School Violence and Safety Promotion :: School Violence Shootings Safety Essays

Increase in school violence Over the past several years, incidents of school violence have intensified. Disasters like the shootings at Columbine High School are not unheard of, and precautions for school safety are on the minds of numerous communities. Johnson and Johnson claim that â€Å"Teaching is different from what it used to be. Fifty years ago, the main disciplinary problems were running in the halls, talking out of turn, and chewing gum. Today’s transgressions include physical and verbal violence, incivility, and in some schools, drug abuse, robbery, assault, and murder† (1995). When examining school violence, researchers have begun to investigate how society has redefined violence as normal and acceptable, claiming that this is the root of the problem. In addition, I have considered other factors that lead to violence in schools. As violence increases, pressure for safe and orderly schools does the same. I feel that the first step to ensuring school safety is to work with the stud ents themselves to establish a safe school. The purpose of this research paper is to investigate the occurrences of violence in schools across the United States and to articulate strategies to promote school safety. Two forms of school violence When assessing violence, it is important to know that it occurs in two major forms. First, violence can penetrate the climate of schools, allowing negative events to escalate into increasingly damaging patterns. The second form of school violence entails random mayhem, where the school is simply the setting (Hill & Hill, 19). An example of the latter form is the sniper shooting that occurred at Walt Whitman High School on October 8, 2002. Both forms of school violence among young people in society are increasing, forcing educators to search desperately for causes. Causes of school violence One cause of this increase in school violence is the fact that society is slowly beginning to redefine violence as normal and acceptable. What is probably most alarming is that violence is becoming so commonplace in many communities and schools that it is considered the norm rather than the exception. Johnson and Johnson believe that the media is most responsible for children falsely believing that violence is acceptable: Mass media influence how people view violence and deviant behavior. Some television shows obliterate or obscure the boundaries that society has created between good and evil, public and private, shame and pride (Abt & Seeholtz 1994)†¦Killing is sometimes portrayed as understandable and righteous when it advances a certain point of view on a controversial issue.

Great Education Leaders

From Corporate America to the Classroom Jon Williams University of Phoenix From Corporate America to the Classroom Leadership by definition is a person who guides or inspires others. In corporate America, we can consider Jack Welch a true pioneer in defining leadership. Jack Welch was able to lead and make General Electric a very competitive enterprise in the world (100 Ventures) during the 1980s. Jack Welch is bringing his lifelong management skills to a new online university program (Glader, 2009). Biography Jack Welch was born in Salem, Massachusetts, in 1935. He graduated with a Bachelor of Science degree in chemical engineering.In 1960, Jack Welch joined General Electric and worked his way through the ranks to become the Chairman and CEO of GE, making him the eighth and youngest leader (Woopidoo- Biographies- Business Leaders). During his 20 year reign of General Electric, one of Americas largest and most well known companies Jack Welch's management skills became almost legendar y (Woopidoo- Biographies- Business Leaders). His no nonsense leadership style gave him a reputation of being hard, but fair when making business decisions and his style of leadership has been used a model in corporate America. His techniques have been studied and implemented in the U.S. Army (Day, 2001). Jack Welch’s success was the ability to effectively communicating keys ideas, and constantly repeating them to ensure all employees shared the organization’s goals. Goals In order to become a leader, people should lead more and manage less. As a leader, goals or vision must be created to ignite an organization and make those goals into reality (100 Ventures). Do not micro manage instead inspire others to execute the goals of the organization. Jack believed in seeing change as an opportunity. Change is going to happen and the willingness to change is actually strength.Much has been said and written about Jack Welch and his success. Many managers struggle daily to lead a nd inspire their subordinates to perform. In order to close the gap in a lack of leadership in the business world, Jack believes in educating then next generation of leaders (Glader, 2009). Education Jack has partnered with Chancellor University and plans to use his methods of teaching leadership. Chancellor University will name its Master of Business Administration program â€Å"The Jack Welch Institute. † Jack says the MBA program will integrate his philosophy and human resources into a 12-course curriculum designed for managers (Glader, 2009).Conclusion Since retiring in 2001, Jack, 73, has taught management classes at the Massachusetts Institute of Technology (Glader, 2009). He has written many books about leadership and has shared his success throughout his life. The one key lesson from Jack every manager should practice is, â€Å"Genuine leadership comes from the quality of your vision and your ability to spark others to extraordinary performance,† (100 Ventures) . References 100 Ventures. (n. d. ). 25 Lessons from Jack Welch- Business Leadership and New Management Secrets. Retrieved December 26, 2009, from eCoach: http://www. 1000ventures. om/business_guide/mgmt_new-model_25lessons-welch. html Day, D. H. (2001, April). Leadership Development: A review of Best Practices. Retrieved December 26, 2009, from U. S. Army Research Institute for the Behavior and Social Sciences: http://www. dtic. mil/cgi-bin/GetTRDoc? AD=ADA391440;Location=U2;doc=GetTRDoc. pdf Glader, P. (2009, June 22). The Jack Welch MBA Coming to Web. Retrieved December 26, 2009, from The Wall Street Journal: http://online. wsj. com/articles Woopidoo- Biographies- Business Leaders. (n. d. ). Jack Welch Biography. Retrieved December 26, 2009, from Woopidoo Web Site: http://www. woopidoo. com/biography/jack-welch. htm

The Miller And Modigliani Capital Structure Irrelevance Theorem Finance Essay - Free Essay Example

Sample details Pages: 20 Words: 6090 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Contrary to Modigliani and Miller (1958, MM hereafter), Capital Structure is not irrelevant when we consider a firm with a dividend payout policy. This article extends the MM capital structure theorem by relaxing the full payout assumption and introducing retention policy. The theoretical contribution shows that it is possible to verify the theorem when we suppose an investor who exchanges his initial holding for another portfolio composed of consumption and investment. Don’t waste time! Our writers will create an original "The Miller And Modigliani Capital Structure Irrelevance Theorem Finance Essay" essay for you Create order The empirical analysis of this new approach is based on a data set of the USA Electric Utilities and Oil companies for the period 1990-1998. The results show that the relationships between leverage and firm value are significantly affected by the firms payout ratio. 1. Introduction Miller and Modiglianis (1958) irrelevance theorem is one of the important and puzzling issues in modern corporate finance theory [1], which has challenged the traditional view[2], that an optimum leverage exists. The main source of the puzzle stems from the fact that financial research dont seem to explain the firm financing behaviour as we attempt to reconcile the MM theory with the evidence(Myers 1984, Gordon1994, Rajan and Zingales1995). The MM theorem(proposition I) has shown that under a perfect market hypothesis the market value of any firm is independent of its capital structure (Stulz2006). This fundamental proposition explicitly indicates that the aptitude of investors to engage in personal or homemade leverage is sufficient to ensure that corporate leverage in itself cannot modify the total market value of the firm [3]. In other words, the theorem provides conditions under which arbitrage by individuals keeps the value of the firm depend only on cash flow generated by the investment policy. Literature about the validity of the MM-proposition is discussed about whether investors can really accomplish the required conditions of the arbitrage method without changing the overall value of the company. In this context, many authors have shown the inadequacy of the theorem when variables that deal with the real world are introduced. Following the seminal paper of MM (1958), most theories have been put forward in corporate finance to reconcile the shortcomings of the irrelevance theorem with variables that explain the firms choice of capital structure. According to the previous debate, criticism against this theorem can be grouped in two types of arguments: on the one hand, there are papers which deal with the limitations of the arbitrage conditions; on the other hand, there are studies which analyze the effect of market imperfections on the firms choice of capital structure. Despite the importance of these interventions, we note that all of the limitati ons deal with the explicit assumptions used by MM, but none deals with the critiques of the MMs implicit assumptions. More recently, DeAngelo and DeAngelo (2006, DD hereafter) have challenged MMs irrelevance dividend policy. Dealing with this alternative of earnings as fully distributed, these authors have showed the irrelevance of the MM dividend irrelevance theorem when MMs assumptions are relaxed to allow retention. As DeAngelo and DeAngelo(2006, page 294) wrote When MMs assumptions are modified to allow retention with the NPV of Investment policy fixed, a firm can reduce its value by paying out less than the full present value of FCF, and so Payout policy matters and Investment policy is not the sole determinant of value . According to DD(2006), the MMs irrelevance theorem forces firms to choose only among dividend policies that distribute the full present value of free cash flow(FCF) to shareholders. Distributions below the totality of earnings are ruled out by the implicit hy pothesis. Dealing with this alternative of fully-distributed earnings, MM(1958) used the same hypothesis in the development of the irrelevance of capital structure.. As pointed by the authors ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦.as will become clear later, as long as management is presumed to be acting in the best interests of the stockholders, retained earnings can be regarded as equivalent to a fully subscribed, pre-emptive issue of common stock. Hence, for present purposes, the division of the stream between cash dividends and retained earnings in any period is a mere detail. MM, 1958 p266. However, MM(1958) failed to recognize that proposition I implies that firms distribute all their cash flow to shareholders without paying any attention to their retention policy. This paper constitutes a new extended proof of the MM theorem by not considering the hypothesis of earnings as fully distributed. We will show that it is possible to verify the theorem when we suppose an investor who e xchanges his initial holding for a mix of consumption and investment. The rest of the paper is organized as follows: in the next section, we demonstrate the irrelevance of the MMs capital structure irrelevance when earnings are not fully distributed. We propose the possibility of extending of the MM theorem. Furthermore, we show that the two firms are not forced to distribute their full earnings; and the irrelevance is hold in the presence of the mix of investment and consumption. Section III describes the data set, introduces the methodology, examines the hypothesis of the variables and investigates whether the empirical Modigliani-Miller capital structure irrelevance is influenced by dividend payout ratio. Section IV provides some concluding remarks. 2. How do we reconcile MMs capital structure irrelevant theorem with the firms payout choice? 2.1 The failure of the MM theorem when earnings are not fully distributed. As indicated by Rubinstein (2003), the law of the conservation of investment value of MM(1958) was anticipated by many studies (Fisher (1930), Williams[5] (1938), Durand (1952); Morton (1954) for examples) but none of these authors have used arbitrage mechanism to prove the invariance of the cost of capital under changes in leverage. The MMs theorem demonstrates that under certain hypothesis of market conditions, the value of the firm is independent of its debt-equity ratio and is given by capitalizing the expected return generated by its assets. This model can be expressed as: for any firm j in class k (1) Where V stands for the market value of the firm, S for the market value of its common shares, D for the market value of its debts, X for its expected earnings before interest on its assets, for the capitalization rate appropriate to its class. The analysis of the MMs arbitrage steps shows the implicit hypothesis of full payout ratio which plays a crucial role in the model. The MMs capital structure irrelevance theorem constrains firms to distribute all of their earnings. In particular, we note that the validity of the proof developed by MM is based on this implicit assumption. MM(1958) consider (see MM(1958) pages 269-270 ) the return of the investor Y as a fraction of the net income available (X-rD for levered firm and X for unlevered firm) for the stockholders. (2) Where: is the return of the investor before arbitrage process, L is levered firm and U is Unlevred firm and is fraction of the total outstanding shares owned by the investor. Obviously, MM(1958) confuse artificially return of the investor(dividend return) and net income which should be distributed between dividend and retention. MM(1958 page 266) assert that the division of the stream between cash dividends and retained earnings in any period is a mere detail. When we derive the MM capital structure theorem for firms that are not distributing all their earnings as dividends, it follows a non-adequacy of the arbitrage operations, a non-proof of the irrelevance model. Table I shows the two cases used by MM(1958) when we introduce a level of payout different from 100%. Therefore, when we use the same arbitrage as MM(1958), we must then admit that the two firms distribute all the available income to verify the leverage irrelevance proposition. As will be shown later, this assumption can modify the validity of the MM theorem. To justify this thesis, we suppose the same steps of the MM first proposition but with a slight difference: here we suppose that firms are not constrained to distribute all of their earnings. This means that we introduce in the arbitrage reasoning the payout ratio (PR) as a new variable. Table I below shows that MM theorem is not verified. The difference between returns (before and after arbitrage operations) is not the same as showed by MM (1958). Table I. The irrelevance of the MM capital structure irrelevance when payout ratio is different from 100% First possibility  : VL VU Second possibility  : VU VL First stage  : the initial return of the investor YL Second Stage: Arbitrage process Sold his initial worth of the firm L Borrows an additional amount dL with the same interest rate r Acquired new shares of the firm u sold his initial worth of the firm U Acquired new shares of the firm L Acquired new bonds b of the firm L Third stage: the return of the investor YU Final stage: Difference of earnings ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  Y= YU -YL Interpretations It is not possible to verify the MM results when we introduce the hypothesis of payout ratio different from 100%, the difference of returns will depend on the all components of the equation. When we pose PRL=PRU=1, it is easy to obtain the same difference of returns as MM(1958): or Notes: Using the MM formulation, we consider two firms L and U, for which the expected return is the same XL = XU = X. Company U is financed entirely by stock SU and company L by stock SL and debt D. The market value of each firm is then VU = SU and VL = SL + D, We denote PRL and PRU the payout ratios of the levered and unlevered firms (MM 1958 suppose PRL = PRU = 100% all expected return is distributed).sL =SL, sU =SU denote the value of shares owned respectively by an investor in the levered and unlevered firm with a fraction 2.2 The possibility of extension;The two firms are not obliged to distribute all their income: the mix of investment and consumption solution. The object of this secti on is to show that it is possible to demonstrate MMs proposition I without the hypothesis of earnings are fully distributed. In other words, we present an extension of the MM capital structure theorem for the case in which firms are allowed to have a payout policy. To prove this new proposition, we suppose the same hypothesis used by MM (1958), except that earnings are not fully distributed. Using the MM formulation, we consider two firms U, L for which the expected return is the same XL = XU = X. Company U is financed entirely by stock SU and company L by stock SL and debt D. The market value of each firm is then VU = SU and VL = SL + D. * Case 1: we suppose the value of the levered firm VL , to be greater than that of the Unlevered firm VU ( ). We denote respectively, PRL and PRU the payout ratios of the levered and unlevered firms (MM 1958 page 269) suppose PRL = PRU = 100% all expected return is distributed). First stage (initial return): consider an investor who owns sL dollars worth of the stock in the company L representing a fraction of the total outstanding shares SL, where sL= SL. His return YL can be written as: (3) The return from this portfolio, denoted by YL, will be a fraction of the income distributed for the stockholders of company L, which equals the multiplication of the payout ratio PRL by the difference between to total return X and the interest charge r DL. Where, r is the interest rate which the firm pays on its debt D. Second Stage (Arbitrage process): now suppose that an individual investor who adjusts his own personal leverage in order to increase his profits. He makes the following operations: (a ) Sold his worth sL of the company L and he divided it as follows: (i) he partially invested an amount IU = PRL.sL (which equals: IU=PRLSL) in acquiring shares (ii) he consumes the remainder CL= (1-PRL)SL. where sL= IU + CL . (b) Borrowed an additional amount . (c) Acquired an amount of the shares of the company U. He could so by using the amount IU from the sales of his initial holding and the amount d from borrowing. Third Stage (the new return): the income of the investor ((i) who holds sU dollars worth of the shares of the company U (ii) and who must pay interest of personal debt d would be: (4) Last Stage: Arbitrage profit: Comparing (4) with (3) we obtain: (5) Thus, under this approach we can distinguish two situations: First situation: If PRU= PRL = 1 then we find the same result as obtained by MM (1958 page 270). (6) Second situation: We can also verify the same result of MM(1958 page 270) without the hypothesis of PRU = PRL = 1, we can simply assume PRU = 1, while the payout ratio of the levered firm PRL is likely to vary between 0% and 100%, we get then: (7) From equation (7), we conclude that as long we must verify, so that it pays shareholders of corporation L to sell their investments, by this means decreasing SL and hence VL, and replace them wi th a mix of consumption and portfolio investment, which contains shares of the unlevered firm and personal debt, thereby growing SU and thus VU. This arbitrage process will be finished when equilibrium restores the stated equalities between the values of the two firms. * Case 2: we suppose the value of the unlevered firm VU , to be larger than that of the Levered one VL ( ). First stage: The return of the investor who holds sU dollars of shares of company U representing a fractionof the total outstanding stock SU . Where (8) The return from this portfolio denoted by YU will be a fraction of the income distributed to shareholders of the unlevered firm U. Second stage: suppose that the investor exchanges his initial holding in U by another portfolio in the levered firm L. The arbitrage process with consumption behaviour will take the following form: the investor sold his worth of company U: and divided it as follows: (i) He invested partially of the shares of the c ompany L (ii) He invested also of bonds of the company L (iii) The remainder will be consumed. From IL and IB , we can write respectively: Third stage: The return of the investor (i) who holds IL dollars worth of the shares of the company L (ii) and who holds IB dollars worth of bonds of the company L. (9) Last stage: Arbitrage profit: comparing YL (from 9) with YU (from 8) we obtain: (10) In order to get a profitable arbitrage opportunity for the investor, we must consider a positive difference of returns. Analysing equation (10), we can easily formulate two possibility of payout ratio: In the first, if we suppose a full earning model for the two firms (PRL = PRU = 1), therefore we will obtain the same results as showed by MM(1958) (page 270). According to this situation, equation (10) can be written as: (11) In the second, the MMs results can also be obtained if we just assume a full earnings for levered firm PRL= 1 while the payout ratio of the unlevered firm PRU is likely to vary between 0% and 100% implying that the firm can use a payout policy, which is not restricted to full earnings. Such a representation is written as: (12) In this context, it is also important to show that as we must obtain , hence it pays the shareholders of company U to sell their holdings and substitute them with a mix of consumption and portfolio investment, which contains shares and bonds. If, all investors in firm U will accomplish the three stages below, decrease the value of the unlevered firm U and increase the price of the levered firm L. This switching process will be over when equilibrium restores the stated equalities between the values of the two firms. From these demonstrations (case 1 and case 2) we can conclude that we are not compelled to suppose that the two firms distribute all of their returns. In other words we can make arbitrage process merely by considering that the overpriced firm (levered firm L in the first case a nd unlevered firm U in the second case) has a payout ratio PR which is not restricted to be 100% of the earnings. The table below summarizes the theoretical findings. Table II: the MMs arbitrage and the payout hypothesis Conditions Conclusions MMs arbitrage conditions without dividend payout MMs(1958) irrelevance theorem MMs arbitrage conditions with a payout ratio Failure of the MMs proof MMs arbitrage conditions with a payout ratio and consumption hypothesis Proof of the MMs irrelevance theorem(Extension) 3. The Empirical Analysis The previous part of this paper provides a new extension of the relationship between firm value and capital structure when the firm has a payout policy. In this section, we attempt some possible empirical tests. The central issue is, whether or not the leverage ratio affects firm value when earnings are not fully distributed?. Modigliani and Miller (1958) have taken two samples of 43 electric utilities during 1947-1948 and 42 oil companies during 1953. The data are provided respectively by two studies conducted by Allen (1954) and Smith (1955); and they estimated the weighted average cost of capital (wacc) according to the financial leverage of the firm. The regression form of the model was: (13) Where wacc is the weight cost of capital approximated by X /V , here X is the expected return net of taxes, V is the market value of all securities and the financial leverage of the firm measured by the ratio D/V, where D is the market value of Bonds and preferred stock. The resul ts of the tests (as shown MM(1958page 282) are favourable to Modigliani and Miller (1958)s hypothesis. The values of the correlations coefficients are small and not statistically significant. Weston (1963) criticizes Modigliani-Miller empirical result. In particular, he assumes that the lack of effect of capital structure on the overall value of the firm is due to deficiency of the approach to take account of other factors that may be influencing the firms cost of capital. Contrary to MM, the author shows in the empirical tests that leverage is correlated negatively with firm value in the presence of the hypothesis of earnings growth. 3.1 Data and Methodology In order to conduct an empirical analysis similar to MMs, we have collected data on the same sectors from the same country as done by Modigliani and Miller 1958. The data we use are annual standardized financial information of US firms observed in the period 1990-1998. Our sample is formed by two sub samples: from the Electric sector we use 256 companies, and from the oil sector we take 223 companies. These data were obtained from the Worldscope Database (SIC Code 13 and 49). Contrary to Weston(1963), we consider the hypothesis of risk-class can be verified in the oil industry and the electric sector (as supposed by MM 1958). According to MM(1958), a linear model was constructed to explain the relationship between leverage and the firm value. The variables used in our regressions are constructed (see table III) as the same way as presented by these authors. The corresponding models used by MM(1958) are: For Model 1 :see MM(1958) page284 (note 38), for model 2,see MM(1958) page28 2; For Model 3,see MM(1958) page284 (note 39); For. With regard to the basic capital structure irrelevance theorem to be estimated; we propose three regression models as follows: Model 1: (14) Model 2: (15) Model 3: (16) Where wacc is the weighted average cost of capital; Leverage 1: first measure of leverage; ML1: modified leverage 1; Value: the ratio of the firm value; , ER: earnings ratio; DR debt ratio. The purpose of model 1 is to test the effect of leverage (as measured by Debt ratio DR) on firm value, while the Model 2 and model 3 test the effect of leverage (measured by Leverage1) on the cost of capital (measured by WACC). The variable ML1(modified leverage 1) is included in model3 to test the U-shaped hypothesis that the coefficient e of this variable should be significant and positive to confirm the traditional view, and not significantly different from zero to confirm the irrelevance theorem.. Note also that according to our approach the correlation between these variables should be different from zero. To test the validity of the MMs proposition when earnings are not fully distributed, we alternatively estimate all the above regressions in the absence (model MM58 and the model MM58supp) and the presence of the payout ratio. We validate this last alternative in two steps: In the first step, we test the models for all firms (model MMExt). In the second step, we test the models for subsamples: First Quartile sample (Firms Payout ratio is less than 25%), Second Quartile sample (firms payout ratio is between 25% and 50%), Third Quartile sample (firms payout ratio is between 50% and 75%), and Fourth Quartile sample (firms payout ratio is more than 75%). The tableIII below reports the different measures of variables and their predicted effects. Table III. Measures of variables and predicted signs Variables Symbol Measure MM Hypothesis Our Hypothesis Dependants variables Weighted average cost of capital WACC X/V Firm value ratio Value V/A The explanatory variables First measure of leverage Leverage 1 D/V Zero effect Significant effect Modified Leverage 1 measure ML1 D.D/V.S Zero effect Significant effect Earnings ratio ER X/A Debt ratio DR D/A Zero effect Significant effect Payout ratio Payout Div/NI Not tested Significant effect Notes: the table reports the different measures of variables where V: firm value= market value of equity S +market value of debt D, X: Earnings before interest and Taxes (EBIT), A: is the value of the total assets, NI net income. ML1 modified leverage 1 measure = (D/V) ²/(1-D/V). We measure the value of the Debt D by the amount of total liabilities. 3.2 Descriptive statistics As indicated in Table IV, the descriptive statistics shows that the average value of cost of capital is 5.92% for electric utilities and 4.48% for oil companies[6]. On average, we have a leverage ratio of 51.79%(37.85%), this measure is 62% (50.2%) when we use total assets as deflator . The average firm has a value ratio of 1,38 for electric utilities which is much weaker than those of oil companies (1,99). For these firms, earnings ratio ranges from 0% to 2.7% for electric utilities (0% to 66% for oil companies). In terms of net income, the average value of payout is more important for electric utilities (45%) ranging from 0% to 99,9%, than those of oil companies (16%). These results show that the division of the stream between cash dividend and retained earnings in any period is not a mere detail as supposed by Modigliani and Miller (1958 page 266). None of firms in the two samples and during the whole period (1990-1998) has distributed the totality of its income. For the normal distribution of the series around the mean (see table IV), all of the distributions of the variables are not symmetric since their skewness values are different from zero. This conclusion is also verified by the values of the Kurtosis which are quite different from 3. Table IV. Descriptive Statistics of Variables (256 Electric Utilities and 223 Oil Companies) Variables Sample Mean Minimum Maximum Std. Dev Skewness Kurtosis Obs WACC Elect 0.05924 0.00000 0.29090 0.03188 0.292328 6.376099 2304 Oil 0.04481 0.00000 0.69582 0.05448 4.75993 42.0526 2007 Leverage1 Elect 0.51796 0.01573 0.99416 0.17873 -0.46925 3.36365 2304 Oil 0.37857 0.0000 0.98237 0.21714 0.20952 2.36431 2007 Value Elect 1.38155 0.09087 9.77112 0.82268 5.51989 45.7871 2304 Oil 1.99172 0.14447 138.56 5.40308 18.7716 397.615 2006 ER Elect 0.07353 0.0000 0.027612 0.04158 0.77790 7.94274 2304 Oil 0.06418 0.0000 0.664303 0.06683 2.104262 11.546 2007 DR Elect 0.62322 0.02761 0.995066 0.14891 -0.9991 4.78983 2304 Oil 0.50220 0.0000 0.9978 0.22065 -0.2593 2.4847 2006 ML1 Elect 1.34913 0.000252 169.346 6.6480 17.3645 344.950 2304 Oil 0.61298 0.0000 23.2454 1.5346 8.6309 103.96 2006 Payout Elect 0.45169 0.00000 0.99980 0.35978 -0.15569 1.40417 2304 Oil 0.16381 0.0000 0.9991 0.27721 1.50967 3.90646 2006 3.3 The effect of Leverage on the firm value (model 1) The MM(1958)s theorem is confronted with our hypothesis in order to know the crucial effect of payout ratio on the sensitivity of firm value to leverage. If our prediction is true, we should find a significant coefficient of leverage ratio, otherwise the MMs view should be confirmed. As indicated in table V, estimates result shows that coefficients of earning ratio (ER) and debt ratio (DR) are significantly different from zero, which fails to support the MMs view. Since our results, as presented below, demonstrate that the coefficient of debt ratio is significantly negative and contrary to the traditional view. We prefer to give more explanations of this relationship based on the presence of the payout policy. The latter has a negative influence on the two samples (see Model MMExt , table V) which is in the opposite direction as obtained by the cost of capital regressions (see tableVI). There are two main explanations for this result: According to Brigham and Gordon(1968), the r elationship between stock price and leverage depends on the association between R (return on assets and investment) and i ( the rate of interest which the firm pays on its debt), not on the level of Leverage L. This can be written as: (16) Where E is the book value of the common equity per share, k is the rate at which dividend is discounted. It is evident, when R is less than i, the leverage effect on stock price P will be negative. Furthermore, the negative influence of the dividend ratio on the firm value confirms the leverage impact when the return on investment is less than the cost of debt. This means that firms experiencing lower rate of investment tend to use funds from internal and external resources to display higher payout ratio. The leverage measure is not the same: in Wacc regression, this variable is measured by debt on firm value (D/V), while in firm value regression (Value), the debt ratio is measured by debt on total Assets (D/A). The fact that both variabl es are divided by different deflators may be affected by a random disturbances of the market value of the firm. This bias correlation is not observed in the firm value regression. According to Modigliani and Miller (1958), the constant term in the previous regression should give more information on the value of the unlevered firm. As shown in table IV below, the estimated coefficient of this variable is not only significantly different from zero, but is quite positive and greatly relative to the coefficient of the debt ratio. This conclusion is confirmed for the two samples with large values for the oil companies. Table IV. Directs Pooled Least-Squares Estimates of the effects of leverage on the firm value Coefficients of Regressions Sample Constant ER DR Payout AdR ² Obs MM 58 Elect 1.893a -0.158a -0.805a 0.025 2304 Oil 2.464a -6.730a -0.668 0.048 2007 MM Ext Elect 1.963a -0.131a -0.466a -0.625a 0.095 2304 Oil 2.465a -6.703a -0.642 -0.086 0.048 2007 First Quartile Elect 1.969a -0.133b -0.412c 0.005 801 Oil 2.342a -7.490a -0.286 0.052 1440 Second Quartile Elect 1.465a 2.650a -0.554a 0.187 216 Oil 1.659a -0.197 -0.501a 0.033 279 Third Quartile Elect 1.206a 1.823a -0.249a 0.096 738 Oil 1.224a 3.229a -0.055 0.113 207 Fourth Quartile Elect 1.080a 1.809a -0.105 0.102 549 Oil 7.197a 0.983 -9.064a 0.676 72 Notes: a, b and c indicate significance at the 1%, 5%, and 10% levels respectively. 3.4 The effect of leverage on the cost of capital (model 2 and Model 3) According to Modigliani and Millers proposition I: the average cost of capital Wacc (Xt/V) should tend to have the same value independently of the degree of leverage MM (1958, page281). In other words, the leverages coefficient parameter in the Wacc regression should be insignificant and statistically equal to zero. The results of the MM model tests are shown in table V (models: MM58 and MM58supp). According to this table, the MM hypothesis is only verified in the oil sample, while leverage in the electric utilities has a negative and significant effect (coefficient is equal -0, 1162) on the cost of capital. In accordance with MM model, the fact of adding another measure in the WACC regression (ML1 in MM58supp)) is clearly favourable to MM hypothesis. The coefficients of leverage 1 in the two samples are close to zero and not significant(-0.056 for electric sample and 0.021 for oil firms). While, the modified leverage ML1 is significant and negatively correlated with the cost of ca pital (respectively -0.013 and -0.009 for electric and oil firms). This result is the same as obtained by Modigliani and Miller (1958 page 284 note 39) where they interpret it as the reverse of the traditional view. When we introduce the hypothesis of payout as not fully distributed in the previous analysis, the correlation between leverage 1 and the cost of capital is significantly negative and quite different from zero (The results of these tests are shown in table V, see Model MMExt,). This result is consistent with our hypothesis (we expect a significant influence of leverage on the cost of capital) and contradicts the validity of the irrelevance theorem. Furthermore, this result is confirmed in six out of eight tests conducted on the sub-samples: First Quartile, Second Quartile, Third Quartile and FourthQuartile. Unlike Modigliani and Miller (1958), dividend policy is an important factor that explains the relationship between leverage and the firms cost of capital. The es timations provide evidence for a decreasing cost of capital as the leverage ratio increases. It is significant to note also that according to Modigliani and Miller (1958), the constant terms of the regressions equations are measures of the cost of capital of Unlevered firms in the same risk-class. The estimates for the electric utilities and oil companies show that these costs are close to an accepted critical rate. Additional tests were also conducted to assess the relevance of the variable ML1, which is supposed to take into account the curvilinear effect of the leverage on the cost of capital. Our results suggest (table V) that the U-shaped relationship between these variables is not observed and the data provide no evidence of the traditional view. Although the variable ML1 has the same sign as indicated by MM(1958 page 284), the tests show that for both industries the coefficients are significantly different from zero. Table V. Directs Pooled Least-Squares Estimates of the effects of leverage on the cost of capital Regressions Sample constant Leverage1 ML1 Payout Adj.R ² Obs MM 58(model1) Elect 0.117a -0.116a 0.006 2304 Oil 0.020a -0.018 0.0003 2007 MM 58 Supp(model 2) Elect 0.098a -0.056 -0.013b 0.007 2304 Oil 0.011 0.021 -0.009a 0.007 2007 MM Ext (model 1with dividend payout ratio) Elect 0.111a -0.156a 0.059a 0.012 2304 Oil 0.014a -0.050a 0.107a 0.042 2007 First Quartile Elect 0.142a -0.236a 0.014 801 Oil 0.019a -0.064a 0.008 1440 Second Quartile Elect 0.053a 0.006 0.001 216 Oil 0.003 0.110a 0.033 279 Third Quartile Elect 0.083a -0.026a 0.012 738 Oil 0.045a 0.018 0.002 207 Fourth Quartile Elect 0.093a -0.038a 0.031 549 Oil 0.136a -0.196b 0.052 72 Note: a, b, and c indicate significance at the 1%, 5%, and 10% levels respectively. According to our results (see table v), when dividend payout ratio is different from 100% , the cost of capital (wacc)should vary significantly with the ratio of financial structure as measured by D/V. This relationship tends to be linear and with negative (or positive) slope. As shown in figure1 below the effect of D/V on wacc could take the forms indicated by the different straight lines. The downward sloping part of the curve depends on the level of payout ratio and the firms risk [7]. The analysis of the evolution of the debt ratio coefficient for each level of payout shows that the company should not remain indifferent to the choice of financial structure. Based on the firms payout policy, it is possible to minimize the cost of capital through a judicious adjustment of capital structure. The results of the estimations of these variables show that the company can borrow (bot h sectors) when the payout is low (PYR 0.25) or High (PYR 0.75), while a moderate policy of dividend (0.5 PYR 0.75) leads us to analyze the risk of the firm. In fact, when firms risk is low (like electric utilities), financing projects with debt is advantageous for shareholder wealth. However, if the level of risk is higher (like oil companies), borrowing is not beneficial and the firm should seek another cheaper financial instrument than debt. In addition to the previous theoretical and empirical results, it is possible to summarize our findings as follows (see table VI). The Table below also compares our approach (partial payout model ) with the MMs capital structure irrelevance model (full payout model). Table VI. Capital structure irrelevance theorem: full versus partial payout Models Irrelevance Model MM(1958)  : (full payout model) Our Extension of MMs Model: (Partial payout model) Main conclusion Capital structure is irrelevant only with a full payout ratio condition. Pay-out ratio plays a crucial effect in explaining the relationship between capital structure and firm value. Key Assumption for capital structure Analysis Arbitrage model with perfect market conditions. Arbitrage model with perfect market conditions. Implied restrictions Firm is restricted to choose among payout policies that which distributes all feasible earning. Firm is not compelled to distribute all earnings as dividends. Characteristics of capital structure Analysis Investment in shares and Bonds. Borrowing Investment in shares and Bonds. Borrowing Consumption Empirical tests and results Correlation between firm value and leverage is not significantly different from zero Correlation coefficient between firm value and leverage is statistically significant 4. Concluding Remarks The MM theorem addresses the following question: what is the link between a firms financial decisions and its total stock market value?. According to Bailey (2010), the answer to this matter lies at the heart of corporate finance and it may be paradoxical that the MM theorems provide circumstances under which financial decisions are irrelevant in determining its value. This paper has provided theoretical and empirical evidence of the importance of payout policy in explaining the relationship between leverage and the firm value. MMs capital structure irrelevance theorem implicitly and artificially uses the assumption 100% FCF payout, thereby forcing firms to consider only among payout ratios which distribute all the income available for the stockholders in every period. This constraint means that shareholders are indifferent towards dividends and retained earnings and leads to the absurd conclusion that common stock must always sell at book value[8]. The theoretical part of the p aper constitutes a new extended proof of the MM theorem by relaxing the hypothesis of earnings as fully distributed. We have shown that it is possible to verify the theorem when we suppose an investor who exchanges his initial holding by a mix of consumption and investment in another portfolio. The proof shows that we are not compelled to suppose that the two firms distribute all of their returns. As a consequence, we can make an arbitrage process merely by considering that unlevered (or levered) firm has such payout ratio. In the empirical analysis, the paper tested the MM theorem after allowing earnings as not fully distributed. Estimates results show a correlation coefficient between firm value and leverage statistically significant, different from zero and fails to support the MMs view. The downward sloping part of the linear relationship between the cost of capital and leverage depends on the level of the payout ratio adopted by the firm. The limitations of this study should again be emphasised. In the empirical analysis, we did not rely on variables related to market imperfections[9] to test the robustness of our results, but simply proposed a model to test the validity of the MMs view and to show the importance of the payout policy in resolving the capital structure Puzzle. Still, we believe that our approach may give some useful ideas for further research. As MM(1958) conclude having served their purpose they can now be relaxed in the direction of greater realism and relevance, a task in which we hope others interested in this area will wish to share. Notes As Modigliani (1989) notes  «Ãƒâ€šÃ‚  The MM paper is unquestionably the most popular of my writings, primarily because it has been, and continues to be, required reading for many graduate business schools.  Ãƒâ€šÃ‚ » F Modigliani (1989) p149-158 For a detailed comparison between MM theorem and the traditional approach, see Weston (1963) p105-107. Except for the tax-effect factor(MM1963, Graham 2010) Brealy and Myers, 2003; Copeland and Weston, 1992; Ross, Westerfield and Jaffee 2005, among others In his book the theory of investment value (1938), Williams writes, Furthermore no change in the investment value of the enterprise as a whole would result from a change in its capitalization. Bonds could be retired with stock issues, or two classes of junior securities could be combined into one without changing the investment value of the company as a whole. pp 72-73, cited by Rubinstein (2003). The extreme values (very low or very high) obtained from descri ptive statistics are due to the proxy used in the study. According to MM (1958), we have measured the cost of capital by dividing earnings on the firm value. According to Weston(1963), due to the uncertainty in their activity, the difference between Electrical Utility industry and firms in the oil industry is the class risk. For the former risk is low while for the latter risk is high and heterogeneous. DeAngelo and DeAngelo (2006) argue that MMs point of view on the irrelevance dividend policy is not true because their model constraints the firm to distribute 100% of its FCF in every period. Distributions below the totality of the earnings are ruled out by the implicit hypothesis Especially, income taxes, bankruptcy costs, agency costs, and asymmetric information.

Healthy Diet Plan For Healthy Eating Diet Plans - 995 Words

Healthy Eating Diet Plans Diets are a big part in many people’s everyday lives. Whether you are an athlete, pregnant, overweight, are deciding to be a vegan, or even have a dietary disease you will come across some sort of diet based around your needs. Healthy eating is essential for human evolution in turn because if you aren’t healthy it will be much harder to reproduce. How do these diets differ from each other, certainly not all diets can be similar. Athletes are among the group of people who need to follow a very high carb diet. During their events or sports they are participating in they are burning off a lot of calories and using a lot of energy. Your body transforms carbs into sugars (glucose), in other words, energy. Carbohydrate loading for 3 or 4 days before an event can help top up your glycogen stores,† says sports dietitian Joy Dubost. For a mostly carb diet you will want to focus on eating a lot of breads, pastas, and cereal. Since you burn off so many calories during an event you should try to eat snacks like granola bars every 15-20minutes to replenish the lost calories and not to drain yourself completely. The average person needs approximately 1.4g of protein per kilogram of weight, while an active athlete should strive for 1.7g of protein per kilogram . One common mistake many athletes do is taking supplement like protein powders for this that is very bad for you. You should try to stick to natural source of protein like eggs or milk. During an eventShow MoreRelatedFad Diets : Obesity And Obesity1382 Words   |  6 PagesAmericans want to sit back, relax, and lose weight. Fad diets have become very popular for this reason. Fad diets allow people to simply sit back and take a pill to provide quick weight loss but this weight loss only lasts temporarily. (Fad Diets). On the other hand, few people choose healthy dieting methods, which take longer to see results and include more work but overall are smarter, more efficient methods (Saragih D.R.). A fad diet is any diet that cuts out any particular food group, promises quickRead MoreFads Vs. Healthy Dieting. People Around The Globe Struggle985 Words   |  4 PagesFads vs. Healthy dieting People around the globe struggle with excess weight, but Americans exceed the rates of obesity in other first world countries by thirteen percent. According to Overweight and Obesity Statisics, there are 68.8 percent of the population is overweight or obese in America. Although the numbers of overweight and obese people are higher than ever before, many are not willing to work to lose weight. Americans want to sit back, relax, and put in no work but still lose weight, thisRead MoreUnit 21- M3 D2 Essay1333 Words   |  6 Pagescare M3- Asses how the plan will meet the nutritional needs of the chosen individual. D2- Evaluate how nutrition plan might improve the health of the chosen individual. Looking back at the nutritional food plan for the week for my individual which I previously done in my P3, I will be looking back at the kind of food and exercise the individual was doing in that week. This will then link into my D2- as in my previous P5 for this unit I had to create my own healthier diet plan for my individual andRead MoreEssay on Nutrition Therapy for Cardiovascular Disease1536 Words   |  7 Pagessoul. This holistic approach can be applied when assessing patients’ nutritional status and helping them implement healthy life choices, while living with a disease and possibly the comorbidities caused by the disease. Specifically, cardiovascular disease (CVD) and the comorbidities associated can be highly preventable with adequate nutrition, regular exercise and management of a healthy weight throughout life. It is the care provider’s duty to educate patients on prevention and risk reduction for CVDRead MoreSuper Tracker Diet Pl Personal Diet Vs. Recomme ndations From The Food Guide Pyramid1232 Words   |  5 PagesSuper Tracker Diet Plan Personal Diet Vs. Recommendations from the Food Guide Pyramid Initially, Arteria’s diet consisted mainly of fast foods and carbohydrates, eaten twice a day, in the afternoon and evening. This has sharply contradicted with the dietary recommendations from the Super Tracker. Arteria routinely consumed coffee in the morning and some sugary snacks and bread during lunch. The fast food and junk foods she ate contained oil, sugar, and lots of calories, which could eventually leadRead MoreFood Should Be Balanced Out With Sources Of Fats1324 Words   |  6 PagesDiet is a word that people use daily in this time and age and yet there are many people that are unclear about what exactly this word means and how this word can impact their lives. Most misconstrue the actual meaning of the word. A diet is not just some thing that people go on for a few weeks to lose weight, it is a compilation of everything a person consumes for the entirety of their life. There are three established principles for a healthy diet: variety, balance and moderation. Whe n eating,Read MoreThe Ketogenic Way Of Eating905 Words   |  4 PagesThe Ketogenic Way of Eating Will eating more fat result in weight loss? Today’s society believes a diet high in saturated fats will cause obesity. In his report at phcuk.org, Eat More Fat? The Controversial New Dietary Advice for The UK Population,† Alan Glasper reports: controversial information that challenges the norm of the medical establishment. The National Obesity Forum (NOF) and the Public Health Collaboration (PHC) has come out with the position that increasing fats and reducing carbohydratesRead MoreVegetarian Diets are the Healthiest Diets Vegetarians have a tendency to live a longer and1700 Words   |  7 PagesVegetarian Diets are the Healthiest Diets Vegetarians have a tendency to live a longer and healthier life. They have a habit of being more concerned and attentive with their diet and what they are eating. Statistics show that vegetarian diets have been adopted by at least 7.3 million Americans today. Dictionary.reference.com states that vegetarianism is â€Å"a person who does not eat or does not believe in eating meat, fish, fowl, or, in some cases, any food derived from animals, as eggs or cheese,Read MoreWill Eating More Fat Weight Loss?874 Words   |  4 PagesWill eating more fat result in weight loss? Today’s society believes a diet high in saturated fats will cause obesity. In his report at phcuk.org, Eat More Fat? The Controversial New Dietary Advice for The UK Population,† Alan Glasper reports, â€Å"controversial information that challenges the norm of the medical establishment. The National Obesity Forum (NOF) and the Public Health Collaboration (PHC) has come out with the position that increasing fats and reducing carbohydrates can reverse obesityRead MoreWeight Gain For College Students936 Words   |  4 Pageshave very unhealthy meal plans, which causes weight gain. However some college kids deal with weight gain in different ways. Some healthy choices students do when they diet are exercise, eat fruits and vegetables and create a healthy eating schedule. Other students make poor choices with dieting such as starve themselves, take diet pills and make themselves throw up after eating a meal. This is called â€Å"unhealthy dieting†. This leads to the question, when college kids diet, how do they do so? Weight

Hard Work Could Be Very Strenuous At Times Making You Want

Hard work could be very strenuous at times making you want to sit back, relax and take a breather. To avoid a complete burnout, visit a Caribbean island or eat something that you really enjoy. Ride a roller coaster or go-cart riding. Do whatever is necessary to feel better. The key is to reward yourself with positive things for a job well done, because you need and deserve it. Intently focusing for long periods of time on certain tasks can become extremely frustrating so you need a release, which is why you should reward yourself. On the flip side, it is also making you become stronger because you are essentially developing a focus-based stamina. Once you get to that point, the rewards will come in quicker than a rushing river. Enjoy The†¦show more content†¦How many of us need this in our life? Audible will allow you to read books without using your eyes that way you can focus on other thing while learning. Great for multitasking. The Power Of Music To Focus Many world-famous artists, sport performers, and entertainers always talk about listening to their favorite songs before entering into the arena. Listening to certain songs such as Eye of the Tiger will give you that push and apps such as the iTunes will allow you to create a playlist for an iPod. Energetic football player Marshawn Lynch says he listens to Lil Boosie No Juice for motivation before game time. In the movie Gone In Sixty Seconds, Randall â€Å"Memphis† Raines played by Nicholas Cage turned on the song Low Rider by War to help him and his crew focus before stealing cars. You do not have to commit Grand Theft Auto after listening to certain music, but you can grab your high-quality wireless headphones and type in ‘focus music’ on YouTube to sooth your mind. Document Your Flowing Ideas When working on certain projects, especially if you are multitasking, sometimes ideas will pop in the head and start flourishing like flowers blossoming in the spring, but sometimes we forget about those ideas minutes later. Programs such as Google Docs and Microsoft Word Live will automatically save your ideas on a cloud no matter where you are or when you type them. You could also use these programsShow MoreRelatedWhy Is It Hard to Find a Job?1051 Words   |  5 Pagessimply put it down on record, the economy has hit rock bottom over the past few years. There is a fierce competition for any available job opening, that society has turned this situation into a huge bloodbath. Citizens are jumping at any opportunity to work anywhere. Because of the fight of finding a job and being hired at a job has become more competitive, companies are raising their standards in search for the best employee to fill the position. A few problems that may prove for finding a job to beRead MoreEssay on Two Kinds1194 Words   |  5 Pagesmother wants her to be and the one Jing-mei (the protagonist and narrator of the story) strives to be. Both mother and daughter in the story have a very complicated relationship. The mother believes that you could become anything you wanted in America. The author emphasizes that Jing-mei’s mother tries to dominate and control her life in every possible way you can imagine. For example her mother’s persistent ways in trying to make her into something she’s not a â€Å"prodigy†, as well as making her takeRead MoreMy Goals For My Future Family988 Words   |  4 Pageswith at least a 3.85 grade point average (GPA) while working a full time job, I can boost my confidence and build up a solid foundation for future endeavors in college. I could probably name a thousand reasons why I decided to go back to college. But, the main reason is for my future family. College is very important in our life. Without education the only job out there is running a cash register for minimum wage. It is hard to make a living on low income. Believe me, I know because I have triedRead MoreSocial Influences On Social And Cultural Context968 Words   |  4 Pages In todays society, you can not turn on the tv or radio without hearing some type of denigrating remark. Unfortunately its the cause of all the social norms. Our nation has been brainwashed by so many factors. Such as tv, radio, Facebook, Instagram, Twitter, etc. This topic reminds me a lot of a section in my psycology class â€Å"Behavior in Social and Cultural Context†. It talks about attributions within social influences, behavior, ethnic identity, and stereotypes. Which could not fit anymore perfectlyRead MoreWho Built America? : A Case For Reparations1186 Words   |  5 Pagesbeautiful written article titled a case for reparations. With a combination between real life testimony’s and facts, Taj has constructed an argument for a case for reparations. With the help from former slave’s and people that existed back during the time of slavery and oppression, Mr.Cotes has painted a picture of why blacks should get some form of reparations. Although Mr.Cotes wasnâ €™t born into slavery is apparent that he has a direct and strong opinion about the Subject. Mr. Cotes started his argumentRead MoreAmerican Idols of the Old West: Cowboys1271 Words   |  5 Pagesusually pictured as a full grown man working hard in a pasture or in a set of pins but in reality, cowboys started off at ages as early as 7 or 8 helping their dads with the everyday chores. In this item of information, the individual happened to be 8 when his hardships began. Now the setting of this book was around the end of the civil war and his family lived in the south. His dad had become a part of the confederate army and had been gone for quite a long time (Adams). He pursued the chores of his dadRead MoreAn Athlete s Worst Nightmare Essay1465 Words   |  6 PagesAthlete’s Worst Nightmare Imagine you are going along playing the sport you love, when all of a sudden you hear a pop, your knee gives out, and you are on the ground in pain. This is what happened to me not once, but twice. After going to the doctor both times, they figured out I tore my ACL. The ACL is like a rubber band that holds your knee together enabling you to bend, jump, cut, and run. Without it, your knee could give out at any given time. The first time I experienced it, I was playingRead MoreGraduation Speech On College Education1666 Words   |  7 PagesMy Father once said to me, â€Å"Work hard for four years of college, or work hard for the rest of your life.† What he meant, was that if I pour all my effort and hard work into achieving a degree during the four years I am in college, I will most likely live comfortably the rest of my life, as opposed to not having a college degree; breaking my back every time I go to work. However, the college life has many elements that prevent it f rom being a piece of cake, elements consisting of society s viewsRead MorePhysical And Outside Influence On Athlete Success1662 Words   |  7 Pagestaken into account when determining what makes an athlete successful. One could argue that natural ability is one of the determining factors which leads to success. For example, if an athlete has dreams of playing in the NBA then height makes a difference. There aren’t many successful players in the league under six feet tall. One could argue that level of competition plays a role in the development of an athlete. This could include the skill level of the opponent or outside factors such as playingRead MoreA Life As A Philosophy Of A Person Who Told You That Can Help You Become Financially Independent2095 Words   |  9 PagesWhat would you say to a person who told you that you could retire at age 30, never have to work again, and still live a comfortable life, all on a normal salary and without winning the lottery? You’d probably call them crazy. Of course that’s not how money works. Well, my guest today did retire at age 30, and he did so without making hundreds of thousands of dollars a year. And through his blog, he’s helped other people reach â€Å"financial independence† a lot sooner than they thought possible by living

Civil war technology free essay sample

Civil War Technology led historians to call the American Civil War the first modern war because of the array of new technology with which it was fought. The new technology ranged from weapons to cameras and telegraphs to tin cans. New weapons allowed soldiers to be more effective, but this new technology also meant that more soldiers were killed. The invention of camera’s made this war the first conflict to be accurately recorded with real-life images. This made the civilians more aware of what was happening in the war compared to before when they could only learn by an artist’s impressions. Telegraphs meant that commanders could communicate more quickly with each other and with their respective presidents. An underrated aspect of the war was the use of tin cans. Tin cans allowed food to be shipped longer distances without spoiling, although the food offered in these convenient packages were not as varied or as tasty as modern canned goods. We will write a custom essay sample on Civil war technology or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page At the beginning of the war, both sides still used the old styled muskets that had been used in previous wars. They lacked accuracy and weren’t nearly as deadly as guns are today and allowed the soldiers to line up across from eachother and fire the weapons at eachother. The next year the Union began supplying its troops with rifles, which were easier to load and put a spin on a bullet, increasing its accuracy and firing range. By 1863, most infantrymen on both sides had the new rifles. Another improvement was a new bullet, called the minie ball, which was easier to load into a rifle than the older type of ammunition. The new guns improved a soldiers fighting effectiveness, but they also inflicted more causalities than the older weapons. Minie balls caused more widespread wounds and tissue damage than the older ammo and Civil War surgeons were hard pressed to deal with these more extensive injuries. The combination of the minie balls and new rifles proved to be deadly. Hundreds of thousands died of disease. An estimated 620,000 men lost their lives in the line of duty. Because of the many advances in Civil War technology used during it, the American Civil War can truly be called the first modern war. It was the last major war to use wooden ships in combat and the first to use armored ships. After the war, experts built on technology even more, to get to where technology is today.

Sexual Revolution free essay sample

It can argued that the original sexual revolution took place after World War I during the â€Å"roaring 20s† but for the purposes of this paper the time period between 1960 and 1980 is the time period where the most significant changes took place in regards to the way sex was viewed by western society. During this time period sexual liberation was showcased in the form of increased acceptance of homosexuality, emergence of non-monogamous relationships, availability of contraception’s such as birth control and abortion, and the prevalence of pre-marital sexual relations. The long-term effects of the sexual revolution are: the depiction of sex in the media, the sexual liberation of women, and the prevalence and acceptance of homosexual relationships. The long-term effects of sexual liberation can be viewed in the form of media. What is considered appropriate in media is still debatable today, prior to the sexual revolution it would be unheard of to have a show air on prime time depicting the life of a gay couple (Modern Family) or a show strictly about a misogynistic lothario (Californication). We will write a custom essay sample on Sexual Revolution or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The origins of the sexual revolution trace back to the fact that the young people of the time refused to adhere to the norms that their parents had put into place. Instead of living a life rich in Christian values and morals they rebelled and created a concept where â€Å"free love† and understanding were more important. Music also had lasting effects throughout the sexual revolution, creating a sound track for the changing times. Advertising became more risque and the concept of â€Å"sex sells† is thrust into the American lexicon. Beginning during the sexual revolution and still a tactic today, pretty women are used to get a man’s attention in marketing. Today it is not uncommon to see ads on TV or in magazines about contraceptives or sexual performance drugs. Not much is taboo anymore and sex is constantly being used to gain viewers and capture their attention. It is important not to overlook one of the key factors in the shaping of the sexual revolution, the liberation of women. Women were increasingly viewed as equal individuals, becoming independent. Importantly, allowing women to become more financially independent. The women’s movement also contributed greatly to the redefining of a women’s sexuality, no longer did all women feel inferior to men. They were allowed to make their own decisions, and their voices were heard. The feminist movement of the early 1960s sought to eradicate the sexual objectification of women, by challenging the traditional norms about female sexuality and lesbianism. Feminist ideology centered on the notion that sexual liberation could be used to gain power back from men. The sexual liberation of women has changed the role of women in society in a positive way. While many positive outcomes have spawned from the sexual liberation of women, today some negative long term effects exist, increased exposure to sexual transmitted diseases such as HIV/Aids, increased rate of children being born to young and single mother, incapable of providing a good life, and the belief by some that women are now depicted in an overtly sexual way too often. The sexual revolution has given rise to the prominence of â€Å"out† homosexuals and helped to increase cultural acceptance of gays, lesbians, and transsexuals. The Gay Rights Movement started in the late 1960s and drastically changed the meaning of being gay. Prior to the sexual revolution it was extremely uncommon for a gay individual to â€Å"come out;† the majority of homosexuals went to great lengths to conceal their sexual preference, in turn forcing many to live a lie. The movement took a turn for the better when â€Å"coming out† became a unifying statement about one’s sexual preference and used as an empowerment tool. Similarly, lesbians began â€Å"coming out† during the feminist movement. The long-term effects of the sexual revolution regarding ones sexual preference has changed lives. Gays and lesbians can get married in some states, having the same martial rights as heterosexual couples. However, while great strides have been taken to gain equality, some homosexuals still face ridicule when they decide to â€Å"come out†. Although the sexual revolution has positively changed the meaning of being gay a great deal, it will take more time for everyone to consider these men and women equal regardless of their sexual preference. The long-term effects of the sexual revolution can be viewed today by; the depiction of sex in the media, the sexual liberation of women, and the prevalence and acceptance of homosexual relationships. Prior to the sexual revolution it would have been considered poor taste to use â€Å"sex† to sell a product, today it is common place for sexual content to drive ad campaigns. It is also very common to have sex be the focus of primetime shows or to be featured on the news. The sexual revolution paved the way for the sexual liberation of women, today women have used their sexual equality to empower themselves in other areas of life such as the political spectrum and the work force. It is clear that the sexual revolution has also paved the way towards the acceptance and equality of homosexuals. The sexual revolution will forever have a lasting impact on society.