Everybody Should Take Stand Against Corruption Politics Essay

Everybody Should Take Stand Against Corruption Politics Essay Corruption in Afghanistan is considered one of the greatest challenges and issues both the citizens and government is facing. It has become widely recognized one of the major source of increasing poverty, backwardness, and instability in the country. It has also been considered a key challenge for governance and rule of law. Apart from this corruption is also an obstacle for the sustainable growth of economy which the country is struggling with. Although, both the government and the citizens have taken major steps to decrease the level of corruption in the governmental departments, the results are still not convincing. Different attempts have been made in order to define corruption; but still there is no precise, clear, single and accepted definition corruption which can be applicable to all forms, types and degrees of corruption. According to World Bank corruption is defined as the use of public office for private gains, or in other words, use of official position, rank or status by an office bearer for his own personal benefit. In this definition, examples of corrupt behaviors include: (a) bribery, (b) extortion, (c) fraud, (d) embezzlement, (e) nepotism, (f) cronyism, (g) appropriation of public assets and property for private use, and (h) influence peddling. (Myint) Corruption has posed serious challenges to the Afghan societies. In the political realm, it has undermined democratic values and good governance and has negatively affected formal democratic processes. Corrupt elections in have reduced the amount of accountability and responsiveness in the elected officials. In the judiciary, corruption in many instances has compromised the rule of law and responsibility against public. More generally, corruption has decreased the capacity of the governmental institutions. Many procedures in the government institutions are considered useless. Apart from this the public wealth and public resources are unequally distributed; the offices are often bought and sold. Moreover, corruption has also undermined the legitimacy of Afghan government and has negatively affected public trust and their tolerance. Everybody understands that corruption will not do any good to anyone. On the contrary, it harms everybody and society. So, in order to get rid of this serious issue and live in a corruption free society everybody should take a stand against corruption. Although, the Afghan government has made several commitments to combat corruption, but the problem is still widespread. Fighting and finally eradication of corruption needs serious work and commitments. It is understandable that corruption cannot be eradicated in a short period of time. It needs years and maybe decades. Combating corruption is not easy. In order to do so, one should know the causes and effects of the corruption on societies. Apart from governmental institutions, International Non-governmental Organizations such as Integrity Watch Afghanistan, United Nationals Agencies and Transparency International has found out numerous causes of corruption in Afghanistan among which United Nation Development Program (UNDP) has offered a broader list of commonly cited causes of corruption. The list includes: (i) a lack of rules, oversight and enforcement; (ii) institutional weaknesses in legislative and judicial systems; (iii) low incomes for public officials; (iv) high rewards comp ared to risks for corrupt behavior; and (v) a low likelihood of having corruption detected. (Balboa and Medalla) All the issues which cause corruption have created serious threats to Afghanistans development, questioned government legitimacy, increased tension between Afghan government and international community which in result has caused instability. Its growing threat has undermined the authority and accountability of government and has decreased the public trust in the government. The effect of corruption has many political, economic, social and environmental effects on the Afghan society which will be discussed one by one. In political spectrum, corruption has obstructed the democratic values which are the basis of Afghan government and the rule of law. Corruption is considered as one of the main obstacles to the development of democracy. Public institutions and governmental departments which are mainly created for the delivery of public services are the units of democratic system. When the officials of these institutions engage in corrupt activities, the institution loses their credibility. Lack of accountability can question the legitimacy of these institutions. Increase in corruption can result political instability and lack of transparency. Apart from this, corrupt societies lack sound political competition. The decisions are often made based on personal authority rather than legal authority which in turn undermine democratic values. These issues finally lead to anger and frustration in the citizens. For instance, Khalis Shinwari, a volunteer inspector assigned by the local elders in Jalalabad to identify cases of bad craftsmanship in development projects, told The Washington Post that the people are angryà ¢Ã¢â€š ¬Ã‚ ¦but to whom they can complain? (Basar) This sort of dissatisfaction in the citizens can pose major challenges for the young democratic system of Afghanistan. The economic effects of corruption have serious impact on the whole country. First and foremost, corruption causes the misuse of national wealth by a small part of the population. It often results the unequal distribution of wealth, increases costs of goods and the delivery of public services. A report by the International Monetary Fund (IMF) lists some major economic consequences of corruption as (i) Prevention of economic growth; (ii) reduction in the effectiveness of international assistance; and (ii) loss of tax revenue given that bribes may be paid to evade taxes and customs. (Basar) In corrupt societies corruption causes the transformation of public wealth into private and neglects the necessities of public. The funds are spent on unnecessary projects and the basic needs of citizens are often ignored. Socially, corruption discourages people for working together for the common good of a society. It disturbs social services delivery, increase frustration among the citizens, which in return results in a weak civil society. Apart from this, corruption increases poverty in a society, and increase the gap between the rich and poor. In a corrupt society, paying and taking bribes becomes a tradition which results in inequality, hatred and insecurity. According to UNDP, corruption increases the price of public services and lowers their quality. (Basar) Furthermore, paying bribes for public service frustrate citizens and demoralizes citizens trust on the government which causes social unrest. To sum up, it has become clear that if Afghanistan wants to emerge as a strong democratic state, the government and the citizens need to take concrete steps to fight this serious disease which is spreading day by day. History has shown that corruption has been one of the main factors for the downfall of many regimes. It undermines the legitimacy of the government, weakening the structure; badly affect the economy, worsening poverty, affect reconstruction and increase insecurity and instability. Everybody understands that Afghanistan is decades away from reaching corrupt free society but both government and the citizens has to take a stand and place the fight against corruption as one of the top priorities for the development and stabilization of their beloved country.

Long Distance Travel Public Awareness Health And Social Care Essay

Long distance traveling will implement you to be seated for long clip, there are some factors during going that may take for farther jobs, these factors are ; inaction, dehydration/humidity, barometric force per unit area alterations, in-flight services, and gesture illness. Some patients should be evaluated before winging ; those people are with medical conditions such as ; diabetes, gestation, cardiovascular diseases, Deep Vein Thrombosis, pneumonic diseases, breaks, infections upsets, Central Nervous System Disorders, and psychiatric upsets. For those who travel in long trips, some safeguards need to be taken in order to avoid any complications that can go on. These safeguards and advices will be divided into three classs ; advices sing the musculoskeletal system, advices sing the circulation, and advices for the pneumonic system, Particular equipments and attention available on most air hoses includes compaction stockings, particular seating, wheelchair services, and O equipments. Our purposes are to heighten safety for riders and avoid any complications that can go on, and to advance public consciousness among long distance traveling.Literature Reappraisal:On 2003, a survey was done by Paganin et Al, to gauge relationship between air- travel and venous thromboembolism ( VTE ) , this survey was based on a instance control study ; they measured the frequence of VTE, associated hazard factors and factors act uponing the oncoming of pneumonic intercalation or deep vena thrombosis. The survey was conducted over 1 twelvemont h, the questionnaire was sent to doctors ; they found that long continuance air-travel VTE is associated with other underlying thromboembolic hazard factors, low mobility during flight is a dramatic modifiable hazard factor of developing pneumonic intercalation, travellers with hazard factors for VTE should be advised to increase their mobility. ( Paganin F. , et Al, 2003 ) A survey was done by Beasly, et Al, on 2005 to place the association between prolonged seated stationariness and VTE in relation to drawn-out period of traveling, patients were followed certain inclusion standards which includes: ( hospital discharge diagnosing of DVT and/or pneumonic intercalation, history of regular seated stationariness at least 8 hours and there is no other recognized hazard factors. ( Beasly R. et Al, 2005 ) Opatray, et Als and others have conducted the largest instance control survey on 2004 in Canada taking to confuse the relationship between travel and the hazard of acquiring deep vena thrombosis [ DVT ] . The participants in this survey were both male and female with a average age of 56 old ages old. They were divided into two groups ; the first group were patients with a confirmed diagnosing of DVT and the 2nd group were patients in whom DVT were ruled out. A elaborate travel history, medicines, familial testing, and were taken from the patients. Besides the relation between DVT and any travel, travel continuance, and the method of transit [ plane or auto ] were tested and analyzed. The consequences showed that plane going longer than 12 hours has increased odds ratio of acquiring DVT than those who travel in a auto or in shorter continuances. The clinical diagnosings of DVT or PE were required radiological verification by one of the followers: positive compaction Doppler ultrasound, positive venography ; high or intermediate chance V/Q scan ; positive pneumonic angiography. They propose the acronym ‘SIT ‘ ( seated stationariness thromboembolism syndrome ) to embrace all signifiers of sitting stationariness associated with VTE ; the consequences shows that travellers were with hazard of VTE due to drawn-out period of stationariness. ( Opartray L. et Al, 2004 ) – Factors that may adversely impact healthy riders sing long period of traveling:1- Inaction:Peoples tend to sit passively for many hours at a clip. Even for physically fit travellers a certain grade of dependent hydrops and pooling of the blood occurs. Dependent hydrops is one of minor concern to healthy rider but may be aggravated by certain conditions such as gestation. In instance of leg breaks, the extra puffiness may go risky if force per unit area on the dramatis personae compromises circulation ; one air hose has reported a instance in which sphacelus developed after a long distance flight because the dramatis personae was excessively tight. We recommend that the limb be elevated if possible, and in the instance of recent breaks, the dramatis personae be bivalved so that it can be loosened should excessive swelling occur. Venous pooling and stasis may ensue in thrombophlebitis or orthostatic hypotension in susceptible people. The most common medical exigency is conking. Normally it occurs on the manner to the washroom. This likely consequences from orthostatic hypotension aggravated by drawn-out posing and mild hypoxia. ( Skejenna O.et Al, 1991 ; Air Travel )2-Dehydration/Humidity:Relative humidness can drop really quickly to between 5 % & A ; 10 % , and this low humidness can do drying of the oral cavity, nose ( mucose membranes ) , and pharynx ; besides it can do dry tegument and oculus annoyance. Peoples with skin conditions should be excess cautious because it may be aggravated by waterlessness. Reduced cabin force per unit area can besides do gas volume enlargement ; this can be a job if there has been recent surgery that has introduced gas into the abdominal pit. Most riders really gain weight because of unstable consumption ; however, it ‘s recommended that desiccating drinks such as intoxicant, java and certain soft drinks be avoided. There are countries in which cabin air becomes stagnant, and contaminations such as baccy fume may non be removed every bit rapidly as desirable. Mattson, et Al and associates demonstrated important degrees of cotinine ( a metabolite of nicotine ) in the piss of non-smoking riders and flight attenders after a flight, degrees that were related to these people ‘s evaluations of irritation. ( Skejenna O.et Al, 1991 )3-Barometric force per unit area alterations:Commercial aeroplanes and jet air-craft pressurized equivalent of an height of 6000 to 8000 foot ( 1830 to 2440 m ) , non to sea flat force per unit area. Therefore, air in organic structure pits or other closed infinites expands by about 25 % ; this enlargement may worsen certain medical conditions. Decrease in atmospheric force per unit area consequences in reduced partial force per unit area of O and reduced entire force per unit area, which may give rise to jobs due to gas enlargement and diffusion of gases from solution. ( Air Travel ; Flying withaa‚ ¬A ¦ , 2008 )4-In-flight service:Patients on particular diets may be accommodated, provided the air hose is informed at least 24 hours in progress. Although the quality of these repasts is good it is non infallible, and the traveller should take safeguards if his or her status is sensitive to nutrient. Peoples with nutrient allergic reactions should detect the same strict safeguards that they would whenever dining out. ( Alvarez D. et al, )5-Motion Sickness & A ; Turbulence:In general, air travel is one of the smoothest agencies of conveyance available. However, during long distance flights the aircraft about ever passes over at least one conditions system, and even at high attitudes some turbulency may be encountered. Turbulence may do gesture illness or hurt. While seated, riders should maintain their place belts fastened at all times. Motion illness can be uncomfortable and abashing every bit good as doing uncomfortableness to other riders. ( Air Travel ) Some medical conditions that require specific rating before traveling: Unless otherwise indicated these recommendations have been developed by civil and military aeromedical forces and are based on experience in managing certain conditions, the pre-flight rating should concentrate on the rider ‘s medical status with particular consideration given to possible infectivity, the dose and timing of any medicine and exercisings, besides for particular aid petitions.1-Diabetes:There are no limitations on winging with well-controlled diabetes ; diabetic patients should transport their medicine ; since exposure to even cabin flat height may ensue in a lower blood glucose degree. Insulin dependent diabetes are usually required to hold a missive of mandate from their physician to let passenger car of acerate leafs in their manus baggage ; it should be carried in a cool bag or pre-cooled vacuity flask It ‘s of import that they are cognizant of jobs caused by clip zone alterations, it ‘s recommended to stay on one clip system during flight and merely try to readapt to local clip on reaching at their finish. ( Alvarez D. et Al, ; Anne R. , 2005 )2- Pregnancy:Due to the increasing hazard of an-in-flight bringing, most air hoses prohibit travel after the terminal of the 36th hebdomad in incomplete singleton gestations, earlier bounds apply for multiple/complicated gestations or with a history of premature bringing, the bound for multiple gestation is by and large 32 hebdomads. The hazard of Deep Vein Thrombosis ( DVT ) is increased in gestation ; reasonable safeguards should be taken as for any traveller, there are extra hazard factors for thrombosis, specialist advice may necessitate to be taken. Particular equipment and attention available on most air hoses includes compaction stockings, particular seating, wheelchair services, and O equipment. ( Alvarez D. et Al, ; Anne R. , 2005 )3- Cardiovascular Diseases:Examples include recent Myocardial Infraction, Coronary arteria beltway grafting, angina pectoris, phlebitis and congestive bosom failure. -Myocardial Misdemeanor: The most frequent cause of decease in flight cardiac apprehension, normally caused by a myocardial misdemeanor, some air hoses recommend waiting 6 to 12 hebdomads before going, auxiliary O will probably be required at a flow rate of 2 to 4 L/min ; if the patient must go within 6 hebdomads of the last acute event or if angina at remainder is experienced. -Coronary arteria beltway grafting: A surgical method that improves blood flow through coronary arterias which were narrowed due to atheroma. Air travel can be contemplated, if necessary, at 10 yearss station surgery, therefore leting clip for the air introduced into the thorax to be reabsorbed. -Phlebitis: Peoples with a history of lower limb thrombosis or varicosities should have on support hosiery and exert their legs sporadically. -Patients with gait shaper: A pacesetter is a little device that ‘s placed in the thorax or venters to assist command unnatural bosom beat, This device uses electrical pulsations to motivate the bosom to crush at a normal rate, Consult with your doctor before doing any travel agreements merely to guarantee your pacesetter is in good standing. It would non be good to take a long distance trip and have a job. ( Alvarez D. et Al, ; Anne R. , 2005 ; Skejenna O.et Al, 1991 )4-Deep Vein Thrombosis ( DVT ) :The hazard of venous thromboembolism ( VTE ) about doubles after a long period flight ( & gt ; 4 hours ) , the hazard increases with the continuance of the travel and with multiple flights within a short period, its immobilisation instead than any cabin environment effects of the curdling system that is thought to be the cause of the increased hazard. When seated for a drawn-out sum of clip, the articulatio genuss remain at a right angle, ensuing in a â€Å" crick † in the venas of the legs, forestalling proper circulation. All riders should maintain nomadic whilst in flight, its recommended that they stand in their place country and stretch their weaponries and legs every twosome of hours, walk around the cabin whenever they can and follow an in place exercising plan. ( Paganin F. , et Al, 2003 ; Opartray L. et Al, 2004 ; Beasly R. et Al, 2005 )5-Pulmonary Diseases:Passengers with asthma and chronic diseases ( including clogging pneumonic disease ( COPD ) and cystic fibrosis ) are normally able to go safely if the status is stable and there has been no recent impairment. -Asthma: Patients with stable asthma should be able to wing without jobs, preventative and alleviating inhalators should be carried in the manus baggage, portable atomizers may be used at the discretion of cabin crew, and they may be connected to the air craft electrical supply. Patient should make some of take a breathing exercisings to better their O degree and to loosen up their musculuss. -Cystic Fibrosis: Medicines should be divided between manus and clasp luggage to let for holds and way stations, portable atomizer may be used and they may be connected to electrical supply, patients prescribed in-flight O should have O while sing high height finishs, riders should set about physical therapy during way stations. ( Coker R. , 2002 ; Skejenna O.et Al, 1991 )6-Fractures:Patients should wait for 24 hours following application of plaster dramatis personae for flights of less than 2 hours and for 48 hours on longer flights because air may be trapped beneath the dramatis personae. If pressing travel is necessary, a bi-valved plaster dramatis personae can be used to forestall harmful puffiness, and circulative jobs peculiarly on long flights. A fractured leg should be kept elevated if possible, careful place choice can assist. Mandibular breaks deserve excess cautiousness ; if the jaw is wired the patient should transport wire cutters, because of the hazard of turbulency patients may non go with free-hanging grip, patients who require grip may go ( normally by stretcher ) with the limb or extremity fixed to the splint ( i.e. , Thomas splint or halo splint ) . ( Your healthaa‚ ¬A ¦ )7-Infection Disorders:There is concern about the potency for transmittal of infective disease to other riders on board commercial aircraft. There is besides concern about the consequence of travel after recent respiratory piece of land infections. The most of import consideration is that of transmittal of pneumonic TB, particularly that of multiple drug resistant ( MDR ) TB. Patients with infective TB must non go by public air transit until rendered non-infectious. World Health Organization guidelines province that three smear negative phlegm scrutinies on separate yearss in a individual on effectual anti-tuberculosis intervention indicate an highly low potency for transmittal, and a negative phlegm civilization consequence virtually precludes possible for transmittal, this may be over cautiousnesss. While this remains the policy for HIV positive patients, HIV negative patients who have completed 2 hebdomads of effectual anti-tuberculosis intervention are, in pattern, by and large considered non-infectious. ( Coker R. , 2002 )8-Central Nervous System Disorders:Following a shot or cerebro-vascular accident, riders can normally go after 3 yearss if stable or recovering, through formal medical clearance should be sought if travel is required within 10 yearss. For those with intellectual arteria inadequacy, hypoxia may take to jobs and auxiliary O may be advisable, rider with stable epilepsy may be more prone to ictuss during a long flight ; mild hypoxia and hyper-ventilation are known precipitating factors, in add-on to the exasperation of weariness, anxiousness and irregular medicine. It ‘s recommended that epileptic patients increase their medicine before winging and restart normal doses merely after geting at their finish. ( Coker R. , 2002 )9- Psychiatric Disorders:Because of the safety deductions, psychiatric upsets need to be stable and controlled, for riders with other upsets, such as anxiousness or depressive neuroticism, the airdrome environment and the flight itself may hold a important impact. Small doses of minor tranquilizers may be helpful in riders who are familiar with their effects and side effects, nevertheless, great attention must be taken to avoid over sedation ( which could be misinterpreted by cabin crew as serious unwellness ) and blending with intoxicant which can take to unpredictable behaviour. A assortment of classs is available to assist those with a fright of winging and riders will normally happen cabin and flight crew highly supportive if they are cognizant of the job. ( Coker R. , 2002 ) For those who travel in long trips, some safeguards need to be taken in order to avoid any complications that can go on. These safeguards and advices will be divided into three classs ; advices sing the musculoskeletal system, advices sing the circulation, and advices for the pneumonic system.Advices for the musculoskeletal system:Neck axial rotations:Advantage: these exercisings combined with external respiration exercisings which will be discussed subsequently has a great consequence in cut downing the tenseness stored at the cervix. Exercise: the rider should get down with external respiration in so dropping the cervix towards the thorax. From this relaxed place where he feels that his caput is heavy ; he would get down to circle his caput to the right while he is take a breathing out and back for five times. Then do the same to the left side in slow controlled form.Shoulder Axial rotations:Advantage: shoulder axial rotations helps to forestall and cut down musculus cramp of the shoulder and the cervix musculuss. It besides corrects the inappropriate position taken during the flight. Exercise: it is done by humping the shoulder frontward so upward, so backward, and downward. In simple words it is soft slow round gesture of the shoulder repeated five times in one way so another five in the opposite way.Shoulder Stretch:Advantage: they have the same consequence of shoulder axial rotations plus keeping the shoulder musculuss length and prevent shortening. Exercise: stretching the anterior facet of the shoulder is performed by clasping the custodies behind the dorsum and straightens the arm every bit much as possible. This is combined by widening the cervix to look at the ceiling. Stretch the posterior facet of the shoulder is performed by is by conveying the right manus over the left shoulder. Then place the left manus behind the right cubitus and use a soft pull towards the organic structure. Keep the stretch place for at least 15 seconds and reiterate it 5 times.Trunk forward flexure:Advantage: this exercising stretches the back musculuss and prevents shortening. It besides reduces the opportunity of acquiring back hurting after the flight. Exercise: with both pess n the floor and tummy held in, easy bend frontward seeking to make your mortise joints. Keep this place for 15 seconds and easy sit back. Repeat it 5 times.Knee lifts:Advantages: forestalling articulatio genus, hip, and natess pain because of the drawn-out posing. It besides maintains the scope of gesture of these articulations. Exercise: maintain the right leg set and raise the articulatio genus up the thorax. Then conveying it back to the normal place. Make it for five repeats so exchange to the other legKnee to chest:Advantage: it is a stretching exercising for the gluteal muscle and the hamstrings musculuss to forestall musculus shortening and cut down the odds of musculus cramp. Exercise: flex frontward somewhat. Clasp the custodies around the right articulatio genus and embrace it to the thorax. Keep the stretching place for 15 seconds. Keep the custodies around the articulatio genus so easy allow it down. Switch over the legs and reiterate it 1 times. ( Sheehan j. , 2004 ; Pizar A. , 2009 ; Alvarez D. et Al, ; Your healthaa‚ ¬A ¦ ; Air Travel )Advices and Precautions Sing the Circulation:1. Ankle circles:Advantage: this is a critical exercising to maintain the circulation of your organic structure active and to assist in the venous return. It is besides good for maintain and forestall the loss of the ankle scope of gesture. Exercise: raise the pess of the floor. Pull a circle with your toes, at the same time traveling one pes clockwise and the other pes counterclockwise. After 15 seconds reverse the circles and repetition as desired.2. Foot pumps:Advantage: another indispensable exercising for the circulation and to forestall the opportunities of developing a DVT. Exercise: Feet gesture is in three phases: Keep the heels on the floor and raise the forepart of the pess up every bit much as possible. Keep this place for 2 seconds. Put both pess flat on the floor. Keep the balls of the pess on the floor and raise the heels every bit high as possible. The three phases should be repeated for 30 seconds.3. Compaction stockings:Advantage: it assist in forestalling puffiness of the mortise joints due to drawn-out posing and the gravitation. It besides improves the blood return to the organic structure from the lower legs. The carrying must non be excessively tight or excessively lose. A good fitted carrying size is the most recommended. 4. Keep traveling around the cabin on occasion. 5. Stay adequately hydrated and avoid surplus intoxicant and java. 6. Keep the pess elevated by utilizing the leg rests at higher lift. ( Sheehan j. , 2004 ; Pizar A. , 2009 ; Alvarez D. et Al, ; Your healthaa‚ ¬A ¦ ; Air Travel )Advices for Pneumonic System:1. Peoples who are breathless at remainder should non go without O supply. 2. Patients should transport preventative and alleviating inhalators in their manus baggage. 3. COPD patients should make take a breathing exercisings every two hours: the exercisings include pursed lips take a breathing. The exercisings consist of taking a deep breath from the olfactory organ ; keep it in for 2 seconds. Then purse your lips and take the breath out from your oral cavity easy. ( Coker R, 2002 )

Valuation Project Report

Valuation project report Valuation of the Incentive Stock Options for Procter & Gamble Co. Name: Haining Jiang Company background: In this valuation project, I will analyze a company which is mature and I am interested in. The name of the company is Procter & Gamble Co. the Procter & Gamble Company, together with its subsidiaries, engages in the manufacture and sale of a range of branded consumer packaged goods. The company operates in five segments: Beauty, Grooming, Health Care, Fabric Care and Home Care, and Baby Care and Family Care.In the year of 1837, William Procter and James Gamble settled in the Queen City of the West, Cincinnati, and established themselves in business. As a result, a new company was born: Procter & Gamble. Procter & Gamble became into a listed company at a stock price and dividend which are $ 1. 7 and $ 0. 01 per month respectively in 19 Jan. 1970. For many years, P & G keep following their purpose and social responsibility at every and every corner in the world: â€Å"We will provide branded products and services of superior quality and value that improve the lives of the world’s consumers, now and for generations to come.As a result, consumers will reward us with leadership sales, profit and value creation, allowing our people, our shareholders and the communities in which we live and work to prosper. † Until now, P & G has become the largest consumer packaged goods company in the world at $ 67. 17 of the share price and $ 0. 562 of dividend per month. Main contents: 1. Discounted dividend valuation The most basic model is the Gordon Growth Model, which prices the stock by the dividend and future growth of dividends. The formula would be like this: V0=D0 (1+g)(r-g)=D1r-gWhere D0 is today’s dividend, which would be $ 2. 21 in our case. r is the cost of capital, r will be calculated like: Assume : The market premium = 6%* The risk-free rate = 3%* Given number in the case: ? = 0. 27 So, r = 0. 03 + 0. 27 x 0. 06 = 4. 62% The best way to estimate g is: The term g can be viewed as the return on owner’s equity times the earnings retention rate b. b = (1 – dividend payout ratio) = 1 – 58% = 42% return on equity = 14. 05% So, Sustainable growth rate = gs = 42% x 14. 05% = 5. 901% r< g, so we may meet a big problem when using the V0 formula above.But, as far as we all know, it is not possible that the firm can grow faster than r forever. The high return will attract other investors into the market to compete and the firm’s rate will eventually fall. And, I determine the long-run growth rate of dividends, gL = 3%*. g < r. Even if this data is not real in the true P&G case, I think it’s will be fine to continue our model. V0=D0 (1+g)(r-g)= $ 2. 21x(1+0. 03)(0. 0462-0. 03)=$ 140. 51 1) Two-stage dividend growth When the P & G is growing faster than r, one can use a multistage model, where the growth stages are broken into two parts.The first is the supernormal growth phase call gs , which is the rate that is higher than r. So we can assume: at the first period ( r < g ): gS = 5. 901% (as we calculated above) n = 3*; At the second period ( r > g ): r = 4. 62% (as we calculated above) gL = 3% (as we calculated above) D0 = $ 2. 21 (real data from P&G) ; As we all know the formula is: V0 = t=1n[ Dt1+rt+ Vn(1+r)n] Vn= D01+ gsn(1+ gL)(r- gL) So, V3= 2. 21Ãâ€"1+ 0. 0593(1+ 0. 03)(0. 0462- 0. 03) = $ 166. 88 V0 = 2. 21x(1+0. 059)1(1+0. 0462)1+ 2. 21x(1+0. 059)2(1+0. 0462)2+ 2. 21x(1+0. 059)3(1+0. 0462)3+ 166. 88(1+0. 0462)3 = $ 152. 27 2) Three-stage dividend growth We assume the P & G company experienced a life-cycle with a three stages that are: an early, development stage with high growth, a maturing phase with moderate growth, and a declining phase with little, no, or negative growth. The current dividend of $ 2. 21 per share will not change. Dividends are expected to grow at a rate of 10%* for 2 years. Following that, the dividends are expected t o grow at a rate of 8%* for 2 years. After the total 4 years, the dividends are expected to grow at a rate of 4%* per year, forever. The rate of return unchanged: 4. 2% (as calculated in 1. 1). We can break the calculation in to six steps: (1) Calculate the dividends for years 1 through 5: year| Dividend growth rate| Dividend| 1| 10%| 2. 431| 2| 10%| 2. 674| 3| 8%| 2. 888| 4| 8%| 3. 119| 5| 5%| 3. 275| (2) Calculate the present value of each of these dividends for years 1 through 5: Year| Dividend| Present value| 1| 2. 431| 2. 3236| 2| 2. 674| 2. 4430| 3| 2. 888| 2. 5220| 4| 3. 119| 2. 6035| 5| 3. 275| 2. 6130| (3) Calculate the present value of the dividends beyond year 4: P4= $ 3. 275(0. 0462-0. 04) = $ 528. 23 (4) Calculate the present value of the price at year 4:PVP4 = $ 528. 23(1+0. 0462)4 = $ 440. 92 (5) Calculate the sum of the present value of the dividends: PVdividends in year 1-4= t=110Dt(1+0. 0462)t = $ 12. 51 (6) Calculate the price today as the sum of the present value of dividends in years 1-4 and the price at the end of year 4: P0=$ 440. 92+$ 12. 51 = $ 453. 43 3) The uses of the dividend valuation models (1) The price-earnings ratio also known as the price-to-earnings ratio or PE ratio, is the ratio of the price per share to the earnings per share of a stock. Let us observe these data from P&G firstly: ?| 2012| 2011| 2010| stock price| $66. 6| $64. 50| $60. 44| current earings per share| $3. 82| $4. 12| $4. 32| P/E ratio| 17. 37173| 15. 65534| 13. 99074| dividend payout ratio| 58%| 50%| 42%| If we take the DVM and divide both sides by earnings per share, we arrive at an equation for the price earnings ratio in terms of dividend payout, required rate of return, and growth: P0E0= Dividend payout ratio x (1+g)r-g We can conclude the information below according to the above formula: Increase in dividend payout rate will cause increase in P/E ratio, this point is also obviously in the table above, the data comes from the real P&G case.Increase in r will cause decrease in P/E ratio Increase in growth rate will cause increase in P/E ratio. (2) we can also use the DVM to relate the price-book value ratio to factors such as the dividend payout ratio and the ROE. We assume the B0 indicate the current book value per share and ROE0 indicate the current return on book equity. As we all know: ROE0 = E0B0 , and P0=D0 (1+g)(r-g)=D1r-g ; So, we can get the formula easily below: P0=B0x ROE0 x D0E0x (1+g)(r-g) So we could get the conclusion through analyzing the above formula: increase in B0 will increase in P0; ncrease in ROE0 will increase in P0; increase in D0E0 will increase in P0; increase in g will increase in P0; increase in r will increase in P0; I believe there are plenty of other conclusions we can get from those formulas, I just mention some of them in my valuation report here. But in other words, we can fully use the DVM to find all the related fundamental factors to have further understanding through DVM. 4) What if there no d ividends? I think it’s acceptable and expectable if the P&G isn’t paying dividends now, but chooses to reinvest its money.It is a sign that the dividends in the future will be even larger. Of course, I won’t stick around with the company long enough to receive any of those dividends. But because of the growth of the company, I will realize that the eventual dividends will be even larger with the increasingly share price. After that, I can sell me shares to someone else to get my profit from it. Summary: â€Å"Valuation is the process of determining what something is worth at a point in time. When we value investments, we want to estimate the future cash flows from these investments and then discount these to the present.This process is based on the reasoning that no one will pay more today for an investment than what they could expect to get from that investment on a time and risk adjusted basis. †1 I think the paragraph I cited above not only give us the best conclusion of by valuation project report, but also tell us a definitely reason we study finance. Please Note: If the number followed a * behind it, it means this number is assumed and the others without * are all real data from P&G company finance report. 1: cited from the â€Å"Dividend Valuation Models†, by Pamela Peterson Drake, Ph. D. , CFA.

The Middle Passage essays

The Middle Passage essays Sometime between the years 1600-1800, black Africans were subjected to a grueling expedition of torment and torture. This trip was known as the "Middle Passage." It was named so, because it was the middle leg of the "Triangular Trade" route that was used by European merchants (Black Peoples of America paragraph 1). The first part of the voyage would carry cargo to the African coast, where the goods were then exchanged for Africans, The second part of the trip consisted of the Africans being traded for goods in America. The ship would then head back to Europe. While slave-trading was outlawed in most countries, it was a lucrative business, therefore often overlooked. Slave trade through the middle passage actually began with African captors trading African slaves. According to an about.com article, "African captors kidnapped their countrymen and brought them to slave factories on the west coast of Africa" (about.com paragraph 2). This may have began as a means to just make a living, providing food and clothing for trader. Apparently greed soon took over, and slave trading became a profitable, I dare say, "occupation." Slaves were often kidnapped from their village and families and carried to slave factories on the west coast of Africa. This journey alone cost many lives, as it was a long and tedious one. The slaves could then spend anywhere from days up to a year in these factories awaiting a horrible, yet unknown journey ahead of them. Once these people (who were not thought of as people at the time), were on the ships, they were shackled ...

60 Nationalities in Spanish

60 Nationalities in Spanish In Spanish, most of the words for the people who hail from particular countries around the world look or sound very similar to the word for the country in English. For example, colombiano  is the word for a male hailing from Colombia and boliviana  is the word for a female from Bolivia. An interesting distinction that varies from English to Spanish is that words used for nationalities are not capitalized in Spanish. Nationalities Can Be Nouns or Adjectives As in English, the words  for nationalities can be used in Spanish as either adjectives or nouns. An example of the adjective form is I want a French  coffee or Yo quiero  un cafà © francà ©s. An example of the noun form is He is an Italian or Él  es italiano. Who You Are Addressing Usually Matters In Spanish, nouns, and adjectives usually, have a masculine form and a feminine form depending if the person being referenced is male or female. The masculine form is usually used to refer to more than one person of unknown gender. For example, They are American would be translated as Ellos son americanos, which is the masculine plural form. A majority of nationalities end in -o.The feminine form for nationalities ending in -o is made by changing the -o to an -a. For example, the word griego, for a person from Greece, changes to griega when referencing a female. Another common ending for nationalities is  -à ©s. Words ending in -à ©s  can be made feminine by changing the ending to -esa. Thus the feminine form of inglà ©s,  for someone or something  from England, is inglesa. A Few Nationalities Do Not Change with Gender There are some nationalities that do not change form with gender. Nationalities that have irregular endings, such as -ense, as in the  word  costarricense, used for Costa Rican, do not have a separate masculine or feminine form. The word remains the same when describing either gender. The same can be said for  nationalities that end in -a. These do not change, such as  croata  for Croatian, or  belga  for Belgian. The following sampling of 60 countries is listed with the masculine form of the nationality. Use the masculine and feminine rules to change the word depending on the person being addressed and the endings of the nationalities that are given. Related Grammar Rules Plural nouns and adjectives for nationalities follow the regular  rules for plurals., typically by adding an  -s  or  -es. The names of most countries as well as provinces, states, and regions is masculine. The main exceptions are those whose names end in an unstressed -a, such as Francia, Argentina, and Gran Bretaà ±a. Canad, which ends in a stressed -, is masculine. A few country names, the biggest of them being la India, cant stand alone and need the definite article. For some countries, such as (los) Estados Unidos, the definite article is optional., List of Nations and Nationalities Alemania (Germany) - alemnArgentina - argentinoAustralia - australianoAustria - austriacoBà ©lgica (Belgium) - belgaBelice (Belize)  -   beliceà ±oBolivia - bolivianoBrasil - brasileà ±oCanad - canadienseChile - chilenoChina - chinoColombia - colombianoCorea del Norte (North Korea) - nortecoreano, norcoreanoCorea del Sur (South Korea) - sudcoreanoCosta Rica - costarricense, costarriqueà ±o (uncommon)Cuba - cubanoCroata (Croatia)  - croataDinamarca (Denmark) - danà ©Ecuador - ecuatorianoEgipto (Egypt) - egipcioEl Salvador - salvadoreà ±oEscocia (Scotland) - escocà ©sEspaà ±a (Spain) - espaà ±olEstados Unidos (United States) - estadounidense, norteamericano, americanoFilipinas (Philippines) - filipinoFrancia  (France)- francà ©sGales (Wales) - galà ©sGran Bretaà ±a (Great Britain) - britnicoGrecia (Greece) - griegoGuatemala - guatemaltecoHaità ­ - haitianoHonduras - hondureà ±oHungrà ­a  -   hà ºngarola India - indio, hindà º Inglaterra (England) - inglà ©sIrak, Iraq - irakà ­, iraquà ­Irn - iranà ­Irlanda (Ireland)  - irlandà ©sIsrael - israelà ­Italia (Italy) - italianoJapà ³n (Japan) - japonà ©sMarruecos (Morocco) - marroquà ­Ã‚  (Moro is sometimes used but can be considered offensive.)Mà ©xico, Mà ©jico - mexicano, mejicano  (the first spelling is used in Mexico, while usage varies elsewhere)Myanmar/Birlandia (Myanmar/Burma)  -   myanma/birmanoNicaragua - nicaragà ¼enseNoruega (Norway) - noruegoNueva Zelanda (New Zealand) - neozelandà ©sPaà ­ses Bajos (Netherlands) - holandà ©sPalestina  (Palestine) - palestinoPanam - panameà ±oParaguay - paraguayoPerà º - peruanoPolonia (Poland) - polacoPortugal - portuguà ©sPuerto Rico - puertorriqueà ±ola Repà ºblica Dominicana (Dominican Republic) - dominicanoRusia - rusoSudfrica (South Africa) - sudafricanoSuecia (Sweden) - suecoSuiza (Switzerland) - suizoTaiwan - taiwanà ©sUruguay - uruguayoVenezuela - venezolano Notes on Americano Estadounidense is understood everywhere to refer to U.S. residents, but in some areas it can seem overly formal. In parts of Latin America, norteamericano is preferred with speaking of the U.S., although in some places that term is understood include persons or things Canadian (but not Mexican). Americano can be understood to mean Latin American in some areas, but American in the U.S. sense in others. Quick Takeaways As in English, noun and adjective forms of nationalities in Spanish use the same words.Although names of countries are capitalized in Spanish, names of nationalities are not (except at the beginning of a sentence.)The most common endings for nationality names are -o and -es.

Organizational Development Assignment Example | Topics and Well Written Essays - 1500 words

Organizational Development - Assignment Example During recent years, the field of human resource management has seen a transformation as a result of changing workplace trends. A common concern for human resource managers has been to manage compensation and rewards in such as a way that employees feel motivated. At the same time, human resource managers are concerned with talent retention and this requires designing effective compensation plans that not only motivate employees and drive performance, but also retain high performing employees. However, many of the problems resulting from compensation plans differ from organization to organization. The dynamics of each organization shape the type of compensation plans that are going to work best given their situation. For example, organizations focusing on sales may pay their employees in terms of commissions and piece rate. On the other hand, high tech companies like software firms may pay their employees in terms of employee stock units. This is what Google and Facebook are doing with their employees. In order to counter challenges relating to pay, human resource managers develop appropriate pay plans that are suitable to employees (Dessler, 2011). That is to say, such plans that motivate employees and get the most output from them. Additionally, human resource managers have to carry out employee appraisals. Currently all organizations have some sort of performance evaluation in place (Lichtman, 2007). To do so, human resource managers have to design and plan out performance evaluation system which consist of measurable metrics that reflect an employee’s performance. The metrics criteria are based on key performance indicators as known as KPIs and different performance (Lichtman, 2007). Measuring the performance of a company’s employees provides managers with all the necessary information needed to make an informed decision. It helps managers decide which employees are going to receive appraisals and which employees will not. In certain

Scholarship Essay Example | Topics and Well Written Essays - 1500 words

Scholarship - Essay Example Quite often there is nothing left after discharging my mother’s medical bills. My family’s financial struggles have put me at a disadvantage in school. We cannot afford to buy new school clothes and shoes and I am quite often wearing old and worn clothes and shoes to school and this makes me self-conscious, particularly when other school children are dressed smartly. We cannot afford a computer which puts me at a greater disadvantage. Quite often I have assignments that require the use of a computer. Although I can use the library’s computer, I can ill afford the time. Without bus fare, I have to walk home from school and using the library would cause serious delays. I quite often feel so despaired that I fear I might have a breakdown. I believe that a scholarship would greatly reduce some of the financial burdens on my family and would put my family in a better position to support my education. To begin with, I would be able to purchase a home computer and the n ecessary school supplies. With these burdens lifted I would be in a better position to focus on my education and produce at a much higher level. Part II: Counselor’s Recommendations FL is a focused student with a clear understanding of where he wants to go in life and is keenly aware of the obstacles he has to overcome to get there. He is frustrated by the obstacles, particularly the financial struggles his family faces and is aware that the solution is out of his hands. FL’s current situation is dire and if he does not obtain a resolution to his situation, it is unlikely that he will be able to remain in school. If his problems persist, it is conceivable that FL would drop out of school to help relieve his family’s financial burdens. Right now his mother’s illness appears to be the family’s number one financial priority. As a result, FL’s school needs are sorely lacking. It is therefore recommended that FL benefits from a scholarship. This is a student who is very committed to school work and academic success. He is looking ahead to the future and as a result, FL is actively engaged in college preparatory programs. In addition, he is participating in cross country running. As a dedicated and driven student, it would be a benefit to both the school community and FL if he is awarded a scholarship and therefore remains in school and able to pursue a higher education. FL’s family is struggling financially as they are living on his father’s small income. FL’s mother is suffering from diabetes and this absorbs a great part of the family’s income. As a result of the family’s financial struggles, FL is disadvantaged at school. His family cannot afford to buy a computer. He often has to walk home from school as he cannot always afford bus fare. His school clothes and shoes are used and makes him self-conscious. FL is frustrated by the obstacles to his school productivity. FL wants to go onto college. FL will likely feel better about himself and thus remain committed in school if he is granted a scholarship. EG Part I: EG’s Statement I have always aspired to attend a good university and graduate in the top 10% of my class. I am working toward achieving these goals by currently focusing on my grades and ensuring that they are good enough to get me into a good university. However, at the moment I am currently facing some financial difficulties that could interfere with my plans to get into a good