The Invention of Wings by Sue Monk Kidd - Questions

'The Invention of Wings' by Sue Monk Kidd - Questions The Invention of Wings is Sue Monk Kidds third novel. Her first, The Secret Life of Bees, was a book club most loved that allowed gatherings to examine race issues in the South during the 1960s. In The Invention of Wings, Kidd comes back to issues of race and a Southern setting, this time handling servitude in the mid nineteenth century. Kidds epic is fiction, yet chronicled fiction where one of the principle characters depends on a genuine recorded figure Sarah Grimke. These inquiries look to get at the core of the novel and help book clubs talk about the numerous aspects of The Invention of Wings. Spoiler Warning: These inquiries contain subtleties from all through the novel, including the end. Finish the book before perusing on. The tale is introduced as an anecdote around two characters, Sarah and Handful. Do you think their relationship with one another is integral to how they created? Or then again was the opportunity to peruse two points of view more significant than the real relationship?This is likewise a novel about family connections and history, especially as observed through the ladies in the story. Talk about Sarahs relationship with her mom and sisters and Handfuls with her mom and sister. In what ways did these other ladies characterize who Sarah and Handful became?Charlottes story quilt is her most prominent fortune. For what reason do you imagine that is? How does the capacity to recount to ones own story shape ones identity?Sarahs familys story depends on servitude. For what reason was it important for Sarah to leave all the things dear to her mom and family Charleston society, excellent ornamentation, notoriety and even spot so as to live with her own feelings? What was the hardest for her t o break with?Religion is significant all through the novel, and Kidd allows perusers to see numerous sides of the mid nineteenth century church: the white high church in the South, which guarded servitude; the dark church in the South with its freedom religious philosophy; and the Quaker church, with its dynamic thoughts regarding ladies and slaves alongside its refusal of wonderful garments and festivities. Bondage is one of the keys to understanding the perplexing history of the congregation in America. Examine how the novel uncovers that? What did the book make you think about the job of the congregation? Is it safe to say that you were shocked to discover that even among abolitionists the possibility of racial balance was radical?Were you astonished by the responses in the North to the Grimke sisters talking visit? Were you mindful of how unequivocally ladies were limited?Even the Grimkes partners proposed they keep down on their women's activist perspectives since they figured it would hurt the reason for nullification. Surely, it split the development. Do you think this trade off was defended? Did you think the sisters were legitimized in not making it?Were you astounded to find out about any of the disciplines that were regular for slaves, for example, the Work House or the one legged discipline? Were some other pieces of the historical backdrop of bondage new to you, for example, the data about Denmark Vessey and the arranged revolt? Did this novel give you any new points of view on slavery?If you have perused Sue Monk Kidds past books, how did this one look at? Rate The Inventio n of Wings on a size of 1 to 5. The Invention of Wings by Sue Monk Kidd was distributed in January 2014It was picked for Oprahs Book Club before publicationPublisher: Viking Adult384 pages

One Road to Royalties

One Road to Royalties Breaking into the distributing industry is an incredible test. Furthermore, new scholars who follow the customary course, before long find that composing the book is far simpler than catching the consideration of a specialist, having a composition acknowledged, and afterward getting eminences for their work. Having a reputation of past distributions makes a difference Magazines and little scholarly or scholastic diaries are potential markets, and many compensation for material, yet on the grounds that theyre copious, doesnt make them simple to break. In the wake of hitting into the entryway of one online magazine for a while, I at last picked up passage. After my first effective accommodation, they proceeded to distribute a few of my accounts and verifiable articles. This one advancement opened one more entryway, and when that online magazine acknowledged my work, I had the option to add three extra distributed stories to my creator

Rapid Economic Growth and Industrialization in Japan

In Asia, Japan was the primary nation to show a stamped positive development after the harm caused to the country following the universal war (Stephenson 2009). This was trailed by a comparative pattern in four other Asian countries during the 1960’s. The nations in particular; Hong Kong, Taiwan, Singapore and South Korea started a quick pattern that was set apart by fast financial development and industrialization. The primary main impetus behind this pattern was a move of center driven by accessibility of modest work, to trade drove development (Stephenson 2009).Advertising We will compose a custom paper test on Rapid Economic Growth and Industrialization in Japan explicitly for you for just $16.05 $11/page Learn More because of this fare drove development the west including America and other western created countries started to expend the same number of the toys and garments that accompanied Made in Asia marks (Stephenson 2009). This procedure saw the nations hoard gigantic remote trade saves and create tremendous exchange surpluses in the west. This arrangement by the countries seems to have been like the underlying thought of the Japanese. The Japanese had chosen to create producing ability by abusing the huge measure of modest work in the nation (Stephenson 2009). The way to deal with center around low end shopper items has been utilized by various Asian nations to expand national riches. As riches builds the pattern infers moving to start the consideration of better quality items (Stephenson 2009). A genuine case of this is the Taiwanese economy that underpins the country of around 23 million. The nation is home to some truly respectable makers of cutting edge PC and electrical items. Notwithstanding expanded assembling the countries residents have likewise started to assume a job in the worldwide field being the initiators of organizations, for example, Yahoo and You Tube (Stephenson 2009). One of the significant drivers in these East Asian natio ns was training which these administrations put instruction in a key position (Mok 63). The legislatures concentrated on making open doors for instruction to increase the training expectations of its residents. It is a typical confidence in these administrations that just through instructive headway would they be able to stay up with social and monetary change (Mok 63). During the 90’s this quickened monetary development saw a significant droop attributable to financial downturn in the district genuinely influencing the Asian tigers (Rai122).Advertising Looking for article on business financial matters? How about we check whether we can support you! Get your first paper with 15% OFF Learn More The principle reason this downturn had such a significant impact in these creating countries is because of the reality monetary development had caused the fare market to be over esteemed. Therefore the downturn saw the quantity of terrible obligations rise perilously because of countles s organizations venturing into the red (Rai 122). In the equivalent 90’s period India was lucky enough to see the unification of two similarly invested pioneers start their control of the executive and account serve office (Wong 66). The Prime pastor, Rao and the new fund serve Manmohan Singh can undoubtedly be cited to be the heroes of financial change in India. Among the significant changes realized by this group was a practically 80% end of licenses for industry. In one move this liberated the Indian business network from the chains of the ‘License raj’. Despite the fact that this period was set apart by monetary disarray, India got the chance to profit and rearrange financial strategy. The genuine increment in awful obligations gave the Indian business network a chance to purchase resources at low costs (Rai 122). For instance, the Jindal bunch entered an understanding during this period that saw the buy and move of a whole steel plant in South Korea. Further the poor monetary state gave sourcing chances to Indian organizations. The drop in monetary forms and abundance flexibly in neighborhood and remote markets gave a decent source to Indian organizations to gain crude material. This likewise gave the Indian organizations an open door for in reverse coordination. Further India currently increased a few organizations with a set up showcasing system which might be utilized for comparable items (Rai 122). Works Cited Mok, KA-Ho. Instruction Reform and Education Policy in East Asia. New York: Routledge, 2006. Print. Rai, Usha Kiran. Fare Import and Logistics Management. New Delhi: Prentice Hall of India Private Ltd, 2007. Print.Advertising We will compose a custom exposition test on Rapid Economic Growth and Industrialization in Japan explicitly for you for just $16.05 $11/page Learn More Stephenson, John. Shell Shocked: How Canadians can contribute after the breakdown. Ontario: John Wiley Sons Canada, Ltd., 2009. Print. Wong, Yuwa. Succee ding like Success: the rich purchasers of Asia. Singapore: John Wiley Sons (Asia) Pte Ltd, 2007. Print. This paper on Rapid Economic Growth and Industrialization in Japan was composed and put together by client Kennedy Buckley to help you with your own investigations. You are allowed to utilize it for research and reference purposes so as to compose your own paper; be that as it may, you should refer to it in like manner. You can give your paper here.

What Is Foreign Direct Investment - Free Essay Example

The removal of cross-border restrictions on international capital flows and the trend toward an integrated world economy has been a substantial progress over recent two decades. Hence, it has increased the growth of foreign direct investment (FDI) activity. Madura and Fox (2007) define foreign direct investment (FDI) as the investment in real assets (such as land, buildings, or even existing plants) in foreign countries. They also find that multinational corporations (MNCs) commonly capitalize on foreign business opportunities by engaging in FDI. They engage in joint ventures with foreign firms, acquire foreign firms, and form new foreign subsidiaries. These types of FDI can generate high returns when managed properly. A substantial investment is required, and thus can increase the risk to capital. It may be difficult for multinational corporations to sell the foreign project when the investment does not perform well as expected. In order to maximize the corporations value, it is significant for MNCs to understand the potential return and risk of FDI and analyze the potential benefits and costs before making investment decisions. 2.1.2 Motives for FDI The reason why firms locate production overseas rather than exporting from the home country or licensing production in the host country, and the reason why firms seek to extend corporate control overseas by forming multinational corporations have been developed by many scholars. Kindleberger(1969) and Hymer(1976), emphasize various market imperfections in product, factor, and capital markets as the key motivating forces to accelerate FDI. Eun and Resnick (2004) explore some key factors that are important for corporations making decisions to invest overseas. These factors include trade barriers, imperfect labor market, intangible assets, vertical integration, product life cycle and shareholder diversification services. Madura and Fox (2007) indicate that MNCs engage in foreign direct investment widely b ecause it can improve profitability and enhance shareholder wealth. In most cases, MNCs utilize FDI to boost revenues, reduce costs, or both. Revenue-related motives include attracting new source of demand, enter profitable markets, exploit monopolistic advantages, react to trade restrictions and diversify internationally. Cost-related motives involve full benefit from economies of scale, use foreign factors, use foreign raw materials, use foreign technology and react to exchange rate movements. 2.1.3 Benefits of FDI It seems unwise to conclude that both forms of geographic diversification are likely to be equally profitable or unprofitable. Errunza and Senbet (1981, 1984) find evidence to support a positive relation between excess firm value and the firms extent of international diversity by using multinational firms only. Focusing on international acquisitions, Doukas and Travlos (1988) and Doukas (1995) document that US bidders gain from industrial and international diversi fication. Similarly, Morck and Yeung (1991, 2001) find a positive relation between international diversification and firm value. However, they show that industrial diversification and international diversification add or destroy value in the presence or absence of intangible assets. Their findings support the view that the synergistic benefits of international diversification stem from the information-based assets of the firm. Christophe and Pfeiffer (1998) and Click and Harrison (2000) find that multinational firms trade at a discount relative to domestic firms. More recently Denis, Denis and Yost (2002), using the Berger and Ofek (1995) excess value measure and aggregate data, show that global diversification reduces shareholder value by 18%, whereas industrial diversification results in 20% shareholder loss. In contrast, Bodnar, Tang and Weintrop (1999), relying on a similar valuation measure, find share-holder value to increase with global diversification. Doukas and Lang (20 03) take firms which made foreign new plant announcements during the period 1980 1992 as a sample, regardless of the industrial structure of the firm, they interpret that unrelated foreign direct investments are associated with negative announcement effects and long-term performance decreases in subsequent years, whereas related investments are associated with positive short-term and long-term performance. Although their findings indicate that both specialized and diversified firms benefit from core-business-related rather than non-core-business-related foreign direct investments, the gains are larger for diversified firms. They conclude that geographic expansion of the firms core business itself is beneficial to shareholder value. In contrast, they find that geographic expansion of the firms peripheral (non-core) business harms firm value and performance. Hence the evidence indicates that the internalization theory is more consistent with the international expansion of the core ra ther than the non-core business of the firm. That is, the positive synergies from global diversification are rooted in the firms core competencies. Theories of foreign direct investment (FDI) agree on at least one major point: foreign firms mush have inherent advantages that allow them to overcome the higher costs of becoming a multinational (Hymer, 1976). These advantages may be tangible, such as an improved production process or a product innovation. They also may be intangible, such as brand names, better management structures or the technical knowledge of employees. Girma, Greenaway and Wakelin (2001) conclude that foreign firms do have higher productivity than domestic firms and they pay higher wages in the UK after their investigation. They do not find aggregate evidence of intra-industry spillovers. However, firms with low productivity relate to the sector average, in low-skill low foreign competition sectors gain less from foreign firms. FDI brings two main benefits to the host country. First, it introduces new production facilities into the domestic economy directly, or may rescue failing firms in the case of acquisition, raising overall output, employment and exports. Second, domestic governments hope that foreign firms will be unable to internalise their advantages fully, and local firms can benefit through spillover. 2.1.4 Effects of FDI Borensztein, Gregorio and Lee (1998) test the effect of foreign direct investment (FDI) on economic growth in a cross-country regression framework by utilizing data on FDI flows from industrial countries to 69 developing countries over the last two decades. The results suggest that FDI is significant for transfer technology, and contributes more to growth than domestic investment. Moreover, they find that the contribution of FDI to economic growth is improved by its interaction with the level of human capital in the host country. However, the empirical results imply that FDI is more productive than d omestic investment only when the host country has a minimum threshold stock of human capital. Thus, FDI contributes to economic growth only when a sufficient absorptive capability of the advanced technologies is available in the host economy. Investigating the effect of FDI on domestic investment, they find that the inflow of foreign capital crowds in domestic investment rather than crowds out. FDI support the expansion of domestic firms by complementarity in production or by increasing productivity through the spillover of advanced technology. A one-dollar increase in the net inflow of FDI is associated with an increase in total investment in the host economy of more than one dollar, but do not appear to be very robust. Thus, it appears that the main channel through which FDI contributes to economic growth is by stimulating technological progress, rather than by increasing total capital accumulation in the host economy. Markusen and Venables (1999) develops an analytical fram ework to assess the effects how an FDI project affect local firms in the same industry. There are two forces for the effect of entry of a multinational firm on the domestic industry. One is a competition effect, under which multinationals displace domestic final-goods producers, and the other is a linkage effect back to intermediate-goods producers, creating complementarities which could benefit domestic final-goods producers. They explore the determinants of the relative strengths of these effects. In circumstances of initial equilibrium with no local production, multinational entry can push the economy over to an equilibrium with local production in both the intermediate and final-goods industries, with a resulting welfare improvement. They then pay attention to endogenise the entry decision of multinational firms. It may now also be the case that multinationals provide the initial impetus for industrialisation, but the developed local industry creates sufficiently intense comp etition to eventually drive the multinationals out of the market. Hobday (1995) finds initial multinational investments in developing East Asia created backward linkage effects to local suppliers in a large number of situations. There are some examples such as computer keyboards, personal computers, sewing machines, athletic shoes, and bicycles in Taiwan. 2.2 Cost of capital and capital structure Many major firms through the world have begun to internationalize their capital structure by raising funds from foreign as well as domestic sources. As a result, these corporations become multinational not only in the scope of their business activities but also in their capital structure. This trend reflects not only a conscious effort on the part of firms to lower the cost of capital by international sourcing of funds but also the ongoing liberalization and deregulation of international financial markets. If international financial markets were completely integrated, it would not matter whether firms raised capital from domestic or foreign sources because the cost of capital would be equalized across countries. On the other hand, some markets are less than fully integrated, firms may be able to create value for their shareholders by issuing securities in foreign as well as domestic markets. Cross-listing of a firms shares on foreign stock exchanges is one way a firm operating in a segmented capital market can lessen the negative effects of segmentation and also internationalize the firms capital structure. For example, IBM, Sony, and British Petroleum are simultaneously listed and traded on the New York, London, and Tokyo stock exchanges. By internationalizing its corporate ownership structure, a firm can generally increase its shares price and lower its cost of capital. 2.2.1 Definition of cost of capital Eun and Resnick define the cost of capital as the minimum rate of return an investment project must generate in order to pay its financing costs. If the return on an investment project is equal to the cost of capital, under taking the project will leave the firms value unaffected. When a firm identifies and undertakes an investment project that generates a return exceeding its cost of capital, the firms value will increase. It is significant for a value-maximizing firm to try to lower its cost of capital. Madura and Fox (2007) explain that a firms weighted average cost of capital (referred to as Kc ) can be measured as: Kc = [D/(D+E )] * Kd * ( 1-t ) + [E / (D+E)] * Ke Where: D = market value of firms debt Kd = the before-tax cost of its debt t = the corporate tax rate E = the firms equity at market value Ke = the cost of financing with equity The ratios reflect the percentage of capital represented by debt and equity, respectively. In total the cost f capital, Kc is the average cost of all providers of finance to the firms. A multinational company finances its operations by using a mixture of fixed i nterest borrowing and equity financing that can minimize the overall cost of capital (the weighted average of its interest rate and dividend payment). By minimizing the cost of capital used to finance a given size and risk of operations, financial managers can maximize the value of the company and therefore maximize shareholder wealth. According to the size of firm, international diversification, exposure to exchange rate change, access to international capital markets and exposure to country risk, the cost of capital for MNCs may be different from that for domestic firms. 2.2.2 Costs of capital across countries Madura and Fox (2007) interpret that an understanding to why the cost of capital can vary among countries is relevant for three reasons. First, it can explain why MNCs based in some countries may have a competitive advantage over others. Just as technology and resources differ across countries, so does the cost of capital. MNCs based in some countries will have a la rger set of feasible (positive net present value) projects because their cost of capital is lower; hence these MNCs can more easily increase their world market share. MNCs operating in countries with a high cost of capital will be forced to decline projects. Second, MNCs may be able to adjust their international operations and sources of funds to capitalize on differences in the cost of capital among countries. Third, differences in the costs of each capital component ( debt and equity ) can help explain why MNCs based in some countries tend to use a more debt-intensive capital structure than MNCs base elsewhere. The cost of debt to a firm is primarily determined by the prevailing risk-free interest rate in the currency borrowed and the risk premium required by creditors. The cost of debt for firms is higher in some countries than in others because the corresponding risk-free rate is higher at a specific point in time or because the risk premium is higher. Countries differences i n the cost of debt include differences in the risk-free rate, differences in the risk premium and comparative costs of debt across countries. A firms cost of equity represents an opportunity cost: what shareholders could earn on investments with similar risk if the equity funds were distributed to them. This return on equity can be measured as a risk-free interest rate that could have been earned by shareholders, plus a premium to reflect the risk of the firm. The risk premium and hence the cost of equity will vary according to different economic environments. The costs of debt and equity can be combined to derive an overall cost of capital. The relative proportions of debt and equity used by firms in each country must be applied as weights to reasonably estimate this cost of capital. 2.2.3 MNCs capital structure decision Bancel and Mittoo (2004) survey on the cross-country comparisons of managerial views on determinants of capital structure in a sample of 16 European co untries: Austria, Belgium, Greece, Denmark, Finland, Ireland, Italy, France, Germany, Netherlands, Norway, Portugal, Spain, Switzerland, Sweden, and the UK. They show that factors related to debt are influenced more, and those related to equity are influenced less, by the countrys institutional structure, especially the quality of its legal system. They find that financial flexibility and earnings per share dilution are primary concerns of managers in issuing debt and common stock, respectively. Managers also value hedging considerations and use windows of opportunity when raising capital. This evidence strengthens arguments of La Porta et al. (1997, 1998) that the availability of external financing in a country is influenced primarily by its legal environment. Since agency costs of debt are likely to be higher in countries with lower quality of legal systems, this evidence is also consistent with theories of capital structure such as agency theory that assign a central role to debt contracts and bankruptcy law (Harris and Raviv, 1991). They find that although a countrys legal environment is an important determinant of debt policy, but it plays a minimal role in common stock policy. They find that firms financing policies are influenced by both their institutional environment and their international operations. They also show that firms can adopt strategies to mitigate the negative effects of the quality of the legal environment in their home country. For instance, firms in civil-law countries have significantly higher concerns for maintaining target debt-to-equity ratios and matching maturity than do their peers in the common-law countries. Further, they find that firms operating internationally have significantly different views than do their peers in several ways. For example, firms that have issued foreign debt or equity in the sample during the last ten years are more concerned about credit ratings. Firm-specific variables that are commonly used in the capital structure literature to explain leverage also explain cross-country differences in managerial rankings of several factors. For example, large firms are less concerned about bankruptcy costs, and high growth firms consider common stock as the cheapest source of funds and use windows of opportunity to issue common stock. These results support the arguement by Rajan and Zingales (1995, 2003), that firms capital structures are the result of a complex interaction of several institutional features as well as firm characteristics in the home country. Their results support that most firms determine their optimal capital structure by trading off factors such as tax advantage of debt, bankruptcy costs, agency costs, and accessibility to external financing. They confirm the conclusions of Titman (2002): Corporate treasurers do occasionally think about the kind of trade-offs between tax savings and financial distress costs that we teach in our corporate finance classes. However, sin ce this trade-off does not change much over time, the balancing of the costs and benefits of debt financing that they emphasize much is not MNCs major concern. They spend much more time thinking about changes in market conditions and the implications of these changes on how firms should be financed. Lee and Kwok (1988) examine the impact of international environmental factors on some firm-related capital structure determinants which in turn affect the MNCs overall capital structure. They consider international environmental variables of political risk, international market imperfections, complexity of operations, opportunities for international diversification, foreign exchange risk and local factors of host countries, and test agency costs and bankruptcy costs. They find that MNCs tend to have higher agency costs of debt according to Myers definition than DCs. This finding remained unchanged even when size and industry effects were controlled. Though MNCs appeared to have lower bankruptcy costs than DCs, the difference largely disappeared when the size effect was controlled. Quite contrary to the conventional wisdom, the empirical findings showed that MNCs tended to be less leveraged than DCs. This finding remained even when the size effect was controlled. However, when companies were separated under different industry groups, the results varied significantly. Burgman (1996) directly estimate the effect of foreign exchange risk and political risk on the capital structure of MNCs. Using the foreign tax ratio to classify firms as either MNCs or DCs and controlling for industry and size effects, Burgman finds that MNCs have lower debt ratios and higher agency costs than DCs. Furthermore, international diversification does not appear to lower earnings volatility. To estimate the sensitivity of a firm to foreign exchange risk, Burgman conducts a regression analysis of the stock returns of each sample firm on the returns of an index of U.S. stocks and on the U.S.$:SDR returns. His political risk measure is based on the following ratio: number of low political risk countries to the total number of countries in which the firm operates. Low political risk countries are the top 20 in the country risk rankings provided by Euromoney in 1989. The results of a regression analysis for his sample of MNCs suggest that the debt ratios of these companies are positively related to both risks. Burgman concludes that this evidence is consistent with the hypothesis that MNCs use debt policy as a tool to hedge foreign exchange risk and political risk. Chen et al. (1997) conducted regression analyses to investigate the effect of international activities (as measured by foreign pre-tax income) on capital structure. They report that even after controlling for firm size, agency costs of debt, bankruptcy costs and profitability, the long-term debt ratios of MNCs are lower than those of DCs. However, within their sample of MNCs, debt ratios increase with th e level of international activities. 2.2.4 Segmented capital market A capital market for asset claims is integrated when the opportunity set of investments available to each and every investor is the universe of all possible asset claims. In contrast, a capital market is segmented when certain groups of investors limit their investments to a subset of the universe of all possible asset claims. Such market segmentation can occur because of ignorance about the universe of possible asset claims, or because of transactions costs (brokerage costs, taxes, or information acquisition costs), or because of legal impediments. From an international perspective, market segmentation typically occurs along national borders, a condition wherein investors in each country acquire only domestic asset claims. Grubel, Levy and Sarnat, and Lessard employ a mean-variance portfolio theoretic framework, have stressed the benefits of diversifying investments across national borders, namely the pool ing of risks that results from investing in projects that are less than perfectly correlated. Subrahmanyam points out that when segmented capital markets are integrated, in addition to the diversification effect (always positive), there is a wealth effect (possibly negative) which arises out of changes in the macro-parameters of the risk-return relationship. For the special cases of quadratic, exponential, and logarithmic utility functions, it can be shown that international capital market integration is Pareto-optimal, that is, the welfare of individuals in the integrated economies will not decline, and will generally improve. The positive effect of an expansion in the opportunity set offsets any negative wealth effect. The market reformed and liberalized in developed economies in the 1970s and emerging economies during the second half of the 1980s led to the removal of many barriers. The deregulation and the development of local equity markets allowed the possibility of foreign portfolio investments (FPIs). Overall, FPIs would provide a new source of capital and internationalize the domestic capital markets. Subsequent improvements in risk sharing and risk matching would cause the cost of capital to fall. Errunza and Miller (2000 ) use a sample of 126 firms from 32 countries, document a significant decline of 42% in the cost of capital. In addition, they show the decline is driven by the ability of U.S. investors to span the foreign security prior to cross-listing. The findings support the hypothesis that financial market liberalizations have significant economic benefits. 2.2.5 Interaction between subsidiary and parent financing decisions In segmented markets the parent and its subsidiaries will generally have different valuation objectives and investment-acceptance criteria. Under some conditions these depend on the international financing mix. Decentralization can be optimal in the sense of global maximization, provided that the parent is unreali stically free, ex-ante, to optimize its percentage ownership in the subsidiaries at the beginning of each planning period. In the case of a two-country firm, the subsidiaries maximands are independent of the parents. But when the parents ownership position is predetermined at a fixed level, as it is normally, the situation is radically different. Market values cannot then be maximized independently and Pareto optimization is required. Michaels (1974) main result is that, unless agreement can be reached on a compensation principle, the joint ventures cost of capital will be indeterminate. In such circumstances optimal financial planning for the MNC as a whole may be impossible. Concluding remarks draw attention to the attendant possibility that the MNC in this case may be unstable and/or inefficient. 2.2.6 The MNCs capital structure decision An MNCs capital structure decision involves the choice of debt versus equity financing within all of its subsidiaries. Thus, its overall c apital structure is essentially a combination of all of its subsidiaries capital structures. MNCs recognize the tradeoff between using debt and using equity for financing their operations. The advantages of using debt as opposed to equity vary with corporate characteristics specific to each MNC and specific to the countries where the MNC has established subsidiaries. Madera and Fox (2007) indicate some common firm-specific characteristics that affect the Macs capital structure such as stability of Macs cash flows, Macs credit risk, Macs access to retained earnings, Macs guarantees on debt and Macs agency problems. They also point the unique host country characteristics can influence the MNCs choice of debt versus equity financing and therefore influence the MNCs capital structure. These characteristics include stock restrictions in host countries, interest rates in hose countries, strength of host country currencies, country risk in host countries and tax laws in host countries. 2.3 Risk analysis 2.3.1 Political risk With operations under the jurisdiction of a foreign government the firm is also exposed to political risk, therefore it must estimate the potential costs it will face due to unstable governments, regime change and changes in policies. Political risk may be defined as a particular exposure to risk which depends on the actions of a government, and its assessment or analysis for a MNC is a decision-making tool for investing in foreign countries. Over recent decades, there has been a significant increase in political risk for MNCs. This is true not only for an MNCs operations in developing countries, but also for those in developed countries. Governments have felt the need to respond to various pressure groups aimed at curbing the power of MNCs. For example, oil companies may face unfavourable legislation designed to pay for the damage to environment. Developing countries may have to respond to populist sentiments or worsening economic circumstances by seeking to renege on contracts signed by previous regimes. Another risk area which has grown in recent years has been the strength of fundamentalist religious groups in a number of economically important regions. Shapiro (1999) and Buckley, 2000) argue that government intervention in the economy increases the likelihood of political risk for the MNCs. Proponents of free markets strongly support this view, arguing that government intervention creates a number of inefficiencies in the markets that discourage competition, justify the privilege of state-controlled enterprises, promote unnecessary bureaucracy, and overall stifle initiative. Clark and Marois(1996) and Wilkin (2000) categorise negative political risks as macro and micro risks. Macro political risks are those which affect MNCs in general, whereas micro political risks are those which relate to specific firms in specific countries. Shapiro identifies them as: expropriation; currency and trade controls; ch anges in tax and labour laws; regulatory restrictions; and requirements for additional local production( 1996:747). Simons framework includes wider societal issues such as public opinion, alliance shifts, revolutions and coups (quoted in Demirag and Goddard, 1994). Expropriation is generally regarded as the most obvious and extreme form of political risk. The realities of the current global economic climate mean that many countries may not resort to such drastic measures, due to the very unfavourable situation that such an action may create for them in the long term. This could be in the form of international economic isolation and cessation of support from the International Monetary Fund and the World Bank. This support is vital for continued economic progress in developing countries, and any cessation of it may mean an even tougher economic environment for these countries. Before commencing operations an MNC should undertake a dispassionate and careful analysis of the politi cal risk of operating in the foreign country concerned. Operations in developing countries may require a more thorough analysis of the costs versus benefits, and a large degree of uncertainty may always be present in starting operations in a developing country. This should be weighed against the perceived benefits and calculated returns on investment. It is important for the MNC to take a calculated and educated view of the situation. There is no commercial activity without risk, and a degree of risk will therefore have to be accepted. Some of the important aspects that need to be looked at are: political stability, or degree of acceptable instability; economic factors; savings, development and social stability; government budget deficits; and transparency and openness of the economy. It must also be recognised that recent developments in terrorism risk are bringing a new dimension to political risks. While terrorism in the past may have been identifiable as a county risk, such a s the IRA in the UK, Abu Nidal in Israel and the Shining Path in Peru. There is the growth of terrorist groups in the 21st century who are not associated with a specific nation-state or narrow geographical region. The actions of such groups may disrupt a business across a range of activities and locations, rather than simply disrupting operations in a specific country. The most obvious answer when faced with political risk would perhaps be to avoid it completely by deciding not to do business in a particular country, but this has to be balanced against the loss of an opportunity to make a profit, and the more global nature of certain political risks. Given the risks inherent in business generally, it would normally only be the most extreme situations that require avoidance. The decision would most probably be made, on commercial grounds, to accept a degree of political risk and attempt to manage such risk effectively. Political risk, like other risks, may be managed by diversific ation across various territories. Henisz (2000) shows that multinationals face an increasing threat of expropriation if political hazard in the host country increases. However, the degree of risks depends on the strategic behaviour of the multinational, which may partner with host-country firms that have a comparative advantage in interactions with the host-country government. Harms (2002) estimated the impact of financial risk on equity investment flows which includes the sum of FDI and portfolio investment to developing countries. Using a panel data set of 55 developing countries and the period 1987 to 1995, he find that lower financial risk is associated with an increase in FDI and portfolio investment. On the other hand, Egger and Winner (2005), utilize a sample of 73 countries over the period 1995 to 1999 and find a positive linkage between corruption and FDI. In the presence of excessive regulation and other administrative controls, they propose that corruption may act as a helping hand to encourage FDI inflows. Recently, several studies have analysed the relationship between fundamental democratic rights and FDI. Using different econometric techniques and periods, Harms and Ursprung (2002), Jensen (2003), and Busse (2004) interpret that multinational corporations are more likely to be attracted where there is democracy. On the other hand, Li and Resnick (2003) argue that competing causal linkages are at work. They find that democratic rights lead to improved property rights protection, which increases foreign investment. Apart from this indirect impact on FDI, increases in democracy may reduce FDI. These studies use pooled time-series analysis, but not all of them account for possible endogeneity of the independent variables while some often focus on very specific indicators such as democratic rights, omitting a broader range of policy-related variables. Busse and Hefeker (2007) explore the linkages among political risk, institutions, and forei gn direct investment inflows and show that government stability, internal and external conflict, corruption and ethnic tensions, law and order, democratic accountability of government, and quality of bureaucracy are highly significant determinants of foreign investment inflows. 2.3.2 Exchange rate risk In foreign direct investment (FDI), most firms face exchange rate risk because the exchange rate between the home and host currencies might change in the future. When transactions are contractually finalized (transactions exposure), the firms value might change because of the sensitive exchange rate movements (economic exposure). The importance of exchange-rate variability for domestic and international investment flows has been argued quite a lot. In industrialized economies, the presumed effects of exchange-rate variability have influenced the choice of international monetary regimes. The Smithsonian Agreement was discussed in the early 1970s and again at the time of the Pl aza Accord during the mid-1980s. In the early 1990s, the negative implication of variable exchange rates was a theme for designing the Exchange Rate Mechanism (ERM) operable over currencies in the European Monetary System (EMS). The currency crises within the ERM in September 1992 and Spring 1993 refocused attention on the rationale for limiting short-term nominal exchange rate movements and on the validity of arguments that exchange rate variability is costly and dampens real economic activity. Igawa (1983), Cushman (1985, 1988) and Goldberg and Kolstad (1995) examine bilateral FDI flows between the U.S. and a few of developed countries (U.K., France, Germany, Canada and Japan), they find a positive relationship between exchange rate risk and FDI. On the other hand, Kelly and Philippatos (1982) argue that the investments appeal less when the exchange rate risk is greater. Clare (1992, 1998), Benassy-Quere, Fontagne, and Lahreche-Revil (2001) and Brzozowski (2006) focus on cross- country studies and all find a negative relationship between exchange rate risk and FDI. Benassy-Quere, Fontagne, and Lahreche-Revils (2001) study covers FDI flows from 17 OECD nations to 42 developing countries, finding a negative response to exchange rate risk. Brzozowskis (2006) study covers FDI flows to 32 transition and emerging countries, and shows a relationship not as strong as expected, is still negative. Clares (1992) study covers the FDI flow from the U.S. to 14 developed and 15 developing countries, and finds a strong negative relationship for each set of countries as well as across the entire spectrum of countries. Clark, Hooper and Kohlhagen, Gotur, Cushman (1983, 1988), De Grauwe, Maskus, and others focus on tudies of the effects of exchange rate risk on trade and find that exchange rate risk reduces trade. However, earlier results (Hooper and Kohlhagen) lend little support to this hypothesis; although Cushman (1988) find significant adverse effects of exchange rat e risk on U.S. trade flows. Pick (1990) analyzes the effects of exchange rate risk on U.S. agricultural exports to ten different countries and estimate a model which incorporates exchange rate risk. but it also shows that exchange rate risk is not always important. His results suggest that the exchange rate risk was not significant in the seven developed markets, but significant to determine U.S. agricultural exports. Anderson and Garcia ( 1989) examine the effects of exchange rate uncertainty on bilateral soybean trade flows and finds that imports for Japan, France, and Spain are sensitive to short-term variations in nominal bilateral exchange rates. 3. Methodology 3.1 Reseach methods and data (not be finished) Here, this dissertation use the second data gathered from the companies and research based on other scholars research. 3.2 The International Capital Asset Pricing Model(ICAPM) Madura and Fox (2007) indicate that the International Capital Asset Prcing Model (IC APM) can be regarded as more formal treatment of the cost of capital elements than mentioned before. This model is an international extension of the Capital Asset Pricing Model (CAPM). The CAPM addresses a single currency area and single financial market where there are no restrictions on financial transactions. The ICAPM extends this analysis to multiple currency areas and multiple financial markets. Both these two models seek to answer the question what discount rate should be applied to the future cash flows of a particular project. Kj = Rf + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²j ( Rm Rf ) Where: Rf = risk free rate of return Rm = market return ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢ = beta of a particular share or a project The application of the CAPM model and the ICAPM model presents considerable practical problems for an MNC. The company first has to find a like project of a similar risk class to identify an appropriate beta. Highly correlated measures of return can produce very different be tas. There is a problem of meaning. Why a beta is particularly high or low or why it changes is not easy to explain. Selecting the appropriate beta may well not be easy. A final critique is that the model is not complete. The application of the ICAPM or any discount cash flow model does not account for the role of real options in investments.

Descriptive Essay - Original Motion - 1418 Words

0Drip, drip was the only essence of sound my feeble ears could feed on as I laid motionless, my head cemented on the grimy and frigid ground and body basking in the chilly shade of darkness. I thought. Thinking how I presented myself in such an uninspiring turmoil, occupied in a jail cell with a bestial brute whose colossal luminous bald head was the prime source of lighting when lights were out at night. But, I couldn’t remember. Where I came from, why I’m here and who I am? The only real fracture of my memory were disorientated and base in brief momentous of serene ravenous hounds; erratic rays of flashes and being vigorously batted down. And every thought towards those incident fulfils me with excruciating pain. 5: 19 Suddenly woken up†¦show more content†¦Was followed by a reticent of the line ‘’get back to work ‘’. I didn’t spit back or retaliate but gave a smile and carried on. 11: 40 Lunchtime. The only occurrence where the convicts were able to venture with free will in this grotesque and unattained hall where a majority stayed in their own â€Å"Unions’’. But not me. I sat astray, like a pawn in a chess piece; attempting to disclose my utter presence from the loathing from these heinous maniacs. However, I anticipated it was too late when a built man with browned tan skin complemented with chestnut- coloured locks approached me, his hazel slits daring me to move as he lingered forward. He quietly bellowed something in a foreign language but evidentially not I didn’t understand. So I gripped the handle of my plate pushed it out hoping he’d take my offerings. But I pushed it too hard and too fast and in a moment that seemed as if time was slowing down, the flickering red soup hit it like it did. His smug cocky smile into a wolf baring his fangs as he no longer lust for fresh food but nevertheless. This idea came into motion when a thu ndering knee pelted my upper like a bullet, and considering our utter difference in body size there was no surprise when he flung me continually like a ragged doll. The convict grabbed the plate and for a moment it seemed asShow MoreRelatedAnti-Transcendentalist Themes in Poes The Fall of the House of Usher1651 Words   |  7 Pagesinconsistent with transcendentalism, where the story settings tend towards the resplendent. This gloomy setting remains throughout the entire story, becoming increasingly so as the story advances. Poe opposes transcendentalisms positive aspects of descriptive scenery midway through the text. Poe begins the essential disdain of transcendentalism by outwardly mocking the â€Å"here and now† beliefs of the transcendentalists. In the beginning of the text the narrator is returning to a childhood dwelling to reliveRead MoreEssay on Romantic Era: Time of a New Time1656 Words   |  7 PagesThis change began to open people’s eyes. People began to appreciate the little things. They began to appreciate music and art as well as nature and poetry. Times began to change as people started to believe in what they want some stayed with the original version of what the church had taught them and dictated to them but many began to read and do their own research and were able to decide for themselves what they wanted to believe in. church and government began to become segregated. This does notRead MoreEssay Writing7014 Words   |  29 Pagesfor in narrative essay writing I am assuming that the student is able to construct basic sentence and grammar structure (past amp; present tense etc.). If the student is unable to do so, he/she is in no condition to attempt essay writing. Please sign the student for basic language/ grammar classes instead. There is a limit to how much advice I can offer via text. So I will just offer two key points. 1. ESSAY FLOW 2. CHARACTERS’ EMOTIONS / FEELINGS * 1. 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This essay will detail the origins of the suite form and the neo-classical neo-baroque movement, and compare Le Tombeau de Couperin with Bach’s French Suite no. 5 in G Major, BWV 816. Le Tombeau de Couperin was written from 1914-1917 during World War I. RavelRead MoreAn Introduction to the Law and Economics of Intellectual Property12472 Words   |  50 Pagesof the profession s resources have been devoted to these issues and that, of those resources that have been employed, too few have been devoted to empirical analyses. We hope that this introductory essay and the three papers that follow will stimulate interest in this subject. 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Translation of: Essais sur la signification au cinà ©ma, tome 1. Reprint. Originally published: New York: Oxford University Press, 1974. Includes bibliographical references. ISBN 0-226-52130-3 (pbk.) 1. Motion pictures—Semiotics. 2. Motion pictures— Philosophy. I. Title. PN1995.M4513 1991 791.43 014—dc20 90-46965 C1P The French edition of Christian Metz s Essais sur la signification au cinema, volume 1, was published by Editions Klincksieck in 1971,  © Editions KlincksieckRead MoreData Sheet Analysis for Kafkas Metamorphosis Essay4848 Words   |  20 Pages | |past participle at the end, he creates a snappy, surprising ending.. | | |This is much more apparent in the original German than in the English | | |translation. | | Read MoreCompilation of Mathematicians and Their Contributions11615 Words   |  47 Pagesintroduced binomial coefficients and the binomial theorem, and introduced and solved the geometric hypocyloid problem, as well as other geometric theorems (e.g. the theorem underlying the 2:1 spur wheel which converts circular to reciprocal rectilinear motion). 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Breastfeeding vs. Bottle Feeding Essay - 1410 Words

Nutrition and breastfeeding are subjects that can relate greatly to each other. New mothers are in a need of information regarding breastfeeding. Mothers receive the information and instructions on how to breastfeed at the hospital where they bear their children. That information is essential in the decision making process of whether to breastfeed or not. Still the clear choice for mothers everywhere is breastfeeding for several important life affecting reasons. Breast milk is highly nutritional, protects from various diseases, ideal in growth, promotes bonding, and is beneficial for the mother in a recovery process after labor. People tend to find other ways to feed the new born babies other then breastfeeding. That way is the usage†¦show more content†¦The nutrients in breast milk are easy for your baby to digest and absorb. About ten days after the birth mothers start to develop the traditional milk that is high in antibodies and helpful germs. Breast milk is rich in antibodies, which means infants are not going to catch a disease that easy. While breastfeeding, mothers are passing on immunities to their babies to fight various diseases. The protein called, Soluble CD14, helps the production of B cells which are needed in production of antibodies. Only recently have the researchers finally started to understand the functions of that protein. Antibodies that are produced by CD14 prevent babies from catching diseases such as heart related diseases, Crohns, Hodgkins, Juvenile Rheumatoid Arthritis (JRA), and Diabetes Mellitus. A study on a relationship between cancer and breastfeeding was made by professor Schwartzbaum, J. The professor researched on how breast milk prevents children from getting cancer earlier in life. The study shows that children that are breast fed for less then six months have a chance of getting cancer by age of fifteen. Childhood leukemia rate is also being reduced in children that are breastfed. This in formation was discovered by the University of Minnesota Cancer Center. Some believe that a higher IQ level in babies is cause by breastfeeding. Basically the report said the longer the child is breast fed the higher his//her IQ shall be,Show MoreRelatedBreastfeeding VS Formula Bottle-feeding Essay1112 Words   |  5 Pages Breastfeeding vs. Formula Bottle-feeding Every mother of a newborn baby must make a very personal decision when it comes to how they are going to feed their infant. I was faced with that decision 3 years ago when I had my first son who I named Ethen. It was one of the very hardest decisions I had to make. I had to consider all the good benefits of breast feeding as well as the benefits of formula bottle-feeding, but the good benefits of breastfeeding outnumbered the bottle feeding ones. I finallyRead More Breastfeeding vs. Bottle Feeding Essay2468 Words   |  10 Pagesexperts disagree with the fact that breastfeeding is the optimal choice for the infant. However, decreasing breastfeeding rates raise many questions as to why mothers are not choosing the best nutritional choice for their children. Despite breast milk being the obvious choice for infant feeding due to the health, psychological, and economic benefits, many mothers still decide to feed their infants formula due to lack of knowledge and support, difficulties wi th breastfeeding, and social embarrassment. ChangesRead MoreBreast Feding vs. Formula Feeding862 Words   |  4 PagesBreast Feeding vs. Formula Feeding There are advantages and disadvantages to both breastfeeding and formula feeding. Some things to consider when deciding which to choose are: cost, convenience, nutrition, and the health benefits to both the baby and to the mother. In terms of cost, an advantage to breastfeeding is that breast milk is free. Its estimated that breastfeeding can save you thousands of dollars a year, depending on the brand of formula that would have been used instead. 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Organizations such as World Health Organizations (WHO), American Medical Association (AMA), American Academy of Pediatrics (AAP), and American Dietetic Association recommend breastfeeding as the best option for the newborn. Most of these organizations and other supporters of breastfeeding affirm that it defendsRead MoreThe Effect Of Breastfeeding On Ovarian And Breast Cancer Risks1298 Words   |  6 Pagesevidence that human milk feeding decreases the severity and incidence of a vast range of infectious diseases (Garner 1997). There are many benefits of breastfeeding reduces the ovarian and breast cancer risks and a reduction in other types of systemic health such as obesity, overweight, asthma and morbidity. In this way breastfeeding also becomes one of the main causes of benefits for the mothers (Horta 2013). 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To give up breastfeeding can be a sensitive issue in a time when breastfeeding is promoted as the healthiest for mother and child† (Larsen Kronborg, 2013, p. 848). The debate over whether breast-feeding is better than bottle-feeding or vice versa has been a debate for many years. With more and more research that is continuously being developed, the option to breast-feed

Teenage Relationships and Study Habits of High School Students free essay sample

Review of Related Literature Conceptual Literature Teenagers Adolescence is a transitional stage of physical and mental human development that occurs between childhood and adulthood. This transition involves biological (i. e. pubertal), social, and psychological changes, though the biological or physiological ones are the easiest to measure objectively. Historically, puberty has been heavily associated with teenagers and the onset of adolescent development. In recent years, however, the start of puberty has seen an increase in preadolescence and extension beyond the teenage years, making adolescence less simple to discern. A teenager is a person between the ages of 13 and 19. For girls, puberty typically occurs between ages 12 and 13, while for boys it occurs between ages 14 and 15. It is one of the fastest growth periods of a persons life. During this time, physical changes affect the bodys nutritional needs, while changes in ones lifestyle may affect eating habits and food choices. Relationships Relationships cover a wide range of people including work colleagues, tutors, friends, family, sexual relationships, living together and marriage. We will write a custom essay sample on Teenage Relationships and Study Habits of High School Students or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page They apply equally to heterosexual, gay, lesbian or bi-sexual people. Good relationships can be very supportive and enhance our lives. However most relationships go through difficult patches and need the willingness to compromise. Relationship difficulties can produce or stir up feelings that may be from the past – hurt, anger, hopelessness, worthlessness, etc. This can be quite frightening and may make you irritable or withdrawn. Teenage Relationships Teenage relationships are common in todays world. Adolescence is the most important stage for youngsters to make their future colorful and to become responsible citizens in society. It is also an age where most teens are attracted to various relationships. Most people consider the word relationship as love or sexual relationship. But a relationship simply means any connection between two or more elements, such as human beings. During the teenage years, the youth does not have a firm understanding of the role of dating. To teenagers, dating only consists of someone the feel attached to, spend time with, and/or a personified experiment. The teens may have curiosity in the emotions and tasks involved in a relationship. The lack of understanding of what a true relationship consists of is why the teenagers these days are so distorted. Datings purpose is to first step into marriage that is its sole purpose. Teenagers do not, and should not be thinking about marriage. This is why the teens develop a pointless definition of a relationship, because too few times do these meaningless relationship lead to anything other than sexual curiosity. Study Habits Study habits are the ways that you study the habits that you have formed during your school years. Study habits can be good ones, or bad ones. Good study habits include being organized, keeping good notes, reading your textbook, listening in class, and working every day. Bad study habits include skipping class, not doing your work, watching TV or playing video games instead of studying, and losing your work. It means you are not distracted by anything. You have a certain place to go where it is quiet everyday where you study and do homework. Basically it means that you are doing the best you can to get the grades you want. The manner with which you consistently use to study for school or college or even for next day lesson plans if youre a teacher.