The importance of ethics in business

The importance of ethics in business One of the most important issue in business is business ethics to introduce this issue it is not bad to know that what is ethics definition, ethic standards are principle of the actions and decision from individual, organization, government, ethics can helps every body in social, effects of ethics separated to four areas, first is social, social is the biggest area for ethic, every body is living in society so ethics will effect every one who has different culture, beliefs, religion in different location, ethics has profit for every one, the next area is legal or law, in this area first should consider to meaning of law so what is law? Law is set of rules that are enforceable by court, by understanding this definition it is obvious that every body is responsible for the rules that govern by law, next step is organization should has set of rules to support and protect the right of individuals and customers or suppliers and government, ethics for organization is very important point an d by setting these standards like codes of conduct or consumerism , organization will show their responsibility to others , last step in ethics is individuals, when we look at the definition of ethic and after researches around this subject, we will reach to this point that every body is responsible to their work and their work and actions or decision, in this step there are some reasons that can has effect on the ethics on this level, culture, beliefs, religions, these are only some the many point that will have effects on ethics from individuals, this is very important notice when we study about ethics, difference between the ethics and law, by understanding meaning of these two , it is obvious that in the law, standards might not be a ethic action or decision, in addition to reach to the better understanding of business ethics also should consider to some points about that, first is responsible business conduct, which is set of actions the employee against to enterprise stack hol ders, second is responsible business enterprise; which is set of policies and management practices to protect environment, core values and vision of organization, the third point is business ethics programs, the program that govern by managers of an organization to support their business conduct by engaging stakeholders and also can say that business ethic programs are structures from organizations to support employee and stakeholders, to illustrate the business ethic program should point to some way to set the program and structure which could support the business conduct, like planning, strategy and programming, building a responsible enterprise, and finally adopting a design review and approved process. To look at the issues of business ethics, it is very important to know some characteristics of business ethic which include by general business matters such as bribing ways of accounting, it is not bad to know a bit about the bribery, Bribery, a form of pecuniary corruption, is an act implying money or gift given that alters the behavior of the recipient. And practices in five areas, first in country, by many public and private research it was showed that Denmark is the first country in the world that receive money by others as bribery, and Norway is the first country in the world by giving money in bribery, in this ranking there are many countries like Sweden, Germany, Finland, and others. Another area in bribery is industry that included by some regions like government, defense, aviation, energy, and construction, next is employee that by educate the staff monitoring and auditing also making open channels with employees can reduce the bribery in this area, next is joint venture, al so by monitoring, auditing, setting the lead office and apply a strong contract can control bribery in joint venture, last area of bribery is agent, to reduce bribery risk in this area first of all organizations should ask themselves than is agent necessary for them or not, in addition in case of necessary they should make a valid and strong agreement and also include all polices for bribery and document all and also by making head office and monitoring and auditing should control bribery and reduce the risk. Marketing and Advertising: it is very important to all organizations that act as fair in their marketing practices and advertising, to practice ethical program in marketing there are some points that should consider to that like organization environment, individual environment, personal practices, professional environment and industrial environment, in addition for advertising I is very important that organization should not exaggerate about their products and say lie to people, there are two practices for controlling the advertising, first is trade practice and second is fair trade by AMP, in addition AMP introduce and gives information to people for better choice and pursued them to reach to that option, Social contract: Another characteristics from business ethics is social contract, the social contract responsibility is one of the most important subject in business ethics, it can divided to three parts, first is social responsibility which stakeholder responsibility included, second is profit responsibility of share holders, and last one is affirmative responsibility. ETHICAL COMPANY: According to the ethisphere2009 worlds most ethical companies, in this year this institute compare more than thousands of companies and industries from more than 100 countries and 35 industries and by ranking them in the companies selection process that some structure like methodology, In-depth analysis, further refinement, industry leadership and other method they gave the first place to Honeywell interactional from USA and in Aero Space and Defense, second place is for Harris corporation again from USA in Aero and Space and Defense, and third place is for Nike from USA in sport wearing and sport apparel and here are many famous companies in this ranking like DELL from USA and BMW from Germany, RaboBank form Netherlands, Xerox and Intel from USA are some other companies in this ranking, in industrial ranking the first place is for ACCENTURE and gave to Douglas G.Serivener, general counsel, secretary and compliance officer, the second place is for ED Scott, chief ethics and Complianc e officer from CATERPILAR and third place is for Roderick A. Palmore, executive vice president, general counsel, chief compliance and Risk management officer from General mills industry are ranked in this list, In addition Philips, Unilever and T-Mobile are in next places. Unethical companies and practices: What are the unethical companies and industries in the world, of course there is no evidence for that and in fact it is impossible to compare unethical companies to each another but form some judgment of courts can understand some of these companies, for example Nestle company and McDonalds are some of these unethical companies, Nestle: There are some unethical activities by nestle company in its history like exploiting of employees in 1989, in nestle chocolate planet in brazil, and supporting brutal which nestle had financial supports rise in Brazil, China, Egypt, Colombia and other countries. Another unethical behavior from nestle is abusing animals, 50%of LOreal company owned by nestle and LOreal abuse animal in testing and making experiment on animals, some groups boycott in response to LOreal claims. McDonalds: Another company that has many cases in many courts in all over the worlds is because of this its unethical actions and decisions and behaviors is McDonalds, some of these actions are like supplely environment. 35% of the UK population gave the worst rating to McDonalds for the way it traits, staff, suppliers, costumers and environment. Adidas company an example of ethical company: Adidas AG is one of the most famous and popular sport wear company in the world that started its job form 60 years ego, in the history of Adidas it came that the company founded in 1924 by Adolf Dassler, after foundation of Adidas in several decades many things happened to company, in 60s, Adidas tried to help all athletes, Adidas design some equipment consider as fringe Sport. This equipment could made revelation in high jumping, in 80s Abdi Dessler death and after him his family, his wife , son and his daughter continue his job and his business, in 90s they apply new management by new CEOs they change the manufacturing and sell company to marketing company, in 1995 Adidas went to public on Frankfurt and Paris stock exchange, and in 1996, Reebok combined with Adidas and could made more benefit of world wide platform, and these two made stronger and wide range of products. It is a German Based company, Adidas is a manufacture of sport apparel and also consist of Reebok, there are two companies which names are Taylor Made-Adidas Golf and Rockport that produce many Sport products like shoes, bags and shirts and watches, in addition Adidas is the second biggest sport wear manufacture after Nike in all over the world but it is the biggest manufacture in Europe, this is not bad to introduced some statically and financial information about the Adidas, Adidas founded by Adolf Dassler in 1924 but registered in 1949 and headquarters is Herzogrenuroch, in Germany and in CEOs there are some famous people and businessmen like Herber Hainner, Erich Staminger, Igor Loudau and for financial statistic, Adidas had revenue of 10,799 billion euro(15.6 billion $) and profit of 642 million euro (933 million $), and there are 38980 employees are working for Adidas, Adidas product sport wear such as golf, soccer, rugby, tennis, Cricket and basketball and much more also some of products are accessories socks, watches, eyewear, bags and caps. Jan Runau, Adidas AG What are ethics in Adidas Company? Adidas is one of the most ethical company that always looking for ethical jobs, actions, decision and behavior also always they care about the environment but also sometimes unethical matter happened in there jobs, and there are some unethical matters in their portfolio. Adidas is a global leader in suppliers factories and decreasing environmental impact. In sport industry, Adidas also set of codes which named supply chain code of conduct and in these codes they apply set of standards about their stated intentions on ethical purchasing. In addition they also set rules for moral responsibility in the way of products, marketing and manufacturing and for international labor they create another standards named workplace Standard that introduce clear rules of conduct in many factors like labor, environment, children, hours of work and much more. There are some statically information about these changes by Adidas, first is freight contributes 175 grams carbon dioxide CO2 and road freight 147 grams of CO2, and air freight by 903 grams of CO2. In the air travel they use carbon offsetting to about the collision of air travel, in addition Adidas set many teams meanwhile for research for sea and road traveling. Adidas shows that they are very serious and pioneer in many subjects related to ethical issue and they spend a lot of time and cost and energy to be a one of the ethical company in any subjects like labor, environment, customers, Children and others. Suitability code: For details about the suitability code, there are several subjects that cover by this code; Stakeholders, suppliers, customers, environment, community, employees. Stakeholders: About the stakeholders of Adidas are employees, authorities, business partners, workers and opinion formers involve stakeholders to make decision that shape day-to-day operation, and also provide the clear and effective and honest report to their stakeholders, there are several activities that Adidas tries to engages stakeholders: Responding to the SRI community Engaging with employees Responding to enquiries raised by customer, employee and NGO Participation and collaboration with industry initiatives governmental and non-governmental initiatives and multi-stakeholders partnership Out reach to academic and students. About the partnership and ways of engaged in Adidas, to build trust relationship they have some ways like WFGSI and WCSBD in corporate response. WFGSI stands for world federation of the sporting goods industry and WCSBD stands for world business council for sustainable development, in supply chain condition there are three conditions as fair labor association (FLA) and fair factories clearing houses (FFC), and last one is Round Table on Codes of conduct, and set of code in environment is AFIRM working group and better cotton initiative (BCI). The second subject in ethical matter is supply chain, according to Adidas information on 31 Dec 2008 Adidas works with more than 1050 factories, in many countries, some of these countries such as china, Vietnam, Indonesia, Turkey, and Thailand, and the condition to support the suppliers they set the workplace standards, its included several of standards of general principle involved forced labor children, discrimination, wage and benefit, working hours, freedom of association and collective Barging and Disciplinary principle, next is heath and safety to protect environment and environment requirement, for example about the child labor all supplier should not work with children under 15 years old and about the working hours they set the rule to their supplier that employee should not work more than 60 hours per week, to protect and support this standards and also to be confirm all codes they apply a team to monitoring and verification which this team will audit and monitor supplier an d will contact with any act against the standards, another way to protect codes is ratting and sourcing decision with them, by they rank and improve the supplier with has lower rank and praise. From higher supplier, for fair wage Adidas has strategy which named fair wage strategy which they set wage by mechanism depends on input, output, and effort of supplier, also benchmarks will pay higher wage that local wage, and also rewards for employee is another way that included in fair wage strategy. Stakeholders, Adidas-Group Environment: The third part of ethical issue is environment, Adidas always Responsible for their environment and always care about the natural environment, and to do this act and support the environment Adidas applied a system-based approach to managing environment, and this system covered two parts of production facility and supply chain, according to information about the environmental practice of Adidas company, more than 95% of Adidas groups using these performance. To protecting their environment and reduce environmental impact and reduce using of energy and waste the energy, and using lower material in their production. Environment-Adidas Group This is a report about the environmental of Adidas: Herzogenaurach, 2009. Record year for the adidas Group Environmental data for our main administration offices and own production sites 2008 Our main administration offices Energy consumption Electricity (kWh/year) Energy consumption Heating (kWh/year) Water consumption (m3/year) Waste (tonnes/year) HQ of the adidas Group, Herzogenaurach, Germany 12,683,749 9,627,567 21,487 426.4 adidas America Inc., Portland, USA 6,472,600 1,403,705 36,306 not reported Reebok HQ, Canton, USA 13,375,974 13,930,828 34,936 564.9 TaylorMade-adidas Golf HQ, Carlsbad, USA1 3,185,966 20,554 42,654 551 Our own production sites Energy consumption Electricity (kWh/year) Energy consumption Heating (kWh/year) Water consumption (m3/year) Waste (tonnes/year) adidas Footwear Factory, Scheinfeld, Germany 1,578,340 4,432,207 1,736 260.2 adidas Apparel Factory, Suzhou, China 425,542 0 1,162 10.2 adidas Canada Assembly Factory, Brantford, Canada 382,393 212,520 454 14.5 Reebok-CCM Hockey Factory, St. Hyacinthe, Canada 2,002,800 973,440 5,150 25.4 Reebok-CCM Hockey Factory, St. Jean, Canada 2,637,900 3,193,460 2,082 72.2 Reebok-CCM Hockey Factory, Edmunston, Canada 1,229,400 0 1,674 56.2 Reebok-CCM Hockey Factory, Tammela, Finland 1,343,059 1,140,445 1,190 237.9 Reebok-CCM Hockey Factory, Malung, Sweden2 n/a n/a n/a n/a Sports Licensed Division, Factory, Indianapolis, USA 10,844,350 120,158 19,822 455 Sports Licensed Division, Factory, Mattapoisett, USA 725,671 475,011 n/a 150.1 Sports Licensed Division, Factory, Cedar Rapids, USA 1,938,310 3,830,624 3,432 64 TaylorMade Assembly Factory, Togane-Shi, Japan 422,380 740 1,335 14.4 1 Figures cover TaylorMade HQ and assembly factory 2 Figures are not available for 2008 because site is externally leased Community: Adidas has program for community and this program based on 3 studies, first is community project for people who need it and second is employee involvement, in this involvement employee support the company to reach to their goals, and last one is corporation giving which is about the financial contribution, product and services, Adidas by this program will support children and young people in face of their needs, by giving them cloth and sportswear supporting their sport goods, Employee: When ethics goes to employee it will separated to three parts, 1. Activity engaged 2. Not engaged 3. Activity disengaged Adidas also set the reward rule for employee to support their employee and Adidas set the codes of conduct to support the employee and protect their rights, these set coming to global and will cover all employees of Adidas in all over the world, Adidas approach for employee it comes to 5 ways, talent management by ranking and praises of them, by identifying them and find the opportunities that those that those managers gain for company, employee and managers, performance management, by performance feedback and improving the learning. Motivation: Next is motivation that we covered before that company by giving gifts and rewards motivate their employee to keep going in addition promotes commitment is another way to motivating the employee, last action to help employee is communication with top managers set the meeting and other gathering to collect employees opinion to make decision, as an example in 2005 Adidas gather 350 staff to corporate responsibility and environmental affairs. Awards and Recognition, To clear of the Adidas practice there are many awards that Adidas collect from many festivals and many institutes and these are just some of them, in 2009Adidas got the 2009 industry leader and super sector leader in the DOW Jones sustainability Index and Sustainable retail business 2009 and also awarded consumer organization in 2009 and FTSE4 good index in addition Adidas awarded 100 most sustainable corporation in the world and fair labor association in 2008, Adidas awarded reporting twice in 2004 and 2006. Awards and Recognition-Adidas Group

Maureen Peal & Imitation of Life :: John M. Stahl, Film, Movie

Imitation of Life is about Peola Johnson, light skined black girl who tries to go through life as a white person. To achieve this she ostracises her family. She breaks all ties with her black mother and her culture and tries to fit into this community in which she really has no place. "It's because of you, you made me black! I won't be black!" The problems Maureen Peal and Peola Johnsson share are as serious as the ones the young blck girls have in the bluest yes. According to Sandy Flitterman-Lewis: In each film's representation of the transgressive woman-the black daughter who looks white, and who, because of the contradiction between being and seeming which defines her, can fit comfortably into neither culture-there is a correspondence between feminine sexuality and alterity which results in a sexualization of the radical 'otherness' of the black woman. (44) This is instrumental to the development of Pecola’s charater. This is also instrumental to the fate she meets in the end. Pecola and Peola are similar, not in their looks but in their situations. Pecola does also live between two worlds like Peola but in a different manner. Peolas’s problems are serious and the implictions are serious and extensive. According to Flitterman-Lewis, the mere term mulato brings up miscegenation, and theerfore leads people to think of â€Å"forbidden sexual relations and the impossible mixing of races" Flitterman-Lewis 46). Pauline is so immersed into images projected by the screen that her daughter is named after Peola. Nevermind that mother nor daughter is mulatto like Peola. Nornally a mother would not want her daughter to be in such situations yet Pauline names her daughter Pecola and embraces the beauty ideals and Maureen’s mother embraces the film. Maybe in someway she felt a kinship[ with Pecola because she would understand her position. Sources Blumler, J G & Elihu, K (1974) - Sage Annual Reviews of Communication Research Vol.3, The Uses of Mass Communication: Current perspectives on gratifications research. CA:Sage Christian, Barbara. Black Women Novelists: The Development of a Tradition, 1892-1976.

iraq :: essays research papers

IRAQ - VERY INTERESTING - DID YOU KNOW? > >> > > >> > 1 The garden of Eden was in Iraq. > >> > > >> > 2. Mesopotamia, which is now Iraq, was the cradle of civilization! > >> > > >> > 3. Noah built the ark in Iraq. > >> > > >> > 4. The Tower of Babel was in Iraq > >> > > >> > 5. Abraham was from Ur, which is in Southern Iraq! > >> > > >> > 6. Isaac's wife Rebekah is from Nahor, which is in Iraq. > >> > > >> > 7. Jacob met Rachel in Iraq. > >> > > >> > 8. Jonah preached in Nineveh - which! is in Iraq. > >> > > >> > 9. Assyria, which is in Iraq, conquered the ten tribes of Israel. > >> > > >> > 10. Amos cried out in Iraq! > >> > > >> > 11. Babylon, which is in Iraq, destroyed Jerusalem. > >> > > >> > 12. Daniel was in the lion's den in Iraq! > >> > > >> > 13. The three Hebrew children were in the fire in Iraq (Jesus had > >> > been > >> > in > >> > Iraq also as the fourth person in the fiery furnace!) > >> > > >> > 14. Belshazzar, the King of Babylon saw the "writing on the wall" in > >> > Iraq. > >> > > >> > 15. Nebuchadnezzar, King of Babylon, carried the Jews captive into > >> > Iraq. > >> > > >> > 16. Ezekiel preached in Iraq. > >> > > >> > 17. The wise men were from Iraq. > >> > > >> > 18. Peter preached in Iraq. > >> > > >> > 19. The "Empire of Man" described in Revelation is called > >> > Babylon,which > >> > was a city in Iraq! > >> > > >> > And you have probably seen! this one. Israel is the nation most > >> > often > >> > mentioned in the Bible. But do you know which nation is second? It > >> > is > >> > Iraq! However, that is not the name that is used in the Bible. The > >> > names > >> > used in the Bible are Babylon, Land of Shinar, and Mesopotamia. The > >> > word > >> > Mesopotamia means between the two rivers, more exactly between the > >> > Tigris > >> > and Euphrates Rivers. The name Iraq, means country with deep roots. > >> > > >> > Indeed Iraq is a country with deep roots and is a very significant

Essay --

O’Connor’s background impacted her writing style of southern cultures in her short stories. Being born and growing up in the south played Born into an Irish Catholic family; Flannery O’Connor grew up alongside her encouraging and supportive father, Ed, and her overprotective, proper mother, Regina. She was the only child and of devoted Roman Catholic parents. O’Connor is a Georgia girl; her younger years were spent in Savannah, Georgia until the family relocated to Milledgeville, Georgia when her father was diagnosed with degenerative lupus. Much of her childhood was spent with her mother having a close look on her, overbearing her welcome. Behind her bold attitude â€Å"was a precocious, gifted and shy loner struggling to assert herself against the expectations of â€Å"proper† Southern womanhood,† (Desmond 151). Unfortunately, her graduate school days at Iowa University were put to a halt when she was diagnosed with lupus at age twent y-five. At this point in her life she moved back to live with her mom on a dairy farm right next to Milledgeville. O’Connor’s time spent growing up in Savannah and with her mom on a dairy farm has allowed her to develop characters, settings and scenes from her native south especially the properness and mannerisms established. Besides the culture effect and another big part of O’Connor’s short stories was her religious background. Although it was not until two years after her father’s death that O’Connor’s creative and inventive talents swiftly came alive as well as her deep profound faith. John F. Desmond was one hundred percent correct when he said, â€Å"writing was for her a spiritual vocation, success or failure to be measured by the fidelity to God and not by human standards,† (Desmond, 152). Not ... ...ut ten feet above and they could see only the tops of trees on the other side of it. Behind the ditch they were sitting in there were more woods, tall and dark and deep.† (O’Connor 359). The tall, dark and deep woods are a parallelism to the lack of faith and moving forward in it. Three shots and the grandmother was silent. The grandmother’s death signifies the rising of Christ. Although she didn’t always live a Christian lifestyle, the third shot it was almost as if she became alive spiritually. O’Connor’s illustrates the scene, â€Å"†¦her face smiling up at the cloudless sky. Without his glasses, The Misfit’s eyes were red-rimmed and pale and defenseless looking† (O’Connor 365). Smiling at the sky and eyes helpless, dead physically her facial expressions resemble that she spiritually came alive and rose like Jesus did, as if she was a believer accepting Him.

Anthem vs. Hunger Games Essay

In today’s society, a lot of people tend to take for granted what they have. Every once and a while, something drastic will ensue them, and that’s when they finally grasp what’s been right in front of them the whole time. In many different societies, for example the societies in The Hunger Games, and Anthem, the individuals that are living there are forced to listen to the ruler, or rulers, do not have an opinion in some of the choices that are made for them, and are also forced to accept the rule of selflessness. Based on the themes of the Power of Knowledge, the Image of Self, and the Consequences of Free Will, the novella, Anthem, and the film, The Hunger Games express similarities and differences regarding the dangers of a Totalitarian government and its effect on its citizens in order to teach the reader to be blessed that they have a democracy and that the individuals of the United States have it really easy compared to other countries, and even societies i n books or movies. The Power of Knowledge is the result of having or not having knowledge. Being knowledgeable is not just one quality, but is many and a process of learning, experiencing, knowing and understanding. In the book Anthem Equality 7-2521states, â€Å"But we must never speak of the times before the Great Rebirth, else we are sentenced to three years in the Palace of Corrective Detention† (Rand 19). This quote from Anthem is an important example of the Power of Knowledge because what Equality is saying is that every person in his town has the knowledge of what happened before the Great Rebirth, they just choose not to bring it up because they are petrified of what their punishments will be. However, an example of the Power of Knowledge from The Hunger Games is when Katniss recognizes the weakness of Seneca Crane, which is not having a winner of this year’s game, and uses that to her best advantage to force Seneca to let both her and Peeta win. This is important because if Katniss had not realized that doing so was his weakness, she and Peeta would have both had to kill themselves because they  did not want to live without each other. In conclusion to these two different pieces of evidence, they are also able to be compared by noticing the facts that if both these characters did not take into account the opinions or beliefs of others, there would never be a way to be different, or a way out. Image of self is the way one views his or herself, the ability to know our own flaws, strengths, bad habits and limits. When life starts to get rigid, most people lose hope in themselves because they feel as if they are not sturdy enough to stand anymore. In a lot of books, or even movies, this is a major problem that most characters face. In this case, from Anthem, the teachers always pointed out the flaws in Equality 7-2521, â€Å"There is evil in your bones, Equality 7-2521, for your body has grown beyond the bodies of your brothers† (18). This quote would be essential to the topic of Image of Self, because Equality already knew that he had all these â€Å"different† qualities, and knew that he was diverse from his brothers, yet he tried to remain the same by ignoring them. However in The Hunger Games, Katniss only sees the flaws that are in her, and chooses to ignore the compliments that everyone is saying to her. When life puts individuals in the situation that Katniss and Peeta are in in the film, it is important to deposit all the negatives away and to only focus on the positives, no matter how hard they may be to see. This is a contrast between the novella and the film because in Anthem Equality knows that he is different, but just ignores the fact that he can do nothing about it, but in The Hunger Games, Katniss does not let anyone try to make her better because she believes she will never be right, or in a way better than the other characters. Although the quotes are contrasting, the similarity in them is the fact that Equality and Katniss both know they are different than the rest, yet overcome them in some sort of way. The last theme being focused on is Consequences of Free Will. Consequences of Free Will means a person innate ability to make decisions with his or herself. I n a dictatorship, or the governments in Anthem and The Hunger Games, individuals are owned by the group, and they also have no right to lead his or her own life. This is known as collectivism. In today’s society,  making decisions for someone’s own good is very hard because everyone is trying to impress others. For example, in Anthem Equality states â€Å"It is a sin to think words no others think and to put them down upon a paper no others are to see† (17). The importance of this quote to the Consequences of Free will is that Equality is not able to express his own way of living because it is illegal to express his own being. In The Hunger Games, something that readers would learn regarding the Consequences of Free Will would be the idea that the tributes did not really know who to trust, and when, because they did not know when that person would turn against them. Similarly, these two pieces of information would go to together by both dealing with the idea of being able to show a person’s own true colors. In addition to them being similar, they would differentiate by the thought of trust, and expression. In Anthem, we as readers are seeing the idea of expression, but in The Hunger Games, we are watching how others are putting their trust into some, and how they are also putting up walls to others. Although these two societies are supposed to be completely different from the one that exists today, in some ways they could be seen as having the same â€Å"controlling† effect on the citizens. In our government, citizens have numerous more rights than other countries can even think of having, yet all of us choose to all try to be the same. Why is that? Why do individuals all strive to have the same hair, or wear the same clothes? Everyone should embrace our right to be dissimilar, and show the world that each and every one of us are not afraid to be ourselves, because there is no punishment that will be rewarded to us in long run.

Weighted Average Cost of Capital

WACC: Weighted average cost of capital =WACC= SS+B? Rs+BS+B? RB? 1-tC note: Rs , cost of equity; RB , cost of debt; tC , corporate tax rate. For cost of equity, Rs, we calculate it by using the SML, according to CAPM model. Rs=RF+ [RM-RF] As we can see in the chart behind the case, beta of Worldwide Paper Company is 1. 10; the Market risk premium (RM-RF) is 6. 0%. Because this on-site longwood woodyard project has six year life and the investment spend over two years, the total long of this program is more closer to 10-years, we choose the 10-year government bonds as risk free rate, 4. 60%.Thus, Rs=4. 60%+1. 10? 6. 0% =11. 20%. For the cost of debt, there are two kinds of debts of Worldwide Paper Company, bank loan and long-term debt. The cost of long-term debt is 5. 78% (A rating 10-years maturities corporate bonds) , and the value of long term debt is $2500M. Thus, RB=5. 78%. For the value of equity and debt, market value weights are more appropriate than book value weights, becaus e the market values of the securities are closer to the actual dollars that would be received from their sale. There are the market weights expected to prevail over the life of the firm or the project.S=500? $24. 00=$12,000M; B=$2500 RWACC=1200012000+3000? 11. 20%+300012000+3000? 5. 88%=9. 76% Payback Period: YEAR| 2007| 2008| 2009| 2010| 2011| 2012| 2013| Total CF of investment| -16| -2. 4| -0. 6| Â  | Â  | Â  | 2. 08| OCF| Â  | 2. 88| 4. 5| 4. 5| 4. 5| 4. 5| 4. 5| Cumulative CF| -16| -15. 52| -11. 62| -7. 12| -2. 62| 1. 88| 8. 46| Thus, the payback period is 4+2. 624. 5=4. 58 year. Discounted Payback Period: YEAR| 2007| 2008| 2009| 2010| 2011| 2012| 2013| Total CF of investment| -16| -2. 4| -0. 6| 0| 0| 0| 2. 08| discounted CF of investment| -16| -2. 18| -0. 0| 0| 0| 0| 1. 18| OCF| Â  | 2. 88| 4. 5| 4. 5| 4. 5| 4. 5| 4. 5| discounted OCF| Â  | 2. 62| 3. 73| 3. 39| 3. 09| 2. 81| 2. 56| sum| -16| 0. 44| 3. 23| 3. 39| 3. 09| 2. 81| 3. 74| Cumulative CF| -16| -15. 56| -12. 33| - 8. 94| -5. 85| -3. 04| 0. 70| Thus, the discounted payback period is 5+3. 044. 5=5. 81 year. Average Accounting Method: YEAR| 2007| 2008| 2009| 2010| 2011| 2012| 2013| average| net income| Â  | -0. 12| 1. 5| 1. 5| 1. 5| 1. 5| 1. 5| 1. 23| investment| 16| 15. 4| 13| 10| 7| 4| 0| 9. 34| Thus, AAR=Average net incomeAverage investment=1. 239. 34=13. 16% Weighted Average Cost of Capital WACC: Weighted average cost of capital =WACC= SS+B? Rs+BS+B? RB? 1-tC note: Rs , cost of equity; RB , cost of debt; tC , corporate tax rate. For cost of equity, Rs, we calculate it by using the SML, according to CAPM model. Rs=RF+ [RM-RF] As we can see in the chart behind the case, beta of Worldwide Paper Company is 1. 10; the Market risk premium (RM-RF) is 6. 0%. Because this on-site longwood woodyard project has six year life and the investment spend over two years, the total long of this program is more closer to 10-years, we choose the 10-year government bonds as risk free rate, 4. 60%.Thus, Rs=4. 60%+1. 10? 6. 0% =11. 20%. For the cost of debt, there are two kinds of debts of Worldwide Paper Company, bank loan and long-term debt. The cost of long-term debt is 5. 78% (A rating 10-years maturities corporate bonds) , and the value of long term debt is $2500M. Thus, RB=5. 78%. For the value of equity and debt, market value weights are more appropriate than book value weights, becaus e the market values of the securities are closer to the actual dollars that would be received from their sale. There are the market weights expected to prevail over the life of the firm or the project.S=500? $24. 00=$12,000M; B=$2500 RWACC=1200012000+3000? 11. 20%+300012000+3000? 5. 88%=9. 76% Payback Period: YEAR| 2007| 2008| 2009| 2010| 2011| 2012| 2013| Total CF of investment| -16| -2. 4| -0. 6| Â  | Â  | Â  | 2. 08| OCF| Â  | 2. 88| 4. 5| 4. 5| 4. 5| 4. 5| 4. 5| Cumulative CF| -16| -15. 52| -11. 62| -7. 12| -2. 62| 1. 88| 8. 46| Thus, the payback period is 4+2. 624. 5=4. 58 year. Discounted Payback Period: YEAR| 2007| 2008| 2009| 2010| 2011| 2012| 2013| Total CF of investment| -16| -2. 4| -0. 6| 0| 0| 0| 2. 08| discounted CF of investment| -16| -2. 18| -0. 0| 0| 0| 0| 1. 18| OCF| Â  | 2. 88| 4. 5| 4. 5| 4. 5| 4. 5| 4. 5| discounted OCF| Â  | 2. 62| 3. 73| 3. 39| 3. 09| 2. 81| 2. 56| sum| -16| 0. 44| 3. 23| 3. 39| 3. 09| 2. 81| 3. 74| Cumulative CF| -16| -15. 56| -12. 33| - 8. 94| -5. 85| -3. 04| 0. 70| Thus, the discounted payback period is 5+3. 044. 5=5. 81 year. Average Accounting Method: YEAR| 2007| 2008| 2009| 2010| 2011| 2012| 2013| average| net income| Â  | -0. 12| 1. 5| 1. 5| 1. 5| 1. 5| 1. 5| 1. 23| investment| 16| 15. 4| 13| 10| 7| 4| 0| 9. 34| Thus, AAR=Average net incomeAverage investment=1. 239. 34=13. 16%

Dickens’ skill Essay

Dickens’ skill is especially shown in his creation of Magwitch. Discuss the convict’s importance both as a key figure in Pip’s life and as a means of criticising society. Dickens uses his skill to make the reader believe that Magwitch is an evil person at the beginning of the novel. Dickens describes Magwitch as seen through a child’s eye, which is Pip. The first image of Magwitch is exaggerated because of a child’s imagination and terror. Dickens uses sounds and smells to remember people. For example Jaggers always smells of scented soap after court and when Magwitch is emotional there is a click in his throat. Although these are minor details we recognise people quicker. At the beginning of the novel we associate Magwitch with animal and beast like manners. This is because the first impression of Magwitch through the young Pip and then the hunt for Magwitch by the soldiers. In chapter 28 while Pip is travelling to Satis House he hears a conversation between two convicts who are being transported by coach under guard. Here the convicts are described as â€Å"a most disagreeable and degraded spectacle. † Dickens uses words like â€Å"growling † to covey the impression that these convicts are animal like. Dickens describes the convicts as, â€Å"Then they both laughed, and began cracking nuts, and spitting the shells about. † Dickens is making the point that if you treat some one like animals then they will act like animals. This shows how convicts were treated in society and Magwitch was also a convict. The ship that Magwitch boarded was ironically called Noah’s Ark. This is where animals boarded in biblical time. Magwitch’s true personality slowly shows through the novel. For example in chapter 5 Magwitch tells Joe that he stole his pie and file. Magwitch even apologises to Joe when he says, â€Å"Then I’m sorry to say, I’ve eat your pie. † Joe replies with a compassion answer saying,† we wouldn’t have let you starved to death for it†¦ would us Pip? † Then Magwitch throat clicks. Here I think that this shows the two real gentlemen of the story. Although their grammar is not the best one shows remorse and guilt and the other shows compassion. I am very surprised when Magwitch says he stole the file and pie. This is because firstly he did not do it he only said this to divert suspicion from Pip, a boy he never really knew. Secondly in Victoria time people could be hanged for stealing and this shows that Magwitch is a very selfless person. In the most influencing chapter of the novel, chapter 39 where Magwitch returns Pip life changes. Magwitch’s arrival has mixed feelings and mixed blessings. Here we find out that Magwitch is Pip benefactor and Pip feels revulsion and disgust, which is also shared by us the readers, that his â€Å"expectations have been paid for by a convict. This is when Pip realises that he never had any â€Å"Great Expectations†, that Estella and Satis House were never intended for him and Miss Havisham was never his benefactress. In the chapter we now see Magwitch through an adult’s eye where he does not seem violence or evil. Pip uses words like â€Å"I shuddered†, â€Å"abhorrence†, â€Å"dread† and â€Å"repugnance† in this chapter but soon later change. Dickens skill is shown through this book very well because although Magwitch is one of the most important characters he disappears for a long time in the book. Magwitch is a key character in the novel to unveiling all of the mysterious in it. There is a gradual uncovering a denouement by him in chapter 42 called â€Å"Compeyson. † We find out a lot about Magwitch’s heritage that he was born poor and that he had no family. Magwitch talks of his first memories as a young child he says, â€Å"I first become aware of myself†¦ A thieving turnips for my living. Someone had run away from me†¦ and he’d took the fire with him and left me very cold. † This shows how society has neglected orphans his first memories is of stealing and being betrayal. Magwitch talks about his trial where Compeyson got 7 years and Magwitch got 14 years. Compeyson got half the sentence because, â€Å"First of all what a gentleman Compeyson looked with his curly hair and black clothes and his white pocket handkerchief and what a common sort of wretch I (Magwitch) looked. † Magwitch said that he had given up all hope when he said, â€Å"I was hiding among the graves there envying them as was in them. † This definitely shows how poor people and convicts were treated that society did not look after them and that these people felt no sense of place or belonging n the world. Dickens uses this chapter to show the inadequacy in the legal system and also that there is a lot wrong with society. Magwitch was not legally married to Molly but only married â€Å"over the broomstick† this shows that there is no legal marriage or protection for the poor. I think that society is using Magwitch, as a scapegoat so that they can charge him for crimes he did not commit so they can feel better about their society thinking it is safer. Whereas the real criminals in the novel are free, for example Compeyson a forger, Orlick a murderer and Drummle a wife beater. Magwitch clearly has an impact in Pip life for good and bad reasons. If Pip had never met Magwitch he would still live at the forge with Joe and probably in the future married Biddy. So basically Magwitch seems to have ruined Pip’s life. Although Magwitch does more harm then good he does not do it intentionally whereas Miss Havisham did. I think Miss Havisham is, in a way, a victim because she was left at the altar on her wedding day and cuts herself off from society. Miss Havisham got her revenge on men, which was Pip through Estella but later regrets what she has done. Although Miss Havisham has ruined his life he can still forgive her. I think Pip forgives her because although Miss Havisham is eccentric he has learnt that there can be another side to a person. I think that Pip found this out when looking after Magwitch first he is repulsed and now he loves and pity him. Magwitch brings out the good qualities in Pip he is his moral educator. For example Pip looks after Magwitch but does not take any more money off him. Here Dickens is idealising Pip through Magwitch. At the beginning of the novel Pip was child but now Magwitch has become the child because he needs looking after. From the part of the novel when Pip is with Magwitch he grows morally. He learns that a gentleman is not just a good education, wealth and stature it is about self-sacrifice, loyalty and compassion. Pip even risks his life for Magwitch when there is a note saying someone has news on Magwitch. Pip goes straight away even with an injured arm and there he finds it to be a trap that it is Orlick who tries to kill him. He learns the great value of friendship and he buys Herbert branch of Clarrikers’ business. I think Pip does this because he feels guilty for getting Herbert into debt in the first place. Not only did Pip feels pity for Magwitch when he is dying so did Jaggers. For example Jaggers tries to push back Magwitch’s trial date back so he can die in peace but it fails. This is shown when it says, â€Å"Mr Jaggers caused an application to be made for the postponement of his trial. † Again Dickens makes a point about the legal system when he says, â€Å"The trial was very short and very clear. † Basically Dickens is criticising how he poor were judged in court; it was guilty until proven innocent for them. At Magwitch’s trial he is condemned to death and he says, â€Å"My Lord, I have received my sentence of Death from the Almighty, but I bow to yours. † Magwitch says this in the most elegance way and shows his courage in accepting his death sentence. By the time of his trial and death he has acquired a dignity which did not seem to be evident when he was the animal which â€Å"glared and growled† and frightened Pip half to death at the beginning of the novel.