Importance of Financial and Non-Finacial Information Essay Sample free essay sample

John Keells Holdings PLC ( JKH ) is Sri Lanka’s largest listed pudding stone in footings of market capitalisation. Company has been able to tag its presence in all major industry spheres it operates including Transportation. Leisure. Property. Consumer Foods A ; Retail. Financial Services and Information Technology. among others. The aim of this study is to critically discourse whether fiscal information is likely to give a better indicant of the likely future success of the concern than non fiscal information. The aim will be achieved through a elaborate survey get downing from placing the strategic planning. commanding and determination doing procedure of JKH Leisure sector. managed through John Keells Hotels ( Pvt ) Limited and. analysing the extent of the usage of fiscal and nonfinancial indexs. tools and information within the procedure. The analysis will be supported by the published literature on the usage of fiscal and nonfinancial information in determination devisin g with related illustrations. We will write a custom essay sample on Importance of Financial and Non-Finacial Information Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Related informations will be gathered from the company web site. one-year studies and the internal beginnings. Upon completion of the analysis countries to be improved will be highlighted with appropriate recommendations. The whole procedure is designed with the purpose of heightening the cognition of application and utility of fiscal and nonfinancial information in the procedure of informed determination devising. 1Introduction to John Keells and its Leisure BusinessJohn Keells Holding ( JKH ) is the Sri Lanka’s largest capitalized company listed on Colombo Stock Exchange ( CSE ) . It is an AAA ( lka ) recognition rated company by Fitch Ratings Lanka Ltd. Presently the company involvement in major concern countries of Transportation. Leisure. Property. Consumer Foods A ; Retail. Financial Services and Information Technology. The beginnings of the company lies in a green goods and exchange broking concern started by two Englishmans. Edwin and George John. in Colombo. in the early 1870s. In October 1986 a freshly incorporated John Keells Holdings Ltd. ( JKH ) acquired a commanding interest in John Keells Limited and obtained a citation on the Colombo Stock Exchange amidst a to a great extent over-subscribe/d public portion issue. The companies procedure of variegation today has resulted in a 70-member pudding stone. The parent house. now known as John Keells PLC. became a populace quoted company in 1974. Share information of the group Beginning: JKH Aannual Report 2011/2012 JKH became the pioneering Sri Lankan company to be listed in a foreign state. through the issue of Global Depository Receipts ( GDRs ) . which are listed in the Luxemburg stock exchange. The Group’s investing doctrine is based on a positive mentality. bold attack. committedness to bringing and flexibleness to alter. ( JKH Group Highlights. 2011/12 ) JKH is an active member of the United Nations Global Compact enterprise and a full member of the World Economic Forum. The leisure sector is the JKH’s individual largest net plus exposure. The sector operates locally and internationally via City Hotels. Sri Lankan Resorts. Maldivian Resorts. Destination Management and Hotel Management. Company owns two metropolis hotels which represents 40 % of Colombo’s five star room capacity and renders its services through its two trade names ‘Cinnamon Hotels and Resorts’ and ‘Chaaya Hotels and Resorts’ . JKH Corporate Vision Building concerns that are leaders in the part.Valuess†¢Innovation – Changing invariably. re-inventing and germinating †¢Integrity – Making the right things ever†¢Excellence – Constantly raising the saloon†¢Caring – Fostering a great topographic point to work†¢Trust – Building strong relationships based on openness and trust Group Share Information *Adjusted for the sub-division and redemption of portionsBeginning: JKH one-year Report 2011/2012 1. 1Leisure Sector Financial profile for the fiscal twelvemonth 2011/2012 ?Key Indexs 1. For associate companies the capital employed is representative of the Group’s equity investing in these companies 2. No of employees and EBIT per employee are excepting the employees of associate companies 3. Carbon footmark is calculated excepting associate companies Beginning: Management Analysis and Discussion 2011/2012 ?Leisure sector part to JKH Group Beginning: Management Analysis and Discussion 2011/2012 Harmonizing the graph above 20 % of the gross is being generated soon by the leisure sector. In footings of the composing. the Leisure sector is the primary subscriber with 33 % of EBIT as consequence of the improved profitableness. ?Group Capital Assets and Liquidity Beginning: JKH one-year Report 2011/2012 ?Group Economic value added Beginning: JKH Group highlights 2011/2012 1. 2Nonfinancial information All around the universe the concern and client focal point is driven towards edifice and pull offing sustainable concerns. This freshly emerged concentration is due to the diminishing resource degrees. negative environmental impacts and the increased influence of concern organisations on the planetary economic system than most of the authoritiess. Harmonizing to the United Nations statistics about 60 % of organisations are among the highest subscribers of the planetary Gross Domestic Product ( GDP ) . In other words. about 60 % of the concern organisations are more influential on the economic. societal and environmental facets of the universe than the authoritiess. Fiscal information entirely is refering to the baseline foundation of a sustainable concern. the economic facet. An organisation is unable to accomplish sustainability without the economic ability and strength to ease the operation of other two facets of the ternary bottom line. viz. societal and economic. At the same clip . the modern twenty-four hours organisations will non be able to accomplish any economic success if they lose concentration of the other two facets. Hence. a concern can be successful if all three factors are being secured in harmoniousness. the connexion between the ternary bottom line is reciprocally good. Presented below are some of the information which will supply a better penetration to the public presentation of JKH and its leisure sector. towards a sustainable concern. ?Sector high spots Beginning: Management Analysis and Discussion 2011/2012 John Keells Maldivian Resorts Private Limited ) won the gold decorations for service excellence from TUI. the parent company of many taking circuit operators. This was a consequences of the accomplishments development attempts took topographic point refering to service. ?Ratings†¢Fitch Ratings Lanka affirmed JKH’s National Long-Term evaluation of â€Å"AAA† on history of its strong balance sheet and steady public presentation. †¢In August 2011. JKH was ranked foremost in the LMD Magazine’s ‘Most Respected Entities in Sri Lanka. ’ Company held this evaluation consecutively for six old ages. since the origin of the study in 2005. †¢Secured the Business Today magazine’s ‘Top 20’ rankings for the seventh clip. †¢Ranked as the figure one of ‘Top 50’ Sri Lankan listed companies for 2010/11. by the LMD magazine. ?Risk Management and Sustainability JKH has established a cardinal map unit for Sustainability and Enterprise Risk Management. turn outing the fact the company has given necessary accent to run as a sustainable entity doing certain the ternary underside line ( economic. societal and environmental ) of the company is strengthened. ( the organizational construction is attached as an annexure ) The sustainability indexs of JKH are as follows: Beginning: JKH Group highlights 2011/2012 JKH’s attempts towards sustainability were commended at the 2011 ACCA Sustainability Awards as the first in the ‘large graduated table. ’ On the other manus JKH manages the hazards of the operations for the best involvement of its stakeholders and the Sri Lankan economic system as a whole. placing the domain of influence of its operations. Consequently. the company publishes its comprehensive sustainability study yearly so that the interest holders can acquire a better image of the company’s hereafter waies. 2Literature Reappraisal The universe experienced the negative planetary impacts stemmed from the accounting failures of some corporate giants such as Enron. Worldcom. Xerox. and AOL/Time Warner who were able to window-dress first-class fiscal public presentation indexs. In twelvemonth 2000. Fortune magazine’s study on Most Admired Companies. rated Enron as the most advanced big company. Unfortunately in the undermentioned twelvemonth. the Enron’s stock monetary value touched the close nothing underside from $ 83. 13. Palepu and Healey. 2003. in the publication â€Å"Enron† . have identified the grounds for Enron’s failure due to the restrictions of fiscal coverage restrictions and administration and intermediation failures. Listed below is a brief treatment of the fiscal coverage restrictions listed by the writers ; ?Mark-to-mark accounting Enron was spread outing its concern theoretical account through come ining in to trading understandings with other companies and adopted the mark-to-market accounting to acknowledge and describe the income of those trading understandings. In other words the present value of the expected hereafter hard currency flows of the trading understandings were matched with the present value of the expected hereafter costs of put to deathing the same understanding. in geting at the profit/loss of the contract. The accurate appraisal of the hereafter hard currency flows of these long term contracts was questionable and the unfulfilled additions were non hedged. ?Skirt accounting regulations in describing for Special Purpose Entities ( SEPs ) In making the Enron’s trading theoretical account it had created 100s of SEPs. These entities have been created to hedge accounting regulations. so that Enron’s liabilities ( debt ) were understated and the equity and net incomes were overstated in the fiscal statements. ( e. g. Acquisition of a spouses interest in a joint venture utilizing the particular purpose entity Chewco ) . As a consequence Enron had to reinstate the fiscal statements from 1997 to 2000 which included a 23 % ( $ 613 million ) decrease of reported net incomes. 6 % ( $ 628 million ) addition of reported liabilities and 10 % ( $ 1. 2 billion ) decrease in reported equity. Further. Enron disclosed minimum information about these off-balance sheet particular purpose entities to stockholders whilst pass oning a incorrect image about fudging the downside hazards of investings where. there was no existent hedge from a 3rd party. In decision. in the instance of â€Å"Enron the chief jobs were failures by the company and its hearer to unwrap contingent liabilities of the SPEs. non consolidation per Se. ( Litan. 2002 ) ?Other accounting jobsIn October 2001. Enron had to compose off 22 % ( $ 1011million ) of its capital outgo as non-performing SPEs. His is a contemplation of hapless investing analysis procedure of Enron. which has considered merely the forecasted hereafter gaining without sing the non-financial information to endorse the investing determination. The article â€Å"Enron: Did the fiscal coverage theoretical account truly neglect? † 2003. suggests that. if commercial entities unwrap more relevant information apart from fiscal information. such dirts may non reiterate in future. Here raises the inquiry. what is relevant information apart from fiscal information? Harmonizing to the writers. the relevant information can be non fiscal public presentation indexs such as the rates of client growing and keeping. open hazards of an entity ( such as procedure hazards. environmental hazards and hazards associated with sensitive information ) Demand for corporate revelation arises from the information dissymmetry job and bureau struggles between direction and outside investors ( Healy and Palepu. 2001 ) . In 1994. The American Institute of Chartered Public comptrollers ( AICPA ) appointed a particular commission on Financial coverage came up with the thought that its of best involvement of all stakeholders if the concern entities use a more comprehensive theoretical account for describing instead than a fiscal study. The suggested comprehensive theoretical account in their sentiment has to be comprised of advanced non fiscal information covering the facets of hazard direction. This thought of describing non merely historical information but futuristic information every bit good has been confirmed by Epstien and Palepu. 1999. How the universe can minimise the chance of reoccurrence of such corporate failures which puts in to oppugn the acceptableness and regard of accounting and scrutinizing professionals. Litan ( 2002 ) suggest that the universe should hold one set of accounting criterions to heighten the comparison of information to investors across national boundary lines. In the twelvemonth 2002 Financial Accounting criterions Board ( FASB ) and the International Accounting Standards Board ( IASB ) . the chief accounting criterion compositors announced their purpose to extinguish the major differences between the two sets of criterions by 2005. The modern-day direction Peter Drucker. one time highlighted the importance of public presentation measuring utilizing one of his celebrated expressions ‘what gets measured gets managed’ . He emphasizes that no individual step can supply a clear public presentation mark or concentrate hence attending on the critical countries of concern public presentation of today’s complex organisations is indispensable. This created the demand for a balanced position of concern public presentation which provided the basic logic or principle for the Balanced Scorecard ( BSC ) . Robert Kaplan and David Norton developed the BSC in the early 1990s. Today it is a hot subject among the concern community and faculty members worldwide. BSC is more than a public presentation measuring technique and considered it to be a direction system ( Butler et al. . 1997 ) BSC measures organisational public presentation across four different but linked positions that are derived from the organization’s vision. scheme and aims. Those are: ?Financial Perspective – How do we look to stockholders? ?Customer Perspective – How do clients see usInternal Business Perspective – What must we stand out atInnovation and Learning perceptive – Can we go on to better and make value? Below is a graphical representation of a BSC Beginning: Balancedscorecard. org BSC is a comprehensive direction tool ( Ahn. 2001 ) . which helps to derive a better apprehension on cardinal issues faced by an organisation. to obtain a balanced position of public presentation. to assist to turn scheme into action. to better direction information for planning. commanding and determination doing 3Financial Analysis and Strategic Decision Making Process The company performs an in depth analysis of fiscal information with regard to each sector it operates. This enable the comparing of sectors and doing determinations refering the person sector every bit good as the group. 3. 1Strategic Decision doing procedure and Analysis involved The strategic determinations such as concern enlargements. closings. investings and. Identifying Critical Success Factors ( CSFs ) and puting Cardinal Performance Indicators ( KPIs ) follows a really rational procedure and analysis with a focal point towards sustainability. The procedure involves following sequence: ?PESTEL Analysis This is a full environmental scanning. which enables the organisation to achieve a bird’s oculus position of the Political. Environmental. Social. Economic and Legal facets in which its traveling to run. The leisure sector is to a great extent affected by the societal environmental factors and the Macro Economic factors of the place state and mark markets. Leisure sector direction is good cognizant and ever does research to happen out international leisure sector CSFs and KPIs and construct and run concern harmonizing to the identified criterions. ?Financial Analysis The fiscal analysis contains an analysis of the fiscal facets of the specific determination to be made. All facets with respects to the public presentation. impact. and future value is analyzed in item utilizing a assortment of measurings. This fiscal analysis contains the Pay Back Period. Net Present Value ( NPV ) . Internal Rate of Return ( IRR ) . ROE. ROCE and other industry related measurings. ?Sustainability Analysis JKH has implemented a group sustainability policy and applies it across all concern sectors it operates. The sustainability indexs which are with the describing boundaries of the company. such as C emanations. economic value created. regard to the society it operates and employee battle in determinations are taken earnestly. These factors are being measured and compared with group criterions before finalising any economically feasible determination. 3. 2The fiscal and non-financial analysis of JKH Leisure sector ?PESTEL Analysis A elaborate economic analysis completed by JKH is provided as the annexure 4 of this study. It clearly shows that JKH has identifies the chief factors of the macro economic system which affects its strategic and operational determinations and analyses the impact of the same factors. The chief economic factors such as GDP Growth. Inflation. Local and planetary involvement rates and the exchange rate has been identified as most influential macroeconomic factors that affects the concern. E. g. Depreciation of Rupee had a positive impact on City Hotels as rate is being quoted in US dollars. ?Financial Analysis †¢Performance indexs for 2011/2012 ?Revenue Analysis Beginning: Management Analysis and Discussion 2011/2012 Overall gross of the sector has been increased by 26 per cent to Rs. 17. 42 billion from Rs. 13. 81 billion of the old twelvemonth. ?EBITThe EBIT which was Rs. 2. 80 billion in 2010/11. has grown by 59 per cent to Rs. 4. 45 billion. Beginning: Management Analysis and Discussion 2011/2012 ?ROCE and capital employed of each industry group and their comparative EBIT part. Beginning: Management Analysis and Discussion 2011/2012 The above inside informations depicts that the leisure sector earns the highest return for the capital employed compared to other sectors of the group. Consequently this indicates the management’s enterprises towards making value for its interest holders has paid off moderately as JKH is the largest net plus exposure of the group. The sector public presentation has been enhanced by the addition in tourer reachings and improved efficiency and effectivity of the sector. Tourist reachings were up by 31 % than in 2011. Management has justly identified new markets such as the Indian market which has shown a 35 % addition from 2011. ?Economic Value statementJKH as a group reports how much economic value concerns have generated an distributed amongst its stakeholders by pull offing its entire value concatenation as a responsible corporate citizen. The economic value of Rs. 85. 23 billion generated by the company was distributed amongst the concern spouses and the society whilst a 12 % has been kept for future enlargements and strategic investings. Rs. 29. 92 million has been spent on community investings via CSR undertakings. ?Sustainability Analysis ?Carbon FootprintThis is calculated harmonizing to the guidelines of the range 2 of the ‘GHG protocol and company is benchmarking its C footmark per invitee dark. against the major international hotel ironss. Presently the emanations are merely 40Kgs per invitee dark for all hotels of the JKH. Though the company re-launched Chaya Tranz hotel in the 3rd one-fourth. company has been able to cut down the sum sector C footmark by 1 % . Below graph shows the sector part of the C footmark of the group. Beginning: Management Analysis and Discussion 2011/2012 ?Water and Waste ManagementJKH implements group policies to cut down the reuse the H2O ingestion through on-site intervention and close monitoring. 2. 17 Kgs of waste per invitee dark has been sent to landfill and 41 % of waste has been recycled by the sector. ?Learning and DevelopmentCompany provides 38 hours of developing per employee for a twelvemonth. where the entire cell is 4500 employees. The entire figure of lost yearss due to occupational hurts are being continuously monitored as per the demands of the ISO 18000 OHSAS. where many of the JKH hotels have obtained the enfranchisement. ?Environmental and Community DevelopmentJKh hotels have launched several plans to protect the environment and the society it operates. Some of them are viz. . the ‘Project Leopard’ to salvage the Leopard population every bit good as unrecorded stock of husbandmans. Training of Wild Safari landrover drivers of environmental duty. beginning fresh green goods from husbandmans around the hotel locations and substructure development plans in the countries of operation. Training and consciousness plans are being conducted by the company about the serious diseases such as HIV and AIDs. These plans covers the employees. their households and the community the sector operates. Over 19. 000 people are being benefitted from this enterprise. 4Evaluation and Synthesis of Decision Making ProcessThe current determination doing procedure of John Keels Hotels is performed based on a really rational attack. which considers both fiscal and non-financial information. Major determinations taken during the twelvemonth such as closing of two hotels to the full and a portion of a metropolis hotel for renovation. increased usage of Information Technology in concern development. fudging against losingss due to involvement rate volatility and the committedness to â€Å"Sustainable Tourism† are all taken giving equal weight to fiscal every bit good as non-financial information. Tourism industry is really sensitive to planetary economic and societal tendencies and the JKH direction has clearly identified the fact and ever move proactively to procure the market leading and competitory advantage over rivals. E. g The factors that has been taken in to consideration in the hotel renovation determination are: Fiscal Information†¢The EBIT and ROCE growing†¢The expected bead in the plus turnover ratio†¢The Internal Rate of Return and the cost of external and internal fundingbeginnings †¢The expected addition of finance disbursals†¢Availability and extent of external financess Non-financial Information†¢Environmental facets such as addition in the C footmark. waste and energy ingestion †¢Increased criterions of the hotel suites and installations†¢Increased ability to run into the projected high demand However. the undermentioned non-financial facets have been over-sighted by the direction in measuring the determination: †¢effect on the impermanent cell who will be out of employment during refurbishment period †¢the loss for the community around who make a life through traffics with the hotels under renovation †¢the incontinency caused to clients through the inaccessibility of the hotel during the refurbishment period †¢the effects on the good will of the concern caused by inability to run into the full demand The above illustration vouch that the company is doing an attempt to strike the right balance between the fiscal and non-financial information used in determination devising. As company work stoppage to advance sustainable tourer organisation it focuses on environmental facets and some of the employee issues. yet some critical facets refering to the client and society is losing. due to some spread in the parametric quantities used in determination devising. 5Conclusions and RecommendationsThe major failing identified with respects to the information used in the determination doing procedure Idaho that. the CSFs and KPIs are non set as portion of a comprehensive BSC. The CSFs and KPIs are being identified indiscriminately based on research done on the market tendencies. Hence. the balance between all of import concern ingredients of financials. employees. clients and internal procedures are non maintained. The absence of the BSC in make up ones minding the strategic way of the company has made the company chiefly a follower but non a tendency compositor in the international cordial reception and leisure industry. Further. deficiency of a balanced overall CSFs and KPIs may force the organisation to do determinations chiefly based on the widely established and available fiscal facets and miss-out the of import qualitative facets which are non measured. This may dispute the corporate determinations made at present. in the long tally. The be st redress to set up a to the full informed strategic determination devising is to set up a BSC covering all critical facets of the concern which will give equal importance to puting up CSFs and KPIs with regard to Customers and Employees non merely Economic. Internal and Environmental Perspectives. In decision. what stemmed from this survey and the study is that both fiscal and non-financial information plays a critical function in strategic determination devising. The extent to which both information are used may change harmonizing to the aims and values of the organisation and direction. the Critical success factors and Key Performance Indicators identified and implemented. 6Post Report ReflectionThe procedure of fixing this study enhanced my cognition on fiscal analysis by placing the fiscal facets under different headers such as public presentation measurings. liquidness measurings. profitableness and capital construction. This apprehension will decidedly gives me a new and comprehensive position in my future determination devising as I have learnt that the non-financial information excessively plays a critical function in the declension doing procedure. The aggregation of information from the JKH company beginnings extended my professional web and was helpful in larning to gain religion. regard and aid from professional in other subjects out of my profession. which is IT. My chief determination was the of import function a BSC dramas in make up ones minding the strategic way of an organisation instead than being merely a public presentation rating tool. Hence. I believe that the successful version of BSC in any organisation may function as a strategi c direction tool which helps to make a strong competitory advantage for any organisation. Mentions †¢John Keells Holding PLC. Website hypertext transfer protocol: //www. keells. com/†¢John Keels Holdings Annual study for 2011/2012†¢John Keels Holdings Management treatment and Analysis for 2011/2012 †¢Barsky. Noah P. ; Catanach. Anthony H. Jr. ; Rhoades-Catanach. Shelley C. ; Thibodeau. Jay C. Enron: Did the Financial Reporting Model Really Fail ; ( 2003 ) 18 Com. Lending Rev. 5 †¢Epstein. M. J. . A ; Palepu. K. G. ( 1999 ) . Whatfiscal analysts want. Strategic Finance. ( April ) . 42-52. †¢Healy. P. M. . A ; Palepu. K. G. ( 2001 ) . Information dissymmetry. corporate revelation. and the capital markets: a reappraisal of the empirical revelation literature. Journal of Accounting and Economics. 31 ( 1-3 ) ( September ) . 405-440. †¢Healy. P. M. . A ; Palepu. K. G. ( 2003 ) . The Fall of Enron. Journal of Economics Perspectives. Volume 17. Number 2. ( Spring 2003 ) . pp. 3-26 †¢Litan. R. E. ( 2002 ) . National accounting regulations in a glo balised universe: Pro and Contra. CESifo Forum 3/2002 †¢Ahn. H. ( 2001 ) . Using the Balanced Scorecard construct: An experience study. Long Range Planning. 34 ( 4 ) . 441-461. †¢Butler. A. . Letza. S. R. . A ; Neale. B. ( 1997 ) . Associating the Balanced Scorecard to scheme. Long Range Planning. 30 ( 2 ) . 242-253. †¢Malmi. T. ( 2001 ) . Balanced Scorecards in Finnish Companies: a research note. Management Accounting Research. 12 ( 2 ) . 207-220. †¢Drucker. Peter F. . â€Å"The Practice of Management† . 1954. ISBN 0-06-011095-3 †¢ hypertext transfer protocol: //www. balancedscorecard. org

Reading Critiques 5 Essays (523 words) - Assumption, Logic

Reading Critiques 5 Essays (523 words) - Assumption, Logic Philosophy in Relation to Science, Religion, and Mythology David Edgerton III Howard University Subjects like science, religion, mythology, philosophy to quench our thirst for complete knowledge. P hilosophy is used to create new knowledge and solve problems that seem impossible . While science uses a general description of reality to handle problems philosophy challenges problems in a universal ways. Philosophy questions problems on a broad scale aff ecting everyone in the world while religion limits itself to sacred texts. Mythology attempts to find the answers of the world through stories, while philosophy uses reality and reason to answers the world's questions. Using Francis Clauder's , "The Wonder of Philosophy," I will identify the similarities and differences of problem solving of philosophy compared to other subjects. Science is often synonymous with the word fact but Klauder asserts that "science is error caused precipitous judgment "( Klauder,1999, p. 21) In other words, science is error because it is never constant! Like philosophy, science is based off of a belief. F or example gravity. No one knows why gravity exists or how it works but we all believe our feet will stay planted on the ground. Philosophy is a belief that if you practice philosophy you will have an overall better existence. Klaudersaid that " Philosophy holds the criterion of truth and happiness"( Klauder, 1999, p. 19). Based on this information, the reader can see that the author believes that science and philosophy are both faith based subjects Religion is completely rooted in faith , which is complete trust or confidence in someone or something. Without faith there is no religion. Klauder believes religion is "search for eternal truths, happiness, moral obligation and consensus of mankind" .( Klauder, 1999, p. 22) Philosophy is rooted in these beliefs as w ell. The only real difference in philosophy and religion is that religion uses "sacred texts". Philosophers do not have a text to refer to , their faith is rooted "by way of denial and by way of supereminence"( Klauder, 1999, p. 23). While philosophy and rel igion are different they are still both centered around the idea of finding the answers to world's most disputed questions. Mythology are stories. They depict natural phenomena on earth and situations and try to use "faculty of thought," ( Klauder, 1999, p . 43) to see how they relate in everyday . Philosophy also considers certain phenomena and asks "what it means for it to be" ( Klauder , 1999 , p. 53). It takes a given situation and uses thinking on thinking to determine what exactly something means. Mythology uses this same pattern of thinking on thinking in a different way determine a solution or a reason for a problem, In conclusion, although philosophy appears very from other subject like science religion and mythology they all are the same because they attempt to solve issues. Although they solve these problems in unique ways they all have the same goal. People are looking for answers everyday to answer life questions and these subjects attempts to find the answers.

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Study On The Seagate Technology Buyout Finance Essay

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The two-step transaction was thus believed by Seagates management to genera te significant wealth gains for its shareholders. Before making their decision Seagates has to consider some alternatives to the previously described restructuring in order to address its low stock price. The company could sell the company as a whole, repurchase its own stock or sell off part of the VERITAS stake, or undertake a tax-free spin-off of either the disk drive business or its stake in VERITAS. We address each of these alternatives next. Seagate could choose to sell itself to other companies that may be interested. A merger or acquisition, in this case, could be either horizontal or vertical. Whereas a horizontal merger or acquisition could be beneficial for Seagate, because of the even higher market in the very competitive disk drive market, a vertical merger would be less successful as the company is already vertically integrated. However, it would be ideal for Seagate to be acquired by VERITAS as it holds 40 percent of its shares. But VERITAS was not interested in entering into the disk drive industry as management believed this was to far away from their core software business. A second alternative for the company is to sell its VERITAS stock or repurchase its own stock partially in the open market, however. However both actions proved to be ineffective. First Seagates ability to sell of VERITAS shares was limited by a prior agreement made with VERITAS. Even if they could sell off the entire VERITAS stake, it still seems an undesirable outcome since the transactions would be taxable on both the corporate as personal accounts. Second when the company performed a repurchase it had little impact on its stock price. A tax free spin-off would imply that Seagate spins off one of its business units, the core disk drive business or the VERITAS stake as an entirely new company. However the internal revenue code, as part of the US statuary tax law, requires that both the distributing corporation and the controlled corporation must be engaged immediately after the distribution in an actively conducted trade or business for a five-year period. Furthermore it also states that the corporate divisions lacking a business purpose can not be accomplished tax free (IRS, 2003). Clearly the VERITAS stake corporation will not satisfy these conditions and thus a tax free spin-off is unlikely. Besides the distribution must be the last resort for solving the business problem. In other words, it must be established that the business problem cannot be solved otherwise. This condition also does not hold since, as we will later see, the proposed two step transaction remains as a valid alternative. After reviewing these alternatives the proposed two step transaction seems to be baneful, mostly due to its low tax nature. As indicated in the case the stock-for-stock swap qualifies as a reorganization under the Internal Revenue Code, thus avoiding the tax implications as a swap. VERITAS will swap 109,330,300 shares for 128,059,966 shares previously owned by Seagate, and the tax advantage will be Huge as no personal or corporate taxes have to be paid on the transaction. Furthermore the decrease in total outstanding shares associated with the deal will cause earnings per share to rise, cetris paribus. In total this would be in the benefits of the VERITAS shareholders, enabling the two stage transaction to be pursued on their behalf. Seagates shareholders also benefit from the potential restructuring program. First they will receive 109,330,300 shares that have experienced a price increase of 200 percent after the half year that followed VERITAS acquisition of Seagates Network and Storage group. Compared to the 25 percent increase over the same period of its own shares this is a significant difference. Furthermore they will receive an additional amount generated from the sale of Seagates disk drive manufacturing assets (including $765m of cash) to the Suez Acquisition Company. The benefits to be received here, and thus also the potential benefits of Silver lake Partners L.P. are thus for the main part determined by this price, which was not determined yet. Seagates employees will also benefit from the two step transaction as their incentive to perform increases significantly when the new Suez Acquisition Company is no longer tight to VERITAS performance. Corporate governance is now considerable tighter than in th e old situation. A sincere loser of the reorganization is the government that could have gained more in taxes if one of the pre-described alternatives were chosen. Levering the buyout There are a number of benefits of leveraged buy outs. Business efficiency improvements, increased interest tax shields, change of management or improved management incentives and higher firm value are the most important possible effects. In the case Seagate an increase of the stock price was the most important target of the leveraged buyout. Before the leverage buyout Seagates stock price was more and more tied to VERITAS stock price. The performance of Seagates main business was a subordinated parameter. The trial to increase the stock price by means of selling VERITAS shares and buy own shares in the open market did not lead to the aimed target. Therefore a leveraged buyout was a possibility to lose the stock price from the performance of VERITAS. Besides of this main purpose to disconnect the stock price development from VERITAS also other positive effects of leveraged buyout could be realized, as the improvement of the market position of Seagate from a strategic and long-term point of view. As a consequence a higher probability to secure a positive stock price development after being on the stock market again can be attained. Another positive aspect of leveraged buyouts are taxes that can be saved through higher debts and interest that is tax-deductible. Although it should be considered that interest cannot be deducted unlimited because of interest barrier rules or earnings stripping rules. Therefore the interest only can be deducted to a certain extent, depending on the debt-to-equity ratio. There are specific regulations that differ from country to country. In case of cross-border leveraged buyouts the situation should be analyzed separately. Within the EU there is no different treatment in cross-border situations because of the freedom of establishment and the freedom of capital of the EC Treaty. A decisive argument of leveraged buyouts is the possibility that enterprises that were poorly managed before their acquisition can undergo valuable corporate reformation when they become private. An important change in the corporate structure is often the modification and replacement of the management staff or improved management incentives. In the Seagate case Silver Lake was convinced about the abilities of the management team. Silver Lake argued that the members of the management team had over ten years of experience in the disk drive industry and underlined that it was an important condition of the deal that the six top managers were taken over. In many articles it is argued differently as a restructuring without modification of management staff is much harder and there is a stronger opposition against many unpleasant but necessary changes. As incentives the management had to convert a portion of their Seagate equity into new equity and also got some deferred compensation. The re jection of unnecessary company sectors as well as the reduction of excessive expenditures also is an important factor for the success of the deal. In the leveraged buyout market stable and predictable cash flows and significant tangible assets which can be provided as security for bank loans are positive preconditions. These are features that make an enterprise for private equity firms interesting to invest. In the 1980s and early 1990s industrial companies were strongly favored and technology business was avoided. This has changed as the technology sector has become more and more important and in the last years this sector has become increasingly more interesting for Private Equity investments (von Nell-Breuning/2010). The disk drive industry as part of the technology sector is distanced by heavy price competition, short product life cycles which are often no longer than six months and high expenditures on RD. These are features that make buyouts very risky. It makes it difficult to predict cash flows, which plays a significant role for the success of a leveraged buyout. Nevertheless Silver Lake was convinced that in general the disk drive industry market development would be extremely positive and that the disk drives would be the key technological component in hardware products. It also should be taken into account that Seagate had a number of characteristics that were from a positive nature for a leveraged buyout like vertical integration for a better competitive position on the market. But also high RD while using up cash is a positive aspect to prevent market entry of smaller, less well-capitalized competitors. Another advantage of Seagate was the relatively high equity ratio compared with the technological industry. The equity ratio of Seagate was 26.6 per cent in June 1997, it was 29.6 per cent in June 1998 and in June 1999 the equity ratio constituted 23.9 per cent. The equity ratio of its competitors were lower, f.ex. the competitor Quantum HDD only had an equity ratio from about 13.5 per cent. The average equity ratio of mature industries is between 20 and 25 per cent depending on the country. Capital Structure In order to assess the capital structure of the deal and in essence the amount of debt the Luczo and the buyout team should take it is necessary to estimate the firm value. Two model are being considered for this task. The first one is the relative valuation model. The rationale for relative valuation stems from the notion that the intrinsic value of an asset is difficult to estimate. Its value can be measured by the price the market is willing to pay for its assets, based upon its characteristics. The second model being considered is the DCF model. When comparing relative valuation with DCF, one advantage over DCF is the reflection of market perceptions on the value of the company. Thus, in a perfect market, the perceptions of future prospects are already reflected in the stock price. It requires less information than DCF models and is therefore less prone to estimation errors. In addition, managers are often judged on a relative basis and relative valuation might therefore match th eir needs and horizons. Markets are assumed to make mistakes when pricing assets across time. DCF valuations detach themselves from market valuations and assess the fundamentals underlying the firm and its growth perspectives. Relative valuation leads to a reasonable estimate when there are many comparable assets that are priced in the market and a common variable can be applied to standardize the prices. Although the case offers some information on competitors we deem the data to be insufficient. Even more, relative valuation works best for investors that usually have relatively short investment horizons as it is rather difficult or impossible for the market to perceive long-term growth perspectives. In general a private equity investment(PE) spans on a 5 to 7 years time line meaning the PE investor has a medium to long-term investment horizon. More confidence in reasonable firm value estimation is thus assigned to the DCF valuation. The fundamentals of a company provide a prudent basis for estimations. Assumptions for the estimations are transparent while these are rather not in the case of relative valuation. A DCF valuation can be applied to long-time horizons and is thus more applicable for investors with long-term investment perspectives. In addition, a fundamental approach might work as a catalyst that moves the price in the market towards the real value of the assets. Silver Lake Partners L.P., as the bidder for the controlling stake of the company is interested in deriving the firm value, meaning the value of the equity stake in association with debt. Cash flows coming from operating activities would therefore need to be estimated. A first step concludes in the calculation of free cash flows to firm (FCFF). The FCFF is computed based on the following assumption: The company management provides three different projections for the buyout team: The Base Case, The Upside case and The Downside Case, each differing in EBITA and Revenues values. Capital expenditures and Depreciation are to remain the same in all three cases. The values used are provided in the operating performance projections table of Seagate. The working capital(WC) is mentioned in the case as being historically equal to 0 for the industry so the change in WC is to be ignored. According to this values the FCFF can be computed. After total cash flow is calculated, it is brought back to NPV using the companys weighted average cost of capital (WACC). The WACC, which is defined by the relative cost of the companys debt and equity is also viewed as the required rate of return for the company and its investors to compensate them for the inherent risks of ownership and realization risk for projected cash flows. The value for the risk free rate and the market risk premium have been set as given by Damodaran(2010) as 3.20% and 2.05% respectively. The beta of the company is supplied by the case as 1.2. Thus we come to the value of 6% for the WACC. Based on the values of the FCFF and WACC computed we can now asses the present value of the firm in the years to come. By summing up this values for the required time horizon we get to the firm values for the three cases Figure 1 Firm value analysis As it can be noticed the firm values for the cases register important differences. The Upside case stands out. Comparable to this the Downside Case has a much smaller difference. In order to better account for the possibility of worse than expected, but more importantly, for better than expected performance in the company we consider that the average of the three values should be used as the firm value and as the price the buyout team should pay meaning US$2.224 billion. We have determined a purchase price of $2.22 billion that Silver Lake Partners will pay to acquire the operations of Seagate. This will be a leveraged buyout that includes two different equity sources and two different debt sources. Our proposed capital structure will consist of 79% percent equity and 21% percent debt. This structure was chosen based on the BBB three-year median rates as referenced in the case (Exhibit 11). The EBIT Interest Coverage ratio set the median value over 1997 to 1999 of 3.9x. In order to get the highest value for the firm when deciding to sell it, the PE firm will try to maintain its rating or even to improve it so it makes sense to consider the BBB value as appropriate. Even more lower rating will also mean higher interest rates for its debt. Using this value and the EBIT values provided for the case we can compute the amount of interest that the firm can afford to pay every year. It can be noticed in Exhibit 1 that the lowest value for EBIT is predicted in year 2000 so it makes sense to consider this value as a benchmark as the following years the performance is expected to improve. Starting from amount of interest that the firm can afford to pay every year we calculated the value of debt that the firm has to take in order to be required to pay that amount of interest. This adds up to US$468.31 meaning 21% of the price recommended for the deal. By comparing this result with the values provided in Exhibit 11 from the case it can be noticed that the firm will remain under BBB rating. The remaining 79% is to be provided by the buyout team in form of equity. It should also be considered that Silver Lake Partners L.P. will receive US$765 million by acquiring Seagate, funds that can be used as equity for the deal. Figure 2 level of debt analysis In order to better assess the impact of the three scenarios on the capital structure of the deal we also used the values computed under The Base Case, The Upside Case and The Downside Case. Again it can be noticed that the better performance predictions stand out. This is based on the possibility that in the latter years of the investment the firm will perform over the expectations even though 2000 is perceived as the same in all cases.

The Scarlet Letter: The Unavoidable Truth :: essays research papers

The Scarlet Letter: The Unavoidable Truth Chapter II (pg. 59, 60, 64) The isolation and courage that Hester Pryne felt when she walked to the scaffold to face reality brought out my deepest sympathy and respect for her. Hester, followed by a crowd of "stern-browed men," "unkindly visaged women," and "curious school boys," begins the walk from the jail to the scaffold. She seems to be proud and dignified. However, internally, she feels great agony, for she was scorned and mocked by the accusing Puritans. She finally arrives at the scaffold, displaying the two results of her adultery; the scarlet letter and her child, Pearl. In order to escape her isolation, Hester goes into her inner soul and into the past. In Hester's "dusky mirror" of imagination, she remembers her old home in England, her mother, her father, and most of all, her own youthful face. Then, she thinks of the marital life with her husband, a "tuft of green moss on a crumbling wall". The "green moss" symbolizes Hester's youth, which was clinging onto the "crumbling wall", which represents her aged husband. She tries to loser herself in past memories, but reality rears its ugly head. A few moments later, her mind jumps back to reality. In astonishment, she clutches the child and places her finger on the scarlet letter. This shows that reality is unavoidable, even though we try to escape from it sometimes. This courageous journey to reality won my admiration and understanding. When I was eight years old, I distinctly remember the time when our family celebrated the Chinese New Year. Since I was still young and didn't have much manners, I had to sit alone on a separate table. The more I saw the adults enjoying themselves, the more furious I got. However, I felt helpless for I couldn't do anything about it. Then, I saw my aunt rising from her chair to get a bowl of soup from the other end of the table. I quickly took this opportunity and pulled the chair away from her. Unaware that the chair was missing, she sat down and fell backwards, dropping the bowl and making a mess. My enraged parents, grabbing me by the ears, made me kneel down in front of everybody and apologize. Being the stubborn person I am, I refused. Thus, I kept on kneeling on the ground. Looking at my own reflection off the polished floor, I wondered why I got in such a mess. Memories of the past swept into my mind. I start ed pondering about my leggo collection and how awesome it was.

Explaining the Concept of Homeostasis Essay

The actual word homeostasis means â€Å"steady state†. Homeostasis describes how the body regulates its process to keep its internal conditions as stable as possible. Homeostasis is necessary because human cells are efficient but very demanding. The phrase homeostasis is a bit confusing; conditions inside our bodies are not constant but are kept within a narrow range. Some factors such as temperature and blood PH change slightly while others such as blood glucose very considerably throughout a normal day without producing any harmful effects. A brief description of homeostasis is that it is maintenance of a constant internal environment in response to a change in external environment. Negative feed makes sure that as levels return to normal, corrective mechanisms are scaled down, it’s when the body maintains conditions within particular limits, and the body will do this by opposing a change that deviates from the normal, core temperature falls. Core temperature rises, d rop detected by hypothalamus. Brain sends signals to the body that brings out shivering and vasoconstriction. Temperature turns to normal. Normal body temperature: 36.9c Rise detected by hypothalamus. Brain sends signals to body that brings out sweating and vasodilatation. Negative feedback comes when an important variable, sometimes known as a key variable such as the pH of blood and tissue fluid.Homeostasis is the process of maintaining a constant internal environment in response to changes in the external environment. Homeostatic mechanisms are for regulating; body temperature, blood glucose, heart rate and breathing rate. Regulating the internal environment of a human is achieved by negative feedback; this is a constant process. Conditions within the body changes and receptors detect that change; receptors are found in the skin, around vital organs and the hypothalamus. This information of change that is detected by the receptors are then passed to the control centre in the hypothalamus which monitors the changes, when the change in environment fall too far outside the normal range of values the negative feedback response begins. The control cent re signals an effecter to take  action that will return the system back to its ‘normal’ state. An example of homeostasis taking place is when a human goes into a cold environment, conditions change internally; the skin, a receptor will detect the change and cold blood will pass to the control centre, hypothalamus. The hypothalamus then monitors this change and signals the effectors if the internal environment goes below minimum core temperature for cells to work properly; thirty-five Degrees Celsius, anything below can be very dangerous. The effectors will heat the body temperature up, making hairs stand up to trap air to create insulation, sweat secretion is reduce so less cooling of the body and blood vessels constrict which reduces the amount of blood near the surface of the skin so the blood can heat up. All of these effectors enable the human body to go back to its normal state. The opposite example of this is if a human does exercise, every time the muscles, receptor contract, energy is produce which is transformed into heat. Heat from muscles then moves to the blood which circulates throughout the body which makes temperature rise. When you are exercising different changes occur in the body to try and deal with the change in the environment and the reaction that occurs in the body. I will also explain the homeostatic mechanisms when someone exercises. Homeostasis is for the process of the body to maintain a relatively consistent internal state. The nervous system sends and receives signals about temperature, hydration, blood pressure and much more factors. The endocrine system carries chemical messengers to adjust bodily functions. During forms of exercise, the body’s internal environment is altered and placed under a considerable amount of stress. Through homeostatic feedback mechanisms, the body is able to maintain a healthy internal environment and quickly return to normal after exercise ends. These homeostatic mechanisms respond to exercise with changes in the heart rate, respiration, oxygen consumption, carbon dioxide clearance, pulse rate, blood pressure and body temperature. During exercise, the body requires more oxygen and smooth removal of care dioxide. To meet this, the respiratory system responds by changes in breathing rate. The cardiovascular system modifies heart rate, blood pressure and capillary beds to maintain body temperature around 37 degrees and blood pressure roughly around 120/80mmhg. The probable homeostatic responses to changes in the internal environment during exercise  to the heart rate, your body’s working muscles require additional stores of oxygen to help feed their energy requirements. The body receives oxygen from the lungs and transmits it to your muscles through your bloodstream. The heart controls the flow of blood throughout the body and your heart rate is a factor of that flow. D1. Blood glucose  the glucose in your blood (also known as blood sugar, and another form of carbohydrate in your body) can sometimes be used as an energy source to make ATP. During exercise your body prefers to maintain your blood glucose levels by several different actions rather than use it for energy. Actions such as increased levels of epinephrine, glucagon and cortisol that get released in your body during exercise act to maintain your blood glucose levels through special pathways in the liver and also encourage your muscles to use more glucose (which is good because you can keep working out!). Sometimes though, if you fail to eat correctly before your workout or have low muscle glycogen levels (because you’re not eating right in the several hours after exercise), you may experience drops in your blood glucose levels that make you feel tired, shaky, cold, irritable and unable to exercise any longer. Some of the key factors that dictate if your blood sugars will crash or not include: The timing of your last meal before your workout (when).  The composition of your last meal before your workout (what). How your body responded to food you ate before your workout (how). When and what you ate in the hours following your last workout. If you wait too long after your last meal or snack to exercise, you’re more likely to experience drops in your blood sugar levels because they’re already feeling weak and require food to be maintained. This results in a major drop in exercise performance. If somebody remains in the cold temperatures for a long period of time, the thermostat homeostasis mechanisms may fail and you could develop hypothermia. Hypothermia is when your body temperature drops beyond below the standard temperature needed for your body to function accurately without any inner body catastrophes. When your body temperature reaches a certain point below the norm, usual actions can’t work, including homeostasis. When your body is put in a certain situation for too long your internal environment may begin to shut down, leaving your body vulnerable. Unless immediate action is taken to bring the homeostasis back to normal you will die. The same thing would happen if your body was exposed to extreme heat for any long periods of time. For the metabolic system to continue to occur in the body cells need a constant supply of glucose. Glucose is a carbohydrate, and is the most important simple sugar in human metabolism. Blood sugar levels should be maintained at around 90mg of glucose per 100ml of blood. If blood glucose levels rise, insulin is released into the blood. Insulin is one of many hormones that help the body turn the food we eat into energy. Also, insulin helps us store energy that we can use later. After we eat, insulin works by causing sugar (glucose) to go from the blood into our body’s cells to make fat, sugar, and protein. When we need more energy between meals, insulin will help us use the fat, sugar, and protein that we have stored. Insulin is produced by our own insulin that is made in the pancreas gland or taken by injection.

Step to Writting a Good Essay Essays

Step to Writting a Good Essay Essays Step to Writting a Good Essay Essay Step to Writting a Good Essay Essay Upon deciding the topic for my final paper I decided on , Credit scores are a fair measure to help lenders to estimate potential risk. My point of view considering this topic is that I will explain why I agree with the issue then follow with supporting facts and details. I will proceed to explain the reasons why lenders and banks use scores t evaluate the risk. I will show that most people which have a repeated and unsatisfactory credit history usually, don’t change. I will share information on those with good credit established and how to maintain it. I will show how having good or bad credit affects your daily living. I will discuss how credit bureaus come up with credit scores, where their information comes from, and what to do if it is not correct. I will present factual evidence to support my views and opinions. I will begin my paper with enthusiasm, and confidence to keep my audience focused and interested. In my essay, I will disclose a number of issues that can destroy your credit. I will provide some ways to go about correcting your credit. I would like my audience to understand that your credit has a huge impact on not only your lifestyle but the economy as well. I want the audience to know that credit is something that you can without a doubt destroy within a matter of weeks or in as little as a month. I would like my audience to also be informed that it can be corrected as well, but it is a long and tedious process. I will facilitate my audience to understanding the pros and cons of both sides of credit scores. Having good or fair credit is always a must or a must try to have in this day in life. Once I finalize my persuasive essay, I hope to have my audience in my court, and understanding why it is so critical to have credit scores to measure risk up front for lenders and bankers. Unless you resolve your old credit tribulations, it is almost impossible to obtain a new line of credit at a reasonable interest rate. People need to become conscious and aware that having good credit is critical and positive aspect in life. Potential employers can even check your credit and credit scores. If your credit or credit score is substandard then it is doubtful you will get the job, even if you are the best person for the job or highly qualified due to your credit or credit scoring. Furthermore, most people do not realize how their credit can affect their lifestyle, future wealth and wellbeing. We as consumers should become more aware that it is our behavior and decisions that we make used to determine our credit worthiness. The fact of the matter is that lenders have used this technique for years, and I doubt it will ever change in the near future.

Definition and Examples of Complex Transitive Verbs

Definition and Examples of Complex Transitive Verbs In English grammar, a complex transitive is a  verb that requires both a direct object and another object or an object complement. In a complex-transitive construction, the object complement identifies a quality or attribute pertaining to the direct object. Complex-transitive verbs in English include believe, consider, declare, elect, find, judge, keep, know, label, make, name, presume, pronounce, prove, rate, regard, and think. Note that verbs often belong to more than one category. For example, made can function as a complex transitive (as in Her thoughtless remarks  made  him unhappy) and also as an ordinary transitive verb (She made a promise). The  adjective  or  noun phrase  that qualifies or renames the object that appears before it is sometimes called an object predicate or object predicative. Examples During the night leprechauns painted the barn green.The judge declared the man guilty on two counts.Jack found his brothers behavior deplorable.Elena Kagan clerked for Thurgood Marshall and has long considered him a hero.When the Congress unanimously elected George Washington president, he accepted reluctantly.This man had made her happy and  made her miserable, but he was dependable. (Allison Brennan, Compulsion.  Minotaur Books, 2015)Men have called me mad, but the question is not yet settled, whether madness is or is not the loftiest intelligence. (Edgar Allan Poe, Eleonora, 1842)We called him Mother Superior on account of the length of his habit. (Mark Rent-boy Renton, Trainspotting, 1996) Meaning in Transitives and Complex Transitives [M]any of the verbs that appear in complex transitive clauses will also appear in transitive clauses without an object complement; but when they do, there is a change of meaning. Think about the different meanings of the verb in the following pairs of sentences: (49a) Transitive: Ahmed found the professor.(49b) Complex transitive: Ahmed found the professor marvelous!(49c) Transitive: Hojin considered the matter.(49d) Complex transitive: Hojin considered the matter a waste of time. (Martin J. Endley, Linguistic Perspectives on English Grammar: A Guide for EFL Teachers. IAP, 2010) The Relationship Between the Two Complements of a Complex Transitive A  complex transitive verb  has two complements, an argument NP [noun phrase] direct object and either a predicate NP or an AP [adjective phrase]. (5a) We considered Sam [direct object] our best friend [predicate noun phrase].(5b) They elected Mrs. Jones [direct object]  president of the PTA [predicate noun phrase]. There is a special relationship between the two complements of a  complex transitive verb. The predicate NP or AP says something about or describes the direct object, just as the predicate NP that is a complement of a linking verb describes the subject. The predicate NP or AP is either currently true of the direct object or comes to be true of the direct object as a result of the action of the verb. Part of the meaning conveyed by (5a), for example, is that Sam is our best friend. Part of the meaning conveyed by (5b),  for example, is that Mrs. Jones comes to be president as a result of the action named by the verb. Thus, complex transitive verbs, like linking verbs, are either current or resulting verbs.(Dee Ann Holisky, Notes on Grammar. Orchises, 1997) Active and Passive As is the case with any type of object, the DO [direct object] in complex-transitive complementation can also be passivized. An interesting fact is that the co-reference between the OC [object complement] and the DO survives passivization. 59. They made him president.60. He was made president. Note, however, that it is the direct object and not the object complement that can passivize! 61. They made him president.62. *President was made him. (Eva Duran Eppler and Gabriel Ozà ³n, English Words and Sentences: An Introduction. Cambridge University Press, 2013)

Marriage and Religion Research Paper Example | Topics and Well Written Essays - 1750 words

Marriage and Religion - Research Paper Example Couples of different religion such as Catholic and Jewish had to face several challenges. The church does not support and encourage the practice of marriage between catholic and Jewish. The traditional perspective on Jewish marriage was contractual bond between man and woman which is commanded by god. Catholics people believe that marriage is the gift which is in the hand of gods. Both religion vividly follow the practices entertain in the church. This research paper will discuss about the marriages that does not work if people support different religions such as Catholic and Jewish. Until recent decades, it is really uncommon for people to marry of different religion backgrounds. But in this generation, people are marrying outside the faith and religion. There are several challenges that arise due to interfaith marriages. Over the last decade in United States, more than 45% of marriages are of different religion. Interfaith couples i.e. couples of different religion are often tend to marry each other regardless of the practical religion problems. The rate of divorce of marriage of different religion is very high. According to the survey in the year 2001, reveals that 23% of the Catholics and 27% of Jewish are married to people of different religion identification. It is also stated that different religion identification marriage are maximum between 26 to 35 years. 58% of the marriages are between 26 and 35. The ethical norms and values of certain religion are hampered due to interfaith marriages. In the year 2011, it has been surveys that different religion mar riages can lead to divorce or separated. It has been found that three times the number of mixed religion marriages are divorced than that of same religion marriages. Divorce rate of couple who are religious is 20%. Mixed religion marriages can eventually has disagreement over the raising of children. There can be certain disagreement

Bus Alice EEOC Board Essay Example | Topics and Well Written Essays - 250 words

Bus Alice EEOC Board - Essay Example The incident brought to a question whether the argument of making women separate themselves from men would work in the Park City Restaurant following the report of Ruby Tuesday of gross revenue of $1.25billion in the year 2013. Tighe observed this odd case and asked employers to avoid bringing the decision related to gender matters that is being applied by BFOQ. According to the author, the issue of gender discrimination is seen as uncouth barbaric behavior that should not be entertained in any society. He termed the act of gender discrimination as a ‘’Red Flag’’ (Allen Web). Allen gives reference using the press released by the EEOC’s San Francisco Regional Attorney William R. Tamayo, which talks negatively about cases related gender like that released by Ruby Tuesday’s about a job advertisement (Allen Web). Gender discrimination is a warning saga to most employers. Seattle Field Office Director by the name Nancy Sienko said that the company could have addressed any privacy concern that may come by providing separate accommodation entities for both male and females working in Park City. I am of the opinion that gender discrimination brings hatred amongst members of the society simply because others will see themselves better than others. All were against gender discrimination led by Ruby Tuesday. The Author went further not responding to a call for a comment about the incident that is now pending U.S. District Court after the District of Oregon attempts failed to meet the initial litigation through the EEOC conciliation process. The body i s now seeking financial damages on behalf of Herrera and