impact; it is important to understand why. Corporate finance basically deals with three decisions: A) capital structure decisions, B) capital budgeting decisions, and C) working capital management decisions. Working capital management is a very important component of corporate finance since it affects the profitability and liquidity of a company. It deals with current assets and current liabilities. The decision-making process on the level of different working capital components has become frequent, repetitive, and time-consuming. Working capital management is recognized as an important concern of the financial manager due to many reasons. For one thing, a typical manufacturing firms current assets account for over half of its total assets. For a distribution company, they account for even more. The maintenance of excessive levels of current assets can easily result in a substandard return on a firms investment. However, firms with inadequate levels of current assets may incur shortages and have difficulties in smoothly maintaining day-to-day operations. Efficient working capital management involves planning and controlling current assets and current liabilities in a manner that eliminates the risk of inability to meet due short term obligations on one hand and avoids excessive investment in these assets on the other hand. Capital forecasting in a downturn environment where change is rapid. Incorporating dynamic forecasting to measure the impact of key uncertainties and risks on the portfolio of projects is crucial. Analyzing and quantifying the impact of risks and delays at project and portfolio level. Governance and control over capital expenditures, Portfolio prioritization. Determining the optimal decision making level for capital allocation decision (corporate level vs business unit level vs hybrid model). 1.2 Working Capital Estimates The analysis includes estimates of all investments required for a project. The project may require increases (or decreases) in cash, accounts receivable, accounts payable, or inventory. 2.1 Capital expenditure Whenever we make an expenditure that generates a cash flow benefit for more than one year, this is a capital expenditure. Examples include the purchase of new equipment, expansion of production facilities, buying another company, acquiring new technologies, launching a research development program, etc., etc., etc. Capital expenditures often involve large cash outlays with major implications on the future values of the company. Additionally, once we commit to making a capital expenditure it is sometimes difficult to back-out. It has been found that managers spend a considerable time on day-today working of capital decisions since current assets are short-lived investments that are continually being converted into other asset types (Rao, 1989). In the case of current liabilities, the firm is responsible for paying obligations mentioned under current liabilities on a timely basis. Liquidity for the on-going firm is reliant, rather, on the operating cash flows generated by the firms assets. Corporations are looking for new ways to stimulate growth, improve financial performance, and reduce risk in todays challenging economic climate. Funds tied up in working capital can be seen as hidden reserves that can be used to fund growth strategies, such as capital expansion. Cash flows locked in stock and receivables can be freed up by understanding the determinants of working capital. Many organizations that have earned profits over the years have shown the efficient management of working capital (WCM). Broadly, industry characteristics, firm-specific characteristics, and the financial environment are recognized as determining factors of both capital expenditure and working capital. In addition to the growth, leverage, and the size of a company, type, and size of expenditures, such as finance and operating and capital expenditures, have different impacts on capital expenditure and working capital. 2.2 Portfolio Approach in Capital Budgeting Portfolio approach to achieve capital efficiency and organisational alignment can yield immediate positive cash-flow results for companies. Typically companies view capital expenditures through a cost and benefits filter that focuses largely on ROI and IRR type measures. Whilst these measures are relevant, companies that do so often do not necessarily link these to the strategy of the company. They also do not prioritise capital expenditures in terms of their effect on strategy and shareholder value. We believe that by using a portfolio approach companies could: à ¢Ã¢â€š ¬Ã‚ ¢ Increase returns on invested capital by understanding which projects contribute most to shareholder value and lie on the project efficiency frontier à ¢Ã¢â€š ¬Ã‚ ¢ Have a holistic portfolio view of the return of the capital of the entire company à ¢Ã¢â€š ¬Ã‚ ¢ Improve the strategic and organizational alignment of projects à ¢Ã¢â€š ¬Ã‚ ¢ Make informed decisions on where to invest scarce cash resources. 2.3 Capital Budgeting Decisions: Stage 1: Decision Analysis Decision-making is increasingly more complex today because of uncertainty. Additionally, most capital projects will involve numerous variables and possible outcomes. For example, estimating cash flows associated with a project involves working capital requirements, project risk, tax considerations, expected rates of inflation, and disposal values. We have to understand existing markets to forecast project revenues, assess competitive impacts of the project, and determine the life cycle of the project. If our capital project involves production, we have to understand operating costs, additional overheads, capacity utilization, and start-up costs. Consequently, we can not manage capital projects by simply looking at the numbers; i.e. discounted cash flows. We must look at the entire decision and assess all relevant variables and outcomes within an analytical hierarchy. This analytical hierarchy is known as the Multiple Attribute Decision Model (MADM). Multiple attributes are involved in capital projects and each determinant in the decision needs to be weighed differently and their relationship with each other determined. Several techniques are available to arrive at a financial decision regarding a capital expenditure project. These include: the net present value method. This method discounts all cash flows to the present using a predetermined minimum acceptable rate of return as the discount rate. If the net present value is positive, the financial return on the project is greater than this minimum acceptable rate and indicates the project is economically acceptable. If the net present value is negative, the project is not acceptable on economic grounds. the internal rate of return method. The internal rate of return is defined as the discount rate that makes the net present value of a project equal to zero. It is the highest rate of interest that a company could incur to obtain funds without losing money on the project. the equivalent annual cost method. When considering alternative proposals, it may be that only costs are involved. In such situations, a choice of alternatives can be made by determining which has the lowest equivalent annual cost. Under this method, capital expenditures are converted to their equivalent annual cost and added to the annual operating costs. Equivalent annual cost is the annual amount that would repay the capital over the life of the project at a specified discount rate. It is similar to an annual, level repayment schedule for a mortgage. The alternative with the lowest total cost would be the most attractive (ignoring intangibles). the payback method. This method estimates the time taken to recover the original investment outlay. The estimated net cash flows from a proposal for each year are added until they total the original investment. The time required to recoup the investment is called the payback period. Projects with a shorter payback period are preferred to those with longer periods. the discounted payback method. The discounted payback period is the number of years for which cash inflows are required to (a) recover the amount of the investment and also (b) earn the required rate of return on the investment during that period. In this method, each years cash inflow is discounted at the required rate of return, and these present values are cumulated by year until, their sum equals, the amount invested. Projects with a shorter discounted payback period are preferable to those with longer periods. the accounting rate of return method. The accounting rate of return is a measure of the average annual income after tax over the life of a project divided by the initial investment or the average investment required to generate the income. It is important to note that this method assesses net income and not cash flows which are used in the other methods. Stage 2: Option pricing In financial management, consideration of options within capital budgeting is called contingent claims analysis or option pricing. For example, suppose you have a choice between two boiler units for your factory. Boiler A uses oil and Boiler B can use either oil or natural gas. Based on traditional approaches to capital budgeting, the least costs boiler was selected for purchase, namely Boiler A. However, if we consider option pricing Boiler B may be the best choice because we have a choice or option on what fuel we can use. Suppose we expect rising oil prices in the next five years. This will result in higher operating costs for Boiler A, but Boiler B can switch to a second fuel to better control operating costs. Consequently, we want to assess the options of capital projects. Stage3: Discounted Cash Flow (DCF) Discounting refers to taking a future amount and finding its value today. Future values differ from present values because of the time value of money. Financial management recognizes the time value of money because: Inflation reduces values over time; i.e. Rs.1, 000 today will have less value five years from now due to rising prices (inflation). Uncertainty in the future; i.e. we think we will receive Rs. 1,000 five years from now, but a lot can happen over the next five years. Opportunity Costs of money; Rs. 1,000 today is worth more to us than five years from now because we can invest Rs 1,000 today and earn a return. 3.1 Quantitative Analysis and Estimates : The foundations for good capital planning are reliable forecasts of the following parameters like competitive technology, marketing opportunities, likely actions by competitors and governments, sales volumes, selling prices, operating costs, changes in working capital, taxes payable and capital costs of equipment. Effective management of capital expenditure decisions, therefore, requires that controls be designed and operated to ensure that projections are realistic at the time decisions are made. Reliable estimates and forecasts are vital to the capital investment decision. The degree of precision necessary for the estimates related to the capital expenditure decision depends on: the stage of evaluation of the project (i.e., in early stages less precision is needed), the sensitivity of the projects economics to the level of accuracy and timing of each of the elements within the estimates, and the similarity of the project to others already undertaken. 3.2 Planning Horizon of a project: It is often difficult to estimate the life of a project (i.e., its planning horizon). The criterion is the continued ability to generate satisfactory cash flows or other intangible benefits. The economic life of a project is the lesser of its physical life, technological life or product-market life. Physical Life of Project Technical life of the Project Market life of the product to be manufactured depends upon: Detailed Market Research/Study Competitive Factors Price Estimation and Determination Organisation Market Position Maintenance Property related costs Depreciation Plant Administration, Service Department Costs 4.1 Research Objectives Overall objective. The overall objective of this research study is to investigate capital expenditure on a project and consequently working capital requirement and there relationship. Working capital measured in terms of net liquidity balance and working capital requirement (WCR). Specific objectives. are to à ¢Ã¢â€š ¬Ã‚ ¢ Investigate whether there is a relationship and type of relationship between capital expenditure and the firms working capital (W.C.). à ¢Ã¢â€š ¬Ã‚ ¢ Describe the relationship between the nature of expenditure and the working capital. To investigate the impact of different factors affecting the working capital on net liquidity balance and working capital requirement. à ¢Ã¢â€š ¬Ã‚ ¢ Investigate the existing literature on working capital management to highlight the recent trends. à ¢Ã¢â€š ¬Ã‚ ¢ Understand the applicability of NLB and WCR as a measure of working capital management. à ¢Ã¢â€š ¬Ã‚ ¢ Investigate the relationship between corporate performance and working capital management. 4.2 Literature Review The chief financial officers of most companies spend most of their time and effort on day-today working capital management. Still, due to the inability of financial managers to properly plan and control the current assets and current liabilities of their companies, the failure of a large number of businesses can be attributed to the inefficient working capital management. Working capital is the most crucial input and the success or failure of an organization can be rightly attributed to the quality and efficiency in the management of working capital (WC) or net current assets (NCA). Account receivable management models and inventory management models were used in approximately 65 % of companies. The management of the working capital, stresses the need for the development of a viable system with the dual finance goals of profitability and liquidity, only such models will assist practicing financial managers in their day-to-day decision-making. Over the years, many researchers have focused on determining the optimal level of each component of working capital. It was found that the working capital literature is rather limited and that the management of short term resources is not understood too well. Thus, the consensus in academia seems to recognize the paucity of theory concerning the management of financial resources due to the inherent difficulties in the development of a working capital decision model, while accepting the normative needs for a more critical examination. The tendency of firms with low levels of current ratios to have low levels of current liabilities. 5.1 Methodology The purpose of this paper is to contribute to a very important aspect of financial management known as working capital management. The study will show the relationship of capital expenditure on firms working capital management and its impact. This chapter of the research deals with the analytical framework of data analysis, which describes the firms and variables included in the study, the distribution patterns of data, and applied statistical techniques in investigating the relationship between working capital management and capital expenditure. 6.1 Data Collection Since the study is based on financial data, the main source of data was financial statements, such as income statements, balance sheets, and cash flow statements of listed companies for the period from 2000 to 2005. The reason for restricting the time period to six years was that the latest data for the study was available for these years. In addition, annual reports of companies have been used in order to understand the company back ground and industry. 6.2 Sample Selection The study uses secondary data of listed companies in the stock exchange. Companies with missing data are excluded from the study. The study also excludes the financial and securities sector companies, as their financial characteristics and use of leverage are substantially different from other manufacturing companies. The working capital requirements and capital expenditure of a manufacturing organization is widely different from trading, financial and securities sector companies. 6.3 Variables In addition to identifying capital expenditure, the study undertakes the issue of identifying all factors that affect the working capital management. Most of the determinants identified in the investigation have been taken from the existing literature on working capital management. The study takes into account of all the variables discussed below. Variables, which include dependent, independent, and control variables, have been used to investigate the test hypothesis. 6.4 Independent Variables Capital expenditure (CAPEX) is identified as one of the independent variables and includes expenditures incurred by firms for acquisition and upgrading/renovating physical assets, such as land, buildings, machinery, vehicles, and equipments. Capital expenditures are added to assets account and depreciated against profits over their economic life as Deferred Revenue expenditure( DEFEREX). Capital expenditure is incurred by a company when buying new, fixed assets or in adding value to existing assets to increase their economic lives. Capital expenditure includes buying the value of assets, carriage inwards, insurance, legal costs, and all costs needed for acquiring assets ready for use. Managers pay careful attention to capital expenditure decisions, since they are very costly and irreversible. Operating expenditure (OPEX) is the cost of ongoing operations, product or system. Unlike CAPEX, firms meet OPEX continuously. Operating expenditures are written off against profit for the period. They are Revenue expenditure (REVEX) which includes salaries, wages and facilities expenses, such as rent, rates, electricity, etc. Finance expenditure (FIEX) is cost incurred on debt capital. Interest incurred on debentures, bank loan and other long term liabilities are recognized as finance expenditures. 6.5 Dependent Variables NLB = (cash and cash equivalents + short-term investment) (short-term debt + commercial paper payable + long-term debt a year term). These are considerations of the financial decisions of a company, regardless of the operation cycle. Thus, it is called as net liquid balance. WCR = (accounts receivable + inventories) (accounts payable + accrued expenses +other payable), which relate to the working cycle and are called working capital requirements. 6.6 Control Variables In addition, firms operating cash flow (OPCASH), extracted cash flow statement, growth (GRO) of the firm measured by sales, leverage measured by total long-term debt capital and divided by equity (D/E). All the above variables have relationships that affect working capital management. These relationships might vary over variables, companies and industries based on business strategy, economic environment, and financial environment. 7.1 Hypotheses Development Working capital management is traditionally rated by current ratio, quick ratio, and net working capital. According to Shulman and Cox (1985), these traditional ratios dont consider the going concern of the company and net working capital does not measure the correct value of liquidity. They classify net working capital into working capital requirement (WCR) and net liquidity balance (NLB) in order to predict the financial crisis of a company. WCR is measured in order to evaluate the management of working capital, and NLB is considered with the capability of raising and allocating capital respectively. NLB is better than traditional indicators in terms of predicting crisis and liquidity of a company. The basic purpose of this study on working capital management to evaluate the impact of capital expenditure on working capital. Thus, this study will categorize expenditure of a firm into three types: a) Operating expenditure, b) Capital (investment) expenditure, and c) Finance expenditure. However, except capital expenditure, operating and finance expenditures will be considered on accrual basis, not on the cash basis, because incurred expenditure will determine working capital management of the company. When a company has growth opportunities, it needs to acquire fixed assts (pay capital expenditure) relevant to future growth plans. Thus, incurred or expected capital expenditure is positively correlated with NLB. With growth opportunity, a company can increase the holding cash, since it manages working capital efficiently. Under such circumstances, terms to pay operation-related liabilities are lengthened and operation-related receivables can be accelerated in collection, causing less demand on working capital. Expected capital expenditure is negatively related to WCR, and firms with a higher growth rate pay more attention on the management of capital expenditure. Hypotheses A- Capital expenditure is positively related to NLB Hypotheses B- Capital expenditure is negatively related to WCR 8.1 Model Specification This study uses panel data regression analysis of cross-sectional in order to test the hypothesis. A use the pooled regression type of panel data analysis. The pooled regression, which is also called the constant coefficients model, is one in which both intercepts and slopes are constant, where the cross section from a data and time series data are pooled together in a single column, assuming that there are no significant cross section or temporal effects. The general forms of our models are:t NLB Decrease in WCR H1a= NLBit = ÃŽÂ ²0 + ÃŽÂ £ ÃŽÂ ² X + ÃŽÂ µ (1) H1b= WCRit = ÃŽÂ ²0 + ÃŽÂ £ ÃŽÂ ² X + ÃŽÂ µ (2) WCR: working capital requirement of firm I at time t; i = 1, 2,à ¢Ã¢â€š ¬Ã‚ ¦..no. of firms NLB it: net liquidity balance of firm i at time t; i = 1, 2,à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦.no. of firms ÃŽÂ ²0: the intercept of equation ÃŽÂ ²i: coefficients of X it variables X it: the different independent variables for working capital management of firm i at time t t: time = 1, 2,à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦,6 years. ÃŽÂ µ: the error term Specifically, when I convert the above general least squares model into my specified NLBi = ÃŽÂ ² OPEXi + ÃŽÂ ² FIEXi + ÃŽÂ ² CAEXi + ÃŽÂ ² M/Bi+ ÃŽÂ ² Gti + ÃŽÂ ² D/Ei + ÃŽÂ ² OCASH + ÃŽÂ µ (3) WCRi = ÃŽÂ ² OPEXi + ÃŽÂ ² FIEXi+ ÃŽÂ ² CAEXi + ÃŽÂ ² M/Bi+ ÃŽÂ ² Gti + ÃŽÂ ² D/Ei + ÃŽÂ ² OCASH + ÃŽÂ µ (4) Where: NLB = (cash cash equivalents + short term investments) (short term debt + commercial paper payable + Long term debt year term) WCR = (accounts receivable + inventories) (accounts payable + other payable). WCR equals net working capital NLB. ÃŽÂ ² = coefficient of regression, OPEX = operating expenditure FIEX = financial expenditure CAEX= capital expenditure M/B = market to book value ratio D/E = total debt to total assets Gt = sales growth OCASH = operating cash flow in firm ÃŽÂ µ = the error term These findings are consistent with hypothesis H1b. Operating expenditure and interest expenditure also have a positive significant relationship with working capital requirement. 9.1 Conclusions and Recommendations Working capital management attracts less attention of the management than capital budget and expenditure, capital structure in financial management in the ordinary course of business. Working capital management relates to the findings of sources of short term finance and investments in short term assets. Working capital management deals with profitability and the risk of the company. Inefficient working capital management results in over investment in working capital and reduces the profitability of the firm. On the other hand, inefficient management of working capital leads to an insufficient amount of working capital and results in financial difficulty, putting the company at risk. The optimal level of working capital, which is a trade off between risk and profitability, can be affected by both internal organizational characteristics and various outside factors. Existing literature has paid little attention to many factors that determine the working capital. This research investigated some of the factors such as capital expenditure, operating expenditure, finance expenditure, leverage, performance and operating cash flow. This research paper uses NLB and WCR as proxies for working capital in order to assess working capital management with capital expenditure and other influencing factors. Empirical results show that capital expenditure has a significant effect on working capital management. This finding will help a companys management manage working capital efficiently. The findings can be used as a benchmark for managing working capital and evaluating performance. Through this paper it was able to find out that operating cash flow has a significant impact on a companys working capital management, consistent with conclusions in previous research/literature. By conducting the same study on each business sector separately, managers can understand specific behavior of a companys working capital in relationship with capital expenditure. Since the model is a general model, it might not be able to be applied or might not give the same findings in specific business sectors. Moreover, further research can be conducted on the same topic in different countries. Working capital management policies can be compared between developing and developed countries in order to determine the correct management policies. 14) Capital expenditure decisions are very crucial and not easily reversible. Substantial amount of money is blocked in capital expenditure decisions. Hence such decisions have to be taken very carefully with a lot of deliberations.

The Deductive Problem of Evil Essays -- Philosophy essays

The Deductive Problem of Evil      Ã‚   One of the major philosophical debates concerning God's existence involves the problem of evil.   The problem has two basic formulations, one is deductive, the other inductive.   The deductive form of the problem asks the following:   Is the existence of evil logically compatible with a necessarily benevolent and necessarily omnipotent being?   One of the philosophers who discusses the problem is Richard Gale.   I will begin this essay by outlining the deductive problem of evil according to Gale.   I will then try to refute the deductive argument and prove that the existence of evil is indeed logically compatible with a benevolent and omnipotent being.   A conclusion will then follow. The deductive argument has been around since the time of Epicurus.1  Ã‚   In its simplest form, the problem is stated as follows: 1. God is omnipotent 2. God is wholly good 3. Evil exists Proponents of the argument believe the set of propositions is logically inconsistent, i.e. that at least one proposition must be false.   This basic formulation is problematic.   It presupposes two important things:   First, that God and evil are logically incompatible; and second, that God's omnipotence is unlimited.   It is obvious, then, that some additional premises are needed if the argument is to succeed.   W.L. Mackie was one of the first philosophers to provide these additional premises.2   He adds the following premises to the set: 4. A wholly good (omni-benevolent) being eliminates and prevents every evil he can.3 5. There are no limits to what an omnipotent being can do. With the insertion of these revised principles, Mackie hopes to deduce a contradiction, namely that evil does not exist (from 1,... ...Ibid.   P. 103 8 Some philosophers have referred to this idea as the Condition of Reasonable Epistemic Access (COREA) Works Consulted: Christlieb, Terry. "Which Theisms Face an Evidential Problem of Evil?" Faith and Philosophy 9 (January 1992): 45-64. Griffin, David. Evil Revisited: Responses and Reconsiderations. Albany: SUNY Press, 1991. -  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   - -. God, Power and Evil: A Process Theodicy. Philadelphia: Westminster Press, 1976. Plantinga, Alvin. "Epistemic Probability and Evil." Archivio di Filosophia 56 (1988). - - -. "The Probabilistic Argument from Evil." Philosophical Studies 35 (January 1979): 1-53. Reichenbach, Bruce. "Natural Evils and Natural Laws: A Theodicy for Natural Evils." International Philosophical Quarterly 16 (June, 1976): 179-88. Rowe, William L. "Ruminations About Evil," Philosophical Perspectives 5 (1991). The Deductive Problem of Evil Essays -- Philosophy essays The Deductive Problem of Evil      Ã‚   One of the major philosophical debates concerning God's existence involves the problem of evil.   The problem has two basic formulations, one is deductive, the other inductive.   The deductive form of the problem asks the following:   Is the existence of evil logically compatible with a necessarily benevolent and necessarily omnipotent being?   One of the philosophers who discusses the problem is Richard Gale.   I will begin this essay by outlining the deductive problem of evil according to Gale.   I will then try to refute the deductive argument and prove that the existence of evil is indeed logically compatible with a benevolent and omnipotent being.   A conclusion will then follow. The deductive argument has been around since the time of Epicurus.1  Ã‚   In its simplest form, the problem is stated as follows: 1. God is omnipotent 2. God is wholly good 3. Evil exists Proponents of the argument believe the set of propositions is logically inconsistent, i.e. that at least one proposition must be false.   This basic formulation is problematic.   It presupposes two important things:   First, that God and evil are logically incompatible; and second, that God's omnipotence is unlimited.   It is obvious, then, that some additional premises are needed if the argument is to succeed.   W.L. Mackie was one of the first philosophers to provide these additional premises.2   He adds the following premises to the set: 4. A wholly good (omni-benevolent) being eliminates and prevents every evil he can.3 5. There are no limits to what an omnipotent being can do. With the insertion of these revised principles, Mackie hopes to deduce a contradiction, namely that evil does not exist (from 1,... ...Ibid.   P. 103 8 Some philosophers have referred to this idea as the Condition of Reasonable Epistemic Access (COREA) Works Consulted: Christlieb, Terry. "Which Theisms Face an Evidential Problem of Evil?" Faith and Philosophy 9 (January 1992): 45-64. Griffin, David. Evil Revisited: Responses and Reconsiderations. Albany: SUNY Press, 1991. -  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   - -. God, Power and Evil: A Process Theodicy. Philadelphia: Westminster Press, 1976. Plantinga, Alvin. "Epistemic Probability and Evil." Archivio di Filosophia 56 (1988). - - -. "The Probabilistic Argument from Evil." Philosophical Studies 35 (January 1979): 1-53. Reichenbach, Bruce. "Natural Evils and Natural Laws: A Theodicy for Natural Evils." International Philosophical Quarterly 16 (June, 1976): 179-88. Rowe, William L. "Ruminations About Evil," Philosophical Perspectives 5 (1991).

Effects Of Cell Phones On Society Essay

The cell phone as we know was invented in the 1990s, and this invent has been one of the best inventions in the history. The use of the cell phones became popular and people began to utilize them in their daily lives. Nowadays to have a cell phone is not a luxury, is a necessity. According to the statistics, nine of ten persons in the United States have a cell phone. The cell phones have made positive and negative changes in our culture depending on the way people use them. Some of the positive effects of cell phones are easy communication and multitasking. The main usage of the cell phone was to be able to communicate easily. Originally, the cell phone was made only to talk when people were away from home or their office. After the years, they have been creating new technology that allow people to talk, text, email, browse the internet and make a videoconference sometimes at the same time, so we can say that the cell phone created better communication in the advantage world. In addi tion to easy communication, the cell phones are multitask. They have added many more options to make our lives easier. Now people don’t have to carry a map, gps, laptop, video camera, radio or a notebook. Also, people can play video games or watch a movie with only one small device. The cell phones have many positive effects; however, they also have negative effects like the high cost, negative social effects and dependency or addiction. The first negative effect is the cost. The newest Smartphones are expensive and their lifetime is short. They are always coming up with new upgrade technology that make people feel they need to buy the newest model. Also, the cost of the service is expensive; users need to pay depending in how many minutes they need or the Internet velocity. In addition users will pay for extra programs, applications and accessories not including in the monthly pay. Another negative effect is cell phones can create addiction or dependency. The cell phone can make people an addict because they feel that they need to have it with they all the time and also cause  anxiety for example, when you think you lost your phone you could feel stressed out about losing information saved on it. Moreover, it distracts your driving and it can cause an accident. Finally, there are the negative social effects. Since the Smartphone was created, people don’t communicate face to face as much as before. People is olate themselves because they prefer to talk by phone rather than verbally. Also, they have become very disrespectful because they use the phone in meetings, at church, in class, eating with friends etc. In conclusion, the cell phones make our life easy by facilitating communication. We also know that they have positive and negative effects, but the positive effects like easy communication, multitasking are stronger than the negative ones like cost, dependency and negative social effects. You can avoid the negative effects by using the phone with responsibility.

The new deal essays

The new deal essays Although it wasnt intended to, the New Deal did slightly modify American business, but in a way that preserved and safeguarded United States business affairs. Roosevelts New Deal reopened banks and gave jobs to the unemployed. Not only that, but it also paved the way for nearly two decades of Roosevelt as president. After the Stock Market crashed due to overproduction by farmers and buying on margin, Roosevelt came up with ways to prevent another similar disaster. His Alphabet Soup Agencies had many different purposes, but they all were intended to bring the United States out of the Great Depression. To provide relief for the unemployed, Roosevelt introduced the Federal Emergency Recovery Administration (FERA). The FERA spent federal funds to prevent people from starving until other forms of recovery relief took hold. Over the programs two-year existence, the FERA spent over $1 billion. In order to protect against agricultural overproduction, Roosevelt introduced the Agricultural Adjustment Act (AAA). This program established a system to provide cash subsidies to farmers who cut their production of the seven major commodities: wheat, cotton, corn hogs, rice, tobacco, and dairy products. This policy continues today. Although the AAA balanced the economy, the benefits it created were distributed unevenly. Subsidies were given mainly to the owners of large- and medium-size farms whom frequently cut production by reducing the acreage of their tenants and renters instead of their own. After so many banks had closed, Roosevelt introduced the Emergency Banking Act, which, in turn, created the Federal Deposit Insurance Corporation. The FDIC protected peoples deposits of up to $2,500. Another act also created the Civilian Conservation Corps, which sent 250,000 young men to do conservation and reforestation work. All in all, Roosevelts brainchildren had a profound ...

Shouldnt people who choose not to send their children to public schools be compensated financially

Shouldnt people who choose not to send their children to public schools be compensated financially Independence Institute. 1997. Independence Issue Paper. 23 October 2000. i2i.org/SuptDocs/IssuPprs/Ipvouch.htm Speeches. 8 October 2000. A culture of Achievement. 23 October 2000. georgebush.com/speeches.htm USA TODAY. 15 October 1996. Election 96. 23 October 2000. usatoday.com/elect/ep/epr/eprjk016.htm This first article sums up some very good things that vouchers could do to the education system of the United States. So fundamental differences, are that it would make it easier for under privileged children to attend more organized and developed private schools. Those children that live in areas that the schooling system cannot educate them in the way that they deserve. Schools that can teach children right from wrong are usually found in the private sectors and without this funding these children would not be able to attend them. Also this would remove racial barriers that have been set by the lower income levels in America. Bush claims that by instilling a bit of money back to the people who choose to send there kids to private schools, it will increase the desire to send their children to these schools. They will in turn make the public schools improve their own work. Only in the parts of a state where the standardized scores are bad in the public schools will this work. Bush claims that if he does this then national scores will improve and so will our education systems. In this article Dole claims that completion between the public and the private schools is essential in the improvement of schools. His plan calls for 1,500 dollars to go to each family that decides to do send their children to private institutions. He claims that he respects the teachers but if this is all going to work out then for higher interest and opportunities for all t

Drinking age Essay Example | Topics and Well Written Essays - 1500 words

Drinking age - Essay Example Using the research conducted in 2005 by White and Hayman via ‘Australian Secondary School Students and Drug Use Survey’, reports show that approximately 40% out of samples from the 16-17 year-old drinking Australian population confessed that parents bear chief influence in alcoholic consumption. Additionally, such findings had no substantial variance from among those who obtained influence from friends through the peer pressure of drinking on a weekly basis. Still the question remains what age must one be legally allowed to drink and to what extent should it be tolerated relative to other forms of addiction. White and Hayman (2006) examined whether parental control of drinking may be attributed to the occurrence of risky drinking for short-term harm (RSOD) and alcohol-related difficult behaviors such as physical and verbal assault from a sample of underage drinkers. Research indicates that 86% of adolescents 16-17 years of age are existing alcohol consumers whereas some 20% appear to be weekly RSOD and more than 34% get involved in at least one case of alcohol-linked problem with conduct. Moreover, it is found that mere banning of alcohol drinking for the sake of youth 18 is not practically sufficient. Fresh plans for appropriate mediation and avoidance are apparently essential according to the study of parental supplication that was figured to impact lesser rates of RSOD and alcohol-related social behavior. This rather implies the likelihood that by changing the normal supply of alcohol from the source other than the parents to the parents alone, the shift may bring about good restrict ion to the amount of consumption and injury among the adolescents. However, as much as parental guidance toward alcohol supply control is considered one positive approach, it is quite unexplored and must therefore undergo thorough investigation as promising alternative (Dietze, Livingston,

Economic and political integration in EU Essay Example | Topics and Well Written Essays - 2500 words

Economic and political integration in EU - Essay Example The first of course was the founding of the European Economic Union (EEU). The second was the witness of regime change; the emergence of a liberal substitute wherein the state was harnessed by a common economic rule. The third, thanks to globalisation, saw the revival of economic liberalism as a doctrine, and the fourth; saw during the final decade of the century, the integration process of states suffer a series of eventually correctable setbacks that still peril the Union (John Gillingham, p.xiii, Preface, 2003). The European Union is unique among international organisations, in that, it has a complex yet well developed system of law, directly affecting its member states. The EU constitutes a law that draws mutual social and economic benefit of the member states. European Union law has come a long way since its inception over the past 50 years. As of today, the EU has around 500 million citizens in 27 member states bound together by this law, making it one of the most encompassing and dynamic modern legal systems in the world (Wikipedia, 2007). It all started when, the heads of the member States of Belgium, Germany, France, Italy, Luxembourg, and Netherlands, agreed to lay the foundation of an ever closer union among the European Union members1. These included: The nature of the EC Treaty ensures that unelected individuals have had a greater impact on the development of EC Law than elected officials. This paper takes a look at three prominent laws that regulate the free movement of goods, people, and competition. 2.0 Executive Summary The free movement of persons between the Member States of the EU was at one time restricted to only the working class. This however changed with the economic development of all member states within the EU, and all people, citizens, students, dependents, and others who were no longer economically active were allowed to travel to any country in the EU and reside there if they wished. Since the integration of the