...Chapter 7: Prospective Analysis: Valuation Theory and Concepts Copyright (c) 2008 Thomson South-Western, a part of the Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license. Chapter 7: Prospective Analysis: Valuation Theory and Concepts Palepu & Healy Key Concepts in Chapter 7 • Forecasts (Ch. 6) are converted into estimates of value. • Discounted future dividends, cash flows, and abnormal earnings may be used to estimate value. • Price-based multiples may also be used as value estimates. • No method by itself dominates any of the others. Copyright (c) 2008 Thomson South-Western, a part of the Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license. Chapter 7: Prospective Analysis: Valuation Theory and Concepts Palepu & Healy Discounted Dividends Valuation • The present value of future cash flows to shareholders is the basis of the discounted dividends method. • This method is the basis for most theoretical approaches to stock valuation, including the other methods discussed in this chapter. Where re is the cost of equity capital Copyright (c) 2008 Thomson South-Western, a part of the Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license. Chapter 7: Prospective Analysis: Valuation Theory and Concepts Palepu & Healy Discounted Abnormal Earnings • Abnormal earnings are...
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...some clothes made of cotton grown in Georgia and sewn in factories in Thailand. • You watch the morning news broadcast from New York on your TV made in Japan. • You drive to class in a car made of parts manufactured in a half-dozen different countries. Copyright © 2004 South-Western Copyright © 2004 South-Western/Thomson Learning Interdependence and the Gains from Trade • . . . and you haven’t been up for more than two hours yet! • Remember, economics is the study of how societies produce and distribute goods in an attempt to satisfy the wants and needs of its members. Copyright © 2004 South-Western Copyright © 2004 South-Western Interdependence and the Gains from Trade • How do we satisfy our wants and needs in a global economy? • We can be economically self-sufficient. • We can specialize and trade p with others, leading to economic interdependence. Interdependence and the Gains from Trade • Individuals and nations rely on specialized production and exchange as a way to address problems caused by scarcity. • But this gives rise to two questions: • Why is interdependence the norm? • What determines production and trade? Copyright © 2004 South-Western Copyright © 2004 South-Western 1 Interdependence and the Gains from Trade • Why is interdependence the norm? • Interdependence occurs because people are better off when they specialize and trade with others. A PARABLE FOR THE MODERN ECONOMY • Imagine . . . • only two goods: potatoes and...
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...The Western approach to the Global South nations’ religious practice of Female Genital Mutilation. Despite the enormous impact of globalization on multiple aspects of life in countries around the world and the cultural homogenization, the First and the Third worlds’ mentalities remain extremely different. The distinction between both worlds sometimes leads to serious controversies. With the dominance of the European model of gender equality and the lack of understanding due to cultural differences, Western representatives tend to criticize the traditions like female genital mutilation (FGM). Their main concern is that women in the countries of the Global South are oppressed by these practices. Thus, Western feminists are unable to get past...
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...thoughts and emotions, which lead individuals to a pessimistic mood. From the mentioned points above, I believe that western culture leads women’s eating disorders through media and personal relationships with westerners. I found specific researchers and their studies to support and explain my possition: a essay, entitled “The Globalization of Eating Disorders” written by Susan Bordo from Gilbert H. Muller’s book The New Worlds Reader, an research article published in the magazine International Journal Of Eating Disorders entitled “Boday Image and Eating Disturbance Among South Asian-American Women: The Role of Racial Teasing”, by Dana Sahi Iyer and Nick Haslam, and the seventh chapter, entitled “Sociocultural Influences: The Impact of Western Culture on Eating and Body Image Disturbances”, of the book Too Fat or Too Thin: A Reference Guide to Eating Diorders by Cynthia R Kalodner. During reading three resources, I come up with question how western culture impacts eating disorders due to the standards of beauty among women through media and personal connections. Susan Bordo argues that the globalization of eating disorders crosses the economic levels of countries, races, genders, classes, and ages in her essay. She believes that eating disturbances become universal events in both developed and developing nations. The foundation causes of global phenomena rely on western media that...
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...of the new continent] . McPherson explains how the United States took the policy of establishing puppet governments in the interest of American businessmen and ideological survival. McPherson wrote this book so to carefully detail and explain the destructive policy that is mostly forgotten by the citizens of the US, because the government would prefer to keep the blunders of our past covered and quiet. McPherson understand that not everyone in interested in the exploits of the American past, so he writes with the intent of educating the curious reader and aspiring intellectual. McPherson believes that the American establishment has involved themselves in the politics of South America to enhance the security and economy of our own nation while sacrificing the same from other South American nations. The American government from our beginning held a policy of de-colonialization and after the...
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...Crisis in Western North Carolina, John C. Inscoe’s research of Western North Carolina unravels the false ideas that, “Antebellum South Appalachia had no slaves, resided in poverty, and lacked the economic and social diversity to form distinguishable class hierarchy.” Inscoe argues that Carolina highlanders before the Civil War were, “far from being the deprived, isolated, self-centered mountaineers depicted in later accounts,” but, rather, “...their society was a vigorous, complex, and growing one.” Inscoe takes on more than a century’s worth of historical and popular assumptions about Southern Appalachia in this book. The first few chapters dive into Agriculture, Community, and Commerce. Inscoe...
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...first cause of the American Civil War was the Mexican-American War in 1848. The Mexican-American war was fought in order to determine which country gained control over the south-western states. The south-western states include; Texas, New Mexico, California, and Arizona. In the end the Mexican-American war concluded with an American victory. At the same time the Mexican-American War was taking place the California Gold Rush was also beginning. During the Gold Rush people from all over the US were traveling to California in the hopes of getting rich. Due to the quantity of people to go to California all at the same time California qualified for statehood (based on their population at the time). Prior to the Gold Rush in 1849 the US had 30 states; 15 free states (north) and 15 slave states (south). By adding California the number of states becomes an odd number. The southern states (slave) wanted California to enter as a slave state, and the northern states (free) wanted California to enter as a free state. The Compromise of 1850 made California a free state, which made the south mad that they were now no longer even with the north. In order to make the south happy since the north got California the Fugitive Slave Act was put into place. The Fugitive Slave Act was an act that said the north must help the south to retrieve their slaves who escaped to the north. The main problem with this act was that there was no way to know which slave belonged to each master. When a master...
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...339 What Is the K in K-pop? South Korean Popular Music, the Culture Industry, and National Identity John Lie* In the early 2010’s, the expansion of South Korean popular culture around the world is led by popular music, usually known as Kpop. In this paper I seek to answer two questions. First, what are the sources of its success beyond the South Korean national border? Secondly, what does it say about contemporary South Korean society and culture? Key Words: K-pop, Korean Wave, Hallyu, South Korean Popular Culture, Popular Music I. Introduction T he phenomenal success of the Korean Wave has generated collective celebration in South Korea.1 In the early 2010s, the national self* John Lie is C.K. Cho Professor of Sociology at the University of California, Berkeley, U.S.A. He received his Ph.D. in Sociology from Harvard University. His forthcoming books include The Global University and The Consolation of Social Theory. E-mail: johnlie@berkeley.edu. 1. The Korean Wave is the literal translation of the term which originated in China ( ; Hánliú). The first character refers to “Korea” and the second usually evokes “flow” or “current,” signifying “style.” The same Chinese characters KOREA OBSERVER, Vol. 43, No. 3, Autumn 2012, pp. 339-363. © 2012 by THE INSTITUTE OF KOREAN STUDIES. 340 John Lie congratulation is especially manifest for the popularity of South Korean popular music (K-pop), which has spread from neighboring Asian countries, such as Japan and...
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...Clash Of civilisation The Clash of Civilizations (COC) is a hypothesis that people's cultural and religious identities will be the primary source of conflict in the post-Cold War world. It was proposed by political scientist Samuel P. Huntington in a 1992 lecture at the American Enterprise Institute, which was then developed in a 1993 Foreign Affairs article titled "The Clash of Civilizations? in response to his former student Francis Fukuyama's 1992 book, The End of History and the Last Man. Huntington later expanded his thesis in a 1996 book. Huntington began his thinking by surveying the diverse theories about the nature of global politics in the post-Cold War period. Some theorists and writers argued that human rights, liberal democracy, and capitalist free market economy had become the only remaining ideological alternative for nations in the post-Cold War world. Specifically, Francis Fukuyama argued that the world had reached the 'end of history' in a Hegelian sense. Huntington believed that while the age of ideology had ended, the world had only reverted to a normal state of affairs characterized by cultural conflict. In his thesis, he argued that the primary axis of conflict in the future will be along cultural and religious lines. As an extension, he posits that the concept of different civilizations, as the highest rank of cultural identity, will become increasingly useful in analyzing the potential for conflict. In the 1993 Foreign Affairs article, Huntington writes: ...
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...Popularization of Harry Potter Series The Harry Potter series, which is written by JK Rowling, is a miracle of literary history that it is well known in countries with various cultural backgrounds all over the world. It has been translated into seventy languages and sold over four hundred million copies in two hundred countries. The success of the Harry Potter series results in a success of its industry, including films, video games, toys, traveling attractions and theme parks. The Chronicles of Narnia is another popular fantasy storybook published in 1950. But why did it fail to achieve the same incredible success as the Harry Potter series? Part of the reason is because the Harry Potter series is not only a book for children but also a book for adults. The details of the books connect to younger readers’ real lives, while being inspirational enough to generate older readers’ considerations. It is far more than just a fantasy series. Harry Potter’s magic world is so real to readers because it is very similar to readers’ lives. There are governments, schools, pubs, banks, bookstores, train stations, the World Cup, prisons and hospitals in Harry Potter’s magic world. These are all things young readers can relate to in their lives. The similarity makes Harry Potter’s magic world real to readers. Besides, by offering detailed examples to connect her characters with readers, JK.Rowling successfully convinces her readers that the magic world is real and they can be part of it if they believe...
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...In this diversely conceptualized and informational work, Craig E. Colten suggests and argues that it not possible to holistically understand the broad range of contemporary water challenges currently observed within the American South without examining this region's history of water. Flood hazards are not an uncommon phenomenon, and as such the civic and social debates regarding how to plan for them have long been discussed. Although risks of dwindling water supplies are being globally witnessed more and more each day, the morass of explanations as to “why” can be observed through the shifting patterns of land settlement, advancements in technology, and ever increasing consumption. To conceptually grasp the current and oncoming limits to water...
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...ry Freedom is based on actual events, about the friendship between two men struggling against apartheid in South Africa in the 1970s. Donald Woods is a white liberal journalist in South Africa who begins to follow the activities of Stephen Biko, a courageous and outspoken black anti-apartheid activist. The story plays in November 1975 in the south-east of South Africa in the city East London. In this city Donald Woods is an editor of the Daily Dispatch. One morning he gets news of a police raid in the black township Crossroads which lies in Cape Town in the south-west of South Africa. To this news he also gets photos of the raid and he desides to print them although the government does not allow to print such photos.The story plays in November 1975 in the south-east of South Africa in the city East London. In this city Donald Woods is an editor of the Daily Dispatch. One morning he gets news of a police raid in the black township Crossroads which lies in Cape Town in the south-west of South Africa. To this news he also gets photos of the raid and he desides to print them although the government doesn't allow to print such photos. Woods does not believe the demand of the black people but he is trained as a lawyer and does not like police brutality against black people. This book promises to be an honest account of the turmoil in South Africa and a story of a black activist, but it turns into a usual cliffhanger about the editor's flight across the border. In my view, whites...
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...000 – Computer science, information, and general works • 000 Generalities • 001 Knowledge • 002 The book • 003 Systems • 004 Data processing and Computer science • 005 Computer programming, programs, data • 006 Special computer methods • 007 Not assigned or no longer used • 008 Not assigned or no longer used • 009 Not assigned or no longer used • 010 Bibliography • 011 Bibliographies • 012 Bibliographies of individuals • 013 Bibliographies of works by specific classes of authors • 014 Bibliographies of anonymous and pseudonymous works • 015 Bibliographies of works from specific places • 016 Bibliographies of works from specific subjects • 017 General subject catalogs • 018 Catalogs arranged by author & date • 019 Dictionary catalogs • 020 Library & information sciences • 021 Library relationships • 022 Administration of the physical plant • 023 Personnel administration • 024 Not assigned or no longer used • 025 Library operations • 026 Libraries for specific subjects • 027 General libraries • 028 Reading, use of other information media • 029 Not assigned or no longer used • 030 General encyclopedic works • 031 General encyclopedic works -- American • 032 General encyclopedic works in English • 033 General encyclopedic works in other Germanic languages • 034 General encyclopedic works in French, Provencal...
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...reestablish itself in the state. Despite rumors, the Department has never stocked mountain lions and will not do so in the future. Although mountain lions, sometimes called cougars, pumas, panthers or catamounts, were common in Missouri and elsewhere in the Midwest prior to European settlement, they were eradicated during the 19th century. As the countryside was settled and developed, the large predators were shot. People also killed almost all of the deer, the mountain lions’ primary food source. The last native wild mountain lion in Missouri was killed in 1927. They were extirpated from Iowa by 1867, Nebraska by 1890, Kansas by 1904 and from Wisconsin by 1908. Though populations of mountain lions survived in remote mountainous terrain in western states, no verifiable evidence exists to suggest that they...
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...Future of Democracy in Africa With the aid of the book, State, Conflict, and Democracy in Africa, I will try to come up with some type of conclusion to the future democracy in Africa. These Africanists that I will mention in my paper have assessed that contemporary Africa has struggled to deal with false starts, unsatisfactory attempts to reconfigure power and varies political reforms. The first theoretical essay is written by Crawford Young on the Third Wave of Democratization in Africa. Young is a Political Scientist, who received a PhD from Harvard and he specializes in development and politics in developing countries, particularly Africa. His works are “The Politics of Cultural Pluralism” , “Ideology and Development in Africa” , and “The Rise and Decline of the Zairian State”. In his essay, Young offers insight on Africa's experimentation on political liberalization. Young starts off by talking about the “third wave” of democratization which hit Africa in 1989 which was seen as a global dynamic. Factors such as modernization, diffusion and power politics helped shaped this transition. In Africa there were deeper structural factors which started first with the economical field. “In dramatic contrast to the aggressive assertion of economic nationalism in the 1970s, a decade peppered with sweeping indigenization programs and widespread nationalism, the 1980 Organization of African Unity Lagos Plan of Action, and the blistering critique of African development performance...
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