The Duchess of Malfi Essay examples -- Duchess of Malfi Webster Papers

The principal characters and their rolesWe follow after bubbles, blown in thair.Pleasure of life, what ist?Only the good hours of an ague The Jacobean age was one of questioning and uncertainty about many issues, such as religion, politics and law. At the same time it was rediscovering the potency of Classical texts of capital of Italy and Greece, and reinterpreting tragic form to suit its own ends. The Duchess of Malfi is a revenge tragedy, but Webster has used the form for much more than just its entertainment value he has used it as a vehicle for the exploration of some themes relevant to the society of his time.Webster based his plot on a true story pot in Italy, and kept the Italian setting because like Shakespe ar and other playwrights of his day, he had to use politically-acceptable foreign settings in which to explore ideas such as those presented in The Duchess of Malfi, (which were rattling commentaries on the England of their own era), to do with inequality, injustice, and corruption, without causing outrage in response to his work. Antonio and The DuchessThe fact that Antonio can never have an equal relationship with the Duchess has prompted some readers to looking at that his importance as a character in the play is limited, while others suggest that his main role is as a mouthpiece for Websters own judgements and opinions. To value the importance of his role we need to consider it relation to the Duchess, and in the context of the play as a whole.Inequalities of power associated with gender and social status are highlighted in the relationship between The Duchess and Antonio, and the reactions of others towards their relationship.In Antonios self-deprecating dying speech,Antonio We follow afte... ... been pointed out that The Duchess of Malfi is a flawed play. For example Ferdinand reveals to Bosola a possible motive for lacking(p) his sister to be murderedFerdinand To have gaind an infinite mass of treasure by her death. Act 5, Scene iiBut this sounds unconvincing, as Malfi is little more than a slimy fishing village. Moments such as these in the play have led it to be criticised for its plot, and it has other flaws. For example is it plausible that the Duchess could marry Antonio and have children in undercover? Webster tends to neglect the importance of The Duchess sons, and in Act 5 we see Delio apparently with a false heir.But in spite of these flaws The Duchess of Malfi has lasted and remained popular, not just for its manly entertainment value and Websters masterful use of language, but also for the insights it gives us into Jacobean society.

Brave New World - Society And Socio-economic Class :: essays research papers

Discuss how the society in Brave New World works to take in that sight do not change their socio-economic class.Through Brave New World, Huxley depicts a new, industrialized world, which is financially stable and has prevented poverty and self-destruction. Dictatorial governments ar there to ensure stability and maintain perfection of the world.Therefore, just like under any other totalitarian government, social, mental and economic freedoms are abolished in order to preserve social stability. The government eliminated these freedoms by censoring art and religion, by predestining peoples social caste prior their kin, and by controlling each individuals bearing with the introduction of conditioning.At the beginning of the novel, the Director addresses his students and mentions, We also predestine and condition. We decant our babies as socialized human beings, as Alphas or Epsilons, as future sewerage workers or future Directors of Hatcheries, (p. 29). Citizens of the World St ate are categorized into distinct social classes, before they come into existence. Mr. Foster explains, The lower the caste, the shorter the oxygen, and this shows how chemical conditioning of the embryos presets the mind and physical features of individuals towards a certain standard specified by the government. (p. 29) In an autocratic society whose aim is to maintain perfection, people no longer oblige the right to choose who or what they want to be. The government engineers babies to grow into efficient adults, who will because again contribute towards a stabilized society. After birth babies minds are altered to accept the moral education of the government. Two processes the new world uses to control human judgement are the Neo-Pavlovian process and hypnopaedia. The children, during early childhood, are trained to like and dislike certain aspects of life, nature, and science so that they can consume the maximum resources. Beta babies receive electric shocks in the presence o f flowers and books and then the Director teaches how, Theyll grow up with what the psychologists call an instinctive hatred of books and flowers theyll be safe from books and botany all their lives," (p. 36). The conditioning of the children forms a barrier in their minds, so that they are never free to decide for themselves, but are always bounded by the instructions of the state. Thus, the government is achieving its goal, the maintenance of stability. The Alpha students also got a chance to hear one of the hypnopaedic repetitions addressing Beta babies which echoed, Alpha children wear grey.

Fat Americans Essay examples -- Overweight Health Obesity Food Essays

Fat Americans in that location is a growing trend of overweight lot living in America. This is nothing new however, overseas Americans are cognize for being fat and lazy, and for the most part it is hard to argue otherwise. Americans being overweight has commence such a general trend, that when I walk down the street, and happen to see an overweight person, I dont even consider them as being overweight any more(prenominal), because it has become commonplace, and obese Americans may get a look here and there but for the most part they are just passed by the same as everyone else. Americans are living in a society where people worship food and supermarkets brace become the new cathedrals in this country.There is a multitude of reasons why Americans are overweight. You could argue that the main reason is that we just dont get enough exercise, and stick in front of the television or computer all day. Our lack of exercise is one of the main reasons that we are overweight, but it s eems to me at least that our feed is the bigger of the two problems. Our culture is so immersed in food, that everywhere we look there is someone or something trying to convince us to eat at their restaurant. In New York City, there seems to be at least 3 different choices for places to eat at on every block. What is most freighting roughly this is that, in my opinion, even with so many restaurants on each block, there are still waiting lists to get into some of these restaurants and there are still lines of people waiting outside in the freezing weather so they can go inside and eat until they are stuffed to the gills. People in America devour fallen in love with food, they are willing to pay $20 for a light lunch at a restaurant, just so farseeing as it includes a appetizer and dessert.Eating has also become more of a routine now then anything else. Allot of people I have asked about this subject came to the realization that they dont eat because they are hungry anymore, they eat because its time to eat, and once they are eating they dont stop till they are full, the only way they are stopping is when what is on their plate is completely clean. We have been raised to finish everything on our plate, and that there are starving kids in India who would do almost anything for the food that we didnt like, so that we didnt eat. This mentality combined with the ridiculously cheap and ... ...more surprising is that more heavy adults could be on the way, because more than 25 percent of todays children are overweight or obese, which has risen 40% in the last 16 years. It seems funny to me because all over television you see ads for the bow flex, and other machines that are supposed to keep you in shape. There are about a million different diets to choose from, yet Americans keep getting fatter and fatter. I really cant figure it out. Is anyone purchase into these exercise machines, and eat wellnessy diets? Or is it the already healthy conscious minority of Amer icans who are buying into these things just to reaffirm their health in this society obsessed with food. We need to begin to look overseas, and try to mimic their diets and their way of life, we need to eliminate our love affair with food and soda. However, I am a pessimist and I truly believe that once we see what the Europeans eat, and how they live their healthy lives, if we try to mimic it we would be so turned remove at the lack of variety and taste that there diet offers that in a couple days we will be back waiting at the drive threw line at McDonalds, getting the biggie size for only 49 cents extra.

Women in Umuofian Soceity Essay -- essays research papers

Women in Umuofian Society     "It is the woman whose child has been eaten by a witch who best knows the evils of witchcraft." That simple saying can best relate to the follow out of women in the Umuofian society. A person cannot truly hope to understand how things work unless he or she was there to experience it. And that can apply to learning a new language, a new culture or learning history. The perspective disposed(p) from the book Things Fall Apart, by Chinua Achebe, states the way of life without any discrimination towards any particular way of life. Achebe just affirmed that lifestyle as a native would, void of any outside influences. In this case, the male narrative focuses not only of the tragedy of Okonkwo, but also how the people around are affected and how in turn the culture affects him. Women seem to play a minor role in everyday life, but their function in the community is just as important as that of the men.      Th e main(prenominal) role that was given to women was that they belonged in the home and for the most part they were to bee seen and not heard. Their influence and authority do not exist much in that culture, especially for the wives of Okonkwo. A main character in the novel, Okonkwo has several wives. Okonkwo presided over all of his wives and children with a heavy hand. When Ikemefuna comes to live in Okonkwos household, the first wife questions the length of the boys stay. In reply he answers, " Do ...

Ethical Dilemmas in Harper Lees To Kill A Mockingbird Essay -- Kill M

Ethical Dilemmas in Harper Lees To Kill A MockingbirdBlack and white, right and incorrect do decisions that simple and clear even exist? Does a decision ever mean gaining everything without giving anything up? Many characters in To Kill A Mockingbird are strained to make difficult, heart wrenching decisions that have no clear right answer. Harper Lee presents many of these great decisions in To Kill A Mockingbird as ethical dilemmas, or situations that require a choice between two difficult alternatives. Both of these alternatives have vitriolic aspects and question morals and ethics. A person is put in an awkward position, with their mind saying contradicting things. These dilemmas are presented in many different ways. The decisions in the counterbalance of the book are simple and can be solved quite easily, yet they are symbolic of later decisions. Other dilemmas place adult-like decisions in the slug of a child. One dilemma concerned a man burdened with the stric t traditions of the South. Then there are the two biggest dilemmas, Atticus decision to take the mooring and Heck Tates choice between truth and the emotional well being of a man. Lees ingenious storyline is established by these crucial and mentally arduous choices go about by the characters. The first half of To Kill A Mockingbird contains many classic dilemmas that serve as models for more important problems later to come. For example, Atticus is forced into a choice between disobeying Scouts teacher and doing what he feels is right for Scout. Atticus wants Scout to retain her respect for the teacher and to continue following her instructions. Yet, he knows that the clock time he shares with his daughter is very important and is something that will h... ...o take. Unlike plot, the ethical dilemmas do not follow in importance from beginning to end. The most important decision occurred in the middle of the book, however the final ethical dilemma was very important in bringing the reader a feeling of conclusion. The beau ideal to which the ethical dilemmas were presented and resolved was impressive and key to the stunning impact of To Kill A Mockingbird. Sources Consulted Erisman, Fred. The Ethical Dilemmas of Harper Lee. Alabama Review April 26, 1983 122-36. Johnson, Claudia. The Secret Courts of Mens patrol wagon Code and Law in Harper Lees To Kill a Mockingbird. Studies in American Fiction (1991)129-139. Jones, Carolyn. Black and White and Atticus Finch. The Southern Quarterly spend 1999 56-63. Lee, Harper. To Kill a Mockingbird. New York City, NY J.B.Lippincott Company, 1990.

The Appeal of Television Chat Shows Essay -- TV Media Papers

The Appeal of Television Chat Shows Chat shows argon a rattling frequent and successful modern day television program. Why? It is probably because as humans we are naturally nosey and curious about the lifestyles of others, especially those of the full and famous. It is this common characteristic that makes the neighbors peep through the curtains to see what the Jones are up to next, the reason that village gossip spreads so quickly and the cause of the growing take of reality television programs. Whether we admit or not, many have a fascination with those in the public eye. We want to know about their secret to success, the skeletons in their closet and if they really are human like the rest of us. When this curiosity is applied to heroes, idols and people that others look up to and want to be like, that is when the appeal of chitchat shows is brought to life. Chat shows are the ultimate way of finding out the truth about celebrities not from badly t aken paparazzi photos or twisted quotes in magazines unless from the celebrity themself. Chat shows are not just popular with the public but also with the celebrities. It is a great way of advertising themselves if they have a new film or book out for instance. Another example is if they have had a lot of bad press recently, maybe over a crime they have committed. The celebrity may appear on a popular chat show to win back the sympathy and popularity of the public. Chat shows are sometimes confused with talk shows but are very different in the style they are run. Chat shows are interviews with celebrities and are considered more promotional television whereas talk shows are basically public ... ...rs Merton who is an old lady is actually a young woman dressed up as on old age pensioner. She cracks jokes to the listening about false hips and dentures and northern accent and dialect add to the humour. I have established that chat shows are very popular and that the appeal from them is becoming more than just the guests. This is because chat shows have turned from just the basic interview to a programme with characters (The Ali G Show) audience participation, for example anecdotes or games (Graham Norton) and performances and humour (The Kumars at Number 42). Entertainment is getting harder to fulfill as each show has to bring something new to appeal and make out with other chat shows to gain and maintain its audience however the base for any chat show will always remain the celebrities that appear on the show.

The Appeal of Television Chat Shows Essay -- TV Media Papers

The Appeal of Television huckster Shows Chat shows atomic number 18 a very popular and successful new(a) day tv program. Why? It is probably because as humans we are naturally nosey and curious about the lifestyles of others, especially those of the rich and famous. It is this common attribute that makes the neighbors peep through the curtains to see what the Jones are up to next, the reason that vill time gossip spreads so quickly and the cause of the growing number of reality television programs. Whether we admit or not, many dupe a fascination with those in the public eye. We want to know about their secret to success, the skeletons in their closet and if they very are human like the rest of us. When this curiosity is applied to heroes, idols and people that others look up to and want to be like, that is when the arouse of haggle shows is brought to life. Chat shows are the ultimate way of finding out the truth about celebrities not from badly taken paparazzi photos or twisted quotes in magazines but from the celebrity themself. Chat shows are not just popular with the public but also with the celebrities. It is a great way of advertising themselves if they have a new snap or book out for instance. Another example is if they have had a lot of bad press recently, maybe over a crime they have committed. The celebrity may appear on a popular chat show to win back the sympathy and popularity of the public. Chat shows are sometimes at sea with lambaste shows but are very different in the style they are run. Chat shows are interviews with celebrities and are considered more promotional television whereas talk shows are basically public ... ...rs Merton who is an old lady is actually a young woman dressed up as on old age pensioner. She cracks jokes to the audience about false hips and dentures and northern accent and dialect add to the humour. I have established that chat shows are very popular and that the appeal from them is becoming more than just the guests. This is because chat shows have turned from just the basic interview to a programme with characters (The Ali G Show) audience participation, for example anecdotes or games (Graham Norton) and performances and humour (The Kumars at Number 42). Entertainment is getting harder to fulfill as each show has to bring something new to appeal and compete with other chat shows to gain and maintain its audience however the base for any chat show will always remain the celebrities that appear on the show.

Thesis Statement Renting vs Buying

Renting forthwith can make things become a bit easier later. preservation m championy is what every American wants to do. Buying a groundwork can not only hurt someone financially but it can drop them in a bind that can go for them paying a bill for the rest of their life. The economy is on a rollercoaster right now so making the decision to buy a home can be a tad bit tricky. Buying a home is not a one time transaction because once you have the home you continue to pay bills such as mortgage fees and cosmetics.Thinking about the money that you whitethorn have to come out of is a good enough reason on why you would want to save up money to take pity of some of the fees that pull up stakes occur when making the decision to buy a home. If you own your home, you can claim your property taxes on your tax return. You can besides get a tax credit if you make certain renovations to your home to make it more energy efficient like energy efficient appliances and windows. This one is pretty minor, but assuming you have a fixed rate mortgage, your payment should stay the same.This provides a nice protection against inflation. Renters on the other hand, will watch their monthly payments rise as inflation rises. One of the things my boyfriend and I are most excited about is the ability to customize our house. flatbed living is full of rules and restrictions of what you can and cant do. I am excited to have the freedom to paint the walls, landscape, and install a new faucet if I would like. Renting can put some of these things in someone elses hands to where you can save the money that is extra from your monthly payment.Renters dont have to pay for anything that breaks down in their apt. Homeowners have to pay for repairs themselves. When contract an apartment you will never have to worry about fixing the toilet, sink, or quantify because all of those things are paid by the landlord. Skipping these fees leaves more money in your piggy bank expanding your option s for your home when you come to that decision. Making the decision to rent now and buy later can also give you enough time to wait on the economy to get stronger which can make buying a home a much smoother process.Rent now and buy later is the best technique right now. If you are still on the smother about whether to buy or rent, use the rent ratio. The rent ratio is when you take the purchase price of a house and divide it by the annually cost of renting a home. According to the New York Times article, the number 20 provides a useful rule of thumb. When you do the math, you discover that a ratio above 20 means you should at least consider renting, especially if you may move again in the next five years or so.When the ratio is well below 20, the case for buying becomes a lot stronger. Also, make sure to factor in other costs associated with owning a home such as homeowner association fees, property taxes, homeowners insurance, and maintenance costs. Also, know your personal sit uation. If youve got debt up to your eyeballs or youve just gone through a whacking life change such as marriage, a newborn, divorce, or a death in the family, taking on the responsibility of owning a home superpower not be in your best interest. Which one do you think is the better financial decision? Do you think that there are cases when renting is a better decision than home ownership?

An Early Marriage Essay

An early marriage, is an issue where argued by many now a days. round people argon advocated for early marriage because it is healthy. Prophet Mohammed said that it is better to marry early, but if you cant then you should fast instead if you so far cant control your desire. I believe that early marriage had a circulate of advantages. But people would argue that younger married couples are not matured enough to take the responsibilities.But this is not a big issue to argue for, since a most succeeded marriages in the past 10 years are a younger married which lasted longer. Personally, any person should have a step to marry early. People says , married earlieris the best federal agency to destroy your life in such a young age besides drugs. Young people are not ready for responsibilities. They have not done any thing important in their life. But , I believe if people waited until they were older to marry theyd be a lot more than careful about selecting a mate.That would be a terr ible blow to the divorce industry. Although divorces didnt depend on the age of the couples. It depends on how they confront and solved their problems. Moreover, I would say that it would be nice to have your children younger, and will be able to join them in many things, be closer to judgment their generational viewpoints, fashion, trends, etc. When your children have your grandchildren, you will be young grandparents able to enjoy your grandchildren, do more things with them, live longer to see them prosper as well.The nice thing is that once your children leave home, you will be still young enough and most likely healthy enough to do more things such as travel, or physical activity. Others says , that many females refuse to live with in lows , so as a consequencesmales most ready to assist their make financial situations first before they gettingmarried, which may cause to delay marriage . Well, it is all about whether they want to get married and your partner is supportive or not.It is about maturity levels, how much they care for each other and how much they want the marriage to extend. You have those marriages which do turn out to work. These marriages seem to work because the couple has worked things out and have thought out every way possible to keep this marriage going and will work out the problems that stimulate their way. If the couple is prepared, most likely the marriage will continue to go strong it both spouses take an equal part of the marriage and work it out.

The Hunters: Phantom Chapter 5

Are you excited for Alaric to arrive tomorrow? mat asked. Hes bringing his researcher friend Celia, right?Meredith kicked him in the chest.Oof Matt staggered unwilling, knocked breathless scorn the protective vest he had on. Meredith fol owed up with a roundhouse kick to Matts side, and he fel to his knees, barely managing to raise his hands and block a straight punch to his instance.Ow he said. Meredith, time-out, okay?Meredith dropped into a graceful tiger stance, her back leg supporting her weight while her front foot rested lightly on her toes. Her face was calm, her eyes cool and watchful. She looked ready to pounce if Matt showed any sign of sudden movement.When hed arrived to spar with Meredith to help her keep her hunter-slayer skil s in top-notch shape Matt had wondered why she had handed him a helmet, mouth guard, gloves, shin guards, and vest, while she wore only sleek black workout clothes.Now he knew. He hadnt even educe close to hitting her, while shed pummeled hi m mercilessly. Matt eased a hand up under the vest and rubbed rueful y at his side. He applyd he hadnt cracked a rib.Ready to go again? Meredith said, her eyebrows raised in chal enge.Please, no, Meredith, Matt said, raising his hands in surrender. Lets take a break. It feels like youve been punching me for hours.Meredith walked oer to the smal fridge in the corner of her familys rec room and tossed Matt a bottle of water, then sank down next to him on the mat. Sorry. I guess I got carried a room. Ive neer sparred with a friend forrader.Looking around as he took a long, cool drink, Matt shook his head. I dont agnize how you managed to keep this clothe dark for so long. The basement room had been converted into a perfect place to train throwing stars, knives, swords, and rhythms of various kinds were mounted on the wal s a punching bag hung in one corner, while a padded dummy leaned in another. The floor was lined with mats, and one wal was completely mirrored. In the middle o f the opposite wal hung the fighting stave a special weapon for battling the supernatural that had been handed down through generations of Merediths family. It was deadly but elegant-looking, the hilt covered with jewels, the ends spiked with silver, wood, and white ash, and the needles steeped in poison. Matt eyed it warily.Wel , said Meredith, looking away, the Suarez family has always been good at keeping secrets. She began to move through a tae kwon do form back stance, double fist block, unexpended front stance, reverse middle punch. She was graceful as a slim black cat in her workout gear. After a moment, Matt cap his water bottle, climbed to his feet, and began to mirror her movements. Left double front kick, left inside block, double-handed punch. He knew he was half a beat behind and matte make and awkward next to her, but frowned and concentrated. Hed always been a good athlete. He could do this, too.Besides, its not like I was bringing my prom dates down here, Meredit h offered after a cycle, half smiling. It wasnt that hard to hide. She watched Matt in the mirror. No, block low with your left hand and high with your right hand, like this. She showed him again, and he shadowed her movements.Okay, yeah, he said, only half concentrating on his words now, focused on the positions. But you could have told us. Were your best friends. He moved his left foot forward and mimicked Merediths backward elbow blow.At least, you could have told us after the whole thing with Klaus and Katherine, he amended. Before that, we would have thought you were crazy.Meredith shrugged and dropped her hands, and Matt fol owed before he realized that the gestures werent part of the tae kwon do form.Now they stood side by side, staring at each other in the mirror. Merediths cool and elegant face looked pale and pinched. I was brought up to keep my heritage as a hunterslayer a deep, dark secret, she said. Tel ing anybody wasnt something I could consider. Even Alaric doesnt fill out.Matt turned away from Merediths mirror image to gawp at the real girl. Alaric and Meredith were practical y engaged. Matt had never been that serious with anyone the girl hed come closest to loving was Elena, and obviously that hadnt worked out but hed shed light on of figured that, if you committed your heart to somebody, you told them everything.Isnt Alaric a paranormal researcher? Dont you think he would understand?Frowning, Meredith shrugged again. Probably, she said, sounding irritated and dismissive, but I dont want to be something for him to study or research, any more than I want him to freak out. But since you and the others know, Il have to tel him.Hmm. Matt rubbed his aching side again. Is that why youre pounding on me so aggressively? Because youre worried about tel ing him?Meredith met his eyes. The lines of her face were stil tense, but a mischievous glimmer shone in her eyes.Aggressive? she asked sweetly, fal ing back into the tiger stance. Matt felt an an swering smile tug at the corners of his mouth. You havent seen anything yet.Elena surveyed the restaurant Judith had picked with a kind of bemused horror. Beeping video game machines vied for attention with old-fashioned arcade games like Whac-AMole and Skee-Bal . Bouquets of brilliantly colored bal oons bobbed over every table, and a cacophony of song rose from various corners as singing waiters delivered pizza after pizza. What seemed like hundreds of children ran loose crossways the floor, shrieking and laughing. Stefan had walked her to the restaurant, but, eyeing the neon paint job with alarm, hed declined to come in.Oh, I shouldnt intrude on girls night, hed said vaguely, and then disappeared so quickly Elena suspected hed used vampiric speed.Traitor, shed muttered, before warily opening the pearlescent pink door. After their time together in the graveyard, she felt stronger and happier, but she would have liked some support here, too. incur to Happytown, chirped an unnatura l y cheery hostess. Table for one, or are you meeting a party?Elena repressed a shudder. She couldnt imagine anyone choosing to come to a place like this by themselves. I think I see my group now, she said politely, catching sight of Aunt Judith waving to her from a corner.This is your idea of a fun girls night out, Aunt Judith?she asked when she reached the table. I was picturing something more like a cozy bistro.Aunt Judith nodded toward the other side of the room. Peering over, Elena spotted Margaret, happily whacking away at toy moles with a mal et.Were always dragging Margaret to grown-up places and expecting her to behave, Aunt Judith explained. I thought it was time she got a turn to do something she enjoyed. I hope Bonnie and Meredith wont mind.She certainly looks like shes enjoying herself, Elena said, studying her little sister. Her memories of Margaret from the last year were of strain and anxiety During the fal Margaret had been upset by Elenas fighting with Judith and Robert and by the mysterious happenings in Fel s church building, and then, of course, devastated by Elenas death. Elena had watched her through the windows afterward and seen her sobbing. Shed suffered more than any five-yearold should, even if she didnt remember any of it now. Ill take care of you, Margaret, she promised fiercely and silently, watching the studious tautness on her sisters face as Margaret practiced a little old-fashioned carnival violence. You wont have to feel like that again in this world.Are we wait for Bonnie and Meredith? Aunt Judith prompted gently. Did you end up inviting them to join us?Oh, said Elena, jarred out of her reverie. She reached for a handful of popcorn from the basket in the middle of the table. I couldnt get ahold of Meredith, but Bonnies coming. Shel love this.I absolutely, total y do love this, a voice agreed from behind her. Elena turned to see Bonnies sleek red curls.Especial y the expression on your face, Elena. Bonnies wide brown eye s were dancing with amusement. She and Elena shared a look that was ful of al the were back, were back, they did what they said and Fells Church is the way it should be again that they couldnt say in front of Aunt Judith, then fel into each others arms.Elena squeezed Bonnie tightly, and Bonnie buried her face in Elenas bring up for a moment. Her petite body quivered slightly in Elenas arms, and Elena realized that she wasnt the only one walking a fine line between delight and devastation. Theyd gained so much but it had come at a very high price.Actual y, said Bonnie with careful cheer as she released Elena, I had my ordinal birthday at a place very much like this. Remember the Hokey-Pokey Gril ? That was the place to be when we were in elementary school. Her eyes held a bright sheen that might be tears, but her chin stuck out determinedly. Bonnie, Elena thought with admiration, was overtaking to have fun if it kil ed her.I remember that party, Elena said, matching Bonnies light ness. Your legal community had a big picture of some boy band on it.I was mature for my age, Bonnie told Aunt Judith merrily. I was boy crazy way before any of my friends were.Aunt Judith laughed and waved Margaret over toward their table. Wed better order before the stage show starts, she said.Elena, eyes wide, mouthed, Stage show? at Bonnie, who smirked and shrugged.Do you girls know what you want? Aunt Judith asked.Do they have anything besides pizza? Elena asked.Chicken fingers, answered Margaret, climbing into her chair. And hot dogs.Elena grinned at her sisters tousled hair and expression of delight. What are you going to have, bunny? she asked.Pizza Margaret answered. Pizza, pizza, pizza.Il have pizza, too, then, Elena decided.Its the best thing here, Margaret confided. The hot dogs are weird-tasting. She squirmed in her chair. Elena, are you coming to my dance recital? she asked.When is it? Elena asked.Margaret frowned. The day after tomorrow, she said.You know that.Elena g lanced quickly at Bonnie, whose eyes were wide.I wouldnt miss it for the world, she told Margaret affectionately, and her sister nodded firmly and stood up on her chair to reach the popcorn.Under cover of Aunt Judiths criticise and the semimelodious sound of their singing waiter approaching, Bonnie and Elena exchanged a smile.Dance recitals. Singing waiters. Pizza.It was good to live in this kind of world for a change.

Off Shore Drilling Essay

Should the Government Expand Off Shore Drilling in the U.S.? The crude fossil crude industry has develop prominent since mid 19th century. Ever since the Industrial Revolution, the development of crude exertion methods has brought fossil oil color into a drastic each(prenominal)y larger extent of mass production. Petroleum is superstar of the important extracted compositions of crude oil in the U.S. Until today, it is globally used mainly as fuels in transportation. Other uses include heating homes, powering industry, and providing raw material for pliant manufacturing. The great importance of oil to the farming has led to the operationation of its resources in the past century.Not only exploiting land resources, the government is also beginning to exploit resources under the sea. Off prop up oil production is the method of extracting crude oil from the seabed. It has been a controversial issue in the U.S. of whether or not turned beach drill should be dissipateed. I n this essay, I am comparing and contrasting the reasons why roughly good deal argon supportive of make coast drilling in the U.S., and why just about people atomic number 18 in opposition to it. I result discuss three major aspects upon this issue the three aspects are national security, deliverance and environment.The first reason why some people support off b rig drilling is that they believe that off shore drilling will not harm the environment due to the vast im heightenment of applied science. The biggest environmental issue that is often associated with off shore drilling is oil spills. batch believe that as time is progressing, rapid advancement in technology will make it possible to conduct off shore drilling at the safest itinerary in order not to harm the environment. Based on statistics by http//www.itopf.com, oil spill cases reach declined over the past few decades, which prove that technology has become better.In line with the advancement of technology, a complete reco very(prenominal) of past oil spills have been proven to be attainable. An example of much(prenominal) cases is the success story of the convalescence of Alaskas Prince William Sound, which wasstruck with oil spills at 1989. Moreover, people believe that the cause of oil spills is not due to off shore drilling, but mainly due to natural seeps and petroleum transportations. A study proves that urban runoff and treated sewage dump deposits 12 times much petroleum into the sea than petroleum from offshore drilling.A study at Lousiana State University has also been conducted to prove that off shore drilling is good for nautical life. It is believed that oil production platforms cause improvements in marine life. The study suggests that there are 50 more than times of marine life around an oil production platform than in the surrounding mud bottoms of the sea in Lousiana. It is believed that there is a correlation between the explosions of marine life with the buildin g of oil platforms.However, in opposition to this, some people believe that off shore drilling in the U.S. do pose serious environmental risks. They believe that technology advancement reduces the risks of oil spills but do not a hundred percent guarantee its nonoccurrence in the future. Once an oil explosion occurs, the damage will be extremely destructive to the environment and it will reach a point of no turning back. According to Environmental and Commercial Perspectives by Ted Danson, round 120 million gallons of oil end up in the worlds oceans every year from oil platforms, marine transportations, vessel discharges, and accidents. Many cases of oil spills had happened in the U.S. One of the greatest was the Exxon Valdez oil spill in Alaskas Prince William Sound, which caused the death of thousands of local marine creatures. Over 250,000 seabirds, 2,800 sea otters, 300 harbor seals, 250 bald-pated eagles, up to 22 killer whales, and billions of salmon and herring eggs were kil led. inunct damages organs of marine organisms and the long-term effects may cause impairments of raising of these creatures, which then may mince to extinction of some of the species.Moreover, impacts of oil spills on the environment are long term and are extremely difficult to recover. This is because the wooden-headed layer of oil tends to spread very quickly under the influence of wind, waves and currents. The Exxon Valdez oil spills spread approximately up to 1300 miles of theshoreline. Even with the latest technology, the rate of removing the oil from the sea is much slower compared to the rate of the spreading of oil. It is very rare to have more than 15% of the total spill being recovered. Oil spills occurring in regions of extreme climate, such as Alaska, are even exceedingly difficult to recover. It is almost impossible to soak up heavy crude oil pin down in waters covered with icebergs and sea ice. Thus, the impact will be much long lasting and at worst, irreversible .Despite the improvement in technology, off shore drilling is still highly risky because even the finest technology may fail. Once it fails, the cost to the environment is tremendous. The operation of the rig is also associated with the production of toxic wastes and some other long lasting forms of pollution. The drilling muds contain mercury, lead and cadmium that may accumulate inside the bodies of marine organisms. In addition, some traces of this pollution may be found in seafood that people consume, therefore, creates serious health consequences for them. Next, another reason why some people support off shore drilling is because they believe that it will ensure the national security of the country. The United States is very strung-out on foreign oil to meet their spacious oil demands.In 2010, based on the statistics provided by U.S. Department of competency, 58.1 percent of total oil consumption in the U.S. is imported, and the rest is domestically supplied. Sixty six-spo t percent of global oil reserves are in the give of Middle eastsideern regimes such as Saudi Arabia, Iraq and Iran. Oil reserves in the U.S. only account for two percent of the total reserves worldwide, yet the country is ranked the highest in the world in terms of oil demands. The U.S. faith on antagonistic countries in the Middle East for oil, unfortunately, poses threats towards the national security of the U.S. The U.S. is sending $500 billion every year to oil producing countries for oil imports. The treat does not only involve in the transfer of extensive amount of money from importers to exporters, but also power. Middle East countries such as Saudi Arabia and Iran, which are the greatest oil exporters, are now with all the power and money.Reliance on some of the Middle East countries for oil indirectly forces the U.S. to be involved in the insurance policy-making conflicts happening in there, and reduces the U.S. ability to keep the peace between conflicting countries in that area. Also, the U.S. has always been entangled in political and religious issues with Islamic countries of the Middle East.These expose the U.S. to threats of terrorism. One of the related events was the devastating 9/11 terrorist attack. Whether or not it is a matter of coincidence, most terrorists that have been threatening the U.S. originate from the Middle East. The U.S., paying billions of dollars for oil to these countries, indirectly is lineageing their investment in arms and therefore supporting terrorist organizations.Furthermore, the U.S. army is very dependent on oil to power and maintain its defense machines and transportations. This further threatens the national security of the U.S. because even the countrys defense is now in the hands of the countries that have the likelihood to attack it. Increasing off shore drilling in the U.S. means increasing domestic supply of energy. This is believed to be a way for the U.S. to be independent from foreign oil, hence, ensuring its national security.However, in contrary to this position, some people believe that off shore drilling will not lead to the countrys energy independence. Citing the U.S. government data, the country may have 49 billion barrels of oil in undeveloped reserves that are currently open for drilling. Another 19 billion is predicted to be available in sites where drilling is presently prohibited. Even if the U.S. succeeded to extract all of its possible resources, experts predicted that this would except increase the U.S. oil production by 1-4 percent. This means that the U.S. will still rely on imported oil even if the countrys resources are completely exploited. In addition, reliance upon oil as a source of energy itself is not sustainable. Oil is believed to reach its peak production very soon. With all of the known reserves worldwide and at the present global rate of consumption, oil is predicted to run out in 40 years. Some people mean that the solution for the U.S. to be energy independent is to stop relying on oil and start investing in alternative fuels.Finally, the last reason why some people support off shore drilling in the U.S. is that increasing domestic supply of oil will ensure the stability and improve the economy of the country. The U.S. dependence on foreign oil, not only threatens the countrys national security, but also threatens the countrys economic stability. Countries of the Middle East are very hostileand unstable. We should take an example of the US-Iran clash. The U.S., which has the power to stop Iran from pursuing power plants for the sake of peace in the Middle East, is forced to depopulate the plans of investing oil in Iran as a threat to Irans economy. This leads to the collision between the U.S. and Iran. As a reprisal, Iran threatens to attack oil shipping in the Persian Gulf and disrupt oil delivery from the gulf to the U.S. Disruption of oil delivery will cause a devastating effect to the U.S economy.Energy independen ce from troubled Middle East countries is a way to promote a stable economy in the U.S. and some people believe that offshore drilling is a way to reach this goal. In line with economy, offshore drilling is also very profitable for the U.S. and it is believed that it can affect the price of accelerator pedal worldwide. Based on statistics provided by www.api.org, by the year 2035, off shore drilling is estimated to contribute up to $23.5 billion per year to the U.S. economy. Kevin A. Hasett, the director of economic policy studies at the American Enterprise Institute for Public Policy Research, stated, by increasing offshore exploration and drilling, the United States would be encouraging oil-producing nations to put more oil in the market now, thereby lowering prices on the world wide market. Gasoline price is the key to economy.If gasoline price goes down, prices of goods throughout the country will also decrease. Consumer sentiment will increase, as people will tend to buy more goods. This will increase the governments revenue, which in turn improves the countrys economy. Furthermore, off shore drilling also provides jobs for Americans and prevents the loss of jobs that are already available. High cost of energy in the U.S. causes many companies to relocate their plants outside of the country. This causes the loss of jobs of many Americans who are already working for these companies. On the other hand, as well as the off shore drilling plant itself provide jobs, the reduction of oil prices will also attract companies to invest in the U.S. and hence provides more jobs for Americans.However, in opposition to this position, some people believe that off shore drilling will not improve the economy in the U.S. As mentioned previously, even the complete exploitation of all the reserves in the U.S will only increase the U.S. oil production by 1-4 percent. Also, oil prices are largely driven by worldwide supply and demand. expense will only lower ifeither one of t hem increases. Even if the supply is increasing, recent statistics show that world oil demand is also increasing very rapidly. Hence, some people believe that off shore drilling in the U.S. would not significantly affect worldwide oil price.In addition, how much oil can actually be extracted is not yet guaranteed. Exploration and rig construction be a lot of money and time. Even if off shore drilling will be conducted anytime soon, it will not immediately lower oil price. According to EIA, any measurable changes of price will only be visible until 2030.Despite the increasing of jobs available due to off shore drilling, we should also consider the jobs that are lost and the economic impact to the U.S. when oil spills occur. Oil spills do not only severely damage the environment, but also cause negative impacts on tourism and angleing industries. Oil spills kill thousands of fish and destroy beautiful beaches that attract tourists. The Exxon Valdez oil spills cost more than $300 mil lion of economic loss to more than 30000 people whose lives depend on commercial message fishing. Also, the oil spills that hit the Gulf of Mexico in 2010 cost a loss of $60 billion in tourism industry.Furthermore, we should also consider the cost of recovery of oil spills. Despite the profits that the country makes on offshore drilling, the cost of recovery when an oil explosion occurs is much greater. The U.S. spent $20 billion fund in response to the spill in the Gulf of Mexico. The company British Protocol is responsible to fund $56 billion dollars in fines, cleanup costs and settlements. Overall, some people see that expanding offshore drilling is putting the countrys economy at risk instead of improving it.Expanding off shore drilling in the U.S. is a very controversial topic. The government should take into consideration of both opposing sides before making decisions whether or not to expand off shore drilling in the U.S. by weighing issues regarding national security, envir onment and economy. They should seek a sustainable long-term solution in order to meet the energyneeds of the country in the present and in the future.

Delivery of Human Service Program

Delivery of Human Services Program Jakiya Burse BSHS 471 Deborah Machold October 28, 2012 Delivery of Human Services Program galore(postnominal) people rely on human service programs. This paper will discuss the delivery ofhuman service program for men, women, and teenagers. There atomic number 18 unlike men, women, and teenagers that need help with reproductive health c atomic number 18 education. intend lineage provides sex education to men, women, and teenagers. Planned origin acts as an advocate for their clients. Planned pedigreeAccording toPlanned Parenthood(2012),for nearly 100 years, Planned Parenthood has promoted a commonsense approach to womens health and well-being, based on respect for each individual(a)s right to shake informed, independent decisions about health, sex, and family planning (Planned Parenthood). Planned Parenthood healthcare providers offer men and women affordable medical care. How Services are Delivered Planned Parenthood has been able to be aro und for so long because this organization provides their clients with trustful healthcare services and information.According toPlanned Parenthood(2012), services are delivered to clients through preventive, primary care, which helps prevent unintended pregnancies through contraception, reduce the spread of sexually transmitted infections through testing and treatment, and screen for cervical and other cancers. caring physicians, nurse practitioners, and other staff take time to talk with clients, encouraging them to ask questions in an environment that megs have grown to trust (Planned Parenthood). Planned Parenthood offers supports group to clients who have had an STD before or who have terminated a pregnancy in the past.Depending on the location the services offered by Planned Parenthood are abortions, birth control, emergency contraception (morning after pill), general health care, HIV testing, LGBT services, mens health care, pregnancy testing and services, STD testing, treatm ent and vaccines, and womens health care (Planned Parenthood,2012). Some of theservices offered require an appointment to be set up. Others can be seen on a go into basis. Educating According toPlanned Parenthood(2012),Planned Parenthood known for provided reproductive services to their clients.Planned Parenthood offers easily understandable andhonest data that allow women, men, teens, and families to make informed choices and lead healthy lives. Planned Parenthood is proud of its very important role in providing young people with honest sexuality and family information in classrooms and online to help reduce the nations disturbingly high rates of teen pregnancies and sexually transmitted infections. Nearly 1. 2 million youths and adults participate in Planned Parenthood educational programs every year (Planned Parenthood). EvaluationAccording toPlanned Parenthood Of New Mexico(2012), medical services are provided in conformance with high medical standards set forth by the Planne d Parenthood Federation of America and are closely monitored by the Medical Director. The affiliate is evaluated on a regular basis by PPFA to ensure that PPNM meets all standards for accreditation. PPNM went through this process in April 2007 and received a four-year accreditation. PPNMs Standard and Guidelines as well as other, manuals were recommended or used as models for other affiliates (Our History). Conclusion Planned Parenthood has been around for 95 years.In those 95 years this human services program has move to provide clients with reliable healthcare that the client can trust. Planned Parenthood advocates for public policies to make sure clients have access to the services provided. Planned Parenthood also provides education to men, women, and teenagers around the world about human sexuality. References Planned Parenthood. (2012). Retrieved on October 28, 2012 from http//www. plannedparenthood. org/about-us/who-we-are-4648. htm Planned Parenthood of New Mexico. (2012). Retrieved October 28, 2012 from http//www. plannedparenthood. org/new-mexico/our-history-3150. htm

Building shelf management system

Introduction to the at a lower place victorious precaution dust means the methods by which an administration programs, operates, and controls its activities to f every last(predicate) appear into its ends and aims by using the resources of money, people, equipment stuffs and information.Management information forms be drilld by companies to assist maintain them more organized in certain parts of maintenances. For illustration, companies use databases as a manner or hive awaying information as it helps them to admittance informations more rapidly and remain more organized. It is better than retentiveness a paper-establish arrangement where relevant information crapper be lost or read falsely. Besides with paper-based systems, they take up a batch of room as you need a topographic point to hive away it all, for illustration, a filing cabinet.The undertaking I have decided to crystallise get out refer me analyzing, planing, and implementing a dribble database system for store operations in a weeny concern. In future this database could be used by separate little concern companies as good.The play along that I have decided to utilize is Biring s News, which I have been working for over 4 old ages. The database impart alter the company to pull off their stock that comes in and out of the warehouse.The ground I have chosen to make this company is due to the occurrence that I have been working at that place for such a long clip. I ve learnt slightly how the concern itself runs and have fulfilln jobs occur and become resolve or need to be resolved throughout the clip I have been at that place. Biring s News has a concatenation of newsdealers which are based over Kent and London. The proprietors of the concern are ever either opening more stores in new locations or shuting them down in others. It would be utile for the company to hold a system that shows them how the stock is being managed, what is selling good and what is non.Background of th e CompanyBiring s News is owned by Jasbir Biring.They own a concatenation of newsdealers which are located in Kent and London. The stores are all situated within shopping Centres like Bluewater Shopping Centre and Westfield Shopping Centre. They sell a scope of stock such as, Sweets, drinks, magazines, coffin nails and newspapers.Biring s News opened there first store in Lakeside shopping Centre, 1989, which was a great success and light-emitting diode them to open more and subdivision out towards London. In entire, the company has opened up to 8 newsdealers since 1989, some are still running and others have been exchange on.At the minute, the company has one chief warehouse where all the stock is kept for all of Mr Biring s stores so workers are ever in and out taking what they need when they want. The job with this is that there is no get down of good coming in and good coming out, so there is no record of what points are low in stock and what points there are excessively much of. The result of this is that the director has jobs with stock that is non selling really good which leads to him attribute excessively much in the warehouse which toilet to a fault so go out of day of the month, so he is losing out on money. some other job that would happen is that he may run low on stock that is high in demand therefore he will be losing out on revenue revenues.The company besides have a concatenation of providers that they use. They use the same provider for magazines and newspapers as they receive that stock automatically on a day-to-day footing. When it comes to buying confectionary, they do non lodge to one provider. They go by which of all time supplier has the best monetary tax for whatever they need or if any of them have particular offers. This is besides a job that leads to holding excessively much stock, as they are simply looking at what is on offer and merely buying it, even without detecting that they have plenty of the point in the warehous e.At the minute, the company has no record of what is kept in the warehouse, the lone manner of cognizing what is in the warehouse is by roll uping bills of what has been purchased or by staff advising the director about what is losing in the warehouse.Aim of ProjectThe purpose of the undertaking is toWrite in item what the job isState how the job could be solvedState how the system will work and what it is intended to makeIdentify all the demands for the systemAnalyse and plan the system that I intend to bring byImplement the systemMake a drug user usher for the company so that they are able to utilize the systemAim of the UndertakingThe aim of the undertaking will enable the company toBecome more organized they will be able to maintain path of what stock they have, so they wo nt hold the job off holding excessively small stock or extra stock.Save money the system will enable the company to salvage money as they will hump what they have, so they will non purchase stock that is non required.Think of some more aims ResearchManagement information systemsManagement study Systems can be used to treat informations into utile information. For illustration, it could be a system used to do orders.There are three display cases of direction information systems which areDecision Support SystemsInformation reportage systemsExecutive information systemsDecision Support systemsThis grammatical case of system allows strategic and tactical determinations to be made.Decision reserve systems are chiefly used to back up the tactical, semi structured determinations that need to be made as portion of the rating and planning of a concern. Executive information systems are targeted at strategic determination devising, which frequently involves unstructured determinations.This type of system is commonly created by the terminal user as they are the 1s who normally use it. That manner they know how is works directly off. Examples of where determination support systems are us ed are to analyze informations and see if there are any tendencies, for case, looking at gross revenues figures over a period of clip.Information coverage systemsThis type of system helps companies as it produces studies which can assist them to do determinations within the company. For illustration, this type of system would assist Biring s News as you could bring forth studies of what was in stock, so the director would hold an thought on what he needs to buy. There are two types of describing systems which are periodic studies and exclusion studies. midweekly studies are produced merely when required by determination shapers at regular intervals. Examples include a monthly fiscal statement and a hebdomadal gross revenues analysis.Exception studies are produced merely when asked for. This would be utile for Biring s News as the director could easy publish a study out for himself whenever he needed it, for illustration, he would necessitate a transcript of the stock study when he p lanned to do an order from a provider.Executive information systemsProvides senior directors with a system to help them in taking strategic and tactical determinations. Their intent is to analyze, comparison and highlight tendencies to assist regulate the strategic way of the company. They are normally integrated with operational systems, giving directors the installation to drill down to happen farther information on the job.Off the Shelf caseA criterion bing system is purchased from a encase seller and installed on computing machines located within an administration.This type of software system can be purchased by anyone and can be used to run by 1000s of people. You can buy many types of off the shelf case depending on what field you re working in, for illustration, if you do photo use you could buy package such as Photoshop, which is really popular.With this type of package, it is moderately priced as it is popular. It is utile for smaller companies as they are chiefly capa ble of being able to make what the company wants. This package is non every bit utile to bigger companies as they prefer to hold package to make precisely what they want. For illustration, off the shelf package may hold characteristics that are non required by the company or they may be losing applications that the company needs. Bespoke package is a better plectrum for much larger companies, as they can hold it produced to their demands.I will be bring forthing a stock database which will fit the demands for a warehouse storage system, so it will be able to be used by other smaller companies.The falls theoretical explanationThe waterfall theoretical account divides a undertaking up into phases. The theoretical accounts show that you should follow each phase in a specific order, as the diagram below indicates.feasibleness Study This is the phase where the user has to research whether their planned undertaking is executable.The feasibleness is broken down into four stairssPrepare for feasibleness survey by metre the range of the undertaking. deposit the job ( what should the new system do that the present 1 does non ) .Choose the best feasibleness option from those available ( typically up to five concern options and a similar figure of proficient options ) .Assemble the feasibleness study, including the principle for the selected option.Analysis this can be broken down into two phases which are the probe of the current environment and concern systems options.Probe of the current environment this is the most of import out of the two phases. For this, the user will hold made a list of all the demands in the feasibleness survey, so now they will hold to spread out on the demands and do them more elaborate by speaking about how they will be solved. They will besides hold to province what attributes and entities they will necessitate and how they will all be linked in the entity relationship diagram. They will besides hold to take a information theoretical a ccount so they know how they are travel to finish the undertaking and in what phases. The user will besides hold to set up the purposes and aims of the undertaking.Business system options this phase comprises two stairss, the aims of which are to hold what the functionality should be. A figure of possible systems solutions for the comprehend concern demands are formulated and the impacts and benefits of each will be evaluated. The solution selected will be the one that most closely catches the demands of the concern.The two stairss areDefine concern optionsSelect concern optionDesignSystem design means that the developers describe in item how the system will work, what the end products will be and what inputs are needed. Similarly, processs are set forth and hardware demands defined.ExecutionThis is the phase where you create the system. It should be made right under all the given demands.Care and TestingAt this phase the system should be completed and tested to see if it works. A user usher should besides be created so it can state the user how to run and keep the package.MethodologyI am traveling to utilize the Waterfall theoretical account to construction my undertaking. I have chosen this because it allows me to research all facets decently before traveling in front and making the system decently. This manner I will non hold the job of burying to add in parts or adding in applications that are non needed.I am traveling to bring forth a stock database system for the company warehouse, which could subsequently be used as an off the shelf bundle by other little warehouse companies. This system will enable the director keep his stock by ever holding a sufficient sum of all his stock. The system will work by holding all the provider information stored on the database. From there the director will be able to entree their web sites and look into what publicities they have and besides compare monetary value to see where he could acquire a better trade. He will besides be able to see all the stock he has in the warehouse. The stock will be shown under their appropriate headers, for illustration, Coke would be stored under drinks. Following to each point of stock, it will province how many of each is stored at the minute. Employee inside informations will besides be stored on the system so that they can entree the system to enter what they had took from the warehouse, so that all the stock degrees are shown right.To bring forth the system I will necessitate the following(prenominal) information to bring forth the systemName callings and references of the newsdealersWarehouse inside informations where it is locatedWhat stock is sold in the storeWhat stock is stored in the warehouse ( magazines and newspapers are non stored at that place, is at that place anything else? )How many providers they useDetailss of providers what they specialise in sellingDetailss of employees ( this is because they all have entree to the warehouse, so the direc tor will necessitate to maintain path of what they are taking )To happen out all the information I will carry on an interview with the director.Requirements for the systemEmployee-Employees must hold their ain user stool and watchword to log into the system this is to halt any unauthorized entree to the system.They must be able to hold entree to their inside informations so that they can change it if any alterations are needed to be made.They must be able to change the measure degrees of all the stock to maintain it updated.The inside informations that will be required of the employee are their first name, last name, which shop they work in, reference, contact figure.There should besides be a act that enables you to add and trend/ scratch employees.Supplier The inside informations that will be required are the name of the provider, the reference, website reference, email reference, phone figure.There should besides be a subroutine that enables the user to add and edit/delete pr oviders.Shop-The inside informations that will be required are the names of the stores, what shopping Centres they are located within, and the reference, which employee works at that place.There should be a map available that allows the user to add and edit/delete stores.Warehouse-The inside informations that will be required for the warehouse is the warehouse figure, the reference, what is stored at that place.Stock-The inside informations that will be required is the name of everything that is sold in the store, for illustration, Sweets, magazines, coffin nails, etc. Besides you will necessitate to cognize the measure of it that is stored in the warehouse.There should be a map available that allows the user to add and edit/delete stock, either when they proprietor decides to halt selling it or when a new point is released in the market.Hazard AnalysisResourcesThe package that I am traveling to utilize to make the information system is Microsoft Access.Microsoft Access is a Relatio nal Database Management system. It is a really popular database system and it is easy to utilize.Microsoft Access database contains a figure of different applications some of them are table s questions, signifiers, studies, macros and so on.Tables these are used for informations storage. The tabular arraies are presented in rows and columns to the user so that they can input at that place informations. The tabular array is shown in a similar manner to a spreadsheet format as all the gridlines are seeable.Questions they gather certain information from different tabular arraies and expose them all on one screen.Using a question you can alter the order of records ( screening ) , retrieve single records or groups of records ( seeking and filtrating ) , count, amount, norm, and otherwise summarize informations values ( collection ) and compute new values from values held in the tabular array ( computation ) .Forms this allows information from tabular arraies to be displayed in a more professional manner. With signifiers you are able to add in images as you ca nt infix them into tabular arraies.Reports- studies are used for showing information in different formats. They can besides incorporate images and graphs.MentionsBocij, P, Chaffey, D, Greasley, A, Hickie S. ( 2006 ) Business Information Systems Prentice Hall, Pearson instruction. Chapters 6 & A 7Boddy, D, Boonstra, A, Kennedy, G ( 2002 ) Pull offing Information Systems Prentice Hall, Pearson instruction. Chapter 1Dowling, N ( 1998 ) Database Design and Management utilizing Access Letts. Great Britain. Chapter 1Glanss, T, Grad, B, Holstein, D, Meyers, W, Schmidt, R ( 1968 ) Management Systems United States of America. Chapter 1BibliographyThe hired Institute for IT. Retrieved on 12/10/09, from the World Wide Web hypertext transfer protocol //www.bcs.org/server.php? show=ConWebDoc.2767Hero Solutions. Retrieved on 12/10/09, from the World Wide Web hypertext transfer protocol //www.hero-solutions.co.uk/articl es/bespokevsofftheshelf.aspMicrosoft Office Online. Retrieved on 13/10/09, from the World Wide Web hypertext transfer protocol //office.microsoft.com/en-us/ approach/HA101656301033.aspxMicrosoft Office Online. Retrieved on 13/10/09, from the World Wide Web hypertext transfer protocol //office.microsoft.com/en-us/access/HA101650211033.aspx

Revisiting Cost of Capital in Commercial Banks

CHAPTER 1 INTRODUCTION 2 Background capital letter expression finish remains star of the bodily st calculategies to incarnate managers beca expenditure it prompts trues look upon. This explore is conducted within the mercenary message tills. In many enquiry journals and articles the fol dispirited of jacket is the expect pace of concede of chief city in investors enthronement. leaden number represent of ceiling is considered as required rate of picture in the company. Component of salute of bully argon long-term debt, choosered line of business, and common stock. Each must be in possession of minimum croak.We disassemble from introductory interrogation articles that the verifys should not focus on historical appeal but on new toll, beca implement in lay out to invest and rise, new embody of bully is apply to make endings. Level of amour evaluate, value edict atomic number 18 two of the factors that affects terms of ceiling in the mer fo ottile slangs. use up pass judgment use on debt and beauteousness. It is the more or less classic factor for investors. equal of debt affects by the level of re bring to pass line of battle and to a fault the apostrophize of comeliness. As described in many articles, if pastime rates appends the comprise of debt returns, which summations the approach of large(p).So, the genteelness of metropolis letter delayed till amuse rate become favorable. This shows how the touch on rate washbowl be a reference work effective measure of the speak to of swell. Similarly, if the task rates profits, the personify of debt ebbs, which minify the equipment casualty of uppercase as it affects the afterwardward value hail. The follow of capital of the United States directly and tot all toldy linked with capital coordinate. swell body social ecesis influence the value of the banks, loyal, company potentially by reflects the backing outline. And capital structure should consider valuateation strategies.We found from antithetical articles that the most central capital structure closes atomic number 18 when the judge revenue rates goes higher(prenominal). The basic obligation of capital structure is to minimize the price of capital and encounter. touch on is task deduc plug-in. The deductibility of evoke honorariums exits influence for value. Higher the tax rate, the great fix of deductibility of rice beer group potentially on the after-tax bell of debt. These be the proved facts that are evaluated in prior look fores. According to this explore we are exhausting to ascend what role these factors gaming in mercenary banks capital structure.It is necessary for aggrandizement management of any business institutions to ascertain the banks or mansions relevant bell of capital. From the banks perspective, the terms of each source of capital reflects the level of return because it is affected by certain factors like tax rates, interest rates, dividends and so on as the clip period changes, the level of return withal changes. In its simplest form, the capital structure decision is the selection by firm management of debt-to-equity symmetry for the firm. damage of Capital is perhaps the most primordial and widely used thoughts in financial economies.Managers of banks or corporation and as well regulators employ the heavy number cost of capital for investment decisions. The WACC and the tax rates are endogenous to the firms debt policy. The interest rates affect the cost of debt as increasing debt increasing interest payments. We too derive the sources of capital structure that which source is better for the mercantile banks and how the interest rates, tax rates brings edition in the cost of debt and the dividends and reaping rates affects the cost of equity that totally affect the plodding average out cost of capital.Our methodology countenances us to value the gov ernment tax rates and interest rates that affect cost of debt. We restrict numerically the affects of the chance variable quantitys in the factor like interest rates, tax rates and dividends, thus providing usable abstract framework for the tax and interest policy debates that influence cost of capital of debt and equity. lastly we come to study that cost of debt increase or strike by variation in the interest rates and tax rates and that help in the estimation of WACC that show that whenever the WACC slacks, it emergences in an increase in the profit that is useful for any organization or commercial message banks. . Problem statement (Revisiting the cost of capital in the commercial bank) The problem statement of this research proposal includes re-examine the cost of capital in commercial banking heavens of Pakistan and similarly to evaluate the direct and indirect association of the factors that affects charge average cost of capital and how this variation (increase o r decrease) can affect the profit and also the capital structure -debt and equity- of the commercial banks. 2. Research objectives tour doing research planning, we collapse that the cost of capital considers the factors bear upon decision making.The following object of the research comes into play ? We im sectionalisation perplex out the factors which produces the variation (increase or decrease) on cost of capital and their effect on the capital structure decision making. ? To analyze the after effects of these factors on capital structure. ? To examine up to how overmuch extent they are controllable or not from banks perspective. 3. Significance The splendour of this research story is that, the sexual congress amongst the contrary determinants of the costs of capital creates different impingement on the different commercial banks by affecting capital structure of that commercial bank.We know that as the leaden average cost of capital decreases, it increases the profit n the commercial-grade Banks. Risk associated with cost of capital and capital structure taking needs to b looked at differently in the case of the commercial banking institutes. This research sheds new light on how the cost of capital computed in the case of commercial banks. Also the affinity betwixt the cost of capital and capital structure is investigated. This research has an early(a)wise importance as banking frame has a critical role to play in the economic development of a nation. A ruddy economy requires a sound banking system.This research states that how banks applies different techniques that enhance their performance and also affect the decision making of the Mangers regarding their capital. In this research, the main finding of the paper suggests that the commercial bank should focus on decrease the cost of capital that maximizes the profit. According to our findings, it is conclude that each banks has its policies of financing. Each bank takes decision of se lecting capital structure for minimizing their cost, venture factor differently that occupies good financial position in food securities industry.Factors that have stupor on cost of capital as well as on capital structure are tax rates, interest rates, dividends payout, stake of nonpayment and other like market mutant, merged validation. This research plays a vital role by showing the significant contribution of Commercial Banks while equating debt to equity ratio. It also shows the understanding of the performance of Banks by evaluating weighted average cost of capital. The main findings of the paper suggest that undercover commercial banks should focus on reducing the cost of capital which can magnify the returns to their stockholders.Finally this research paper would also help the students in academics in understanding the relation between the factors and the cost of capital and also their after affects that create encounter on the weighted average cost of capital. 4. Limitation Time simplicity of this semester is the issue for this study as we have limited time in this semester as compared to the actual time required for the research. By being in banks we will acquire interviews approximately 15 -30 minutes with questionnaire because of the time given by the Mangers of Finance Division.The knowledge given by the managers is also limited because it difficult for them to provide all necessary information as they are bound by the policies of the commercial bank. 1. 6 melodic theme Structure Chapter 1 represents the introduction of research topic its background, problem statement, objectives of research that set, significance of this research and limitations. This chapter gives apprise information about the topic pervious information, the scope of research and its eudaemonias, the target of the research. And also provides the basic information that already conducted by different authors researchers.Chapter 2 deals with the publications review and conceptual framework. In this portion you will find the different views of different researchers related to this research topic cost of capital in commercial banks including capital structure importance its link with cost of capital, and factors that affect cost of capital. This portion also gives the oversight and relevant information which is very helpful in proceedings the research. abstract framework helps in ascertain the familys of factors with WACC.Chapter 3 provides the detail of methodology that is adapted to proceedings the research. This portion gives explanation of research type, method, sample coat, instruments that is used in finding and collecting the entropy. Chapter 4 gives the synopsis of data that is collected through and through the questionnaire, interviews and figure the WACC of commercial banks that chosen with assumptions, and research findings that proves the hypotheses that is set. Chapter 5 includes the conclusion of research findings and lite rature review findings.Also gives the recommendations. Finally Appendix tie to our research that contain Questionnaire. CHAPTER 2 LITERATURE REVIEW AND CONCEPTUAL FRAMEWORK 1 Literature check up on 2 Capital structure (Khadka 2005) has analyses in his research that the firms meet their operational needs by aggrandizement their funds and this can be through with(p) through the capital structure that involves the two major sources of debt and equity. at that place should be an appropriate balance between debt and equity as it has effects on the chance and return of the theatrical roleholders of the company.If at that place are reasonable proportions of debt and equity in the capital structure of the firm, it maximizes the shareholders wealth while minimizing the cost of capital and that could be considered as the optimal capital structure. ( magic J. Pringle, Jun. , 1974) Since banks are private economic units, it is reasonable to recollect that shareholder interests will inf luence, if not control, managerial decisions. Capital is an important managerial decision variable and that it plays an important role in the financial management of the individual bank. Groth 1997) give tongue to that the selection of capital structure affects the cost of capital. Carefully selection of capital structure is more important. Banks and companies consider more conservative capital structure with sensitivity to cyclical effects of economy. It involves in dividing not in sharing. If payments of dividend are not deductible and if interest is tax deductible on debt then capital structure is important. Barton and Gordon (1987) Financing and capital structure choices are among the several key decisions made by firm managers.Yet the study of these questions has been generally neglected by strategy researchers. Several scholars have noted that the issues involved are concerned with fundamental choices which should support and be uniform with the long- term strategy of the f irm. Balakrishnan and Fox (1993) utter that by selecting sui dodge financing, a firms ability to manage its relationship with lenders thus becomes a key source of competitive advantage. Capital is a critical resource for all firms, the supply of which is uncertain. This uncertainty enables the suppliers of finance to exert ontrol over the firm. Stearns (1986) and Mizruchi (1993) approximate the cost of equity capital use a dividend discount model (DDM) methodology and earnings estimates. They find that the cost of equity capital for liberal U. S publicly traded companies range of mountainsd between 10% and 12% during 1979-1995, depending on the assumptions used with the DDM approach. Interestingly, Myers and Borucki (1994) obtain the same range of estimates for the cost of equity capital of a limited sample of U. S. utility companies victimization a DDM-type method.Bruner (1998) and Weaver(2001) study large corporation and confirm about WACC methodologies. Both authors find tha t there is a significant end exists in estimating the equity capital component of the firm. Some uses CAPM while other uses different methods. 4 live of capital live of capital is the minimum required rate of return by investors in firms securities. It occupies an important role in the theory of financial management and in the investment decision making as it provides criteria for allocation of the capital that what a firm pays for its capital like debt, preferred stock and equity.Cost of Capital is related with the level of insecurity associate with existing and new assets and investments. (Khadka 2005) Modigliani and Miller (1958) proved that firms cost of capital is in myrmecophilous of capital structure as it has no effect on the capital structure. The traditionalistic belief of Modigliani and Miller (1963) is that the cost of capital can affect capital structure as in this belief they said that the personal taxes may include that brings variation in the cost of capital an d and so affects the capital structure of the company. Khadka 2005) states that there is an empirical relationship between the cost of capital with capital structure, the size of the firm, harvest of the firm, dividend payout ratio and liquidity of underdeveloped economy like Nepal but the major focus was the relationship of the leverage with the cost of capital where he conclude that disconfirming beta shows that there is a negative relationship of cost of capital with the leverage as cost of capital decreases with the use of the leverage and this is done by the tax deductibility of the interest charges in the Nepalese firms.Cost of capital is the anticipate rate of return of capital in investors investment. On debt, the amount of interest is paid is called cost of debt. Whereas cost of equity is combining weight to the take a chance dissolve rate of interest irrefutable take chances premium for business adventure. (Groth 1997). 5 Factors that affects cost of capital Grot h (1997) further said that risk is one of the factors that affect the cost of capital which determines the expected risk of cash give in the asset side of the bank. calling risk is that when bank and companies cash flow are not able to meet its operating set downs.Risk is linked to economic changes. And it would be at risk to business risk when change in economy occurs and when financing is done by totally with equity. Cost of equity influenced by business risk. impartiality holders risk has not accepted by the creditors and preferred stock holder if present. If increase in business risk occurs then it decreases the financial risk and the optimal D/E ratio, and increases the cash flow uncertainty of asset side. Financial risk is that when bank and companies cash flow are not able to meet its financial obligations. If firm monetary resource through debt, then it has financial risk. measure rates and interest rates are also factors. Interest payment expected deductibility give op portunity for value. If the tax deductibility is realized by the company then stockholders get the expected benefit of the tax discount. Jorgenson and Landau (1993) or Bond and Devereux (2003) analyses that the governments choice of the corporate tax rate is an important factor with respect to the investment decision made by shareholders and it is well known that the existence of corporate taxes distort this investment decision away from the social optimum . John J. Pringle, Jun. (1974) said that the traditional function of risk-bearing, capital is important in adjusting the maturity structure of liabilities. Risk is a function of uncertainty regarding next events, e. g. , earnings, losses on loans and securities, fluctuations in deposits, conditions in the financial markets, etc. Cost of equity increases if the financial risk become high. The cost of equity and debt increases with the increase in debt. The deduction of tax and its benefit is an expected benefit, to allow deductio n of interest the pre-tax EBIT income must be large.On after tax cost of debt, there is the greater the impact of interest deductibility, if the tax rate s higher. John R. Graham, (2003) analyze that the appropriate cost of capital in the presence of personal taxes does not depend directly on either the dividend payout rate or the tax on dividends. Equity shares have a market value lower than the difference between the gentility cost of a firms assets and the market value of its debt obligations. Because of this capitalization, it need not be true that an economy without risk or uncertainty would have no equity financing.Groth (1997) said that asymmetry of effects is that the expected return to stockholder will goes up, if in place of well-nigh equity some debt is used. The good or knotty leveraging effects are asymmetry if interest is tax deductable. The inability to realize the interest deduction result in an asymmetry effect on expected return to stockholder. leaden average co st of capital become low with the cost of capital high, if the debt capital increase in proportion. Cost of equity increases with the cost of debt.If the cost of components high the weighted average cost of capital increases and reason is that shareholder prefer to use of debt when expected value of tax benefit is gentle as compared to the added financial risk associated with the debt. The Demanded rate of increase in cost of debt and equity, effects on value of the expected increase in tax benefit of using more debt. Interest rate affects the cost of debt. It involves the risk components that have the probability of default on the debt. Meziane (2006) in his article said that a company pays interest which is treated as an expense for tax purpose and therefore it is tax deductable.Company will be bankrupt, if default on payment of interest to bank present by company. Equity financing cannot create a tax advantage because dividends are paid after interest and tax. Interest is paid on debt before tax deduction, whereas, dividend is paid after tax benefit. So, the cost of equity is high then cost of debt. Debt financing becomes attractive when tax is deductable from interest. Banks use cost of capital for decisions, a weighted average interest on debt. Bank should select D/E ratio for which the cost of capital fluctuate with the degree of debt finance is minimized.The D/E ratio is considered as one of the way of financing. (Alan J. Auerbach, aug. 1979). William F. Coffin and Sean Collin (2006) said that in the mid of 1990, a trend towards higher B/S debt in which low cost interest rate, lending level reduced by commercial banks and increase payback period for borrowers, a stable banking system. Cost of capital become low that could lower by the management in down market through viewing current corporate governance themes, taking action on giving management training with respect to capital market issues of today and advanced planning to identify the potential in vestors. Cost of capital and Corporate Governance Ramly and Rashid said corporate governance is also the factor that affects the cost of capital. CG directly affects the cost of equity, And indirectly with beta. This means distressing performance of manager created through weak rights, thus increase cost of capital. Strong (weak) shareholders right associated with increase (decrease) cost of equity capital. CG generate liquidity problem in which investor high the sell price and decrease the buy price which can high the transaction cost and also affects the COEC.Thus, the CG creates strong mechanism on COEC and provides positive shareholder value for firm. It has also reducing effects on cost of capital. Banks and other financial institutes have negative influence on CG. Hennart, (1994) Both classes of suppliers (debt holders and equity holders) have governance abilities. The level of governance ability varies between the two and the optimal selection of the type of financing depend s on the nature of resources of the firm. Seth, (1990) financing choices have the potential to affect performance by changing the level of governance costs. Importance and difficulties of WACC Denis Boudreaux (1995) in his article uses the buildup model for the cost of equity capital by estimating cost of equity capital for capital budgeting analyses. He said that whenever there is a need to determine the value of the firm, the cost of capital must be estimated. He said that the cost of debt of closely held firm is much higher that the publicly traded organization because of the loans or debt borrowed by the closely held firms including the commercial banks.He further said that the public traded firms have the low risk whereas a large risk factor is involved in the closely held businesses. Experts have recognized that the victimisation of debt and equity can enhance the corporate value in 1940s. Later in the years, five concept developed on this area(1) early gearing leverage mode l (2) the model of Modigliani and Miller (MM) (3) Capital plus Pricing Model(CAPM) (4) Arbitrage terms Theory (APT) and (5) Gordon Model Shubbar and Alzafiri, (2008). Unless a firm can gain in excess of its cost of capital, it will not add value to its investors wealth.Companys cost of capital is show by the weighted average of the cost of individual sources of capital employed. Bruner et. al. , (1998). For a firm using common stock (equity) and bond (debt) financing, with re and rd as the cost of equity capital and the cost of debt capital, the WACC is expressed the following equation WACC = r = wd rd (1 ? t) + we re Where, wd (weight (proportion) of debt) = (value of debt/value of debt and value of equity), we (weight (proportion) of equity) = (value of equity/value of debt and value of equity), wd + we = 1, and t = tax rate on corporate income.The component costs, re and rd, as well as the weights are based on market values re is frequently calculated as the risk free rate plu s a risk premium, based on the capital asset pricing model, and rd reflects the market rates on the firms outstanding debt and on the rd of similar firms. The standard treatment includes (1? t) in the WACC calculation to reflect the deductibility of interest payments in the calculation of the corporate tax on the firms income statement the interest cost of debt, by this procedure, is reduced.Also, to avoid double counting the tax advantage of debt, the interest payments are not calculated in the mentalityive cash flows. This is the textbook treatment in calculating a firms cost of capital. (Miller2006) Evaluating a firms weighted average cost of capital has its importance to the managers who estimate investments projects for capital budgeting purposes or to the investor whose desire is to assess the overall riskiness and expected return from a companys activities for valuation purposes. (Miller 2006).Fama and French (1997, 1999) analyse that few difficulties arise because there is some uncertainty in evaluating a firms (or banks) cost of capital. This uncertainty is a crystallize of risk faced by the firm when projecting a projects cash flow. Bruner, Eades, Harris, and Higgins, (1998) also analyze that there is wide variation in estimating WAAC by different methods. This is due to the managers differences in firms costs of equity capital that helps in investment decision making. 8 Conceptual Framework DV= DEPENDENT VARIABLE IV= INDEPENDENT VARIABLE MV=MODERATE VARIABLE 9 Conceptual HypothesisHo WACC increases with increase in interest rates and decreases with decrease in interest rates. H1 WACC increases with decrease in tax rates and decreases with increase in interest rates. H3 Cost of debt increases with increases in interest rate and decreases with decrease in interest rates. H4 Cost of debt increases with decrease in tax rates and decreases with increase in interest rates. CHAPTER 3 RESEARCH METHODOLOGY 10 Type of Research Research can be be as the sea rch for knowledge, or as any systematic investigation, with an open mind and facts, usually using a scientific method.Our research is empirical research, which tests the feasibility of a solution using empirical evidence. This research comprises of two the qualitative and quantitative research method for the data analysis. Firstly we search for the secondary data in effectuate to know and understand the analysis of the previous researcher that how they work and create different perspective for the Weighted mediocre Cost of Capital than we include the researches of the previous researcher in the literature review of this research in edict to create relation and direction between the previous researches with our research. 1 Sampling Technique Sampling Technique used in our research is Random Sampling in which we chosen from a population for investigation. In this method we chose from managers in the Commercial Banks and estimates obtained from the random sample in target to solve our queries related to WACC. 12 Sample Size The Sample Size is comprises of 5 Commercial Banks of Karachi. More than the given sample size is not possible because of the time of this semester and also the little hassle in finding the appointments with the Mangers of Finance Departments. 3 Instruments Questionnaire includes 12 question given to the Managers of the Commercial Banks in order to analyses the perception of the manager that how each individual differs in their perception for the factors that affects the weighted average cost of capital. most(prenominal) of them include five point likert scales. Other than questionnaire, the balance sheet of 2009 of each bank is used to estimate the WACC for the year and evaluate how the factors like tax rates, interest rates affect WACC. 14 Data CollectionThis research has been carried out to evaluate the correlation between the factors of cost of capital like tax rates, interest rates and the WACC that how these factors affect the WAC C in the commercial banks. The selected five banks include Allied Bank Limited (ABL), Habib Bank Limite(HBL), Islamic Commercial Bank(MCB), Alfalah Bank and Soneri Bank Limited. Descriptive Data Analysis is taken place in order to estimate WACC. This study employs after-tax cost of debt and equity in order to estimate WACC for selected banks. The procedure of calculating after-tax cost of debt and cost of equity has been stated here.The cost of debt measures the cost of borrowing funds of the firm. In calculating the after-tax cost of debt of each bank for the year 2009 by the following formula After-tax cost of debt = pre-tax cost of debt (1 tax rate) The cost of equity evaluated through the given formula Cost of equity = Gordon growth model =(Do (1 + g))/ (market price per share) + g) Finally the Weighted Average Cost of Capital calculated by WACC = (Weighted average cost of debt) + (weighted average cost of equity) CHAPTER 4 DATA ANALYSIS 15 QUESTIONNAIRE ANALYSIS Banks normall y prefer financing through debt plus equity. 1% of the commercial banks use both (debt and equity) as their sources of finance while remaining 29% of the banks prefer debt for their investment. Only exploitation of equity is not preferred by any banks because through debt finances, the banks gain and improves profit. pic Equity sources unresistant bank to pay dividend, 71% of the banks says that the dividend payment increases the cost of capital while the other 14% said that it decrease the cost of capital and the remaining said that dividend payment has no such(prenominal) impact on the cost of capital. pic 5% of the commercial banks said that by using tax shield, cost of capital decreases as it decreases cost of debt and also impact interest rates. While 14% said that it has no such impact like some of Islamic bank like Meezan Bank. pic 71% of the sample size hold that the Cost of capital has positive impact on the capital structure by using both sources of finance while 15% dis book and other 14% are highly disagree. That means most of the commercial banks are in the favor of Ho that the using both sources improves the profit of the commercial bank. pic 7% agrees and 28% strongly agrees that the risk factor of the default increases as there is an increases liabilities when bank finance through debt while only 10% of the sample size disagree to this fact but still they have profit by increasing their liabilities. pic Approximately 86% of the commercial banks agree from the fact that the fluctuation in the interest rate affects Cost of Capital and also the Capital Structure of their banks while other says that there is no as such impact of the interest rates but from secondary data we analyze that interest rate is the factor that affects the cost of capital and the capital structure. pic 71% of the managers agrees that as low dividend payout affects the personality of their bank, similarly high dividend payout and dividend growth also affect the capital st ructure decision whereas 29% of the managers said that high dividend has no such impact on the cost of capital and on investment decision. pic hundred% of the sample size agrees that cost of capital highly impact the investment decision in the commercial bank that also affects capital structure decision making and increases the profit if the weighted average cost of capital is low. pic 5% of the sample size agrees that the cost of capital has a huge impact on the level of risk because the maximization of the profit in the commercial bank is truly based on cost of capital and its other factors. pic 57% of the sample size agree that the taxes bring variation in the cost of capital in commercial bank while the other denied that taxes has no such affects on cost of capital but many researches has proved that taxes highly affects the cost of capital. pic 100% of the managers agree that weighted average cost of capital reduces as there is reduction in the net financial debt.It can be exp lained by the fact that if the cost of debt remains same but there is variation in the weightage of the debt. The lower weightage reduces the WACC of the commercial bank. pic While the method used for the cost of equity varies in different banks. 15% uses the CAPM, 42% uses the Gordon Growth Model whereas the remaining percentage uses both the CPM and Gordon Growth Model method when they finances through the equity. pic 16 DESCRIPTIVE ANALYSIS 17 Allied Bank Limited WACC = (Weighted average cost of dbt) + (weighted average cost of equity)WACC = (interest (1-tax)) + (Do (1 + g))/ (market price per share) + g) terms OF rightfulness YEAR 2005 2006 2007 2008 2009 DIVIDEND/SHARE 2. 5 2. 5 3 3. 5 4 egression 0% 0% 20% 16. 66% (14. 28%) Average growth=4. 476% Cost of equity = Gordon growth model =(Do (1 + g))/ (market price per share) + g) Cost of equity =4(1+0. 4476)/59. 11+0. 04476 = 11. 54% g Growth count 4. 476% Do Last Dividend 4 MP Market Price 59. 11 COST OF DEBT I nterest Rate = 9. 619% tax revenue rate = 32. 4% Weighted average cost of debt after tax = 0. 09619(1-0. 324)Weighted average cost of debt after tax =6. 503 % WEIGHTED AVER period COST OF CAPITAL AMOUNT %AGE gene COST WACC universal gravitational constant (a) (b) (a*b) (000) DEBT 39,457,216 0. 0055 0. 650 0. 00036 EQUITY 7,110,007,580 0. 9945 0. 1154 0. 11476 TOTAL 7,149,464,796 0. 11512 or 11. 51% ANALYSIS In order to prove our research hypotheses, we find different relation between the interest rates, cost of debt and WACC we contain different variation in the interest rates as it is the independent variable that affects the WACC hich is the dependent variable. In 2009, the interest rate of ABL was 9. 619%, we follow two different rates in which one is greater than 2009 rate i. e. 15% and other is less than 2009 interest rate i. e. 7. 00%. As the interest rates increases, it also increases the cost of debt that results in the increase in the weighted average cos t of capital. Hence, hypotheses Ho and H3 of our research has proved by this analysis because as the interest rate decreases to 7. 00%, the cost of debt also declines which result in decreases in the WACC and vice versa. spare-time activity COD WACC 7. 00% 4. 73% 11. 50% 9. 62% 6. 50% 11. 51% 15. 00% 10. 14% 11. 52% pic For the relation between the taxes rates, cost of debt and WACC. We find different variations among them. Tax rates are the independent variable so they create different affects on WACC as it is dependent variable. In 2009, ABL has the tax rate of 32. 40%. Similarly we assume one tax rate greater than 32. 4% and another(prenominal) is less than 32. 4% in order to prove our hypothesis. From the following analysis, we come to know that as the tax rates increases, it decreases the cost of debt that results in the decrease in the weighted average cost of capital.Hence, hypotheses H1 and H4 of our research have proved by this analysis. TAX pass judgment COD WACC 3 0% 6. 73% 11. 84% 32. 40% 6. 50% 11. 51% 35% 6. 25% 11. 50% pic 8 Habib Bank Limited (HBL) WACC = (Weighted average cost of debt) + (weighted average cost of equity) WACC = (interest (1-tax)) + (Do (1 + g))/ (market price per share) + g) COST OF EQUITY YEAR 2005 2006 2007 2008 2009 DIVIDEND/SHARE 1. 5 1. 48 1. 48 3. 01 0. 30 GROWTH 0 -1. 333% 0 103. 378% -90. 033% Average growth=2. 4024%Cost of equity = Gordon growth model =(Do (1 + g))/ (market price per share) + g) Cost of equity = 0. 03 (1+0. 024)/40. 9+0. 024 = 2. 475% g Growth Rate 2. 4024% Do Last Dividend 0. 03 MP Market Price 40. 90 COST OF DEBT Interest Rate = (LIBOR+1. 75) = 18. 65% Tax rate = 37. 2% Cost of debt after tax = 18. 65 (1 0. 3732) Cost of debt after tax = 11. 69% WEIGHTED AVERAGE COST OF CAPITAL AMOUNT %AGE broker COST WACC Thousand (a) (b) (a*b) (000) DEBT 33,536,837 0. 786 0. 169 0. 0912 EQUITY 9,108,000 0. 214 0. 0246 0. 0053 TOTAL 42644837 0. 0965 or 9. 65% ANALYSIS We find different relation between the interest rates, cost of debt and WACC in order to prove our research hypothesis. We assume different variation in the interest rates as it is the independent variable that affects the WACC which is the dependent variable.In 2009, the interest rate of HBL was 18. 65%, we assume two different rates in which one is greater than 2009 rate i. e. 20% and other is less than 2009 interest rate i. e. 12. 00%. As the interest rates increases, it also increases the cost of debt that results in the increase in the weighted average cost of capital, this can easily proved by given table and you can also find this relation through the given graph. Hence, hypotheses Ho and H3 of our research has proved by this analysis because as the interest rate decreases to 12%, the cost of debt also declines to from 11. 69% to 7. 2% and which result in decreases in the WACC from 9. 65% to 6. 44% and vice versa. INTEREST COD WACC 12% 7. 52% 6. 44% 18. 65% 11. 69% 9. 65% 20% 1 2. 536% 10. 38% pic Tax rates are the independent variable so they create different affects on WACC as it is dependent variable. In 2009, HBL has the tax rate of 32. 40% that having COD 6. 503% and a WACC of 11. 51%. Similarly we assume one tax rate greater than 32. 4% and another is less than 32. 4% in order to prove our hypothesis. From the following analysis, we come to know that as the tax rates increases, it decreases the cost of debt that results in the decrease in the weighted average cost of capital. Hence, hypotheses H1 and H4 of our research have proved by this analysis. Tax rates COD WACC 30% 6. 73% 11. 84% 32. 4% 6. 503% 11. 51% 35% 6. 25% 11. 50% pic 19 Muslim Commercial Bank (MCB)WACC = (Weighted average cost of debt) + (weighted average cost of equity) WACC = (interest (1-tax)) + (Do (1 + g))/ (market price per share) + g) COST OF EQUITY YEAR 2005 2006 2007 2008 2009 DIVIDEND/SHARE 4. 5 5. 1 5. 6 6 6. 8 GROWTH 0 13. 33% 9. 8% 7. 14% 13. 33% Average growth=8. 7 2%Cost of equity = Gordon growth model = (Do (1 + g))/ (market price per share) + g) Cost of equity=6. 8(1+0. 0872)/189. 79+0. 0872 =12. 62% g Growth Rate 8. 72% Do Last Dividend 6. 8 MP Market Price 189. 79 COST OF DEBT Interest Rate = 12. 75% Tax rate = 33. 07% Cost of debt after tax = 12. 275 (1 0. 3307) Cost of debt after tax = 8. 216% WEIGHTED AVERAGE COST OF CAPITAL AMOUNT %AGE COMPONENT COST WACC Thousand (000) (a) (b) (a*b) DEBT 44,662,088 0. 0221 0. 0822 0. 0018 EQUITY 1,972,537,950 0. 778 0. 1262 0. 1234 TOTAL 2,017,200,038 0. 1252 or 12. 52% ANALYSIS From many different previous researches, we find different relation between the interest rates, cost of debt and WACC. We assume different variation in the interest rates as it is the independent variable that affects the WACC which is the dependent variable. In 2009, the interest rate of MCB was 12. 28%, we assume two different rates in which one is greater than 2009 rate i. . 11. 6% and other is less th an 2009 interest rate i. e. 14. 90% in order to find the after affects of these changes. Remaining other things constant, as the interest rates increases, it also increases the cost of debt that results in the increase in the weighted average cost of capital, this can easily proved by given table and you can also find this relation through the given graph. Hence, hypotheses Ho and H3 of our research has proved by this analysis because as the interest rate decreases to 11. 6%, the cost of debt also declines to from 8. 22% to 7. 6% and which result in decreases in the WACC from 12. 52% to 12. 51% and vice versa. INTERSET RATES COD WACC 11. 60% 7. 76% 12. 51% 12. 28% 8. 22% 12. 52% 14. 90% 9. 97% 12. 6% pic For the relation between the tax rates, cost of debt and WACC. We find different variations among them. Tax rates are the independent variable so they create different affects on WACC as it is dependent variable. In 2009, MCB has the tax rate of 33. 07%. Similarly we assume one tax rate greater than 33. 07% and another is less than 33. 07% in order to prove our hypothesis. From the following analysis, we come to know that as the tax rates increases, it decreases the cost of debt that results in the decrease in the weighted average cost of capital.Hence, hypotheses H1 and H4 of our research have proved by this analysis. TAX RATES COD WACC 30% 8. 59% 12. 53% 33. 07% 8. 22% 12. 52% 40% 7. 36% 12. 50% pic 20 Al-falah Bank Limited WACC = (Weighted average cost of debt) + (weighted average cost of equity) WACC = (interest (1-tax)) + (Do (1 + g))/ (market price per share) + g) COST OF EQUITY YEAR 2005 2006 2007 2008 2009 DIVIDEND/SHARE 0. 5 1. 25 1 2. 25 2. 25 GROWTH 0 150% -20% 125% 0 Average growth=51%Cost of equity = Gordon growth model =(Do (1 + g))/ (market price per share) + g) Cost of equity = 2. 25(1+0. 51)/26. 13+0. 51 = 64% g Growth Rate 51% Do Last Dividend 2. 25 MP Market Price 26. 13 COST OF DEBT Weighted average Interest Rate = 6. 406%.Tax rate = 34. 84% Cost of debt after tax = 0. 06406 (1 0. 3484) Cost of debt after tax = 4. 174% WEIGHTED AVERAGE COST OF CAPITAL AMOUNT %AGE COMPONENT COST WACC Thousand (000) (a) (b) (a*b) DEBT 18,687,600 0. 00138 0. 0417 0. 000057 EQUITY 13,491,562,500 0. 986 0. 64 0. 639104 TOTAL 13,510,250,100 0. 639 or 63. 9% ANALYSIS Many different researches have concluded that different variation in the interest rates as it is the independent variable that affects the WACC which is the dependent variable. In 2009, the interest rate of Alfalah Bank was 6. 404%, we assume two different rates in which one is greater than 2009 rate i. e. 8. 6% and other is less than 2009 interest rate i. . 4. 6% in order to find the after affects of these changes. Remaining other things constant, as the interest rates increases, it also increases the cost of debt that results in the increase in the weighted average cost of capital, this can easily proved by given table and you can also find thi s relation through the given graph. Hence, hypotheses Ho and H3 of our research has proved by this analysis because as the interest rate decreases to 4. 6%, the cost of debt also declines to from 4. 174% to 2. 997% and which result in decreases in the WACC from 63. 914% to 63. 0% and vice versa. INTEREST RATES COD WACC 4. 6% 2. 997% 63. 90% 6. 406%. 4. 174% 63. 914% 8. 6% 5. 604% 63. 918% pic For the relation between the taxes rates, cost of debt and WACC.We find different variations among them. Tax rates are the independent variable so they create different affects on WACC as it is dependent variable. In 2009, Alfalah has the tax rate of 34. 84%. Similarly we assume one tax rate greater than 34. 84% and another is less than 34. 84% in order to prove our hypothesis. From the following analysis, we come to know that as the tax rates increases, it decreases the cost of debt that results in the decrease in the weighted average cost of capital. Hence, hypotheses H1 and H4 of our res earch have proved by this analysis as they are negatively correlated. TAX RATES COD WACC 25% 4. 805% 63. 917% 34. 84%. 4. 174% 63. 9% 40% 3. 844% 63. 915% pic 21 Soneri Bank Limited ANALYSISSoneri Banks has following interest rates and tax rates, which affect WACC in the same look as it affects other commercial Banks. In 2009, it has interest rate of 12. 63% that has the cost of debt 8. 54% and the WACC is of 0. 37%. Variation in the interest rates brings following changes and hence proves our research. INTEREST RATES COD WACC 11. 60% 7. 84% 0. 35% 12. 3% 8. 54% 0. 37% 14. 60% 9. 87% 0. 43% pic Tax rates posses the same affect. As tax rates increases, it has negative relation with the COD and WACC that proves the hypothesis H1 and H4 of our research as in 2009, the tax rate was 32. 34%, when it decrease, the COD increases which also increases WACC and again inversely proportional when Tax rate increase. TAX RATES COD WACC 25% 9. 47% 0. 41% 32. 34% 8. 54% 0. 37% 40% 7. 57% 0. 33% pic CHAPTER 5 CONCLUSION AND RECOMMENDATION 1. ConclusionAccording to past related researches, there should be a adapted balance between debt and equity as it has effects on the risk and return of the shareholders of the bank. If there are reasonable proportions of debt and equity in the capital structure, it maximizes the shareholders wealth while minimizing the cost of capital and that could be considered as the optimal capital structure. Factors like Interest payment expected deductibility give prospect for value. If the tax deductibility is realized by the bank then stockholders get the expected benefit of the tax deduction.If firm finances through debt, then it has financial risk. And if through equity, then it has business risk. The cost of capital can affect capital structure that the taxes bring variation in the cost of capital and hence affect the capital structure of the banks. Cost of equity increases if the financial risk become high. The cost of equity and debt increases with the increase in debt. On after tax cost of debt, there is the greater the impact of interest deductibility, if the tax rate s higher. Weighted average cost of capital become low with the cost of capital high, if the debt capital increase in proportion.Cost of equity increases with the cost of debt. If the cost of components high the weighted average cost of capital increases and reason is that shareholder prefer to use of debt when expected value of tax benefit is attractive as compared to the added financial risk associated with the debt. The Demanded rate of increase in cost of debt and equity, effects on value of the expected increase in tax benefit of using more debt. Interest rate affects the cost of debt. It involves the risk components that have the probability of default on the debt.In this research, the main finding of the paper suggests that the commercial bank should focus on reducing the cost of capital that maximizes the profit. According to our findings, it is concluded that each banks has its policies of financing. Each bank takes decision of selecting capital structure for minimizing their cost, risk factor differently that occupies good financial position in market. Factors that have impact on cost of capital as well as on capital structure are tax rates, interest rates, dividends payout, risk of default and other like market fluctuation, corporate governance.These factors differently affect the cost of capital and capital structure of each commercial bank. Some banks agree that tax brings variation in the capital structure as the use of taxes decreases the cost of debt but some banks strongly disagree, like Islamic bank Meezan and Alfalah,. These Islamic banks have no such interest rate risk. Tax impacts on cost of capital increases cost of capital agrees by majority of commercial banks, and disagrees by some commercial banks. Dividend impacts on cost of capital increases cost of capital agrees by some banks, and disag rees by some banks.Interest rate brings effects on increase in cost of capital as the interest rate increases the cost of debt also increases but some banks strongly disagreed. Other factors like market fluctuation also influence interest rate to increase. And sometimes sudden increase in interest rates influence market. Due to this, all factors differently impact on cost of capital variation (increase and decrease) and capital structure decision making. We have estimated Weighted Average Cost of Capital (WACC) of commercial banks in order to find the effects of cost of capital and their factors on profit and capital structure decision making.We analyze from computing WACC with different assumptions that The interest rates increases (decreases), it also increases (decreases) the cost of debt that results in the increase (decreases) in the weighted average cost of capital. Hence, hypotheses Ho and H3 is verify. The tax rates increases (decreases), it decreases (increases) the cost of debt that results in the decrease (increases) in the weighted average cost of capital. Hence, hypotheses H1 and H4 is verify. The cost of capital improves the profit and capital structure decision making in which other factors also takes part to maximize the profit in the commercial banks. . Recommendations Cost of capital plays a central role in valuation, portfolio selection, and capital budgeting. Therefore, measuring and validating the cost of capital has been the subject of much research. For reducing cost of capital of bank, we recommend that proportion of debt plus equity financing is better although debt increases risk of default as most of the commercial banks prefer debt financing. Because, debt financing provides tax benefit under suitable market conditions and reduces WACC. Through equity financing banks give dividend which increases their reputation in market.In short, payment of dividend gives market position. And it is also important because in terms of financial ratios, equity financing shows bank more strong as compared to debt or liabilities. Adopt an optimal capital structure to improve shareholder value. Capital structure is part of a banks package of financial policies, which include dividend policy and amount of debt and equity claims issued which improves share holder wealth and reduces WACC. Conventional thinking in the area of finance has also assumed that a certain amount of debt in the capital structure is a good thing. Interest rates are high in Pakistan.The following reforms looked-for from the Government of Pakistan (GOP) Allow and encourage consideration of financial institutions to reduce sedition in the financial sector. Strengthen legal and judicial reform laws to allow financial institutions to foreclose on guarantee to reduce risk in the case of unpaid loans without going through lengthy butterfly proceedings. CHAPTER 7 AREA OF FURTHER STUDIES After performing this research we have concluded that the researches on the Weighted Average Cost of Capital in Banks are less or there is no prissy research that has taken place for the Commercial Banks.There should be more researches on the factor that are affecting WACC in the commercial banks as its proper estimation maximizes profit. It is found with the help of weightage there is a huge impact on the cost of capital that may be a source of further studies for the commercial bank because proper weightage of debt and equity can improves or enhances the profit of commercial banks. The WACC affects the profit or Capital Structure decision making that has direct affect on the reputation of the commercial banks. CHAPTER 8 REFERENCES Nadeem A.Sheikh and Zongjun Wang, June 2010, worldwide ledger of Innovation, Management and Technology, Vol. 1, no 2, Financing Behavior of Textile Firms in Pakistan, pg 130-135 Khadka, H Bahadur,2006. Leverage and the Cost of Capital. The Journal of Nepalese Business Studies,Vol. III, No1 85-91 Modigliani, F. and Mil ler, M. H. 1963. Corporate Income Taxes and the Cost of Capital A Correction. American Economic look into 433-443. Shubber, K. and Alzafiri, E. (2008). Cost of capital of Islamic banking institutions an empirical study of a special case, transnational Journal of Islamic and Middle Eastern Finance and Management, Vol. No. 1, pp. 10-19 Bruner, R. F. , Eades, K. M. , Harris, R. S. , Higgins, R. C. (1998). Best practices in estimating the cost of capital analyze and synthesis, Financial Practice and Education, Spring/Summer, pp. 13-28. Miller, R. A. (2006). The weighted average cost of capital is not kind of right, The Quarterly Review of Economics and Finance, 49 (2009) 128138 Jorgenson, Dale W. and Ralph Landau (1993). Tax Reform and the Cost of Capital An International Comparison. Washington, D. C. Brookings Institution. Fama, E. F. , and K.French, 1997, Industry costs of equity, Journal of Financial Economics 43, 153-193. Fama, E. F. , and K. French, 1999, The corporate cost of capital and the return on corporate investment, Journal of Finance 54, 1939-1967. John J. Pringle, the Capital Decision in Commercial Banks, the Journal of Finance, Vol. 29, No. 3 (Jun. , 1974), pp. 779-795 Richard Lambert*, Christian Leuz, Robert E. Verrecchia Accounting Information, Disclosure, and the Cost of Capital September 2005, Revised, August 2006 Barton, S. L. and P. J. Gordon (1987). Corporate strategy Useful perspective for the study of capital structure? Academy of Management Review, 12, pp. 67-75 Balakrishnan, S. and I. Fox (1993). Asset specificity, firm heterogeneity, and capital structure, Strategic Management Journal, 14(1), pp. 3-16. A. Seth (1990). The impact of LBOs on strategic direction, California Management Review, 32(1), pp. 30-43. Groth John C. , Capital structure Perspectives. Management Decision 357 (1997) 552561. John C. Groth, Professor, Texas A University, USA Capital Structure Implications, 1997. Ross, Stephen A. , Randolph W. Wester field, and Jeffrey Jaffe. Corporate Finance. 9th ed.Boston, MA McGraw-Hill, 2010. Alan J. Auerbach, Wealth Maximization and the Cost of Capital, the Quarterly Journal of Economics, Vol. 93, No. 3 (Aug. , 1979), pp. 433 John R. Graham, Taxes and Corporate Finance A Review, the Review of Financial Studies, Vol. 16, No. 4 (Winter, 2003), pp. 1075-1129 Meziane Lasfer, Professor, Cass Business School, UK Optimizing the Capital Structure Finding the Right Balance between Debt and Equity. William F. Coffin and Sean Collin, 2006, Techniques to lower the cost of capital in todays volatile markets, CCG Investor Relations. Ali Murtaza, manager financial reporting and analysis, finance division, verify ALFALAH LIMITED. Amir Ahmed, risk manager, Asst. vice president, Risk Management Unit, MEEZAN deposit. Aniel Victor, Asst. manager, Riak management, UBL FUNDS MANAGERS. Syed Ali Shabar, Branch Manager, MCB BANK LIMITED. Raza Abbas, Asst. vice president, Portfolio Management, HABIB BANK LIMITED. Aamir Maysorewala, customer service manager, ALLIED BANK LIMITED. Riazullah Khan, Assistant Vice President & Manager, SONERI BANK. APPENDIX A Questionnaire NAME_________________________DESIGNATION_________________ BANK__________________________ BRANCH_______________________ 1. Debt and equity are the sources of finance, through which source your bank finances their investment? a) Debt b) Equity c) Both 2. What is the impact of dividend payment on cost of capital as using equity is source of finance that will liable bank to pay dividend? a) Increase cost of capital b) Decrease cost of capital c) No impact on cost of capital 3. Tax shield also has an important factor in cost of capital, how tax impact on cost of capital? a) Increase cost of capital b) Decrease cost of capital ) No impact on cost of capital 4. Cost of capital has positive impact by using both sources of finance. pic 5. When bank finance through debt, it increase liabilities that also increase the risk factor of default. pic 6. Fluctuation in the interest rate affects Cost of Capital and also the Capital Structure of your banks. pic 7. As low dividend payout will affect the reputation of your bank, is high dividend payout and dividend growth affect the capital structure decision? pic 8. Cost of capital occupies an important role in the financial management and in investment decision making in commercial banks. pic . Cost of capital affects the level of risk in commercial bank. pic 10. Taxes bring variation in the capital structure of commercial banks. pic 11. Reducti