Football Essays (1142 words) - National Football League, Free Essays

Football Essays (1142 words) - National Football League, Free Essays Football This is a crwative essay only A Steeler Game I harbor a lot of passion for the game of football. Its more than just a game to me. Some people fish or do crosswords. What I do to relax and have fun in my spare time is watch or read about football. While engaged in watching or reading about this particular sport, I escape from the everyday grind of life. Going to a sporting event like a football game is outrageous. The building anxiety weeks before I attend a Steeler game can drive any normal fan to insanity. Its 6:00 AM Sunday morning. There was no need for an alarm to wake me up on this fine morning. I am about to pack my portable grill and a few cases of beer into my car to go on a two-hour road trip to Three Rivers Stadium. I am going to attend a Steeler game. On the road its WDVE on the radio all the way to Pittsburgh. Myron Cope, WDVEs celebrated play by play analyst, sounds off. As usual he is as exited about toady as I am. Myron Cope is talking about players, injuries and coaches. There are a lot of things hell talk about with Tunch Ilkin, his sidekick and former Steeler player. As they make their predictions, as to how the day will go for the Steelers, and other teams in the Steelers division. After two hours of listening to the analysts, its time to pay the ten dollars to park my car. I open my car door and its pandemonium. Organized chaos! Thousands of people (fans) parking their cars, setting up their grills and cracking their first beer of the morning. All of this is happening at 8:00 AM. The day has just started, and it gets better. My breakfast on a day like today would consist of two hamburgers over easy and sixteen ounces of beer. In this kind of environment, Fruit Loops and O.J. just wont do. It seems as though a lot of fans feel the same way I do. I smell nothing but grilled food and stale beer. For those of you who come from other planets, and with me being a responsible citizen of earth, I must tell you this. Sitting in a parking lot or open field, drinking alcohol, eating large quantities of food, and socializing before or after any football game is called tailgating. There are other things to view before the game even starts. Low flying aircraft with advertisement banners in tow. You know the kind, the same ones that interrupt your quiet time at the beach every ten minutes. Sometimes one of those huge blimps will be flying over Three Rivers Stadium too. I really like those blimps, and the blimps fly really low to the ground in the parking lot too. But I did not pay to see an air show. I came to watch a football game, and the only thing that I want to see in the air is a football. And looking at Three Rivers Stadium is quit a site, in itself. Its not just its size, but its history that impress me. Well its time to get inside the stadium to watch the game. Ill pass many scalpers in the parking lot on my way to the stadium. At this time Id like to address the visitors from other planets again. Scalpers are not Indians trying to cut your forehead off. No sir, they are humans selling tickets to the game for three times their original value. I then get my game day program. I always buy this program. It makes a great souvenir. Once inside the stadium, its a new world. Its nothing like watching the game from home. Everything looks different; the field is ten times more colorful than on television. The fans cheering are ten times louder, and more exciting. It feels like youre apart of something really big. Once I sit down in my seat, like most fans I stay there until halftime. And at that point in time I wonder why I waited, because now I have to fight my way in and out of the restroom. That my friends, is the only bad thing

Should You Go to a College With Greek Life Pros and Cons

Should You Go to a College With Greek Life Pros and Cons SAT / ACT Prep Online Guides and Tips Most people have ideas about Greek life that are based on pop culture stereotypes of fraternities and sororities. However, Greek life isn’t supposed to be about wild parties, â€Å"bro culture,† and superficial judgments (although those things can come into play). Fraternities and sororities are often great communities where you’ll make lifelong friends. In this article, I’ll give you an overview of what Greek life is, its pluses and minuses, and whether you should go to a school with fraternities and sororities. What Is Greek Life? A Brief History Greek life got its namebecause fraternities and sororities are named with Greek letters.This tradition began with the formation of the first Greek-letter student society, Phi Beta Kappa Society, at the College of William and Mary in 1776.The society was more of an academic group that fostered literary debates than anything else, but it was an early model for later organizations. The first fraternity in the modern sense, Kappa Alpha Society at Union College, was founded in 1825.Kappa Alpha tried to emulate Phi Beta Kappa while also focusing on the development of friendships amongits members.After this time, more fraternities began to emerge on various college campuses.Some would become national organizations with chapters at different colleges. Sororities started up in the 1850s as more and more women began to attend college and challenge the male-dominated academic and social scene.To date, there are 123 fraternities and sororities in the US and Canada with 750,000 undergraduate members in 12,000 chapters on over 800 college campuses. Some campuses have a marginal Greek scene, with students involved in these organizations being in the extreme minority, while others have a very dominant Greek population. This leads to varying levels of Greek influence on campus culture as a whole.At Washington and Lee University, about 80 percent of undergraduates are involved in Greek life. Since Washington and Lee only has around 2,300 students total, this makes for an extremely strong impact on the social scene. At the University of Georgia, about 23 percent of students are involved in Greek life within a population of over 27,000 undergraduates. Especially at such a large school, the Greek minority may hold less sway over the dynamics of campus culture. Washington and Lee University: It's almost all Greek to me Why Is Greek Life Popular? What’s It All About? The missions of fraternities and sororities vary from chapter to chapter, but some characteristics are relatively consistent.Fraternities and sororities look to develop strong bonds between their members and encourage personal growth and development.These organizations often have special traditions that bring members together and promote loyalty, friendship, community service, intellectual achievements, and leadership. Traditions usually include weekly meetings, retreats, and participation in service-related events. Many fraternities and sororities have specific organizations or causes that they partner with for community service initiatives.My sorority at Dartmouth had a partnership with an organization called WISE, which works in the local area to help victims of domestic abuse.Most Greek organizations are serious about academics as well.GPA requirements for membership are common, and many sororities and fraternities take great pride in the academic accomplishments of their members. To join a fraternity or sorority, you will most likely have to go through the â€Å"rush† process, which is a recruitment period where you get to know the members and mutually decide whether your personality is a good match for the character of the group.Usually, fraternities and sororities have their own houses where they host meetings and parties, and many members live in the houses. Your membership in a Greek organization will extend past your time as an undergraduate.You'll be a sister or brother for life once you join! In the next couple of sections, I’ll go over some pros and cons of joining a fraternity or sororityto give you a better idea of what it’s like. One of us. One of us. Academic and Financial Pros and Cons of Greek Life These pros and cons are factors that relate to the explicit policies and structure of sororities and fraternitiesand how they might affect your academic and professional success as well as your college experience overall. Pros Access to Connections With the Alumni Network This is one of the main reasons that many people join sororities and fraternities.Once you join, you will be able to communicate with a large alumni network (especially if you end up being in a national organization) that is usually very enthusiastic about helping fellow members.This can be awesome for your career prospects after college. Great Leadership Opportunities If you join a Greek organization, you might end up becoming a part of the governing body of the sorority or fraternity.Most of these organizations elect presidents, vice presidents, treasurers, social chairpeople, and other representatives.It can be a nice way to get leadership experience in a friendly context. This experience will carry over into the professional world after college. If you were the president of your Greek organization, it's a strong indication that you will perform well in a leadership role at your job. Employers may see it as a sign pointing to your potential within the company and be more likely to hire you. Your potential employers will imagine you as a featureless shape wearing a tie, and they will imagine all the other candidates as featureless shapes that didn't even bother to dress up. Livingin a House Instead of a Dorm Another great thing about being in a sorority or fraternity is that you’ll probably have the opportunity to live in the house as an upperclassman.This can be a really fun experience, especially if you’re close with the other people living in the house.You can hang out or study with people in a more relaxed, comfortable environment than a dorm or the library.You can also get support from friends easily at any time. Cons Damage to Your Academic Record (and Mental Health) If You Become Too Invested At many fraternities and sororities, you’re considered a â€Å"pledge† when your first join, and you’ll have to go through initiation to become a full member.I knew people who joined fraternities at Dartmouth and took fewer classes during their â€Å"pledge term† so that they could handle all the things they had to do for the fraternity. This included lots of beer-fueled meetings and special events that left them tired and hungover. During pledge term, some new members areâ€Å"hazed† or put through degrading rituals as rites of passage, which is a very problematic aspect of fraternity culture (and sorority culture, but less so). I definitely heard about people in fraternities having to eat gross things (or the same thing in the dining hall day after day, which almost seems more sadistic) or chug alcohol until they puked. These rituals are technically optional, but the pressure to do them to earn your place in the group is often very strong. Members will often take pride in the fact that they survived pledge term without quitting.If you end up spending too much time partying or trying to show that you’re the most dedicated pledge, you may lose sight of your academic and personal goals. I'm not saying pledgingwill involve fire-eating, but I'm also not saying it won't. Monetary Costs Members of Greek organizations usually have to pay dues, which go towards the maintenance of the house and funding for social events.An extra financial strain is the last thing that most students are looking for in college.This is part of what contributes to the stereotype of the privileged frat boy or sorority girl. Fees and other costs associated with membership can sometimes reach over $10,000 a year. I want to stress that this isn't the case in everyfraternity andsorority, and it absolutely wasn't my experience.There were people in my sorority who didn’t pay dues because they simply couldn’t afford it, and that was fine. Most of the members paid around $75 a term for social dues and less than $200 a term for house dues (less than $1,000 per year). Because we were a local sorority, we had a lot more control over how much we charged people for dues. National sororities have less flexibility in their policies and may not have the ability to be as lenient in granting financial aid. You can also take your chances and hope that a cashnado tears through your sleepy college town, ripping the roofs off houses and replacing them with solid gold. Social Pros and Cons of Greek Life These pros and cons deal with characteristics of fraternities and sororitiesthat will affect your social life and interactions in college. Pros Meeting Lots of Cool New People and Gaining Upperclassman Mentors When you join a fraternity or sorority, you’ll meet a big group of people who you might not have interacted with otherwise.It can introduce you to all kinds of varying perspectives and lead to amazing friendships.You will also most likely be assigned an upperclassman mentor in your sorority or fraternity, called a Big Sister or Big Brother.This person will introduce you to the organization and be a helpful resource for navigating college in general. Invitationsto Tons of Fun Events and Parties If you’re in a fraternity or sorority, you’ll get lots of invitations to parties and events with other Greek organizations and internally.There will probably be an event going on almost every night of the week, so you’ll have the opportunity to socialize or hang out whenever you want. My sorority had weekly wine and cheese and movie nights, themed meetings, and get-togethers with other fraternities and sororities on the weekends.Sororities and fraternities also have formals, which are fancy parties at the end of the semester where everyone dresses up nicely.It’s kind of like prom but less ridiculously overhyped, less expensive, and more fun. This was pretty much what wine and cheese night was like at my sorority except instead of fancy bread we had Wheat Thins and instead of utensils we had no utensils. ABuilt-In Support System for the Rest of College (and Your Life!) This is one of the best things about being in a fraternity or sorority.You’re surrounded by a group of people who you can always ask for help or encouragement if you need it.Even if you are confused about college policy or need to ask a question about how to declare a major or sign up for a certain class (or whether a certain professor is good or not), you can easily get great advice from people who have been there.When you’re in one of these organizations, you’ll never feel totally alone or isolated.Someone will always be willing to hang out with you and watch a movie or just grab a meal between marathon study sessions to cheer you up. If you have to chop a bunch of onions, metaphorically speaking (or even literally speaking), you'll get lots of support. Cons Rush Is Superficial (and You Could End Up in the Wrong Place) Superficiality is a major criticism of the recruitment process, especially in sororities.Different colleges do rush differently, but commonly it’s a process that happens over a short period of time where you briefly visit each house and have mini-conversations with the members.This doesn’t give anyone a great chance to get to know you, and if you’re not good with small talk, it can be a nightmare. Judgments based on appearances and initial impressions tend to happen.This often leads to disappointment if you’re rejected by a house where you feel you belong or unhappiness if you join a sorority or fraternity that ultimately isn't a good fit on a deeper level. Many Greek organizations hold events before formal rush to give you the opportunity to get to know the members better, but if you’re shy the whole thing is a difficult process. (I say this from personal experience.) Accurate representation of how awkward I felt during rush... Divisiveness and Stereotypes Run Rampant Most sororities or fraternities have certain reputations, and this can cloud judgments about where you should join and what members are like.People will sometimes make assumptions about a student based on which fraternity or sorority he or she is in that are totally inaccurate. This can lead to fears about what people will think about you if you join X sorority or fraternity, which might mean that you end up somewhere you don’t belong to avoid being judged.Some sororities and fraternities have mentalities about only associating with certain other Greek organizations or keeping themselves insular from the general population of the school. These types of boundariesmay stunt your social life even while you are participating in lots of events within the Greek system. Other Problematic Aspects of Greek Culture I mentioned hazing above, which is an issue that affects members internally.There are also problems with the climate the Greek system can create on campus. Particularly with strong fraternity systems, power dynamics are often skewed in favor of the brothers who host parties at their houses.This can lead to situations where other students are victimized and objectified. When Greek life has a strong hold on the social scene, some people get a little wrapped up in their egos about being in a certain house and holding the keys to the best parties (and alcohol).They might try and show off to their friends in the fraternity (or sorority, although it happens less often) by bragging about how much they can drink or how much they’ve slept around.This culture can sometimes turn otherwise decent but insecure people into jerks. Bunch of Drunken, Obnoxious Frat Boys by Clinton Steeds, used under CC 2.0Unfortunately, there is some truth to the stereotypes. Should You Go to a College with Greek Life? Many colleges have fraternities and sororities, and their existence will not necessarily make or break your experience there.Even at campuses with a strong Greek system, other social outlets exist, and there are still students who decide to remain unaffiliated.However, your personality may make you more or less comfortable in a campus environment with Greek life. You Should Consider Going to a College With Greek Life If: You like being around people most of the time, and you need to talk things out with others before you make decisions. You enjoyed being a part of a close-knit group with shared interests in high school, such as a sports team, and you’re looking for a way to find the same type of camaraderie in college. Socializing is an important part of college to you; you know you’re there to learn, but meeting new people is also very high on your priority list. Colleges With Greek Life Might Not Be a Good Fit for You If: You are extremely academically oriented, and the college party culture doesn’t appeal to you. You are a very independent person, and you like to have a lot of alone time to do your own thing. You prefer to have just a couple close friends and are a little overwhelmed by meeting lots of new people. Then again, the characteristics on the second list could describe me, and I ended up joining a (very nerdy) sorority, so don’t discount Greek life completely even if it doesn’t seem like it would appeal to you. You should also check what percentage of students actually join Greek organizations at the schools that interest you. Then you can determine whether you need to factor this into your decision. If only a very small minority of undergraduates go Greek, then you might not have to interact with the system at all. If the majority of students go Greek, then you'll probably be more exposed to Greek life (especially if it's a relatively small school). Remember that every college is different, and so is each sorority andfraternity! Greek life has its overall pluses and minuses, but if you end up joining a house that you really click with, it can be an awesome experience. What's Next? Worried about the costs of sorority and fraternity dues and college in general? Read our practical guide on how to save money for college. For more tips on figuring out the right college for your needs, take a look at my guide to choosing a college and my step-by-step breakdown of the college research process. One of the most major differences you'll see between colleges is the size of their undergraduate enrollments. Find out whether a big or small college is the right choice for you.

The Lovely Bone Essay Example | Topics and Well Written Essays - 500 words

The Lovely Bone - Essay Example The story is set in Pennsylvania where Susie is returning home through a shortcut. Near the cornfield she finds a shelter made by Mr. Harvey who rapes and kills her. Three days later her elbow bone is found by the detective, Len Fenerman who tells this to her parents. Other evidences are found as Susie continues to watch her murderer from the heaven. After Susie’s father meets Mr. Harvey few days after her death, he begins suspecting him and tells his detective. Susie watches everything from haven including her sister Lindsey who breaks into Mr. Harvey’s house for evidence. Mr. Harvey who now fears he will get caught escapes the town. The case comes to an end as the detective is unable to solve it. Mr. Harvey dies in the end by falling into a crevice. Major changes occur after Susie’s death as her family starts to accept her death. Her parents are extremely sad at their loss and Susie’s father is convinced that Mr. Harvey has killed his daughter. Meanwhile Susie is watching all of this from heaven. Jack Salmon, who wants to find solid evidence against Jack sends Susie’s sister Lindsey to Mr. Harvey’s house upon which she finds evidence. The family starts drifting apart as Susie’s mother, Abigail has an affair with the detective to her murder case. Abigail leaves her family and goes to live in California. Lindsey grows up and starts a relationship with Samuel. Susie’s grandmother also comes to live in with her father. Jack still does not overcome the anxiety caused by Susie’s loss at which Susie’s brother Buckley tells Jack to focus on him too. After Jack gets a heart attack where Abigail comes to meet him and falls in love with him again. Towards the end, the family is reuni ted. Even upon finding no solid evidence against Mr. Harvey initially, Jack is very confident that he is guilty. Jack seems to be too much focused on Susie’s death that it overtakes his life and he can only concentrate on Mr. Harvey which

Assignment Example | Topics and Well Written Essays - 2500 words - 5

Assignment Example This means that when a company makes an agreement, they must honor this agreement even if the terms are beyond the constitution. In this case, the cat contract with Feline Fertility Pty Ltd is enforceable since company willing entered the contract while understanding that the their constitution did not allow them to trade in cats. Lassie Ltd argues that since the company constitution does not allow the company to trade cats, the contract was invalid and unenforceable. However, going by the law, the fact that the company entered the agreement with Feline Fertility Pty Limited, it remains valid even if this goes beyond the constitution. Therefore, Feline Fertility can move to the court to have the contract enforced and to avoid termination. Alternatively, Lessie Ltd should finance any losses that the other company may incur as a result of this termination. The Company act of 2001 states that a director of the company must act within the constitution while conducting business on behalf of the company. Since the director of the company conducts the business on behalf of the stakeholders, the constitution limits their actions.5 However, this must be in tandem with the requirements of the constitution. In this case, Willy Woof has the power to make decisions regarding the business process, as long as these decisions do not infringe the constitution. The company current constitution allows the director to enter the lease with Hot Ltd.6 However, the other company directors intends to include a new clause that requires that â€Å"the establishment of any store outside the state of Western Australia requires the approval of all the directors.† If the amendment is successfully integrated in the constitution, Lessie will not be able to enter into the agreement with Hot Ltd since the constitution will empower other directors to object suc h a move7. Therefore, changes in the constitution will help

Ordinary Men :: essays research papers

Should The Policemen be put on Trial?   Ã‚  Ã‚  Ã‚  Ã‚  I personally believe that the policemen in Reserve Police Battalion 101 should be placed on trial for murder. The first chapter of the book states that Trapp explained the men what they had to do, he offered any of the older men among them to leave the mission if they decided that they did not want to carry out with it. That is what I feel is the main argument here. They were given the option to leave, and those who did not leave, and killed the Jews in Jozefow should be put on trial for murder. They pulled the trigger, and nobody forced them to do it. Yes, you can argue that they were orders, and they did not want to look like cowards in front of their comrades, but what they are dealing with is murder. That should be enough of a reason not to do it. To kill not only one person, but over a thousand people so that you do not look like a coward in front of your comrades is a very pathetic thing.   Ã‚  Ã‚  Ã‚  Ã‚  On the other side of the coin, we have the thought that they should be placed on trial because they committed murder to unarmed civilians, and most of the men did not take up the offer to withdraw from the mission.   Ã‚  Ã‚  Ã‚  Ã‚  These German soldiers were to take â€Å"The male Jews of working age were to be separated and taken to a work camp. The remaining Jews-the women, children, and elderly-were to be shot on the spot by the Battalion†(Browning 2). The men in this battalion were to round up all of these Jews, lie them down, and shoot each and every one in the back of the neck. That is murder. They did this because the Jews had instigated the American boycott that had damaged Germany. I do not think that killing thousands of them is the best way to resolve this issue.   Ã‚  Ã‚  Ã‚  Ã‚  Many Jews were taken to killing graves, and they began at the last row of the barracks. They would make them undress, and then they would put them into killing graves. Heinrich Bocholt gave a very descriptive account of what he saw. â€Å"Behind each shooter stood several other SD men who constantly kept the magazines of the submachine guns full and handed them to the shooter. I definitely remember that the naked Jews were driven directly into graves and forced to lie down quite precisely on top of those who had been shot before them.

Hill Country Case Solution Essay

Hill County operates in a very competitive market where new potential entrants can be a threat to its operation either through lower price offering or lower production cost. Competition from peer companies has significant effect on its operation, because Hill County is price taker in the market, that is, increase in prices is not one of the choices it can implement. Also, due to the fact that its profitability relies heavily on cost management, an intense competition can worsen the situation of Hill County in the future. Hence, the company needs to be very efficient in order to compete with other low-cost production firms. In addition, cost management may also link to the bargaining power of Hill County over its suppliers, which plays an important role in the manufacturing cost of the firm. Whenever their suppliers have more bargaining power, Hill County would face a potential decline in its profit margin. Macroeconomics conditions also contribute to the business risk of Hill County. During an economic downturn, consumers are less likely to spend money on snacks or attend venues, where they would normally purchase snacks. This would result in declining sales. Hill County does not seem to offer as much diversification in their line of production needed, in order to diversify their exposure to macroeconomic contractions away. The change of consumer behaviour is another business risk faced by Hill County. Recent surveys have shown that, consumers tend to become more aware of Health food. This indicated that they may turn away from less healthy snacks to other choices such as organic food. Selling snacks through school systems also requires the company to alter its products. Therefore, Hill County has to conduct researches and develop alternative choices in response to such preferences and requirements, which leads to an increase of cost. 1.2 How much financial risk would the company face at each of the three alternative debt-to-capital ratios presented in Exhibit 4? The following table compare the potential financial risk faced by the company under each of the debt-to-equity ratio alternative. In general, the higher the leverage ratio is, the higher the risk level will be. Item 20 % Debt to Capital 40% Debt to Capital 60% Debt to Capital The company has the same tax level across each scenario, and thus there is no difference in the relative advantage of An increase in the debt level is leading to higher The highest tax shield advantage in Tax Shield tax shield. However, in absolute terms, an increase in the tax shield benefits absolute terms to the company debt-to-capital ratio will enhance the tax shield benefit The bond rating is AAA/AA, indicating that the default risk is rather low. In terms of financing cost, comparing with the corporate bonds with same rating that pays at rates from 2.5% to 3.2%, the interest rate 2.58% is considerably acceptable. Higher debt levels are leading to higher financial distress costs for the company. However, 20% is still below the industry’s average and appears as a considerable level in order to benefit from advantages that debt provides. The rating of the bond would fall to BBB indicating that the credit risk increases higher debt levels. Although the credit increasing thi s is still in line with the average. According to Exhibit 3 the bond This is rating drops to B. This seems rather due to high and risky and would raise the risk is concern of the management and market especially the equity holders, which are described as risk averse. Too much debt-to-capital ratio can cause severe financial distress cost to the company (details to be discussed in section 3). The 4.52 ICR indicates that the debt level is rather risky, as a significant amount of the cash flow generated by the company would be tightened up by a higher repurchase premium and a higher risk premium. Credit Risk Financial Distress Cost Higher financial distress cost as the company is entitled to debt obligation where debt holders have the ability to file bankruptcy toward the company. An ICR 11.82 is in line with the industry average and much higher than the bonds with the similar rating (4.1). But as the amount of stock being repurchased rises, the premium required would also increase, resulting in more cash outflow. In terms of financial flexibility, a relatively high interest coverage ratio (ICR) of 36.8 supports the company’s ability to Flexibility take on more debt. Especially by comparing the ratio with its peers, such ratio seems to match with its risk aversion philosophy. Agency Cost of Debt Increase in debt-to-capital ratio can cause agency cost of Agency cost of debt will be more problematic This level will involve highest agency debt to be higher. However, at level of 20%, it is still because the managers are not left with freedom cost of debt. considerably low. to operate the company. Agency Cost of Equity Adding more debt into capital structure will reduce agency As more debts are added, agency cost of debt cost of equity as managers are left with less free cash flow Lowest agency cost of equity. would be further reduced. that could have been exploited for perk consumption. Since part of the earnings is paid to meet the debt repayments, dividends paid deceases comparing with actual 2011. But this is counter-balanced by increased earnings per share (EPS) as the shares outstanding is reduced Comparing with 20% leverage, dividend continues to decrease but EPS goes up on the scale of EPS in actual 2011, which is favourable for valuation and is in the interest of shareholders. Dividend Policy Dividend paid and EPS decline at the same time, which would lead to a lower valuation of the firm. 1.3 How much value could Hill County create for its shareholders at each of the three alternative debt levels? In order to answer the question we use the change in return of equity (ROE) as an appropriate measure. For the sake of simplicity we used the book value of equity rather than market values. According to Exhibit 4 and 5, the profit margin, total capital and tax rate remain unchanged over the forecasting period. Judging from the table below, the ROE increases when the leverage ratio rises. This is indicating that the more aggressive the capital structure is, the more the extent to which the value is maximized. However, we should take into account the benefit and risk involved when deciding which capital structure is optimal. Alternative 20 % Debt to Capital By implementing 20% of debt into the capital structure the company is able to increase the ROE by over 30% to 16.31%. 40% Debt to Capital An increase to 40% debt to capital is leading to an increase of over 60% in the ROE t o 20.52%, which is a positive indicator of increased shareholder value. 60% Debt to Capital ROE In the third alternative the ROE can be more than doubled to a ROE of 27.64%. 2. What debt-to-capital structure would you recommend as optimal for Hill County? What are the advantages of adding debt to the capital structure? How would issuing debt impact the company’s taxes and expected costs of financial distress? How would the financial markets react if the company increased its financial leverage? In order to determine the optimal capital structure for Hill County Snack, we examined the debt-to-equity ratios for A-rated companies within the food and beverages industry. Based on figure 15.13 in Financial Theory and Corporate Policy by Copeland, we see that the median is 65% debt-to-equity, which in debt-to-capital term equals 40%. We can also see from the figure that none of the firms within the industry operates with zero debt-level, and this gives us an indication that the firm is likely to gain firm value by introducing debt to its capital structure, mainly due to the tax shield of debt. Referring to Modigliani-Miller proposition I (MM I) with taxe s, we know that the value of levered firm is equal to value of unlevered firm plus Figur 15.13 tax shield of debt. Also, according to Tread-off Theory, the firm will increase its value by adding debt up to the level where the marginal cost of financial distress is equal to the marginal gain from the tax shield. We used the ICR to evaluate the likelihood of financial distress when the firm introduces debt to the company. The financial market is likely to have a positive reaction if the company increased its financial leverage, since it will increase firm value and ROE, making the company more attractive to investors and other stakeholders. To what extent the stock price will appreciate depends on the market expectations of how the firm will cope with its debt obligations. From Exhibit 4 we see that the firm can easily adopt the 20 % debt-to-capital ratio, having a very high ICR of 36.90 which implies very low probability of financial distress as well as it will be in shareholders’ interest since it increases ROE from 12.5% to 16.31% without adding much risk and reduces f ree cash flow and agency cost of equity. Having a closer look on the next scenario where the company is tested with a 40% debt-tocapital ratio, we can see that ROE increases from 12.5% to 20.5%. With this capital structure, the firm operates with the same level as the industry median of its competitors. Implied by Pecking Order Theory, since this is the median, it might indicate that this is somehow the optimal debt structure for this type of industry. The firm will still be very liquid with a relative low probability of financial distress based on the high ICR of 11.82. Finally, we have to consider the 60% debt-to-capital ratio, which results in an ICR of 4.52. This ratio is, just above the median for BBB rated companies by Standard & Poor’s (Exhibit 3). Although the ROE increases form 12.5% to 26.2%, it introduces a significant amount of risk to the company and the firm would be much more sensitive to macroeconomic conditions and fluctuations in revenue. Based on the three alternatives, we believe that the optimal debt-tocapital structure is around 40%. This is because the company will have a significant benefit from the tax shield of debt and it will cause a large increase in ROE for the shareholders such that they are able to compensat for the increase in risk, reduc agency cost of equity and still be very liquid to fulfil their debt obligation, by having a very high ICR of 11.82, which is  even above the median for A-rated companies. The reason we chose this alternative instead of 20% is because we believe that the company can increase its firm value even more with this alternative, without adding a significant amount of risk. Also, if the company were to introduce 60% debt-to-capital, we think this is a too aggressive approach for the company that is new to debt in its capital structure. 3. How could Hill County implement a more aggressive capital structure? What methods could be used to increase debt and decrease equity? A more aggressive capital structure would in general mean that the company is increasing the leverage ratio by either increasing the debt or reducing the equity or both. The main two reasons why companies look to reduce the share capital and make capital distributions to shareholders (i.e. return cash surplus to shareholders in excess of the immediate requirements of the company) are: a) enhancing shareholders’ value though an improved ROE; and b)to achieve a more efficient capital structure. The following are possible approaches that Hill County can undertake to adopt a more aggressive capital structure. 1) Implement Debt Financing Debt financing refers to any borrowed money which Hill County would have to pay back to the lending institution. It can come in the form of a loan, line of credit, bond, etc. We would highly recommend Hill County to seek capital by issuing bonds rather than having bank loans. In our view, Hill County can benefit more from bonds issued than from a bank loan. The interest rate and other terms of bank loans are set by the bank, whereas when issuing bond, it can actively set the interest rate and schedule the payments based on the current market conditions. Even though it would be its first issue of bonds, we see the risk involved and cost incurred rather minor, due to the relative strong financial reports of the company, assuming the market is efficient. Although most companies, including Hill County, can borrow from banks, they view direct borrowing from a bank as more restrictive and expensive than selling debt to the open market. In order to maintain the degree of flexibility that is offered by all equity financing, the CEO would try to avoid any restrictions that come with debt financing. Most bank loans come with multiple conditions, or covenants, that the borrower must follow for the life of the loan. Bank loan covenants protect the bank (and in effect  bank loan fund investors) but impose restrictions on the borrower. As the advantages outweigh the disadvantages we recommend Hill County to seek for bond financing rather than a bank loan. 2) Reduction of Equity Alongside the debt financing via bonds, we suggest that Hill County should reduce their share capital.. A reduction of equity is used to increase distributable reserves to make dividend payments possible, or to make a large return of capital more efficient. There are a number of possible mechanisms, including: A share buyback, where Hill County buys its own shares back in the market. These shares are usually then cancelled. Companies do sometimes retain bought-back shares as treasury shares in order to be able to re-sell them, or allocate them to fulfil share options or to otherwise avoid issuing new shares. In the case of Hill County, we would advise them to cancel the shares as we are seeking for a possibility to reduce the equity share capital. Another alternative for County Hill is the conversion of share capital and nondistributable reserves into debt capital. This approach has been used by large UK listed companies, and is basically the conversion of share capital into debt. Existing shares are cancelled and replaced with new shares (fewer, or with a lower par value) and bonds, the latter typically redeemable at the option of the holder. This allows shareholders to take the return of capital as a capital gain, and time it to their advantage. One easy solution would be the conversion of non-distributable reserves into distributable reserves, which is followe d by the payment of a special dividend. This, however, would mean that many shareholders would be unable to avoid paying income tax on the special dividend. 3) Hybrid Securities In addition to financing either by debt or by equity, such hybrid securities as convertible bonds can both alter the capital structure and provide the management with flexibility. Within a certain time period or when the share price is low, the convertible bonds would contribute to the total debt amount, which requires fixed and rather low periodic payment. Hence, the leverage ratio would rise. However, as time goes by or when Hill County’s stock price appreciates, these bond holders may convert the bond and thereby such amount would switch into equity. 4) Off Balance Sheet Financing (OBF) Apart from general debt financing we would also consider the implementation of off balance sheet financing. As the  leverage ratio goes up and increase the riskiness of the company, the CEO and share holders may concern such would weaken the strength of balance sheet and periodic performance. But certain OBF methods like leasing and factoring can enhance the cash flow of the firm and substantially build up the leverage without adding to the amount of the debt. 4. Considering Hill County’s corporate culture, what arguments could you use to persuade CEO Keener or his successor to adopt and implement your recommendation? Considering the management focus of Hill County is to maximize shareholders’ wealth, raising the leverage ratio of the firm can help the management to achieve such goal. First of all, using the issued debt to repurchase stock can not only push up the stock price but also bring shareholders tax benefit, which supports equity holders in managing their wealth more efficiently. Also, in line with our previous discussion, introducing debt into the firm’s capital facilitates managers to take up slightly more risky but also more profitable investment opportunities. This is because leverage can reduce the risk that is bore by equity, instead of missing out potentially profitable projects so as to maintain sufficient cash flow. Regarding the company’s strong commitment to efficiency and cost control, issuing debt can provide the company with considerable tax shield as interest payment is tax-deductible. Thus, reducing tax payments can lower expenses and retain more economic benefit within the company. Another advantage is that leverage can lower the weighted average cost of capital since the cost of debt is usually lower than the cost of equity, which contributes to its cost control policy. In such way, Hill County can more efficiently (lower cost of capital) and sufficiently (higher level of retained earnings) finance its daily operations and other investment projects. A third aspect of the Hill County’s corporate culture is caution and risk aversion, meaning that the managers always prefer financial safety and flexibility. Introducing debt into the capital structure of the company can stabilize the cash outflow as the company can schedule whichever principle and interest payment that is suit able to the operating and financing requirements and thereby enable the management to control risk exposure. Also, Hill County can issue debt with embedded options such as callable bonds, enabling the firm to buying back the bonds at a certain  price when debt-financing is unfavourable. Lastly, if the management is still concerned about rising debt levels would lead to weaker financial reports, other capital sources such as off-balance sheet financing can change the capital structure without much dynamic and unfavourable change of the crucial financial ratios, say, debt-to-equity ratio and interest coverage ratio, which have a strong impact onto the evaluation of Hill County’s risk level.

Peter Singer An Animal Rights Activist - 889 Words

Peter Singer is one of Harriet s professors at her college, whom treats her very respectfully, except for the fact that he fully believes in terminating the life of anyone diabled as if they were not human. However he is an animal rights activist, making him seem like quite somewhat of a hypocrate. Dispite his immoral opinion he makes an understandable arguement, that I feel leans to somewhat of survival of the fittest. b) If only the typical bodied see them as suffering, does that mean that they truly are? As humans we see that living outside in the wilderness in dangerous and uncivilized, but does that mean that all animals will thrive if forced to live our lifestyle? As we can see, humans are obviously negatively disrupting their lives. What really got to me was when Harriet was being interviewed and maked a point to avoid the question about her professor. How can he put so much value on an animals life and so little on a human life? 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