Hero’s Journey Essay Essay

The hero’s venture is a viewpoint that’s found in numerous books and even motion pictures. The Kite Runner by Khaled Hosseini is a well known book read by numerous English classes dependent on a hero’s venture. The characters in this book battle to discover what their excursion is, particularly the fundamental character Amir. Refusal of the consider implies the saint endeavors to deny the experience since he is apprehensive. Amir keeps away from doing a great deal in the book since he fears the result that joins it. Despite the fact that Amir declines the call he later acknowledges and ends up carrying out beneficial things; in any case, I still don’t accept he’s the legend since he doesn’t secure Hassan; he outlines Hassan on the grounds that he feels remorseful about not ensuring him when he ought to have, and he lets class and race impede their kinship. Refusal of the consider assumes a major job in The Kite Runner in light of the fact tha t the vast majority of the characters won't accomplish something. Baba will not get treatment for his malignant growth; Amir from the outset won't return to Kabul; and Hassan won't remain in Kabul. In hero’s venture stories, the legend feels uncertain and scared of the experience in front of them, which is the reason they reject the call. Rahim Kahn is the person who attempts to get Amir to acknowledge the greatest call of his life by letting him know â€Å"there’s an approach to be acceptable again†(192) in the event that he goe back to Kabul. Sooner or later, Amir at last set his dread aside and heads back to Kabul. Despite the fact that Amir in the long run acknowledges the call and has carried out some beneficial things all through the book, he is definitely not an all out saint. The great deed that Amir has done was return to Kabul to embrace Hassan’s child Sohrab in light of the fact that Hassan and his significant other have been killed. Amir goes to the Taliban who has Sohrab and attempts to get them to give him Sohrab. The Taliban in the room was giving Amir an extremely difficult time about getting to Sohrab and continued asking Amir inquiries. Amir at long last made sense of who the Taliban truly was. Assef wouldn’t let Amir take Sohrab due to do â€Å"unfinished business† . Assef then turns the music up extremely noisy and fires whipping Amir while Sohrab just stood and viewed. Sohrab advised Assef to quit harming Amir however he didn’t. Sohrab then shot Assef in the eye with his slingshot and when Assef tumbled to the floor, Amir and Sohrab ran away to opportunity (286-292). This is a case of a decent deed in light of the fact that from the start, Amir wouldn't return to Kabul to spare Sohrab yet then at last understands that Hassan would of done it for him, so he wound up leaving his family in America to spare Sohrab for Hassan. The firstâ time Amir denies the call is when Amir wins The Kite Runner competition just because with Hassan’s help. After Amir cuts different people kite, Hassan goes to pursue the blue kite down for Amir. Amir shouts that Hassan doesn’t need to do that for him and as Hassan is running for the kite, he yells â€Å"for you a thousand times over† and continues to get the kite (67). Amir goes to search for Hassan and discovers Hassan conversing with the domineering jerk Assef and his companions yet what Amir didn’t know was the most exceedingly awful was going to occur. Since Hassan would not give Assef the blue kite since it was Amir’s, Assef stated, â€Å"I’ve adjusted my perspective, I’m letting you keep the kite, Hazara. I’ll let you keep it so it will consistently help you to remember what I’m going to do†(73). Assef and his companions immediately assaulted Hassan and afterward run off. Amir needed to watch the entire thing. This is a case of rejecting the call since Amir would not go to bat for Hassan and state something since he was terrified they’d do something very similar to him and that doesn’t make Amir a saint. The second time Amir denies the call is when Amir never really ensure Hassan as he viewed Assef and his friend’s assault him. Amir’s cowardliness additionally disrup ts everything, so he winds up surrounding Hassan. Amir feels so remorseful and can’t take the blame any longer to where he sits tight for Hassan and his father Ali to go out and he outlines Hassan by putting the watch that Baba gave him and the cash he got for his birthday under Hassan bedding that way Baba would request that they leave so Amir didn’t need to manage the blame any longer. What Amir was least expecting occurred; Baba defied Hassan and Ali about taking the watch and cash. Baba came directly out and stated, â€Å"Did you take that cash? Did you take Amir’s watch, Hassan?†(105). Hassan answers saying, â€Å"yes†(105). Amir was not expecting Hassan to really say yes so he was extremely stunned when Hassan said yes. Since Baba said the main sin was robbery, Amir imagined that Baba would without a doubt excuse them. Baba’s reaction stuns everybody. Baba says, â€Å"I excuse you†(105). Amir was so stunned in light of the fact that Baba said the most noticeably terrible sin to do was burglary. Ali at that point said that him and Hassan are leaving and couldn’t remain here any more extended in light of what occurred. Baba was crying madly beseeching them not to go. Amir rejected the call of not venturing up and securing Hassan and felt so regretful he confined him to get them to leave. At long last everything turned out to be in Amir’s favor and they left Kabul, which doesn’t make Amir a legend, it makes him a quitter. Amir is anything but an all out legend since he will not call Hassan hisâ friend because of race, class issues and in light of the fact that Hassan was Amir’s worker. Amir from the start didn’t even think about him and Hassan as â€Å"friends†. â€Å"I never thought of Hassan and me as companions either†(25). Later all through the book Amir begins to understand that Hassan is something beyond his hireli ng. Hassan has consistently called Amir his companion and sibling yet Amir would never come out and state it back. When Amir at long last understood that Hassan was really his closest companion and even sibling, Amir laments everything once Hassan kicked the bucket since he couldn’t return and change it. Amir was viewed as high class and Hassan was a Hazara, which was name for a lower class afghan, so their class contrasts made it difficult for Amir to call Hassan his companion since he was frightened of what others would consider him. Since others new Hassan as Amir’s hireling, it likewise made it difficult for Amir to tell individuals that Hassan and him were really companions. This is a case of declining the call since Amir had for a long while been itching to call Hassan his companion, yet was constantly frightened of what others would think in light of the fact that Hassan was a Hazara and Amir’s worker. Since Amir was so terrified of what others thought, that doesn’t make him a saint. All in all, I might want to state that through the hero’s venture part of refusal of the call, despite the fact that Amir has carried out some beneficial things, as return to Kabul to spare and embrace Sohrab, he still wasn’t a genuine legend since he doesn’t shield Hassan from getting assaulted and in the wake of watching it occur, he outlines Hassan on the grounds that he feels so remorseful about not effectively ensure him when he ought to have, and he lets class and race issues impede their kinship. Hosseini depicts Amir in The Kite Runner by causing him to experience a ton of extreme snags all through the book particularly when he was more youthful and settling on extraordinary choices. Amir would not confront the majority of the deterrents he was given in the book, however as he grew up, he acknowledged the way that he expected to conquer his dread and complete those obstructions. When we’re more youthful we get terrified to do certain things, however as we get more established we understand that we have to do the things that alarm us so as to turn into the saint. In spite of the fact that one may decline the call due to fear, as you develop more established you wind up tolerating the way that you have to confront the call and proceed with whatever snag is placed in your pathway simply like Amir did when he needed to confront going to spare Sohrab. Regardless of whether you face your impediments or not, that is the thing that makes you a genuine saint. References Hosseini, Khaled. The Kite Runner. New York: Riverhead, 2003. Print.

President Bill Clintons Impeachment :: William Jefferson Clinton Essays

Clinton's Impeachment In 1998 the American open was gripped by features itemizing the private sexual experiences of our leader and a White House representative. Without precedent for US history, a sitting president had each part of his own life introduced to people in general for banter. As the smoke cleared, conversations started to address what pattern had permitted the media to print such ignoble insights concerning our top chosen official. Out of nowhere, our Commander in Chiefs private life justified headline news. What gave us the option to attack his security? The speculations introduced to respond to this inquiry accuse everything from innovation to an absence of profound quality. Many feel the data age has permitted the open such a high level of introduction to feature news-chomps that the opposition for a unique, eye catching story has constrained the media to burrow further to hold open intrigue. Others state the achievement of newspaper media in the late eighties and mid nineties is at fault. They demonstrated that embarrassment sells. Political examiners trust Clinton can just accuse himself. During his first battle he responded to individual inquiries transparently and with entertainment. Indeed, even an outward inquiry concerning his decision of clothing was worthy. GOP authority would have us trust it is a trick lead by the Republican Party trying to deal with the White House. Strict pioneers think American ethical quality has sunk so low that this updates on outrage has recently become unreasonable diversion. Columnists trying to legitimize the story will contend it is our entitlement to know. It is sensible to expect that every one of these elements added to the final product. It might be important to investigate the history books to discover the main driver for this. We know from life stories expounded on previous presidents that there were not very many who can guarantee they don't had anything to cover up. Conversely with the present pattern there was in reality almost no shocking press composed during their separate terms. Harry Truman was the harbinger of progress. He nearly lost his offer for re-appointment when a portion of the nations most regarded papers printed charges, in light of on talk, that he was engaged with the degenerate governmental issues of Thomas Pendergast. This was a takeoff from the term of James Garfield in 1881.

The Kason festival of watering the Sacred Bodhi Tr Essays

The Kason celebration of watering the Sacred Bodhi Tree, representing the birth, illumination and demise of Buddha is a significant Buddhist occasion all through Myanmar. The full moon day of Kason is the Buddha Day, celebrated by the Buddhist dependable all through the world. This year, the occasion is hung on May 25th. On this day Dipankara Buddha forecasted to the recluse Sumedha that he would become Gotama Buddha, the most recent one in this Baddha World, who again on suchlike days was conceived, accomplished Enlightenment (i.e., turned into the Buddha), and entered Parinibbana (i.e., died). The Buddha Day is the most huge day in the Buddhist world. It is a day multiple times favored which is profoundly interlaced with the achievements in the Buddhas life. The celebration is otherwise called Vesak Day in other Buddhist nations, or the celebration of pouring water on the Bodhi tree. The Bodhi tree ( Ficus Religiosa ), under which previous ruler Siddhattha achieved Enlightenment, is held sacrosanct. Thus the demonstration of pouring water on it is a declaration of devotion and regard appeared to him. Members convey pots of water and Eugenia springs and blossoms. At that point comes reciting of Paritta stanzas, a short clarification of the rituals, and recitation of sonnets lauding the Lord Buddha. At long last, water is poured at the foot of the Bodhi tree. Buddhist individuals would walk in a fabulous parade to the Bodhi tree or to the pagodas to pour scented water. Each pagoda in Myanmar deserving at least some respect has a holy site total with a Bodhi tree in its areas. However happy climate isn't deficient with regards to: light refreshments are served joined by music and move performed by beginner joyful creators. - ( ) ( ) / / -

Lyric Dinner Case Study - 2407 Words

LYRIC DINNER THEATER CASE STUDY Contents 1. Do you think Deborah made a good career decision to take the job of general manager at Lyric? 3 2. Can this business be profitable? If not, why not? If yes, what needs to be done to achieve profitability? 5 3. What specific actions should Deborah take? 9 1. Do you think Deborah made a good career decision to take the job of general manager at Lyric? In my opinion, from a career point of view Deborah made a high risk decision by joining Lyric Dinner Theater. She had just completed her MBA from Harvard Business School in June 2009 and had various job opportunities to choose from; including the US office of an Israeli high-technology equipment firm and a major advertising firm in New†¦show more content†¦These steps include: * Bring on an experienced manger like Mike Johnson of Tiffany’s Attic from Kansas City to Lyric Dinner Theater * Separate the Board of Directors from the Company’s management and let the General Manger and Assistant General Manager run the business in the most profitable way possible. * Replace inefficient individuals –like the House manager, trouble making actor, Senior Box Office manager and Group Sales managers. * Institute a training program and a carrot and stick policy to motivate other employees * In addition to proper Job Descriptions – build a proper organizational hierarchy and reporting structure with performance reviews * Include more outside actors in special shows and charge more ticket price for these shows * Remove the unprofitable weekday matinee shows and any other shows that are unable to recoverShow MoreRelatedLyric Dinner Case Study2416 Words   |  10 PagesLYRIC DINNER THEATER CASE STUDY Contents 1. 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Specifically, improve depression and agitation scores, reduce physical and verbal aggression, increase brain functioning and slow brainRead MoreJudy Chicago Dinner Party Essay6539 Words   |  27 Pages26 JUDY CHICAGOS DINNER PARTY A Personal Vision of Womens History JOSEPHINE WITHERS In the fifteenth century, Christine de Pisan dreamt of building an ideal city for eminent and virtuous women, and with the help of her three muses, the sisters Reason, Rectitude, and Justice, she reflected on the many women in history and mythology who might live together in this Cità © des Dames. Almost exactly four centuries later, the American sculptor and feminist Harriet Hosmer envisioned a beautiful temple

Professional Counseling - Free Essay Example

Sample details Pages: 3 Words: 799 Downloads: 10 Date added: 2017/09/18 Category Education Essay Type Narrative essay Did you like this example? Professional Counseling CNLS/502 August 27, 201 Professional Counseling Counseling can be refer as a voluntary and confidential process that takes place within the context of a professional, which includes individuals, groups, or members of a family. The goal of a counselor is to listen to their patients to gain a more concrete understanding of their clients concerns. Once understanding is gained the counselor works with the client to help effectively identify the concerns the client has. The Bureau of Labor Statistics projects a growth for counseling jobs within the next 10 years. The Bureau of Labor Statistics projects the number of Employment opportunities will surpass the number of graduates especially in rural areas (Bureau of Labor Statistics, U. S. Department of Labor, [BLS] 2010). A counselor can understand that people evolve throughout their lives and constantly require assistance during their transitions. A counseling hopeful can choose different career paths if they want to become a professional counselor. Guidance and career counselors typically assist people seeking a career or vocational employments. A guidance counselor works in a school setting from elementary school to a university. In, the Elementary to High school setting they provide aptitude assessments to test and evaluate students. A career counselor works outside the traditional school with individuals or a group of individuals looking for a new career or to grow in their current job. Typically they assist people with their resumes and provide them with career advice. Marriage and family therapist provide professional assistance to individuals, couples, and families facing adolescent behavioral problems. In addition, marriage and family counselors treat other mental health issues that affect the general population; for example, they work with childhood sexual abuse, panic disorders, families living with HIV, gay and lesbian youth (American Association for Marriage and Fa mily Therapy [AAMFT] 2010). Substance abuse counselors work with individuals facing drug dependency. This is possibly the most career challenging for counselors because these individuals tend to have some type of mental difficulty and behavioral issues. Furthermore, there is a high rate of relapse for these individuals throughout their lives. Some of the locations that provide employment are halfway homes, shelters, jails, and community treatment centers. The two fields of interest are rehabilitation counseling and mental health a brief description of the primary roles and their goals of treatment will be explain. Community programs and state departments employ rehabilitation Counselors; additionally, they can be employ in the private sector working with profit and nonprofit agencies. Other areas of employment may include schools/universities, residential facilities and rehabilitation centers (All Star Directories [ASD] 2010). A rehabilitation counselor would typically work wi th disable people, either in individual or group settings, educating employers about the American disabilities act, and placement agencies that would refer the disable individuals to job agencies. Additionally, the primary goal is to assist the individual lead a more independent life. The rehabilitation counselor also works with the individuals family to assist them in dealing and managing the individuals disability. Furthermore, the counselor sets appropriate expectation the type of job the disable person will have. Counselors can also work closely together with each other; for instance, it is not uncommon for a rehabilitation counselor to work close with a guidance and career counselor. According to the Bureau of Labor Statistics the projected growth for rehabilitation counselors is 19%. The Bureau of Labor statistics estimates that the need for rehabilitation counselors will grow because of the increase in the elderly population, which is likely to develop physical, mental, an d developmental disabilities (BLS, 2010). A mental health counselor is a broad term use to describe those in the counseling field. A person can become a mental health counselors without specializing in and individual field: furthermore, most professionals gain experience has mental health counselors before choosing their specialized field and receiving their certification in other specialized fields within the counseling specialties. It is believe that 25% of Americans suffer from mental issues (ASD, 2010). Typically a mental ealth counselors works with a variety of special group of individuals seeking assistance with substance abuse problems, marital problems, stress, depression, etc. After earning a master’s degree counseling a person can choose to become license has a rehabilitation, marriage and family therapy, and substance abuse counselor, Mental health counselors can be found in mental hospitals, substance abuse centers, college counseling centers, and various nursi ng homes agencies. Employment opportunities for new counselors continue to increase in the future because of the growing demand for the services. Regardless whether a new graduate chooses to work in the private or public sector. References All Star Directories, Inc. (2010). All Psychology Schools. Retrieved from https://www. allpsychologyschools. com: https://www. allpsychologyschools. com/faqs/rehabilitation-counseling. php American Association for Marriage and Family Therapy. Retrieved from https://www. aamft. org/families/index_nm. asp Bureau of Labor Statistics, U. S. Department of Labor, Occupational Outlook Handbook, 2010- Don’t waste time! Our writers will create an original "Professional Counseling" essay for you Create order

Effective School Leaders Must Be Dynamic And Ready Essay

Critical Assignment 1 Michael Friedel Lynn University Intro Highly effective school leaders must be dynamic and ready to meet several needs in the realm of human resources. One of those responsibilities is to create an environment where teachers and staff can thrive and reach the maximum potential for their professional development. An administrator must also identify and cultivate the next set of leaders to educate the next generation of students. A district that wants to be successful will identify and train candidates from within to create the strongest institution. To accomplish this, the district must install a structured career ladder to attract, develop and retain the best candidates (Lovely, 2003). While trying to develop staff, the main goal in mind should be student success. Student success can be defined as students demonstrating proficiency on state exams, student graduation, college attendance and post-graduation success. Identify and cultivate potential and emerging lea ders Staff development program The first step in the structured career ladder should be to design an internal staff development program for leadership. Naturally talented staff must be made to feel they are in a place that values their skills, and if they desire there is a path to advancement available to them. Highly effective school leaders will need to identify these employees and help them develop for the benefit of the employee as well as the overall strength of the organization. There areShow MoreRelatedThree Qualities That Groups Expect From Their Leaders1386 Words   |  6 Pagesexpects from their leaders. The researchers have identified four qualities that groups expect from their leaders: 1. Trustworthiness –leaders must win the trust and assurance of the followers that are asked to change. The school community counts on the principal to â€Å"walk the talk.† Even though it might take a while for the group members to trust the new leader, when proceeding consistently with the school’s mission and vision, the group’s trust develops. It is vital that the leader does not break thatRead MoreBill Gates Research Outline1736 Words   |  7 Pagesmulti-tasker, Have the ability to take charge and know how to lead, Be an effective communicator, Know How and When to Negotiate, Be Detail Oriented, Recognize and Solve Problems Quickly, Possess the necessary technical skills (Schiff, J 2013)*          III. An effective leader demonstrates efficiencies of leadership by possessing core values of Honesty, Focus, Passion, and overall respect.    A. 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They may say to do whatever we want, however those simple words can cause waves of guilt crashing through onto ourselves. Although the parents did not say they disagree, the circumstances allowed ears to be tuned fine into seeing what the

Newton PLC Finance & Financial Management

Questions: 1. Capital Expenditure Decision and Investment Criteria Newton plc The board of directors of Newton plc has to decide whether or not to invest in a manufacturing plant to produce a new product that has been developed on the basis of research undertaken within the company. The development of the product has been expensive and at a cost of 2.00 million has significantly exceeded the initial budget allocation for the product. One member of the board has argued that the company should not proceed with the investment as it is most unlikely that it will be able to recover what has already been spent on the product. The marketing department has suggested that the product should be sold at 14.00 per unit and it is anticipated that sales in the first year will be about 400,000 units, rising to 600,000 in year two. Sales are expected to remain at this level for the following three years and fall to 300,000 units in year six. It is thought that the product is unlikely to be competitive after six years given the rate of product innovation in the sector, and it will be withdrawn from the market at this stage. To manufacture the product an investment of 9.00 million will be necessary in new production facilities. This expenditure can be written off for tax purposes using a 25 per cent writing down allowance. The re-sale value of the equipment has been estimated to be about 2.50 million at the end of the six year anticipated product life. Use will also be made of some equipment the company already owns. This equipment is now fully depreciated for tax purposes, but would be sold today for 1.20 million. If used in the manufacture of the product its value expected to fall to 0.30 million by the end of year six. The production facility will be located in one of the companys factories that is not being fully utilised. The company has no alternative uses available for this space that is currently being rented out to another manufacturer for 80,000 per annum. The product will be charged 40,000 per annum for the space it utilises through the companys internal budgetary system. The fixed costs associated with the production are expected to be 250,000 per annum. Each product sold by the company is also allocated by the companys accountant an overhead charge of 5 per cent of the revenues it generates to cover head office expenses. The direct manufacturing costs are expected to be 7.00 per unit. The company will need to hold stocks of the final product at the start of each year equivalent to 20 per cent of the sales expected in the next year and also stocks of materials and components equivalent to 20 per cent of the production expected in the next year. The materials and components account for 4.00 per unit out of the 7.00 overall direct cost per unit. The increase in debtors as a result of introducing the product will be offset by the increase in creditors. The company requires a rate of return of 12 per cent on investments of this nature, and the tax rate is 25 per cent. a) Determine the investments net present value, the internal rate of return, payback period and discounted payback period. All key assumptions should be specified and explained very carefully.b) Interpret the NPV, IRR, payback period and discounted payback period, using the results of your evaluation of Newtons proposed investment to illustrate your answer. 2. Valuation of a Companys Shares Take the price earnings ratios for three companies traded on the London Stock Exchange from the data set given in the attached file. These companies are drawn from the FT 100, the hundred largest companies traded on the exchange, and the P/E ratios specified are for the end of each year from 2007 to 2013. The data also gives the P/E ratios for the index. Discuss the factors that might explain the differences in the price earnings ratios of the three companies you have chosen and the changes that have occurred in their price earnings ratios over the six year period. (Choose companies with a range of P/E ratios to give you one with a relatively low value, one with a relatively high value, and another with a middling value.) You should use the insights provided by valuation models on the determinants of the price-earnings ratios in your discussion, but you should also discuss the role of any other factors that might influence the reported values of price-earnings ratios of the companies you have chosen. Whilst you need to gather some information on the companies you choose it is not anticipated that you undertake an in-depth analysis of the companies. It is acceptable to make use of some possible reasons to account for the differences in the price earnings ratios as well as employing the information that you gather on the companies. 3. Rights Issue Barclays announced on July30 2013 that the company would make a rights issue in September of the same year. The rights issue was planned to raise approximately 5.8 billion, with the shareholders being offered one new share at a subscription price of 1.85 for every four shares they were holding. The total number of shares to be issued was 3,216,893,546, equivalent to twenty five per cent of the shares outstanding at the time of the announcement. The share price immediately prior to the announcement was 3.095 and this fell to 2.93 when the issue was announced, a fall of 5.3 per cent. The announcement of a rights issue did not surprise the market, but the size of the issue was larger than anticipated. The issue was the 4th largest issue ever made by a bank. The issue was designed to help the bank meet a requirement that Barclays increased the ratio of its risk capital to its assets to 3 per cent and at the time Barclays had a shortfall of 12.8 billion in its risk capital given the value of its assets. Other measures were also announced at the same time to explain how Barclays intended to cover the deficit. (Google Barclays rights issue 2013 to gain access to the press coverage of the announcement.) a) Explain and discuss the rationale provided for the rights issue. In answering the question take into account the financial performance and position of Barclays Bank at the time of the issue.b) Specify the terms of the issue, the anticipated ex-rights price and calculate the value of a right. Utilise the price just prior to the announcement to undertake your calculations.c) Demonstrate that an investor will in principle be equally well off from investing in the issue or selling the rights they have been allocated.d) Identify and comment on the markets reaction to the announcement of the issue. Can the price pressure hypothesis account for the markets reaction or does the information hypothesis provide a better basis for interpreting the reaction? 4. The attached file (Stock returns 2007- 13) gives 84 monthly returns for securities drawn from the FT ALL Share Index for the period January 2007 and December 2013. a) i. The data set provided identifies four equally weighted portfolios of one, five, ten, and fifteen securities. Determine, using the appropriate Excel function (see fx)) the standard deviation and variances of the monthly returns for each of the companies included in the portfolios. (Use the 84 months returns data in the calculations and use the Excel functions identified as Variance.P and Standard Deviation P.)Next determine the monthly returns on the four portfolios along with the standard deviation of these returns. The monthly portfolio returns are simply the average of the monthly returns for each security included in the portfolio.Compare the average value of the standard deviations of the returns on the securities included in each portfolio with the standard deviation of portfolios returns. Comment on the difference between the outcomes.Discuss the consequences of increasing the number of securities in the portfolios. Compare your results to those of the studies of nave div ersification.ii. Determine the variance of each security and the co-variances for each pair of securities in the portfolio of five securities using the relevant Excel function. Employ this information to calculate the standard deviation of the returns on the portfolio using the equally weighted portfolio risk equation. Compare your results to those obtained for the portfolio in part i above.b) Determine the betas for SSE (Scottish and Southern Energy), a utility company, and BarrattDevelopments, a construction company, by regressing the returns for each of the two companies on the returns for the FT ALL Share Index (the first column in the spread-sheet).i) Explain what the values of the betas (the slope coefficients in the regression) indicate and discuss the factors that might explain the differences in the values of the betas of the two companies.ii) Comment on the implications of the estimated value of beta for investors and the cost of capital for the two companies Answers: 1. According to all the board members of Newton PLC and the board of directors of Newton PLC, the development cost of the company cannot be recuperated. The amount of money spent by the management of the Newton PLC will be failed to recover. This is because the theory of agency, which causes the separation among the management of the organization, and the owner of the organization control the management of the organization (Balla, 2012). This makes a problem among the objectives of the directors of the organization and the main objectives of the company set by the management of the company. This will also hamper the performance of the organization in the market. This may also hamper the market share price of the company which may effect on the stake holders of the company and also to their share holders of the company present in the market (Davies and Crawford, 2012). While developing a new product for the company, the management of the company has considered a cost for the new product of the company, which is financially known as the sunk cost. If the management of the company has problem with the sunk cost then the management of the Newton PLC Company cannot develop their new product in the market which will hamper the goodwill of the company in the market (Edmonds, et al, 2013). This will also effect on the wealth of the share holders of the company in the market. Calculation is given on the appendix part: The assumptions are discussed in the following points For the development of the new product in the company, the management of the organization has considered 2 million as the sunk cost. During inflation, the price of the raw materials and the other components used for developing the new products are high. So, it has been observed that the selling price of the product is less than the cost price of the newly developed product of the company. Assuming all the prices and the estimated prices of the newly developed product are accurate (Harrison, et al, 2013). All the tax rates and the rate of return are considered as the constant rate. The rate of inflation during the completion of the project is constant. All the cash flows are considered as the nominal rate. The business risk are treated as the financial risk involved in the organization. It will bring a positive impact on the net working capital of the company. The opportunity cost of the newly developed by the management of the company is 80K and the management of the company has decided to allocate around 40K as the financial cost of the product to develop the product in the market. The incremental cost of the company is around 250 thousand, which is treated as the overhead cost of the newly developed product. The depreciation amount has been deducted from the calculation part of NPV and the amount of capital allowances has been included in the NPV calculation. This is because the amount of depreciation has been excluded as depreciation is a part of non-cash items. Net Present Value (NPV) From the calculation, it can be concluded that the net present value of the project is 6.899 million. This shows that the net present value is positive which means that the cash out flow for the project is lower than the cash inflow from the project (Horngren, et al, 2012). On the basis of cash flow, the NPV of a project has been calculated. NPV helps to understand the value of money as compared with time. NPV helps the management of the company to take decision whether to invest on a particular project or not. Internal Rate of Return (IRR) The meaning of internal rate of return is the return rate, which helps us to find out the zero return rates to calculate the NPV value of project. From the above calculation, it has been concluded that the discounted rate of NPV is around 15 % and the 15 % discounted rate is a positive rate, which gives a positive NPV for the project. Therefore, from the above calculation it can be stated that the discounted rate of IRR should be greater than 15 % (Kemp and Waybright, 2013). This method of IRR helps us to calculate the proposal of the investment whether to accept the project or not. This method of IRR helps us to compare among the other projects and to decide which project is appropriate to invest by the company. Payback Period: The payback period of the project is calculated and the results of the payback period are between the 2nd year and the 3rd year. This payback period of the project helps us to calculate that in how much time we can recover the amount of money invested initially in the project and found that the in between the 2nd year and the 3rd year, the initial investment can be recovered. Discounted Payback Period: From the above calculation, it has been observed that in between 3rd year and 4th year of the project life lies the discounted payback period. This discounted payback period will help to fid out the value of money with respect to time. Appendix: Appendix to answer of Q 1: Sale price per unit 14 direct cost -7 Contribution 7 000 T0 T1 T2 T3 T4 T5 T6 Unit sale - 400,000 600,000 600,000 600,000 600,000 300,000 Revenue - 5,600 8,400 8,400 8,400 8,400 4,200 Cost of goods sold - (2,800) (4,200) (4,200) (4,200) (4,200) (2,100) Contribution - 2,800 4,200 4,200 4,200 4,200 2,100 Initial Investment (9,000) Scrap 2,500 opportunity cost "rent" - (80) (80) (80) (80) (80) (80) Fixed cost associated - (250) (250) (250) (250) (250) (250) Used equipment (1,200) 300 Net WC (880) (440) - - - 660 660 Taxation 300 (141) (558) (634) (691) (734) (704) Add Depreciation - 1,625 1,219 914 686 514 1,542 CF (10,780) 3,514 4,531 4,150 3,864 4,310 6,068 I = 12% (factor) 1.000 0.893 0.797 0.712 0.636 0.567 0.507 PV (10,780) 3,137 3,612 2,954 2,456 2,446 3,074 NPV 6,899 accept the project because it has positive NPV that means the shareholder wealth maximization I = 15% (factor) 1.000 0.870 0.756 0.658 0.572 0.497 0.432 PV (10,780) 3,055 3,426 2,729 2,210 2,143 2,623 NPV 5,406 accept the project because it has positive NPV that means the shareholder wealth maximization IRR is more than 15% where the project NPV will be zero Pay back between year 2 and 3 Discounted pay back between year 3 and 4 Tax working T0 T1 T2 T3 T4 T5 T6 Scrap value 2500 Contribution - 2,800 4,200 4,200 4,200 4,200 2,100 Tax = account dep. - (1,625) (1,219) (914) (686) (514) (1,542) Fixed cost associated - (250) (250) (250) (250) (250) (250) opportunity cost "rent" - (80) (80) (80) (80) (80) (80) Used equipment (1,200) - - - - - 300 Overhead 0 (280.00) (420.00) (420.00) (420.00) (420.00) (210.00) Taxable income (1,200) 565 2,231 2,536 2,764 2,936 2,818 Taxation @ 25% 300.00 (141.25) (557.81) (633.98) (691.11) (733.96) (704.38) Depreciation working on the 25% reducing balance T0 6,500 T1 4,875 (1,625) T2 3,656 (1,219) T3 2,742 (914) T4 2,057 (686) T5 1,542 (514) T6 (1,542) Working Capital T0 T1 T2 T3 T4 T5 T6 300,00 Unit sale - 400,000 600,000 600,000 600,000 600,000 0 20% Final product 80,000 120,000 120,000 120,000 120,000 60,000 Direct cost price 7 7 7 7 7 7 Product Cost (A) 560 840 840 840 840 420 - 20% Material 80,000 120,000 120,000 120,000 120,000 60,000 Material price 4 4 4 4 4 4 Material Cost (B) 320 480 480 480 480 240 - Working capital 880 1,320 1,320 1,320 1,320 660 - Net WC (880) (440) - - - 660 660 2. Company selection: Tullow oil has the highest P/E ratio among all the hundred companies in 2010. However, in 2009 Vodafone group has the lowest P/E ratio. Adequate value we have selected for the Ashtead group. P/E ratio and earnings per share (EPS) considered using the following: P/E ratio: Current market price/Earnings per share Earnings per share (EPS): Net income- dividends preferred stock/average outstanding shares The differences between the three companies can explain the factors those are following: A. Due to the dramatic decreasing on EPS from 16.3 in 2009 to 5.51 in 2010, Tullow oil has the highest PE ratio in 2010. The declining results in EPS that affected in the financial statements in 2010. It is not so important for the financial statements, that market share price was higher in 2010 rather than in 2009. The Fluctuation in P/E ratio in 2010 has indicated that the EPS was the important factor by considering the market price in 2009. According to the annual report of the company, we can see that the profit of the company has drastically changed and decreased vigorously in 2009 compared to 2010 (Needles and Powers, 2012). In the financial statements, the issue of the shares is included as per the given standard of the financial statements. Therefore, the price and the issue of shares dramatically changed in the year 2010. For this, the P/E ratio has been increase and the EPS has fallen down drastically. B. the Vodafone group has the lowest P/E ratio in 2009 as mentioned above in the case study. In the previous year that is in 2009, the P/E ratio has decreased. In 2008, when market price was lower, the P/E ratio was higher than in 2009 while the market share price was higher in 2009 when the P/E ratio was lower. The market share price and the EPS are the factors that are influenced the P/E ratio. The increase on the market share price has a significant influence on the increasing earnings per share. Due to increase in the company profits compared to the other profits of 2008, EPS are increasing. To reduce the capital the company is repurchasing their shares from the market. From the Vodafones annual profit, we can see that they made profits in 2009 that of half already made in 2008. Due to the redemption of shares, the profit was half the EPS increased. With the increasing market share, the company can improve their performance in the international market so that they can improve the ir financial statements by showing the companys profit in it. C. In the year 2010, the three companies that selected Ashtead group has almost middle P/E ratio, which is 91. In 2009, the P/E ratio is 81 due to the market share price. The share prices are double in 2010, which are 172.9. It is happening due to the decline in the companys profit. Comparing to the previous year, the capital of the company is use to expand their business activities in the international market (Scott, 2012). Due to the increasing ratio of the market share, the company can increase their price earnings ratio that clearly states that if the company wants to make profit then they should increase their market share in the business activities. At an average price of 23p per share under share, option plans the ordinary shares re-issued out of treasury. The ESOT purchased 491,513 shares at a total cost of 0.4m and 8247,172 shares held in treasury were canceling during the year of the companies purchased shares, which held in treasury. Problems with P/E ratios: Due to the different accounting period, the P/E ratio can be deceptive as per the case of our selected companies. The company should clearly states their financial position so that due to different accounting period it cannot hamper the companys financial position in the market. Interpretation of financial results can be misleading in the case of the P/E ratio. When the company is already, declare their dividends for the stock market the company can improve their performance. Sometimes it is very difficult to compare the companys different business modules, products and different growth capabilities with the other companies in the market (Shim, et al, 2012). However, the calculation of the P/E ratios can be accurate but it can create problem when calculating the different business modules of the different companies. 3. The following are the three decisions taken by the manager of finance in an organization to improve the financial condition of the company: The capital of the organization should be raised to increase the capital funds of the company. This will help the organization to improve the level of optimization of the organization. If the value of NPV is positive, the finance manager of the organization should invest in that particular project. The finance manager of an organization should give dividend to their share holders in the market to attract more share holders for the organization (Weygandt, et al, 2012). The reasons why the organizations needs to increase their funds: To expand the business of the organization, the finance manager of the organization should invest money in projects. The finance manager of the company should increase the optimal level. If the share price of the company is high, the finance manager of the organization should split their shares in the market. The finance manager of every organization should take some responsibilities to raise their funds in the organization to minimize the risk involved in the project and to have a better capital structure of the organization. In the case of Barclay Bank, the reducing level of the organization should maintain in the market to help the management of the bank to increase the optimal structure. In the scenario of Barclay Bank, it has been observed that the management of the Barclay bank wants to minimize the gearing ratio of the organization to reduce all types risks associated in the organization which will help the management of the Barclay Bank to perform better performance in the market. The management of the Barclay Bank has decided to issue new shares in the market which will help them to increase the funds of the organization. This will also attract more investors towards the organization. Usually, most of the organization can raise their funds by issuing shares in the market through IPO (Williams, 2012). b) The management of the Barclay Bank has announced that they are offering a discount on their right issues. The price of the right issue of the Barclay Bank is 3.095 and they are giving a 40 % discount on the right issues of the Barclay Banks. Value of the right issue = price of theoretical value price of subscription In this case, 0.99 is the per right option. c) The investors can sell all the right shares of the Barclay Bank that can be illustrate as 400 shares. d) After the calculation, it can be concluded that the Barclay Bank are giving an extra discount to the original price of their shares. The discounted rate of the Barclay Bank is 8 %. But in the market, the management of the Bank are giving only 5 % discount on the original price of the shares. The price of the Bank will fall, if the market is efficient. Appendix: Barclays The right issue in 2013 Step 1: P0= 3.095 Ps= 1.85 number of existing number of share 12,867,934,184 number of new share to be issue 3,216,983,546 number of new share after right issue 16,084,917,730 the share price fall to 2.93 by % -5% value of the company before issue 39,826,256,299 amount to be raised 5,800,000,000 Step 2: to raise 5.8b we need to issue at least 3,135,135,135 Step 3: 12,867,934,184 3,216,983,546 4 which is 25% of the existing share 1 Step 4: Theoretical price after right issue 2.84 by % -8% Step 5: the value of the right option 0.99 theoretically no change in the wealth 1,238.00 assuming 400 shares If subscribe the issue 1,418.29 -185 1,233.29 -4.71 sell the issue 400 share 1,134.63 proceed of selling right 98.66 1,233.29 4.707 Reference List: Balla, D. (2012). CLEP financial accounting. Piscataway, NJ.: Research Education Association. Davies, T. and Crawford, I. (2012). Financial accounting. Harlow, England: Pearson. 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