Harper’s Bazaar Magazine Communications Report

I spoke with Michael Clinton; Executive Vice President and Chief Marketing officer who works for Hearst Corporation. Hearst Corporation is one of our nation’s leading magazine publishers, including Harper’s Bazaar Magazine. Mr. Clinton responded with enthusiasm to my questions regarding his duties as Chief Marketing Officer for Harper’s Bazaar where he is in charge of all publications that are published in magazines for the Hearst Company. He makes certain that all ads are perfectly laid out and that paying ad customers are happy with their layouts before printing. He clued me in on some vital information which I found extraordinarily useful in my search for knowledge in the marketing and communications field. I began asking Mr. Clinton if he felt that the magazine industry was worthwhile in today’s trying economical hardships and he answered by filling me in on why he felt that his job would always be beneficial, no matter what trying times the country endured. He felt that, in his honest opinion that society would always purchase magazines and his reasons were that magazines are always priced so that consumers are able to afford them since they are almost never priced beyond what reading consumers can afford. He stated that â€Å"The price of Harper’s Bazaar Magazine doesn’t usually go up often† and he also noted that â€Å"with today’s economy on the decline†, he see no reason for any price increases. I feel that Michael Clinton is happy with his marketing position. Mr. Clinton was extremely polite in our conversation as he offered words of encouragement and enthusiasm as he spoke of perfection and eye appeal in approving any magazine ads. Mr. Michael Clinton: I want to personally thank you for taking time from your busy schedule and answering the marketing and communications questions. Your answers about your position with Harper’s Bazaar Magazine helped me decide that a marketing career in fashi on magazines would be a perfect career choice for me and one that would prove exciting and productive. I feel grateful for the fact that you explained that advertising and marketing would be a safe career choice and even during economical hardships for most of your readers, that magazines are always affordable and should never affect the magazine industry. Thank you, again for your time and effort. I appreciate all the advice you have generously offered and I can easily understand why your magazines sell so many copies. Thank you,

Classification of Shoes

There are many people, such as myself, who collect shoes for the sake of collecting them. With various styles and uses, many individuals have a collection of shoes to choose from. I prefer to classify my shoe collection into three separate categories, based on function. Each section has their specific uses which I define as work shoes, dress shoes, and sneaker type shoes. Classifying your shoe collection into categories can be very beneficial to keep organized, and saves me time when I am getting ready to leave the house. My first category is my work shoes.My work shoes all resemble work boots and/or hiking shoes, and may be steel-toed boots. I like to have a work shoe category because I enjoy having a different shoe for everyday of the week. I don’t have a strict uniform code at work, so I can change what outfits and shoes I wear from day to day. It is convenient having a category for my work shoes because of my various jobs in warehousing. I also have a category of dress sho es because I enjoy going out when I get the chance. I have a large variety of clothes in my wardrobe, so I also like to have a variety of dress shoes to choose from.If I want to wear a button-up shirt with black dress pants, I know exactly where to find my black dress shoes. If I did not have this category of shoes, then I probably would be stressed having to find the perfect pair to match with my clothes for a night out. My final category is my sneaker type. I love Jordan and Nike brands; therefore, it is important to obtain as many pairs as I can. I like to have every color and style as soon as they are released on the market. I keep them organized in their original boxes. I love my sneakers the most out of the three categories.Although there are many ways that a person can classify their shoe collection, I like to categorize my shoes by work shoes, dress shoes, and sneaker type shoes. My work shoes allow me to have a different pair for everyday of the week, which is convenient wh en I have to work many jobs. I like having my dress shoes in case there is an unexpected night out, so I keep many options to select from. I also love having different sneaker type shoes, such as Nike and Jordan brands. Classifying your shoe collection into categories can be helpful in keeping organized.

Film review on “The Matrix: Reloaded”

The main aim for this piece was to persuade with a second aim to entertain the reading audience. I chose this genre because it gave me the chance to explore the language within the genre but also the presentation. My targeted audience was from fifteen to twenty as I feel this age range will read the film review on â€Å"The Matrix Reloaded† which I did my piece on. I looked at a number of film reviews and their style but I decided to create my own with my ideas, which I hope made it, more, creative. Throughout my piece I have tried to add humour as well as adding relevant and consistant points. This is shown in the section â€Å"the story so far†: â€Å"for one, you're stark raving crazy† I have used this humour because I was trying to steer away from the standard review because I wanted to personalise it with my own unique style. Developing on this I didn't want to have too much comedy within the review as I feel it would be hard to sustain it to a high a quality if I persisted with it through out the piece. So I included it in short sharp bursts to add `colour` to the review. When I did add the comedy I wanted to bring the reader back to the point I was trying to get across with phrases like: â€Å"seriously though†. This helps to remind the reader that the most important part of the writing is not the comedy but the actual review. I tried to use the above technique to involve the reader but I also this by using words like â€Å"you're† and â€Å"we†. These pro nouns makes the reader think that you are talking directly to them which keeps them involved in the writing. As the main aim of the piece was to persuade and secondly to entertain I had to choose my language very carefully. So I decided that I would use a lot of positive emotive adjectives to persuade my readers to share my opinion of the film: â€Å"funky† â€Å"cool† â€Å"impressive† The other main thing I had to think about was the audience I was writing for. As I aimed it at fifteen to twenty years old I tried to include some teenage jargon: â€Å"Check out these visuals† I used the phrase â€Å"check out†as I feel that the bulk of the people who would read this would relate to this kind of language as it addresses them in a friendly tone. Finally one of the main features of my piece is the layout and presentation. This is a key part because when people pick up a review of something the first thing that attracts them is how it looks. So I have tried to do this also by including a front cover which I put there to attract the reader and gives them a brief introduction of what the review is about. Where I think theses presentational devices works best was in the main review. I included a picture from the scene with writing wrapped around it. The writing is actually about the picture, which gives the reader a taster to what the film will be like. This in my opinion is the form of persuasion as it makes the reader want to see the rest of the film. In my writing I made a lot of amendments in the presentational side of my review. As you can see from my first drafts, the presentation is bland so I had to change so it was appealing to the eye. I did this buy using appropriate pictures from the film to complement the writing. The other main thing I did to the presentation was to use a background of â€Å"The Matrix code† which is a trademark in the films, but I feel this could only be truly appreciated by a â€Å"Matrix† fan. Regarding the actual writing the first draft I did was the style I was looking for so I only had to fine-tune it which gave me the opportunity to concentrate on how it looked. In my opinion the most successful thing which was included in my piece was the presentation and the way I adapted to my target audience. The presentation in the final draft in my opinion looked really professional and captured the mood of the films. I thought my language in my writing really suited my targeted audience, this is shown here: â€Å"get ready for the ride of your life† I think that the age range that would read this would relate to this in a way they could appreciate. A major problem that faced me when I was writing my review was trying to get my presentation right. I found it hard to produce the picture I had in my mind, which I wanted it to like. But I got there in there in the end with a lot of fiddling around on the computer. Overall I am happy with my final piece as I feel I met all of the criteria for writing to persuade and also adding my own style. If I was to do this piece of work again I would do some more research on the film as I feel this would strengthen my writing further.

Discuss the arguments for and against the use of toluidine blue Essay

Discuss the arguments for and against the use of toluidine blue staining as a screening method for oral cancer in dental practic - Essay Example This paper elucidates on the arguments for and against the use of toluidine in screening for oral cancer. The use of toluidine blue in uterine and oral cancer screening was pioneered by Richart in 1962. A 1% aqueous solution of toluidine blue is painted over the target area for ten seconds followed by a rinse of 1% solution of acetic acid. The toluidine blue binds to the DNA on surface cells, causing the surface to take on a bluish hue. The amount of DNA material present may be used as an indication of suspected dysplasia or neoplasia (Richart 1962). 2.0. Arguments for toluidine screening Jones and Rankin (2008) consider toluidine blue staining as a diagnostic aid for the dental professional in the evaluation of the possible malignancy of oral lesions. The potency of staining with toluidine blue has been likened to that of brush biopsy in terms of early detection, speeding up of biopsy and subsequent diagnosis of oral cancer. Application of aqueous toluidine blue to a lesion followed by a rinsing of 1% acetic acid results in selective binding with dysplastic and malignant cells accurately. The blue stain also marks a good site to extract for biopsy. Extreme care should, however, be practiced to ensure that the dye is neither mutagenic nor carcinogenic for best results. Patton, Epstein and Kerr (2008) performed a systematic review of literature related to several adjunctive techniques used in the early detection of oral premalignant and malignant lesions or OPML, such as toluidine blue. A total of 23 articles were reviewed wherein the majority focused on the use of toluidine blue. Results of the review revealed the effectiveness of toluidine blue in diagnosing oral premalignant and malignant lesions in high-risk populations and suspected mucosal lesions. However, clinicians are advised not rely much on diagnostic adjuncts alone. A complete oral mucosal examination is recommended together with specialty referrals or tissue biopsy to correctly diagnose OPML. Epste in, Silverman, Epstein, Lonky and Bride (2008) evaluated the effects of ViziLite, a chemiluminiscent light source in conjunction with toluidine blue in the process of verifying lesions identified by oral soft tissue examinations. Lesion assessment by chemiluminiscense combined with toluidine blue staining was compared with conventional visual examination. Subsequently, the suspected lesions were subjected to biopsy and diagnosed through conventional histopathological methods. Moreover, toluidine staining was performed on lesions related to severe dysplasia, carcinoma in situ, and squamous cell carcinoma. Results of the assessment show an improvement in the brightness and sharpness of margin in 60 out of 97 identified lesions that underwent the chemiluminiscent exam. Meanwhile, toluidine staining exhibited a false positive rate of 55.26% while maintaining a 100% negative predictive value (Epstein, Silverman, Epstein, Lonky and Bride 2008). Fedele (2009) described toluidine blue as an indispensable tool in identifying the area damaged by a malignant lesion due to its ability to stain nucleic acids. This effect makes it easier to remove malignant lesions since toluidin blue clearly marks the boundaries of the lesion, thus allowing precise excision. Recent studies on the use of toluidine blue were rather limited due to the dearth of research efforts in relation to randomized controlled trials, histological diagnosis

Fundamental of management information system Essay - 3

Fundamental of management information system - Essay Example This can be done by using special software or program which will allow to record by the scanner what products buyers actually buy (scanner data) in the Macy’s stores, click-through sequences, or automated customer counts (Chapter 2: Information Systems and Knowledge Management, n.d.). Based on point-of-sale data recordings there can be retrieved data which will enable Macy’s to answer the question: By organizing all these data into database and comparing information among all 800 locations management will know whether there is a need of adjusting its items to local tastes or may be there is no need at all. In addition to internal behavioral tracking made out of actual sales, Macy’s could carry out proprietary marketing research (Chapter 2: Information Systems and Knowldge Management, n.d.). Such a research can be performed online by using different programs (for instance Salespod), which allows to deal without paperwork and avoid outdated information (Eliminating Paperwork from Retail Marketing and Merchandising). Unknown. "Eliminating Paperwork from Retail Marketing and Merchandising."Â  Salespod.net, 2013. Web. 3 Apr 2014.

Digital Marketing Communications Assignment Example | Topics and Well Written Essays - 2500 words

Digital Marketing Communications - Assignment Example In the era of digitalization, advanced technologies and processes are used by people for making the communication process easier. The platforms of social media help in developing quick and effective communication among the people. Organizations are also taking the benefits of different social networking sites for communicating effectively with their target customers. Transparent and simple communication facilitates a company in creating the strong impact on people. The advanced technologies used in social networking sites make the communication process interesting. Both the companies and the customers need to spend less amount of time interacting with social networking platform for the use of advanced technologies. Digital media has become an inseparable part of the business. Every company is digitalizing its business for reaching potential customers of different places. It is considered as an important strategy in enhancing the growth opportunities of a company. The electronic platf orms enable firms in effectively acquiring a large number of customers. Among different channels of digital marketing, social media is considered as a most important platform which provides various benefits to the company in generating more revenue. Firms are developing effective marketing strategies and implementing them in the social media sites for achieving their objectives. This essay highlighted that the present business strategies of the organizations are strongly influenced by social media.

Project Closeout Case Study Example | Topics and Well Written Essays - 500 words

Project Closeout - Case Study Example y follows certain stages or phases that include the initiation stage, planning and design stage, execution stage, monitoring and controlling stage, and the last stage, which is the closing stage. Under the closing stage, Phillips (2003) stated that is stage usually involves the official handing over of the project to the client and subsequent conclusion of the entire project. Moreover, the closing stage may involve storing of related files and documentation of the lessons that have been learnt whilst undertaking the project. In the studies conducted by Sebastian (2007) it is noted that the closing stage of the construction project of the ten-floor commercial building will comprise of two phases, whereby the first phase will involve closing or concluding all activities associated with procurement and communication, which had been initiated and necessitated by the construction project. The second phase of the closing stage is contract closure whereby all contracts that were related to the project such as transport contract and/ or catering contract, among others, are settled and closed. Additionally, from the studies conducted by Phillips (2003) it is stated that among other activities that will take place in the close out stage of the construction project will be ensuring that all the project’s goals have been achieved and then handing over the finished commercial building to ABC technology Inc., who are the project sponsors. The client, who is ABC technology Inc, will be required in the closing stage of the construction project to inspect the finished building and confirm that it meets their standards and initial requirements they stipulated in the construction contract. Secondly, in the closing stage the client will be required to clear all the pending payments and even pay back the guarantee bond issued out earlier by Building Blocks Inc to guarantee that they will complete the project to the required standard. As for the project team members, they will be

Economic Globalisation Essay Example | Topics and Well Written Essays - 2000 words

Economic Globalisation - Essay Example Opponents, however, are more likely to view globalisation as a nefarious plot for the global promotion of the capitalist interests of multinational/transnational corporations culminating, not only in the increased poverty of LDCs but, in the subjugation of nation-states to multinational corporations. While conceding that both perspectives are exaggerated, the following paper shall, through a review of the definition of economic globalisation and the role of global trade and multinational corporations therein, establish economic globalisation as primarily favouring the capitalist interests of transnational corporations. Globalization, by the very nature of its definition as the globalisation of capital, favours capitalist interests, is founded upon the promotion of free trade and actively promotes the interests of multinational corporations. ... Of all the various definition forwarded for globalisation the most accurate, and comprehensive, is probably that forwarded by Held and McGrew (2002, 249-250) and which maintains globalisation to be an economic phenomenon whose intent is the globalisation of capital and the imposition of a capitalist economic agenda upon the International Political Economy (IPE). Globalisation, according to the latter definition, is the removal of capital controls to facilitate the unobstructed movement of funds and resources across national borders (Soros, 1998). Such globalization of capital is further significant because it implies reduced control over trade, foreign investment and multinational corporate activities. As stated by the pro-globalization economists, the removal of capital controls implies, "not only an increase in productive capacity but also improvements in methods of production and other innovations; not only an increase in wealth but an increase in freedom" (Soros, 1998). As may be inferred from the presented definitions, economic globalisation is the removal of artificial barriers to trade, involving the imposition of capitalism upon the global political economy and, as such, ultimately serves the interests of multinational corporations through the facilitation of their capacity it engage in trade, as in the unfettered movement of capital goods across national boundaries. Consequent to economic globalisation, and bearing in mind the stated definition, "The modern system of independent nation states and distinct national economies is being replaced by a single transnational political economy. Power and authority are steadily shifting to global institutions and corporations. National

The movie battle in seattle compared to realbattleinseattle.org Essay

The movie battle in seattle compared to realbattleinseattle.org - Essay Example For example, the movie illustrates the world trade organization WTO protest as acts of hooliganism where protesters looted and burned shops. This was not the actual case. Were it not for the brutal force that met the protest by the Seattle police initially, the organizers of the protest after the world trade organization (WTO) conference had planned for a peaceful demonstration insisting that no violence was to be used, (Reitan 89). The Hollywood version of the protest after the world trade organization (WTO) conference is very biased. The Film describes the film illustrates the Events that took place in the city of Seattle in 20th February 1999. It blames the protesters for the outcome of the violence whereas the source of the violence during the protest was police brutality. The film also depicts that the cause of the protest was political while the actual truth is that the protest was protesting against corporate globalization, (WTO people’s history). Corporate Globalizatio n When bureaucratic corporations dominate the economy in hierarchically, it is considered corporate globalization. This is where big corporations and business establishments take control of decisions that affect the economy as a group. They do this to ensure that business keeps flowing on their side hence making very huge profits. The protest that happened in Seattle on November 30th 1999 aimed at fighting this control that big corporations and business institutions have on matters that affect the economy (Chapman 33). There have been other protests such as the protest after the world trade organization (WTO) conference that protests this control of the economy by bureaucratic corporations. Such protests include, Greek protests of May 2010, Global May Day protests in 2006, June 26, 2003 Thessalonika Clashes in Greece, during EU Summit, in 2001 in Quebec City in Canada, during FTAA, in Los Angeles, USA August 11, 2000 Clashes, at the Democratic National Convention and worldwide Carni val against Capitalism in 1999 (Chapman 45). All theses protests were held to demonstrate against the evil of corporate globalization, which is also referred to as corporate capitalism, (Chapman 45). One of the agendas of these protests it spread awareness on the effects that corporate globalization have on the world. These protests have helped a lot because after each protest people know what is happening in the economy of the world because they are received with a lot of press and publicity. These protests have been effective since policies that affect the world’s economy are being determined differently. This means that governments do their own research in order to assist them in making good economic decisions rather than relying on what huge corporations and business organizations advice on. Another effect that these protests have had is that decisions about the economy are not left to countries that dominate the world economy such as the United States of America (USA). N owadays, almost all countries are consulted when it comes to make such decisions. In my opinion, decisions about the world economies should not be left to big corporations and business institutions. However, countries that experience the best economies in the world should be given a lot of attention when it comes to theses decisions. This is because theses countries have advanced their economies to high levels hence, countries with weak economies can learn a lot from them. However, these countries

Facebook wastes time Essay Example for Free

Facebook wastes time Essay I believe that facebook is bad. In this essay I will tell that Facebook wastes time, occupies the hosts mind and is not, no matter what people say is not the same as actual social interaction. Facebook is not my friend and neither should it be yours, My first reason why facebook is not my friend is because that it wastes everybody time. Now my argument is just armed at facebook, but also the people who make facebook games, Zynga is a major corporation that owns any and all good facebook is games. Facebook itself almost makes you check it, making you wonder what your friends are up to, the idea of a public diary almost, something that anybody can contribute to, a encyclopaedia of a persons life if you will. You could spend minuets, an hour maybe hours at a time just staring at a page when you could be doing something more important, maths homework perhaps? My second argument is that it occupies the hosts mind and doesn’t let anything else in. What I mean by this is that facebook is what some people always think about, they think how many likes they get, what people say about them through private messages and most importantly for some people, how many friends they have. There has been a term for people like these, facebook aholics, people that are always on facebook or worse, people who always think about facebook. There are times that I know that people lose their social life for a virtual life, people stop planning meetings and instead plan them on facebook, the days of not too long ago of RSVP’ing is no lost as almost every event is through facebook and that’s how people respond to them. Free thinking is gone, it is no more, everything on the internet is a reblog, a reblog of a reblog, and all of this is shared through facebook, people think what they are told, and they are told though facebook, nothing new nothi ng original. My last argument is that instant messaging through facebook is not the same as actual social interaction, face to face. The chat system on facebook is the most used one on facebook, pages, walls, games are all good and everything, but what really makes facebook great is the chat system on it, or so we think. There are 26 letters on the keyboard, 10 numbers, 13 symbols, and yet unbelievably this does not make the same level of interaction as talking to someone. When was the last time a person came up to you in the street, someone you know, and they said Heezzz howssss you doings if you can tell me a time of when that happened I would suggest finding some new friends. While people may express themselves differently from behind a computer screen I still find no excuse for people to talk likez thiss it makes them seem like an even bigger idiot then they are. People cloud their identity, pretend to be something or someone they arent, and that makes the entire socialisation, well pointless . Those are just some reasons you shouldnt use facebook, facebook is horrible, nobody should use it, it wastes time, fills your mind with nothing but junk and is far more unhealthy socially then going out and talking. Facebook is not my friend, neither is it yours, take a stand, unfriend facebook.

Cyber attacks and digital terrorism

Cyber attacks and digital terrorism 1.a.Cyber Attack and Digital Terrorism Introduction There are various reasons why people initiate cyber attacks or execute digital terrorisms, whatever it is, the goal is to cause damage and destruction, with motivations that range from anything personal, political, economic or all. Below are list of few reasons why cyber attack and digital terrorism occurs: i.Personal Anger people who are psychologically angry at their organization, for whatever reason for example not being promoted for long time or no increment in the salaries or made redundant. The individual might plant viruses into the companys network or delete some of the important functions of a program which may create problem in the future. It can happen even a superior is pressurizing his subordinate. The subordinate may embed a virus in an e-mail attachment in a view to corrupt the superiors computer as revenge. This type of doings can be categorized as a personal digital terrorism. ii.Hired Service Occasionally individual can hired another individual (usually professionals intruders) to hack into someones computer network and steal important information or destroy the computer by wiping off all digital trails and the intruder is paid substantially. Even then the professional intruder can double-cross by inform the targeted company that the companys network infrastructure is at risk and he can solve the problem. This type of activity can be classified as a professional digital terrorism. iii.Ransom Money Sometime a person might need money desperately and nobody is there to help him, the banks also do not want to give a loan because of poor credit history, even family members do not have money to support him but this person may have special skills. He informs the bank that he have planted a logic bomb into their network which will activate at a certain time and will cause severe damage or even crash the banks networking system. He/she may ask for ransom money. Once the money is received, the de-activate code for the logic bomb will be send to the bank. This type of activity can be classified as a personal desperate digital terrorism. iv.Political War These is typically against There are some people who get politically angry because those in power do not agree with their views or wishes. They want to display their peoples power or dislike by conducting demonstrations etc. One way as a warning is planting logic bombs with a ransom note that says unless the demands are met then the logic bomb will go off. This is typical against governments or organization/union of governments like The G8, APEC Summit, World Economic Forum etc. This type of activity can be classified as a political group digital terrorism. v.Declared War There exist true terrorist organizations that have publicly declared their all out war against countries or organizations. They have named their sworn-out enemies. Conducting cyber attacks is one of their strategies to achieve their aims everything is possible in war. Each side will try to destroy or cripple each others war machineries and capabilities. For example: In the UN against Iraqi War, the whole radar system of Iraq was jammed by the US during the early phases of the war. All electronic and computer communications infrastructure of Iraq were crippled. This type of activity can be classified as an expected political digital war tactics and not really digital terrorism. 1.b. What are viruses, worms, Trojan horses, logic bombs and DOS attacks? Viruses A virus is a small piece of malicious code that attacks a computer program or file. A virus can attack a computer in different ways by attaching itself to other software programs or data files in order to be executed, usually without user knowledge or permission, which can cause clogging computer memory, destroy programs or data, reformat a computer hard disk or can cause a program to run improperly. Virus typically spreads from computer to computer when action such as sending an email attachment or copying an infected file(as we know companies are going online, so uses net is extensively in dealing ). As we know anti-virus softwares are designed to check computer system and drives for the presence of computer viruses. Antivirus programs databases are constantly being updated to combat and prevent such attacks. It is recommended Firms those uses net extensively in dealing with its branches, customers and suppliers, it is highly recommended to continually update their anti-virus softw are with recent virus signature files. Worms A worm is a type of virus that has the ability to multiply or copy itself from one machine to another, gradually over a network. The two key differences between a virus and a worm are the multiplying or copying effect and the spreading across to other computers whereas a virus may not multiply itself and may attack only just one computer. A Trojan horse This is a security-breaking program that is introduced into a computer and serves as a way for an impostor to re-enter the computer in the future. It may be hidden as something innocent such as a screen saver or a game. It can damage, delete, or destroy important files, essentially do anything it is programmed to do. The key thing here is not in the type of damage but in how it enters a computer i.e. by a deceptive way. A logic bomb This is a program that is introduced into a computer and set to take action at a certain time or when a specified event occurs. It can do anything it was programmed to do. A DOS (Denial of Service) attack These are action being implemented by invading a large number of computers on the network (usually internet) and instructing the computers to simultaneously send repeated messages to a target computer, thus either overloading the computers input buffer or jamming the communication lines into the computer so badly that legitimate users cannot obtain access to the targeted computer. The key terms here are jamming the target computer or computers so that those targeted computers can no longer provide services (i.e. users are denied of the services). Some people refer to DOS attacks as the Ping of Death or the Teardrop. Information and Identity theft in the digital world The word Theft is simply obtaining something (materials or non-materials) through illegal means.   So information theft is obtaining information illegally, for example, without the owners permission. Publicly published information is legally public and therefore, having such information by whatever means is never considered stealing or theft. Identity theft according to the US Federal Trade Commission (FTC) is someone (somebody else) is appropriating your personal information without your knowledge to commit fraud or theft. For example, an identity thief uses information about someone, such name, address, social security number, credit card number and/or other identifying information to impersonate you and obtain loans or purchase items under your credit. Information theft is simply about stealing information for whatever use the thief wants it for, whereas identity theft is the extension of information theft with the user wanting to impersonate you or be identified as you using that stolen identification information to be used for many things, good and mostly bad. A thief can use the stolen identification information for criminal activities including validating against computer software systems: the banks identification system (to steal your money in the bank), the credit card system (to use your credit card to buy things), the immigration system (to run out of the country) and many more. It all looks like it is actually you performing those activities and not the thief. A thief who is also a hacker can do more, for example, penetrate the records registry system (to hack and change your date of birth, your gender status, your parents names, etc), the police crime database system (to hack and say that you committed a crime which you never did), the university records system (to hack and change your grades from A to F, to change your major degrees etc ), the White House Security System (to visit and say hello to the most powerful man in the world), the FBI and CIA computer systems etc. Conclusion: Web application attacks are increasing drastically because there is a lack of knowledge in securing the applications, especially during the development and deployment stages of the applications. To control or avoid this menace, we must ensure that security is being implemented not only during the coding stage, but also the deployment stage. The operations of a Web application must be monitored by the administrator so any exploits can be detected earlier and damages can be minimized or avoided such as using an intrusion detection system to monitor and filter Web traffic. It is also recommended for all organizations to conduct a security audit assessment to ensure that an application is secured before it is published to the public.

Diversity, ethics and anti discriminatory practice

Diversity, ethics and anti discriminatory practice The purpose of this learning and development plan is to understand the importance of equality, diversity and human rights in the practice of social work. I aim to indentify, recognise and respect diversity and equality using theories and ideas that will relate to why oppression, discrimination and prejudice occur in todays society. I will also write about how I am aware of my own personal prejudices and dilemmas and how I aim to challenge oppression/discrimination with the use of anti-discriminatory practices. Language is legislation, speech is its code. We do not see the power which is in speech because we forget that all speech is a classification and that all classifications are oppressive. The word Oppression in the English language means; the act of subjugating by cruelty a feeling of being oppressed kept down by unjust use of force or authority; the tyrants oppression of the people (Hyperdictionary, 2000- 2009) It is viewed differently by Feminists and by Marxists. Marxism believes that it is a class issue. They suggest women, gays or people of non-white skin should be subordinate to the Bourgeoisie, that Capitalism shapes and depends upon oppression for survival and the struggles of the oppressed cannot be carried out across all classes. The Bourgeoisie has various means to keep down the lower class (poor) by squeezing more profits from then. The working class are the oppressed class; they often have bad housing, education and therefore poor job opportunities than the middle or upper class of the Bourgeoisie. (DAmato, 1999) Marxists argue that the eradication of racism, sexism or homophobia will mean that a capitalist government will have to be overthrown; however, they will never tell the oppressed this, but will advice them that the revolution is coming and they need to wait. They see the struggle against all forms of oppression is essential to the struggle of socialism. Carl Marx the founder of Marxism ignored and downplayed oppression as he came from a privileged background. (DAmato, 1999) Radical feminists believe that women are oppressed within the patriarchal system (males are viewed as superior to females), that marriage and family are a result of capitalism. Women have a common bond with each other no matter the age, race or class. Women need to take control of their lives; they need to separate themselves from the things that have oppressed them. (Zieber, 2008) Socialist feminists say that women are oppressed because of dominance and economic inequality that every form of oppression is a feminist issue and women are a subordinate class by the power positions males have in society. (Holmstrom, 2003) I myself have experienced being oppressed by males. I live with my partner on a farm and we have people (mainly men) come to work there. Some men do not think I should not be working in a male environment, that I cannot be driving a tractor, working out in the fields or when I am quality controlling their work with the livestock. If their work is not up to the right standard I tell them, they often tell me I am wrong and try to speak to another person (a male), who then will often relay the same as what I have already said. If it persists I will speak to my manager, who then speaks to them. Culture also comes into the equation at work as they often come from a different country; therefore they have different beliefs on what work women should do. I feel disempowered and start to question myself about my work, but I carry on with my work as it is the end product which counts and people who buy the products are happy. Prejudice means a hostile attitude towards a group of people or a person, pre-judging them based on a stereotype (Billingham et al, 2008), for example a prejudice of mine is that since being made redundant from a previous job and it went over to India, I now assume that each job I have it will eventually be taken over by a person in another country. I know this may not be the case in the future. Some psychotherapists believe that prejudice is a learnt process (nurtured), an indirect view of this is an experiment by Barrett Short (1992) found that young English children aged between and 10 years had a clear preference for different European people in countries e.g. the Germans were liked the least and the French were one of the most liked. The children had decided this even if they did not know much about the people, culture or the country. Sherif (1961) researched at how prejudice is caused in society between different groups. Their aim was to investigate if intergroup conflict happens when a group competes with each other over resources which are scarce. They looked at twenty-two 11 year olds, who were well adjusted and came from a middle class home environment. The boys who were selected to take part in the experiment were sent to a summer camp in America, where they were divided into two groups not having any knowledge of the other group and were given group names; Eagles and Rattlers. The boys would then create a group bond and identity in the first week. The second week experimenters set up competitions with between the two groups, where prizes were offered to members of the winning group. The experimenters found that there were strong feelings developed between the two groups, which lead to hostility and fighting towards each group. The conclusion to this experiment was that conflict can arise from competition over prizes as these were the scarce resource (only the winning group received them). (Sherif, 1961) In 1979 Tajfel Turner developed the Social Identity Theory to understand the psychological basis of discrimination in a group. What they found was that a person can have several selves and depending on the social context it may trigger an individual to act differently, that individuals will categorize themselves, then will seek to get positive self-esteem within the group. An example of this from my past is when I was younger I used to hang out with a group, if a higher ranking group member fell out with someone of a lower rank then I would often side with the person who was higher even if I knew they were wrong, making ourselves feel good we would put the other person down, making our self-esteem greater than theirs, that way I would still be in the in-group- and not in the out-group being ostracised. To make the best of a workforce people need to know about equality and diversity, how to act within the laws of society. Everyone has the right to equal opportunities no matter their religion, sexual preference or culture at work, home or whist on the street. Equality protects people that can be discriminated against. Diversity, however, is a range of conditions or characteristics in todays society e.g. race, people need to respect individual differences. When a workforce or person embraces equality and diversity they comply with anti-discrimination legislation and they can emphasize the positive benefits e.g. they can draw on a wider talent of resources. (Skills for Business, n.d) In 1950 the European Convention on Human Rights was written to prevent the repeat of the oppression of individual rights after the 1st world war, it stated that everyone has a right to have enough food and a shelter, the United Kingdom signed the convention in 1951. Since then there have been many laws and legislations come into force against discrimination, some of which are; Equal Pay Acts 1970 1983 Prohibiting discrimination of people on the grounds of sex to pay and their terms of contract Sex Discrimination Act 1975 Prohibiting discrimination of a persons sex or their marital status. This applies to males females or if they have had gender reassignment surgery. Race Relations Act 1976 Prohibiting discrimination of race, colour, ethnic origin or nationality of a person. Amendment in 2000 There is a duty on public authorities to have due regard to eliminate unlawful discrimination and to promote equality. Disability Discrimination Act 1995 2005 Prohibiting discrimination against a disabled person. Authorities have a duty to promote equality with disability. (Bayne et al, 2010) How do I aim to challenge discrimination and promote equality my personal life and within my job role as a social worker? As a social worker I would try to empower the service user by focusing on their strengths, guiding them to reach a solution, give them the correct advice, be honest and reliable no matter what kind of background they come from. If I come into contact with someone who discriminate against another, I aim to challenge them, ask them why they feel that way, find out if there are any reasons as to why they feel that way and try to get them to think about their views and try to change them for the better. I will also think about the impact a service user will have on being excluded from a community or group, I will try to get them included back within their community by arrange for them to help out/volunteer on a local project, by being included back into the community it may help if they have any mental health issues. Word count 1560

The Effects of Aristotelian Teleological Thought on Darwins Mechanisti

The Effects of Aristotelian Teleological Thought on Darwin's Mechanistic Views of Evolution The need to understand organisms has been a much sought goal of science since its birth as biology. History shows Aristotle and Charles Darwin as two of the most powerful biologists of all time. Aristotle's teleological method was supported widely for over 2,000 years. One scientist remarks that the Aristotelian teleology "has been the ghost, the unexplained mystery which has haunted biology through its whole history" (Ayala, 10). If Aristotle's approach has frightened biology, then Darwin, who actually nicknamed himself the "Devils Chaplain," and his idea of natural selection has virtually dissected Aristotle's ghost. While Aristotle explained biology through a plan and a purpose, Darwin debated that randomness and chaos are responsible for the organic world as we know it. Guiseppe Montalenti, an Italian geneticist and philosopher of biology, wrote that Darwin's ideas were a rebellion against thought in the Aristotelian-scholastic way (Ayala, 4). In order to understand how Darwinism can be considered a revolt against Aristotle, we must first inspect Aristotle's ideas and thoughts about biology. Aristotle used teleology to explain the harmony and final results of the earth. Teleology is the study of the purpose of nature. Aristotle believed that scientists should follow the plan adopted by mathematicians in their demonstrations of astronomy, and after weighing the phenomena presented by animals, and their several parts, follow consequently to understand the causes and the end results. Using this method, Aristotle constructed causes for body parts and processes of the human body, such as sundry types of teeth. Aristotle elucidated on this topic: "When we have ascertained the thing's existence we inquire as to its nature†¦when we know the fact we ask the reason" (Evans, 82). Despite Aristotle's frequent teleological explanations, he did warn against teleology leading to misinterpretations of facts. In a short writing on the reproduction of bees in Generation of Animals, Aristotle was troubled that there were insufficient observations on the subject, and warns that his theory is dependent on facts supporting the theory. One twentieth century biologist... ... to describe evolution teleologically. This proof, of course, is not possible, as evolution through natural selection cannot be described as goal-oriented since it happens due to previous events or transformations, not in anticipation of coming events. If we were goal-oriented, natural selection would not be supple enough to be useful in rapidly changing environments (Mayr, 43). References Aristotle. The Works of Aristotle, Encyclopedia Britannica. New York, 1952 Ayala, F.J. and Tobzharsky, T. Studies in the Philosophy of Biology. University of California Press. Berkeley and Los Angeles. 1974. Burrow, John. Editor introduction to Charles Darwin's Origin of the Species Penguin books. England, 1968. Evans, G. The Physical Philosophy of Aristotle. University of New Mexico Press. Albuquerque, 1964. Kirk, G., Raven, J. and Schofield, M. The Presocratic Philosophers. Cambridge University Press. Cambridge. 1983. Mayr, Ernst. Toward a New Philosophy of Biology. Harvard University Press. 1988. Moore, Ruth. Evolution. Time-life books. Alexandria, Virginia. 1980. Simpson, George The Meaning of Evolution. Yale University Press. New Haven and London. 1949.

picasso :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Pablo Picasso , known as one of the most influential artists of the twentieth century . I shall explore the evolution of a young Pablo Ruiz Picasso to the experienced genius that had shaped the way we see art today . From his Blue and Rose periods through the birth of Cubism , to the struggles of the experimental thirties . As we go to the death of a proud father .   Ã‚  Ã‚  Ã‚  Ã‚  Picasso was born in Malaga on the 25th of October 1881 . The only children of the family were Pablo and his younger sister . As you know Spaniards take the name of one’s father and of one’s mother . The name Ruiz was his father’s . His mother’s was Picasso . His birth name is Pablo Ruiz Picasso . Since its such a long name its a pain to sign so he shortened it . On Pablo’s earlier canvases he signed Pablo Ruiz but later changed his name to who we know of now , Pablo Picasso . Picasso is of Italian origin and the Picasso were silversmiths . Physically Pablo resembles his mother , small and robust with a vigorous body , dark-skinned , straight not very fine black hair . Picasso used to always say that his father was like an English-man . His father , Josà © Ruiz Blasco was tall and had reddish hair and an English way of carrying himself .   Ã‚  Ã‚  Ã‚  Ã‚  As a child Picasso was making drawings , not the drawings of a child would have but one a painter would have painted . When he was fifteen years old he would make oil portraits of his younger sister . He painted like a born painter . Then at age nineteen Picasso was off to Paris . Two months later he went back to Barcelona sold some paintings . Picasso settled in Madrid and starts the magazine â€Å" Arte Joven â€Å" with the writer Francisco de Assis Saler. Soon after Picasso goes back to Barcelona and then back to Paris again . Picasso had friends but none of where painters , no they were all writers .   Ã‚  Ã‚  Ã‚  Ã‚  In 1902 Picasso returned to Spain and painting in his Blue period . Being in away from Spain for a while he forgot how colorless it is . The colors of Spain are white , black , silver and gold yet it was still beautiful . Span in a sense is not like other southern countries ,

Carrie Chapter Nine

‘Playing match' ‘Something like that.' ‘And Tommy went along with it?' This was the part that most fascinated her. ‘Yea,' Sue said, and did not elaborate. After a pause: ‘I suppose the other kids think I'm stuck up.' Helen thought it over. ‘Well †¦ they're all talking about it. But most of them still think you're okay. Like you said, you make your own decisions. There is, however, a small dissenting faction.' She snickered dolefully. ‘The Chris Hargensen people?' ‘And the Billy Nolan people. God, he's scuzzy.' ‘She doesn't like me much?' Sue said, making it a question. ‘Susie, she hates your guts.' Susan nodded, surprised to find the thought both distressed and excited her. ‘I heard her father was going to sue the school department and then he changed his mind,' she said. Helen shrugged. ‘She hasn't made any friends out of this,' she said. I don't know what got into us, any of us. It makes me feel like I don't even know my own mind.' They worked on in silence. Across the room, Don Barrett was putting up an extension ladder preparatory to gilding the overhead steel beams with crepe paper. ‘Look,' Helen said. ‘There goes Chris now.' Susan looked up just in time to see her walking into the cubby-hole office to the left of the gym entrance. She was wearing wine-coloured velvet hot pants and a silky white blouse – no bra, from the way things were jiggling up front – a dirty old man's dream, Sue thought sourly, and then wondered what Chris could want in where the Prom Committee had set up shop. Of course Tina Blake was on the Committee and the two of them were thicker than thieves. Stop it, she scolded herself. Do you want her in sackcloth and ashes? Yes, she admitted. A part of her wanted just that. ‘Helen?' ‘Hmmmm?' ‘Are they going to do something?' Helen's face took on an unwilling masklike quality. ‘I don't know.' The voice was light, over innocent. ‘Oh,' Sue said noncommittally. (you know you know something: accept something goddammit if its only yourself tell me) They continued to colour, and neither spoke. She knew it wasn't as all right as Helen had said. It couldn't be; she would never be quite the same golden girl again in the eyes of her mates. She had done an ungovernable, dangerous thing – she had broken cover and shown her face. The late afternoon sunlight, warm as oil and sweet as childhood, slanted through the high, bright gymnasium windows. From My Name Is Susan Snell (p. 40). I can understand some of what must have led up to the prom. Awful as it was, I can understand how someone like Billy Nolan could go along, for instance. Chris Hargensen led him by the nose-at least, most of the time. His friends were just as easily led by Billy himself. Kenny Garson, who dropped out of high school when he was eighteen, had a tested third-grade reading level. In the clinical sense, Steve Deighan was little more than an idiot. Some of the others had police records; one of them, Jackie Talbot, was first busted at the age of nine, for stealing hubcaps. If you've got a social-worker mentality, you can even regard these people as unfortunate victims. But what can you say for Chris Hargensen herself? It seems to me that from first to last, her one and only object in view was the complete and total destruction of Carrie White †¦ ‘I'm not supposed to,' Tina Blake said uneasily. She was a small, pretty girl with a billow of red hair. A pencil was pushed importantly in it. ‘And if Norma comes back, she'll spill.' ‘She's in the crapper,' Chris said. ‘Come on.' Tina, a little shocked, giggled in spite of herself. Still, she offered token resistance: ‘Why do you want to see, anyway? You can't go.' ‘Never mind,' Chris said. As always, she seemed to bubble with dark humour. ‘Here,' Tina said, and pushed a sheet enclosed in limp plastic across the desk. ‘I'm going out for a Coke. If that bitchy Norma Watson comes back and catches you I never saw you.' ‘Okay,' Chris murmured, already absorbed in the floor plan. She didn't hear the door close. George Chizmar had also done the floor plan, so it was perfect. The dance floor was clearly marked. Twin bandstands. The stage where the King and Queen would be crowned (i'd like to crown that fucking snell bitch carrie too) at the end of the evening. Ranged along the three sides of the floor were the prom-goers' tables. Card tables, actually, but covered with a froth of crepe and ribbon, each holding party favours, prom programmes, and ballots for King and Queen. She ran a lacquered, spade-shaped fingernail down the tables to the right of the dance floor, then the left. There: Tommy R. & Carrie W. They were really going through with it. She could hardly believe it. Outrage made her tremble. Did they really think they would be allowed to get away with it? Her lips tautened grimly. She looked over her shoulder. Norma Watson was still nowhere in sight. Chris put the seating chart back and rifled quickly through the rest of the papers on the pitted and initialwarred desk. Invoices (mostly for crepe paper and hapenny nails), a list of parents who had loaned card tables, petty-cash vouchers, a bill from Star Printers, who had run off the prom tickets, a sample King and Queen ballot Ballot! She snatched it up. No one was supposed to see the actual King and Queen ballot until Friday, when the whole student body would hear the candidates announced over the school's intercom. The King and Queen would be voted in by those attending the prom, but blank nomination ballots had been circulated to home rooms almost a month earlier. The results were supposed to be top secret. There was a gaining student move afoot to do away with the King and Queen business all together – some of the girls claimed it was sexist, the boys thought it was just plain stupid and a little embarrassing. Chances were good that this would be the last year the dance would be so formal or traditional. But for Chris, this was the only year that counted. She stared at the ballot with greedy intensity. George and Frieda. No way. Frieda Jason was a Jew. Peter and Myra. No way here, either. Myra was one of the female clique dedicated to erasing the whole horse race. She wouldn't serve even if elected. Besides, she was about as good-looking as the ass end of old drayhorse Ethel. Frank and Jessica. Quite possible. Frank Grier had made the All New England football team this year, but Jessica was another little sparrowfart with more pimples than brains. Don and Helen. Forget it. Helen Shyres couldn't get elected dog catcher. And the last pairing. Tommy and Sue. Only Sue, of course, had been crossed out, and Carrie's name had been written in. There was a pairing to conjure with! A kind of strange, shuffling laughter came over her, and she clapped a hand over her mouth to hold it in. Tina scurried back in. ‘Jesus, Chris, you still here? She's coming!' ‘Don't sweat it, doll,' Chris said, and put the papers back on the desk. She was still grinning as she walked out, pausing to raise a mocking hand to Sue Snell, who was slaying her skinny butt off on that stupid mural. In the outer hall, she fumbled a dime from her bag, dropped it into the pay phone, and called Billy Nolan. From The Shadow Exploded (pp. 100- 10 1): One wonders just how much planning went into the ruination of Carrie White – was it a carefully made plan, rehearsed and gone over many times, or just something that happened in a bumbling sort of way? †¦ I favour the latter idea. I suspect that Christine Hargensen was the brains of the allair, but that she herself had only the most nebulous of ideas on how one might ‘get' a girl like Carrie. I rather suspect it was she who suggested that William Nolan and his friends make the trip to Irwin Henty's farm in North Chamberlain. The thought of that trip's imagined result would have appealed to a warped sense of poetic justice, I am sure. .. The car screamed up the rutted Stack End Road in North Chamberlain at a sixty-five that was dangerous to life and limb on the washboard unpaved hardpan. A low-hanging branch, lush with May leaves, occasionally scraped the roof of the '61 Biscayne, which was fender-dented, rusted out, jacked in the back, and equipped with dual glasspack mufflers. One headlight was out; the other flickered in the midnight dark when the car struck a particularly rough bump. Billy Nolan was at the pink fuzz-covered wheel. Jackie Talbot, Henry Blake, Steve Deighan, and the Garson brothers, Kenny and Lou, were also squeezed in. Three joints were going, passing through the inner dark like the lambent eyes of some rotating Cerberus. ‘You sure Henty ain't around?' Henry asked. ‘I got no urge to go back up, ole Sweet William. They feed you shit.' Kenny Garson, who was wrecked to the fifth power found this unutterably funny and emitted a slipstream of high-pitched giggles. ‘He aint around,' Billy said. Even those few words seemed to slip out grudgingly, against his win. ‘Funeral.' Chris had found this out accidentally. Old man Henty ran one of the few successful independent farms in the Chamberlain area. Unlike the crotchety old farmer with a heart of gold that is one of the staples of pastoral literature, old man Henty was as mean as cat dirt. He did not load his shotgun with rock salt at apple time, but with birdshot. He had also prosecuted several fellows for pilferage. One of them had been a friend of these boys, a luckless bastard named Freddy Overlock. Freddy had been caught red-handed in old man Henty's henhouse, and had received a double dose of number-six bird where the good Lord had split him. Good ole Fred had spent four raving, cursing hours on his belly in an Emergency Wing examining room while a jovial interne picked tiny pellets off his butt and dropped them into a steel pan. To add insult to injury, he had been fined two hundred dollars for larceny and trespass. There was no love lost between Irwin Henty and the Chamberlain greaser squad. ‘What about Red?' Steve asked. ‘He's trying to get into some new waitress at The Cavalier,' Billy said, swinging the wheel and puffing the Biscayne through a juddering racing drift and on to the Henty Road. Red Trelawney was old man Henty's hired hand. He was a heavy drinker and just as handy with the bird-shot as his employer. ‘He won't be back until they close up.' ‘Hell of a risk for a joke,' Jackie Talbot grumbled. Billy stiffened. ‘You want out?' ‘No, uh-uh,' Jackie said hastily. Billy had produced an ounce of good grass to split among the five of them – and besides, it was nine miles back to town. ‘It's a good joke, Billy.' Kenny opened the glove compartment, took out an ornate scrolled roach clip (Chris's), and fixed the smouldering butt-end of a joint in it This operation struck him as highly amusing, and he let out his highpitched giggle again. Now they were flashing past No Tresspassing signs on either side of the road, barbed wire, newly turned fields. The smell of fresh earth was heavy and gravid and sweet on the warm May air. Billy popped the headlights off as they breasted the next hill, dropped the gearshift into neutral and killed the ignition. They rolled, a silent hulk of metal, toward the Henty driveway. Billy negotiated the turn with no trouble, and most of their speed bled away as they breasted another small rise and passed the dark and empty house. Now they could see the huge bulk of barn and beyond it, moonlight glittering dreamily on the cow pond and the apple orchard. In the pigpen, two sows poked their flat snouts through the bars. In the bar, one cow lowed softly, perhaps in sleep. Billy stopped the car with the emergency brake – not really necessary since the ignition was off, but it was a nice Commando touch – and they got out. Lou Garson reached past Kenny and got something out of the glove compartment. Billy and Henry went around to the trunk and opened it. ‘The bastard is going to shit where he stands when he comes back and gets a look,' Steve said with soft glee. ‘For Freddy,' Henry said, taking the hammer out of the trunk. Billy said nothing, but of course it was not for Freddy Overlock, who was an asshole. It was for Chris Hargensen, just as everything was for Chris, and had been since the day she swept down from her lofty collegecourse Olympus and made herself vulnerable to him He would have done murder for her, and more. Henry was swinging the nine-pound sledge experimentally in one hand. The heavy block of its business end made a portentous swishing noise in the night air, and the other boys gathered around as Billy opened the lid of the ice chest and took out the two galvanized steel pads. They were numbingly cold to the touch, lightly traced with frost ‘Okay,' he said. The six of them walked quickly to the hogpen, their respiration shortening with excitement. The two sows were both as tame as tabbies, and the old boar lay asleep on his side at the far end. Henry swung the sledge once more through the air, but this time with no conviction. He handed it to Billy. ‘I can't,' he said sickly. ‘You.' Billy took it and looked questioningly at Lou, who held the broad butcher knife he had taken from the glove compartment. ‘Don't worry,' he said, and touched the ball of his thumb to the honed edge. ‘The throat,' Billy reminded. ‘I know.' Kenny was crooning and grinning as he fed the remains of a crumpled bag of potato chips to the pigs. ‘Doan worry, piggies, doan worry, big Bills gonna bash your fuckin heads in and you woan have to worry about the bomb any more.' He scratched their bristly chins, and the pigs grunted and munched contentedly. ‘Here it comes,' Billy remarked, and the sledge flashed down. There was a sound that reminded him of the time he and Henry had dropped a pumpkin off Claridge Road overpass, which crossed 495 west of town. One of the sows dropped dead with its tongue protruding, eyes still open, potato chip crumbs around its snout Kenny giggled. ‘She didn't even have time to burp.' ‘Do it quick, Lou,' Billy said. Kenny's brother slid between the slates, lifted the pig's head toward the moon-the glazing eyes regarded the crescent with rapt blackness – and slashed. The flow of blood was immediate and startling. Several of the boys were splattered and jumped back with little cries of disgust. Billy leaned through and put one of the buckets under the main flow. The pail filled up rapidly, and he set it aside. The second was half full when the flow trickled and died. ‘The other one,' he said. ‘Jesus, Billy,' Jackie whined. ‘Isn't that en-‘ ‘The other one,' Billy repeated. ‘Soo-ee, pig-pig-pig,' Kenny called, grinning and rattling the empty potato-chip bag. After a pause, the sow returned to the fence, the sledge flashed, the second bucket was filled and the remainder of the blood allowed to flow into the ground. A rank, coppery smell hung on the air. Billy found he was slimed in pig blood to the forearms. Carrying the pails back to the trunk, his mind made a dim, symbolic connection. Pig blood. That was good. Chris was right. It was really good. It made everything solidify. Pig blood for a pig. He nestled the galvanized steel pails into the crushed ice and slammed the lid of the chest. ‘Let's go,' he said. Billy got behind the wheel and released the emergency brake. The five boys got behind, put their shoulders into it, and the car turned in a tight, noiseless circle and trundled up past the barn to the crest of the hill across from Henty's house. When the car began to roll on its own, they trotted up beside the doors and climbed in panting. The car gained speed enough to slew a little as Billy whipped it out of the long driveway and on to the Henty Road. At the bottom of the hill he dropped the transmission into third and popped the clutch. The engine hitched and grunted into life. Pig blood for a pig. Yes, that was good, all right. That was really good. He smiled, and Lou Garson felt a start of surprise and fear. He was not sure he could recall ever having seen Billy Nolan smile before. There had not even been rumours. ‘Whose funeral did ole man Henty go to?' Steve asked. ‘His mother's,' Billy said. ‘His mother?' Jackie Talbot said, stunned. ‘Jesus Christ, she musta been older'n God.' Kenny's high-pitched cackle drifted back on the redolent darkness that trembled at the edge of summer.

Human Communication Essay

Communication has been a part of the human lifestyle since the early years. Communication is defined as the process of transmitting messages and information in an attempt to achieve understanding. The whole process of communication requires various skills such as speaking, listening, analyzing, and evaluating the message. Thus, communication plays a vital role in the society in terms of achieving understanding and harmony among people. Through communication, cooperation and collaboration can be attained (Bergeson). However, conventional forms of relaying messages, such as passing information by word of mouth, place the messages at risk of being altered and even distorted. These conventional means of communication also make it difficult to transmit messages to a large audience and to reach the audience in other parts of the world (â€Å"Verbal and Nonverbal Communication†). Fortunately, due to the technological advancements and the continuous developments in the field of mass communication, various tools and gadgets were invented and are being continuously invented to bridge such difficulties and further facilitate human communication. However, these technologically advanced communication tools and devices present both advantages and disadvantages to humankind. Hence, this paper aims to present the positive and negative effects of technology to human communication. Technology and Human Communications Communication has undergone a drastic transformation since the early times. The conventional method of interpersonal communication has been completely altered, and the inception of new technologies has enabled people to devise other methods or means of communicating with other people. One of the possibilities in communication brought by technology is the wireless or electronic communication through mobile phones and electronic email (e-mail). These inventions have significantly influenced the way people communicate as these hi-tech ways of communications continuously provide people with options in terms of ways in which they could convey their message (Kauppila). In addition, through these technological advancements, specifically the invention of electronic communication, people can now communicate with others instantaneously regardless of the time and distance that separate them. Electronic communication solves the problems posed by the traditional mailing system such as the delays or the long wait before the mail reaches the recipient, and the risk that the recipient would not get the mail at all. Using the postal system to exchange messages and information takes too long, and there may be alterations or distortions on the content of the message. However, communication via a mobile phone, text messaging, or electronic mail is instantaneous; information is delivered to the recipient as soon as it is sent (Kauppila).

Early Greek Education Essay

Definition HIV infection is a disease caused by the human immunodeficiency virus (HIV). The condition gradually destroys the immune system, which makes it harder for the body to fight infections. Most people infected with HIV eventually develop AIDS. These individuals mostly die from opportunistic infections or malignancies associated with the progressive failure of the immune system. HIV progresses to AIDS at a variable rate affected by viral, host, and environmental factors; HIV-specific treatment delays this process. Most will progress to AIDS within 10 years of HIV infection: some will have progressed much sooner, and some will take much longer. Treatment with anti-retrovirals increases the life expectancy of people infected with HIV. Even after HIV has progressed to diagnosable AIDS, the average survival time with antiretroviral therapy was estimated to be more than 5 years as of 2005. Without antiretroviral therapy, someone who has AIDS typically dies within a year. Acquired immune deficiency syndrome or acquired immunodeficiency syndrome (AIDS) is a disease of the human immune system caused by the human immunodeficiency virus (HIV). This condition progressively reduces the effectiveness of the immune system and leaves individuals susceptible to opportunistic infections and tumors. HIV is transmitted through direct contact of a mucous membrane or the bloodstream with a bodily fluid containing HIV, such as blood, semen, vaginal fluid, preseminal fluid, and breast milk. When HIV infection becomes advanced it often is referred to as AIDS. It generally occurs when the CD4 count is below 200/mL and is characterized by the appearance of opportunistic infections. These are infections that take advantage of a weakened immune system and include: †¢ Pneumocystis carinii pneumonia †¢ Toxoplasmosis †¢ Tuberculosis †¢ Extreme weight loss and wasting; exacerbated by diarrhea which can be experienced in up to 90% of HIV patients worldwide †¢ Meningitis and  other brain infections †¢ Fungal infections †¢ Syphilis †¢ Malignancies such as lymphoma, cervical cancer, and †¢ Kaposi’s Sarcoma Today we know that Acquired Immune Deficiency Syndrome (AIDS) is a disease and not a syndrome. A syndrome is commonly used to refer to collections of symptoms that do not have an easily identifiable cause. This name was more appropriate 13 years ago, when doctors were only aware of the late stages of the disease and did not fully understand its mechanisms. A more current name for the condition, regardless of an AIDS diagnosis, is HIV Disease. This name is more accurate because it refers to the pathogen that causes AIDS and encompasses all the condition’s stages, from infection to the deterioration of the immune system and the onset of opportunistic diseases. However, AIDS is still the name that most people use to refer to the immune deficiency caused by HIV. †¢ Acquired — because it is a condition that has to be contracted. It cannot be inherited or transmitted through the genes. †¢ Immune — because it affects the body’s immune system, the part of the body that fights off diseases. †¢ Deficiency — because it makes the immune system stop working properly. †¢ Syndrome — because people with AIDS experience a number of different symptoms and opportunistic diseases. Four stages of HIV infection: 1. Incubation Period In the majority of the infected population, HIV remains asymptomatic for years. The only way to know if you have HIV is to be tested. It is important to know, however, that it may take up to six months after exposure to the HIV virus before you will test positive on an HIV antibody test, although most infected people will test positive within 3 months. A negative test, therefore, isn’t a reliable indicator of your infection status if you were only exposed last week. Tests that look directly for HIV RNA, the virus’ genetic material, can detect an infection earlier, but are harder to find. 2. Acute HIV infection The initial infection with HIV generally occurs after transfer of body fluids from an infected person to an uninfected one. The first stage of infection, the primary, or acute infection, is a period of rapid viral replication that immediately follows the individual’s exposure to HIV leading to an abundance of virus in the peripheral blood with levels of HIV commonly approaching several million viruses per mL. This response is accompanied by a marked drop in the numbers of circulating CD4+ T cells. This acute viremia is associated in virtually all patients with the activation of CD8+ T cells, which kill HIV-infected cells, and subsequently with antibody production, or seroconversion. The CD8+ T cell response is thought to be important in controlling virus levels, which peak and then decline, as the CD4+ T cell counts rebound to around 800 cells per  µL (the normal blood value is 1200 cells per  µL ). A good CD8+ T cell response has been linked to slower disease progression and a better prognosis, though it does not eliminate the virus. During this period (usually 2–4 weeks post-exposure) most individuals (80 to 90%) develop an influenza or mononucleosis-like illness called acute HIV infection. Because of the nonspecific nature of these symptoms, they are often not recognized as signs of HIV infection. Even if patients go to their doctors or a hospital, they will often be misdiagnosed as having one of the more common infectious diseases with the same symptoms. Consequently, these primary symptoms are not used to diagnose HIV infection as they do not develop in all cases and because many are caused by other more common diseases. However, recognizing the syndrome can be important because the patient is much more infectious during this period. 3. Latency stage A strong immune defense reduces the number of viral particles in the blood stream, marking the start of the infection’s clinical latency stage. Clinical latency can vary between two weeks and 20 years. During this early phase of infection, HIV is active within lymphoid organs, where large amounts of virus become trapped in the follicular dendritic cells (FDC) network. The surrounding tissues that are rich in CD4+ T cells may also become infected, and viral particles accumulate both in infected cells and as free virus. Individuals who are in this phase are still infectious. During this time, CD4+ CD45RO+ T cells carry most of the proviral load. 4.  AIDS When CD4+ T cell numbers decline below a critical level of 200 cells per  µL, cell-mediated immunity is lost, and infections with a variety of opportunistic microbes appear. The first symptoms often include moderate and unexplained weight loss, recurring respiratory tract infections (such as sinusitis, bronchitis, otitis media, pharyngitis),prostatitis, skin rashes, and oral ulcerations. Common opportunistic infections and tumors, most of which are normally controlled by robust CD4+ T cell-mediated immunity then start to affect the patient. Typically, resistance is lost early on to oral Candida species and to Mycobacterium tuberculosis, which leads to an increased susceptibility to oral candidiasis(thrush) and tuberculosis. Later, reactivation of latent herpes viruses may cause worsening recurrences of herpes simplex eruptions, shingles, Epstein-Barr virus-induced B-cell lymphomas, or Kaposi’s sarcoma. Pneumonia caused by the fungus Pneumocystis jirovecii is common and often fatal. In the final stages of AIDS, infection with cytomegalovirus (another herpes virus) or Mycobacterium avium complex is more prominent. Not all patients with AIDS get all these infections or tumors, and there are other tumors and infections that are less prominent but still significant. Incidence As a national and global epidemic, the degree of morbidity and mortality caused by caused by HIV or AIDS. At the end of 2002, it was estimated that there were 42 million people living with HIV / AIDS and that more than 25 million had died of the infection. During the same year, 5 million were newly infected with the virus, and for the first time, women and young people 15 to 24 years of age accounted for 50% of HIV infections. In the year 2007, it was estimated that 33.2 million people lived with the disease worldwide, and that AIDS had killed an estimated 2.1 million people, including 330,000 children. In the Philippines, cases were estimated to be 29 each month in the year 2007 and continue on until 2008. As of September 2008, the Department of Health (DOH) AIDS Registry in the Philippines reported 3,456 people living with HIV/AIDS. The Philippines is a low-HIV-prevalence country, with less than 0.1 percent of the adult  population estimated to be HIV-positive. Etiology AIDS is caused by the human immunodeficiency virus or HIV. Human immunodeficiency virus (HIV) is a lentivirus (a member of the retrovirus family) that causes acquired immunodeficiency syndrome (AIDS), a condition in humans in which the immune system begins to fail, leading to life-threatening opportunistic infections. Infection with HIV occurs by the transfer of blood, semen, vaginal fluid, pre-ejaculate, or breast milk. Within these bodily fluids, HIV is present as both free virus particles and virus within infected immune cells. The four major routes of transmission are unsafe sex, contaminated needles, breast milk, and transmission from an infected mother to her baby at birth (Vertical transmission). Screening of blood products for HIV has largely eliminated transmission through blood transfusions or infected blood products in the developed world. HIV primarily infects vital cells in the human immune system such as helper T cells (specifically CD4+ T cells), macrophages, and dendritic cells. HIV infection leads to low levels of CD4+ T cells through three main mechanisms: firstly, direct viral killing of infected cells; secondly, increased rates of apoptosis in infected cells; and thirdly, killing of infected CD4+ T cells by CD8 cytotoxic lymphocytes that recognize infected cells. When CD4+ T cell numbers decline below a critical level, cell-mediated immunity is lost, and the body becomes progressively more susceptible to opportunistic infections. HIV is present to variable degrees in the blood and genital secretions of virtually all individuals infected with HIV, regardless of whether or not they have symptoms. The spread of HIV can occur when these secretions come in contact with tissues such as those lining the vagina, anal area, mouth, or eyes (the mucus membranes), or with a break in the skin, such as from a cut or puncture by a needle. The most common ways in which HIV is spreading throughout the world include sexual contact, sharing needles, and by transmission from infected mothers to their newborns during pregnancy, labor (the delivery process), or breastfeeding. (See the section below on treatment during pregnancy for a discussion on reducing the risk of  transmission to the newborn.) There is little evidence that HIV can be transferred by casual exposure, as might occur in a household setting. For example, unless there are open sores or blood in the mouth, kissing is generally considered not to be a risk factor for transmitting HIV. This is because saliva, in contrast to genital secretions, has been shown to contain very little HIV. Still, theoretical risks are associated with the sharing of toothbrushes and shaving razors because they can cause bleeding, and blood can contain large amounts of HIV. Consequently, these items should not be shared with infected people. Similarly, without sexual exposure or direct contact with blood, there is little if any risk of HIV contagion in the workplace or classroom. Pathophysiology Signs and Symptoms †¢ Acute HIV infection [pic] Main symptoms of acute HIV infection. †¢ Symptomatic HIV infection or Acquired Immunodeficiency Syndrome – Moderate and unexplained weight loss – Recurring respiratory tract infections (such as sinusitis, otitis media, bronchitis, pharyngitis) – Prostatitis, skin rashes, and oral ulcerations – Oral candidiasis and Tuberculosis caused by Candida species and Mycobacterium tuberculosis respectively. – Reactivation of latent herpes viruses may cause worsening recurrences of herpes simplex eruptions, shingles, Epstein-Barr virus-induced B-cell lymphomas, or Kaposi’s sarcoma. – Pneumonia caused by the fungus Pneumocystis jirovecii is common and often fatal. – In the final stages of AIDS, infection with cytomegalovirus (another herpes virus) or Mycobacterium avium complex is more prominent. WHO Case Definition for AIDS Surveillance For the purpose of AIDS surveillance an adult or adolescent (>12 years of age) is considered to have AIDS if at least 2 of the following major signs are present in combination with at least 1 of the minor signs listed below, and if these signs are not known to be due to a condition unrelated to HIV infection. Major Signs – Weight loss >10% of body weight – Chronic diarrhea for more than 1 month – Prolonged fever for more than 1 month (intermittent of constant) Minor Signs – Persistent cough for more than 1 month – Generalized pruritic dermatitis – History of herpes zoster – Chronic progressive or disseminated herpes simplex infection – Generalized lymphadenopathy The presence of either generalized Kaposi sarcoma or cryptococcal meningitis is sufficient for the diagnosis of AIDS for surveillance purposes. Expanded WHO Case Definition for AIDS Surveillance For the purpose of AIDS surveillance an adult or adolescent (>12 years of age) is considered to have AIDS if test for HIV antibody gives a positive result, and 1 more of the following conditions are present: – >10% body weight loss or cachexia, with diarrhea or fever, or both, intermittent or constant, for at least 1 month, not known to be due to a condition unrelated to HIV infection – Cryptococcal meningitis – Pulmonary or extra-pulmonary tuberculosis – Kaposi sarcoma – Neurological impairment that is sufficient to prevent independent daily activities, not known to be due to a condition unrelated to HIV infection (i.e. trauma or cerebrovascular accident) – Candidiasis of the esophagus (which may be presumptively diagnosed based on the presence of oral candidiasis accompanied by dysphagia) – Clinically diagnosed life-threatening or recurrent episodes of pneumonia, with or  without etiological confirmation – Invasive cervical cancer

Aes Cost of Capital

International Capital Structure and the Cost of Capital Agenda 1 2 3 4 5 International Capital Structure and the Cost of Capital Analyzing Cost of Capital among Countries Cross Border Listing of Stocks International Asset Pricing Model (IAPM) The Financial Structure of Subsidiaries Case Analysis – AES Corporation 6 International Capital Structure and the Cost of Capital Your Logo International Capital Structure and the Cost of Capital †¢ Firms are becoming multinational in both scope AND in capital structure †¢ Fully integrated financial markets = the same cost of capital both domestically and abroad o If not, opportunity may exists to decrease cost of capital Cost of Capital †¢ The minimum rate of return an investment must generate to cover its financing cost †¢ Firms will undertake projects if the return is expected to exceed the cost of capital †¢ Return = Cost of Capital : value unchanged †¢ Return > Cost of Capital : firm’s value incre ases †¢ Return < Cost of Capital : bad investment Weighted Average Cost of Capital (K) †¢ When a firm has both debt and equity financing, weighted average cost of capital: K = (1-? )K+ ? (1- t)i K = (1-? )KL + ? i(1- t) †¢ (1- ? = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capit al that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 0)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company s financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 K = 8. 53% Minimizing weighted average cost of capital(WACC) †¢ Lowest WAC C is obtained when the optimal combination of debt and equity are used †¢ Increases # of profitable capital expenditures o Firm value is increased as long as the return on new projects exceeds the firm’s WACC †¢ Internationalizing the firm’s capital structure helps to decrease the cost of capital Firm’s Investment Decision and the Cost of Capital †¢ A firm that can reduce it's cost of capital will be able to increase the profitable capital expenditures that they can invest in †¢ This results in increasing shareholder wealth †¢ We can do this by internationalizing our cost of capital Factors that affect the WACC Controllable Uncontrollable †¢1 Capital structure policy Proportion of debt and equity †¢ Interest rates Increases cost of debt, may indirectly increase cost of equity †¢ Investment Policy Degree of risk associated with new projects †¢ Tax rates Increase in corporate tax rate decreases cost of debt decreases WA CC Economic conditions Ie. Financial crisis of 2007/2008 Calculating the firm’s equity cost of capital Usually estimated using the Capital Asset Pricing Model (CAPM): †¢ Ri = Rf + ? (Rm – Rf) †¢ Ri: Expected return of security I †¢ Rf: Risk-free interest rate †¢ ? : measures volatility of security i compared to the market portfolio †¢ Rm: Market portfolio Cost of capital in segmented vs. integrated markets †¢ Ri = Rf + ? (Rm – Rf) †¢ In segmented markets, Rm is usually proxied by the S for the United States †¢ In integrated markets, Rm can be proxied using the MSCI World index Cost of capital in segmented vs. ntegrated markets†¦ continued †¢ Same future cash flows are likely to be priced differently in different countries in segmented markets, why? o ? is measured against the domestic market portfolio a this differs from country to country †¢ In fully integrated markets, same future cash flows will be priced the same as ? is now measured against the same world market portfolio Analyzing Cost of Capital among Countries Your Logo Does the Cost of Capital Differ among countries? ? Researches suggest that although international financial markets are not segmented anymore, they are still not fully integrated ? The empirical evidence is not clear-cut If the international financial markets = less than fully integrated, then there can be systematic differences To illustrate that capital markets are less than fully integrated, McCauley and Zimmer (1994) provided a direct comparison of the cost of capital among the 4 major countries: Germany, Japan, UK and US Method: 1. estimate the cost of debt and equity capital 2. compute the cost of funds (weighted average cost of capital) – using capital structure in each country as the weight 3. compute the cost of capital in real terms after adjusting for the inflation rate Effective Real After-Tax Cost of Debt Cost of Equity Debt -to-Equity Value Ratios Real After-Tax Cost of Funds Example – Novo Industri †¢ Produces industrial enzymes and health care products †¢ 1970s, management decided to finance planned future growth of company by entering international capital markets †¢ Danish stock market was small and illiquid – company needed to internationalize †¢ Novo management felt they were facing a higher cost of capital than competitors because of the segmented nature of the Danish stock market Example – Novo Industri Went international by: Increased transparency by presenting financial and technical statements in Danish and English †¢ Cross-listed on the London Stock Exchange, †¢ Listed ADRs (so that US investors can invest in US dollars rather than Danish) The Result: †¢ Novo Industri’s stock price increased while other Danish stocks didn’t Implications of the example Firms operating in small, segmented domestic capital market can gain access to new capit al and lower the cost of capital by listing their stocks on large, liquid capital markets like the New York and London Stock Exchanges. Cross border listing of stocks Your Logo Cross-Border Listings of Stocks †¢ Firms can potentially benefit from crossborder listings †¢ Why? o Gain access to additional sources of capital while lowering cost of capital by increasing investor base o Increase in stock prices due to more demand and trading of the stock Cross-Border Listings of Stocks †¢ Firms seem to prefer to list in neighbouring markets †¢ Why? o Similarities in markets o A â€Å"home bias† Cross-Border Listings of Stocks †¢ Generally, o Potentially expand investor base, which leads to a higher stock price and lower cost of capital lower transaction costs ? improvement in quality and quantity of firm specific information available to investors o Creates a secondary market for the company’s shares and facilitates raising new capital in foreign mar kets liquidity of a company’s stock o Enhance Cross-Border Listings of Stocks †¢ Generally, o Enhances the visibility of the company and it’s products in foreign markets shares may be used as the â€Å"acquisition currency† for taking over foreign companies o Cross-listed o May improve the company’s corporate governance and transparency Cross-Border Listings of Stocks May improve the company’s corporate governance and transparency† †¢ Once companies cross-lists its shares on foreign exchanges (NYSE, LSE), they are required to follow strong disclosure and listing requirements †¢ On average, foreign companies listed on U. S. exchanges are valued ~17% higher Cross-Border Listings of Stocks †¢ Disadvantages o Meeting disclosure and listing requirements can be costly (U. S. GAAP) in overseas markets o Volatility o Foreigners may take a controlling interest in the company and challenge domestic control International Asset Pricin g Model IAPM Your Logo IAPM For understanding the effects of international cross-listings. †¢ assuming cross-listed assets are internationally tradable assets and internationally nontradable assets. IAPM †¢ CAPM: Ri=Rf+(RM-Rf)Bi Bi = Cov(Ri , RM)/Var(RM) =; Ri=Rf+[(RM-Rf)/Var(RM)]Cov(Ri,RM) AMM risk-aversion: Y*=[E(r)-rf]/(A? 2)  » AM is a measure of aggregate risk aversion  » M is aggregate market value of market portfolio =; Ri=Rf+ AMM Cov(Ri,RM) IAPM †¢ Asset pricing mechanism under: †¢ Complete integration – assets are trade internationally according to world systematic risk Complete segmentation – assets are trade respected to country systematic risk. Suppose two countries: Domestic Country and Foreign Country †¢ IAPM Complete Segmentation †¢1 Domestic Country E(R): †¢ Foreign Country E(R): Rg = Rf + AFF Cov (Rg , RF) Ri = Rf + ADD Cov (Ri , RD) Complete Integration Both Domestic and Foreign: Ri = Rf + AwW Cov (Ri , RW) In re alty, assets are priced as partially integrated world financial markets IAPM Partially Integrated World Financial Markets †¢ Internationally tradable assets are priced as if world financial markets were completely integrated †¢ Non-tradable assets will be priced by world systematic risk (pricing spillover effect) and a country-specific systematic risk. o o Spillover effect – externalities of economic activity or processes those who are not directly involved in it. Pollution, technology, even financial markets IAPM Nontradable assets of the domestic country: Ri=Rf+ AwW Cov*(Ri,RW)+ ADD [Cov(Ri , RD)- Cov*(Ri , RD)] Cov* (Ri , RW) Indirect world systematic risk Cov*(Ri,RW) is the indirect covariance between the ith nontradable asset and world market portfolio. Cov(Ri , RD)- Cov* (Ri , RD) Poor domestic systematic risk Cov*(Ri , RD) is indirect covariance between the future returns on the ith non-tradable asset and domestic country’s market portfolio that is ind uced by tradable assets. IAPM implications: 1. International listing (trading) of assets in otherwise segmented markets directly integrates international capital market by making these asset tradable. 2. Firms with non-tradable assets get free ride from firms with tradable assets in sense that former indirectly benefit from international integration in terms of a lower cost of capital and higher asset prices. Effect of Foreign Equity Ownership Restrictions †¢ Restrictions on maximum % ownership of local firms by foreigners †¢ Mexico and India: limited to 49% †¢ Two different classes of equity Chinese firms issue A shares and B shares †¢ Ensuring domestic control of local firms Pricing-to-market (PTM) phenomenon †¢ Constraint is effective in limiting desired foreign ownership eg. Korean firm’s restriction on foreigners is 20% Foreigners want to buy 30% †¢ Foreign and domestic investors may face different market share prices Asset Pricing under For eign Ownership Restrictions †¢ A firm’s cost of capital depends on which investors, domestic or foreign, supply capital. †¢ A firm can reduce its cost of capital by internationalizing its ownership structure. An Example of Foreign Ownership Restrictions: Nestle †¢ Nestle used to issue two different classes of common stock: – Bearer shares: foreigners – Registered shares: Swiss citizens – The bearer stock was more expensive. Nestle An Example of Foreign Ownership Restrictions: Nestle †¢ On November 17, 1988, Nestle lifted restrictions imposed on foreigners, allowing them to hold registered shares as well as bearer shares. †¢ A major transfer of wealth from foreign shareholders to Swiss shareholders. †¢ The total value of Nestle increased substantially when it internationalized its ownership structure. †¢ Nestle’s cost of capital therefore declined. An Example of Foreign Ownership Restrictions: Nestle †¢ The Ne stle episode illustrates: – The importance of considering market imperfections – The peril of political risk – The benefits to the firm of internationalizing its ownership structure The Financial Structure of Subsidiaries Your Logo The Financial Structure of Subsidiaries Three different approaches to determining: 1. Conform to the parent company’s norm – where the parent company is fully responsible for the subsidiary’s financial obligations – not necessarily consistent with minimizing the parent’s overall cost of capital The Financial Structure of Subsidiaries Three different approaches to determining: 2. Conform to the local norm of the country where the subsidiary operates – When the parent company is willing to let its subsidiary default, or the guarantee of obligations becomes difficult to enforce across national borders – Not the optimal one approach (immature nature of local financial markets) The Financial Structure of Subsidiaries Three different approaches to determining: 3. Vary judiciously to capitalize on opportunities to reduce financing costs and risks – Most reasonable and consistent with minimizing firm’s overall cost of capital – Take advantage of subsidized loans Taxes deduction of interest payment – Take advantage of various market imperfections (ex. political risks) CASE: Globalizing the Cost of Capital and Cost Budgeting at AES BRIEF BACKGROUND AES Originally Applied Energy Services †¢ Founded in 1981 †¢ Publically traded since 1991 †¢ In 2003 – Leading independent supplier of electricity in the world – $33 Billion in asset (eg. Power plants, generation facility, other energy related businesses) stretched across 30 countries and 5 continents AES Early Success †¢ †¢ †¢ †¢ †¢ 1983: 1st cogeneration facility is built in Houston, Texas 1988: Net income = $1. million 1991: AES goes public, net income = $42. 6 million 1991-1992: AES initiates international expansion 1996-1998: estimated 80%-85% capital investment is overseas †¢ 2000: Revenue = $4. 958 billion Net Income = $778 million AES Typical Investment Structure AES AES stock price (market cap in 2000 reached $28 billion @ $70/share) AES AES stock price (market cap in 2002 fell 95% to $1. 6 billion @ $1/share AES What Happened? †¢ It's recipe for success (international exposure) became their recipe for disaster o Much of AES' expansion took place in developing countries (there was more unmet demand vs. eveloped countries) †¢ Main factors: o Devaluation of key South American currencies ? Argentine, Brazilian, Venezuelan currency crises o Adverse changes in energy regulatory requirements ? Government mandated energy rationing and competition o Decline in energy commodity prices AES AES ISSUES AES Simple Domestic Finance Framework †¢ 12% discount rate was used for all contract generation projects o al l dividend flows from projects were deemed equally risky ? fair assumption because businesses had similar capital structures o most risks could be hedged in the domestic market AES Same Model was Exported Overseas Worked well initially, when they first expanded to Northern Ireland o had many of the same characteristics as domestic projects †¢ Model became increasingly strained in Brazil and Argentina o Hedging key exposures was not feasible (currency, regulatory.. ) AES SO†¦ AES needed of a methodology for calculating Solution by AES valuation & cost of capital for capital budgeting at AES businesses in diverse locations around the world AES How did AES deal with it? †¢ Rob Venerus, director of Corporate Analysis & Planning questioned whether the traditional CAPM would suffice †¢ He did not advocate the use of a world CAPM o AES owned businesses in poorly integrated capital markets Countries such as Tanzania and Georgia did not have any meaningful capital markets †¢ He did not advocate the use a local CAPM either o AES How did AES deal with it? †¢ So Rob Venerus developed a new model: Step 1 †¢ Calculate the cost of equity using U. S. market data for each of AES' projects o Average the unlevered equity betas from comparable U. S. companies o Relever the beta to reflect the capital structure of each of AES' projects o Cost of equity = Rf + ? (Rm – Rf) AES How did AES deal with it? Step 2 †¢ Calculate the cost of debt by adding the U. S. risk free rate and a â€Å"default spread† o Cost of Debt = Rf + Default Spread o The â€Å"default spread† is based on the relationship between EBIT ratios for comparable companies and their cost of debt. AES AES How did AES deal with it? Step 3 †¢ Add the sovereign spread to both the cost of equity and the cost of debt o this accounts for country-specific market risk, which is the difference between local government bond yields and corresponding U. S. Treasury y ields. †¢ These steps allow AES to calculate a WACC that reflects the systematic risk associated with each project in its local market. AES AES How did AES deal with it? BUT†¦ †¢ Most of these local markets are developing markets where â€Å"access to capital was limited and information less than perfect† –> project-specific risk could not be diversified away †¢ â€Å"Project-specific risk† must be accounted for! AES How did AES deal with it? Example of project-specific risk: †¢ There are 2 hydro plants in Brazil that are identical in every aspect, except for the rivers that feed them. River #1 produces cash flows that vary +/50%, River #2 by +/- 10%. If they are financed by 100% equity, CAPM says they are worth the same. Rob Venerus thought this was unconvincing Seven types of â€Å"Project-specific risk†: 1. Operational/Technical 2. Counterparty credit/performance 3. Regulatory 7. Contractual Enforcement/Legal 4. Construction 5. Commodity 6. Currency Weights estimated from AES' ability to anticipate and mitigate risk. Then given a grade between 0 (lowest exposure) and 3 (highest exposure), multiplied by their weights to yield a â€Å"business-specific risk score† AES Example Risk Score Calculation for Lal Pir Project (Pakistan) Business-specific risk score Used to calculate an adjustment to the initial cost of capital o 0 = no adjustment to WACC o 1 = +500 basis points (5%) o 2 = +1000 basis points (10%) o 3 = +1500 basis points (15%) †¢ Overall (exhibit 8 from case): 1. calculate cost of equity and cost of debt using U. S. market data 2. add sovereign spread to each 3. calculate WACC 4. Add a business-specific risk adjustment to WACC SUGGESTION & RECOMMENDATION FOR AES CORPORATION Suggestion & Recommendation †¢ AES Corporation’s current method of valuing risk is clearly inadequate. Not enough risks were being considered in their model, especially political and economic risks in dev eloping countries that the company expanded to. Under this current model, country-specific risk is also difficult to measure. †¢ This new model to value cost and risk should be implemented by AES. – It gives the company a more realistic projection of the risks that they may face with projects that they take on internationally. – Risks such as political, economic, country-specific and business-specific risks are now considered, where in the previous model they were neglected. THE END THANK YOU! Your Logo