Tourism Development In Sikkim Essay

Tourism development in Sikkim has passed through many phases.At Government level the development of tourist facilities was taken up in a planned manner.The Government took several significant steps. A State Policy on tourism was announced in 1992. Later in 2000,The Tourism formulated a comprehensive plan for achieving a sustainable growth in tourism. In 2001, The Ecotourism and Conservation Society of Sikkim (ECOSS) is a registered NGO and operates out of Gangtok, ECOSS believes in the conservation of biodiversity, local culture, promotion of sustainable livelihoods through community mobilisation and empowerment. It conceptualised and hosted the South Asian Regional Conference on Ecotourism (SARCE 2002) at Gangtok with the International Ecotourism Society (TIES) and the Ministry of Tourism which essentially brought ecotourism into the development profile of the North Eastern States and put Sikkim on the ecotourism map of India. ECOSS has successfully executed the Sikkim Himalayan Hom e stay Project funded by UNESCO under their Cultural & Ecotourism in Mountain Regions of Central and South Asia programme from 2004-2007 for promotion of community home stays in Yuksom, Dzongu, Kewzing and Pastanga through capacity building of ecotourism service providers. ECOSS has been a key player in The Gangtok Water Supply and Sanitation Scheme Project funded by the Australian Government International Development Assistance (AUSAID) Programme under their Community Small Grants Scheme. It has been actively involved in the improvement of water supply, sanitation and solid waste management in Greater Gangtok area covering 55 various schemes and benefiting over 26,000 people.ECOSS has executed the Rural Tourism Cluster Project funded by NABARD for the promotion of community based home stays and ecotourism activities in the villages of Rey Mindu in East Sikkim and Lingee Payong in South Sikkim. ECOSS continues to conduct numerous awareness and capacity building trainings in the ecotourism sector both within Sikkim and in the North Eastern states. ECOSS has conducted a pilot project for the revival of the ancient weaving practice of giant nettle fiber cloth amongst the Lepcha community of Dzongu. It has also provided consultancy services on ecotourism for the ADB funded SASEC Tourism Infrastructure Project in Sikkim In 2011 ECOSS has been instrumental in creating the Vision Document for Quality Elementary Education for the Human Resource Development Department, GoS.  ECOSS is also currently engaged in the JICA funded Sikkim Biodiversity and Forest Management Project covering the North District Definition related to Sikkim Ecotourism 1. Ecotourism: A form of tourism that involves travelling to natural areas with the specific objectives of learning, admiring and enjoying nature and its wild plants and animals as well as local people’s cultural aspects including religious monuments, while conserving the natural and social environment, and improving the welfare of the local people. 2. Ecotourism Activities: Activities coordinated by a qualified nature and cultural interpreter designed to entertain and educate clients. Examples of above mentioned activities are;- a. activities in mountains such as trekking, bird and wildlife watching, hiking, photography, mountaineering etc; b. activities in rivers and lakes such as angling, rafting, kayaking, photography etc; c. participating in cultural and traditional events such as agro-tourism, handicraft making, fairs and festivals and Himalayan folkways. 3. Sustainable Ecotourism Development: Development of ecotourism in the State of Sikkim, which meets the needs and aspirations of the current generation without compromising the ability to meet the needs of future generations. 4. Ecotourism Assets: Natural and cultural features that attract visitors, such as landscapes, endemic or rare flora and fauna, local agricultural products, local culture including festivals, local folktales, history, historical monuments and heritage sites. 5. Ecotourism Products: A combination of activities and services which are sold and managed through qualified ecotour operators including local communities or individuals. 6. Ecotourism Services: Services including transportation, local cuisine, camping, home stay, guiding and interpretation. These services should cause minimum damage to the natural and cultural environment and promote a better understanding of the natural and cultural aspects of an area . 7. Interpretation: Communication that helps visitors to understand and appreciate the community resources. Interpretation includes facts, but also reveals the reason of the importance of those facts so that visitors are able to understand why the resources should matter to the individual visitors. Interpreter is a person who provides interpretation in natural and cultural areas, interpretation center, parks and etc. Sikkim ecotourism council The Sikkim Ecotourism Council will be an autonomous council as outlined in the organizational diagram. The Sikkim Ecotourism Council will have an executing arm which is the Ecotourism Directorate (ED) working under the Forest, Environment and Wildlife Management Department (FEWMD). The Council will have a local village level operational system which incorporates various Community-Based Organizations (CBO) working in tandem with Panchayat, Non Governmental Organisation, Tourism Development Committee (TDC), Self-help Groups (SHG) and other local people’s representative groups. Members of Sikkim Ecotourism Council are as follows. Chief Patron : Chief Minister Two Patrons : Minister of Forest and Minister of Tourism, Chairman : Chief Secretary Member Secretary : PCCF-cum-Secretary, Forest Department (FEWMD) Member : Chief Wildlife Warden Member : Secretary, Tourism Department Member : Secretary, Rural Management & Development Department Member : Secretary, Animal Husbandry, Livestock, Fisheries and Veterinary Services Department Member : Secretary, Home Department Member : Secretary, Sports & Youth affairs Member : Director, Ecotourism Directorate Member : Person of National Ecotourism Expertise Member : National Level NGO Members : Four Local Level NGO and CBO Member : Travel Agent Association of Sikkim (TAAS) Role of ecotourism council a. bring all key stakeholders on a common platform of understanding of ecotourism activities . b. coordinate all key stakeholders to work on the  ecotourism activities carried and reflect their opinion to the activities; c. establish guidelines for ecotourism, and revise them in consultation with the key stakeholders including NGO, CBO, local communities, tour operators, tour agents and relevant government authorities from time to time as per the requirements; d. ensure that the new guidelines are consistent with the Code of Conduct for responsible tourism prepared by the Ministry of Tourism, Govt. of India and adopted by Dept of Tourism and Civil Aviation (Govt. of Sikkim); e. monitor the activities of ecotourism to ensure minimum negative impacts on the biodiversity and ecosystems of Sikkim. Emphasis should be on the carrying capacity of the Protected Areas (PAs) in Sikkim including Khangchendzonga National Park (KNP); f. evaluate the negative impacts brought by ecotourism activities and existing rules and regulations, and review and revise the rules in consultation with the stakeholders which have direct or indirect influence to the ecotourism activities as and when necessary; g. review and finalise a draft ecotourism action plan and a long-term development plan which are prepared by ED; h. monitor the trainings and capacity building carried out by ED; i. monitor and influence the activities of private entities which violate the main principles of Sikkim Ecotourism, through relevant organizations; j. request tour operators, guides and home stay owners to provide information on Sikkim’s ecotourism products and ecotourism services, since this information is needed for planning and monitoring of ecotourism activities; Role of ecotourism Directorate of Sikkim Role of ecotourism council is as follows (A) Planning and Development: i. ensure the implementation and execution of the ecotourism guidelines; ii. coordinate with the Home Department, and other related key government organizations in border sensitive ecotourism sites to ensure the smooth operation of ecotourism activities; iii. implement the strategies described in Sikkim Ecotourism Policy; iv. organize seminars, workshops and international conferences among concerned government officials, NGO, CBO, and other stakeholders, from time to time so as to consider the emerging needs/suggestions etc from all sections of society. (B) Financing: i. monitor the revenue generation and allocation of funds for the development of ecotourism; ii. develop a plough back mechanism with an autonomous status for funds generated for sustainability of ecotourism related activities. (C) Operation and Management: i. work in close collaboration with NGO and state level of CBO to implement the ecotourism activities; ii. collaborate with NGO, CBO, TDC, SHG and other local people’s representative groups to implement the ecotourism activities at the village level; iii. set standards for the carrying capacity in the Protected Areas and other Reserved Areas to prevent damage to the biodiversity and ecosystems; iv. publish newsletters, bulletins, pamphlets, status reports and other information and disseminate important government notifications and rules; v. ensure visitors, tour operators, tour agencies and guides to follow the prescribed guidelines. (D) Monitoring, Evaluation and Research: i. monitor the environmental impacts which are caused by tourism activities and plan/take necessary remedial measures to mitigate the same; ii. enlist ecotourism operators in the state and monitor their activities; iii. facilitate scientific assessment of relatively unexplored ecotourism destinations for their potential and promotion; iv. develop participatory tourism monitoring plans in collaboration with NGO, CBO, SHG, TDC, Panchayat, EDC, PSS and JFMC; v. monitor the training and capacity building programmes that are conducted by various other agencies and provide support and cooperation; Strategies for Sikkim tourism development 1 Strategies for planning, zoning and modelling for the Ecotourism sites and other general tourism sites are a. FEWMD and Tourism Department work together to identify the tourism zones and general tourism zones b. prior to establishment of the tourism zoning, plan consultations with the local NGO, CBO, TDC, SHG and other local people’s representative groups as well as key government organizations such as Rural Management and Development Department on the issue of the ecotourism zoning at each area; c. establish zonings for tourism development sites, which will be called tourism zone hereafter,  and general tourism development zone, and differentiate the two zones in Sikkim; d. select villages from the tourism zone and establish a model from each district and focus on efforts on allocating finance, manpower for capacity building and facilities and equipments, and disseminate the successful cases to the other ecotourism zone; e. make some variation of the tourism zone which has specific objectives such as, tourism zones for trekking, tourism zones for bird watching, tourism zones for flower photography; f. regulate the design and appearance of new ecotourism infrastructures such as, accommodations, view points, footpaths, and restaurants that blend with the landscape; etc Strategies for Training and Capacity Building Strategies for training and capacity building are a. train and build the capacity of local communities including home stay owners, youth and women’s groups who wish to engage on ecotourism activities. The topic of the training and capacity building are specific themes such as, environmental education, home stay management, waste management, computing, finance, ecotour program designing, interpretation, risk management, cooking local cuisine, guides for trekking, bird watching, fauna and flora photography, angling, rafting, religious monuments and languages; b. prepare and provide training materials including training manuals, text books and training courses; c. provide technical capacity building for tour operators, CBO, NGO, frontline staff of FEWMD as well as various stakeholders including STDC, EDC, JFMC, PSS and Panchayat; d. identify village level CBO’s engaging on ecotourism activities, and provide necessary capacity building to them; e. identify and review the existing regulations and bye-laws and other regal is sues related village level ecotourism activities. Support CBO to clarify those issues prior to commence the ecotourism activities; f. plan certificate courses for nature interpreters and ecotour guides for trekking, bird watching, fauna and flora photography and other activities; g. identify low season income generation activities to complement ecotourism such as handicraft souvenirs, food and fruit processing, production, repairing and maintenance of adventure equipments; h. provide training and capacity building to FEWMD staff as well as Tourism Department staff within the state to understand the clear  meaning of ecotourism as an activity supported and monitored by FEWMD to be driven by CBO. Strategies for Benefiting the Economically Disadvantaged People Strategies for Benefiting the Economically Disadvantaged People are a. facilitate self employment opportunities for the economically disadvantaged people in ecotourism enterprises; b. encourage supply of goods and services to tourism enterprises by the economically disadvantaged people; c. facilitate direct sales of local goods and services to visitors by the economically disadvantaged people (informal economy); d. encourage establishment and running of tourism enterprises by the economically disadvantaged people – e.g. micro, small and medium sized enterprises, or community based enterprises (formal economy); e. set up systems of voluntary support by tourism enterprises and tourists to the economically disadvantaged people. Strategies for Safety Strategies for safety are; Ensure to have insurance set by all the tour operators, guides, tour agents whose clients may have accidents and injuries during their trip, and guides to carry first aid kit when they are in the field with their clients; Plan training and issuing certificates system for safety including risk management. The training will focus on methods of risk management avoid problems, medication to save clients and quick rescue operation to all the tour operators, guides, tour agents whose clients may have accidents and injuries caused by the engagement of tourism activities; Plan a system of notifying landslides high risk areas as well as other dangerous places for visitors by ED to the tour operators, tour agents, guides and drivers of vehicles through the related associations on a regular basis; Develop a series of hazardous maps of ecotourism sites (places, characteristics of hazardous, etc.) in Sikkim in sustainable manner and update it regularly; Plan a quick response team for an event of any kinds of accidents related  ecotourism activities; Plan a system of emergency call for medical doctors an event of visitors’ sickness or injuries. Strategies for Certification Strategies for certification are; Plan a committee which includes STDC, TAAS, SAATO, TDC, NGO and CBO to work on certification related to the ecotourism activities (e.g. home stay, tour operators, environmental friendly lodges) ; The certification process has to be transparent based on specific guidelines which are monitored through social auditing;   ED, STDC, TAAS, SAATO, TDC, NGO and CBO work together to identify necessary certification items related to ecotourism activities such as renewable energy, ecotour guide. They will plan further courses for the identified items. Strategies for Finance Strategies for finance are; Plan a mechanism of financial system through banks at reasonable interest rates targeting the local people who wish to engage in tourism activities; Inform the financial system to the people in Sikkim including the local villagers;

Condoms in Schools Essay

Should condoms be distributed among high schools? The answer to that very controversial subject is yes. Yes condoms should be distributed among the students. The question is controversial due to the main subject it discusses: sex. Some schools today are distributing birth control items to promote the thoughts and ideas of safe sex. Many also believe that along with condom distribution, there should be an availability of other methods of birth control, promotion of abstinence, and information for students on what being safe really means. Alternatively the critics of condom distribution suggest that there should be abstinence only education on this issue. Sex education in this context would encourage the young individuals to abstain from sexual activity in order to avoid pregnancy and diseases In today’s society, high schools should distribute condoms to students. This issue of condoms in schools is a growing concern because of increasing rates of sexual behavior, earlier onset of sexual activity, teenage pregnancy, and the spreading of STDs and HIV. It is important to educate teenagers about the use of condoms and how it prevents the spread of HIV, AIDS, Sexually Transmitted Diseases, and pregnancy. Teenagers need to know that having unprotected sex puts them at risk of coming in contact with diseases that they can spread to others. Each year there are many unwanted babies born, or even worse aborted in this country. Many which are born to young people with little or no education about condom use and sex. With a little education about condom use and safe sex many of these unnecessary pregnancies could be prevented. Many parents do not educate their children about sex; therefore the burden usually falls on the schools. Condoms should definitely be readily available in the school system, along with a Sex Education program that includes how and why to use condoms properly. When young people are educated about condoms and the risk of pregnancy then they are more likely to use a condom. A lot of young people are getting bad myths and taboos from their friends and the media. Having the school really tell them about sex and what can really happen will help. Having condoms available in the school will allow students to have them their so they don’t have to worry about being embarrassed for walking in a store to buy them or ask their parents for them. More and more teens are getting pregnant as a result of not using a condom. Lots of teens believe in the â€Å"pull out† method, but they fail to realize that it will not work every time. Teens need to be educated properly and stop depending on tv and magazines to learn about sex. Many adults think that to provide condoms in school will only push student to have sex however, to have condoms available at high schools does not influence teenagers to have sex but shows them that if they are ready to have sex that condoms are always a must. If a girl or boy really wants to have sex then they are going to do it regardless of if there are condoms available to them. People believe that teaching abstinence will sway kids away from wanting to having sex. They believe that it you don’t show teens anything sexual then they won’t want to engage in sexual behavior but that it the total opposite. It will only make teens more curious about sex. If you tell them the facts up front then they will have all the facts and know all their risk. They will be able to decide for themselves whether sex is right for them or not. Having condoms there and ready for them if or when they make the decision to have sex is great. No teen should get pregnant their first time because someone convinced them that they can’ t get pregnant their first time having sex. Ignorance is leading teens to make bad decisions. Providing condoms to students are actually the morally realistic action to follow, educators do not have to encourage sex but they can motivate students to make wise choices when they decide to have sex. Believe it or not it is wise to know that some young individuals, regardless of the abstinence messages will have sex, in such cases such condom distribution is the better option. Also, providing access to birth control empowers women of today, giving them more control over their body. Historically women have suffered more due to the restrictive policies related to reproduction like abortion laws. Guys however do not have to face the consequences of their actions as much. Hence distribution of condoms boosts the responsibility of men and enlarges the choices for young girls. Giving young girls the choice of birth control can help them feel more prepared for sex. There are so many different birth controls available for girls to choose from. They can opt to take the pill or receive a shot or even get a patch to release birth control medication. It can make the girl feel better if she thinks that she has a say so in whether she gets pregnant or not instead of strictly depending on the guy to wear a condom. However, the use of birth control can go against the catholic religion. Most catholic communities choose not to put their daughters on birth control because it is against their beliefs. In my opinion, Why would you want to not give your daughter the choice of being protected. Would you rather want a daughter on birth control or a pregnant daughter? Although, getting pregnant is not the best situation, not wearing a condom can also pose a threat of catching a STD. More and more teens are coming in contact with STIs and STDs. Although some are easily treatable, there are some that can stick with you your whole life. AIDS and HIV are rising amounts young adults because of lack of protection. Even though most people think that you can only catch and STD through multiple sexual partners, some young teens catch STDs the first time they have sex because they think they know their boyfriend or girlfriend. Some people with STIs and STDs don’t even experience symptoms so how are you to know if they have caught something or not? Teens need to know they are always at risk if they do not wear a condom during sexual intercourse. It will be great for schools to have condoms on hand for teens to get whenever they need. Teens may joke or laugh around about condoms but in their mind they know that they will be protected.

International and Strategic Marketing Essay

The globalization of business markets from domestic to international has generated a unique competitive advantage for all the organizations whose products and services are being welcomed by the customers all around the world demanding mass marketing efforts. In this regard, marketing research in the international environment is having different methodology and complications with respect to geographical boundaries of a specific country in which penetration and development of a product is required. Therefore, an international market planning with strategic aligned goal, for development in the global world should be the objective of marketers to captivate international market leadership. Introduction The gravity of globalization in today’s modern era in the business world is increasing enormously due to faster means of communication, transportation, technology, and rapid financial streams. The product that is being produced in a specific region does not have limitations of boundaries. A Russian student can be wearing Italian T-shirt, driving in a German car going to meet his friend in a Chinese restaurant. This example is not astonishing because it is a general practice and nowadays everybody can illustrate the true meaning of world global market place. Hence, marketers are required to analyze this gravity of globalization and have to consider international marketing in their strategic goal of marketing plan. Marketing is the well known concept of anticipating customer need or demand then analyzing how marketers are going to fulfill that demand or need and finally satisfying customer need or demand. If the customer is really satisfied by gauging the ultimate benefit from that product or service provided by the marketer than it develops a sense of strong relationship between the customer and the organization, in which the organization give value to the customer and in return customer give value to them by building a strong profitable relationship (Kotler, & Armstrong, 2008). International marketing concept is also the same as the general defined concept of marketing but the methodology to enter and penetrate in the international market is not the same as it is in domestic marketing. Indeed the tools and skills to enter in the international market is same but their application differs due the factors which include economy, political and legal system, and most importantly culture and buying behavior of the nation. Hence, the ideology of international marketing can be gauged in this way that the organization which offers its products and services by planning, pricing, promoting, and distributing to more than one nation other than domestic market to earn higher profit   (Cateora et al., 2002). Internationalized Business Operations Many potential organizations tend to bring their operation on global level rather than national level. When the companies move to internationalization the complexity and sophistication of operations change enormously. The basic guidelines for the companies orienting in international market are described by EPRG framework (Wind, Douglas, & Perlmutter, 1973). This framework deals with four types of orientation of company going to international market which are: a. Ethnocentrism: In this type of orientation, top management is highly focusing on domestic market as compared to foreign market because its products have already stable and reasonable demand in domestic market. Company considers their foreign sales as surplus to their domestic sales. b. Polycentrism: It is the attitude which arises when the company recognizes that its multi domestic products strategies would not be successful in the host country if the orientation method is same as domestic orientation. Hence, a different marketing program to enter in the international market is required by the company. c. Regiocentrism: In these stages company identifies the similarities of the entire region and enters the regional market by developing integrated strategies of marketing. Such types of orientation capture geographically and economically integrated region such as NAFTA and European Union. d. Geocentrism: In this type of approach company consider the entire global market as its potential market place. This is one of the most important and critical type of approach when companies make single policies for the entire world market. The organizations should have prior focus on going globally because this approach has a great future. Hence, it is proved as well that organizations which are growing globally have gathered tremendous success in the past decades.   International marketing environment An optical company introduced eye glasses in Thailand by running advertizing campaign of cute animals wearing glasses. The advertisement featuring animal was a pathetic choice as in Thailand animals are considered to be the sign of low life and was not respectful for Thais to take that thing which was being used by animal due to which the company had to suffer a loss in spite of modern and unique design of their product (Payne, website). So the main fault was of the company’s marketing research team that they did not gathered   appropriate knowledge of Thai culture and have misjudged the society in which they are going to enter. They did not realize the fact that the marketing environment would be different from the domestic market in which they have achieved the strategic position. When the organization takes the decision of going beyond the domestic market then it needs to cater that there will be significant national differences which will create a different marketing environment than the one it is serving now. This reflects the very fact that the research is need to be conducted in those highlighting factors which will affect its strategic marketing goals. There are many ways by which research can be conducted out of which asking question is the most effective one by which an appropriate answer is obtained (Kumar, 2000). Marketing Research in Saudi Arabia If the analysis is conducted on the differences of factors in the international marketing environment of a country named as Saudi Arabia then it is observed that the main highlighting factors which are to be considered in doing research and which differentiate people of one nation to another are discussed below; a. Culture: Nation with different cultures has different traditional values and demand those products which are not vulnerable to their culture. Saudi Arabia is a Muslim country having Arabs traditional values, they will highly support and promote the product in Saudi market which will either promote their culture or at least accept their culture. b. Economic condition: The economic condition of the nation should be highly considered in marketing research because it defines the purchasing power of the customer which is the main origin of marketing. In Saudi market maximum companies offer luxurious and expensive products because the purchasing power of the nation is high because of rich government having vast amount of natural resources. c. Racial differences: It defines the different physical features of the nation. Like the cosmetic product would be different for the customers of Saudi Arabia as compared to the customers of U.S.A. It is located in such region of Asia in which people have generally different colored skin which is opposite to U.S. nation which do not have the same skin as Saudis’ have. In this regard, the marketing program for the Saudi nation for particularly cosmetic products would be different from that of U.S.A. d. Climate: It defines the different meteorological condition of the country because it has a great impact on the products which have seasonal demands. Saudi Arabia is considered as the hot climate country in which temperature normally rises to 55 0F. For such a hot weather country marketers have taken that as opportunity for them and have introduced such air conditioning system which can sustain the temperature of Saudi Arabia. There would be consider an immature marketing program if the products which are not suitable with the climate of the country are introduced because they are not compatible for that region neither they have market demand in that region. e. Religion: It does reflect in the marketing, in the sense that the product whose ingredients are controversial. In Saudi Arabia the concept of Halal food restricts the entire food manufacturers to penetrate in its markets that violate it and in the same way alcoholic drinks are also not allowed because of their religious jurisdiction. f. Language: In international marketing research, it is one of the most important aspects because it is the effective means of communication and if it is not used in appropriate manner, can cause reverse affect on marketing efforts. Arabic is the native language of Saudi nation and mostly they are unable to understand English, which is a universal language. So, the marketers have analyzed that their all promotion efforts should be translated in Arabic so that the customer really get to know that what the product all about is. Similarly, there are also other factors which marketers have to analyze in the international marketing research mode of environment it has targeted like market facilities and capabilities, political stability of the country, nation psyche etc.

E-commerce and Auditing Essay Example | Topics and Well Written Essays - 2500 words

E-commerce and Auditing - Essay Example These are: It is not viable for auditors to take leave of work and go back to school to learn the mechanisms needed to serve the new auditing scope. To deal with this aspect of the transformation on-the-job training is the strategy employed by the audit executives. The authors recorded that ,"Some audit executives are using external contractors to "off load" some of the regular work. Freed up internal resources are then being used to get in-house auditors trained in the use of technology." (pg 91). Nikoloyuk et al: further related that Audit executives use the strategy of increasing "audit teams with external specialists." These teams are used to train "internal resource" to become "internal specialist." Changes: Like many other businesses auditing has had to change and modify its practices to best adopt to the growth of technology. Businesses have moved away from the traditional methods and are becoming more and more technologically advanced. If auditing is to remain alive it too will have to adopt to these changes. More so, as their main clients are in fact businesses. Kumar in his work 'The Technological Auditor', noted that, "Accountants and Auditors are not always on the cutting edge of technology." Auditing by nature is not a very transparent job. The process of the job relied on a lot of paper work . This goes against the very nature of E-commerce where the paper work is almost non-existent. Auditing stands a chance of becoming obsolete if adaptations are not made. Companies were disgruntled by the former auditing process as they 4 viewed the as being too expensive and burdensome. In response to these and other concerns Kumar relates that the "US Public Company Accounting Oversight board (PLAOB)" responded to these concerns by "encouraging auditors to become more consistent and transparent in the way they conducted audits." This discontent among businesses and the realization that e-commerce was always moving away from the traditional were indicators that change was on the horizon for the auditing profession. These changes would include; more transparency. The maximizing of special auditing skills on a global basis. Rationalization of the controls. Increased focus on value-added services by auditors. Formerly businesses would schedule the auditing of their firm based on their "point-in-time" system where they would carry out internal assessments to "identify high risk areas of the business." This system soon become redundant as companies sought to comply to the Sarbanes-Oxley. The regulation stipulated that firms would now have to make their financial statements readily available for auditing. (Kumar pg1). Audit Risk: The switch to automated auditing comes with added risk and challenges. The risk that an e-commerce business faces are many

Fashion and consumer science Term Paper Example | Topics and Well Written Essays - 3250 words - 1

Fashion and consumer science - Term Paper Example This term paper talks about consumers around the world that reflect some distinct behavioural traits while going for purchasing luxury products. Luxury products are purchased by the consumers not only depending on the features and advantages obtained from the product but also tends to avail a large plethora of experiences attached to such. The people availing such luxury products also tend to relate their identity with the products purchased and also with the specific brands and companies from which such commodities are purchased. Consumers do not resort to logical decision making while making the relevant purchases but rather are made to satiate the growing desires of comfort and luxury. It also helps the consumers to create a different social image for them in the society. To satisfy consumerism related to fashion commodities different types of retail formats have grown around the world which help the consumers to sustain their lifestyles. The purchasing activities related to luxur y commodities are conducted by consumers both on the physical and on the virtual plane. On the physical front the consumers tend to frequent the stores from where the commodities can be availed. However the consumers in the modern periods are also found to avail such commodities through the online sphere or through shopping activities conducted by the help of mobiles. The evaluation of the benefits availed through the purchase of luxury commodities is done based on the level of reflection that the consumers gain with the products. Still the luxury commodities produced around the world have some considerable lifetime after which such products or services become redundant and their place is taken by other such products and services. With the increase in sophistication and growth of consumer desires the luxury goods and services need to be enhanced in an aspiring manner to help meet future needs (Okonkwo, 2007, p.63-64). Research Question The research paper in question

Popular Hispanic Media Assignment Example | Topics and Well Written Essays - 500 words

Popular Hispanic Media - Assignment Example Some TV shows of Hispanic flavor have made their way into mainstream American television. A late-night talk show with a Hispanic host has made its maiden debut with Hollywood bigwigs as its guests. It is presumably a bilingual show, catering to both the Hispanic speaking community as well as the American public in general. Also, the concept of a Spanish-Language on-demand channel has penetrated the market as a response to a need of Hispanic customers to have control over ways to entertainment that are simple and easy. The concept is geared towards empowering Hispanic consumers to keep in constant connection to the people and things to which they hold most dear. Prime movers behind this concept are confident that this extraordinary entertainment venture will encourage customers all over the US take pride in their passion for the rich Hispanic culture whenever they wish. Where TV is, radio is not far behind. StoryCorps, an oral history project, aims to gather real-life stories from Hispanic residents that focus on human drama that tugs at the heartstrings of Hispanic listeners. Already played in the airwaves was a bus driver story who played knight in shining armor to a distraught old woman diagnosed with cancer and could not find her way around town. With the bus, he took her to where she was headed like a gallant knight to maiden in distress. Even the US Census uses telenovela, or soap operas, to reach Hispanics as an element of the government’s yearlong effort to garner trust among Hispanics. Latin women have their share of the limelight through social networking sites. Through these online sites, they can do most anything—from gathering network to seeking advice on everything from getting a divorce to obtaining a mortgage. Mobile revolutions also target the Hispanic community. Among these are the online video

Population Change and Economic Growth Research Paper

Population Change and Economic Growth - Research Paper Example The instantaneous rate of growth of GDP is expressed as the sum of rates of growth of variables on the right hand side of the above equation; hence, logarithms are introduced in the equation. The rate of GDP per capita is thus expressed as: The base data for the study are taken from Statistics Canada National Income and Expenditure Accounts for GDP (available from 1961), and the population series from the Statcan (available from 1971). Both data series have been extended backwards from 1951 using "old-onto-new" splicing. The labor force source population, as defined in the labor force survey, is the non-institutional population of 15 years of age, or older. Based on the growth rate equation defined above, the data for half a century has been generated for historical analysis, and with which forecasts have been compared. Historical trends indicate that GDP growth rate was highest in 1960s touching 5.2%, and lowest in 1980s at 2.33%. The study forecasted GDP for 2001-2011 as 2.52, which is quite near to the actual of 2.7%, as reported in the World Fact Book for Canada (2008). A high GDP growth rate in 1960s is explained by the fact that baby boomers along with augmented female participation added to the workforce. During 1980s it is worth noting that both the labor workforce and employment rate declined. It is also of interest to note that the population growth along with labor force source population continued to decline since 1950s. By 1980s, the inflow of younger people joining the labor workforce and the participation rate of older people declined. The net immigration

Music 1920-1980 Essay Example | Topics and Well Written Essays - 2500 words

Music 1920-1980 - Essay Example e main changes in music and understanding why it altered through each time frame also builds deeper knowledge about the evolution of music and how it changes because of the external environment and philosophies from individual artists. The purpose of this paper is to examine the main ways in which the music of the 1920s – 1980s changed and transformed. Specifically, there will be a relation to the alterations in popular music and how this changed because of the external environment and the internal philosophies of music. The objectives of this paper will enhance this with: The main objectives are defined by creating a deeper understanding and analysis of music between the 1920s and 1980s while discovering how it evolved between time frames. This will enhance the overall understanding of how music has changed between time frames and what the main factors are with this change. Music that began to emerge in the 1920s differed from what was known in the past, specifically because of alterations which were being made in society. The social influences began to change first with the social changes between generations that began in the 1920s. The first change was based on social groups that began to arise, all which identified with music, fashion and popular culture as a way of creating a sense of identity. Jazz, blues and other forms of music were an example of how this arose. Many considered this the music of the African – Americans during this time and created a different sense of preferences with those in the group. The music was able to create a sense of identity because of the struggles which it identified as belonging specifically to those who were a part of the group. This was combined with attitudes, actions and other concepts which followed, all which were based on similar social influences which were a part of the generations and the social st igma of the time (Smith, 43). The concepts that were associated with social groups were furthered as

Enterprise and Entrepreneurial Management Essay

Enterprise and Entrepreneurial Management - Essay Example It is the detailed report of how, when, where, who and why of a business. â€Å"In most cases, a business plan is created to explain and illustrate the vision you have for your business, and to persuade others to help you achieve that vision.† (Bellissim, 2003) Topfer (2011) states that starting a business without enough planning is like setting a journey without deciding on the destination. In most cases, small businesses simply ignore the process of business planning. Time is one of the main restricting factors that make them do so. But irrespective of the size of the business, it is always beneficial to have a clearly charted out plan. Business plans are required not only for planning the future of the business but also for the availing financing options. All financial institutions assist with the capital requirement of the company only after a careful study of the prospects of the business. Such an analysis is possible only with the help of a detailed business plan.  "The great thing about a  business  plan  is that it can provide a reference point for you to return to at any point during the project.† (Topfer, 2011) This paper will critically analyse the steps involved in a business plan. Each stage is critically analysed in terms of what should be included in each step. Also, the contribution of each step to the overall plan is dealt in detail. The intention of the assignment is to develop a clear understanding of the requirements for setting up and running a successful business venture. Charting out the plan may sound easier but it requires a proper understanding of the prospective business and the prevailing market conditions. Elements Idea Generation: Idea generation is the first and foremost step in a business plan. Idea generation can be defined as â€Å"the  process  of creating, developing, and communicating ideas  which are  abstract,  concrete, or visual. The process includes the process of constructing through the idea, innovating the  concept, developing the process, and bringing the concept to reality.† (Business Dictionary, 2011) Idea generation is in fact a raw process. The process involves generation of multiple ideas in the minds of the prospective entrepreneur. The person may screen and reach at a more favourable idea. Such ideas are generally in a raw format without much technical analysis being done on it. Idea generation is very important because idea is the stone that is being polished at the various stages of a business plan. An idea arises mostly from the personal interests of the entrepreneur. It will be something that is related to the behavioural and professional nature of the entrepreneur. For instance a medical professional might develop an idea for surgical equipment retailing, a good cook might think of opening a restaurant and the like. It is always better to carry out an idea that interests us most. It is as good as a business firm diversifying into a related product line. If we are familiar with the idea, it is easier for us to manage it. Therefore, the first question an aspiring entrepreneur should ask is what interests them most and is there an opportunity lying in the market for the same. This thought can give rise to more specific ideas. Strategic Objectives: Strategic objectives or just objectives refer to the purposes of carrying out the business. It is the major goals of the business. It is the focal point of all the activities of the business. The strategic objectives of a business are usually encompassed in the terms Vision and Mission. Vision is the purpose and Mission is the action to be taken to achieve the purpose. â€Å"Most of strategic objectives are directed toward generating greater profits and returns for the owners of the business, others are directed at customers

Romney Care in Massachusetts Research Paper Example | Topics and Well Written Essays - 1750 words

Romney Care in Massachusetts - Research Paper Example A self-governing public power with the name of Commonwealth Health Insurance Connector was established by Romneycare. The role of this connector is to offer private plans of insurance to the residents of Massachusetts. Failing to acquire the insurance coverage subjects the residents to the implication of tax penalties. Tax filers on Massachusetts that could not manage to get enrolled in the plan of health insurance that they could easily afford got deprived of the personal exemption worth $219 upon the income tax. Since 2008, there has been an increase in penalties by increments on monthly basis. This was done in order to make the residents more serious about the implication of penalties and alter their behavior for the better. Before the enactment of Romneycare, number of the uninsured residents of Massachusetts that were qualified for a state or federal health program but were not enrolled anywhere because of indifference, ignorance, or some other reason was between 372000 and 618000. Once Romneycare was enacted, 219000 residents of Massachusetts that were uninsured before acquired the insurance (Tanner). Although the uninsured rate in Massachusetts has lowered up to only 3 per cent, yet 69 per cent people who acquired insurance since the year 2006 happened to obtain the coverage which to much an extent is subsidized by the taxpayers. The plan has actually worked not in accordance with Romney’s requirement of having each and every individual pay to acquire the insurance coverage. As per the notes taken in a report prepared by the Massachusetts Health Connector in February, 2010, Percentage of the 408000 residents of Massachusetts that have acquired the insurance recently and yet pay nothing is sig nificantly above 50 (Turner). Number of people that remained uninsured till the end of year 2008 was about 140000. They were either subjected to penalty or the state considered them too poor to afford the premiums, thus excusing from

Effictive team and performance management Essay

Effictive team and performance management - Essay Example Challenges such as unsuccessful problem solving, non-functioning team diversities and most common, motivation among the team members are inevitable in a team (Keyes, 2004; p. 1282). In this group, group problems were tackled and embraced accordingly by all responsible team members. A leader or a manager must moderate problem solving. In this respect, the team decided anonymously that I should be their leader. In the entire exercise, the team passed through all phases of team formation inclusive of forming, norming and storming phases (Tuckman, 1965; p. 385). Being a leader is never an easy experience. It becomes even more difficult when one is dealing with a dynamic group. Therefore, I had to use my interpersonal skills such creativity, flexibility, passion and self-competence as put forward by Goleman (2002; p. 251). Concerning passion, I had a feeling that emotional intelligence was instrumental in uniting the team members towards our mission. Concurrently, there are areas where I felt I lacked the necessary knowledge to offer guidance to the team. Hence, I learnt admitting the lack of knowledge or expertise was very significant. Some of the skills I thought I did not possess at all came handy to my surprise. For example, timely arrival and staying patient to the end of a discussion was fundamental during the field exercise. I have known by friends as a poor listener but my team experience gave me a limelight to be the best and active listener. Though there were members who felt they were entitled to dominate the discussion, I was quite equipped in this area. First, I studied their personality and eventually learnt ways of managing them. In fact according to Richard & Lynn (2007; p. 187), studying every group member within the shortest time possible is very essential. Following my experience in this group, I learnt that working towards building trust among team members was significant in managing the group. Taking responsibility for actions is vital in buildi ng trust among the members. To err is human and mistakes committed must be admitted to ensure an amicable solution is achieved. I learnt member’s involvement in different tasks was significant in achieving a formidable solution to the tasks. Likewise, allowing the group to make rules during the lifetime of the group is also very important (Monge & Contractor, 2003; p. 57). In this manner, the group will not feel dictated upon when certain decisions concerning them are to be made. At the time of making the rules, expectations of every team member must be noted with transparency it requires. In addition, it came to my grasp that my expectations of the team members were to be made clear to help build a cohesive team. Most importantly, I felt it was important for my connection with the group. Satisfying the group’s self-interest was a major force in creating strong interpersonal relationships (Laura, 2008; p. 387). I had an obligation to empathize with certain emotional is sues experienced by some of the group members. Ignoring some of the issues, which one may term as ‘petty’, was no constructive at all. Behaving in this manner was liable to the downfall of the team and the whole mission. Driving the mission to success must be the ultimate goal. However, a mission cannot be driven to success when other members are completely lost from the group. I was aware that every member had a right to express his or her plight during

Key aspects of legislation Essay Example for Free

Key aspects of legislation Essay Summarise key aspects of legislation, regulatory requirements and codes of practice relating to own role and responsibilities. (7.1.1) The BTEC PTLLS award is necessary before a person can teach at a Further Education institution such as Aylesbury College. To support this qualification Lifelong Learning UK has published a new set of overarching professional standards 1 that any teachers in this sector will need to adhere to. This describes in generic terms, the skills knowledge and attributes for those that perform roles in this sector. It is disconcerting to hear that the qualification will soon be replaced following the Lingfield review. Other areas of legislation, that is important in the teaching context is the Health and Safety at Work act 1974, which states how all employers and employees need to take responsibility for their own safety needs. Key legislation that also needs to be considered for the learning environment is the Data Protection Act 1998. The collection and analysis of personal data is intrinsic to any learning institution and this act defines UK law on the processing of data on identifiable living people. It is the main piece of legislation that governs the protection of personal data in the UK and in practice it provides a way for individuals to control information about themselves. It is not just in the IT area but for all systems and paperwork when dealing with personal data, within the IT area it is especially important to consider when teaching the design of systems security and access procedures. Another area relevant to teaching IT are the Display Screen Regulations 1992/2002 which is an amendment to the Health and Safety act, this requires all employers who require their employees to use display screens to ensure that the seating position and lighting is properly adjusted and that the employee can take regular breaks from the screen. Other blanket legislation that applies in the workplace but not specifically to a learning institution are: * Race Relations Act 2000. * Disability Discrimination Act 1995 and 2005 (DDA). * Equality Act 2010. This brought together the numerous array of Acts and Regulations, which formed the basis of anti-discrimination law in Great Britain. This was, primarily, the Equal Pay Act 1970, the Sex Discrimination Act 1975, the Race Relations Act 1976, the Disability Discrimination Act 1995 and three major statutory instruments protecting discrimination in  employment on grounds of religion or belief, sexual orientation and age. Regulations more specific to the teaching environment are the following: * Special Educational Needs and Disability Act 2001. The act required education providers to make reasonable provisions to ensure people with disabilities or special needs were provided with the same opportunities as those who were not disabled. * Copyright, Designs and Patents Act 1988. A key point here is that only about 10% of any published document can be copied and circulated for educational purposes before copyright is infringed. * IfL Code of Practice for Teachers (2008). This is a straightforward code of practice for teachers to gives boundaries on their professional integrity, behaviour etc. * Safer practice, safer learning (2007) – responsibilities for safeguarding vulnerable adults in the learning and skills sector – published by NIACE and DES. Analyse own responsibilities for promoting equality and valuing diversity. (7.1.2) In the class discussion on this topic, we discussed that equality is not treating everyone the same, it is rather treating everyone as unique to enable them as far as possible to have equal opportunities to learn, this is what myself as a teacher will have to work to achieve. Promoting equality should remove discrimination in all of the areas covered by the Equality act. Bullying, harassment and victimization are also considered as equality and diversity issues. Diversity aims to recognise, respect and value people’s differences, and their ability to contribute. A teacher should aim to help them reach their full potential by promoting an inclusive culture for all students (and staff). Equality and diversity is becoming more important in all aspects of our lives and work for a number of reasons. Where I was previously working, the employees were recruited globally and could be posted anywhere, they were selected because they showed potential. Inclusivity and diversity was heavily promoted as it was recognised that having a diverse workforce enhanced the company commercially. People with different backgrounds bring different approaches to solving problems or commercial negotiations which is reflected in the company’s performance. In a college, recognising, embracing and valuing difference will lead to improvements for everyone, including: * A more vibrant staff and student  population; * A better working and studying environment; * Attracting and retaining the very best staff and students; As a teacher I can promote equality and diversity by: * Treating all learners fairly. * Creating an inclusive culture for all learners. * Ensuring equal access to opportunities to enable learners to fully participate in the learning process. * Enabling the learners to develop to their full potential. * Equipping learners with the skills to challenge inequality and discrimination in their work/study environment * Making certain that any learning materials do not discriminate against any individuals or groups * Ensuring sure policies, procedures and processes dont discriminate It was discussed in class that equality can be promoted in different ways, such as discussing privately with a student if they have problems with dyslexia, which could be helped by the simple use of different coloured backgrounds to the powerpoints or handouts. A teacher must be aware of continually promoting inclusivity in all the course material and class discussions, some actions that can be positive are for instance, prior to the class, check the names, ages and any other details of the learners and if possible try to find photos or material that will hopefully be more relevant to their background. Although this shouldn’t be done to such an extreme to alienate others, it’s a fine balance. Also it is good to make sure that different types of learners are covered in the lesson plan by differentiating for learning styles. This also helps to keep the lesson interesting as one form of lesson delivery could get fairly dull. One key point would be to be careful of my language, jokes about stereotypes and casual comments could easily cause alienation. It is also necessary to have a plan on how to deal with inappropriate remarks and behaviour by the learners. Within a college there will also be other internal organisations available to meet the potential needs of learners such as : * Student services / welfare / financial aid / student support * Careers services / advice and guidance * Learning mentors / teaching assistants * Learning difficulties and disabilities assessment and support * International office for overseas learners * Chaplaincy or medical services including sexual and mental health Tutors will be the main point of contact for anything for a learner so it is important to understand how to get in touch with the various people working in the roles for my organisation. Evaluate your own responsibilities in lifelong learning (7.1.3) In class we discussed the role and responsibilities of a tutor in lifelong learning, a number of key roles were identified, such as a tutor needs to be knowledgeable about the subject, but not necessarily an expert, they need to be confident and communicate their points well, they need to be well organised with planned lessons and good timekeeping. The tutor must set an example with their behaviour, and direct the learners, but in further education, as opposed to compulsory education, you will not be acting as a leader and counsellor, rather a facilitator. Of key importance is establishing a contract with the learners at the start of the course, so that they understand the boundaries that are set and what my expectations of them are. In the FE sector this is more important with young adults (16-18 years) than in adult education. Bearing in mind that all learners will be slightly different and work at different levels and may have different needs, it is important for me as a tutor to understand this and if necessary give additional help and guidance as required. Without regurgitating the full list of responsibilities, some key ones to additionally pick out are: * Keeping up to date with developments in the core subject as well as keeping up to date with any new teaching guidelines or changes to the curriculum. * Encouraging the learners to progress and develop their careers by giving constructive feedback. * Continually reflect on my teaching performance and evaluate each session taught and change if necessary. Review own role and responsibilities in identifying and meeting the needs of learners. (7.1.4) A key responsibility would be to get to know the learners in the class as individuals, and to understand their different abilities and learning styles. The techniques already used in the first lesson would be a  very good start, such as the learning styles questionnaire (although interpretation of the results is very subjective.), the basic skills testing, and the group introductions. The group introductions and the personal interview prior to starting the course was a way of understanding the motivation of the learners, and why they are undertaking the training. With this knowledge the tutor can aim to ensure that the lesson delivery is varied to suit the different needs of the learners and give personal help if necessary. These activities are part of the ‘Identifying Needs’ stage of the Teaching and Leaning Cycle and are documented by Gravells 2, although she has the roles and responsibilities a little confused. As the course progresses, the tutors understanding of the needs of the individual learners will become clearer as they get to know them, changes and adjustments can be made to the lesson delivery. This is an application of Kolb’s Reflective Cycle, to put it simply – Planning, Doing, Reviewing, Learning and back to planning. References 1 Lifelong Learning UK (LLUK) New overarching professional standards for teachers, tutors and trainers in the lifelong learning sector. 2 Gravells, A., (2011) Preparing to teach in the Lifelong Learning Sector Websites www.excellencegateway.org www.ptllsresource.co.uk http://www.manchester.ac.uk/aboutus/equalityanddiversity/

The Effects Of Deforestation On The Atmosphere Environmental Sciences Essay

The Effects Of Deforestation On The Atmosphere Environmental Sciences Essay Deforestation had been a sounding issue since the past decade. Not because of its contribution to human and urban development but to it brings many effects to the earth as a whole. This article will be focusing on two main effects that is caused by deforestation, which is damage on the atmosphere and biodiversity. The effects of deforestation on the atmosphere is the increase of carbon dioxide gases, gradually leading to the greenhouse effect and the global warming. The carbon cycle is also disrupted due to the reduction of trees for carbon dioxide absorption. The effect of deforestation on the biodiversity that humans, plants and animals are all harm without us noticing. Endangered animals and plants are facing extinction everyday as we speak. Humans health are also affected by the increasing level of carbon dioxide gases in the atmosphere. Introduction Deforestation is simply defined as the removal of forest for land usage in a large scale, mainly conducted by humans. Deforestation had been very active in the past decades. As mentioned by Apan and Anderson (1998) Deforestation of tropical lands has become an issue of worldwide signi ¬Ã‚ cance. At the global level, the loss of biological diversity and the issue of arti ¬Ã‚ cial greenhouse effect are the major concerns, frequently the subject of international debates. (p. 137) Developers in the past decades had no conscious of the effects of uncontrolled deforestation, resulting in a serious lack of forest in this decade. There are many effects of deforestation which includes, drought, climate change, flora and fauna extinction, reduction of water yields, global warming, emission of greenhouse gases and many more. These effects of deforestation can bring severe harm in a local, regional and global scale. This article will be mainly focusing on the effects of deforestation on the atmosphere and biodiversity. The main question of the article is, whether deforestation will cause the climate to change and affects the biodiversity. There is a closely related link between deforestation, the earths atmosphere and biodiversity. The alteration of forest brings a huge impact on both the atmosphere and wildlife. Biodiversity is the to the term to describe all living things on this planet which involves faunas, floras, food chains and basically the whole ecosystem. The importance of biodiversity is far important than what we imagine. The reduction of biodiversities will surely disrupt the balance of this planet, as all these species are also part of the human food chain. The atmosphere refers to the layer of gas surrounding the earth. The atmosphere is very influential to the earths weather and consequently the temperature. As heat is transmitted from the sun, through the layers of atmosphere, then reaching to the earths surface, the atmosphere can be a shield or a magnifying glass depending on how we, humans manage our forest. Human development and increasing of population is a main contribution to deforestation. In order to save the world from deforestation, the root of the happening of deforestation must be discovered and solve. More land is required to support to growth of population, as a result, more deforestation will occur. However, if the rate of human development from an intellectual aspect increase, the actions that are brought out to handle population growth and deforestation will be handled in a more wise way. Effects on the atmosphere The carbon cycle is the transaction of oxygen and carbon dioxide between animals (humans) and plants. Humans produces carbon dioxide through respiration, while plants produces oxygen during photosynthesis. In the opposite, humans need oxygen to survive while plants need carbon dioxide to carry out photosynthesis for food. (Ragsdale, 2007) This is a perfect cycle which is able to maintain an equal volume of carbon dioxide and oxygen in the atmosphere. If deforestation occurs, the amount of trees will decrease. As a result, the rate of carbon dioxide absorption will gradually decrease as photosynthesis occurrence has decrease. This phenomenon will cause the volume of carbon dioxide to increase in the atmosphere. When the volume of carbon dioxide in the atmosphere increases, these excessive carbon dioxide will be considered as greenhouse gases. Greenhouse gases are entrapment agents that contribute to the rising of temperature in atmosphere. Greenhouse gases is a layer of gases between the surface of the earth and the earths atmosphere. When sunlight is directed to the surface of the earth, without the greenhouse gases, the sunlight will be reflected back to the sun without any obstacles. However, with the existence of the greenhouse gases in a layer form, when sunlight is directed onto the earths surface, the sunlight will be reflected back to the earths surface due to the entrapment by the greenhouse gases. As a result, when the energy from the sun has no place to escape, it will make the earths temperature increase. The volume of carbon dioxide is not only existed in a excessive manner, it is also emitted in an uncontrollable manner. When deforestation happens, trees falls and degrades for a period of time. The outcome of this degradation process is also known as forest biomass. As mentioned by Fearnside and Lawrence (2004) , forest biomass is the one of the main source of carbon dioxide emission when trees were burnt after they were chopped down. The forest also acts as a filter for carbon dioxide and air pollutants which in other words, the forest can provide us a cleaner and fresher air. However, inconsiderate farmers and agriculturalist would burn the whole deforested area for the sake of their own convenience. As mentioned that greenhouse gases will cause an increase in the atmospheres temperature, thus, global warming and deforestation is interrelated. When the volume of carbon dioxide increases, the temperature in the atmosphere increases as well, resulting in global warming. The main danger of global warming is that, when the earth heats up, glaciers in the north pole will melt and gradually more floods ad tsunamis will happen. Effects on the biodiversity Biodiversity is defined as all living things on earth which includes plants and animals, the entire ecosystem and basically the whole planet. Sofie (2007) said human dominance of the biosphere has signi ¬Ã‚ cantly changed ecosystems, thereby often impairing their capacity to provide ecosystem services crucial for our survival. (p. 2753) When deforestation occurs, animals will lose their habitat and plants will be removed for good. Many animals gain their food from their own habitat and their habitat would be the only place for them to find for their suitable food. When the animals habitat is destroyed, many animals would starve to death and gradually leads to extinction for some rare and endangered animals. The same thing that will occur to the floras, when deforestation occurs, tall trees with will be chopped off, while plants that grows on the ground would be also remove during the loading process of the tree trunks. Rare and endangered plants will be extinct during the process of deforestation. Forest canopy blocks the sunlight from entering the forest surface. Some plants that are sensitive to sunlight will wilt when the forest canopy is removed. Biodiversity is not only about plants and animals, it also involves humans. When the volume of carbon dioxide increases in the atmosphere due to deforestation, humans health will be affected. Carbon dioxide gas itself is an acidic gas, excessive inhalation will cause many side effects such as dizziness, headaches, drowsiness, increase in heartbeat rate and blood pressure, suffocation and unconsciousness if the concentration of carbon dioxide gas is high. Besides, the roots of the trees holds the ground of the forest together. If deforestation happens, the forest ground will be loose and eventually causes the happening of landslides and flash flood. Who will be the main victims of these following event? Humans. Solution to deforestation Many methods are used to solve deforestation all over the globe. Reforestation is the best method to solve deforestation. The concept of reforestation is saving what was damaged. Planting one tree after chopping one tree is not enough to reduce the rate of deforestation. At least three trees should be planted at the same time when one tree is chopped down in order to keep the number of trees increasing. (Galan, Matias, Rivas Bastante, 2009) In a local view, farmers and agriculturist should be considerate and aware of the importance of the forest and the serious emission of carbon dioxide gas into the atmosphere. The main reason why deforestation occurs is because of ignorance and lack of knowledge on environment issues. As mentioned by Koop and Tole (2001), when the rate of human development is high, the rate of deforestation will be low. The human development rate is obtained through a countrys education quality, intellectual level, income level and life quality. In other words, when the majority of a country hare a high intellectual level, they would be aware of the importance of the forest and try their best to preserve the remaining forest and conduct reforestation. Governments and education ministries should start to instill the importance of forest to the country to primary, secondary and tertiary students. For they are the future leaders, they would be aware of the serious deforestation occurring in their country if they have the acknowledgement of this issue. Besides, the government should also play their role to reinforce the laws and regulations on environmental issues. The government has the responsibility to preserve the remaining forest and conduct reforestation as the effects of deforestation is drastic especially to the people in the country. Penalties should be charged on deforestation offenders such as illegal lumberjacks, ruthless developers, ignorant agriculturist and so on. Discussion All in all, deforestations effect is devastating no matter in a local, regional or a global scale. The victims of deforestation are commonly animals, plants and we, humans. The atmosphere is already facing critical problems, especially the carbon dioxide issue. Excessive carbon dioxide is bad to both humans and the climate. Actions must be carried out by all human race to save the earths atmosphere. With the reduction of paper usage, the demand for trees will be decreased and this would surely paralyze the increasing rate of deforestation. Extinction is also a worrying issue nowadays and the main cause of this event is because of loss of habitat. Animals need their habitat in order to survive and reproduce. Food and water supply is easily obtained from their original habitat. Animals that lost their habitat will either starve to death or killed by humans for trespassing in to residential areas. We would not want our next generation to miss all these beautiful creation due to our irre sponsibility in preserving the environment. Conclusion The reason why I am interested in this topic is because, the forest is a wonderful creation of God, there are many fascinating creatures in the forest waiting to be discovered. Deforestation prevents scientists and zoologists from doing so. Besides, I am aware that the reduction of forests will not only affect our current generation, but also our following generation. I truly hope that governments can start to act before it is too late. Educate the people on environmental issues, reinforce laws and regulations regarding environmental issues and preserve the forest before deforestation outruns the efforts of reforestation.

Development of International Business

Development of International Business People today wake up by an alarm clock made in China, shave with a French razor, dress in Italian-designed (Pakistan-made) clothes and drive their way to work with a German car. Small facts from our daily routine justify that the last 100 years the internationalization (some would say globalisation) of business can be said to have re-drafted the world economic map (Woods, 2001). Globalisation, despite the numerous changes caused at national and international level, set new rules for all enterprises, no mater their size if a business is to be successful then it needs to be aware of the general environment. From the moment trade and economic environment changed, firms turned international in order to maintain their competitiveness and expand their activity into new markets (Hodgetts, 2003). Therefore, multinational enterprises (MNEs) should keep in mind that international trade, as a result of globalisation, is now the primary profit source. Also, MNEs should re-consider their financi al and production tactics if they want to gain more from the global-market environment, such as focus on specialization (ibid). The purpose of this essay is to discuss the primary ways International Business occurs and examine the advantages and disadvantages of international trade and specialization with an extended look at free trade. Two Primary Ways of International Business Development The basic idea for firms going global is to expand their existing sales with reducing the costs of making the additional sales. How will they achieve that? They have two primary ways: first, imports-exports worldwide (International Trade) and second, direct foreign investment (FDI) or portfolio investment. The first way is usually seen as Adam Smiths basic principle of exchange, as an attempt to explain why countries trade, while the second way is the base of international capital flow. International Trade As mentioned before, firms and countries expect some gains from this exchange such as: lower production costs, improved products quality and higher sales profits. However, in the early years of trade, the theory of mercantilism was against that assumption and it was Smith who reacted to this theory by setting up his absolute advantage theory (Mnieh, 2010). Mercantilists in the 18th century believed that a countrys wealth should be measured by the gold and silver the country possessed, so the more precious metals the country had the richer and more powerful it was. Also, the exports were seen as good because they brought silver/gold, whereas imports were bad because they reduced the amount of gold and silver from the country. Mercantilists wanted to encourage countries to export more than import; therefore, they proposed that exports should be increased and imports decreased by means of tariffs or quotas. As a result, under this theory, only one party could gain from trade (Brewer, 2000). However, mercantilism theory did not explain the basic questions of international trade such as, which goods are exported or imported, in what quantity and by whom (ibid). Adam Smith addressed these questions, and he produced the theory of absolute advantage. That theory holds that countries who use resources more efficiently can gain more by focusing on the specialization of their most efficient product and importing the goods they produce inefficiently. Consequently, the specialized production of a commodity gives a country an absolute advantage on that product, and the countrys resources are focused on the production of the profitable output instead of split up or wasted on other, less profitable, outputs. Absolute advantage, however, can explain only a small part of the worlds trade today and does not include any evidence about the determination of trade (Rugman and Collinson, 2006). In 1819, David Ricardo, based on Smiths work, examined the questions What happens when a country can produce all products at an absolute advantage? Would trade still benefit both countries now? And developed the theory of comparative advantage. According to Ricardos theory, a country has a comparative advantage in a product when it has a higher degree of superiority in its production, and it has a comparative disadvantage in a product when its degree of superiority is lower, relative to another country. In order to understand that theory completely, we need to introduce the concept of opportunity cost (Woods, 2001).. We assume that a country produces two goods, A and B, so the opportunity cost is the cost related to the amount of good A which must be sacrificed in order to produce one additional unit of good B (Mnieh, 2010). Therefore Ricardo, suggested that a country with an absolute advantage in all lines of production should trade with another country in the product which has the higher opportunity cost in order to gain from the other countys lower opportunity cost. Foreign Direct Investment The second way international business occurs is through equities. According to Collinson (2006), a tactic usually applied by nations and MNEs to gain access to a foreign market is equity funds invested in other nations. Therefore, a definition used for foreign direct investment (FDI) is the control and ownership of foreign assets. The basic idea for the FDI concept is that corporations find it more beneficial to purchase another foreign company, simply to acquire the companys market share and know-how in the host country. It has to be mentioned that FDI is different from portfolio investment. Foreign portfolio investment is a transfer of capital from one country to another, whereas FDI contains the issue of control and ownership of the activities abroad. Another common tactic of FDI is the union of capital of multiple corporations to a joint venture, in order to purchase together the foreign company aboard (Rugman, 2006). There is a substantial number of reasons why multinational corporations are interested in expanding their activities and influence in foreign assets. The primary reason is to increase their sales and profits. According to the UN World Investment Report (2006), numerous large multinationals have earned millions of pounds through overseas sales every year since they went abroad. Not only large firms gain benefits from activities abroad but a large number of smaller firms increase their revenues as well. MNEs financial and production activities pay the way for local suppliers to get involved with the multinationals and maybe supply them to other worldwide locations (ibid). The second reason is the lower costs abroad. Lower labour cost, for example, is a considerable reason for transferring a companys production facilities to a place where labour is much cheaper. In addition to this, MNEs can consider other factors such as materials supply, transportation costs and energy issues, which affect managers decisions to move their activities abroad. Another reason is to enter economic blocs and rapidly growing markets. At this point, we have to mention that the global economical map is different between countries, regions or continents. Some countries have markets that grow more rapidly than others, and many countries are part of international, economical and political, agreements that affect trade, so multinational companies gain a foothold in these markets by investing directly in them (Deresky,2006).. The final reason for FDI is to gain access to technology and know-how as well as the protection of domestic and foreign markets. In essence, there are examples of multinationals that have saved their own and foreign markets by making investments in these markets and take a strategic advantage due to the high-technology acquirement their investments provide (Piggott and Cook, 2006). Advantages and Disadvantages of Specialisation The model of comparative advantage and the theory of absolute advantage are both based on specialisation. Specialization, at production level, occurs when a worker becomes skilled and efficient at a specific task in order to be able to produce more goods or services than other workers. Countries that produce specialised goods could have many advantages. First, specialisation at international level means that a country will benefit from the trade of specialized goods with other countries. Second, specialisation makes workers to becomes quicker at producing goods or services; consequently, the production per good become cheaper and the production levels are increase. Therefore, a country can be competitive and maintain or expand the wealth it already has (Piggott and Cook, 2006). The third point is the gain of know-how. A country that focuses on the specific production of a good can become an expert and invest in research on that good. Fourth, a country can enhance its reputation. If a country becomes an expert it is possible to increase the quality and reliability of its products, she will create a reputation and the demand of its products will increase (Bingham, Combined Proceedings, 2005, Vol.55). However, the concentration of production factors on one product may have the opposite results. First, a country will depend on a higher degree from others if it just exports one good and imports all the others. Second, countries should be aware that specialised workers demand better wages and this can also affect the total production cost in a negative way. Third, it has to be mentioned that the theory of specialisation makes some assumptions and simplifications, which are not always valid, such as: (a) there is full employment, (b) there are no constant costs and countries have the same dynamic in the future (c) the theories are based on barter, so money is not required in these models, (d) we assume that there are two countries and two goods only and (e) the mobility of labour is assumed to be perfect (Daniels et al., 2008). Advantages and Disadvantages of International Trade The trade theories mentioned before in this essay is the base for us to understand the figure of international trade in the world economy we observe today. International trade has a variety of aspects. Firstly, as an advantage, it includes the theory of free trade, which supports the unrestricted free flow of goods and services between countries. Trade without barriers has positive benefits for all involved, and it creates free markets, which are best for most exchange. As a result, countries trade more over time, so globalisation will be inevitable. Secondly, world class economists set their theories for international trade. They attempt to figure how it works, but each theory is based on different assumptions and limitations. As a result, new theories were born (Daniels et al., 2008). To counter the theories of international trade, a considerable number of people believe that trade and foreign investments may badly affect local industry and work force. They suggest an economic policy of restraining free trade with means like quotas or tariffs in order to protect the national market; a theory widely known as protectionism (Hill, 2006). As a whole, countries trade with each other and manage their exports or imports based on their capabilities and needs. Due to the worlds competive environment, nations support their industries to claim better results for their interests not only domestically but worldwide. With business going international, countries and companies are trying to expand their wealth and influence other countries or markets, with direct or portfolio investment (ibid). Arguments in favour of free trade and relevant theories According to Hill (2006), the theory of free trade is relevant to the theories of International Trade. Both theories assume that there is unrestricted trade between two or more countries, but the free trade theory includes three major principles: (a) there are no barriers or obstacles to mobility, (b) there are no trade restrictions and (c) there are no transportation costs. Apart from the assumptions, new questions are presented. For example, the free trade theory suggests that trade is based on the lack of costs, but it does not explain which factors made these costs. As a result, the theory of Heckscher-Ohlin was established. Two Swedish economists, Eli Heckscher and Bertil Ohlin, studied the trade theories and conclude in two deductions. First, there is more than one factor of production. For example, goods do not need only labour but capital and land also. Secondly, different factors are used for the production of different goods. Furthermore, different countries have a different number of factors of production (or endowments), and this results in different relative factor prices. This means that land-intensive goods should be relatively cheap in a country with a great deal of land, and the same is valid for labour-intensive and capital-intensive countries. This leads to the theorys basic conclusion that countries should specialize in goods that use the factor of production intensively they have in abundance (Piggott Cook, 2006). According to the Heckscher-Ohlin theorem, countries like the United States, for example, with a higher capital per head than other countries, should export capital-intensive goods and import labour-intensive goods. In 1954, the economist Wassily Leontief tried to apply the theorem to reality. He used a mathematical technique named input-output analysis to measure the amount of imports and exports worth US$ 1milion, on data of 1947. Leontief found that to replace US imports with domestic output would need 170 more years per worker of labour and US$ 3.1million of capital. On the other hand, to reduce US exports by US$ 1 million would provide 182.3 years of labour time and US$ 2.6 million of capital. When he compared the two results, he showed that exports from the US were more labour intensive than imports into the US, which is the opposite outcome to that predicted by Heckscher-Ohlin. The worlds most capital-intensive country was exporting labour intensive goods (Husted Melvin, 2007) . The previous analysis is known as the Leontief paradox and it is known as the biggest weakness to the Heckscher-Ohlin theory. Some economists argued that Leontiefs analysis did not include human capital in his motion of labour all labour is taken to have the same skill. As a result, failure to include these factors might have caused him to mismeasure the labour intensity of US imports and exports (Mmieh, 2010). Based on the failure of Heckscher-Ohlin theory, economist Paul Krugman (1970) developed his new trade theory. According to this theory, some countries specialize in the production of a particular product and export it, not because they have different factor endowments, but because they can support these products in the global markets. For example, a countrys production specialisation in the products of airplanes, can give a competitive advantage to the country not only at domestic but in the international airplane production market (ibid). In relevance to new trade theory, Michael Porter (1994) attempted to explain why particular nations achieve international success in particular industries. His theory, referred as the theory of national competitive advantage, underlines that country factors such as domestic demand and domestic rivalry are very important for nations dominance in the production and export of particular goods (Hill, 2006). Conclusion In this paper, we first examined the two primary ways international business occur, based on numerous theories of world-class economists. Global Trade and FDI are the most important figures of world trade today and include a number of aspects but in this paper we discussed two of them: specialisation and international trade. We also examined the concept of free trade; with an extensive look at the theories that were created based on the free burgeoning of goods. Today, globalisation sets new rules for the countries and firms involved in the business world, a much more complicated market scene, which needs different approaches, careful planning and correct use of information for the best investment results. International business follows the path of globalisation and I personally believe that the in years to come we will witness an inevitable change route for the way we do business.

Writing Response To A Short Guide to Writing About Film :: essays papers

Writing Response To A Short Guide to Writing About Film The words â€Å"writing about film†, to my mind, conjure up the Siskel & Ebert-like desiccation of film that one usually finds in a review column. Needless to say, such â€Å"writing† can hardly be found appealing to one who looks for more than the appreciation or dislike of a performance or the absurdity of story. In â€Å"A Short Guide to Writing About Film,† I discovered that writing on film should and can be a far cry from such drivel. It is a staunch review of technique in relation to writing specifically on film. Obvious technique, to be sure, but if approached the proper manner, these reminders can be quite useful in articulating the often hard-to-capture meaning or imagery in film. The author states that the goal of his book is three-fold. The primary two are; that it would be a time-saver for instructors who have difficulty dealing with the common writing problems of their students, and that it would help to alleviate students anxiety about writing by clarifying points that many instructors presume their pupils all know. He does this by setting down guidelines for approaching writing, doing pertinent research, and conveying it, along with analysis, in the medium of stylistic film essays. He provides an abundance of examples of structures, styles, and terms used in this area of writ. The guidelines I found to be extremely useful, for they pertain not just to writing about film, but to any sort of analytical writing. They helped me realize the qualities that my own writing lacks, and I must come to master if I am to articulately present my own subjective experience on paper. The third part of the book’s purpose is that by attaining the first two, â€Å"it would encourage more enjoyable and articulate communication between the two [Professor and pupil]† (pg. X). To do so, Corrigan endeavors to excite readers with the possibilities that lay in writing: sharing experiences, analyzing themes and imagery, and simply writing about the most popular and entertaining medium around.

Ernst Mayrs One Long Argument - Creationism vs. Evolutionism :: Argumentative Persuasive Argument Essays

Ernst Mayr's One Long Argument - Creationism vs. Evolutionism Challenging the accepted order of society always brings a wave of criticism and contempt. In Ernst Mayr's One Long Argument, he aggressively brings to the forefront of debate the notion that his predecessors had heatedly argued for years, that man is not a divinely created creature, but rather just another animal in a state of constant change. Examining the path Charles Darwin, had followed in his attempt to better understand the evolutionary path of man, noted biologist Ernst Mayr explains Darwinian theory in respects to not only evolution but also in respect to the belief that man is somehow a creature made of a higher divinity than all else. And it is this challenge of man's role as something divine that caught me as being quite profound. It has been the belief of man since the dawn of civilization that somehow he was created above all other creatures, and that life for him, existed outside of the natural world. The interesting perspective Mayr brings to the topic of man and God is that, man may not be so divine as to be able to stand outside the natural order of evolution. Yet despite anthropological evidence, such as fossils, the public has a difficulty in accepting that man and animal had a common ancestor: that man had to evolve to his present state. But in contrast many are not be so surprised to believe that animals underwent and still undergo a constant change. Further still Mayr makes the attempt at understanding the phenomena of why man cannot agree to having evolved from the same common ancestor as the wild animal the chimpanzee. It may seem that, according to Mayr, that man's own inability to come to terms with his own evolution, stems from a feeling of not wanting to be reduced to just another animal in the chain of life. For hundreds of years, as Mayr examines, religion after religion has always placed man on some sort of pedestal, superior to all other species. And when Darwin confronted the world with possibly another truth, he shattered man's perception of himself. Even today, a hundred years after Darwin first challenged the accepted order of man as a divine being, Mayr still raises controversy in the debate over man as being just another animal undergoing a constant evolutionary change like all other animals.

Arundel Partner

The questions in this sample exam are mostly quantitative, but you should also expect some qualitative ones, such as true/false questions, on the exam. I did not include any here, as each true/false will require a different reasoning than others. Question 1: Consider a project with the following risk-free cash flows: t = 0t = 1t = 2 -40 20 25 Suppose that one year zero-coupon bonds yield 6% and two year zero-coupon bonds yield 8%. 1a) Find the NPV of the project. 20/(1+6%)+25/(1+8%)^2-40=0. 3014 1b) Describe the tracking portfolio for this project. FV=25 and 20 c) Describe how you could finance the project to make arbitrage profits at t = 0 (i. e. , a sure cash inflow at t = 0 without any future obligation). Please be explicit about what assets you would invest in, how much each would cost at t=0, and what each would pay at t=1 or t=2. (Hint: You will have to consider investing in the project and a portfolio at the same time). Short sell bond by 40. 3014, 18. 8679 and 21. 4335 1d) Su ppose now that instead of the zero coupon bonds described above, there are two risk-free bonds in the market (Bond A and Bond B) that can be described as follows: )  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Bond A pays a $10 coupon at t=1 and matures at t=2 when the bondholders will receive $110. Today (i. e. , at t=0) the market price of the bond is Ba = $104. 743. b)  Ã‚  Ã‚  Ã‚  Ã‚  Bond B pays a $20 coupon at t=1 and also matures at t=2 when the bondholders will receive $95. Its price today is Bb=$100. 790. Calculate the NPV of project X. (Hint: Note that the interest rates in the economy may have changed. To solve this question, you will need to form a tracking portfolio of the project). Question 2: A lot is suitable for either six or nine condominium units.Assume: †¢ Risk free rate is 10% †¢ Per unit construction costs (now or next year): $100,000 for building with six units $110,000 for building with nine units †¢ Assume that construction does not take any time; i. e. , if we d ecide to build (either now or next year), we can do so and sell the condos immediately †¢ Current price of each unit is $140,000 †¢ Per year rental rate is $10,000 per unit (to be received at the end of the year) †¢ Next year, if market conditions are: Favorable, condos sell for $186,000 Unfavorable, condos sell for $116,000 a) Suppose we decide to build this year and sell immediately. Should we build six or nine units? What is the value of the lot given that we build this year? 6*(140-100)=240 9*(140-110)=360 build 9 units 2b) Suppose we decide to wait and make the construction decision next year. Calculate the value of the lot now. 2c) Suppose that as in part a, we decide to build today, but we do not sell immediately. Instead, we rent out the condos for a year, and sell them next year. How does the value of the lot change relative to your answer in part a?Please answer without doing any calculations. Question 3: A gold mine will produce all of its output two years from now. The mine has a reserve of 100 pounds of gold. The gold can be extracted at no cost and sold in year 2. We have the following data: †¢ The two-year forward price of gold is $10,000 per pound today. †¢ In year 2, gold price will be either $14,000 per pound, or $8,000 per pound. †¢ The one-year risk-free rate is 10%. The risk-free rate will remain at 10% next year too. 3c) Now suppose that there is some uncertainty about the reserves of the mine.The mine’s reserves are either 100 pounds or zero, with each outcome equally likely. In year 1, we will learn whether the reserves are 100 pounds or zero. We receive an offer today for the mine that is conditional on the reserves. The bidder offers $1. 1 million if reserves prove to be 100 pounds, but only $55,000 if the reserve turns out to be zero. The offer is valid for two years. In either case, the payment is to be received in year 2 if the offer is accepted. What is the value of the mine today? Question 4: A diversified firm consists of two divisions, industrial equipment and beer roduction. A year from now, the industrial equipment division will produce either $150 if the economy is in expansion, or $50 if the economy is in a recession. The beer division will make $30 if the economy is in expansion, but $170 if the economy is in recession. Each state of the economy is equally likely. The firm has outstanding bonds with face value $120 to be repaid a year from now, and 100 outstanding shares. Assume that the risk-free rate is zero, all investors are risk-neutral, there are no taxes, and no bankruptcy costs. a) What is the current market value of the debt? What is the current share price? 4b) Now suppose that the firm decides to sell the beer division, and pay the proceeds to its shareholders as a dividend. How much will the beer division sell for? Immediately after this decision is announced, but before the actual sale and the dividend takes place, what is the market value of the bond s? What is the per share price? 4c) Suppose now that rather than directly selling the beer division, the firm spins it off.Specifically, for each outstanding share of the original company, one new share representing an ownership claim in the newly created beer firm is issued and is given to shareholders. The new beer company assumes half of the face value of the outstanding debt. After the spin-off, the original shares keep trading (now representing a claim only on the industrial equipment business), while the newly issued beer shares start trading separately. Immediately after this spin-off takes place, what is the market value of the debt of the industrial equipments firm?What is the market value of the debt of the beer production firm? What are the per share prices of each company? 4d) Show that the Modigliani-Miller Proposition holds, i. e. , that the total firm value is independent of the capital structure decisions of the firm in parts a, b, and c. Question 5: Hollifield Inc. has a current market value of $10,000,000, which is composed of $3,000,000 perpetual risk-free debt and $7,000,000 equity with 500,000 shares outstanding. Hollifield plans to announce that it will issue an additional $2,000,000 of perpetual bonds (also risk-free) and use these funds to repurchase equity.The bonds will have a 6-percent coupon rate, which is the risk-free rate. After the sale of the bonds and the share repurchase, Hollifield will maintain the new capital structure indefinitely. The corporate tax rate for Hollifield is 40% and there are no personal taxes. 5a) What will the stock price be immediately after Hollifield announces its plan to issue bonds and repurchase equity? What will the total market value of the firm's equity be immediately after Hollifield announces its plan to issue bonds and repurchase equity? 5b) How many shares will Hollifield repurchase?What will be the market value of Hollifield's equity after the new bond is issued and the shares are repurchased ? 5c) Suppose that after the firm announces its intention to recapitalize but before the pricing and the issuance of the new bond take place, unexpectedly, the president announces that corporate taxation will be immediately removed. Find the effect on the stock price and on the price of the current debt right after the president’s announcement is made. (Note: Assume that removal of taxes is permanent and has no other effects on the firm’s investment policy or in the economy). ———————– [pic]