High Intensity Training Versus Traditional Exercise...

As a general guideline, a review paper equivalent to a 20 minute oral presentation might be 5-10 pages and include 10 or more references. Shorter papers and fewer references would be appropriate if there is greater critical analysis of the subject area. Literature review: High-intensity training versus traditional exercise interventions for promoting healthï ¼Å½ Emerging research examining high-intensity intermittent training (HIIT) indicates that it may be more effective at reducing subcutaneous and abdominal body fat than other types of exercise. In addition, it may promote health in various ways. I will focus on the comparison of HIIT and traditional exercise on the exercise performance, fat loss, fitness, insulin resistance, etc. Possible mechanisms underlying HIIT-induced fat loss and implications for the use of HIIT in the treatment and prevention of obesity are also discussed. High-Intensity Interval Training versus Traditional Exercise Interventions for Promoting Health Abstract: Keywords: 1. Introduction: High-intensity interval training (HIIT) as a compromise between time-consuming moderate-intensity training and sprint-interval training requiring all-out efforts, is emerging as a potential time efficient strategy for health promotion. Current recommended guidelines of 150 minutes of moderate physical activity per week is reduced by half to 75 minutes if the week’s activity is done at a vigorous intensity (ACSM, 2014). HIIT, when compared to Traditional Exercise

The Role of Social Class in Priestlys, An Inspector Calls

Priestley mainly uses the characters in the play to present his views, especially Mr and Mrs Birling, to present his ideas about class and society. In the Birling family, Mrs Birling is the most upper class, and is always referring to the lower class female factory workers such as Eva Smith as ‘girls of that class’. She seems to think that working class people are not humans at all. In the beginning, Priestley describes the Birlings’ house as ‘a fairly large suburban house’ with ‘good solid furniture of the period’, showing they are upper-middle class and that they have money. They also have servants such as a maid and a cook. Priestley wants to give us an idea that the Birlings are upper class both in possessions and attitudes. The†¦show more content†¦The events of the play reveal that most people in the upper-middle class (Mr and Mrs Birling and Gerald) look down on the lower class with derision (‘girls of that classâ₠¬â„¢) and the only middle class person in the play (the Inspector) seems to detest the upper-middle class because he believes in socialism. The moral of the play is that everyone is part of a community, and everyone is responsible for each other, it does not matter whether they are lower class or upper class (‘[W]e don’t live alone. We are members of one body. We are responsible for each other.’). Priestley believed in socialism, he uses the Inspector to express his thoughts about this. This is the main message that he wanted the audience to take away. In ‘An Inspector Calls’, Priestley presents different ideas about class and society. His main idea is socialism. He believes that we ‘don’t live alone. We are members of one body. We are responsible for each other.’ That whether we are upper class or lower class, we are responsible for each other and we shouldn’t look down on other people or think that they aren’t huma n but creatures just because they are a lower social class than us. Priestley tries to present the idea that society will only work if we work together and are responsible for each other. Otherwise, there would be noShow MoreRelatedWrite About Inspector Goole’s Role in the Play. How Far Is He a Believable Policeman? How Does Priestly Use the Inspector in the Play?2740 Words   |  11 PagesWrite about Inspector Goole’s role in the play. How far is he a believable policeman? How does Priestly use the Inspector in the play? In this essay I am going to be exploring the role and function Priestly gives the inspector in â€Å"An Inspector Callsâ€Å". I am going to break down his role in the play, explore his effects on the other characters, analyse his stage presence, show his intention in coming to the Birling household and also how Priestly utilises the inspector’s personal qualities. I am alsoRead MorePriestleys Main Aim in An Inspector Calls Essay2480 Words   |  10 PagesPriestleys Main Aim in An Inspector Calls Priestly’s main aim in An Inspector Calls is to draw attention to the roles and consequences of capitalism in society and he achieves this successfully. As he managed to shock audiences of the earlier decades and through the play capitalist attitudes are portrayed as immoral and hypocritical to a modern audience we can see that the play has been successful to a certain extent. J.B. Priestly was born in 1894 and lived throughRead MoreAnalysis of An Inspector Calls by J.B. Priestly1844 Words   |  8 PagesAnalysis of An Inspector Calls by J.B. Priestly ‘An Inspector Calls’ is a twentieth century drama written by J.B. Priestly in 1947 but takes place in 1912. This story is about the Birling family celebrating their daughter, Sheila’s engagement to Gerald Croft. A few pages into the story, an Inspector called Goole which means ‘spirit in death’ interrogates the family and the story of Eva’s death unfolds. As it progresses each character realises their connection toRead MoreDifferent Attitudes and Perceptions Between Generations in the Play An Inspector Calls967 Words   |  4 PagesDifferent Attitudes and Perceptions Between Generations in the Play An Inspector Calls Works cited Missing J.B. Priestlys play An Inspector Calls, written in 1945, is set in the spring of 1912 in the household of an upper middle class family in the north of England. The plot of the play is based around the Birling familys involvement in a young womans suicide and

Valuation Report General Electric

Question: Discuss about the Valuation Report General Electric. Answer: Introduction Valuation implies the process of estimating the worth of something. In regards to the valuation of firm, it is the value of firms assets that is put under consideration in the valuation exercise. The valuation of the firms assets is a challenging task because it involves application of various techniques and different perceptions (Kruschwitz and Loeffler, 2006). It is to be noted that the value of firms assets could be determined differently by different people pursuing different purposes. For example, the valuation of the firms assets may be required for the purposes of computation of income tax liability or it may be required for computation of sales price in case of merger and acquisitions. Thus, it is in effective the purpose that is required to be kept in mind while carrying out the valuation of the firm (Kruschwitz and Loeffler, 2006). Further, there are various techniques and methods which are applied in valuation such as net assets method, earnings growth rate method, discounted free cash flow method. These methods involve application of different methodologies, for example, net assets method computes the value of asset based on the balance figures (Larrabee Voss, 2012). However, the balance sheet figures can also be adjusted in the light of market values. Further, the earnings growth rate method provides for valuation of the firm based in the estimation of future earnings of the firm. In the same manner, the discounted cash flow method provides for computation of the value of firm based on the present value of the free cash flows. Among these all methods, the discounting of free cash flows is the most commonly applied method for the purpose of valuation of the firm (Larrabee Voss, 2012). In the context developed above, the report presented here covers the valuation of General Electric Company, which operates for infrastructure development and generation and distribution of electricity (General Electric, 2016). The valuation of the company has been carried out by applying the discounting of free cash flows to the firm. Further, two analytical techniques have been adopted in computing the value of the company. In the first technique, the value of overall company has been computed by taking the free cash flows to the company. In the second technique, the free cash flows to the equity have been computed separately and the value of equity has been arrived based on discounted value of the free cash flows attributable to the equity holders. Growth and Cash Flow Projections Computation of free cash flows and growth rate is the primary step in the valuation process. The free cash flows represent cash flows generated by the business after meeting all the spending requirements. Thus, the free cash flows represent the amount available with the company to infuse in the expansion activities (Wahlen, Baginski, Bradshaw, 2014). In other words, the free cash flows also represent the resources available with the company to enhance the value of the shareholders and therefore, the use of cash flows is considered the most suitable to compute the value of firm. The firms value is computed by discounting the future expected free cash flows by the appropriate discount rate. Thus, there are two most critical elements that play essential role in determining the value of the firm those elements are future expected cash flows and discount rate (Wahlen, Baginski, Bradshaw, 2014). The computation of future expected cash flows involves analysis of the past cash flows of the firm and determination of the expected growth rate that can be perceived to be maintained in future. The past years cash flows are taken as the basis to estimate the future cash flows applying the future expected growth rate. In regards to use of past years cash flows, it is always advisable to use of the average figures (Wahlen, Baginski, Bradshaw, 2014). For example, in the case of valuation of General Electric, the average of past five years cash flows can used to determine the future expected cash flows. After arriving at the average past free cash flows, it becomes essential to compute the future growth to determine the future expected cash flows. The computations in regards to General Electric have been shown below. Average Free Cash Flows General Electric: Past five Year Free Cash Flows for Firm 2016 ($M) 2015 ($M) 2014 ($M) 2013 ($M) 2012 ($M) Earnings before interest and tax 14,055.00 11,649.00 26,711.00 26,267.00 29,788.00 Less: Tax @35% 4,919.25 4,077.15 9,348.85 9,193.45 10,425.80 After tax EBIT 9,135.75 7,571.85 17,362.15 17,073.55 19,362.20 Add: Depreciation and amortizations 4,997.00 4,847.00 9,283.00 9,762.00 9,192.00 Add/Less: Decrease (increase) in GE current receivables 1,514.00 383.00 (1,913.00) (485.00) (879.00) Add/Less: Decrease (increase) in inventories (1,389.00) (314.00) (872.00) (1,368.00) (1,274.00) Add/Less: Increase (decrease) in accounts payable 1,198.00 (541.00) 305.00 360.00 (437.00) Add/Less: Increase (decrease) in GE progress collections 1,836.00 (996.00) (515.00) 1,893.00 (920.00) Total 17,291.75 10,950.85 23,650.15 27,235.55 25,044.20 Less: Capital expenditure (2,775.00) (4,289.00) (7,465.00) (7,575.00) (8,935.00) Free cash flows to the firm 14,516.75 6,661.85 16,185.15 19,660.55 16,109.20 Average 16,617.91 Note: In the year 2015 company incurred net loss of $6,145 million and the free cash flows of the company are also deviating from the normal trend. Therefore, the year 2015 has been considered as abnormal and hence ignored in computing average free cash flows. The free cash flows as computed above shows that the company has capability to produce $16,618 million cash flows on a per year basis. It could be observed that the free cash flows to the firm include the cash flows generated for the debt holders also, beside the equity. However, the free cash flows for equity are computed after deducting the re-payments of debt. Further, in computing the free cash flows for equity, the net earnings attributable to equity are taken into consideration rather than EBIT. In respect of General Electric, the computation of free cash flows for equity is shown in the table given below: General Electric: Past Five Year Free Cash Flows for Equity 2016 ($M) 2015 ($M) 2014 ($M) 2013 ($M) 2012 ($M) Net earnings (loss) attributable to GE common shareowners 8,176.00 (6,145.00) 15,233.00 13,057.00 13,641.00 Add: Depreciation and amortizations 4,997.00 4,847.00 9,283.00 9,762.00 9,192.00 Add/Less: Decrease (increase) in GE current receivables 1,514.00 383.00 (1,913.00) (485.00) (879.00) Add/Less: Decrease (increase) in inventories (1,389.00) (314.00) (872.00) (1,368.00) (1,274.00) Add/Less: Increase (decrease) in accounts payable 1,198.00 (541.00) 305.00 360.00 (437.00) Add/Less: Increase (decrease) in GE progress collections 1,836.00 (996.00) (515.00) 1,893.00 (920.00) Total 16,332.00 (2,766.00) 21,521.00 23,219.00 19,323.00 Less: Capital expenditure (2,775.00) (4,289.00) (7,465.00) (7,575.00) (8,935.00) Free cash flows to the firm 13,557.00 (7,055.00) 14,056.00 15,644.00 10,388.00 Less: Net Debt payments (1,135.00) (24,459.00) (6,112.00) (14,230.00) (2,231.00) Free cash flows for equity 12,422.00 (31,514.00) 7,944.00 1,414.00 8,157.00 Average 7,484.25 Note: In the year 2015 company incurred net loss of $6,145 million and the free cash flows of the company are also deviating from the normal trend. Therefore, the year 2015 has been considered as abnormal and hence ignored in computing average free cash flows. It could be observed that the company has the ability to generate free cash flows of an amount of $7,484.25 million on per annum basis. Estimations of Growth The growth rate has been computed at two stages. At the first stage the variable growth rate (discrete cash flows) has been computed and at the second stage, the stable growth rate has been calculated. It is assumed that the free cash flows of the firm will grow at rate computed at the first stage for the next 10 years and then the growth would stabilize at the rate computed at the second stage. Estimation of a discrete cash flow growth (First Stage): ROE*Retention ratio Year Net profit for equity ($M) Equity ($M) ROE (%) Retention ratio Growth rate 2012 13,641.00 128,430.00 10.62% 49.28% 5.23% 2013 13,057.00 136,783.00 9.55% 41.06% 3.92% 2014 15,233.00 136,833.00 11.13% 5.32% 0.59% 2015 (6,145.00) 100,138.00 -6.14% 0.00% 0.00% 2016 8,176.00 77,491.00 10.55% 7.00% 0.74% Average growth of past five years 2.10% Note: It is assumed that for the next 10 years, the free cash flows of the company will grow at the average rate computed above. The growth rate as arrived at the first stage is 2.10% which is computed using return on equity and the retention ratio. The second stage growth rate has been calculated with reference to the growth in the gross domestic product as shown below: Year GDP ($M) (World Bank, 2017) Growth rate 2012 16155255 2013 16691517 3.32% 2014 17393103 4.20% 2015 18036648 3.70% 2016 18415418 2.10% Average GDP growth rate 3.33% It could be observed that the average growth rate of gross domestic product of the United States has been 3.33% in the past five years. In the long term, the company can not grow more rapidly than the overall economy; therefore, it is assumed that the growth rate of General Electricity in the long run would be 2.50% i.e. is less the average GDP growth rate. Estimated Future Free Cash Flows Using the average free cash flows of past years and the growth rates as computed above, the free cash flows for the next 10 years and the terminal value have been computed as shown in the table given below: Estimated Free cash flows for firm Year FCFF ($M) Remarks 2017 16,966.35 16617.91*(1+2.10%) 2018 17,322.10 ------Do--------- 2019 17,685.31 2020 18,056.13 2021 18,434.72 2022 18,821.26 2023 19,215.90 2024 19,618.81 2025 20,030.18 2026 20,450.16 Terminal cash flows 21,131.29 21131.29*(1+3.33%) Estimated Free cash flows for equity Year FCFF ($M) Remarks 2017 7,641.18 7484.25*(1+2.10%) 2018 7,801.40 -----Do---------- 2019 7,964.97 2020 8,131.98 2021 8,302.49 2022 8,476.58 2023 8,654.31 2024 8,835.77 2025 9,021.04 2026 9,210.19 Terminal cash flows 9,516.95 9210.19*(1+3.33%) Determination of Discounting Rate The future expected free cash flows of General Electric have been computed as shown in the above section. Now, the next step is to determine the appropriate discount rate to calculate the present value of these cash flows. The appropriateness of the discount rate would depend upon the fact that whether the cash flows for the firm are used or cash flows for equity are used. When the valuation is carried out using the cash flows to the firm, the appropriate discount rate is weighted average cost of capital (Pratt Grabowski, 2010). However, in case when the cash flows to equity are used, the cost of equity is considered to be appropriate discount rate. The weighted average cost of capital represents the cost of using all the capital resources which includes both the debt as well as the equity (Pratt Grabowski, 2010). However, the cost of equity represents the cost of using equity funds only. For the purpose of computation of weighted average cost of capital, it is essential to work out the cost of equity and cost of debt. The cost of debt can be computed by referring to the interest cost and the total amount of outstanding debt. However, the computation of cost of equity is not that simple (Pratt Grabowski, 2010). There are various considerations and different perceptions of the people about the cost of equity. Few consider dividend as the primary factor for computation of cost of equity and others relate it to the market risk premium on the stock. The dividend growth model provides solution to those who prefer dividend and capital asset pricing model provides solution for those who consider that market risk premium drives cost of equity (Pratt Grabowski, 2010). The dividend growth rate model is applied to compute the intrinsic value of the stock. The calculation of intrinsic value as per this model is carried out with the help of expected dividend, cost of equity, and the growth rate (Shapiro, 2008). This model provides that discounting the values of dividend to be received in future at the cost of equity would yield the intrinsic value. The dividend growth rate model assumes that the dividend will growth in future at the rate that is currently prevailing and it further assumes that the cost of equity will remain constant (Shapiro, 2008). This model provides following formula to calculate the intrinsic value of the stock: Intrinsic Value of Stock= D1/(Ke-g) Here, D1 is the expected dividend, Ke is the cost of equity, and g is the dividend growth rate (Shapiro, 2008). This formula can also be applied in computing the cost of equity. The cost of equity can be calculated if the expected dividend and growth is available and current prevailing price of the stock is assumed to be the intrinsic value of the stock. The cost of equity of General Electric by applying the dividend growth rate model has been computed as under: Cost of Equity: Dividend model A. Market Price of Stock (Po) (Yahoo Finance, 2017) 30.02 B. Expected dividend 0.998 C. Growth rate of dividend 7.36% D. Cost of Equity 10.69% Dividend growth rate Year Dividend per share ($) 2012 0.700 2013 0.890 2014 0.890 2015 0.920 2016 0.930 Growth Rate 7.36% Further, apart from dividend growth rate model, there is another most widely used model for computation of capital assets pricing model. The capital asset pricing model computes the expected return by using risk free rate of return, risk premium, and systematic risk. The CAPM model is based on the analogy that the investor would want as minimum return that equals the risk free rate plus the premium for risk (Sharifzadeh, 2010). Further, the premium for risk is also adjusted for the systematic risk which is represented by beta of the security. The beta measures volatility of the securitys return in comparison to the overall market return. The CAPM return is computed using the following formula: CAPM= Rf + Beta (Rm-Rf) Here, Rm is the market return and Rf is the risk free rate of return In respect of General Electric, the CAPM return has been computed as under: Cost of Equity: CAPM model A. Risk free rate (CNBC, 2017) 2.38% B. Market rate of return (SP500 2016 return) 15% C. Beta (Yahoo Finance, 2017) 1.1 D. CAPM 16.66% It could be observed that the cost of equity of the company by applying the dividend growth rate model is 10.69% while as per CAPM model it is 16.66%. It depicts that when dividend is considered as the primary parameter, the company seems less risk, however, when the stock price is taken as basis, the company appears to be more risky. Considering these fluctuations in the cost of equity arrived under two different models, it is advisable to use average for the purpose of computation of weighted average cost of capital. The average cost of equity is worked out to be 13.67%. Besides the cost of equity, two other important elements of weighted average cost of capital are cost of debt and cost of preferred stock (Pratt Grabowski, 2010). In respect of General Electric, it has been observed that preferred stock is negligible and hence it has been ignored in computing the weighted average cost of capital (General Electric, 2016). The cost of debt has been computed as under: Cost of debt: Net finance cost ($M) 5,025.00 Less: Tax @35% 1,758.75 After tax cost of debt 3,266.25 Borrowings amount 135,794.00 After tax cost of debt (%) [3517.50/135794] 2.41% The after tax cost of debt of General Electric has been worked out to be 2.41%. Further, it is essential to work out the market value weights to compute the weighted average cost of capital, which is shown below: Market Value Weights Debt Equity Total Market value of equity shares ($M) (Yahoo Finance, 2017) 261,440.00 Add: Retained Earnings 139,532.00 Value of debt (short term borrowings+ long term borrowings) 135,794.00 Total 135,794.00 400,972.00 536,766.00 Weights 0.25 0.75 It could be observed that the market value of companys common stock has been taken based on the current prevailing price of the stock. Further, since, most of debt of the company is in the form of borrowings from banks and financial institutions, therefore, the value of debt has been taken as per the latest audited statement of financial position (General Electric, 2016). Considering the above shown calculations in respect of cost of equity, cost of debt, and market value weights; the weighted average cost of capital of the company is worked out as under: Weighted Average Cost of Capital Debt Ordinary Shares Total Cost of Finance 2.41% 13.67% Market Weights 0.25 0.75 WACC 0.61% 10.21% 10.82% Final Valuation of Equity Shares The two crucial steps of valuation of the firm such as calculation of free cash flows and discount rate have been completed. Now, the final step is to compute the value of firm and value of equity by applying present value technique. In order to compute the value of firm, the calculation of present value is divided in two parts such as present value of discrete cash flows and present value of terminal cash flows (Larrabee Voss, 2012). In respect of General Electric, the value of equity has been computed under two approaches. The first approach seeks to compute value of overall firm and then the value of equity is arrived at after deducting there from the value of debt. In this approach, the free cash flows are computed for the overall firm and discounting of these cash flows is carried out at the weighted average cost of capital. The second approach seeks to compute the value of equity directly. In this approach, the free cash flows are computed for equity only and discounting of these cash flows is carried out by applying the cost of equity. In respect of General Electric, the value of equity under the first approach is arrived at as follows: Present value of discrete cash flows for next 10 years Year FCFF ($M) PVF @10.82% PV of Cash Flows ($M) 1 16,966.35 0.902 15,309.83 2 17,322.10 0.814 14,104.71 3 17,685.31 0.735 12,994.46 4 18,056.13 0.663 11,971.60 5 18,434.72 0.598 11,029.25 6 18,821.26 0.540 10,161.08 7 19,215.90 0.487 9,361.25 8 19,618.81 0.440 8,624.37 9 20,030.18 0.397 7,945.50 10 20,450.16 0.358 7,320.07 Total 108,822.12 Present value of terminal cash flows Terminal cash flows ($M) 21,131.29/ (10.82%-3.33%) 282,063.06 Total value of Firm ($M) (108,822.12+282,063.06) 390,885.18 Less: Value of Debt 135,794.00 Total value of Equity 255,091.18 No of Shares Outstanding Yahoo (Finance, 2017) 8,710.00 Per share value of value of equity (255,091.18/8,710) 29.29 The intrinsic value per equity share of General Electric as worked above is $29.29, which is approximately equal to the current prevailing price of the company. The current prevailing price of the company is $30.02 (Yahoo finance, 2017). This implies that the stock of the company is correctly valued at the moment. The value of equity of General Electric under the second approach that is taking the free cash flows for equity is arrived at as under: Present value of discrete cash flows for next 10 years Year FCFF ($M) PVF @13.67% PV of Cash Flows 1 7,641.18 0.880 6,722.25 2 7,801.40 0.774 6,037.83 3 7,964.97 0.681 5,423.09 4 8,131.98 0.599 4,870.94 5 8,302.49 0.527 4,375.01 6 8,476.58 0.464 3,929.57 7 8,654.31 0.408 3,529.49 8 8,835.77 0.359 3,170.13 9 9,021.04 0.316 2,847.37 10 9,210.19 0.278 2,557.47 Total 43,463.15 Present value of terminal cash flows Terminal cash flows 9,516.95/ (13.67%-3.33%) 92,046.11 Total value of Equity $M (43463.15+92046.11) 135,509.26 No of Shares Outstanding 8,710.00 Per share value of value of equity 15.56 It could be observed that the intrinsic value of equity share as worked above is $15.56, which is lower than the value arrived at as per the first approach. Further, this intrinsic value is also lower than the current prevailing market price, which implies that the stock is overvalued. Conclusion This report deals with the valuation of General Electric by applying the free cash method with two different approaches. Under the one approach, the overall value of the firm is computed and then the value of debt is deducted to arrive at the equity value. On the other hand, the second approach seeks to compute the value of equity directly by discounting the free cash flows for equity. From the analysis carried out in this report, it could be observed that there are three main steps to complete the valuation of a firm. These three steps are computation of free cash flows, discount rate, and the present value of the free cash flows. The computation of free cash flows involves analysis of the past trend and the estimations in regards to future growth. In regards to General Electric, it has been found out that the average free cash flows of the firm are $16,617.91 million while the average free cash flows to equity are $7,484.25 million. Further, it is estimated that these cash flows will growth at the rate of 2.10% per annum for next 10 years and then the growth rate would stabilize to 3.33% forever. Further, it has been observed that the discount rate should be selected carefully. The weighted average cost of capital is considered to be best when free cash flows to the firm are to be discounted. However, the cost of equity is taken as the discount rate when the free cash flows to equity are to be discounted. In respect of General Electric, the weighted average cost of capital has been found to be 10.82% and the cost of equity is 13.67%. Further, it has been observed that while calculating the present value, it is essential to divide the cash flows into two categories such as discrete cash flows and terminal value. This bifurcation of cash flows is necessary because different discounting parameters are applied on the discrete cash flows and the terminal value. The final value of equity of General Electric under the firm approach is arrived at $29.29 while it drops to $15.56 when computed under equity approach. References CNBC. 2017. US 10 year bond yield. Retrieved April 7, 2017, from https://www.cnbc.com/quotes/?symbol=US10Y General Electric. 2016. Annual report of General Electric for 2016. Retrieved April 7, 2017, from https://www.ge.com/ar2016/assets/pdf/GE_AR16.pdf Kruschwitz, L. Loeffler, A. 2006. Discounted Cash Flow: A Theory of the Valuation of Firms. John Wiley Sons. Larrabee, D.T. Voss, J.A. 2012. Valuation Techniques: Discounted Cash Flow, Earnings Quality, Measures of Value Added, and Real Options. John Wiley Sons. Pratt, S.P. Grabowski, R.J. 2010. Cost of Capital: Applications and Examples. John Wiley Sons. Shapiro. 2008. Capital Budgeting and Investment Analysis. Pearson Education. Sharifzadeh, M. 2010. An Empirical and Theoretical Analysis of Capital Asset Pricing Model. Universal-Publishers. Wahlen, J.M., Baginski, S.P., Bradshaw, M. 2014. Financial Reporting, Financial Statement Analysis and Valuation. Cengage Learning. World Bank. 2017. Data GDP: USA. Retrieved April 7, 2017, from https://data.worldbank.org/indicator/NY.GDP.MKTP.CD Yahoo Finance. 2017. General Electric Company: Summary. Retrieved April 7, 2017, from https://in.finance.yahoo.com/quote/GE?p=GE Yahoo Finance. 2017. General Electric Company: Valuation Measures. Retrieved April 7, 2017, from https://in.finance.yahoo.com/quote/GE/key-statistics?p=GE

Louis Pasteur free essay sample

Even though he had a below average grade in chemistry (Encyclopedia of Life Sciences), who wouldve thought a very poor, failing student would become one of the world’s most famous scientists? After high school, Pasteur went to college. He failed his college exam the first year, but passed the next (Adler). A few years later, after getting out of college, Pasteur decided to study in crystallography, which soon made him famous (Encyclopedia of Life Sciences). At age 26, decided he was tired of studying crystallography and tried a different field: bacteria (Manning 193). Studying bacteria was far more successful than studying crystallography. He had discovered three new types of bacteria: staphylococcus, streptococcus, and pneumococcus (Dakes 165). He also discovered chicken cholera, proved microbes reproduce, and proved that microorganisms are caused by living things and germs, and that microorganisms are killed at 122 degrees Fahrenheit (Jones 38). During this time, Pasteur studied beer and wine making. We will write a custom essay sample on Louis Pasteur or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Industries are also thankful to him for saving the wine and silk industries. He found a disease living in wine and silkworms, but found a cure to it (Encyclopedia of Life Sciences). This process became known as pasteurization (Manning 193). Later on in his life, he became a chemistry professor in Strasbourg, France (Manning 193). In 1847, he was appointed a professor in physics, and had 5 children. He had also revolutionized the practice of medicine (Dakes 165) and urged hospitals to practice hygiene, like washing their hands (Jones 38). Soon though, Louis Pasteur would discover something greater than anything else he’s imagine. During this time in his life, the first electrical telegraph was sent, the saxophone was invented by Adolphe Sax, and the Mexican-american war was beginning (Sobel), but something else important was about to happen. Pasteur had recently read that an eight-year old boy had been bitten by a dog with a disease called rabies. The boy was close to death, and Pasteur at the time was working on a vaccine for rabies, but on animals. The young boy’s parents pleaded for Pasteur to try the vaccine on him, but Pasteur was hesitant, not knowing what the results may be. He gave in though, and he proceeded. Surprisingly, the vaccine worked (Manning 193)! From their on, Pasteur developed vaccines to protect both people and animals, for example, anthrax, another infectious disease (Jones 38). Pasteur spent the remaining years of his life studying animals diseases like anthrax (Adler). During this time, Pasteur had a stroke. He survived it though, but was partially paralyzed. Even that, though, wouldnt stop him from continuing his work (Manning 193). In 1888, he established The Pasteur Institute in Paris, France (Encyclopedia of Life Sciences). He continued his studies until he died on September 28, 1895. He was buried at The Pasteur Institute in Paris, France (Manning 193). Louis Pasteur will always be known as one of the most important scientists in history (Dakes 165). Without his rabies vaccine, who knows if there would even be a cure for it today. He was portrayed as a hard-working man that benefited humanity (Adler) and tracked down dangerous organisms. As he once said, â€Å"In the field of observation, chance favors the prepared mind. † (Jones 38)

Effectiveness Of The Early Intervention Approach Social Work Essay Essay Example

Effectiveness Of The Early Intervention Approach Social Work Essay Essay Within this essay I am non traveling to name the grounds to believe in the effectivity of the early intercession attack. The utility of early intercession itself is non in difference. I will, nevertheless, be discoursing the strengths and failings of different types of early intercession. I will discourse the grounds to believe that some intercession strategies are better than others refering ways to manage societal issues. This essay will discourse the definitions of the footings used in the rubric. I will look at the motives behind the strategies and discuss ways of analyzing their effectivity. In relation to the importance of child engagement and the elaboration of kids s voices, I would besides wish to look at kids s positions on their ain state of affairss and why they feel like they should prosecute in Acts of the Apostless that would measure up as a societal issue. Specifying the key words We will write a custom essay sample on Effectiveness Of The Early Intervention Approach Social Work Essay specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Effectiveness Of The Early Intervention Approach Social Work Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Effectiveness Of The Early Intervention Approach Social Work Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Using the term social issue in mention to kids and households tends to propose childhood delinquency, drug maltreatment, force, teenage gestation, offense and etcetera. The word issue implies that there is a job that should be dealt with ; an issue is non an acceptable or coveted agencies of behavior and it opposes the societal ideal. However, many inquiries arise refering who has created the definition of this ideal. The linguistic communication used in the rubric suggests that the ideal consists of the obliteration of all societal issues. ( which the Government has highlighted. ) Used in CTC? ? Effectiveness is an look that is used by the Government when measuring early intercession. In the UK, The authorities drives frontward the demand for rating and appraisal of early old ages patterns ( Lewis A ; Utting, 2001 ) . It is a normally held premise that to accomplish the ends of evidence-based pattern and cost-effectiveness, rating is a necessity, non a luxury ( Ghate, 2001, p23 ) . Preventive early intercession enterprises have become more common since the reaching of the New Labour authorities in the late ninetiess ( Ghate, 2001 ) . Whether they are led by the authorities or by other administrations, an early intercession programme by and large has the purpose of cut downing negative societal outcomes the kids may lend to when they grow up. Within this essay, I will be utilizing illustrations of two different types of early intercession strategy: government-led and community-led. Different types of intercession Government-led Throughout the 1990s, there was a turning acknowledgment that wider societal, political and economic factors were negatively act uponing the households and communities that kids grew up in ( Hannon A ; Fox, 2005 ; Glass, 2001 ) . Shortly after New Labour was elected to power in 1997, Tony Blair stated that by 2010, the figure of kids populating in poorness within the UK would be halved and by 2020 it would be eradicated ( ) . As a consequence of this, the New Labour authorities introduced a figure of early intercession enterprises with the purpose of cut downing societal exclusion due to poverty ( Clarke, 2007 ) . The New Labour authorities has shown a serious committedness to the early intercession attack, holding invested 100s of 1000000s of lbs into one enterprise in peculiar: Certain Start ( Hannon A ; Fox, 2005 ) . To get down with, Certain Start was targeted chiefly at working with parents of immature kids from the most socio-economically disadvantaged countries in the UK. By making this, hence, the authorities aimed to potentially undertake future issues that their kids might make. One statement of Certain Start s purposes is described by Clarke ( 2007 ) ; ( Certain Start aims to avoid ) societal exclusion in maturity, chiefly by enabling kids to gain their potency within the instruction systemaˆY ( p.699 ) . Certain Start reflects its purpose by working both straight and indirectly with the kid ; straight by supplying such things as pre-school child care ; and indirectly by supplying services for parents and the wider community ( Belsky A ; Melhuish, 2007 ) . Other authorities early intercession attacks that have been introduced since 1997 with the purpose to interrupt the rhythm of poorness include: child revenue enhancement credits, working revenue enhancement credits and child benefits. Government policies and green documents such as Every Child Matters ( 2003 ) back up the early intercession attacks by sketching the criterions for child well-being and proposing guidelines to assist professionals make these criterions. The 2007 Children s Plan recognises the importance of supplying support for parents, in order to derive their enthusiasm for their kid s instruction. Parental enthusiasm and engagement is a cardinal factor when seeking to originate an intercession strategy ( ) . Government programmes and big graduated table intercession programmes such as Communities That Care ( CTC ) are non the lone types of early intercession. Communities themselves have long developed programmes that tackle issues of import to them. Certain Start was to be focussed on comparatively little countries of demand, reflecting the desirableness of action at the degree of communities ( Hannon A ; Fox, 2005, p3 ) Community-led Non-government led administrations have been set up all over the state in response to different communities demands. One illustration is Kids Company , a charity which aims to supply practical, emotional and educational support to vulnerable inner-city kids and immature people ( Kids Company Website, 2008 ) . This statement seems really similar to the one Sure Start uses. Kids Company s methods of early intercession, nevertheless, differ significantly from those of Certain Start. Kids Company s effectivity lies in its proviso of advanced, flexible and child-centred services. Kids Company provides targeted curative and societal work intercessions, and cosmopolitan category and group entree to the humanistic disciplines. ( Gaskell, 2008, p4 ) Personal relationships with people they are making. Self-referal. Accessibility is an of import factor for intercession strategies. If parents or kids do non entree intercession ( whether it be through pick or deficiency of cognition ) The premise is that behind every kid is a responsible grownup, who will voyage the way to services ( Camilla Batmanghelidjh, 2006, p15 ) . Sadly, the truth for many kids who would profit most from intercession services is that their chief carers are non willing or can non be bothered ( uninterested? ) to let their kid to go to ( Batmanghelidjh, 2006 ) . Motivations behind intercession strategies Politicss Children s public assistance? Money The purpose for the Certain Start enterprise was that it should be based on the best grounds of what works ( Glass, 2001, p14 ) . Lack of financess can intend that some kids get overlooked by local governments and societal services. In her book, Camilla Batmanghelidjh ( 2006 ) describes coming into contact with kids who were enduring from deficiency of nutrient and disregard, mentioning these kids to societal services, but detecting that they were non eligible for aid due to miss of resources and excessively many instances of sexual and physical maltreatment. Many kids drop out of the instruction system and are neer pursued by the system because the behavioral and emotional troubles of the kids are excessively much of a load to school staff ( Batmanghelidjh, 2006 ) . Many interrelated factors place kids at hazard of following behavior that could be seen as a societal issue. Many kids who already pattern such behavior are likely to hold been conditioned by their household s socio-economic fortunes. Socially unacceptable behaviors can take to societal exclusion, which can, in bend, consequence in the following coevals s societal exclusion ( Clarke, 2007 ) . Children s attitudes, accomplishments and behaviors are shown to be linked to the environment in which they grow up in. The largest influence is shown to be that of the household ( Parton, 2007 ) . Talk about EPPE. The key, when looking at covering with societal issues, lies in undertaking the implicit in factors. This could be by the agencies of supplying services and/or resources. These factors include poorness, hapless nutrition, emotional disregard and underachievement. There is an overall apprehension that these factors can non be isolated from one another ( happen grounds ) . Intervention is a term that suggests that an outside beginning will come in to step in with whatever is traveling on and vanish once more one time excessively issue is fixed or eradicated. Analyzing effectivity ( research ) Measuring larger scale early intercession programmes Early Effectss of CTC ( Hawkins et Al, 2008 ) Reports positive effects, but the consequences are quantitative looking at if the kids have taken drugs or shown marks of delinquent behavior. Not looking at the kids s positions of how the undertaking may hold changed their lives issues such as being listened to, valued and experiencing portion of the community. if services can non stipulate what changes they expect to see for `successful users, judges surely can non mensurate them, allow entirely go through opinion on whether the service has proved effectual. ( Ghate, 2001, p25 ) Strengths of early intercession attacks imply that these are the grounds for sensed effectivity. Contrary to the strengths of early intercession undertakings, their failings reveal the infinite for betterment within the services. The New Labour authorities has introduced several intercessions that aim to profit households. Much research would back up the thought that early intercession strategies such as Certain Start have a positive benefit on kids s wellbeing ( ) , but how far can research reflect the true image of what is go oning to under-privileged kids in this state? This force per unit area to mensurate a scene s effectivity can take away from the sum of clip practicians can pass with the kids: Time and energy is, hence, progressively sapped from those supplying services to make full in signifiers for external intents, instead than back uping kids. ( Lewis and Utting, 2001, p4 ) . Ironically, this could negatively impact the effectiveness of the intercession. Accessibility- If many people are accessing services, so the likeliness of them holding an impact is increased. Alternatively, if there are non adequate staff members to run into the demands of the attendants, so the likeliness of effectivity is necessarily decreased. Before an educational result at that place needs to be an emotional 1 ( Batmanghelidjh, 2006, p23 ) . Successful results or effectivity of an intercession service are non immediately noticeable. It may take old ages for disturbed kids to prosecute in behavior they were antecedently unable to. Their results are personal, and their successes are frequently single and emotional first, before they become seeable in the universe of academe and work. ( Batmanghelidjh, 2006, p 22 ) The job with showing results in the manner that they are being demanded is that clinicians try and exclude kids from their services who are likely non to supply positive results. p.23 This is non through inhuman treatment, though, but because the clinician relies on the money they earn for making their occupation effectively . Money is basically the ground why so many kids do non have the services they should. Children are being dehumanised by being treated as statistics that keep grownups in their occupations. So many of our current intercessions with vulnerable kids come from the position of the well-balanced grownup, necessitating to continue our ain sense of safety. ( p 153 ) Short-run enterprises, where the practician enters the kid s state of affairs, offers a quick-fix remedy and so disappears once more, are simply decorative. This sort of intercession offers no existent solution to the issues that disadvantaged kids face. The authorities thrive on statistics that have been distorted to reflect their political end ( happen some ) . The public want statistics to demo them that issues are being resolved. It is to make with how committed people are to seeing alteration. Short-run enterprises are uneffective, due to the fact that people are complex existences. Effective early intercession programmes have recognised the demand to construct relationships with the people behind the issues . Decision Childs who carry out anti-social behavior are sometimes referred to as being delinquent ( Hawkins, 2008 ) . This reflects the medical theoretical account of disablement, that which implies that the mistake lies within the kid and needs to be fixed. The purpose of some early intercession programmes can be to profit broad society instead than the kid. Blair ( 2008 ) radius of a new political enterprise that would place those most at hazard of piquing at birth. This sort of intercession would non be good to the kid. Bing labelled from birth as a possible wrongdoer could bring forth a self-fulfilling prophesy. The most effectual early intercession programmes are those that make a committedness to the kids themselves ; that aim to do them experience valued as members of society and offer them the best chances. Many of the early intercession programmes explored, such as Communities That Care ( CTC ) dressed ore on impressions of conveying the community together and constructing societal capital from within the community. We can non anticipate kids to move as responsible members of the community unless they are treated as such. Not merely garnering their positions but affecting them, affecting them in planning and development of programmes as will see changeless unfavorable judgment from the kids is nothing really happens Disenchantment The delinquent kid ( Hawkins, 2008 ) Looking at how the kid is framed within early intercession programmes. Is it to do them experience valued, of import and give them the best chances? Or is it to screen them out for the interest of wider society? Government enterprises: Identifying those at hazard of piquing at birth ( Blair, 2008 ) . Fits with authoritiess crack-down on anti-social behavior and ASBO s. More positive: Certain Start, rearing programmes. Want to forestall the jobs before they start, but such attacks label the kid before they have even offended. This is likely to estrange them farther from society. Not helpful! Distribution of power Counterterrorist center Programme is consistently applied from the exterior Community driven and the community identifies jobs they believe need turn toing But, research by ( Brown et al 2007 ) into the Community Youth Development Study: Leaderships were those who already held leading places i.e. city managers, metropolis directors, constabularies heads, school overseers. These were the people who were interviewed, aboard five referred leaders No attempt to interrupt down power relationships. Study itself is non representative. We do non hear the positions of different community members. Older respondents and those from jurisprudence enforcement were more likely to describe higher baseline degrees of coaction than younger respondents or those from other community sectors ( Brown et al 2007 ) . So once more condemnable justness system taking the lead. Ultimately, people giving their clip and fundss can make such impressive things for the demand of their communities . And I think that s what our universe is urgently in demand of lovers, people who are constructing deep, echt relationships with fellow strugglers along the manner, and who really know the faces of the people behind the issues they are concerned about. Shane Claiborne ( The Irresistible Revolution, 2006 ) Specify what can be meant by societal issues in this essay. What does it intend to deal with societal issues? What is effectiveness? How can we mensurate such a relative/ idiosyncratic thing? What types of early intercession are at that place? Government plans Surestart Voluntary sector- charity work/ people taking to populate in deprived community to assist alter for the better. Education? Therapists? Health? New hampshire, accoucheuses, wellness visitants etc. What grounds are at that place to believe that these methods work? CTC informations ( big ordinal number of sentiment studies do these to the full reflect true image? ) Case surveies? Government surveies ( genuinely dependable? Short term? Who are they financed by and for what aim? ) What alternate attacks are at that place to early intercession? ! ( What are we comparing early intercession to to do the premise that it is the most effectual attack to cover with societal issues? Other states ( Norway and Sweden ) Are households prosecuting with intercession undertakings? Non-engagement ( Anning and Ball 2008 ) Intervention or demand of resources? ? Arnold et Al ( 2003 ) : Specific demands of communities and the persons themselves within such communities need to be addressed. Great diverseness of demands It is the environment that needs altering non the person. Brown et Al ( 2007 ) CTC organizes the acceptance of a science-based attack to prevention into five phases that correspond to Rogers ( 1995 ) phases of invention diffusion. Each phase is guided by a set of mileposts and benchmarks that are used to supervise CTC execution p181 Diffusion is the procedure through which ( 1 ) an invention ( 2 ) is communicated through certain channels ( 3 ) over clip ( 4 ) among the members of a societal system ( Rogers, 1995 ) . Most persons evaluate an invention, non on the footing of scientific research by experts, but through the subjective ratings of near-peers who have already adopted the invention. Diffusion is basically a societal procedure through which people speaking to people spread an invention.

Nintendo Analysis Micro Environment Repost from Blog Essays

Nintendo Analysis Micro Environment Repost from Blog Essays Nintendo Analysis Micro Environment Repost from Blog Paper Nintendo Analysis Micro Environment Repost from Blog Paper Essay Topic: Blog Analysis Suppliers: Companies being the developers of their own video games become the suppliers themselves. The augmented products used in the development of these games may include cads, hard disks, electronic components, software?s, game writers, packaging of the consoles, printing of manuals and additional features like graphics etc to make the games more popular. Distributors: Distributors play a vital role in the video game industry. They include the local store distributors and now days the online distributors too who have major undistributed to the video game industry. However it is essential to know the potential distributors of video games as some might just act as middlemen to make profits. Customers: The individuals playing video games comprise an increasingly large and definition-defying group. According to the Entertainment Software Association, the average gamer is 35 years old and has been playing for 13 years. Incidentally, there are more gamers than non-gamers in the U. S. Population almost half of which are female. Todays video game players include a diverse segment of students, employees, military troops, seniors, others and fathers who have driven the evolution of games into new territory. The first gamers have grown up, started families and included their children and parents in the fun, multiplying the pool of multi-generational gamers exponentially. As the population of gamers has expanded, market forces have driven game developers to make games more accessible to this new, diverse audience. Competitors: Sony and Microsoft are the major competitors of Nintendo. Sony has about 70% share in the market with Nintendo and Microsoft commanding rest of the market. Nintendo continues to be the market leader in the hand video games and is able to maintain a low price in the hardware. It and has a good reputation for maintaining healthy relationship with outside parties. The other small players like Gear Veined and Universal Games, concentrate mainly on Arcade games, which are not a major threat to Nintendo. In general, the company offering good graphics games at competitive prices can become a leader in the gaming sector. But at the same time, it should also come up with newer products by carefully analyzing the changing requirements of the users.

Providing support to families of individuals with severe mental health Research Paper

Providing support to families of individuals with severe mental health diagnoses - Research Paper Example Clients suffering from mental problems such as depression are most likely to live with parents and other family members. Such clients require support to get through the recovery period and assist them from succumbing to their habits once more (Baucom, Shoham, Mueser,  Daiuto,  Stickle, 1998, p. 57). The National Institute of Mental Health has carried out a survey that proved an approximated 17 million adult citizens enduring depression on an annual basis (Becker and Drake, 2006, p. 149). Depression is a factual and psychological problem with an extreme price of suffering and decreased work output. At the same time, depression is a treatable mental illness. Curtis is an educational and coaching analyst at the University of California, who has evolved his profession by service users following an analysis opinion carried out by the National Institute of Mental Health. Curtis was enduring migraines, severe headaches, sleepless nights, hallucinations and even convulsions while working at the university. Curtis sought for psychological help from specialists. Even though his journey to recovery is still incomplete, he struggles with his symptoms, while sorrowful the financial and relationship losses that he has undergone (Kuyken, Dalgleish and Holden, 2007, p. 5). Curtis has been divorced twice in one year, with both spouses claiming that they do not get â€Å"enough quality time since their husband is ever-working.† Late working hours, constant interruption from students, banking alerts, family and children demands have continuously depleted Curtis’ mind as he seeks to satisfy each of the needs. Therefore, Curtis sought for mental help at the National Institute of Mental Health. As a result, his siblings, children and career colleagues played a enormous role in causing his depression, as well as offering support for mental help. In accordance with my professional help, self-help and mutual