...1. How should Johnathan describe the rationale of the devidend discount model (DDM) and demonstrate its use in calculating the justifiable price of common stock? Mô hình DDM, hay mô hình chiết khấu dòng cổ tức là một phương pháp phổ biến để xác định giá trị cổ phiếu. Bởi vì, giá trị cổ phiếu thực tế là giá trị hiện tại của tất cả các dòng tiền cổ tức tương lai mà nó hy vọng được cung cấp. Cho dù nhà đầu tư bán được cổ phiếu với giá cao hơn giá mua để sinh lời thì cái thực sự mà họ bán cũng chính là quyền lãnh cổ tức trong tương lai. Còn những cổ phiếu mà không thể trả cổ tức trong tương lai thì nó cũng có giá trị khi bán công ty hay thanh lý tài sản. Chung quy, các khoản cổ tức xác định giá trị cổ phiếu. Phương trình xác định giá cổ phiếu theo mô hình DDM là: P0 = [D1/(1+r)^1] + [D2/(1+r)^2] + … + [Dn/(1+r)^n]. Trong đó: P0 là giá cổ phiếu thường. Dn là cổ tức mỗi cổ phiếu hy vọng nhận được cuối năm n. r: tỷ suất sinh lợi đòi hỏi. Dn/(1+r)^n chính là giá trị hiện tại của cổ tức nhận cuối năm n. Chúng ta quy đổi giá trị tương lai về hiện tại là bởi vì một đồng tiền hôm nay có giá trị hơn một đồng tiền nhận được vào ngày mai. 2. Being a researcher, Dwayne asked Johnathan a key question, “How did you estimate the grow rates used in applying the model?” Using data given in Tables 1 and 2 explain how Johnathan should respond. Tỷ lệ tăng trưởng cổ tức sử dụng trong mô hình DDM được tính toán bằng công thức: g = ROEx(1-DPS/EPS) Từ bảng số 1, chúng ta có thể dễ dàng tính...
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...The education system impacts us in a tremendous way from an early age. At five years old, we are forced to go to school, to learn, to try to fit in an environment different from what we are already used to. It is very healthy to bring ourselves out of our comfort zones, but what happens when our schools, intentionally or not, push us down as individuals instead of pulling us up when we may already have so many other factors against us. Jonathan Kozol’s article "Still Separate, Still Unequal: America's Educational Apartheid." is essentially about Kozol visiting various different schools and how the environments are and the podcast titled “Three Miles: This American Life” conducted by Chana Joffe-Walt show the unfortunate obstacles students of low- income families have to overcome for their education. I believe that although the education system should not take full responsibility for the low income students’ failure because there are other factors involved, it is certainly part of the problem. When students are not encouraged, they don’t do their best. They believe that there is no use in even trying. Furthermore, when students are limited in what they can learn, they may begin to believe that it does not matter what becomes of them; society doesn't care about them developing into the best they can be. Lastly, when students see all that they are not receiving, this makes them feel that they are not...
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...Writing and Other Cultures Effect of Social Economic Status Social economic status is often broken down into three categories of class (high SES, middle SES, and low SES) to represent the income an individual’s family or a specific individual may fall into. When talking about putting a family or person into one of these status’, one must look at three variables; income, education, and occupation. These variables play a huge role in how an individual would develop in as an child, view their health, and how they would ultimately value education. The environment that most low SES children are in result to less direct speech from parents, little time spent on reading books, and not seeing the doctor often because of no healthcare. These environments are sometimes small cramped apartments where the parents usually aren’t around because they either have to work or just don’t have the time. When comparing it to the environment to high SES children, the infants of these families experience more directed speech which leads to learning more words. As well as doing better in school, this goes along with having a better relationship with their parents. Parental roles in addressing their children may be linked to their position of their respective groups within society. The hard working class of individuals often has low power, small positions in their workforce. This positioning of social hierarchy requires a certain lifestyle and livelihood that is stable and capable of adapting to...
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...Abstract A simple lumbar sprain for some is just a little pain. For others it is a devastating issue. Treatments can range from prescriptions and ice to chiropractors and acupuncturists. Many treat this problem differently or not at all. For any working individual, it can be an end to the job or it can be a new beginning in what kind of care is available. Lumbar Sprain; The Plague of the Working Individual In today’s society, even the simplest of pain brings a working person down. A lumbar sprain, or as many know it, low back pain, can be crippling. It can happen quickly and without warning. Many seek out the help of traditional doctor, thinking that a muscle relaxer or a pain pill will make it all better. Most don’t realize that the cost of something alternative may be close to the same amount as a traditional doctor. After you factor in the expense of the co-pay, the meds, the possible diagnostic testing, and the other specialists that you might have to see, costs can add up quickly. Finding something different may work more in your favor than you think. Traditional Medicine Of the US population, 85% will experience an episode of mechanical LBP at some point during their lifetime (Hill, 2015). For traditional medicine, the patient would go to their family physician with the complaint. The doctor would begin by evaluating their symptoms. The symptoms would be low back pain, stiffness, inability to sit or stand for extended periods of time, pain running down the leg(s), extreme...
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... |Both parties will have the opportunity to |When a task is complete, feedback is always | | |work independently to reach an individual |provided. It is necessary to explain to | | |goal rather than trying to meet the same |both team members at which performance level| | |goal. This will create self-confidence and|they stand. Ranking each individual can be | | |allow each member to understand how |an issue if this were to become public | | |valuable they are to the company. |information within the organization. If one| | | |member performs at a higher level, this can | | | |cause low morale for the member with the | | | |least performance level. On the other hand | | | |the member with the high performance level | | | |will know what his value and influence is | | | ...
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...Many people in today’s society with low income wonder how they would feed their children, pregnant women who cannot afford formula for their baby, and a decent place to stay. Today, there are poor mother’s in the society who worry about is there baby going to have formula, some even worry about if they have all the information to meet the standard to get the free program. Some people today with low income cannot afford a place to stay or do not have enough money to pay high rent every month. Some wonder if they can apply for Section 8 housing program would they be accepted and receive the free benefit. Welfare is a great program that offers different program the help low income people. Welfare offers different programs such as Food Stamps, Section 8, and...
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...have been given is about a women named Sarah who is 38years old married women with two children age, eight and ten. Five years ago she developed multiple Sclerosis, the progress in her illness have been very rapid, and she now needs support in most of her daily living activities. She has a carer that comes in every morning to help her get up, get dressed, wash and make breakfast for her and her two children. She can eat independently as long as the food preparation is well thought-out. Sarah has to use a catheterization for bowel movements. She can walk with two sticks on a good day and on a bad day she uses a wheelchair because she can barely walk. She used to work full time in a school but now because of her illness, she...
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...MODELLING A NIEUPORT 11 IN 3D WITH BLENDER by KevJon This is my first tutorial and I thought I would share some of the knowledge I have gained on modelling aircraft in 3D. I’ve decided to do this tutorial with the free Blender software (2.45) so that anybody can have a go at it at without having to outlay lots of cash. The purpose of this tutorial is not to teach you how to use Blender (although I will give plenty of tips) but to show you how I go about modelling aircraft. The techniques I show should readily transfer to any 3D software that you use. For this tutorial we will use the Nieuport 11 as an example as a lot of the shapes are relatively easy compared to WWII aircraft or modern jets although the techniques shown are equally applicable to those types. We will cover how to model a wheel, cowling, fuselage, tail plane, fin, top wing and engine crankcase. I will also show how to uvmap those items so you can texture your aircraft. I will also give some tips on how to model the rest of the aircraft if you wish to finish it off. This is the first time I have ever used Blender so there may be better ways of doing things. Getting Started Step 1 Download Blender 2.45 & install. Optional Download Python 2.5 for your operating system & install. Note: Python allows full functionality of the software but you should still be able to do this tutorial without Python. Step 2 Download these 3 PDF files which teach you the basics of the interface, keyboard shortcuts and have some tutorials...
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...Weight training: A low carber's secret weapon You probably know someone who has lost a lot of weight on a low-carb diet. Maybe even you have found success with a low-carb diet. You don't have to go far to hear one of the many low-carb success stories -- just eavesdrop on conversations in restaurants or grocery stores and you'll hear about how someone's brother-mother-sister-or-friend lost a gazillion pounds by forgoing bread, fruit and pasta. Unfortunately, many of these success stories come with the same unhappy ending -- you or your brother-mother-sister-or-friend gain all the weight back and then some because you or they didn't stick to the low-carb lifestyle. Judging yourself by numbers So begins the vicious cycle of low-carb yo-yo dieting....
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...because high returns to capital at low levels of capital * When capital stock is low, huge positive returns to capital but this is not true at very high levels of capital. * Less and less returns at high level of capital * Growth comes naturally from perfect competitive markets * There is no need to do anything. If you are on the left hand side of k*, the economy will grow. * True only for perfect competitive markets meaning * If needed human capital is available at any scale and quantity (no role for human capital in the Solow model though because we always divide everything by population) * There is a possibility of technology transfer * Government provides essential services * No need for development policy * Because again a country grows naturally if it’s on the left of k* and all countries converge to the same point But no evidence of convergence * Regressions: yes, but shaky * There was evidence of regressions, initial wealth was negatively related to GDP growth but we saw that the regressions were subject to many problems like OVB, reverse causality * Historical growth 1960-1990 * World: 1.7% (double after 43 years) * East Asia: 3.3% (double after 23 years) * South Asia: 1.9% (double after 38 years) * Sub-Saharan Africa: 0.2% (double after 348 years) Difference between OECD and rest of the world: * Convergence in graph b (OECD sample). Low initial wealth, high growth rate...
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...sandwich factory and published in Work Employment Society volume 19, on pages 463-480. Food-to-Go: the company and profile of the workforce Over the last decade the sandwich industry has become a global business with an expanding market currently (2004) thought to be worth around US$50 billion dollars a year (BBC, 2004). Food-to-Go (a pseudonym for the employer company), the factory where the union organizing place was taking place, is a multinational company supplying major high street retail stores, with 12 food factories in the UK, two of which specialize in sandwich production: one located in London and the other in northern England. There were considerable disparities in the terms and conditions of the company’s two sandwich factories, not least the composition of the workforce (see Table 1). Workers in the London factory were predominantly from BME groups, whereas at the northern factory they were mainly white. In London, workers had lower pay, no premium pay, less holidays, no sick pay – and no union recognition. Yet Food-to-Go had a long-standing relationship with the trade union, and all of the company’s factories in the UK had voluntary recognition agreements, except the one in London. Management at the London factory indicated that they would voluntarily recognize the union only if it could demonstrate 50 percent union membership. This contrasted with other Food-to-Go sites in the UK, where full recognition was granted to the union, even prior to the union having...
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...sandwich factory and published in Work Employment Society volume 19, on pages 463-480. Food-to-Go: the company and profile of the workforce Over the last decade the sandwich industry has become a global business with an expanding market currently (2004) thought to be worth around US$50 billion dollars a year (BBC, 2004). Food-to-Go (a pseudonym for the employer company), the factory where the union organizing place was taking place, is a multinational company supplying major high street retail stores, with 12 food factories in the UK, two of which specialize in sandwich production: one located in London and the other in northern England. There were considerable disparities in the terms and conditions of the company’s two sandwich factories, not least the composition of the workforce (see Table 1). Workers in the London factory were predominantly from BME groups, whereas at the northern factory they were mainly white. In London, workers had lower pay, no premium pay, less holidays, no sick pay – and no union recognition. Yet Food-to-Go had a long-standing relationship with the trade union, and all of the company’s factories in the UK had voluntary recognition agreements, except the one in London. Management at the London factory indicated that they would voluntarily recognize the union only if it could demonstrate 50 percent union membership. This contrasted with other Food-to-Go sites in the UK, where full recognition was granted to the union, even prior to the union having...
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...lunches, workers on jobs, and busy people on the go. The Sandwich Buddy will attract these buyers because of the unique product and how buyers can use it for many different uses, the reasonable price point, buyers can purchase this item for a reasonable low-cost price that will attract buyers to it because it is low-costing to them. Through the North American Industry Classification System, The Sandwich Buddy would be under the six-digit code level: 326199. This six-digit code is the industry of: All Other Plastics Products Manufacturing, under this code is the manufacturing of plastic products. Industry Attractiveness Assessment Tool Low Potential Moderate Potential High Potential 1. Number of competitors Many Few None 2. Age of industry Old Middle aged Young 3. Growth rate of industry Little or no growth Moderate growth Strong growth 4. Average net income for firms in the industry Low Medium High 5. Degree of industry concentration Concentrated Neither concentrated nor fragmented Fragmented 6. Stage of industry life cycle Maturity phase or decline phase Growth phase Emergence phase 7. Importance of industry’s products and/or services to customers “Ambivalent” “Would like to have” “Must have” 8. Extent to which business and environmental trends are moving in favor of the industry Low Medium High 9. Number of exciting new product and services emerging from the industry Low Medium High 10. Long-term prospects Weak Neutral...
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...is, how sound waves are created, Parts of a sound wave, Ears, Jobs, and the speed of sound. There will be pictures, equations, and illustrations to help explain the research. sound is an amazing gift from God, and it is important to know what it is. Sound is differing waves of pressure, or vibrations, made by molecules moving back and forth. There are 3 main points of sound: Quality, Amplitude, and Frequency and Pitch. Quality is how well it sounds. Amplitude will be addressed later. Frequency is how often a vibration occurs. Frequency is referred to as Hertz (HZ). Pitch is how high or low sounds are, but is not loudness, though that is a part of sound as well. Frequency and pitch go side by side. If the frequency is high, the pitch is high, if the frequency is low, the pitch is low. The volume, or loudness, of sound is measured in decibels. It is named after Alexander Graham Bell, the creator of the telephone. It was in the beginning just bels, and went from 0 bels to 13 bels, but was not precise enough, so decibels were created. Decibels are a tenth of a bel, and ranges from 0 decibels to 130 decibels. The next point of sound is how sound wave are formed, and what the parts of the sound wave are. The...
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...The Hike to $15 America, the land of freedom and opportunity they say. I think that saying might just be false with the way our nation is today. The main reason I believe being that the federal minimum wage is too low. Minimum wage should be $15 in every state. If we want people to experience the freedom and opportunity, it can’t be done off $7.25. People have kids to provide for, colleges to attend, families to support, and so many more things. The luxury to afford to have all the “freedom” or “opportunity” the rich may have isn’t plausible for minimum wage workers. Every morning these people wake up and questions whether they have enough money for food or housing for example. Robert Reich, an American political economist, professor, author, and political commentator, made some good points on this issue. Reich also believes that the minimum wage should be $15 an hour. We both agree with federal minimum wage being hiked to $15 an hour. My reason as to why I agree with him being that Reich gives 7 very valid reasons as to why the raise should occur. The benefit over time would be well worth it. Congress instituted the minimum wage in 1938 as part of the Fair Labor Standards Act (DOL). The first minimum wage that was established was 25 cents an hour (James). The last minimum wage increase occurred in 2009, when Congress raised the rate to $7.25 an hour (AFL). The District of Columbia and 19 states have also established local minimum wages higher than the federal rate (AFL)...
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