Descriptive Essay On Zombies - 1640 Words

I detect dead people everywhere. No, I spot zombies. They walk aimlessly down the street as well as swerving into my lane on the motorway. They seem like they’re under a spell. Is it a witch or some other creature trying to control these people? Suddenly, I see they have something in their hands where their eyes won’t lose focus. They don’t care if there is a car coming or who is walking past them, their gaze won’t be interrupted for even one second. Rectangular-shaped, touch screen objects, also known as smartphones are controlling these people with their unknown effecting power which causes these ‘zombies’ to lose connection from their natural surroundings by forming an â€Å"antisocial bubble† around them. This kind of behaviour is slowly†¦show more content†¦It is very rare to find a family that sets down the technology for an hour to have a meaningful â€Å"family sit down.’’ The technology did help us human s to connect to our old friends who live on the other side of the world but also it has a created a divide between people who are close to us. Call me an old timer, but I’m concerned about technology’s impact on the human condition. I remember the B.C. era (â€Å"Before Cell Phone†). We made eye contact, we made conversation. We talked to strangers. We talked to friends. Today? We make more eye contact with our phone’s camera lens (selfies!), while human-to-human conversation is at historic lows. We’re so concerned about the email that arrived two minutes before that we may not notice the car that’s swerving onto the sidewalk. Our â€Å"fear of missing out† has become a â€Å"fear of missing (the recent) update.† I’m guilty of this for sure, I’m quick to check for the latest email or the recent Facebook Like. Technology has created this constant anxiety of â€Å"staying on top of things,† as if there’s value in viewing an email minutes after it arrives. That’s why some people sleep with their phone by their side, inviting it to buzz on each new message. When you disrupt sleep, you disrupt the human condition. When you’re at an interaction with a technological device for e.g. a mobile phone for an extended period of time, you don’tShow MoreRelatedDescriptive Essay About Zombies1687 Words   |  7 PagesI see dead people everywhere. No, I see zombies. They walk aimlessly down the street and swerve into my lane on the motorway. They seem like they’re under a spell. Is it a witch or some other creature trying to control these people? Suddenly, I see they have something in their hands where their eyes won’t lose focus. They don’t care if there is a car coming or who is walking past them, their gaze won’t be interrupted for even on e second. Rectangular-shaped, touch screen objects, also known as smartphonesRead MoreThe Representational View Of Consciousness1450 Words   |  6 Pagesyou agree with this view or not? Why? Introduction This essay is on the representational view of consciousness, which is I admit one that I have had great difficulties coming to terms with as a viewpoint. I can relate with functionalism defining mental states as what they do but I agree they don’t solve the hard problem of consciousness. Representationalism seems to define the metal state or phenomenal property as what it represents. This essay mainly looks at Chalmers article â€Å"The RepresentationalRead MoreWhat is functionalism? Critically assess its main advantages and disadvantages.3994 Words   |  16 Pagessecond type of functionalism, defended by David Armstrong and David Lewis, involves a causal theory of mind. Mental states are defined by a common sense understanding of the situations in which they appear and the behavior that is elicited. In his essay Mad Pain and Martian Pain, Lewis hypothesizes about two kinds of beings which experience pain differently than normal humans. In the case of mad pain, the subject experiences pain when doing moderate exercise on an empty stomach; further it improves

Gender Roles in The Yellow Wallpaper and A Streetcar...

Many different depictions of gender roles exist in all times throughout the history of American culture and society. Some are well received and some are not. When pitted against each other for all intents and purposes of opposition, the portrayal of the aspects and common traits of masculinity and femininity are separated in a normal manner. However, when one gender expects the other to do its part and they are not satisfied with the results and demand more, things can shift from normal to extreme fairly quickly. This demand is more commonly attributed by the men within literary works. Examples of this can be seen in Tennessee Williams â€Å"A Streetcar Named Desire†, where Stella is constantly being pushed around and being abused by her†¦show more content†¦The pattern of the wallpaper is also significant because in a manner of speaking, it symbolizes solitary confinement and it is almost like the room she is in is one resembling one seen in a mental institution, or could also be considered to be a jail cell and the woman had been put behind bars; both cases would involve desperately trying to find some way to escape and declare her freedom. Soon after her imprisonment, and soon after her convincing herself there is another woman lurking within who is behind the bars of the yellow wallpaper, the situation being seen as reminiscent of a would-be prisoners captivity. When she herself desires to get out, demonstrated by her â€Å"getting angry enough to do something desperate† (Gilman 1694), she shows strength and determination, which are typically very masculine traits. However, they are dismissed with her later display of her own expected feminine traits, such as codependency. When she tries to break free by opening the door, she cannot and keeps telling her husband John, â€Å"The key is under a plantain leaf!† (Gilman 1695), alerting him to retrieve it to unlock the door, and at long last when she breaks free, she celebrates, say ing â€Å"Ive got out at last† (Gilman 1695), declaring her victory over a force that kept her from the world.Show MoreRelatedLooking Back Upon Civil Rights, WomenS Campaign For Suffrage1250 Words   |  5 Pagesfrom all levels of society entering the public sphere and becoming self advocates. In 1892, Charlotte Perkins Gilman authored The Yellow Wallpaper, a piece that symbolically represented the era. By the 1940s women had gained the right to vote and had begun to work, much to the chagrin of men. In 1947 Tennessee Williams produced his classic play A Streetcar Named Desire. While similar in their quest to bring women’s struggles to the forefront, clashing eras resulted in different literary products.Read MoreA Streetcar Named Desire By Tennessee Williams1644 Words   |  7 Pagesa social life, and take care of my kids while being a supportive wife,† a modern woman would say. Throughout American literature and history, the role of a â€Å"traditional womanà ¢â‚¬  was vacuous- to stay at home, to cook, to clean, and to take care of the children. Today, that stereotypical role is no longer a strong foundation for their lifestyle. Women’s role in America has changed overtime because they are no longer dependent on men, discarded in the workforce, or seen as voiceless and depreciated.

The Importance Of Special Education For Students With...

Special education is considered to be a relatively new field within education, with true recognition of student’s disabilities occurring around the 1900’s (Frost Kersten, 2011). Up until that time, students with disabilities were viewed with superstition and fear. As the public became more passionate about students with disabilities and with the passage of Brown v. Board of Education in 1954, the stage was set for providing equal opportunities for education of all children. Additional court cases in the 1970’s across the nation helped ensure that states were obligated under federal law to provide equality and free and appropriate education for students with disabilities (Frost Kersten, 2011). With the rise of educational laws, guidelines, and polices within the field of special education, leaders are faced with the task of providing appropriate education for all learners within their building. Principals have evolved from disciplinarians and managers to i nstructional leaders, which includes more complex and demanding responsibilities (Lynch, 2012). Additionally, the passage of No Child Left Behind (NCLB) and the Individuals with Disabilities Education Act (IDEA) have further highlighted the need for principals to step up as instructional leaders for special education as well as the general curriculum (Lynch, 2012). Accountability measures have solidified the importance of the principal within this role. According to McHatton, Boyer, and Terry (2010), currentShow MoreRelatedThe Importance of Education for Children with Disability Essay1464 Words   |  6 PagesEducation and Disability INTRODUCTION The importance of education for all children, especially for those with disability and with limited social and economic opportunities, is indisputable. Indeed, the special education system allowed children with disability increased access to public education. Apart from that, the special education system has provided for them an effective framework for their education, and for the institutions involved to identify children with disability sooner. In turn, thisRead MoreInstructional Strategies For Students With Intellectual Disabilities771 Words   |  4 PagesThe third research sub-question in this study described special education teachers’ instructional strategies for using the iPad as an instructional tool to enhance the teaching and learning process for elementary learners with intellectual disabilities. Students with intellectual disabilities poses a vast range of challenges to special education teachers when using the iPad as an instructional tool to enhance the teachi ng and learning process in classrooms. Using the iPad as an instructional toolRead MoreThe Historical Foundation Of People With Disabilities Essay1386 Words   |  6 PagesFoundation: The historical foundation of people with disability has evolved from a place where people with disabilities were hidden away to present time being involved member of their community. disability. One of the first changes for people with disabilities was the Kennedy Era of 1960. President Kennedy used his platform to challenge the quality of life of people with disabilities. When his MR panel found a non-existing care for people with disabilities, their was a removal of mental institutions forRead MoreHandbook Of Leadership And Administration For Special Education992 Words   |  4 PagesLeadership and Administration for Special Education. New York, NY: Routledge. Text Purpose The authors have organized this handbook into five sections that address critical issues in special education leadership. The first section focuses on general topics related to leadership for learning. These areas include the importance of raising the performance of all students in an era of accountability, historical and conceptual issues in leading and administrating special education, professional leadership standardsRead MoreFamily Participation And Child Needs Special Education1509 Words   |  7 Pagesinvolvement play a crucial role when the child needs special education. This essay will discuss the importance of family participation and impacts of family participation in special education. Firstly, the essay will briefly describe what challenges special need children face, secondly, the essay will discuss key terms in the literature about the importance of family participation in education program and importance of parents in inclusive education and their benefits. Finally , the assay will be concludedRead More Technology Needs in the Special Education Secondary Classroom1370 Words   |  6 Pagesof technology within the special education classroom is lacking. Special education class rooms and resource settings utilize only the basic, out of date technology that has been in use for many years. Typically the only available technology made available to special education or resource settings are the overhead projector, television, and tape recorder. According to the National Longitudinal Transition Study-2 (2009), seventy-five percent of students with disabilities rarely or never use computersRead MoreHow Special Education Has Changed Today s Society800 Words   |  4 Pagesinsights on how special education has changed in the past 31 years. People are now becoming more aware and accepting of children with disabilities when at one time others were uneducated and uncertain. The Individuals with Disabilities Education Act (IDEA) once named Education for All Handicapped Children Act allows children with disabilities to be educated within public schools for free. Due to IDEA, children are no longer educated within residential centers, hospitals, homes, or special schools (FreibergRead MoreUnderstanding Special Education Essay example1239 Words   |  5 Pages Understanding Special Education Introduction Education is a birthright of every child. Special education involves the education of students with special needs in a way that addresses a students’ individual disabilities and requirements. These programs are designed so that special learners may learn skills which will assist them in coming closer in learning to children without disabilities. The field of special education has moved from a perspective of protection and caretaking to an emphasis onRead MoreInclusion Of Special Needs For Students With Disabilities Essay1174 Words   |  5 Pagesstructuring the education system to include students with disabilities, there has being an ongoing research topic of inclusion. Inclusion, in this area, means the full inclusion of students with special needs in the general education classroom . The research and the debates about the issue of whether or not there should be full inclusion of Special Education students in all general education classrooms in all public schools throughout the United States rages on. The number of students with special needs thatRead MoreInclusion Of Special Needs For Students With Disabilities1173 Words   |  5 Pagesstructuring the education system to include students with disabilities, there has being an ongoing research topic of inclusion. Inclusion, in this area, means the full inclusion of studen ts with special needs in the general education classroom. The research and the debates about the issue of whether or not there should be full inclusion of Special Education students in all general education classrooms in all public schools throughout the United States rages on. The number of students with special needs that

Religious Beliefs Of The Greeks - 1863 Words

In ancient times, the Greeks had absolute and undeniable respect for their gods. They demonstrated their admiration by putting in place many rituals and celebrations to reverence the gods that they loved and feared in order to ensure harmony with them. In particular, the focus will be on the religious beliefs of the Greeks and how they affected Homer and his masterpiece The Iliad. This includes prayer and sacrifice, as well as what cultural meanings had to do with history. These aspects of their religion made a significant contribution to their quality of life. Contributions such as those helped men like Homer write his masterpieces which provided a better understand of events for historians like the Trojan War. The ancient Greeks practiced a religion that was in effect, a building block to many ensuing pagan religions. This religion revolved around their reverence to the gods. Essentially, the Greeks worshipped numerous gods, making their religion polytheistic. They believed that exercising the opportunity to choose between a wide variety gods to worship offered them a great sense of freedom. After all, the Greeks were known for their intellectual distinction of which their means of worship played a huge part. Each city-state had an affiliated god who protected and guided its residents. In each city-state, the belief in common gods unified the people. Ultimately, the Greeks yearned for this unity and order in the universe, which is a characteristic that is not unlike thatShow MoreRelatedThe Hellenistic Age And Classical Age952 Words   |  4 Pagesto describe the spread of culture from the Greek civilization that developed after the reign of Alexander the Great. How does the Hellenistic Ag e differ from the Classical Age? The Classical Age, referred to as Hellenic Greek, was founded in 507 B.C.E. and concluded in 323 B.C.E. The Hellenistic Age was founded in 323 B.C.E. and concluded in 31 B.C.E. after the reign of Alexander the Great. The Classical Age was ruled by the Greek civilization in Greek city states and their territories. The HellenisticRead MoreGreek Mythology And Its Impact On Modern Culture1055 Words   |  5 Pagesfrom Greek Mythology and has had a significant impact on our history and mythology helped shed light to it’s culture, religion, and government of ancient Greece. The Mediterranean has served as a vessel for the early civilizations., Greek mythology has influenced the life style and religion of the Greeks, especially because Greek mythology served as the primary basis of Greek belief, it became the nearest thing the Greeks had to a holy bible.1 These mythologies served as the center of Greek lifeRead MoreReligious And Political Conflicts In Dantes Inferno1637 Words   |  7 PagesThe 14th century is marked by various religious and political conflicts. Specifically, Italy experienced major civil discord as emperors, popes, and elite families sought governmental control. It is within these tense times that Dante lived and wrote his poetic masterpiece, Commedia. Although little is known for certain about Dante, scholars believe he was born in 1265 and lived in Florence for the majority of his adult life. While Dante was by no means poor, his family was not wealthy enough toRead MoreEssay on Christianity vs. Greek Mythology1309 Words   |  6 PagesChristians and Greeks. Both have similarities and differences in their religious beliefs that have been compared often and I have chosen to discuss the similarities and differences of Christianity and ancient Greek mythology. Christianity is a monotheistic religion, or belief in only one God, and spiritual practices are based on the Old Testament and the teachings of Jesus as written in the New Testament of the Bible, with the role of Jesus as savior and the Son of God. Greek mythology isRead MoreSimilarities Between Ancient Egypt And Ancient Greece1103 Words   |  5 Pagestheir entire lives around their religious beliefs. These beliefs led to their religious practices which were included in every aspect of their lives. Since ancient Greece’s and ancient Egypt’s beliefs differ greatly, endless differences can be shown between their religious practices. However, between the two cultures, many surprising similarities can be seen in these religious practices despite the tremendous differences. Through learning about where their religious beliefs and practices started, theRead MoreHeritage Assessment Essay1346 Words   |  6 Pages Linda Gobin August 06, 2013 Heritage Assessment This paper will assess and discuss the usefulness of applying the Heritage Assessment tool to evaluate three different families each one from different cultural backgrounds consisting of Greek, Italian, and Hispanic ethnicities. This paper will also compare similarities and differences related to health maintenance, health protection and health restoration and the cultural uniqueness of each individual interviewed. The Heritage AssessmentRead MoreHow Did The Religion Of Ancient Greeks Played A Role?1201 Words   |  5 PagesKenzay Rivers Ms. Finney How did the religion of ancient Greeks played a role in their daily lives? 10 November 2016 How did the religion of ancient Greeks played a role in their daily lives? In the ancient Greek world, religion was personal, direct, and present in its citizens’ daily lives. During this time, they participated in animal sacrifices and offerings, created myths to explain the beginning of the human race and gave reverence to their gods by building temples which controlled theRead MoreThe Evolution of Religion Essay967 Words   |  4 Pagesthe evolution of religion. To see where we started and perhaps, gain some perspective into what is happening now and what may happen in the future. Early Man As far as archeologists have been able to research, they have found evidence of religious faith and practice. In Paleolithic Hunter-Gatherer societies fear and awe of the natural world, as well as gratitude and empathy of it, is well represented in the cave art found around the globe. Archeologists have also found evidence of burialRead MoreThe Greek And Roman Religion1315 Words   |  6 Pages The Greek and Roman religions were the two major religions that were established in the ancient world. Greek religion was the first to be recognized and instituted, followed by the Roman religion. Many people believed that the Romans mimicked the Greek religion; however this was a common misconception, even though they appeared to be the same there are many distinctions between the Romans and the Greeks. Even the similarities between the two religions had slight distinctions, like their gods, theyRead MoreSimilarities in the Artwork of Mesopotamia, Ancient Egypt, the Aegean cultures, and Ancient Greece941 Words   |  4 Pageswealthy, clever, creative and powerful enough to gain supplies, but they all find a way to create art with what they had. They have all influenced on each other’s cultures and belief through their artistic values and ways, ranging from the materials and tools they use, position and representation of their monuments and their religious intent. Mesopotamia’s first invention was a form of writing called cuneiform which was written on clay tablets with a sharp reed called a stylus. This permitted for recording

Facts, Fiction and Passionate Essay Samples

Facts, Fiction and Passionate Essay Samples This text will function as a national honor society essay example and will demonstrate one of the feasible methods to write it correctly. Bridget's essay is quite strong, but there continue to be a couple little things that could be made better. So should you need to employ college essay writer online, we're just the people that you will need to contact. While it's the case that there are a few excellent writers in college some find it extremely difficult to write. When you receive a task done from us you will return again if you need assistance with another one of your essays. The type of essay you're looking for will be offered to you within the deadline offered to you. It is possible to easily buy unique college essays and don't neglect to tell friends and family about it. Just as with any other kind of essays, a discursive essay has three primary pieces. The Basics of Passionate Essay Samples A conclusion is, without doubt, the most essential portion of the argumentative essay since you can either support the superior impression or destroy it entirely. Bear in mind, you should create a great impression. Lastly, the detail of true speech makes the scene pop. Plus, it's going assist the interviewer to remember you. Employers may not refuse to employ an experienced worker whose employment authorization expires at a subsequent date. Many people have a tendency to think that eradicating illegal immigration is impossible and that it ca nnot get the job done. Illegal immigration has been an issue for the usa for a very long moment. Illegal immigration can be repealed in the event the government takes the appropriate measures. Choose a passion which you're actively involved with in some manner. Be certain you understand enough about the passion to supply some additional info. Consider what sorts of follow-up questions you may get based on your passion, and be ready to answer them. Passion is a significant element in each soul on earth. If you want more inspiration, here's what you may also check out. In reality, enjoying life and savoring everything you do along the path to your passion is a significant region of the experience. Love, is the strongest emotion, and it appears to engender in many people an exciting mindset. The Basics of Passionate Essay Samples Also, using the term madrigal' in line 8 implies that the time is all about the 16th Century, that's when madrigals were favoured in many places in England. You are likely to love our work. Stories are an essential part of the human experience. Allow it to sit for a couple days untouched. You'll observe a similar structure in several of the essays. PaperCoach will be able to help you with all your papers, so take a look at this time! It may also often get interchanged with different forms of essays. 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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

Napster Debate Essay Example For Students

Napster Debate Essay The Napster DebateEssay written by keith1. BackgroundThe Napster software (http://www. napster.com), launched early in 1999, allows internet users to share and download MP3 files directly from any computer connected to the Napster network. The software is used by downloading a client program from the Napster site and then connecting to the network through this software, which allows sharing (uploading and downloading) of MP3 files between all users connected to the network. While Napster does not condone copyright infringement, there is no opportunity in the software to stop this, or for royalties to be paid to artists whose songs are being duplicated for free. Unlike similar file-sharing applications (Gnutella, Freenet), Napster limits users to uploading/downloading of MP3 files only. These files are compressed wave (.wav) files. The advantage of MP3 files is that they are approximately one-tenth the size of the corresponding . wav file and can be close-to-CD-quality. It is for this reason that many artists, record labels and other music industry stakeholders are concerned by the MP3 file format and applications like Napster that simplify the sharing of copyrighted material. Other file formats in common use on the Internet are not as threatening to the recording industry; primarily due to the reduced quality of the recording. Real audio (. ra, .rm) files have reduced sound quality (comparable to radio) and are usually streamed over a different protocol, allowing people to listen to songs without having (or being able) to download the source files. Another music file format common on the internet is the midi format. These files are of no threat to the music industry because the files are not actually a recording of the music; rather a set of instructions to the computer as to what sounds to play (and there is no way to duplicate vocal tracks). This file format is also becoming outdated and being used less and less. 2. ImpactThe reaction from recording artists, record labels and other music industry players has been varied, but primarily anti-Napster. The first action to be taken against Napster was by the band Metallica. In April of this year, they sued Napster Inc for copyright infringement. The case was settled out of court when Napster agreed to ban some 300,000 users who had allegedly downloaded Metallica songs. Again in June Napster Inc was sued for copyright infringement by The Recording Industry Association of America (RIAA), a trade group representing the US recording industry, alleging Napster is†¦ enabling and encouraging the illegal copying and distribution of copyrighted music. Napster claims that Audio Home Recording Act that permits copying of material for personal use, allows its uses to swap MP3s. Napster further claims immunity by defining the company as an ISP under the Digital Millennium Copyright Act. The RIAA unsuccessfully applied to have an injunction to stop Napsters operations until after the court case in September, so Napster will continue to operate until (and if) the court rules against Napster. Other artists and record labels (http://www.napster. com/speakout/artists.html and http://www.napster.com/speakout/labels. html) have responded to the advent of Napster and similar applications in a more positive way, embracing the new technology rather than rejecting it. On their website, the Offspring says MP3 technology and programs such as Napster a vital and necessary means to promote music and foster better relationships with our fans. Interestingly enough, the Offsprings last album, Americana, was made available online illegally before commercially released, yet it is the bands best-selling album to date. Furthermore, a number of surveys have proven that Napster users actually buy more CDs, after sampling the songs online (http://www. theregister.co Long Days Journey - Significance of Fog Essay Perhaps eventually sites like e-music.com will partner with all labels, including the bigger ones and will offer a better service (faster downloads, better quality files, more variety etc) than Napster can. However, the fact that over US$15 million has been invested in Napster Inc means that Napster will not die easily. If the RIAA is successful in its current lawsuit against the company, Napster will just change direction. A few solutions have been suggested. Probably the most practical and realistic alternative that has been suggested is that Napster Inc pays royalties to artists when their songs are downloaded, much like the radio pays artists when their songs are played. Another solution is that Napster could work with the music industry to distribute certain sample tracks to the public. These tracks could be distributed royalty-free as promotion for the album, or Napster could agree to pay royalties. Another solution being adopted by other similar information-sharing applications like Napster, Freenet and Gnutella is to make file transfers over the application anonymous. Adding to that, the fact that the central servers themselves do not have to contain any copyrighted files, tracking down users breaching copyright legislation will be incredibly difficult. 4. Pros and Cons of Possible SolutionsThe option of Napster paying royalties to artists whose songs are downloaded would be a positive move because it would mean that artists receive fair compensation for their work. However, on the other hand, to support the enormous cost of such a move, Napster would either have to turn into a paid subscription service, or show advertising (which wouldnt necessarily cover the costs). Added to this, the cost of modifying the application, and working out a way to determine what songs have been downloaded, the administration costs for Napster would skyrocket. The option of a cooperative effort with the music industry has the advantage of being totally legal and stopping all conflicts between Napster and the RIAA. However, such a model would mean a great reduction in the number of songs available and would eliminate the sharing aspect of the program. The advantage of the anonymous peer-to-peer model is that if no corporation, individual or other entity claims ownership, no one can be sued. And because no files are stored on the central server, no copyright is being infringed there. The disadvantage of this method, would be that Napster would still be breaking the law, and undoubtedly new legislation would be brought in and measures would be taken to stop the service. Furthermore, if Napster could not take credit officially for their software, then they could not profit from it (something they need to do, considering the investment in the company) 5. RecommendationsI believe that Napster is a valuable program and an indication of things to come. However, in its current state, it will have a very hard time remaining legal. I believe the only way Napster will survive will be to change its service (and it may in fact be forced to by the courts). I would suggest that Napster develops some system of paying royalties to artists whose songs are downloaded over their software. It is really the only practical way that Napster can continue and even though it will cost the company a lot to implement this system, it will mean that Napster will be safe from litigation by the music industry. It will mean that Napster users will no longer have to worry that they are breaking the law, and will encourage artists to embrace online distribution. I would recommend that Napster subsidises the cost of the royalty payments by showing advertising within the application (much like GetRight (http://www.getright. com/) and CuteFTP (http://www.cuteftp.com) do). This advertising could be used by advertisers to target music enthusiasts, meaning increased revenue for Napster. I believe that if the royalty option, subsidised by advertising is implemented, Napster will be able to continue safely and profitably. Social Issues