Avoiding Ethical Impropriety:

Evading ETHICAL IMPROPRIETY: PROBLEMS OF DUAL ROLE RELATIONSHIPS INTRODUCTION While the essential job of an advisor is to give directing administrations, specialists frequently expect further proficient jobs identified with their extraordinary information and preparing. For instance, they might be specialists, master observers, chiefs, creators, or educators. As private people, specialists additionally accept nonprofessional jobs. They might be guardians, football trainers, customers, individuals from the PTA, companions, sexual accomplices, and innumerable other things.In their differing proficient and private limits advisors can contribute a lot to the general bliss of the networks where they live and work. At the point when an expert accept in any event one extra expert or individual job concerning similar customers, the relationship in this way framed is named a double or various job relationship. For instance, an educator may likewise be the chief of one of his understudies/assi stants, or an advocate may likewise be a client of a customer/owner. Double job connections may happen all the while or continuously (NASW, 1997, 1. 6. c). For instance, a specialist has a back to back double job relationship when she guides a previous sexual accomplice or a previous understudy. While not all double job connections are unscrupulous (can possibly make critical mischief customer or other), now and again the mixing of the directing job with certain individual jobs or with certain other expert jobs can produce genuine good issues. All through this paper this student will think about complexities of dangerous double job connections. The condition this student will concentrate on is schools and universities.Two contextual investigations will be introduced, one investigating some key issues of sexual relations with customers, the other investigating some key issues of non-sexual double job connections. This student will likewise apply the ACA code of morals all through thi s paper. Four arrangements of gauges with respect to moral administration of double job connections will be cited. Double ROLE RELATIONSHIPS INVOLVING CONFLICTS OF INTEREST Dual job connections are ethically hazardous when they include the advisor in an irreconcilable situation. As indicated by Davis and Stark â€Å"a erson has an irreconcilable situation in the event that he is involved with at least one others requiring the activity of judgment for the others' sake yet has an extraordinary enthusiasm having a tendency to meddle with the best possible exercise of judgment in that relationship. † For instance, a specialist's capacity to advise a customer might be antagonistically influenced if the advocate is likewise the customer's colleague. To the extent that a double job relationship debilitates the specialist's capacity to make decisions promotive of customer government assistance, the advisor has an ethical duty to maintain a strategic distance from such a relationship or to find a way to defend customer welfare.One conceivable way of managing a double job relationship including an irreconcilable situation is to illuminate the customer that the contention exists. Thusly, customers are treated as self-sufficient specialists with the ability to go somewhere else if and when they so pick. In any case, while such a methodology will accord with genuineness and thought for customer independence, it may not the only one determination the ethical issue. The potential for customer damage may even now continue in cases in which the customer chooses for stay with the relationship. Non-maleficenceâ€â€Å"first do no harm†Ã¢â‚¬ should then adopt priority.A further strategy targeting relieving potential for customer hurt is to make complete honesty to the customer and look for meeting and management in managing the contention (Corey & Herlihy, 1997). As indicated by Corey and Herlihy (1997), while this methodology might be more â€Å"challeng ing† than evading double job connections inside and out, â€Å"a eagerness to wrestle with the moral complexities of everyday practice is a sign of polished methodology. † However, the customer's capacity to â€Å"grapple† with the circumstance should likewise be taken into account.In circumstances where the advisor looks for counsel and management to manage an irreconcilable situation, authenticity necessitates that the specialist educate the customer regarding such. Albeit various customers may react diversely to revelation of this data, it ought to be viewed as what ramifications this plan may have from the customer's point of view. On the off chance that the specialist can't confide in himself (without oversight) to act working together with customer government assistance, will this antagonistically impact the customer's capacity to confide in the advisor in this or other situations?The minor presence of the double job relationship may itself present a snag f or the customer. For instance, seeing someone which the customer bargains for directing administrations, the customer may feel constrained to treat the advisor in a way that surpasses customary client desires. The customer's recognition may then be a higher priority than the truth. Regardless of whether the specialist prevails with regards to keeping up autonomy of judgment through conference and oversight, this may not make any difference if the customer doesn't see the circumstance along these lines or if the customer is in any case incapable to keep up objectivity.In a few circumstances, double job connections might be unavoidable. For instance, in a provincial area where there is just one rehearsing advisor and one bank, the specialist's credit official may likewise be the advisor's customer. In circumstances where maintaining a strategic distance from the double job is beyond the realm of imagination or not plausible, the advisor should then avoid potential risk, for example, e ducated assent, meeting, management, and documentation to make preparations for debilitated judgment and customer abuse (ACA, 1995, A. 6. a).Viewed in this light, specialists rehearsing under conditions where unavoidable double job connections are likely (for instance, in little country towns), have extra warrant for reaching other skillful experts ready to give conference or management upon demand. Ethically hazardous double job connections might be sexual or non-sexual in nature. Sexual double job connections remember ones for which specialists take part in sexual relations with current customers or with previous clients.Non-sexual double job connections incorporate (yet are not constrained to) ones in which the advisor is additionally the customer's administrator, colleague or partner, companion, representative, relative, or instructor. While these connections are frequently avoidable, their risky nature may go unnoticed. For instance, with an end goal to help a companion out of luck, a specialist may, with every single well meaning goal, disregard potential for customer hurt. Proficient and lawful measures overseeing sexual associations with current customers reliably deny such connections. Lawful assents may incorporate permit renouncement, common suits, and criminal arraignment (Anderson, 1996).According to The American Counseling Association Code of Ethics, â€Å"counselors don't have any kind of sexual affections with customers and don't advise people with whom they have had a sexual relationship† (A. 7. a). The National Association of Social Workers Code of Ethics legitimizes its own denial against offering clinical types of assistance to previous sexual accomplices in light of the fact that such lead â€Å"has the possibility to be unsafe to the individual and is probably going to make it hard for the social specialist and individual to keep up proper expert boundaries† (NASW, 1997, 1. 9. d) The potential mischief coming about because o f sexual exercises with customers has been reported. For instance, refering to the examination of Kenneth S. Pope (1988), Herlihy and Corey (1997) have noticed that mischief may take after that similar to survivors of assault, battery, kid misuse, and post horrible pressure. These impacts incorporate â€Å"ambivalence, blame, void and seclusion, personality/limit/job disarray, sexual disarray, debilitated capacity to trust, enthusiastic obligation, stifled wrath, subjective brokenness, and expanded self-destructive risk† (p. 4). The preclusion against sexual exercises with current customers has likewise been stretched out to understudies and supervisees. For instance, as indicated by the American Psychological Association Ethical Standards, â€Å"psychologists don't participate in sexual associations with understudies or supervisees in preparing over whom the therapist has evaluative or direct power, in light of the fact that such connections are so prone to debilitate judgm ent or be exploitative (1. 19. b).There is, nonetheless, less agreement on the topic of sex with previous customers. Albeit a few states genuinely see sex with previous customers as sexual unfortunate behavior, other state rules just as codes of morals make exemptions. For instance, Standard 4. 07 of the American Psychological Association Ethical Standards affirms the accompanying: a. Clinicians don't take part in sexual affections with a previous treatment patient or customer for in any event two years after end or end of expert administrations. . Since sexual affections with a previous treatment patient or customer are so as often as possible unsafe to the patient or customer, and in light of the fact that such affections subvert open trust in the brain research calling and consequently discourage the open's utilization of required administrations, analysts don't take part in sexual affections with previous treatment patients and customers considerably following a two-year span as ide from in the most uncommon circumstances.The clinician who takes part in such exercises after the two years following discontinuance or end of treatment bears the weight of showing that there has been no abuse, considering every important factor, including (1) the measure of time that has gone since treatment ended, (2) the nature and length of treatment, (3) the conditions of end, (4) the patient's or customer's very own history, (5) the patient's or customer's ebb and flow mental status, (6) the ikelihood of unfriendly effect on the patient or customer and others, and (7) any announcements or activities

Analysis The Study of Perfect Competition and Monopoly Free Essays

In flawless rivalry, the market comprises of an immense number of purchasers and dealers and henceforth, a solitary purchaser or merchant, anyway huge, can not impact the market cost of an item by changing his own interest/gracefully of the item. All the organizations produce and sell homogeneous items. The items should be indistinguishable as far as quality, assortment, shading, plan, pressing, and other selling conditions at all. We will compose a custom article test on Investigation: The Study of Perfect Competition and Monopoly or on the other hand any comparable point just for you Request Now There are no hindrances to passage or exit in the market. Firms have total opportunity to move in or move out of any industry with no obstruction. The components of creation can be moved all through the market effectively and easily. Merchandise, administrations and work are flawlessly versatile among firms and customers. In an ideal serious market, purchasers and merchants should have ideal information about the overall economic situations. Firms don't need to bring about any expense on transportation of products starting with one piece of the market then onto the next. There are not really any Govt. intercessions in the matter of the homesteads. Because of every one of these components, in flawless rivalry, firms can just procure typical benefits From the previously mentioned attributes, it is without question that no such market can exist in reality. The supposition of enormous number of venders and item homogeneity infer that every single individual firm in flawless rivalry are value takers, the interest bend being vastly versatile which implies that organizations can sell any measure of item at the common cost. Productâ homogeneity is absolutely a ridiculous idea. There are consistently sure hindrances to passage and exit for the organizations in any market. Components of creation can not be splendidly portable among firms and transportation cost consistently exists in each market. ‘Perfect knowledge’ never exists among all purchasers and venders and there is not really any market where the administration is without any capacity to control it. Immediate and roundabout charges are basic in all aspects of the world. Imposing business model Imposing business model, being the specific inverse of the splendidly serious market, comprises of just a single vender of an item. The items are not homogeneous in nature and subsequently, there is no nearby substitute for them. Additionally, boundaries of passage are high and the organizations can either fix the cost or control the flexibly of an item. A monopolist applies value separation (various costs are charged for a similar item from various clients); in this way gaining super-typical benefits. Unadulterated imposing business model is likewise uncommon in today’s advertise structure. There are in every case some nearby substitutes for each item or administration. In this way while the National Railways might be named a restraining infrastructure, the Road Transport Corporation gives a nearby substitute to the administrations gave by the previous. Indeed, even a couple of decades back, in creating nations like India, the National Airlines and TV channel, Electricity Boards and so forth. However, with the globalization advancement act in 1992, an enormous number of private players from over the world entered the market and increased extensive piece of the pie. De Beers was considered as one of the best characteristic monopolist on the planet holding marginally under 90 percent of piece of the pie in the mid-1980s, yet at the same time it was not the single player in the precious stone market. In this manner, despite the fact that there might be sure markets which intently look like a few states of great and imposing business model rivalries, however considering the definition and qualities of both these two kinds of business sectors, it can undoubtedly be reasoned that the presence of such markets in the current age, is just an imaginary idea. References Financial aspects for Managers, ICFAI Center for Management Research (ICMR) Publications, part: 6 †7                 Instructions to refer to Analysis: The Study of Perfect Competition and Monopoly, Essay models

Reduce Your Emissions (Improve Your Cash Flow)

Reduce Your Emissions (Improve Your Cash Flow) Reduce Your Emissions (Improve Your Cash Flow) Reduce Your Emissions (Improve Your Cash Flow)The planet (and your wallet) needs you!October 24th was the 10th anniversary of the International Day of Climate Action. The International Day of Climate Action was organized by nonprofit 350.org as part of its mission to keep the carbon in the atmosphere below 350 parts per million (ppm).As of 2019, atmospheric carbon is now at 415 ppm. 350.org has since adjusted their goal to ceasing further atmospheric carbon increase as quickly as possible and bringing the total back down to 350 ppm.That goal is going to require some major commitments from world and industry leaders. But you might as well do what you can to lower emissions as well â€" especially if it can also save you money.Here are four ways you can cut down on daily expenses by making changes to the way you live, shop, and eat.Take up bikingPublic transit is a great way to get where you need to go, whether you use it every day as part of your morning commute, or only when you want to visit the fish at the aquarium. But even many large cities do not have effective public transit systems, and many people do not live in large cities.A car may be a requirement for your situation, but it can still be worth minimizing your auto use when you can.“Riding a bicycle is always the greenest option, saves money at the gas pump, and burns some of that unwanted body fat while keeping your heart running,” suggests B.C. Kowalski, founder of www.frugalwheels.com. “The good news is you do not have to bike everywhere. I am a big fan of the two-mile principle â€" start biking to destinations within two miles of your house, which nearly everyone can do. ”Biking, if even only for short distances, can help to cut down on your gas use over time. But also remember, the more you use your car, the higher your risk of having to deal with costly repairs due to wear and tear.Click here for our post featuring tips on saving money with two wheels.Clean cleaning suppliesYou do not wan t to dirty the planet while cleaning your home. Highly specific cleaning products can also get quite pricey.Alberto Navarrete, general manager of Frisco Maids, suggests avoiding aerosol cleaning products â€" basically products that come in a can. He also recommends taking cleaning matters into your own hands. “There are always substitutes for these products that you can find or research online for a [do-it-yourself] solution â€"   usually at a fraction of the cost of the can spray product. This helps to reduce toxic waste that creates a greenhouse effect on the earth.”The way you wash your clothes can also make a difference, from the temperature of the water to what you use for detergent.“Switch to washing clothes in cold water,” says award-winning sustainability author Shel Horowitz. “Heating water is the most energy-intensive part of the laundry process,” which also makes doing your laundry more costly. There are many ways you can make an impact on your water bill whil e also helping the environment, but using cold water for washing is one of them.Using a detergent formulated for cold-water washing can help support your cold laundry efforts. Additionally, finding a reusable detergent solution can also help reduce costs while cutting down on packaging. “A non-detergent product such as the laundry ball we have used for almost three years, you can get the clothes plenty clean,” Horowitz said.Choose better bulbsLED bulbs use a fraction of the electricity of traditional light bulbs, which means less emissions and less money spent on replacing bulbs. LED bulbs are said to last for years, with their lifespan depending on how many hours you use them a day.“I figured out once that the owners of certain types of businesses could save six figures over the life of the bulbs by switching 50 bulbs in hard-to-reach locations,” Horowitz said. While a homeowner isn’t likely to burn that type of energy or save that type of cash, switching your bulbs out c an help you save on utilities over time.Consider less meatLook, we love a good burger from time to time. We are not going to tell you to give up meat entirely. But lessening your meat consumption is not just good for the environment, it can have big benefits for your wallet and your arteries.“Eating more plant-based meals is one of the easiest and most significant things people can do to lower their carbon footprint,” Horowitz says. “And now, with the recent arrival of much more convincing meat substitutes …   you do not have to give up the taste. I have been a vegetarian for 46 years, but even if you just cut back, it makes a huge difference.”One factor to note: Not all meat substitutes are slimming for your wallet some of them can be rather pricey. However, sticking to a plant-based diet can be cheaper overall if approached responsibly.Adapt and start savingThe sooner you start adapting these sorts of habits, the better off your bank account will be, and you will be hel ping keep the planet more livable. Living on Earth and saving money? Those are two things we can really get behind!

Human Immunodeficiency Virus Development Of The C B...

Human Immunodeficiency Virus: Development of the C-C Chemokine Receptor 5 (CCR5) Antagonists as an Effective Treatment. Mathew Lane, B5550246, Mathew599@aol.com Department of Life, Health and Chemical Sciences, The Open University, Walton Hall, Milton Keynes, MK7 6AA, UK. Abstract The human immunodeficiency virus (HIV) targets Leukocytes cells which express the CD4 receptor, they use Chemokine receptors (CCR5 most common one used) as a co-receptor to bind and fuse with the host cell. Preventing the entry of HIV into CD4 cells has lead to the development of a new type of antiretroviral drugs (ARV’s) called entry inhibitors. Maraviroc is a CCR5 receptor antagonists; this prevents the HIV Gp120 protein from binding and infecting the host†¦show more content†¦Cytokines are small proteins that act as signalling molecules effecting the behaviour and function of other cells. They are important in the immune systems response to infections and trauma. Proteolysis is the breakdown of protein chains into small polypeptides and amino acids; this is usually catalysed by enzymes such as protease. Chemotaxis involves the movement of cells in response to a chemical stimulus. This movement can be either towards or away from the source of the stimuli. Chemokines are chemotactic cytokines and are signalling molecules involved in chemotaxis. They are particular important in directing immune cells towards an area of infection. Since its outbreak the Human immunodeficiency virus (HIV) which goes on to develop in to Acquired immune deficiency syndrome (AIDS) has been reported in over 119 countries with 78 million people being infected resulting in over 39 million deaths. As of 2013 an estimated 0.8% of the world’s population aged 15-49 are living with HIV, this varies dramatically for individual countries with it rising to 71% in sub-Saharan Africa [ ]. This has lead to a dramatic decrease in life expectancy as shown in figure 1[ ]; this intern reduces the working population causing economical impacts. Recent recovery in life expectancy is due as a result in our increased understanding of how HIV replicates, allowing for the development of drugs that interrupts its

Booker T. Washington vs. W.E.B. Dubois Essay - 1170 Words

When it all comes down to it, one of the greatest intellectual battles U.S. history was the legendary disagreement between Booker T. Washington and W.E.B. DuBois. This intellectual debate sparked the interest of the Northerners as well as the racist whites that occupied the south. This debate was simply about how the blacks, who just gained freedom from slavery, should exist in America with the white majority. Even though Washington and DuBois stood on opposite sides of the fence they both agreed on one thing, that it was a time for a change in the treatment of African Americans. I chose his topic to write about because I strongly agree with both of the men’s ideas but there is some things about their views that I don’t agree with. Their†¦show more content†¦Washington was often looked at as an â€Å"Uncle Tom† because of the things he did, such as advising blacks to remain in the South and to avoid politics and protest in favor of economic self-help an d industrial education. He eventually became a powerful political boss, friend of white businessmen like Andrew Carnegie, and advisor of some presidents. Washington publicly accepted without protest racial segregation and voting discrimination, but secretly financed and directed many court suits against such proscriptions of civil rights. To Washington his ideas was obvious and clear, by earning the respect of whites they would either help blacks or deal with their crime against humanity that will eventually bring them down. To me it is obvious why many whites agreed with Washington and many blacks disagreed with him. I agree with Washington by not demanding our rights because making demands would be met with opposition and nothing will be done that is necessary to bring blacks up to the equality line. On the contrary, I disagree with the way that Washington believed that blacks should just ignore how whites treated us with violence then turn around and try to earn their respect. A frican Americans during this time wasn’t trying to hear this because just 3 years before his speech in Atlanta, 156 blacks were lynched in one year alone. To the blacks of that time, forgetting thatShow MoreRelatedBooker T Washington .vs. W.E.B Dubois1331 Words   |  6 PagesBooker T Washington and W.E.B Dubois offered different strategies for dealing with the problems of poverty and discriminations faced by Black Americans at the end of the 19th and beginning of the 20th Centuries. Using the documents and your knowledge of the period 1877-1915, assess the appropriateness of each of these strategies in the historical context in which each was developed. Kaamilyah Sabir In this time period, life was extremely hard for African Americans simply because they wereRead MoreBooker T. Washington vs W.E.B. DuBois Essay1390 Words   |  6 Pagesabout numerous similarities as well as differences between these two gentlemen. Their names are Booker T. Washington and W.E.B. DuBois. But before I explain the differences between these two gentlemen, I will give you a more in depth background on each of them. This information that I will provide for you will give you a clearer thought on how they were raised and their beliefs. Booker T. Washington was born on the fifth of April in 1856, in Hale’s Ford, Virginia. Washington’s generation was theRead MoreBooker T. Washington vs. W.E.B. Dubois Essay1189 Words   |  5 Pagesof the greatest intellectual battles U.S. history was the legendary disagreement between Booker T. Washington and W.E.B. DuBois. This intellectual debate sparked the interest of the Northerners as well as the racist whites that occupied the south. This debate was simply about how the blacks, who just gained freedom from slavery, should exist in America with the white majority. Even though Washington and DuBois stood on opposite sides of the fence they both agreed on one thing, that it was a time forRead MoreBooker T Washington And W. E. B. Dubois Persuasive Essay1326 Words   |  6 PagesPassive vs. Aggressive Fight for Rights There was no right to vote, no right to education, no freedom of speech or religion, no fair treatment by the law which means there was no equality. Even though these are rights and principles of the American Constitution, these did not apply to all races during the 19th and 20th centuries, especially African Americans. Even though these are rights that should apply to all people African Americans didn’t not apply to these laws, especially in the SouthernRead MoreBooker T. Washington vs W. E. B DuBois821 Words   |  3 PagesCleary ELA8H, period 7 11/12/13 Booker T. Washington vs. W.E.B Dubois Booker T. Washington and W.E.B Dubois were two famous African American leaders during the late 19th and early 20th centuries. They were both activists and wanted blacks to have an education; they also wanted to end discrimination towards blacks. These leaders both wrote great speeches which clearly specified what they thought was right for African Americans. Even though Washington and Dubois focused on the same social, politicalRead MoreBooker T Dubois Compare And Contrast Essay1110 Words   |  5 PagesCompromise vs. Conflict The stark differences between Booker T Washington and W.E.B. DuBois and their approaches to racism Do you believe that slow and steady wins the race, or that when talking about civil rights the sooner the better? Booker T. Washington and W.E.B. DuBois were two very influential people who fought for the rights of African Americans in the late 1880’s to early 1900’s. Although both men were fighting for the same thing, their views on how to approach equality and their personalRead MoreThe Clash Of Two Great Minds Essay1447 Words   |  6 PagesAlexander Hamilton vs Aaron Burr, Stalin vs. Trotsky Michelangelo vs. Da Vinci and of course Booker T. Washington vs. W.E.B Du bois. Although both different ideologies, they were both trying to reach the same goal, equality. Although Washington was more economics based and Dubois was more ideology based they both wanted the same outcome, however Dubois approach seems more practical but both have successes and failures, and can be learned from today. The main argument of Booker T. Washington is that he wantedRead MoreBooker T. Washington Vs. Theu.s. B. Dubois : The Discussion Of Conformity910 Words   |  4 PagesBooker T. Washington vs W.E.B. Dubois: the discussion of conformity At the early turn of the 20th Century United States, there was a large debate about how the average American viewed African Americans or Negroes. As a result, white consensus geared toward putting Africans in a type of caste system, where they would consider below whites, women, and immigrants. By this point, most African Americans were just conforming to this way of life and did not seek to change this. While this occurred, manyRead MoreBooker T Washington Vs W. E. B De Dubois Essay1445 Words   |  6 PagesHow can two people that our similar but at the time have different ways of life come together to achieve the same goal?Imagine 30 years after slavery ended you because of the color of your skin are still being mistreated. During the time of Booker and W.E.B the Jim crow law was created to segregate blacks and whites. Because of the segregation blacks had their own society like community only dealing with each other. Blacks were separated from society, they had their own neigh borhoods buildings theyRead MoreA Comparison Of Booker T Washington And W. E. De Dubois1532 Words   |  7 PagesHow can two people that our similar but at the time have different ways of life come together to achieve the same goal?Imagine 30 years after slavery ended you because of the color of your skin are still being mistreated. During the time of Booker and W.E.B the Jim crow law was created to segregate blacks and whites. Because of the segregation blacks had their own society like community only dealing with each other. Blacks were separated from society, they had their own neighborhoods buildings they

Corporate Finance Free Essays

There is nothing like optimum capital structure for a firm. The Optimal Capital structure is that Capital Structure at which the weighted Average cost of capital (Ko) is Minimum. It is that combination of Equity and Debt at which the total cost of capital is mini-mum. We will write a custom essay sample on Corporate Finance or any similar topic only for you Order Now Trade-off theory argues that there’s an optimal amount of debt of each firm. At this level of debt, firms can take the most advantage of debts. Debts can be tax shield so that they can save money for firms to reinvest in other projects so as to earn more profits. However, debts can be quite dangerous because highly leveraged firms may face bankruptcy and financial distress costs (no matter they’re direct or indirect) may increase the cost of debt of the company. Therefore, there must be a level of debt that make the benefits of debt and potential danger of debt offset each other. In another word, the marginal revenue of debt equals the marginal cost of debt. But remember, the real cases are not as easy as we put here. When a firm procures funds from investors or owners, there will be an explicit or implicit promise to pay return to them. The return is paid in terms of interest which is compulsory paid to all investors and owners, but the return paid to owners in the form of dividends is optional. The dividend decision by any firm, like the investment and financing decisions is also taken for maximization of market price of the share. The term dividend refers to that the portion of profit (after tax) which is distributed among own-ers/shareholders of the firm and the profit which is not distributed is called as retained earnings Dividend Payout Ratio is determined by the dividend policy adopted by the company, and it is im-plemented to decide about the percentage of profits to be distributed by the firm to its own-ers/shareholders. Dividend is always depends on the total profit that a firm acquired after taxes. There are a few factors that affect the Dividend policy of a company. They are Liquidity , Growth Plans and Control Dividend Payout Ratio is also called as DP Ratio which is a mathematical value as DP Ratio = Dividend paid to the Shareholders / Net Profit after tax. Capital Structural Theories Capital structural theories are designed with a concept of valuation of the firm; it is the earnings of the firm and the investments made by the firm. Capital Structural Theories also used to find the dividend pay-out for its owners/shareholders. Cost of the capital, investment and return on investment (ROI) are a part of dividend policy. The relationship between leverage cost of capital and the value of the firm can be analysed in different ways. Factors determining Capital Structure are minimization of risk, control, flexibility and the profitability of the firm. A firm’s capital structure is a combination of the firm’s liabilities (debts) and the assets (equity and profits). For Example: A firm with 100 billion as capital structure has 40 billion from equity (shareholders and owners) and the 60 million as debt (Loans and Funding), then the firm is said to be 40% – equity fi-nanced and 60% – debt financed. . Traditional Theories Net Operating Income (NOI) approach is just an opposite of NI approach. According to the NOI ap-proach, the market value of the firm depends upon the net operating income or profit and the overall cost of capital. NOI approach is based on the argument that the market values the firm as a whole for a given risk complexion. Thus, for a given value of the firm remain the same irrespective of the capital composition and instead on the overall cost of capital. Mathematically Net Operating Income (NOI) is Value of the Firm = Earnings before Tax / Cost of Equity Capital Net Operating Income approach says that an increase in debt proportion of the capital source will always result in increase of the equity proportion of the firm. Modigliani-Miller Model Modigliani-Miller model which was presented in the year of 1958 on the relationship of leverage, cost of capital and the value of the firm. This is widely used capital structure method to analyze the value of the firm. They have shown that the financial leverage doesn’t matter and the cost of capital and the value of the firm are independent of the capital structure. Modigliani-Miller methods show that there is nothing which may be called as Optimal Capital Structure – to get high valuation of the firm. Modigliani-Miller model is based on following assumptions: 1. The capital markets are perfect and complete information is available to all the investors free of cost. The implication of this assumption is that investors can borrow and lend funds at the same rate and can move quickly from one security to another, 2. Securities are infinitely divisible; Investors are rational and well informed about the risk-return of all the securities. Modigliani-Miller model says that the total value of the firm is equal to the capitalized value of the operating earnings of the firm. The capitalization is to be made at a rate appropriate to the risk class of the firm. Growth Plans, are involved in capital structural theories in which a certain amount will be allocated for the growth plans. A finance manager should draw a plan according for the dividend policy. For Example: The firm has $10 million as equity capital and $6 million as debt capital and the firm made a profit (after tax) of $2 million, and the fund allocated to the growth plan was $1 million. For suppose there are 10,000 shareholders in the company and as per capital structural theories some amount will be allocated for the liquidity that is five hundred thousand and the remaining amount should be distributed as Dividends. In this case each shareholder or the owner will receive $50 as dividend. Capital structural theories say that if a firm is in profit and it is looking to expand the business, the profit can be rolled over to the investment option. In this case there will be no dividends or bonuses issued to the shareholders or the owners. For Example: Low-payout consequences, which is done when the cash gets accumulated the finan-cial manager may be tempted to take on more projects that do don’t meet the minimum rate of return investments. If a firm has $1 million as operating income with 1000 shareholders and firms adopts to take new projects with the profit. Then this may cause unrelated relationship balances between the share-holders and the management of the firm. Optimal Capital Structure: Even though Modigliani-Miller Model says that there is nothing like Opti-mal Capital Structure, but the non-traditional methods say that a firm can attain profits only by im-plementing Optimal Capital Structure. Some firms adopt this capital structure to minimize the risk, flexibility on the investments and the profitability. The finance manager should be able to identify that optimal point (profit point) for the firm precisely, but not to attempt to track the optimal range for the capital structure. Optimal Capital Structure differs from different firms, Existing Firm and a New Firm. For Example: Existing Firm may require additional capital funds for meeting the requirements of growth, expansion, and diversification or even for working capital management. The decision for a particular source of funds is to be taken in the totality of capital structure, i. e. n the light of the re-sultant capital structure after the proposed issue of capital or debt. The Capital Structure of the new firm is designed in the initial stages of the firm and the financial manager has to take care if many considerations, the present capital structure be designed in the light of a future target capital structure. Future plans, growth and diversifications strategies should be considered and factored in the analysis, so optimal ca pital structure greatly influences the divi-dend policy of any firm, depending upon there capital structure. Broadly speaking the dividend policy can be determined by two basic analyses required to find the valuation of the proposed capital structure of the firm, i. e. one from the point of view of profitability and another from view of liquidity. Capital structure will always determine the profits of the firm and the development of the firm. Equity and Debt capital are well managed by the capital structure of the firm. A well designed capital structure will have a very good impact on the dividend policy of the company. How to cite Corporate Finance, Essay examples Corporate Finance Free Essays Consider a project to produce solar water heaters. It requires a $10 million investment and offers a level after-tax cash flow of $1. 75 million per year for 10 years. We will write a custom essay sample on Corporate Finance or any similar topic only for you Order Now The opportunity cost of capital is 12 percent, which reflects the project’s business risk. Suppose the project is financed with $5 million of debt and $5 million of equity. The interest rate is 8 percent and the marginal tax rate is 35 percent. The debt will be paid off in equal annual installments over the project’s 10-year life. A) Calculate APV. APV = NPV + PV of debt tax shield NPV = PV of cash flows – initial investment Initial Investment 10,000,000 Cash flows 1,750,000 Period 10 years Discounting rate12% PV of cash flows 9,887,890 using the PV function NPV (112,110) We now calculate the PV of debt tax shield Year Debt Outstanding at Start of Year InterestInterest Tax ShieldsPresent Value of Tax Shields 1 5,000,000 400,000 140,000 129,630 2 4,500,000 360,000 126,000 108,025 3 4,000,000 320,000 112,000 88,909 4 3,500,000 280,000 98,000 72,033 3,000,000 240,000 84,000 57,169 6 2,500,000 200,000 70,000 44,112 7 2,000,000 160,000 56,000 32,675 8 1,500,000 120,000 42,000 22,691 9 1,000,000 80,000 28,000 14,007 10 500,000 40,000 14,000 6,485 Total 2,200,000 770,000 575,736 NPV (112,110) PV of debt tax shield 575,736 APV 463,626 B) How does APV change if the firm incurs issue costs of $400,000 to raise the $5 million of required equity? With flotation cost , APV = NPV + PV of debt tax shield – flotation cost Flotati on cost 400,000 APV 63,626 How to cite Corporate Finance, Essay examples Corporate Finance Free Essays 1. Which one of the following is a means by which shareholders can replace company management? A. stock options B. We will write a custom essay sample on Corporate Finance or any similar topic only for you Order Now promotion C. Sarbanes-Oxley Act D. agency play E. proxy fight 2. Decisions made by financial managers should primarily focus on increasing which one of the following? A. size of the firm B. growth rate of the firm C. gross profit per unit produced D. market value per share of outstanding stock E. total sales 3. Which one of the following is the financial statement that shows the accounting value of a firm’s equity as of a particular date? A. income statement B. creditor’s statement C. balance sheet D. statement of cash flows E. dividend statement 4. Which one of the following is the financial statement that summarizes a firm’s revenue and expenses over a period of time? A. income statement B. balance sheet C. statement of cash flows D. tax reconciliation statement E. market value report 5. The percentage of the next dollar you earn that must be paid in taxes is referred to as the _____ tax rate. A. mean B. residual C. total D. average E. marginal EDCAE 6. The cash flow of a firm which is available for distribution to the firm’s creditors and stockholders is called the: A. perating cash flow. B. net capital spending. C. net working capital. D. cash flow from assets. E. cash flow to stockholders. 7. Canine Supply has sales of $2,200, total assets of $1,400, and a debt-equity ratio of 0. 3. Its return on equity is 15 percent. What is the net income? A. $138. 16 B. $141. 41 C. $152. 09 D. $156. 67 E. $161. 54 8. Beach Wear has current liabilities of $350,000, a quick ratio of 1. 65, inventory turnover of 3. 2, and a current ratio of 2. 9. What is the cost of goods sold? A. $980,000 B. $1,060,000 C. $1,200,000 D. $1,400,000 E. 1,560,000 9. The sustainable growth rate of a firm is best described as the: A. minimum growth rate achievable assuming a 100 percent retention ratio. B. minimum growth rate achievable if the firm maintains a constant equity multiplier. C. maximum growth rate achievable excluding external financing of any kind. D. maximum growth rate achievable excluding any external equity financing while maintaining a constant debt-equity ratio. E. maximum growth rate achievable with unlimited debt financing. 10. The internal growth rate of a firm is best described as the: A. inimum growth rate achievable assuming a 100 percent retention ratio. B. minimum growth rate achievable if the firm maintains a constant equity multiplier. C. maximum growth rate achievable excluding external financing of any kind. D. maximum growth rate achievable excluding any external equity financing while maintaining a constant debt-equity ratio. E. maximum growth rate achievable with unlimited debt financing. DEDDC 11. What is the present value of $1,100 per year, at a discount rate of 10 percent if the first payment is received 6 years from now and the last payment is received 28 years from now? A. $6,067. 36 B. $6,138. 87 C. $6,333. 33 D. $6,420. 12 E. $6,511. 08 12. The current yield is defined as the annual interest on a bond divided by which one of the following? A. coupon B. face value C. market price D. call price E. dirty price 13. Currently, the bond market requires a return of 11. 6 percent on the 10-year bonds issued by Winston Industries. The 11. 6 percent is referred to as which one of the following? A. coupon rate B. face rate C. call rate D. yield to maturity E. interest rate 14. Big Falls Tours just paid a dividend of $1. 55 per share. The dividends are expected to grow at 30 percent for the next 8 years and then level off to a 7 percent growth rate indefinitely. What is the price of this stock today given a required return of 15 percent? A. $67. 54 B. $69. 90 C. $72. 47 D. $77. 67 E. $78. 19 15. Hardwoods, Inc. is a mature manufacturing firm. The company just paid a $10 dividend, but management expects to reduce the payout by 9 percent each year, indefinitely. How much are you willing to pay today per share to buy this stock if you require a 15 percent rate of return? A. $34. 79 B. $37. 92 C. $38. 27 D. $41. 33 E. $42. 09 ACDDB How to cite Corporate Finance, Essay examples

Compare and Contrast two criminological approaches to understanding the commission of crime free essay sample

Criminologists seek to understand the commission of crime in a given society, attempting to figure out why certain crimes occur, and then to study how these can be prevented, and deterred by individuals. The two key approaches I will examine in this assignment is that of the early Classicalist approach, and the opposing Positivist approach, each of which are crucial for understanding modern criminology today. In the late eighteenth century Britain went through an Enlightenment period, which is also referred to as The Age of Reason (Paine, 1794) and this is because reason was emphasised over religion, secularisation transformed society, new ways of thinking were introduced which influenced the Classicalism theory. This approach was first developed by the Italian scholar Cesare Beccaria, who argued that it is very natural for humans to engage in deviant and criminal thoughts, and it is then an individuals choice whether they want to pursue these deviant thoughts, as â€Å"man [is] a rational calculating animal† (Bentham, 1749) when it comes to crime. For instance if the potential gains and pleasure from illegal acts outweigh the potential pains of punishment the crime will be committed. It is through rational thoughts and free-will whether an individual chooses to fulfil illegal activities. Beccaria had a simple conclusion, which was to make the crime harder to commit, and this had several elements to it. Firstly, crime can be controlled by the fear of punishment, thus crime that is perceived to be severe and certain will deter criminal behaviour (Siegal, 2010) therefore crimes should be harder to commit and the punishment should fit the crime. Another key thinker of this theory was Jeremy Bentham, also believed in this idea of utilitarianism he sought to reform the prisons in England. He was very critical of the criminal justice system of the eighteenth century England, as the death penalty was the punishment for hundreds of crimes. For instance, minor crimes such as stealing were punishable by death, as well as committing an act of murder itself. Bentham then invented his idea of the perfect prison, the panopticon. This was a model prison where all prisoners  where observed at all times by unseen guards. The Classicalist approach involves the punishments being just and reasonable, however still being able to deter individuals. This approach has been criticised by numerous theorists for many reasons. To begin with, despite this continuing change of the punishments towards offenders, from the earliest codes of public executions, towards a more subtle reformation and rehabilitation scheme, the Rehabilitation of Offenders Act 1974 mirrors this idea, murder rates have not significantly changed. Also this theory emphasises much on rational thinking and freewill, however it is debated that we do not always behave in our best interest, there are times when individuals are intoxicated by alcohol so are not as conscious of their activities. Moreover, there are crimes which entails the offender gaining no rewards, and also victimless crimes illustrate that not all crimes and punishments are just. Theorists then sought to figure out another alternative way for understanding the commission of crime, as many began to doubt this theory that crime was a simple characteristic of the human nature. In the nineteenth century the Positivist approach was introduced, which brought a whole new way of thinking about criminals and certain crimes that they committed. This approach is often simplified to be the science of religion because it tackles the natural science approach when undertaking its methodology. The founder of this theory was Ceseare Lombroso, who claimed he had discovered the causes of crime. He concluded that the criminal man was physically different to normal people arguing that they had physical stigmata, abnormal attributes to their skull and jaw. Lombroso opposed the earlier classicalist thinking, as he believed that criminals were born different, crime was inevitable for them as they had specific traits in their biology, it was not out of free-will and and rational thinking why criminals commit crimes as the Classicalist approach would suggest. After 3000 anthropometric measurements he found some biological traits of criminals, and then argued that criminals could be visibly distinguished by their physical characteristics which included: high cheek bones, flattened or turned up nose and a low sloping forehead (Lombroso, 1876). After the intense research of his, he was able to identify distinct types of criminals – the born criminals who are biologically different from the law abider’s because they have not evolved properly, then there are the epileptics and insane criminals who are also abnormal humans however not born so, then lastly followed by the criminaloids who were occasional criminals, and also not born so. Ceseare Lombroso has said to be the founding father of modern criminology because of his unique ways of thinking about the commission of crime; today his work is still credited by many due to his specific reasoning. However the Positivist approach and theory if Lombroso has also been heavily criticised because of its simplistic views and very problematic categories. This approach is very deterministic, because it implies that all behaviour is predetermined, criminal identities are ascribed to individuals before they are even born, as Lomobroso argues that a criminal gene is inherited. The current understanding of individuals show that there are more important social factors that determine whether or not someone may choose to commit crime. It has been proven that some people do have an extra male chromosome, resulting in them being prone to aggression and more incline to criminal behaviour; this is known as the XYY syndrome. (Farrell) However, it is not every individual that has this extra Y chromosome that commits crimes, and Lombroso fails to recognise this. To summarise the two approaches I have discussed do have a great understanding of the commission of crime, however each are flawed. The two have made great individual logic and biological pathways, and have helped to shape society today.