Estimation of Weighted Average Cost of Capital Essay

Estimation of Weighted Average Cost of Capital - Essay Example The paper also discusses the various project evaluation techniques like Net Present Value Method, Internal Rate of Return, and so on. The paper takes a quantitative approach for the explanation of various concepts in Capital Structure and Project Evaluation Techniques/Capital Budgeting Techniques. Cost of capital is an important phenomenon in determining the overall/weighted average cost of capital. In fact, the financial risk is judged by investors and other stakeholders in line with cost of capital and nature of capital structure. The overall cost of capital can be reduced and value of the firm can be improved by maximizing the debt content in the capital structure. But, as debt content goes on increasing, equity investors expectations about risk will also change. Investors feel risk in investment with highly levered firms and vice versa. Capital structure theories postulate the various possibilities of capital structure. It does not speak about which approach is most beneficial to companies in various situations. Capital structure is not a static phenomenon. It keeps on changing with every change in the mix of various sources of capital/fund. The profitability of a business proposal/ project can be evaluated in various ways using both discounted and non-discounted project evaluation methods.

Leadership Style Essay Example for Free

Leadership Style Essay The main focus of any organization is viability or productivity (Mastrangelo, Eddy and Lorenzet, 2004). This is further heightened by the increasing changes in product market activities (Chartered Institute of Personnel and Development (CIPD), 2001). The fact that consumers now have a better and affordable access to market information has brought about an increase in their market power and the resultant effect is a more challenging and competitive market especially in the private sector. The public sector on the other hand is under increasing pressure for a more effective utilization of public funds. Consequently, the quest for a competitive advantage and increasingly better performance is becoming a major factor for consideration in virtually all organizations. In this light, the CIPD (2001) emphasized on the role of leadership as a major factor essential for an enhanced organizational performance. Taormina (2008) supported this in stating that in leadership is vested the ability to decide how organizations will be run and it plays a major role in influencing the organization to success. The CIPD (2001) further added that leadership (or people management) is the main element harnessing other success factors in an organization for effectiveness. A number of authors have also supported the foregoing discussions on the leader-success relationship (e. g Harris and Kuhnert 2008; Mastrangelo, Eddy and Lorenzet, 2004). Furthermore, research works have identified certain pointers to high performance leadership. A major one among these is leadership behavior or leadership style (Mastrangelo, Eddy and Lorenzet, 2004; Taormina, 2008). Leadership Style and Organizational Success: Drawing a Correlation Leadership style is one of the major traits that may be used to draw a line of difference between high performance and low performance organizations (Adeyemi-Bello, 2001). Since the management in an organization has a great impact on how it will be run, the style of leadership within the management cycle has a way of dictating the direction that such an organization will go. Taormina (2008) buttressed this point in his work. He established the fact that leadership behavior go along way in determining the culture or the prevailing atmosphere in an organization and this will in turn affect employees’ attitude towards performance and ultimate success of such an organization. A number of dichotomies on leadership behavior have been presented. However, leadership style can be broadly categorized into two – ‘People-Centered’ leadership and ‘Task-Centered’ leadership (Adeyemi-Bello, 2001 pg 150; Taormina, 2008 pg. 87). ‘People-Centered’ leadership Versus ‘Task-Centered’ leadership Various progressive attempts have been made at investigating leadership from the behavioral angle. However, a remarkable point was reached in the 1950s with the introduction of ‘Ohio State model’ which talked about ‘task-oriented’ and ‘people-oriented’ leadership (Taormina, 2008 pg. 87). These two categories seem to have been a perfect one that describes leadership behaviors because it is still being referred as at present. According to Adeyemi-Bello (2001), task-oriented style emphasizes on production and organizational goals. This leadership style is concerned about how the organizational goals may be implemented. People-oriented leaders on the other hand show great concern for the followers (Adeyemi-Bello, 2001). They create a warm environment within the organization and foster a strong positive relationship among members of the organization. While this style offers a system that respects the personality, feelings and opinions of the employees and gives them a feeling of empowerment (Taormina, 2008), task oriented approach is thirsty for achievements sometimes at all cost (Adeyemi-Bello, 2001). Subsequent studies after the initial presentation of these leadership models have made attempts at differentiating between them. The intention was to determine which one should be preferred above the other. However, Adeyemi-Bello (2001) explained that current researches have shown that preferences for any of the two styles depend on the current situation within the organization. There are cases where one style will fail to impact a good result, not because it is less effective but because the situation at hand does not create an environment conducive for its functionality (Mastrangelo, Eddy and Lorenzet, 2004). Furthermore, Jacques, Garger and Thomas (2008) remarked that the recent behavioral theory of leadership took the studies a step further by suggesting that the two behavioral approaches will be more effective when adequately blended under any given situation. Their paper revealed that graduates of project management performs better in leadership than those from another management related courses because of their ability to blend the two leadership styles; a training that the other group did not receive. Adeyemi-Bello (2001) had earlier presented this fact in her work. The result of her survey on 29 Baptist church leaders shows a better result when the two styles were combined in church leadership than when each one was singly adopted. She concluded for the extension of these results into leadership in other realms of human activities. The implications of these results are quite obvious. A paradigm shift in the content and delivery of leadership training programs has become very necessary. The current training inculcating strategic planning and tasks-focused practices should pave way for a more balanced approach in management training. People managers should also learn to engage in a better interpersonal relationship with those under them, create a warmer environment conducive for a healthy work relationship, and engage in strategies that will give employees a feeling of empowerment (Adeyemi-Bello, 2001; Monstarangelo, Eddy and Lorenzet, 2004; Taormina, 2008). The case of Kleine Plastics in the UK presented by Ludlow (1987) serves as a good example in driving home the points that has been raised so far (in Tyson and Kakabadse eds. ). The work contrasted between the leadership attributes of Joseph Kleine, the founder of Kleine Plastics and that of David, his son at a particular time during the early stages of the company’s development. It reviews Joseph Kleine’s attitude as ‘a charismatic leader with whom his managers and work force wish to identify’ (pg. 23). He engages a style that trusted and respected his employees and empathizes with their situations. To him, these people were his main assets. This, coupled with his result oriented tendencies, propelled the work force towards a high performance level. However, David Kleine could not maintain this approach when he had to stand in during his father’s absence. He wanted result at all cost without due regards for his team members. Objections to his propositions by his managers were downplayed no matter how genuine they may be. Though work was still progressing, enthusiasm and productivity level dwindled. The return of Joseph was welcomed with protests from every quarter. David style was found to be less effective because of its lack of ‘human face’. Conclusion Leadership style is an issue that will still continue to be a subject of interest among research workers. The world is ever changing and people are becoming increasingly dynamic in attitude and thinking. This calls for a leadership approach that will keep up with the pace of the changes. A dynamic leader is one that is better equipped to respond to changes and easily enlist the cooperation of people in managing them effectively towards a greater level of production performance.

Perspectives of Marriage in Charlotte Brontes Jane Eyre :: Jane Eyre Essays

Perspectives of Marriage in Jane Eyre          Many novels speak of love and indulging in passion, but few speak of the dynamics that actually make a marriage work. Jane Eyre is one of these novels. It doesn't display the fleeing passions of a Romeo and Juliet. This is due entirely to Bronte's views on marriage and love. The first exception to the traditional couple the reader is shown is Rochester's marriage to Bertha. This example shows the consequences of indulging in passion. The opposite side is shown through another unlikely would-be couple, Rosamund and St. John. Through this pair, Bronte reveals the consequences of indulging in duty. Another view of marriage is also present in the book, through the character Jane Eyre and her actions.    The first example of Bronte's view on the role of passion is in Rochester's marriage to Bertha. This marriage is based entirely on passion. Rochester does nothing to either restrain or question his passion. Because of his impulsive passion, he entraps himself in an unfufilling marriage. He thought nothing of his duty and his consequence of this was he becomes the pride owner of a marriage based entirely on duty. Through Rochester's choices and consequences of those choices, the reader can see that Bronte asserts that marriage decisions based on passion and ignoring the role of duty will bring more than the loss of passion, it will bring an abundance of what you failed to factor into the decision, duty. People have to take care of responsibilities if they want to have fun and happiness later.    In case the reader failed to recognize the opportunity the Rochester marriage gives her to see Bronte's views, she puts in the book the could-be St. John marriage. St. John decides not to marry Rosamund Oliver based on his passion for her. He completely shuns his passion, the opposite extreme of Rochester. In doing this and basing his marriage decision on his duty to God, he looses a genuine chance to gain true happiness. Through this example in Jane Eyre, Bronte is trying to show the reader that the opposite end of the spectrum is also wrong in making a marriage decision.

The relationship between the economic development and the prevalence of education

This research paper examines the relationship between the economic development and the prevalence of education. Also, the correlation between the two will be discussed. The main goal of this paper is to identify whether a country’s economic growth increases the widespread of its education or not. Furthermore, the changes in universal literacy will be analyzed in relations to the reinforcement on economic advancement. Following this main question, this paper will also deliberate on whether or not an economic prosperous country will allocate more funds in education. Thus, as a family’s wealth increases, parents would be more likely to invest more money in educating the next generation. Through this research, increasing the prevalence of education indeed brings a tremendous amount of benefits to the personal financial growth, yet not national economic growth. Unexpectedly, econometric tests invalidate the correlation between education and economic growth. More expenditure in educational funds does not mean more economic growth for a nation. Nevertheless, economic development does lead to an accelerated literacy rate in a country. The millions of people are going through the pains of hunger, abject poverty, illiteracy, homelessness, orphanage, and rejection. A dollar a day may seem meaningless to us, but it can pay for a one-year’s worth of school supplies for a third world country. Television commercials and flyers always solicit donations to help the third-world countries, in particularly their literacy rates, through organizations such as The World Charity Foundation, Inc. Would a higher literacy rate improve a country’s economic status? Does a country’s economic development boost the level of education in its citizens? In the past thirty years, the phenomenon of immigrating and studying abroad is more common in China. This phenomenon reflects that China’s rapid economic development leads people to a greater opportunity of acquiring a higher-level education. Not only China, but also other several third-world countries have become developing countries and made some prolific economic progresses. The growth of a country confers on education a major role as an essential engine of the economic development. The controversial argument of whether a country’s economic growth increases the widespread of its education has been examined from various perspectives. Furthermore, the changes in universal literacy and the population’s average years of schooling will be analyzed in relations to the reinforcement on economic advancement. Economic growth is a sophisticated phenomenon that involves masses of economic, social and political judgments. Explicating the growth is a crucial task by accounting for these factors. Dawood Mamoon and S. Mansoob Murshed compare â€Å"the role of human capital accumulation measured by the number of years of schooling with the relative contribution of institutional capacity to prosperity. Therefore, education is not the only determining factor of the development of a country’s economy; the direct link between the two has yet to be established. However, the relationship between the national GDP and education cannot be overlooked. It is a common myth that more education certainly leads to higher economic growth has an omnipresent influence across both the developed and the developing countries. Many po licy makers of these countries emphasize the importance of allocating budgets in expanding and improving the education system will lead to a prosperous future for their countries. Alison Wolf (institute of education, University of London) indicates that â€Å"when tested against the evidence, both of these ideas turn out to be surprisingly ill-founded. † Besides, widespread education is equivalent to a country as building a solid foundation. Although, there is no clear correlation between education and economic growth, to make compulsory education universal still bring huge rate of returns for the growth in the individual living standard. According to a new report from the College Board in 2005, which makes the circumstance that higher education profits all U. S. citizens by increasing the rates of return on investments in higher education both for one’s who is doing well in college or university and for society as a whole. In this paper, I explore a comprehending of the role of education in the processes of flowering a country’s economics. Through this research, increasing the prevalence of education indeed brings a tremendous amount of b enefits to the personal financial growth, yet not national economic growth. Unexpectedly, econometric tests invalidate the correlation between education and economic growth. More expenditure in educational funds does not mean more economic growth for a nation. Nevertheless, economic development does lead to an accelerated literacy rate in a country. In what follows I will look upon my three chosen academic articles in turn, stating a succinct framework of the neighborly connections between a country’s economy and education. Then I will utilize some tangible evidences to advocate the main ideas. Ultimately, I will conclude this paper with some impressions on what connotations these justifications have for the study of education and growth.

Analects of Confucius – Analects of Life

Analects of life As â€Å"the greatest single force† in a fifth of the worlds population, Kong Fuzi or Confucius, spread his intelligence on philosophies to try and better the world (pg. 4). The Analects of Confucius is a book that essentially supplies the people of the west with the Chinese code of life in the words of Kong Fuzi. His words and beliefs helped shape Chinese civilization and spread father throughout the west, making Confucius one of the most profound scholars in western history. The book The Analects of Confucius written by Chichung Huang is a translation of the word of the words and beliefs of Confucius.The book focuses on many different themes of life in Chinese culture. Filial piety and good behavior are two major themes in the book that go hand in hand. Family is an extremely important part of Chinese culture. Relationships, loyalty and the institution of family as a whole is one of the highest points of significance of society and in china and throughout th e west family bonds are very sacred and respected. In this culture and throughout The Analects there was especially a great influence and demonstration of a â€Å"son’s love for his parents† (pg. 28). Confucius wrote, â€Å"In serving your parents, be gentle in remonstration.Seeing that they are not inclined to comply, remain reverent, and do not disobey them. Though weary, do not feel resentful,† (pg. 70, 4. 18). A son’s job was to serve his parents at any moment and he was only considered filial after he served his parents in the correct ways, â€Å"When his father was alive, he observed his aspirations, when his father died, he observed his deeds. If, for three years he does not change his father’s Way, he may be said to be filial† (pg. 49, 1. 11). Filial piety was said to be the â€Å"first and foremost of all virtues,† and honoring ones family went much farther than daily life (pg. 8). There was also a big emphasis on respecting parents after they had passed away.Confucius said, â€Å"When your parents are alive, serve them in accordance with the rituals; when they die, bury them in accordance with the rituals; offer sacrifices to them in accordance with the rituals† (pg. 53, 2. 5). Chinese cultures portrayed that for a son to be filial he had to â€Å"serve his parents in three ways: to feed them when they are alive, to morn them when they die and to offer sacrifices to them when mourning is over,† (pg. 28). It was so much of n importance to serve ones parents after death that Confucius himself said, â€Å"There is hardly anything that can make a man spontaneously exhaust his grief. If an exception must be made, it is perhaps a parent’s death,† (pg. 181, 19. 17). By instituting these analects of filial piety so intensely into the west and having them obeyed helped establish good behavior and put an emphasis on roles of the people. Since filial piety was such an essential virtue it was known for helping to â€Å"shape young people into loyal law-abiding subjects† (pg. 29).Social order and good behavior was a prominent throughout the west and taught through Confucianism. In Chinese culture reverence and respect was key and went along with good behavior. Confucius said, â€Å"nowadays filial piety merely means being able to feed ones parents. Even dogs and horses are being fed. Without reverence, how can you tell the difference,† (pg. 53, 2. 7). He was essentially trying to say that if respect isn’t important than what’s the difference between a parent and a dog. Through reverence and family relationships it helped shape young people and instate good behavior.The analects went into great depth of illustrating being an ethical and good citizen. Confucius said, â€Å"Keep wholehearted sincerity and truthfulness as your major principles. Do not befriend those beneath you. When you make a mistake, do not be afraid to correct it,† (pg. 106, 9. 25). He believed it was better to admit you mistakes than try and cover them up. The Chinese culture did not promote negative behavior or disobedience what so ever. They focused on ‘the gentleman’, the most virtuous and talented man, the role model for everyone else.Confucius stated, â€Å"the gentleman helps others achieve their good ends; he does not help them achieve their evil ends. The small man does the opposite,† (pg. 129, 12. 16). The gentleman was essentially the perfect man and promoted good behavior. Having the gentleman in Chinese culture helped uphold and spread the analects and good behavior. Overtime Confucianism and Confucius’ philosophies spread throughout Chinese civilization and the west and became very popular. Even after Confucius’ time his students and followers spread his beliefs.His moral codes and ideals were accepted grew more prominent overtime by Chinese civilizations and were adopted by neighboring countri es. Although his ideals not always followed in every dynasty and period of time they came back in the time of the Han Dynasty and the civil service exam is an example of how the teachings of Confucius was later intertwined with society. Confucius is a critical scholar and philosopher in western history and for the rest of the world. His teachings will never be forgotten and his analects will always be referred to.

Can technology improve diversity in hiring

Can technology improve diversity in hiring Improving diversity in all aspects of our cultural and business environment is an ever-increasing concern in the twenty-first century. While certain strides have been made in ensuring that people of all genders, races, nationalities, religions, and orientations are better represented in our society, these efforts have only just begun. Hopefully, far greater strides are to come in our collective future. According to Jeanette Maister, the managing director, head of Americas at Oleeo, that hope may arrive in the form of artificial intelligence (AI).Oleeo is a London-based company that provides solutions for companies looking to acquire new talent. Before joining Oleeo, Maister led recruiting efforts at such companies as Lehamn Brothers and Gartner, so she has a very firm background in hiring. In such roles, she has also witnessed the flaws in common hiring practices. Despite the desire of many companies to reflect society’s diversity more accurately in their hiring processes, man y businesses just can’t seem to get with the times. They have no established processes for ensuring greater diversity. In fact, as Maister recently told SHRM Online, many companies are â€Å"still doubling down on the same approaches they have used since the 1960s.† She says that such half-hearted efforts are more about avoiding lawsuits than actually improving diversity. In many cases, these â€Å"efforts† to increase diversity are downright backward, as potential employers only consider whether or not applicants were sufficiently diverse after those applicants had been interviewed.Maister sees technology as a possible solution to this problem. By using AI programs and Big Data to select the ideal person to fill a position, the biases of recruiters are less of an issue- these programs make automatic decisions based on myriad data points. It is essentially a computer-based form of blind screening, which is a hiring process that removes all identification informa tion from an applicant’s application and resume. AI can focus only on skills and experience rather than factors such as name, age, and gender that could provoke bias.Improving diversity in the workplace is not as easy as merely blocking out applicants’ personal information. It is a matter of ensuring that all phases of the hiring process are balanced and unbiased; it is also a matter of adjusting the language of job posts to be more inclusive, such as using gender-free pronouns in help-wanted ads. Some companies are already using technology that scans job descriptions for gender bias to help manage this issue. Algorithms and intelligent automation can also be used to cut the fat from job descriptions so that they only focus on the skills and duties essential to the given job. This will be a boon for women, who are more likely to ensure that they meet every criterion in a job description before applying than men are. In other words, by streamlining job descriptions, wom en will be more likely to apply to those positions.Of course, to create a completely unbiased hiring process, the hiring technology itself must be free of bias. After all, these systems are programmed by human beings who come with their own baggage and may possess personal prejudices that can end up in the very programs intended to curb bias. Maister reveals that a solution to that potential problem is to make the selection compliance rates of the Equal Employment Opportunity Commission an essential part of the algorithm.hbspt.cta.load(2785852, '9e52c197-5b5b-45e6-af34-d56403f973c5', {});This is just the beginning of a new age in which technology is used to improve diversity in the workplace. New regulations will likely be set in place as the technology improves, and existing technology must be scrutinized to ensure that it utilizes sound data. Like all aspects of progress, improving diversity in hiring is a process, but hopefully the end result will be greater representation of all genders, races, nationalities, religions, and orientations in the workplace.

The decision of one women Essay Example

The decision of one women Essay Example The decision of one women Essay The decision of one women Essay The decision of one women to offer her body as a host for another womans baby or even possibly to allow her own eggs to be fertilised by another womans husband and then pass it over after carrying it for nine months, is a tough decision and one not many could make. This essay will examine the for and against of this emotive subject.Some women go through fertility testing only to find they have a major health problem such as endometriosis, blocked tubes, mal-formed womb, were born without any eggs, have had an early hysterectomy or have polysistic ovaries. After having experience of infertility and its possible solutions, most would- be mothers embrace any kind of help offered to them. Some people however can only see the fact that one person has given birth to a baby and is intending to pass it over to another person to take up the role of mother. The fact that the baby is often the genetic offspring of the couple and simply baby sat by the host mother is beyond some peoples comprehe nsionMost of these problems can be solved by treating the woman for her relevant condition but there are just a couple that cant be overcome without the help of a third party. If the womans problem is endometriosis then there is a possibility of controlling the problem long enough for her to conceive and carry the pregnancy to term, however 30 -40% of sufferers will remain infertile. The Columbia Electronic Encyclopaedia online (2003.), these couples join the ranks of those needing outside help. An abnormally shaped uterus, often called T -shaped, or a cervix which is hostile to sperm are just two of the conditions that add to the list that IVF cannot be used to help and these are examples of the occasions when surrogacy can be the only answer.There are two types of surrogacy, gestational, when the egg from the mother is fertilised by the sperm from the father and the resulting embryo implanted in the surrogates womb and non-gestational where the surrogate is artificially inseminate d with the fathers sperm. The latter is more fraught with emotions as the surrogate has to hand over a child which is genetically half hers rather than just one which she has nurtured for nine months and, should she decide she wants to keep the baby, would give her more legal standing should the issue go to court. In the highly publicised Baby M case (1986-1988), Mary Beth Whitehead, the surrogate and biological mother, sued William and Elizabeth Stern, the babys father and his wife, for custody of the child. Although the surrogate mother was not awarded custody in this case, she was granted visitation rights. The Columbia Electronic Encyclopaedia online (2003).Surrogacy is legal in this country but payment of a fee is not, keeping the moral high ground on not buying and selling babies whilst allowing couples to accept help from friends and family. The law says that you can meet any reasonable expenses incurred by the surrogate but not allow her to make a profit on the arrangement. This only becomes a problem when the surrogate has to take unpaid time off from work and the couple dont want her to be financially out of pocket.In conclusion, the point of laws is to ensure that a woman cannot set up a business producing and retailing babies and this has to remain for Britain not to become a country that trades in human life. On the other hand should a woman who is otherwise physically capable and emotionally devoted to becoming a loving mother, be prevented from doing so by the cruel twist of fate that her womb is not perfect?