Any engineering ethical issue. i prefer Bp oil spill if possible Essay

Any building moral issue. I incline toward Bp oil slick if conceivable - Essay Example By October 2010, it had arrived at the West Bay in Texas and began to have submerged oil tufts also (Gillis 2010). The moral endeavors used to forestall seaward oil slick remembered for remotely working submerged vehicles so a conclusion could be found for the victory preventer valves with respect to the well head (Whitney 2010). It was on twentieth September that BP was successfully ready to stop the oil slick gore after it had ejected on twentieth April because of a blast. The procedures used to contain the oil slick included keeping it down on a superficial level with the goal that base harm was done (Borenstein 2010). The undertakings of BP after this blast remembered for the way that it did everything in its strength to deal with the issues as it kept up day by day reaction endeavors on its site. This spill is undoubtedly one of the most exceedingly awful natural fiascos of the time and all the more explicitly which US has confronted. The moral job of BP is something that one ou ght to dig into profoundly as it shook the world like nothing else before. Works Cited Borenstein, Seth. Significant examination outlines enduring oil tuft in Gulf. Related Press, 2010 Gillis, Justin. Inlet Surface Oil Vanishing Quickly. The New York Times, 2010 Kerr, Richard. A Lot of Oil totally free, Not So Much to Be Found. Science 329: 734, 2010 Whitney, Michael. Two Workers Dead in BP Oil Disaster Recovery Effort, 2010

Investment Assignment Report Essay Example | Topics and Well Written Essays - 2500 words

Venture Assignment Report - Essay Example There are a lot of rule administering how exchanges and speculators pick the fluctuating accessible security choices in the financial exchange. Our methodology is exemplified in this paper in light of the choice to apply the gainer part. For the force methodology, my decision was Voltari Corp. Applying the primary exchanging standard, â€Å"avoid managing in stocks announcing above or inside the multi week high†, the choice to put resources into APC demonstrates that this exchanging guideline was effectively followed. Buying supplies of Voltari Corp. in its 52-week high remained at $3.60. The second exchanging rule pick stocks recording at least 1,000,000 offers in the day by day exchange volumes, notwithstanding maintaining a strategic distance from stocks recording every day volumes of exchange underneath 100,000 offers the choice to purchase Voltari Corp. stocks consent to the second exchanging guideline. Voltari Corp. stocks recorded 3 million offers in its normal 3-month exchanging volume. The third exchanging guideline delineates the need to keep away from mid-and-top (stocks recording esteems under $5 billion). This guideline doesn't adjust well to Voltari Corp.; its stock falls in little top stock clas s with $16.91 million in showcase capitalization esteem. At long last, the fourth exchanging rule demonstrates that an individual ought to pick stocks implied by examiners feelings appraised nearer to or over one (1). This means that better execution later on contrasted with feelings that are above or inside the scope of Five (5). The fourth guidelines likewise expresses that stocks recording negative patterns or without huge changes in week by week accord figures additionally should be maintained a strategic distance from. The â€Å"snapshot† apparatus accessible in Market Watch don't show the normal suggestion from the examiners for Voltari Corp. by and large, most stocks in the monetary market have a normal proposal of ‘buy’. Therefore, the pattern is anticipated to move towards the lower aspect of the factual positioning, with twenty-three

Feminist Bookstores and #SmallActs Under Trump

Feminist Bookstores and #SmallActs Under Trump The Womens March may be over, but our work isnt anywhere close to finished. And so its time to think hard about how that energy can find its way into all corners of our lives. We should continue to show up for intersectional social justice, call our elected representatives until the phone lines melt, and protest the hell out of all the cruelty and repression thatll be coming our way. And we can make sure the small choices in our daily lives add up to something big. On Twitter, Celeste Ng, author of Everything I Never Told You, has been encouraging her followers to share those little bits of resistance and solidarity with the hashtag #smallacts. (Shes suggested 20 small acts to get started in Teen Vogue.) As we all pursue our own #smallacts, as we work to imagine what our everyday lives should look like in this absurd and uncertain future, heres one proposal: lets take a page from feminist bookstores. In a lot of ways, I came of age as a feminist at A Room of Ones Own in Madison, Wisconsin. While a student at Beloit College, I would frequently make the trek to Madison primarily to browse (and buyoh did I buy) books at the bookstore. In the courses I took for my Womens Studies major, I had my mind frequently expanded and exploded by the variety and power of feminist voices. And that experience continued at A Room of Ones Own, where I knew that any book I pulled off the shelf would be written from a feminist perspective, even as they were anything from ideologically uniform. (With Andrea Dworkin and Carol Queen sharing shelf space, I was sometimes surprised the place didnt catch fire.) Every book proceeded from a fundamental commitment, at the very least, to womens humanity. Which youd hope was a low bar but really isnt. And A Room of Ones Own isnt, well, on its own in its commitment to stocking and celebrating those books. Theres Women Children First in Chicago. (One of my proudest moments as a writer is still the time a few years ago when I saw a book Id written an essay forThe Fat Studies Readeron display at Women Children First. Squee.) Theres Bluestockings in New York. Theres Antigone Books in Tuscon. And, and, and. Alas, not all of us live driving distance from one of these glorious destinations. But we can all take some lessons from feminist bookstores in the years to come. Here are some ideas: Stock your bookshelves/mind/life with care and purpose. Some people dont share that basic conviction that women are people. Those people dont deserve your space or your time. With so much amazingness out in the world, you really dont need to give yourself to antifeminist bullshit. Instead, try to Shop local and shop political. Women Children First in Chicago cleverly exhorts potential customers to Shop as Independently as You Think. Follow their lead. If you have a feminist bookstore nearby, shop there. If you have a not-explicitly-feminist indie bookstore nearby, shop there and encourage them to stock tons of feminist titles. If you dont have either nearby, consider ordering online from Bluestockings or Antigone. Even if you dont buy all your books at indies (Ill admit that I dont), make your purchasing purposeful. Where you spend your pocket change may be a minor decision, but it can also be a #smallact. Who you spend your money supporting matters, too, so make sure you Read more women of color. And queer women. And Muslim women. Feminist bookstores are devoted to celebrating and highlighting marginalized voices. We here at Book Riot share that commitment, and you can, too. Design the endcaps and tabletop displays of your life with an eye toward boosting voices that those in power may try to silence. Buy more diverse books. Follow more women of color on Twitter. Commit to reading journalism by immigrant women. Pay attention to what indigenous women have to say about upcoming books. Add a queer comic to your night stand so youre more likely to pick it up. Broadening what you read is one step toward making broader, more inclusive connections. Which will allow you to better Find a communityor make one. Feminist bookstores arent just about books. They are crucial community hubs, places where people can come together to pursue feminist ends (and discuss and debate what exactly that means). With art displays and poetry readings, with coffee counters and couches, with meeting spaces and political organizing, feminist bookstores make the places they are better. And we can, too. If you dont have a feminist bookstore near you, then be the feminist bookstore near you.   These are just a few of the many lessons we can learn from places like A Room of Ones Own. But lets start here. Lets take these #smallacts and build something big.

The Perspective On Demography And Its Effects On The...

Every aspect on demography comes into play when combined into unison from the perspective of a person’s environment. Factors such as age, ethnicity, gender and class are highly important in shaping a person’s environment, where a different combination is met with a distinct response, thus placing great emphasis on the understanding of intersectionality through the lens of the sociological imagination. Through social ecology, intersectionality and the sociological imagination intertwines together to connect social issues and environmental problems as interrelated, where to solve one side, the other side can not be ignored. To help protect our environment, we must begin to consider beyond the industry cultures, but on the combination of all our carbon footprint’s effect on the environment. While equality is important, does all the countries have to reach the standard of Western societies, instead for Western society to meet the developing countries somewhere in the middle. Perhaps Eurocentrism is not so great after all when its existence is everywhere. The China Price provides an excellent example of the consequences of the industrial culture prominent in many Western countries, in which this culture takes advantage of the poor and marginalized groups for the economy to prosper, as shown by the abundance of goods made from China. The environment in many cities are covered with smog due to all the manufacturing and its byproducts going on in China, and through this means,Show MoreRelatedRole Of The Cultural Perspective When Dealing With Conflict1029 Words   |  5 PagesFor any international organization, understanding cultural differences is very significant in the global context. The article analyzes the role and impact of the cultural perspective when dealing with conflict in the global context. â€Å"What seems like a perfectly reasonable approach in one culture may seem ridiculous, disrespectful, inefficient, or unfair to managers from other cultures. Japanese and German managers may be uneasy with conflict resolution preferences that differ from their own.† (AdamsRead MoreSocial Psychology And Multiculturalism1714 Words   |  7 Pagesmulticulturalism. Being an international student in a different country, I see multiculturalism a very evolving term in social psychology because of the mobility in the world society that makes people multicultural and more adaptable to different cultural environments. Ethical Codes are the laws that protect social psychology and multiculturalism. Psychology and related theories in real life Different life aspects are affected by psychology; this includes the cognitive, social, emotional, military, moral, politicalRead MoreStri Bhrun Hatya Essay in Marathi4841 Words   |  20 PagesPattern) With effect from June 2010 1 Sociology Syllabus M.A. Second Year With effect from June 2010 Semester III Paper IX Classical Sociological Tradition 80 Marks Paper X Sociology of Marginalized Communities 80 Marks Paper XI Sociology of Change and Development 80 Marks Paper XII Gender and Society OR Sociology of Demography 80 Marks 80 Marks (20 Marks for Iternal Assignment to Each Paper) 2 Sociology Syllabus M.A. Second Year With Effect from JuneRead MoreThe General System Theory For Understanding Modern Organizations1485 Words   |  6 PagesThe shift of research and theory models went through a major shift during the 1960s and 1970s when the â€Å"open systems perspective† gained support as an embedded interdependent activities embedded in and dependent on a wider environment. â€Å"System theories of organization have two major conceptual themes or components: (1) applications of Ludwig von Bertalanffy’s general system theory to organizations and (2) the use of quantitative tools and techniques to understand to understand complex relationshipsRead MoreDeclension of English Traditions in the New World Essay1894 Words   |  8 Pageswere necessarily transformed by the American environment, a social change that culminated in the American Revolution. In A Little Commonwealth, Demos provides quot;barren artifactsquot; to demonstrate the transforming soc ial existence of the 1620 Plymouth settlement until its demise in the 1691 Massachusetts charter incorporating Plymouth. Demos describes the small rustic houses and presents some court cases involving families, then discuss the effects of the crowded conditions on the large familiesRead MoreMental Illness As A Social Problem982 Words   |  4 Pagesreasons have been taken a gander at and considered for a great many years. The natural point of view perspectives dysfunctional behavior as a real procedure. Though the mental points of view think the part of a man s childhood and environment are foundations for emotional sicknesses. Examines demonstrate that 9 to 13 percent of youngsters between the ages of nine and seventeen experience the ill effects of a genuine passionate unsettling influences that upsets the kid s day by day life. SignificantRead MoreSocial Psychology And Multiculturalism1644 Words   |  7 Pagesmulticulturalism. Being an international student in a different coun try, I see multiculturalism a very evolving term in social psychology because of the mobility in the world society that makes people multicultural and more adaptable to different cultural environments. Ethical Codes are the laws that protect social psychology and multiculturalism. Psychology and related theories in real life Different life aspects are affected by psychology; this includes the cognitive, social, emotional, military, moral, politicalRead MoreOverpopulation Is More Than Just A Crowded Planet1343 Words   |  6 Pagesindividual living on this big blue planet. There are many negative effects of overpopulation, but it is most important to evaluate the effects on the environment and the overall quality of life. When looking at overpopulation, people oftentimes forget how much it affects the world outside of the human realm. Ranging from pollution to negative effects on wildlife, it is easy to see how overpopulation is not sustainable for the environment. The Earth’s human population has now surpassed seven billionRead MoreEssay on Swot and Pest Analysis of Aldi1352 Words   |  6 Pagesproducts at low prices. This is achieved by their low cost operations, which is well known and evident throughout its stores. External Analysis (Threats and Opportunities) The General Environment The general environment is composed of factors that can have dramatic effects on firm strategy which include Demography, Socio-cultural, Political, Technological, Economical and Global factors, but it is complex, uncertain and undergoing rapid change, especially in its economic consideration. EconomicRead MoreControlling The Fire, Egyptian Pyramids, The Invention Of Electricity Essay1324 Words   |  6 Pages the computer, the internet or traveled to the moon are some of the most important events of humankind history. It is obvious that these traits have not emerged in a single day instead they are an outcome of a long process which is called ratchet effect. In the history of humankind, cumulative culture has been thought of as a key factor in this development process. Although a considerable amount of study has been published on culture and cumulative culture in humans or non-humans, there is still

6 Kinds of Simple Machines

Work is performed by applying a force over a distance. These six simple machines create a greater output force than the input force; the ratio of these forces is the mechanical advantage of the machine. All six of the simple machines listed here have been used for thousands of years, and the physics behind several of them were quantified by the Greek philosopher Archimedes (ca. 287–212Â  BCE). When combined, these machines can be used together to create an even greater mechanical advantage, as in the case of a bicycle. Lever A lever is a simple machine that consists of a rigid object (often a bar of some kind) and a fulcrum (or pivot). Applying a force to one end of the rigid object causes it to pivot about the fulcrum, causing a magnification of the force at another point along the rigid object. There are three classes of levers, depending on where the input force, output force, and fulcrum are in relation to each other. The earliest lever was in use as a balance scale by 5000 BCE; Archimedes is credited with saying Give me a place to stand and I will move the earth. Baseball bats, seesaws, wheelbarrows, and crowbars are all types of levers. Wheel Axle A wheel is a circular device that is attached to a rigid bar in its center. A force applied to the wheel causes the axle to rotate, which can be used to magnify the force (by, for example, having a rope wind around the axle). Alternately, a force applied to provide rotation on the axle translates into rotation of the wheel. It can be viewed as a type of lever that rotates around a center fulcrum. The earliest wheel and axle combination known was a toy model of a four-wheeled cart made in Mesopotamia about 3500 BCE. Ferris wheels, tires, and rolling pins are examples of wheels and axles. Inclined Plane An inclined plane is a plane surface set at an angle to another surface. This results in doing the same amount of work by applying the force over a longer distance. The most basic inclined plane is a ramp; it requires less force to move up a ramp to a higher elevation than to climb to that height vertically. No one invented the inclined plane since it occurs naturally in nature, but people used ramps to build large buildings (monumental architecture) as early as 10,000–8,500Â  BCE. Archimedess On Plane Equilibrium describes the centers of gravity for various geometrical plane figures. Wedge The wedge is often considered a double inclined plane—both sides are inclined—that moves to exert a force along the lengths of the sides. The force is perpendicular to the inclined surfaces, so it pushes two objects (or portions of a single object) apart. Axes, knives, and chisels are all wedges. The common door wedge uses the force on the surfaces to provide friction, rather than separate things, but its still fundamentally a wedge. The wedge is the oldest simple machine, made by our ancestors Homo erectus at least as long ago as 1.2 million years to make stone tools. Screw A screw is a shaft that has an inclined groove along its surface. By rotating the screw (applying a torque), the force is applied perpendicular to the groove, thus translating a rotational force into a linear one. It is frequently used to fasten objects together (as the hardware screw and bolt does). The Babylonians in Mesopotamia developed the screw in the 7th century BCE, to elevate water from a low-lying body to a higher one (irrigate a garden from a river). This machine would later to be known as Archimedes screw. Pulley A pulley is a wheel with a groove along its edge, where a rope or cable can be placed. It uses the principle of applying force over a longer distance, and also the tension in the rope or cable, to reduce the magnitude of the necessary force. Complex systems of pulleys can be used to greatly reduce the force that must be applied initially to move an object. Simple pulleys were used by the Babylonians in the 7th century BCE; the first complex one (with several wheels) was invented by the Greeks about 400 BCE. Archimedes perfected the existing technology, making the first fully-realized block and tackle. Whats a Machine? The first use of the word machine (machina) in Greek was by the ancient Greek poet Homer in the 8th century BCE, who used it to refer to political manipulation. The Greek playwright Aeschylus (523–426 BCE) is credited with using the word in reference to theatrical machines such as the deus ex machina or god from a machine. This machine was a crane that brought actors playing gods onto the stage. Sources and Further Reading Bautista Paz, Emilio, et al. A Brief Illustrated History of Machines and Mechanisms. Dordrecht, Germany: Springer, 2010. Print.Ceccarelli, Marco. Contributions of Archimedes on Mechanics and Design of Mechanisms. Mechanism and Machine Theory 72 (2014): 86–93. Print.Chondros, Thomas G. Archimedes Life Works and Machines. Mechanism and Machine Theory 45.11 (2010): 1766–75. Print.PIsano, Raffaele, and Danilo Capecchi. On Archimedean Roots in Torricellis Mechanics. The Genius of Archimedes: 23 Centuries of Influence on Mathematics, Science, and Engineering. Eds. Paipetis, Stephans A. and Marco Ceccarelli. Proceedings of an International Conference Held at Syracuse, Italy, June 8–10, 2010. Dordrecht, Germany: Springer, 2010. 17–28. Print.Waters, Shaun, and George A. Aggidis. Over 2000 Years in Review: Revival of the Archimedes Screw from Pump to Turbine. Renewable and Sustainable Energy Reviews 51 (2015): 497–505. Print.

Marriage and the family Free Essays

Throughout the course of time, family dynamics and components have evolved along with society. In recent history the contemporary family has evolved into more of a dual earner family, leaving the traditional division of responsibilities ever changing and progressing. In todays society it has become more common to see women taking on the traditional responsibilities of men both financially and around the home and men doing their part to assist with more household activities and child care. We will write a custom essay sample on Marriage and the family or any similar topic only for you Order Now To fully understand the changes that have taken place over time it is important to look at here we have come from. Customarily, in the past family roles between and husband and wife were black and white. Men would traditionally work the nine to five every day, support the family financially, and take care of household maintenance. This would often cause less time for things like engagement with children and helping with their overall development. While Men had their hands full outside the home, women spent most of their time in the home taking care of housework and rearing children. As a society we have come a long way from what used to be considered a contemporary family. Today, a contemporary family no onger consists of one employed provider but a dual earning couple. This is due to women becoming more independent, career oriented, and educated. Another factor that plays into the evolution of the dual earner family is the state of the economy, cost of living, and childcare expenses. It is almost essential for families to have duel earners in order to make ends meet. Today, women can be Just as an important piece of the financial puzzle as their counterparts. Now that we have established the new normal, it is important to look at the division of the families responsibilities. In dual arning families, men have been doing more than they ever have and have come a long way. Men are now more actively participating in things like housework, cooking, and lawn care but the statistics still may surprise most. â€Å"According to the data from The American Time use Survey, 83% of women as compared to 64% of men reported spending time in such activities. † In addition, â€Å"married men reported spending 1. hours on household activities compared to 2. 5 hours reported by married women. † (The marriage and family experience eleventh edition) It is obvious that men are still doing less than women in the home on average. But Men have come a ong way from where they were in eras such as the 50’s and 60’s where they assisted in almost no household work. It is established that men are doing a better Job as society progresses. â€Å"Men’s share of housework has increased over the past three decades (from 15% to more than 30%) as has their actual time spent doing housework. (The marriage and family experience eleventh edition) It is now common to see men cooking, cleaning, and child rearing as a result of both individuals being an equal contributor both financially and to the family. In shift work arrangements a man’s role may be increased depending on what shift he is working. If a man is working a night shift, he would most likely be responsible for things like getting children ready for school, cooking breakfast, and driving to school as he would be returning from work when they are waking up. Obviously it is not Just the men who mentioned before, women are still doing more than men statistically when it comes to domestic chores. Women are often now earning larger wages, working more hours, and have more responsibilities than men both in their careers and in their families. Being domesticated is nothing new as far as women leading the way in the home. As ime passes it is hard to determine whether or not things will ever be equal. With the evolution of the dual earning arrangement, families are now forced to alter their traditional responsibilities to make the household run as a unit. Over the past few decades we have seen an exceptional increase in the man’s responsibilities around the home and have seen a shift in the traditional division of responsibilities. As the cost of living continues to rise and salaries continue to fall, it is not likely to see a shift in the other direction anytime soon. It truly is amazing to see how we have broken the mold in such a short period of time How to cite Marriage and the family, Papers Marriage and the Family Free Essays

Why Did The Leveller Movement Fail To Achieve Its Political And Religious Objectives In The Search For Settlement After The Civil War Essay Example

Why Did The Leveller Movement Fail To Achieve Its Political And Religious Objectives In The Search For Settlement After The Civil War Paper As the Civil War drew to an end, the emergence of many radical groups became noticeable. The collapse of authority meant that they could now come of hiding, debate in public and develop their ideas. One of the radical groups that emerged were, as named by their opponents, the Levellers, as they wished to level out society. They had many ideas on how they thought society should be won and these political and religious objectives were put forward to Parliament in The Agreement of the People in 1647. This document was much more radical than those before it. In terms of political aims, the Levellers wanted to extend the franchise and achieve manhood suffrage, as they believed that everyone had equal rights to vote. They wanted to reform the legal system to give equality to everyone before the law and achieve recognition of peoples fundamental rights and liberties. They also believed that the sovereign power should lay with the people, not with the King or Parliament. So, why did the Levellers movement fail to achieve these definite political and religious objectives after the Civil War? One major factor in the downfall of the Leveller movement is the bad leadership and organisation. We will write a custom essay sample on Why Did The Leveller Movement Fail To Achieve Its Political And Religious Objectives In The Search For Settlement After The Civil War specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Why Did The Leveller Movement Fail To Achieve Its Political And Religious Objectives In The Search For Settlement After The Civil War specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Why Did The Leveller Movement Fail To Achieve Its Political And Religious Objectives In The Search For Settlement After The Civil War specifically for you FOR ONLY $16.38 $13.9/page Hire Writer There was never one clear leader, but instead lots of leaders, all of whom had slightly different ideas and aims, which led to slight divisions within the Levellers themselves. Also, some of the main leaders, for example, John Lilburne, were imprisoned for their actions. This meant that the leaders that were present could have no real effect on the way the Leveller movement was organised and this contributed to their failure. Another key factor that led that prevented the Levellers from achieving their political and religious objectives was the fact that they had never won national support. Their main base was in London and the South East, among merchants and traders who would benefit from their reforms. This played a large role in the collapse of the Leveller movement, as overall there were not enough Levellers throughout the country to allow it to continue. Another reason for the Levellers failure was their lack of a co-ordinated programme with full-blown policies. They all had definite aims that they wanted to achieve, but had not put much thought into how they would reach these targets. Also, they were neither numerous nor aggressive enough. A combination of these factors meant that they could easily be defeated and that their policies were not implemented. The Levellers also failed to capture the army, another key factor that contributed to the end of the Levellers. Although some of the rank and file support them, as they too would benefit from some of their objectives, a lot of the army were more interested in pay and conditions than in theoretical schemes of government. They also had no support from the officers, the so-called Grandees, like Cromwell and Ireton as their power could be curbed by the Levellers ideas. This meant they had little support in Parliament. Another reason that the Levellers had little support in Parliament was because the rich and wealthy landowners felt threatened by the Levellers. If the Levellers achieved their objectives they felt that they would lose power, money and land and there would be a major destruction of social order. They also thought that people that didnt own land shouldnt get the right to vote, as they had nothing to lose, so couldnt be trusted. This view was particularly emphasised by Ireton. This lack of support from the wealthy meant that the most influential people in society did not support them, and this lack of support added to the factors that led to their failure. Cromwells strong opposition to the Levellers and their objectives, as he believed that society was based upon property and that if the Levellers ideas were implemented it would lead to anarchy. All in all, the Levellers ideas were much too radical for him to accept. He played a major role in the breakdown of the Leveller movement when he crushed their mutinies, especially the mutiny at Burford. This led to the execution of 3 of the leaders and a defeat from which the Levellers would find hard to recover from. Cromwell also had an affect on the outcome of the Putney Debates in 1647. It was here that that terms of the Agreement of the People, put forward by the Levellers, were debated. In the end, the meeting broke up without an agreement and ended in a stalemate. If the Levellers had been more successful they may not have failed. They were unsuccessful at the Putney debates mainly because the majority of the army trusted Cromwell, not the Leveller speaker, so support couldnt be gained. Also, Rainborough, a Leveller, had been killed, leaving them without their most dynamic speaker. This failure to gain support and force through their reforms at the Putney debates marked the beginning of the end of the Leveller movement. The Levellers emerged at a time when there was severe economic hardship and this made their policies attractive to the working class people, who would benefit from their reforms, but as the economic situation improved support for the Levellers started to decline. This was a major factor in their failure, once again, due to lack of support. In the words of Brailsford it [the Leveller Movement] was neither defeated nor suppressed. It faded out because it had nothing to do. This is still an idea argued by historians today. In any case, the Levellers failed to achieve their political and religious aims in search for a settlement after the war. This was due to a combination of factors, but mainly because of the lack of support, either due to opposition to their objectives or due to improvement in economic conditions. Either way, if there had been more support for the Levellers throughout the country they may have been able to achieve what they had set out to do.

Jewish Insight of Holocaust

Jewish Insight of Holocaust Holocaust, the extermination of Jews from the European land was the example of brutality and viciousness of the Nazi Germany. The post holocaust era was one of the remarkable eras in the Jewish history. It did not only jolt the Jewish history but also the world history. In order to interpret the results different Jewish responses came out and evaluated the issue according to their personal psychological aspect.Advertising We will write a custom essay sample on Jewish Insight of Holocaust specifically for you for only $16.05 $11/page Learn More About 80,000 survivors of the holocaust immigrated to the United States only between the years 1945 and 1952. On one hand, they had to complete the thorny task of rebuilding their demolished lives and on the other hand they were trying hard to get back the previous normal state of their retarded minds which got hurt after the terrible incident. Meanwhile, many historians were observing the situation critically and want ed to present their ideas about the Holocaust and the injustice of the Nazi Germany. All the Jewish responses are of course negative and sour but they also differ with respect to their difference in vision which makes us to mention those evaluations in this paper. We can find a great deal of literature about the evaluation of Holocaust by different Jewish historians and by which we will be able to present our evaluation about the matter. In this paper, we will be discussing the evaluation of two Jewish historians which are considered as the masters of the Holocaust studies on their part respectively. We are going to elaborate the ideas of the post Holocaust era by the two famous historians Richard L. Rubenstein and Emil Ludwig Fackenheim. Rubenstein is regarded as one of the excellent religious writers of the past. He was an educator and an eminent writer in the American Jewish community. His study related to the Holocaust studies is commendable[1]. On the other hand, if we talk abo ut the Fackenheim’s contribution towards the Holocaust study we can say that his contributions should be noted. He considered Holocaust as the one incident who brought a remarkable change in the Jewish history[2]. Both the writers have elaborated their ideas in a different way but on few points they also agree with each other. We are going to discuss the perceptions and ideas of both the writers and then we will derive our evaluation[3]. If we talk about Rubenstein than he was the one writer who had not experience the Holocaust but the issue compelled him to write about it. He has observed the incident religiously. In his book â€Å"After Auschwitz† Rubenstein has in a way negotiated about the Jewish concept of religion in which people are observed by God and He will decide the punishment and reward of their sins or good deeds. He said that the Holocaust event has nothing to do with the personal doings of the Jews. The incident cannot be considered as the negative reac tion of Jewish sins and Hitler cannot be regarded as their Lord who is observing their acts and is ready to punish them. Rubenstein strongly oppose the Jewish ideology. He wants them not to follow such belief. This was actually due to His past bitter experiences of meeting Ruth Gruber (An American journalist) and of course the drastic Holocaust incident[4].Advertising Looking for essay on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More After the destructive incident of Holocaust which ruined the lives of many Jews, Rubenstein was cleared about his ideas that Jews should no longer worship their Gods because in his opinion there is nothing named as God. God is not present around the people. If He did than he could not allow the Nazis to slaughter His innocent people, if God was there He could not bear the mayhem in those horrifying concentration camps and if God was there He was not treating the people like the Nazis did. Fur ther he said that the Jews should forget about all their religious lives and the exchange of their prayers with their God because it is totally useless to worship a thing which does not exist[5]. He considered that God is dead and He is not there for the people so people are making them fools if they are thinking that someone is listening to them. By the realization of the Protestant’s Death-of-God movement Rubenstein was more confirmed and convinced about his thinking that God does not exist. But originally it does not mean that God is not present[6]. It was just a hyperbolic statement by those who cannot accept the truth of God. They have basically overstated the matter that they don’t believe in God just to convince people and draw their attention towards their view. The people should not be disappointed by the Rubenstein’s ideology about the existence of God. He just wants to depict the thought that if people want to understand the horrifying incident of Hol ocaust than they must realize his ideology. Furthermore, Rubenstein stated that Jews will have to rebuild their ethics. They will have to establish a thought which will connect them with their land. He suggested that the Jews should continue to worship nature and they should not carry on the old preaching. However, most of the Jews preferred not to get back to Israel as many were killed during the migration towards Poland. Many Jews lost their faith too and adopted secular Judaism rather than converting themselves to any other religion. Thus, Rubenstein’s views about the existence of God were only due to his numerous confrontations with Him in the past so nobody should set any expectation from him as he is only conveying his thoughts[7]. The other side of the view is given by Emil L.Fackenheim who has a little bit same idea that the Holocaust event should not be considered as the punishment of Jewish sins. But his concepts differ immensely when he defines his idea about the e xistence of God. Basically Fackenheim has a positive sight. He visualizes the Holocaust in an optimistic manner. He said that although Jews had faced problems but they also fought with the difficulties. Also he mentioned his believe that God is Omni-potent and Omni-present. He sees his people and help them too when they are in trouble. Fackenheim was of the view that God is present and it is up to the believer that he/she accepts His presence or not. Fackenheim also believed that many people will deny his saying by saying that if God was there than why He could not stop the barbarism which was going on in the camps but he has elaborated this in a different and positive way.Advertising We will write a custom essay sample on Jewish Insight of Holocaust specifically for you for only $16.05 $11/page Learn More He said that if we can assume God’s presence on the Mount Sinai then why we can’t consider His presence in those camps? The Jews had served as the personification of gallantry and bravery in that throbbing time. Despite of the butchery carried on in those concentration camps the Jews continued their prayer life and religious practices. They set the example of patience and humanity by their courageous behavior. So, in this way they lived like heroes and died with dignity[8]. This portrays that after the 613 commandments given to the Jews in Torah this example of grit appeared to be the new 614th commandment for the Jews which was exposed to the innocent people in those camps by God. By having a precise over view on Fackenheim’s ideology of the Holocaust we can conclude that he was of the view that Jews should have to remember all the miseries, all the sorrows and all the pains they suffered in those camps during the Holocaust. They should learn this lesson that one day they will be taking the revenge of the destruction of precious lives of their people. If the Jews will not be able to fight and negotiate than the y cannot be considered as Jews. They should not lose the dignity and self-esteem. So, they must proud of what they did[9]. In short, both the historians have presented the Holocaust incident on the basis of religion. They differ in ideas but the level of analysis is similar. They have given clarifications about Holocaust by presenting the conflict in ideas about the existence of God. They have tried to compare the theory of Holocaust to the idea of God’s existence. One of the theologies supports the idea that God is dead and he is nowhere. While the other theology tries to evident the divine presence of God by the courage of Jewish people who were surviving in those brutal camps. They have basically focused a single side but also they have given the positive and negative sides of the matter. Basically the writers have tried to completely clarify their point of view and also have convinced people to an extent but if have to evaluate their theologies than I must say that they h ave only mentioned their thoughts about the religion, their thoughts about the presence of God not the Holocaust. Actually they wanted to impose their religious concept about the existence of God on people so they took the example of Holocaust incident which is wrong. Because by this one of the writers has shown that he has a bad approach of emphasizing the people emotionally.Advertising Looking for essay on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More He has done this just to compel the people towards his thoughts due to the fact that in the past he had some awful experiences by which he drew himself towards the thought that God is nowhere. Similarly on the other hand Fackenheim although has not given the negative idea infect he showed a positive aspect related to the ideology of Death-of-God but he is basically negating the idea of Rubenstein and has only talked about the religious aspect[10]. But if I have to make a choice between two of the theologies on the basis of perspectives only than I will obviously second the Fackenheim’s perspective because he has a positive and sensible thought about the incident. He has talked about the optimistic view that God has surely a divine presence on Earth. He is there for His people whether anyone accepts this or not. He has also specified a constructive view by saying that the presence of Jewish courage, dignity and bravery was evident of the presence of God as God provided them th at zeal and enthusiasm to fight for their lives. Fackenheim has elaborated this thought and his emphasize was on the fact that if can assume the presence of God and worship Him throughout our lives than why we cannot accept His presence on those camps. We know it really well that in our day to day life we experience different evidences about the presence of God and various acts which cannot be done by an ordinary person than why we raise questions over this. It’s noticeable and obvious[11]. So, it is cleared that God is present and He is there to see the on doings of His people. Also, the incident of Holocaust tells about the celestial existence of God by the Jewish acts of heroism which was a God gifted aspect of Jews at the time of sufferings. So, people should realize that answers can be easily given to the questions on presence of God. We don’t need to look into complications because it is cleared from the evidences we get in our daily lives. If God was not there w ith His people in those camps then the Jews could not have survived to such extent. They could not be able to face those difficulties if they were not provided by the faith in God. Their ultimate faith and loyalty to their God is the brilliant example of their valor. The Jews have basically showed the world that they have these strong basis and faith in the religion which made them to live like heroes and die like a martyrs. Various scholars, historians and writers have conflicted in their ideas of religion and Holocaust. Many failed in conveying their views and many got able to clarify themselves but among the two of the historians, Fackenheim’s idea was close to the originality. Implications of understanding Judaism as more concerned with Orthodox than Orthopraxis: The two terms Orthodox and Orthopraxis define two ideas: Firm Belief and Good, Effective Behavior. Orthodox is derived from Greek words â€Å"orthos† means Truthful and â€Å"doxa† means Belief. Whi le on the other hand Orthopraxis is the other word which is derived from the combination of â€Å"ortho† as previously defined as Truthful and â€Å"praxis† means Behavior[12]. There has been a number of literature regarding the Orthodox and Orthopraxis in the western ideology in which the matter is supposed to be highlighted between Christians and Jews[13] The Christians support the Orthodox’s camp while Jews are related to the camp of Orthopraxis. Christians are of the view that firm Belief in anything can lead them to the top. While, Jews have the instinct that behavior and actions are very necessary in every situation[14]. Christians and Jews have depicted this in many occasions. If we want to know about the implications of understanding Judaism then we will come to know that Jews have always followed their idea of Orthopraxis. We can take example of the Holocaust incident when Jews were in a deep chaos. They had shown their support to the idea of positive a ctions and behavior by fighting with the terrible situation in an historic way[15] Bibliography Braiterman, Z. â€Å"(God) After Auschwitz† [1998] Princeton University Press: http://press.princeton.edu/chapters/s6415.html Edwards, J. â€Å"Orthodox c.† [2011, February 1] christiansincontext.org/ Gray, J. â€Å"On Orthodoxy and Orthopraxy† [2007, Novemmber 18] religioustolerance.org: religioustolerance.org/gray01.htm Irvine, A. â€Å"Liberation Theology in Late Modernity: An Argument for a Symbolic Approach† [2011] Journal of American Academy of Religion , 1. Jackson, T. â€Å"The priority of love: Christian charity and social justice† [2003] Princeton University Press. Morgan, M. â€Å"13 Emil Fackenheim, the Holocaust, and Philosophy† [2011] cco.cambridge.org: http://cco.cambridge.org/extract?id=ccol0521813123_CCOL0521813123A013 Olachea, P. â€Å"A Dangerous Separation† [2009, March 15] http://simplychristianity.com/2009/03/15/a-dang erous-separation/ Patterson, D. â€Å"Emil L. Fackenheim: a Jewish philosophers response to the Holocaust† [2008] New York: Syracuse University Press Ratzinger, C. â€Å"Eucharist, Communion And Solidarity† [2002, June 2] ewtn.com/library/CURIA/RATZRELA.HTM Rubenstein, R. Richard Rubenstein [2011] Worldlingo worldlingo.com/ma/enwiki/en/Richard_Rubenstein. Rubenstein, R. â€Å"Richard Rubensteins Theology on Holocaust† [2009, April 14] http://relijournal.com/judaism/richard-rubenstein%E2%80%99s-theology-on-the-holocaust/ Schwartzberg, S. â€Å"A Century of Recording and Making History† [2010, September 10] forward.com: forward.com/articles/130887/ Time. â€Å"Theology: The God Is Dead Movement† Time: time.com/time/magazine/article/0,9171,941410,00.html Wallaston, I. â€Å"The Possibility and Plausibility of Divine Abusiveness Fackenheim, E.† [2000] http://socyberty.com: http://socyberty.com/history/emil-fackenheim%E2%80%99s-post-holocaust-the ology/ Footnotes Rubenstein, R. Richard Rubenstein [2011] Worldlingo worldlingo.com/ma/enwiki/en/Richard_Rubenstein. Morgan, M. â€Å"13 Emil Fackenheim, the Holocaust, and Philosophy† [2011] cco.cambridge.org: http://cco.cambridge.org/extract?id=ccol0521813123_CCOL0521813123A013 Braiterman, Z. â€Å"(God) After Auschwitz† [1998] Princeton University Press: http://press.princeton.edu/chapters/s6415.html Schwartzberg, S. â€Å"A Century of Recording and Making History† [2010, September 10] forward.com: forward.com/articles/130887/ Edwards, J. â€Å"Orthodox c.† [2011, February 1] christiansincontext.org/ Time. â€Å"Theology: The God Is Dead Movement† Time: time.com/time/magazine/article/0,9171,941410,00.html Rubenstein, R. â€Å"Richard Rubensteins Theology on Holocaust† [2009, April 14] http://relijournal.com/judaism/richard-rubenstein%E2%80%99s-theology-on-the-holocaust/ Patterson, D. â€Å"Emil L. Fackenheim: a Jewish philosophers respo nse to the Holocaust† [2008] New York: Syracuse University Press Jackson, T. â€Å"The priority of love: Christian charity and social justice† [2003] Princeton University Press. Wallaston, I. â€Å"The Possibility and Plausibility of Divine Abusiveness Fackenheim, E.† [2000] http://socyberty.com: http://socyberty.com/history/emil-fackenheim%E2%80%99s-post-holocaust-theology/ Irvine, A. â€Å"Liberation Theology in Late Modernity: An Argument for a Symbolic Approach† [2011] Journal of American Academy of Religion , 1. [5] Olachea, P. â€Å"A Dangerous Separation† [2009, March 15] http://simplychristianity.com/2009/03/15/a-dangerous-separation/ Ratzinger, C. â€Å"Eucharist, Communion And Solidarity† [2002, June 2] ewtn.com/library/CURIA/RATZRELA.HTM Gray, J. â€Å"On Orthodoxy and Orthopraxy† [2007, Novemmber 18] religioustolerance.org: religioustolerance.org/gray01.htm

Biography of Jeffrey Dahmer, Serial Killer

Biography of Jeffrey Dahmer, Serial Killer Jeffrey Dahmer (May 21, 1960–November 28, 1994) was responsible for a series of gruesome murders of 17 young men from 1988 until he was caught on July 22, 1991, in Milwaukee. Fast Facts: Jeffrey Dahmer Known For: Convicted serial killer of 17 peopleAlso Known As: Milwaukee Cannibal, Milwaukee MonsterBorn: May 21, 1960 in  Milwaukee, WisconsinParents: Lionel Dahmer,  Joyce DahmerDied: November 28, 1994 at the Columbia Correctional Institution in Portage, WisconsinNotable Quote:  The only motive that there ever was was to completely control a person; a person I found physically attractive. And keep them with me as long as possible, even if it meant just keeping a part of them. Early Life Dahmer was born on May 21, 1960, in Milwaukee, Wisconsin to Lionel and Joyce Dahmer. From all accounts, Dahmer was a happy child who enjoyed typical toddler activities. It was not until the age of 6, after he underwent hernia surgery, that his personality began to change from a jubilant social child to a loner who was uncommunicative and withdrawn. His facial expressions transformed from sweet, childish smiles to a blank, emotionless stare- a look that remained with him throughout his life. Pre-Teen Years In 1966, the Dahmers moved to Bath, Ohio. Dahmers insecurities grew after the move and his shyness kept him from making many friends. While his peers were busy listening to the latest songs, Dahmer was busy collecting road kill and stripping the animal carcasses and saving the bones. Other idle time was spent alone, buried deep inside his fantasies. His nonconfrontational attitude with his parents was considered an attribute, but in reality, it was his apathy toward the real world that made him appear obedient. High School and the Army Dahmer continued being a loner during his years at Revere High School. He had average grades, worked on the school newspaper, and developed a dangerous drinking problem. His parents, struggling with issues of their own, divorced when Jeffrey was almost 18. He remained living with his father who traveled often and was busy nurturing a relationship with his new wife. After high school, Dahmer enrolled at Ohio State University and spent most of his time skipping classes and getting drunk. He dropped out and returned home after two semesters. His father then issued him an ultimatum- get a job or join the Army. In 1979, Dahmer enlisted for six years in the Army, but his drinking continued and in 1981, after just two years, he was discharged because of his drunken behavior. First Kill Unknown to anyone, Jeffery Dahmer was mentally disintegrating. In June 1978, he was struggling with his own homosexual desires, mixed with his need to act out his sadistic fantasies. Perhaps this struggle is what pushed him to pick up a hitchhiker, 18-year-old Steven Hicks. He invited Hicks to his fathers home and the two drank alcohol. When Hicks was ready to leave, Dahmer bashed him in the head with a barbell and killed him. He then cut up the body, placing the parts in garbage bags, which he buried in the woods surrounding his fathers property. Years later, he returned and dug up the bags and crushed the bones and disbursed the remains around the woods. As insane as he had become, he had not lost sight of the need to cover his murderous tracks. Later, his explanation for killing Hicks was simply that he didnt want him to leave. Prison Time Dahmer spent the next six years living with his grandmother in West Allis, Wisconsin. He continued drinking heavily and often got into trouble with the police. In August 1982, he was arrested after exposing himself at a state fair. In September 1986, he was arrested and charged with public exposure after being accused of masturbating in public. He served 10 months in jail  but was arrested soon after his release after sexually fondling a 13-year-old boy in Milwaukee. He was given five years probation after convincing the judge that he needed therapy. His father, unable to understand what was happening to his son, continued to stand by him, making certain he had good legal counsel. He also began to accept that there was little he could do to help the demons that seemed to rule Dahmers behavior. He realized that his son was missing a basic human element: a conscience. Murder Spree In September 1987, while on probation on the molestation charges, Dahmer met 26-year-old Steven Toumi and the two spent the night drinking heavily and cruising gay bars before going to a hotel room. When Dahmer awoke from his drunken stupor, he found Toumi dead. Dahmer put Toumis body into a suitcase, which he took to his grandmothers basement. There, he discarded the body in the garbage after dismembering it, but not before gratifying his sexual necrophilia desires. Unlike most serial killers, who kill then move on to find another victim, Dahmers fantasies included a series of crimes against the corpse of his victims, or what he referred to as passive sex. This became part of his regular pattern and possibly the one obsession that pushed him to kill. Killing his victims in his grandmothers basement was becoming increasingly difficult to hide. He was working as a mixer at Ambrosia Chocolate Factory and could afford a small apartment, so in September 1988, he got a one-bedroom apartment on North 24th St. in Milwaukee. Dahmers killing spree continued and for most of his victims, the scene was the same. He would meet them at a gay bar or a mall and entice them with free alcohol and money if they agreed to pose for photographs. Once alone, he would drug them, sometimes torture them, and then kill them usually by strangulation. He would then masturbate over the corpse or have sex with the corpse, cut the body up and get rid of the remains. He also kept parts of the bodies, including the skulls, which he would clean- much like he did with his childhood road kill collection- and often refrigerated organs, which he would occasionally eat. Known Victims Stephen Hicks, 18: June 1978Steven Tuomi, 26: September 1987Jamie Doxtator, 14: October 1987Richard Guerrero, 25: March 1988Anthony Sears, 24: February 1989Eddie Smith, 36: June 1990Ricky Beeks, 27: July 1990Ernest Miller, 22: September 1990David Thomas, 23: September 1990Curtis Straughter, 16: February 1991Errol Lindsey, 19: April 1991Tony Hughes, 31: May 24, 1991Konerak Sinthasomphone, 14: May 27, 1991Matt Turner, 20: June 30, 1991Jeremiah Weinberger, 23: July 5, 1991Oliver Lacy, 23: July 12, 1991Joseph Bradeholt, 25: July 19, 1991 The Dahmer Victim That Nearly Escaped Dahmers murdering activity continued uninterrupted until an incident on May 27, 1991. His 13th victim was 14-year-old Konerak  Sinthasomphone, who was also the younger brother of the boy Dahmer was convicted of molesting in 1989. Early in the morning, the young Sinthasomphone was seen wandering the streets nude and disoriented. When police arrived on the scene there were paramedics, two women who were standing close to the confused Sinthasomphone, and Jeffrey Dahmer. Dahmer told police that Sinthasomphone was his 19-year-old lover who was drunk and the two had quarreled. The police escorted Dahmer and the boy back to Dahmers apartment, much against the protest of the women, who had witnessed Sinthasomphone fighting off Dahmer before the police had arrived. The police found Dahmers apartment neat and other than noticing an unpleasant smell, nothing seemed amiss. They left Sinthasomphone under Dahmers care. Later, the police officers John Balcerzak and Joseph Gabrish joked with their dispatcher about reuniting the lovers. Within hours, Dahmer killed Sinthasomphone and performed his usual ritual on the body. The Killing Escalates In June and July 1991, Dahmers killing had escalated to one a week until July 22, when Dahmer was unable to hold captive his 18th victim, Tracy Edwards. According to Edwards, Dahmer tried to handcuff him and the two struggled. Edwards escaped and was spotted at around midnight by police, with the handcuff dangling from his wrist. Assuming he had somehow escaped from the authorities, the police stopped him. Edwards immediately told them about his encounter with Dahmer and led them to his apartment. Dahmer opened his door to the officers and answered their questions calmly. He agreed to turn over the key to unlock Edwardss handcuffs and moved to the bedroom to get it. One of the officers went with him and as he glanced around the room, he noticed photographs of what appeared to be parts of bodies and a refrigerator full of human skulls. They decided to place Dahmer under arrest and attempted to handcuff him, but his calm demeanor changed and he began to fight and struggle unsuccessfully to get away. With Dahmer under control, the police then began their initial search of the apartment and quickly discovered skulls and other various body parts, along with an extensive photo collection Dahmer had taken documenting his crimes. The Crime Scene The details of what was found in Dahmers apartment were horrific, matching only to his confessions as to what he did to his victims. Items found in Dahmers apartment included: A human head and three bags of organs, which included two hearts, were found in the refrigerator.Three heads, a torso, and various internal organs were inside a free-standing freezer.Chemicals, formaldehyde, ether, and chloroform plus two skulls, two hands and male genitalia were found in the closet.A filing cabinet that contained three painted skulls, a skeleton, a dried scalp, male genitalia, and various photographs of his victims.A box with two skulls inside.A 57-gallon vat filled with acid and three torsos.Victims identification.Bleach used to bleach the skulls and bones.Incense sticks. Neighbors often complained to Dahmer about the smell coming from his apartment.Tools:  Clawhammer, handsaw, 3/8 drill, 1/16 drill, drill bits.A hypodermic needle.Various videos, some pornographic.Blood soaked mattress and blood splatters.King James Bible. The Trial Jeffrey Dahmer  was indicted on 17 murder charges, which was later reduced to 15. He pleaded not guilty by reason of insanity. Much of the testimony was based on Dahmers 160-page confession and from various witnesses, who testified that Dahmers necrophilia urges were so strong that he was not in control of his actions. The defense sought to prove that he was in control and capable of planning, manipulating, and covering up his crimes. The jury deliberated for five hours and returned a verdict of guilty on 15 counts of murder. Dahmer was sentenced to 15 life terms, a total of 937 years in prison. At his sentencing, Dahmer calmly read his four-page statement to the court. He apologized for his crimes and ended with: I hated no one. I knew I was sick or evil or both. Now I believe I was sick. The doctors have told me about my sickness, and now I have some peace. I know how much harm I have caused...Thank God there will be no more harm that I can do. I believe that only the Lord Jesus Christ can save me from my sins...I ask for no consideration. Life Sentence Dahmer was sent to the Columbia Correctional Institute in Portage, Wisconsin. At first, he was separated from the general prison population for his own safety. But by all reports, he was considered a model prisoner who had adjusted well to prison life and was a self-proclaimed, born-again Christian. Gradually, he was permitted to have some contact with other inmates. Death On November 28, 1994, Dahmer and inmate Jesse Anderson were beaten to death by fellow inmate Christopher Scarver while on a work detail in the prison gym. Anderson was in prison for killing his wife and Scarver was a schizophrenic convicted of first-degree murder. For reasons unknown, the guards left the three alone for 20 minutes. They returned to find Anderson dead and Dahmer dying from severe head trauma. Dahmer died in the ambulance before reaching the hospital. Legacy In Dahmers will, he had requested upon his death that his body be cremated as soon as possible, but some medical researchers wanted his brain preserved so it could be studied. Lionel Dahmer wanted to respect his sons wishes and cremate all remains of his son. His mother felt his brain should go to research. The two parents went to court and a judge sided with Lionel. After more than a year, Dahmers body was released from being held as evidence and the remains were cremated. Sources â€Å"Jeffrey Dahmer.†Ã‚  Biography.com, AE Networks Television, 18 Jan. 2019.â€Å"Jeffrey Dahmer | Crime Library | Serial Killers.†Ã‚  Crime Museum.Jenkins, John Philip. â€Å"Jeffrey Dahmer.†Ã‚  Encyclopà ¦dia Britannica, 11 Feb. 2019.

Business Environment and Public Policy Essay Example | Topics and Well Written Essays - 2500 words

Business Environment and Public Policy - Essay Example Apart from these emissions, man's industries also went ahead towards emission of various other gases that resulted in decreasing ozone layer and the protection built that nature has built around the earth. The natural causes that encouraged life on earth were getting destroyed by these artificial sources. Global Warming is a much talked about topic, discussed in many international and national forums, so much so that people have come to accept it as a part of life which is very dangerous. The effects of global warming is still in the laboratory; so is the cause of global warming and the extent to which it will affect human life and the environment. This paper tries to explore the various effects, the lobby that has helped to build up the needed hype to draw attention to the issues. Finally, we also analyze the reasons behind the Global Warming and the methods to counter it and the need to counter it (Global Warming, 1999).. Global Warming is due to what is known as the Green House effect. The green house effect occurs because of the reason that the emitted carbon monoxide and the associated gases that are hot rise to the top of the atmosphere and do not allow the heat of the earth to radiate and lose itself. This results in the green house effect and the global warming. There are a number of contributors to the green house effect. ... More and more work is being done and research carried out to say yes or no on the issue of global warming. But it is very true that there are carbon monoxide and carbon dioxide emissions that are affecting the atmosphere and its constituents. The global warming is observed by some of the indicators listed below. 1. Diseases. With an increase in temperature, the bacteria and the virus seem to be breeding themselves out. This would increase the outbreak of various diseases new and old. An increased number of disease outbreak would also indicate an increased temperature in the air. 2. Early arrival of spring, heavy rains, floods and snowfall are all considered as a result of global warming. 3. Droughts at other places and forest fires that devastate vast extents of forest areas. 4. Bleaching of coral reef, sudden change in animal population and change in their range of operation. All these point to a rise in temperature in the atmosphere leading to a global warming. There are also people who provide an opposite view of the global warming. According to them, (Consumer Alert, 2000) there are evidences that would substantiate their claims that there are no noticeable Global Warming or something that mankind should be working overtime on (Jason Lee Steorts, 2006). 1. Temperature of the atmosphere has been measured using the satellite navigational temperature measuring meters which resulted in noting that there are no significant raise in the temperature in the last 18 years. There is no global warming as is being portrayed. 2. Nearly 98% of the gases that are emitted and that cause green house effect are not effluents of the industries or manufacturing. They are mostly natural sources mostly water vapor that contribute to the greenhouse

Devil Facial Tumor Disease Essay Example | Topics and Well Written Essays - 1000 words

Devil Facial Tumor Disease - Essay Example As the report declares the DFTD is considered to have commenced in the Mount William National Park’s far north eastern region, from a prospect mutation. During 1996, Tasmanian devils with prominent facial tumors were snapped in the north-eastern Tasmania. After ten years, these features are found to be coherent with DFTD. This discussion declares that the cancer, DFTD, is found to be transmitted from one animal to another through biting either during fighting, eating or mating. It develops quickly, congesting the mouth of animal and then disseminates to other organs. The illness has consumed sixty percent of entire Tasmanian devils population since it was initially detected in 1996, and it has been predicted by some ecologists that it could efface the complete wild population till 2035. DFTD seems to be a cloned cell line, that is transmitted in the form of an allograft from one devil to another and this transmission may be found similar to that in CTVT and a communicable sarcoma infecting Syrian hamsters. The biology and prevalence of such vegetative cell parasites is typically unknown. The examinations of captivated Tasmanian devils suggest that this species has a tendency to develop tumors, specifically carcinomas. Nevertheless, DFTD is found to be significantly different from previously reported d evil cancers, and to determine its etiology is vital for the development of strategies to manage the disease.

Analysis of Changes in Wage Rates in India

Analysis of Changes in Wage Rates in India CACP – The data source which is an important source for wages in rural India unfortunately does not publish the wage data from these studies. The cost of cultivation scheme collects data from the selected household at regular intervals on all aspects of farm business. The valuation of human labor has always been a problematic issue for the CACP. There is however a number of limitations associated with this data such as lack of data for many crops, problem in aggregating the data from the state level, unavailability of data at the state level etc. The four reference points have been used to look at a change in the wage rate. However, the choice of reference points in the study have been limited to the years 1983 and 1987-88 in the 80’s and 1993-94 in the 90’s. AWI Wage Rate: It is the most widely used source for analyzing trends in wage rate for rural India. However, one given problem noticed by the researcher with respect to AWI is the time lag in the data and the method of aggregating all the data for th states and all India level. There were many studies performed to check the average wage rate of labourer in different parts of India by many previous researchers. However in all these studies used simple average of wage rates in different months to arrive at the annual figures. Also, all these studies used population of agricultural labourers’ from the census as weights to arrive at the wage rate. The average AWI wage rate is 30-40 percent higher as compared to the RLE/NSS estimates of wage rates. It was also studied that the AWI wage rates were found to be marginally upwards biased as compared to the FMS estimates of wages. A look at the wage trends from AWI since 1980-81 suggests that the wage rates have generally been higher in Punjab, Haryana, and Kerala as compared to the other states in the 80’s. However, by the end of 1990, Gujarat and West Bengal have seen to have made a significant contribution and is closer to the traditional high wage rates. Rajasthan, on the other hand which was closer to the traditional high wage rates has fallen behind and is considerably lower than Kerala, Punjab and Haryana. The states on the lower ends of the wage rate are Orissa, Bihar, Madhya Pradesh, Maharashtra, and Andhra Pradesh. Kerala’s wage rate is found to be three times those in Orissa and in Punjab and Haryana they are twice the wage rate in Orissa. Wages have continued to grow in all three time periods but there was a significant slowdown in the wage rate during the period 1987-88 and 93-94. For the period 1987-88 to 1993-94, which also included the year of the financial crisis and the conseque nt economic reforms, wage rates show a deceleration in almost all the states as well as the all India level. This decline in the growth of wages is sharper for Andhra Pradesh, Assam, Bihar, Gujarat, and Karnataka. Wage trends from CACP – In the study it was found out that this wage rate had been created by aggregating over crops using crop specific weights for individual states. Wage rates from CACP are generally found to correlate well with the AWI series in spite of the differences in methodology of collection of data. In fact, for both 1983 and 1987-88, wage rates from CACP show a very high correlation coefficient of 0.95 with the AWI wage rates. It was also analyzed in the study that wage rates from CACP show better growth rates in 1987-88 and 1993-94 as compared to the AWI series. Rajasthan turns out to be an exception which showed markedly improved wage rates as showed by AWI wage series. Even for other states, CACP does not show as sharp a deceleration as AWI. Maharashtra on the other hand shows sharp deceleration in the wage rate during 1987-88 and 1993-94. NSS – These wage rates were found to be statistically more significant and reliable than that of AWI or CACP because of their consistent and superior sampling framework but they also allow for a much higher level of disaggregation. The wage rates reported by NSS for males for agricultural occupations are considerably lower than the wage rates reported by AWI. It was further studied that the NSS rates were very well correlated with the rates of AWI series with a correlation coefficient of around 0.9 in the 1980’s, 0.87 in 1993-94 and 0.95 in 1999-00. However, again for most states there was a deceleration in the growth rate during the next sub period that is, between 1987-88 and 1993-94. Except for the state of Gujarat, deceleration was seen for almost all states. Gaps between agricultural and non agricultural wages narrowed down considerably in Punjab and Rajasthan. West Bengal and Karnataka were found to be the states having the lowest divergence between agricultural a nd non agricultural activities. Comparison between agricultural and non agricultural activities gender wise was also performed. It was analyzed that the growth rates in these activities in males suggested that in 1983-84 and 87-88 agricultural wages grew faster than non agricultural wages. For females, however non agricultural wages grew faster than agricultural wages. RLE/ALE wage trends – RLE uses a subset of households from the NSS employment and unemployment quinquennial surveys. The household types are either self employed in agriculture, non agriculture, agriculture labour, other labour and others. A comparison of the wage rate from the NSS and the RLE reveal that there is a high degree of correlation between them especially in the 1990. This is true not only at the all India level but also at the state level. For the period from 1983-1987, growth rates from RLE were shown to be 70-80 percent higher than the ones shown by the NSS series in the study. The growth rate of the NS were similar to those studied by AWI or CACP for many states, however the RLE suggests growth rates higher than any of these. Further it was also studied that the growth rate of wages in agriculture are much higher than those suggested by NSS or CACP or AWI. There was also an inter range comparison done in this study to check the difference in wages under the RLE scheme. It was analyzed that comparing the 1977 RLE scheme to that of 1983, real wage rates declined by almost 10 percent for the latter. Such a decline in wage rate is not accompanied by any other wage estimates including those from NSS. WRRI Wage rates from eleven agricultural operations and seven non agricultural operations. For wage rates for agricultural operations, simple average of sowing, transplanting, weeding, harvesting, winnowing and threshing was taken as the representative wages. The analysis in the study was based for the years 1990-2000 and 2002-03. It was studied that the wage rates from WRRI for agriculture than those reported by NSS and RLE for males and almost 60 percent higher for females. WRRI estimates of wage rates are found to be closer to the CACP or AWI estimates because of similarity in methodology and sources. WRRI is the only estimate that is available after 1999-00. It was further analyzed in the study that the wage rates between male and female for agricultural occupations as well as non agricultural occupations have grown in real terms. Coming to the state wise analysis, Bihar and Orissa are the states that saw the highest growth rates of wages for both males and females. The other st ate that achieved close to 10 percent per annum growth rate of wages is Kerala. Apart from Kerala, the other two states – Andhra Pradesh and Tamil Nadu saw slower growth rates of wages. Uttar Pradesh having a large concentration of poor and rural labourers witnessed growth rates of less than two percent in both agricultural and non agricultural operations.

Kaplan P4 Mock Exam

ACCA REVISION MOCK June 2010 Question paper Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A TWO compulsory questions Section B TWO questions ONLY to be attempted Formulae Sheet and Mathematical Tables are on pages 3, 4, 5, 6 and 7 Do NOT open this paper until instructed by the supervisor This question paper must not be removed from the examination hall Kaplan Publishing/Kaplan Financial KAPLAN PUBLISHING Page 1 of 14 Paper P4 Advanced Financial Management ACCA P4 Advanced Financial Management  © Kaplan Financial Limited, 2010 All rights reserved.No part of this examination may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without prior permission from Kaplan Publishing. The text in this material and any others made available by any Kaplan Group company does not amount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any investment or other decision or in connection with any advice given to third parties. Please consult your appropriate professional adviser as necessary.Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to any person in respect of any losses or other claims, whether direct, indirect, incidental, consequential or otherwise arising in relation to the use of such materials. Page 2 of 14 KAPLAN PUBLISHING Revision Mock Questions FORMULAE SHEET Modigliani and Miller proposition 2 (with tax) ke = kie + (1 ? T)(kie ? kd) Vd Ve Two asset portfolio sp = 2 2 w a s a + w 2 s 2 + 2w a w b rab s a s b b b The capital asset pricing model E(ri) = Rf + ? i(E(rm) ? Rf) The asset beta formula ? ? ? Vd (1 ? T ) ? Ve ? a = ? ?e ? + ? ?d ? ? (Ve + Vd (1 ?T )) ? ? Ve + Vd (1 ? T )) ? The growth model Po = D o (1 + g ) (re ? g) Gordon’s growth approxi mation g = bre The weighted average cost of capital ? Ve ? ? Vd ? WACC = ? ?k e + ? ? k d (1 ? T ) ? Ve + Vd ? ? Ve + Vd ? The Fisher formula (1+i) = (1+r)(1+h) Purchasing power parity and interest rate parity s1 = S o x (1 + h c ) (1 + h b ) f0 = so x (1 + i c ) (1 + i b ) KAPLAN PUBLISHING Page 3 of 14 ACCA P4 Advanced Financial Management The Black-Scholes option pricing model c = PaN(d1) – PeN(d2)e? rt Where: The forex modified Black-Scholes option pricing model c = e? rt [F0N(d1) ? XN(d2)] Or d1 = In(Pa / Pe ) + (r + 0. 5s ) t s t p = e–rt [XN(? d2) ? F0N(? d1)] Where: d 2 = d1 ? s t d1 = and 1n (F0 / X) + s T / 2 s T 2 d 2 = d1 ? s T The put call parity relationship p = c ? Pa + Pee? rt Modified Internal Rate of Return ? PV ? n MIRR = ? R ? (1 + re) – 1 ? PV1 ? 1 Page 4 of 14 KAPLAN PUBLISHING Revision Mock Questions MATHEMATICAL TABLES Standard normal distribution table 0. 00 . 0000 . 0398 . 0793 . 1179 . 1554 . 1915 . 2257 . 2580 . 2881 . 3159 . 3413 . 3 643 . 3849 . 4032 . 4192 . 4332 . 4452 . 4554 . 4641 . 4713 . 4772 . 4821 . 4861 . 4893 . 4918 . 4938 . 4953 . 4965 . 4974 . 4981 . 4987 0. 01 . 0040 . 0438 . 0832 . 1217 . 1591 . 1950 . 2291 . 2611 . 910 . 3186 . 3438 . 3665 . 3869 . 4049 . 4207 . 4345 . 4463 . 4564 . 4649 . 4719 . 4778 . 4826 . 4865 . 4896 . 4920 . 4940 . 4955 . 4966 . 4975 . 4982 . 4987 0. 02 . 0080 . 0478 . 0871 . 1255 . 1628 . 1985 . 2324 . 2642 . 2939 . 3212 . 3461 . 3686 . 3888 . 4066 . 4222 . 4357 . 4474 . 4573 . 4656 . 4726 . 4783 . 4830 . 4868 . 4898 . 4922 . 4941 . 4956 . 4967 . 4976 . 4983 . 4987 0. 03 . 0120 . 0517 . 0910 .1293 . 1664 . 2019 . 2357 . 2673 . 2967 . 3238 . 3485 . 3708 . 3907 . 4082 . 4236 . 4370 . 4485 . 4582 . 4664 . 4732 . 4788 . 4834 . 4871 . 4901 . 4925 . 4943 . 4957 . 4968 . 4977 . 4983 . 4988 0. 04 . 0159 . 0557 . 0948 . 331 . 1700 . 2054 . 2389 . 2704 . 2995 . 3264 . 3508 . 3729 . 3925 . 4099 . 4251 . 4382 . 4495 . 4591 . 4671 . 4738 . 4793 . 4838 . 4875 . 4904 . 4927 . 4945 . 4959 . 4969 . 4977 . 4984 . 4988 0. 05 . 0199 . 0596 . 0987 . 1368 . 1736 . 2088 . 2422 . 2734 . 3023 . 3289 . 3531 . 3749 . 3944 . 4115 . 4265 . 4394 . 4505 . 4599 . 4678 . 4744 . 4798 . 4842 . 4878 . 4906 . 4929 . 4946 . 4960 . 4970 . 4978 . 4984 . 4989 0. 06 . 0239 . 0636 . 1026 . 1406 . 1772 . 2123 . 2454 . 2764 . 3051 . 3315 . 3554 . 3770 . 3962 . 4131 . 4279 . 4406 . 4515 . 4608 . 4686 . 4750 . 4803 . 4846 . 4881 . 4909 . 4931 . 4948 . 4961 . 4971 . 4979 . 4985 . 989 0. 07 . 0279 . 0675 . 1064 . 1443 . 1808 . 2157 . 2486 . 2794 . 3078 . 3340 . 3577 . 3790 . 3980 . 4147 . 4292 . 4418 . 4525 . 4616 . 4693 . 4756 . 4808 . 4850 . 4884 . 4911 . 4932 . 4949 . 4962 . 4972 . 4980 . 4985 . 4989 0. 08 . 0319 . 0714 . 1103 . 1480 . 1844 . 2190 . 2518 . 2823 . 3106 . 3365 . 3599 . 3810 . 3997 . 4162 . 4306 . 4430 . 4535 . 4625 . 4699 . 4762 . 4812 . 4854 . 4887 . 4913 . 4934 . 4951 . 4963 . 4973 . 4980 . 4986 . 4990 0. 09 . 0359 . 0753 . 1141 . 1517 . 1879 . 2224 . 2549 . 2852 . 3133 . 3389 . 3621 . 3830 . 4015 . 4177 . 4319 . 4441 . 4545 . 4633 . 4706 . 4767 . 4817 . 4857 . 4890 . 4916 . 4936 . 952 . 4964 . 4974 . 4981 . 4986 . 4990 0. 0 0. 1 0. 2 0. 3 0. 4 0. 5 0. 6 0. 7 0. 8 0. 9 1. 0 1. 1 1. 2 1. 3 1. 4 1. 5 1. 6 1. 7 1. 8 1. 9 2. 0 2. 1 2. 2 2. 3 2. 4 2. 5 2. 6 2. 7 2. 8 2. 9 3. 0 This table can be used to calculate N (d1), the cumulative normal distribution function needed for the Black-Scholes model of option pricing. If d1 > 0, add 0. 5 to the relevant number above. If d1 < 0, subtract the relevant number above from 0. 5. KAPLAN PUBLISHING Page 5 of 14 ACCA P4 Advanced Financial Management Present value table Present value of ? 1, i. e. (1 + r)-n where r = discount rate n = number of periods until paymentPeriods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Periods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1% 0. 990 0. 980 0. 971 0. 961 0. 951 0. 942 0. 933 0. 923 0. 914 0. 905 0. 896 0. 887 0. 879 0. 870 0. 861 2% 0. 980 0. 961 0. 942 0. 924 0. 906 0. 888 0. 871 0. 853 0. 837 0. 820 0. 804 0. 788 0. 773 0. 758 0. 743 3% 0. 971 0. 943 0. 915 0. 888 0. 863 0. 837 0. 813 0. 789 0. 766 0. 744 0. 722 0. 701 0. 681 0. 661 0. 642 4% 0. 962 0. 925 0. 889 0. 855 0. 822 0. 790 0. 760 0. 731 0. 703 0. 676 0. 650 0. 625 0. 601 0. 577 0. 555 5% 0. 952 0. 907 0. 864 0. 823 0. 784 0. 746 0. 711 0. 677 0. 645 0. 614 0. 585 0. 557 0. 530 0. 505 0. 481 6% 0. 43 0. 890 0. 840 0. 792 0. 747 0. 705 0. 665 0. 627 0. 592 0. 558 0. 527 0. 497 0. 469 0. 442 0. 417 7% 0. 935 0. 873 0. 816 0. 763 0. 713 0. 666 0. 623 0. 582 0. 544 0. 508 0. 475 0. 444 0. 415 0. 388 0. 362 8% 0. 926 0. 857 0. 794 0. 735 0. 681 0. 630 0. 583 0. 540 0. 500 0. 463 0. 429 0. 397 0. 368 0. 340 0. 315 9% 0. 917 0. 842 0. 772 0. 708 0. 650 0. 596 0. 547 0. 502 0. 460 0. 422 0. 388 0. 356 0. 326 0. 299 0. 275 10% 0. 909 0. 826 0. 751 0. 683 0. 621 0. 564 0. 513 0. 467 0. 424 0. 386 0. 350 0. 319 0. 290 0. 263 0. 239 11% 0. 901 0. 812 0. 731 0. 659 0. 593 0. 535 0. 482 0. 434 0. 391 0. 352 0. 317 0. 286 0. 258 0. 232 0. 209 2% 0. 893 0. 797 0. 712 0. 636 0. 567 0. 507 0. 452 0. 404 0. 361 0. 322 0. 287 0. 257 0. 229 0. 205 0. 183 13% 0. 885 0. 783 0. 693 0. 613 0. 543 0. 480 0. 425 0. 376 0. 333 0. 295 0. 261 0. 231 0. 204 0. 181 0. 160 14% 0. 877 0. 769 0. 675 0. 592 0. 519 0. 456 0. 400 0. 351 0. 308 0. 270 0. 237 0. 208 0. 182 0. 160 0. 140 15% 0. 870 0. 756 0. 658 0. 572 0. 497 0. 432 0. 376 0. 327 0. 284 0. 247 0. 215 0. 187 0. 163 0. 141 0. 123 16% 0. 862 0. 743 0. 641 0. 552 0. 476 0. 410 0. 354 0. 305 0. 263 0. 227 0. 195 0. 168 0. 145 0. 125 0. 108 17% 0. 855 0. 731 0. 624 0. 534 0. 456 0. 390 0. 333 0. 285 0. 243 0. 208 0. 178 0. 152 0. 130 0. 11 0. 095 18% 0. 847 0. 718 0. 609 0. 516 0. 437 0. 370 0. 314 0. 266 0. 225 0. 191 0. 162 0. 137 0. 116 0. 099 0. 084 19% 0. 840 0. 706 0. 593 0. 499 0. 419 0. 352 0. 296 0. 249 0. 206 0. 176 0. 148 0. 124 0. 104 0. 088 0. 074 20% 0. 833 0. 694 0. 579 0. 482 0. 402 0. 335 0. 279 0. 233 0. 194 0. 162 0. 135 0. 112 0. 933 0. 078 0. 065 Page 6 of 14 KAPLAN PUBLISHING Revision Mock Questions Annuity table 1- (1+ r) -n r Present value of an annuity of ? 1, i. e. where r = interest rate n = number of periods Periods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1% 0. 990 1. 970 2. 941 3. 902 4. 853 5. 795 6. 728 7. 652 8. 566 9. 471 10. 37 11. 6 12. 13 13. 00 13. 87 2% 0. 980 1. 942 2. 884 3. 808 4. 713 5. 601 6. 472 7. 325 8. 162 8. 893 9. 787 10. 58 11. 35 12. 11 12. 85 3% 0. 971 1. 913 2. 829 3. 717 4. 580 5. 417 6. 230 7. 020 7. 786 8. 530 9. 253 9. 954 10. 63 11. 30 11. 94 4% 0. 962 1. 886 2. 775 3. 630 4. 452 5. 242 6. 002 6. 733 7. 435 8. 111 8. 760 9. 385 9. 986 10. 56 11. 12 5% 0. 952 1. 859 2. 723 3. 546 4. 329 5. 076 5. 786 6. 463 7. 108 7. 722 8. 306 8. 863 9. 394 9. 899 10. 38 6% 0. 943 1. 833 2. 673 3. 465 4. 212 4. 917 5. 582 6. 210 6. 802 7. 360 7. 887 8. 384 8. 853 9. 295 9. 712 7% 0. 935 1. 808 2. 624 3. 387 4. 100 4. 767 5. 389 5. 971 6. 515 7. 024 7. 499 7. 43 8. 358 8. 745 9. 108 8% 0. 926 . 178 3 2. 577 3. 312 3. 993 4. 623 5. 206 5. 747 6. 247 6. 710 7. 139 7. 536 7. 904 8. 244 8. 559 9% 0. 917 1. 759 2. 531 3. 240 3. 890 4. 486 5. 033 5. 535 5. 995 6. 418 6. 805 7. 161 7. 487 7. 786 8. 061 10% 0. 909 1. 736 2. 487 3. 170 3. 791 4. 355 4. 868 5. 335 5. 759 6. 145 6. 495 6. 814 7. 103 7. 367 7. 606 Periods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 11% 0. 901 1. 713 2. 444 3. 102 3. 696 4. 231 4. 712 5. 146 5. 537 5. 889 6. 207 6. 492 6. 750 6. 982 7. 191 12% 0. 893 1. 690 2. 402 3. 037 3. 605 4. 111 4. 564 4. 968 5. 328 5. 650 5. 938 6. 194 6. 424 6. 628 6. 811 13% 0. 885 1. 668 2. 361 2. 74 3. 517 3. 998 4. 423 4. 799 5. 132 5. 426 5. 687 5. 918 6. 122 6. 302 6. 462 14% 0. 877 1. 647 2. 322 2. 914 3. 433 3. 889 4. 288 4. 639 4. 946 5. 216 5. 453 5. 660 5. 842 6. 002 6. 142 15% 0. 870 1. 626 2. 283 2. 855 3. 352 3. 784 4. 160 4. 487 4. 772 5. 019 5. 234 5. 421 5. 583 5. 724 5. 847 16% 0. 862 1. 605 2. 246 2. 798 3. 274 3. 685 4. 039 4. 344 4. 607 4. 833 5. 029 5. 197 5. 342 5. 468 5. 575 17% 0. 855 1. 585 2. 210 2. 743 3. 199 3. 589 3. 922 4. 207 4. 451 4. 659 4. 836 4. 988 5. 118 5. 229 5. 324 18% 0. 847 1. 566 2. 174 2. 690 3. 127 3. 496 3. 812 4. 078 4. 303 4. 494 4. 656 4. 793 4. 910 5. 008 5. 092 19% 0. 840 1. 47 2. 140 2. 639 3. 058 3. 410 3. 706 3. 954 4. 163 4. 339 4. 586 4. 611 4. 715 4. 802 4. 876 20% 0. 833 1. 528 2. 106 2. 589 2. 991 3. 326 3. 605 3. 837 4. 031 4. 192 4. 327 4. 439 4. 533 4. 611 4. 675 KAPLAN PUBLISHING Page 7 of 14 ACCA P4 Advanced Financial Management SECTION A TWO COMPULSORY QUESTIONS QUESTION 1 (a) Hunt plc is a medium sized UK company that trades with companies in several European countries. Trade deals over the next three months are shown below. Assume that it is now 20 April. Two months’ time Receipts Payments ? â‚ ¬393,265 ? ? ? ? Three months’ time Receipts Payments â‚ ¬491,011 â‚ ¬60,505 â‚ ¬890,217 â‚ ¬1,997,651 Kr 8. m ? France Germany Denmark Foreign exchange rates Spot Two months f orward Three months forward Dkroner (Kr)/? 10. 68 – 10. 71 10. 74 – 10. 77 10. 78 – 10. 83 Euro (â‚ ¬)/? 1. 439 – 1. 465 1. 433 – 1. 459 1. 431 – 1. 456 Annual interest rates (valid for two months or three months) Borrowing (%) United Kingdom 7. 50 France 5. 75 Germany 5. 75 Denmark 8. 00 Investing (%) 5. 50 3. 50 3. 50 6. 00 Futures market rates Three month Euro contracts (125,000 Euro contract size). Contracts are for buying or selling Euros. Futures prices are in ? per Euro. Current 20 April June September December 0. 6964 0. 6983 0. 013 Page 8 of 14 KAPLAN PUBLISHING Revision Mock Questions Required: (i) Using the forward market, money market and currency futures market as appropriate, devise a foreign exchange hedging strategy that is expected to maximise the cash flows of Hunt plc at the end of the three month period. (Note: Denmark is not a member of the Euro block. ) Transaction costs and margin requirements may be ignored for thi s part of the question. The basis may be assumed to reduce to zero in a linear manner over the period to expiry of the futures contracts. Futures contracts may be assumed to mature at the month end. 15 marks) (ii) Successive daily prices on the futures market for a June contract which Hunt plc has sold are: Selling price Day 1 Day 2 Day 3 0. 6916 0. 6930 0. 6944 0. 6940 Initial margins are ? 1,000 per contract. Variation margin is 100% of the initial margin. Spot exchange rates may be assumed to not change significantly during these three days. For each of the three days, show the effect on your cash flow of the price changes of the contract. (4 marks) (b) Discuss the advantages and disadvantages of forward contracts and currency futures for hedging against foreign exchange risk. 6 marks) (Total: 25 marks) KAPLAN PUBLISHING Page 9 of 14 ACCA P4 Advanced Financial Management QUESTION 2 Brookday plc is considering whether to establish a subsidiary in the USA. The subsidiary would cost a total of $20 million, including $4 million for working capital. A suitable existing factory and machinery have been located and production could commence quickly. A payment of $19 million would be required immediately, with the remainder required at the end of year 1. Production and sales are forecast at 50,000 units in the first year and 100,000 units per year thereafter.The unit sales price, unit variable cost and total fixed costs in year 1 are expected to be $100, $40 and $1 million respectively. After year 1 prices and costs are expected to rise at the same rate as the previous year’s level of inflation in the USA; this is forecast to be 5% per year for the next five years. In addition, a fixed royalty of ? 5 per unit will be payable to the parent company, payment to be made at the end of each year. Brookday has a four year planning horizon and estimates that the realisable value of the fixed assets in four years’ time will be $20 million.It is the company†™s policy to remit the maximum funds possible to the parent company at the end of each year. Assume that there are no legal complications to prevent this. Brookday currently exports to the USA yielding an after-tax net cash flow of ? 100,000. No production will be exported to the USA if the subsidiary is established. It is expected that new export markets of a similar worth in Southern Europe could replace exports to the USA. United Kingdom production is at full capacity and there are no plans for further expansion in capacity. Tax on the company’s profits is at a rate of 50% in both countries, payable one year in arrears.A double taxation treaty exists between the UK and USA and no double taxation is expected to arise. No withholding tax is levied on royalties payable from the USA to the UK. Tax allowable depreciation is at a rate of 25% on a straight line basis on all fixed assets. Brookday believes that the appropriate beta for this investment is 1. 2. The market rate of return is 12%, and the risk-free rate is 7%. The current spot exchange rate is US $1. 300/? 1, and the pound is expected to fall in value by approximately 5% per year relative to the US dollar.Required: (a) Evaluate the proposed investment from the viewpoint of Brookday plc. State clearly any assumptions that you make. (20 marks) (b) What further information and analysis might be useful in the evaluation of this project? (10 marks) Briefly discuss ethical issues that might need to be considered as part of a multinational company’s investment decision process (5 marks) (Total: 35 marks) (c) Page 10 of 14 KAPLAN PUBLISHING Revision Mock Questions SECTION B TWO QUESTIONS ONLY TO BE ATTEMPTED QUESTION 3 The following data relates to a large company operating in the electronics industry. 0X3 After tax earnings (? million) Dividend per share (pence) Number of ordinary shares (million) Average share price (pence) Net capital investment (? million) Annual increase in inflation (%) 1 30 9. 75 508 740 210 4 20X4 195 11. 0 600 875 270 4 20X5 255 12. 75 650 690 340 3 20X6 295 14. 0 695 20X7 472 15. 5 930 820 1,012 410 520 3 3 A major institutional shareholder has criticised the level of dividend payment of the company suggesting that it should be substantially increased. Required: (a) Briefly discuss the factors that are likely to influence the company's dividend policy. 6 marks) Discuss whether or not the institutional shareholder's criticism is likely to be valid. (6 marks) Hiome plc has experienced a period of above average growth for its industry, but is now growing at a normal rate of about 10% per annum. The company’s directors are reviewing the current dividend policy. One director has suggested that, as the company no longer needs as much internally generated funds to finance new investment, a higher proportion of earnings should be paid out as dividends in order to benefit the company’s shareholders.Another director has read that two eminent economists, Miller and Modigliani, have stated that the pattern of dividend payouts is irrelevant, and therefore shareholders will experience no gain from a higher level of dividends. Discuss whether or not an increase in dividends is likely to benefit the shareholders of Hiome plc. (8 marks) (Total: 20 marks) (b) (c) KAPLAN PUBLISHING Page 11 of 14 ACCA P4 Advanced Financial Management QUESTION 4 (a) One of the most important elements of any decision is the specification of goals or objectives which the decision maker seeks to achieve.The literature on capital budgeting, or investment appraisal, generally assumes the goal of a company is the maximisation of shareholder wealth. Required: Discuss the rationale for this assumption. Include in your discussion an explanation of alternative goals available to companies. (12 marks) (b) XYZ plc is a medium-sized company operating in the chemical industry. It is a profitable business, currently producing at below maximum capacity. It has on e large factory located on the outskirts of a small industrial town. It is the region’s main employer. The company is evaluating a project which has substantial environmental implications.Required: Discuss the inclusion of environmental costs and benefits into the investment appraisal process, and explain how this might be done. (8 marks) (Total: 20 marks) QUESTION 5 Island Energy Ltd is a small private company on the Island of Senyeh ? a small island whose company law and accountancy practices are based on those of the UK. The company is the monopoly provider of all domestic fuels (electricity, gas and heating oil). The company imports oils and gas and generates and distributes its own electricity. The company currently has 20 staff working on engineering and electrical work at varying level of skills and three clerk/typists.The company at present does not have any management staff: the previous Managing Director (an engineer) resigned at the end of 2006 and has not been rep laced; the Chairman (a retired engineer) has taken over the dayto-day management. The remaining board members are also all retired and comprise two lawyers, a teacher, a politician, an engineer and an operations director for a shipping company. Their role is simply to rubber-stamp the Chairman’s decisions – none of them takes an active role in the company and there have been board meetings where it has been difficult to obtain a quorum.Recently the island’s press has started to express concern about the way the company is being run – partly in reaction to public dismay at the resignation of the MD who was felt to be more approachable than the Chairman, and partly because the company is seen to be spending vast sums of money on capital equipment and worries have started to emerge about how this will impact on the price of fuel. Fuel prices on Senyeh are currently 20% above those on other islands in the region. Page 12 of 14 KAPLAN PUBLISHING Revision Mock QuestionsPengers, a member of the government of Senyeh has recently read an article about corporate failure and thinks that Island Energy Ltd may fit some of the criteria; Lakes, another government member, disagrees – arguing that the Chairman has been in place for several years ? and has asked you, a newly qualified ACCA accountant, to apply the model to show that there is no reason for concern. N. B. Accounting data for the company is presented in the Appendix to this question. You find that the model that Pengers read about was Altman’s Z score model applied to private manufacturing companies and that: Z score = 0. 17X1+ 0. 847X2 + 3. 107X3 + 0. 420X4 + 0. 998X5 where: X1 = working capital/total assets X2 = retained earnings/total assets X3 = earnings before interest and tax/total assets X4 = market value of equity/total liabilities X5 = sales/total assets Further research shows that companies with a score less than 1. 23 have a 95% chance of bankruptcy, those with a score greater than 2. 90 are unlikely to become bankrupt and those in between the two figures require additional scrutiny. (a) Calculate the Z score for Island Energy Ltd and comment upon your findings. 12 marks) (b) List any further concerns you may have about the company and any concerns you may have about the use of the model. (8 marks) (Total: 20 marks) Appendix: Island Energy Ltd Income Statement for the year ended 31 December 20X7 TURNOVER Less: Cost of sales GROSS PROFIT Less: Administrative costs OPERATING PROFIT/(LOSS) Bank charges and interest payable PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION Tax on profit on ordinary activities PROFIT/(LOSS) FOR THE FINANCIAL YEAR NET DIVIDEND PAID (NON-EQUITY) TRANSFER TO/(FROM) RESERVES ? 2,374,087 ? 1,923,872 450,215 ? 381,592 68,623 ? 3,999 64,624 ? 8,753 55,871 ? ,120 54,751 KAPLAN PUBLISHING Page 13 of 14 ACCA P4 Advanced Financial Management Island Energy Ltd Statement of Financial Position as at 31 December 20X7 ? NON CURREN T ASSETS Tangible assets CURRENT ASSETS Inventory Receivables Cash at bank and in hand ? 1,622,009 213,979 275,522 487,953 ––––––––– 977,454 ––––––––– TOTAL ASSETS 2,599,463 ––––––––– CAPITAL AND LIABILITIES CURRENT LIABILITIES – TRADE PAYABLES LONG-TERM LOAN CAPITAL AND RESERVES CALLED-UP SHARE CAPITAL RESERVES General reserve Profit and loss reserve 586,117 400,000 64,405 1,129,584 419,357 ––––––––– 1,548,941 ––––––––– TOTAL CAPITAL AND LIABILITIES 2,599,463 –––––––– Page 14 of 14 KAPLAN PUBLISHING ACCA Paper P4 Advanced Financial Management June 2010 Revision Mock – Answers To gain maximum benefit, do not refer to these answers until you have completed the revision mock questions and submitted them for marking. KAPLAN PUBLISHING Page 1 of 17 ACCA P4 Advanced Financial Management  © Kaplan Financial Limited, 2010 All rights reserved. No part of this examination may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without prior permission from Kaplan Publishing.The text in this material and any others made available by any Kaplan Group company does not amount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any investment or other decision or in connection with any advice given to third parties. Please consult your appropriate professional adviser as necessary. Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to any person in respect of any losses or other claims, whether direct, indirect, incidental, consequential or otherwise arising in relation to the use of such materials.Page 2 of 17 KAPLAN PUBLISHING Revision Mock Answers ANSWER 1 (a) (i) Any hedging should be based upon expected net receipts and payments. Net receipts/payments Receipts Two months Three months Three months Forward market hedge 393,265 1. 433 676,928 1. 431 Kr8. 6m 10. 83 Payments â‚ ¬393,265 â‚ ¬676,928 Kr 8. 6m Two months = (? 274,435) Three months = (? 473,045) Three months = ?794,090 Money market hedge (i) Now Payment Euro deposit rate (1. 005833) 2 months (â‚ ¬393,265) Buy Deposit â‚ ¬390,984 (â‚ ¬393,265) 0 Buy at spot (Immediate payment in ? s) 1. 439 (? 271,705) (1. 0125) UK borrowing rate (? 275,101) Forward market The forward market is cheaper.Payment (? 274,435) KAPLAN PUBLISHING Page 3 of 17 ACCA P4 Advanced Financial Management Now Payment Euro deposit rate (1. 00875) 3 months (â‚ ¬676,928) Buy Deposit â‚ ¬671 ,056 (â‚ ¬676,928) 0 Buy at spot (Immediate payment in ? s) 1. 439 (? 466,335) (1. 01875) UK borrowing rate (? 475,079) Forward market The forward market is cheaper. Now Receipt Danish borrowing rate (1. 02) Payment (? 473,045) 3 months Kr8,600,000 Sell Loan Kr8,431,373 (Kr8,600,000) 0 Sell at spot (Immediate receipt in ? s) 10. 71 ? 787,243 (1. 01375) UK deposit rate ? 798,068 Forward market The money market offers the better alternative in this case.Futures hedge – The currency of the contract is Euros Payment of â‚ ¬393,265 1 Set up the hedge: Payment in Euros Buying Euros Buy E contracts Receipt ? 794,090 Number of contracts: = â‚ ¬393,265 ? â‚ ¬125,000 = 3. 15 contracts say 3 contracts Buy 3 â‚ ¬ June future contracts at a current price of ? 0. 6964 Page 4 of 17 KAPLAN PUBLISHING Revision Mock Answers 2 The play off: Now 20 April Spot market ? /Euro (1/1. 439) Futures market ? /Euro ? 0. 6964 Basis 0. 0015 ? 0. 6980 (BAL) 0. 0002 10 days of 71 left BASIS N IL Conversion date 20 June Expiry date 30/6 ?0. 6949 Fwd rate 1/1. 433, i. e ? 0. 6978 3 Profit on the futures: Profit on futures: ? 0. 6980-0. 6964) ? (125,000 ? 3) = ? 600. In sterling, therefore no need to convert. 4 The cash flows: Actual payment: Profit on futures Net payment â‚ ¬393,265 ? 0. 6978 = (? 274,420) ? 600 –––––––– (? 273,820) –––––––– In this case, the futures alternative is cheaper than the forward market. Payment of â‚ ¬676,928 1 Set up the hedge: Payment in Euros Buying Euros Buy E contracts No of contracts = â‚ ¬676,928 ? â‚ ¬125,000 = 5. 42 contracts say 5 contracts Buy 5 E September future contracts at a current price of ? 0. 6983 KAPLAN PUBLISHING Page 5 of 17 ACCA P4 Advanced Financial Management 2 The play off: Now 20 April Spot market ? /Euro (1/1. 39) Futures market ? /Euro ? 0. 6983 Basis 0. 0034 ? 0. 7003 (BAL) 0. 0015 BASIS NIL 72 days of 163 left Conversion date 20 July Expiry date 30/9 ?0. 6949 Fwd rate 1/1. 431 i. e. ?0. 6988 3 Profit on the futures: Profit on futures: ? (0. 7003-0. 6983) ? (125,000 x 5) = ? 1,250. In sterling, therefore no need to convert. 4 The cash flows: Actual payment: Profit on futures Net payment â‚ ¬676,928 ? 0. 6988 = (? 473,037) ? 1,250 –––––––– (? 471,787) –––––––– Again, the futures are cheaper than the forward market. In conclusion, the money market should be used for the Danish Kroner hedge and the futures market for the Euro hedges.Although in reality the outcome of futures hedges is not known with certainty, as the basis will probably not reduce to zero in a linear manner before the expiry dates, i. e. we do not know what the closing futures price will be. (ii) Day one – a movement from 0. 6916 to 0. 6930 would produce a loss of 125,000 (0. 0014) or ? 1 75. You would need to provide an extra ? 175 to maintain the margin at ? 1,000, otherwise the contract will be closed out by the Clearing House. Day two – the price change is the same and a further ? 175 would need to be provided to maintain the required margin. Day three – a profit is made of 125,000 (0. 944 – 0. 6940) or ? 50, which may be taken in cash. Page 6 of 17 KAPLAN PUBLISHING Revision Mock Answers (b) Forward contracts Advantages (i) Forward contracts on the Over The Counter (OTC) market are tailored to the needs of the parties concerned and are flexible in terms of size and maturity. (ii) No payments are required until the contracts are settled. (iii) Contracts are available in a very wide range of currencies. Disadvantages (i) Forward contracts have two prices, a buying and a selling price, which means that companies must bear the cost of the spread between these prices. ii) Prices can vary according to the size of deal and the customer. (iii) Long maturity contracts are rare (normally six months) and some currencies do not have a forward market. Currency futures Advantages (i) There is a single specified price which is transparent. (ii) As the market’s Clearing House is the formal counter party to every transaction. This effectively reduces counter party default risk for those dealing in futures. Disadvantages (i) Futures contracts are not very flexible. Contracts are only of a specified size and maturity and are only available for a very limited number of currencies. ii) The cost of operating the margin system. An initial margin (deposit) is required and further variation margins are necessary on a daily basis. KAPLAN PUBLISHING Page 7 of 17 ACCA P4 Advanced Financial Management ACCA marking scheme (a) (i) Use of net receipts and payments Forward market Money market Futures market Conclusions Maximum (ii) Understanding of variation margin Day 1 and 2 loss Day 3 gain Maximum Marks 1 2 4 6 2 ___ 15 ___ 1 2 1 ___ 4 ___ ( b) Advantages and disadvantages of forward contracts Advantages and disadvantages of futures 3-4 3-4 Max 6 Total ___ 25 ___ Page 8 of 17 KAPLAN PUBLISHING Revision Mock Answers ANSWER 2 a) Brookday’s stated policy is to remit the maximum funds possible to the parent company. The net present value of relevant cash flows to the parent company will be the appropriate decision criterion, and should lead to maximisation of parent shareholder wealth. The dollar profit and relevant cash flow from the subsidiary must be determined first. Projected earnings data of the US subsidiary Year 1 $000 5,000 2,000 1,000 309 4,000 7,309 (2,309) 0 (2,309 Year 2 $000 10,500 4,200 1,050 586 4,000 9,836 664 0 664 Year 3 $000 11,025 4,410 1,102 557 4,000 10,069 956 0 956 Year 4 $000 11,580 4,630 1,158 529 4,000 10,317 1,263 0 1,263 Year 5 $000Sales (Note 1) Variable costs Fixed costs Royalty (Note 2) Depreciation Taxable profit US tax payable (Note 3) Profit after tax (287) (287) Projected cash flo w data of the US subsidiary Year 0 $000 Profit after tax Depreciation Initial investment Additional capital Realisable value of fixed assets (Note 4) Tax on realisable value Working capital available Cash flows available to parent Exchange rate $/? (W2) Year 1 $000 (2,309) 4,000 (19,000) (1,000) Year 2 $000 664 4,000 Year 3 $000 956 4,000 Year 4 $000 1,263 4,000 Year 5 $000 (287) 20,000 (10,000) 4,000 –––––– ––––––– ––––––– ––––––– ––––––– ––––––– (19,000) 1. 300 691 1. 235 4,664 1. 173 4,956 29,263 (10,287) 1. 115 1. 059 1. 006 KAPLAN PUBLISHING Page 9 of 17 ACCA P4 Advanced Financial Management Projected cash flow data for the parent company Year 0 Year 1 Year 2 ? 000 ? 000 ? 000 Available from US s ubsidiary (14,615) 559 3,976 Royalty payment 250 500 UK tax on royalty (Note 5) (125) Net cash flow Discount factors @ 13% (Note 6) Present values (14,615) 1 (14,615) 809 0. 885 716 4,351 0. 783 3,407 Year 3 ? 000 4,445 500 (250) 4,695 0. 693 3,254 Year 4 ? 000 27,633 500 (250) 27,883 0. 13 17,092 Year 5 ? 000 (10,226) (250) (10,476) 0. 543 (5,688) Net present value = ? 4,166,000 The positive NPV means that the project is acceptable. The loss of exports to the USA if the project is undertaken is not a relevant cash flow. Notes: 1 Sales price increases by 5% per year Year 1 Year 2 Year 3 Year 4 Price 100. 00 105. 00 110. 25 115. 80 Units (000) 50 100 100 100 Sales revenue (000) 5,000 10,500 11,025 11,580 Similar calculations are necessary for variable costs, and price adjustments for fixed costs. 2 The royalty is payable in ? s and will depend upon the $/? exchange rate.The ? is expected to fall in value by 5% per year relative to the $. Year 1 Expected exchange rate $/? Royalty (? 0 00) Royalty ($000) 3 4 1. 235 250 309 Year 2 1. 173 500 586 Year 3 1. 115 500 557 Year 4 1. 059 500 529 Year 5 1. 006 5 Losses are assumed to be carried forward and allowed against future profits for taxation purposes. Although the subsidiary will exist for more than four years, the company’s planning horizon is only four years. A value must be placed upon the subsidiary at this time. The only information available is an estimate of realisable value of fixed assets.Tax on this realisable value will be payable as the assets are fully depreciated. Potential working capital available must also be considered. There will be no double taxation on cash flows from the USA. However, the royalty has not been subject to US tax, and will be liable to UK taxation. Page 10 of 17 KAPLAN PUBLISHING Revision Mock Answers 6 Using the capital asset pricing model to determine the discount rate: R project = R project = = RF + (RM ? RF)? project 7% + (12% ? 7%) 1. 2 13% (b) Further information and analysis might include: (i) How accurate are the cash flow forecasts? How have they been established? ii) Why has a four-year planning horizon been chosen? The valuation of the fixed assets at year 4 is highly significant to the NPV solution. How has this valuation been established? Is this valuation based upon future earnings as a going concern? It would be more desirable to evaluate the project over the whole of its projected life. (iii) Risk is taken into account by using a CAPM derived discount rate. How has this rate been derived for a situation involving two countries? Does this fully reflect the risk of the project? Is the use of CAPM appropriate (as it is a single period model)?Other, theoretically weaker measures of risk might be useful as an aid to decision making, e. g. sensitivity analysis of the key variables or simulation. (iv) Cash flow is usually assumed to occur at the end of each year. Greater accuracy would result if consideration were given to when during the ye ar cash flow arises and these cash flows discounted at the appropriate rate. (v) Political and economic factors. How stable is the US government policy? Will a change in government lead to changes in taxation policy, exchange controls, restrictions on the remittance of funds, attitudes toward foreign investment? vi) Are there any intangible benefits of establishing a manufacturing plant in the USA, e. g. making the American public more aware of Brookday’s product? (vii) Real options analysis. The Black-Scholes option valuation model could be used to place a value on any real options. Thus enabling the calculation of a true NPV of project with options: True NPV = Short term NPV + NPV of all real options Multinational companies may engage in activities which, whilst not illegal, are questionable ethically, and may have detrimental long-term effects on the company’s reputation.Ethical considerations include: (i) (ii) (iii) (iv) (v) (vi) Would the investment cause pollutio n or other environmental damage in the country? Does the investment involve experiments on animals, genetic modifications etc? Should the investment be undertaken if the country has a poor record on human rights? If local officials ask for ‘inducements’ to facilitate the investment process, should these be paid? Would the investment in any way assist trading in drugs or arms? Are wages to be paid below subsistence level? Are working conditions of an acceptable standard? c) KAPLAN PUBLISHING Page 11 of 17 ACCA P4 Advanced Financial Management ACCA marking scheme (a) Exchange rates Sales Variable costs Fixed costs Royalty Depreciation US tax payable Tax on realisable value Working capital Discount rate Loss on exports – not relevant UK tax on royalties NPV and conclusion Reward technique even if calculation errors exist Maximum (b) (c) 1 – 2 marks for each good point 1 – 2 marks for each good point Total Marks 2 2 1 1 2 1 2 1 1 2 2 2 1 ___ 20 ___ 10 5 ___ 35 ___ Page 12 of 17 KAPLAN PUBLISHING Revision Mock Answers SECTION B ANSWER 3 a) There is considerable debate as to whether dividend policy can influence corporate value. Much of the debate concerns the question of whether it is the dividend that affects share value, or the information implied by the payment of the dividend. Dividends may provide, in the cheapest and most efficient manner, unambiguous signals about a company's future prospects and management performance. Managers have an incentive to send truthful signals via dividends, as any changes in dividends that are not likely to be accompanied by changes in cash flows will not fool a market that is at least semi-strong form efficient.Dividends therefore may be a valuable communication medium. There are a number of possible practical influences on dividend policy including: (i) (ii) (iii) (iv) Dividends are to be discouraged as they may lead to issue costs associated with raising additional external finance. Corporate growth. The faster a company is growing the lower the dividend payment is likely to be. Liquidity. Cash is needed to pay dividends. The level of corporate liquidity might influence dividend payouts. The volatility of corporate cash flows.Companies may be reluctant to increase dividends unless they believe that future cash flows will be large enough to sustain the increased dividend payment. Legal restrictions, for example, government constraints, limitations on payments from reserves, and covenants on debt that restrict dividends. The rate of inflation. Many shareholders like dividends to increase by at least as much as inflation. The desires and tax position of the shareholder clientele. However, most companies have a broad spread of shareholders with different needs and tax positions. (v) (vi) (vii) b) Statistical data: Earnings per share (pence) Retained earnings (? m) Payout ratio (%) Dividends (? m) Real growth in dividend per share (%) 20X3 25. 6 80 38. 1 49. 5 20X4 32. 5 129 33. 8 66. 0 8. 48 20X5 39. 2 172 32. 5 82. 9 12. 53 20X6 42. 4 198 33. 0 97. 3 6. 60 20X7 50. 8 328 30. 5 144. 1 7. 49 The company's dividend per share has increased, in real terms, by between 6. 6% and 12. 53% per year during the last five years. Although no comparative industry data is available, this appears to be a good performance. The payout ratio has reduced from 38% in 20X3 to 30. % in 20X7, which may be why the institutional shareholder has KAPLAN PUBLISHING Page 13 of 17 ACCA P4 Advanced Financial Management made the criticism. However, there is little point in the company paying out large dividends if it has positive NPV investments which can be financed partially by dividend retention. Although there is by no means a perfect correlation between NPV and earnings per share, the fact that earnings per share have consistently increased over the period suggests that the company's investments are financially viable.The company has consistently had high net capital expenditure relative to earnings, and in such circumstances it is not unusual for dividend payments to be relatively low. The company's share price has not increased by as much as earnings per share but, without information on stock market trends and the relative risk of the company, it is not clear whether or not the company's share price is under performing. Unless the institutional shareholder could invest any dividends received to earn a higher yield (adjusted for any differences in risk) there is little evidence to support the validity of the criticism. c) The argument by Miller and Modigliani (MM) that dividend policy is irrelevant to the value of company was formulated under very restrictive perfect market conditions. If such conditions existed then shareholders would not value an increase in dividend payments. However, there are several real world factors that are likely to influence the preference of shareholders towards dividends or retentions (and hence expected capital gains). These include: †¢ Taxation.In some countries dividends and capital gains are subject to different marginal rates of taxation usually with capital gains being subject to a lower level of taxation than dividends. Brokerage fees. MM ignore brokerage fees. However, if shareholders have a preference for some current income and are paid no or low dividends, their wealth will be reduced if they have to sell some of their shares and incur brokerage fees in order to create current income.If a company needs to finance more new investment it is usually cheaper to fund investment through retained earnings as most forms of external finance involve issue costs. Information asymmetry may exist between shareholders and directors. If the market is not strong form efficient, shareholders may have less complete knowledge of the likely future prospects of the company than directors, which may influence the shareholders’ desire for dividends or capital gains. †¢ †¢ †¢ The implicati ons of an increase in dividends need to be considered by the company.Dividends are often regarded as an unbiased signal of a company’s future prospects, an increase in dividends signalling higher expected earnings. The company should be careful to inform its shareholders of the reason for any increase in dividends. A further factor is the use that the company can make of funds. If the company has a number of possible positive NPV investments, then shareholders will normally favour undertaking these investments (at least on financial grounds), as they will lead to an increase in shareholder wealth.If, however, the company has relatively few projects and can only invest surplus cash at an expected zero NPV, the arguments for retentions is weakened. For strategic and operational reasons most companies keep some funds in the form of cash or near cash, for transactional and precautionary motives and to be in the position to take advantage of unexpected opportunities that may arise . The need for cash for such purposes may influence the level of dividend payout. Page 14 of 17 KAPLAN PUBLISHING Revision Mock Answers ACCA marking scheme a) (b) (c) One mark for each valid point Two marks for calculations. 4 marks for detailed analysis/explanation Two marks for each well-explained point Total Marks Max 6 Max 6 Max 8 ___ 20 ___ ANSWER 4 (a) It is generally assumed that the major objective of decision makers in a company is to maximise the net present value of future cash flows when discounted at a rate which reflects shareholders’ required rates of return. The rationale for this assumption is that of all the stakeholders in a company the demands of the equity investors are paramount.Equity investors are dominant because they own the assets of the company and employ directors and managers (the decision makers) to make the best use of those assets. Ultimately, if the directors do not produce an, at least, adequate return for shareholders they will be out of a job. It is accepted that often alternative goals govern decision making within a company. In some cultures and political environments, the assumed dominance of shareholder interests is questioned. Why shouldn’t the providers of labour, rather than capital, have their rewards maximised?It is important to remember that it is senior management that actually make the decisions within companies and they will be looking for personal reward. They are likely to be interested in the level of their own salaries and pensions and security. It is often claimed that management seek maximum revenue rather than maximum profit, or, knowing that they may only work for a company for a limited time period, are more interested in short-term performance rather than the long-term growth of shareholders’ wealth. Finally there are other stakeholders in the company to be considered.Most companies will try to ‘balance’ the maximising of shareholder wealth with the motivation of work ers and management, the delighting of customers and a good public image. In achieving this balance shareholder wealth will not always be the major objective. (b) In the modern world companies cannot ignore the environmental implications of their actions; to do so may destroy the company because of the effect on their reputation in the eyes of customers or suppliers, or the effect of the imposition of fines and penalties if they break legislation or regulations designed to protect the environment.Including environmental costs and benefits in investment appraisal will probably require the advice of an environmental specialist who can calculate for the company such items as: (i) (ii) the costs of machinery or changes to processes to avoid environmental damage the likely costs of penalties, fines or claims for compensation if environmental damage occurs KAPLAN PUBLISHING Page 15 of 17 ACCA P4 Advanced Financial Management (iii) (iv) he likely effect on future revenues from any adverse p ublicity that would be likely to arise from environmental damage the likely effect on future revenues from positive publicity from going beyond statutory requirements to protect the environment. Once costed, these costs and revenues could be included in the net present value calculations undertaken by XYZ plc in its investment appraisal of the chemical project. A more extreme approach would be to place a subjective valuation on the cost of reinstating the environment to its original condition and treating that as a nominal outflow.ACCA marking scheme (a) (b) One mark for each valid point throughout One mark for each valid point throughout Total Marks Max 12 Max 8 ___ 20 ___ ANSWER 5 (a) X1 = working capital/total assets X2 = retained earnings/total assets X3 = earnings before interest and tax/total assets X4 = book value of equity/total liabilities X5 = sales/total assets And the Z score = 0. 717X1+ 0. 847X2 + 3. 107X3 + 0. 420X4 + 0. 998X5 X1 = 391,337/2,599,463 X2 = 1,548,941/2,59 9,463 X3 = 68,623/2,599,463 X4 = 64,405/986,117 X5 = 2,374,087/2,599,463 = 0. 505 = 0. 5959 = 0. 0264 = 0. 0653 = 0. 9133 Z = 0. 11 + 0. 50 + 0. 08 + 0. 03 + 0. 91 = 1. 63 Whilst Island Energy Ltd is not in the immediate danger zone, its score is in the ‘grey area’ and further analysis is recommended. (b) Further concerns about the company: †¢ †¢ †¢ †¢ Page 16 of 17 The Chairman is also acting as MD so there is no counter-balance to him and, as such, no ‘watchdog’ over his activities. The remainder of the Board does not participate in the running of the company. There appears to be a weak finance function.There is a lack of management depth – there being no middle management. KAPLAN PUBLISHING Revision Mock Answers Concerns about the model: †¢ General limitations about the Z score (and other prediction models). These accounting based models only focus on the financial aspects of a company’s performance. This is only a snapshot of the company – maybe the position is improving. Further analysis is required to fully determine what the situation is with Island Energy Ltd. This may only be a predicator for the short term; we do not know what the company’s future plans are.ACCA marking scheme (a) (b) Calculation of each x or z score = 2 marks , interpretation 2 marks 1 mark for each valid point Total Marks Max 12 Max 8 ___ 20 ___ †¢ †¢ †¢ MARKING SCHEME This marking scheme is given as a guide to markers in the context of the suggested answers. Scope is given to markers to award marks for alternative approaches to a question, including relevant comment, and where well reasoned conclusions are provided. This is particularly the case for essay based questions where there will often be more than one definitive solution. KAPLAN PUBLISHING Page 17 of 17