About the religion of Judaism - Free Essay Example

Throughout the religion of Judaism, there is a vast number of subtopics that a person can articulate from listening, reading or just hearing about Judaism. There is a very broad spectrum of pros that come with being a follower of this faith, such as having some of those questions that people have been wondering for years answered and building hope that there will be a day when God comes back. On the flip side, there are some cons about this religion such as giving the misconception on if God gives pain as a punishment or just allows it to happen due to some past events from the Chosen People of Israel.. Making a statement like this is not something minute that you can just brush off to the side and act as no one has ever said anything on the topic. Some people will take that saying in the wrong way and get this misconception that God wants bad things to happen in the world and wants to punish everybody in it because of the sinful nature that human beings are inherited with from the people of Israel. This creates a controversial issue in the world because it causes people to have hate for God that he never had for the people of the world. Without speaking on the good and the bad of this faith, this religion is a religion based off of God creating the earth and everything on it, Abraham being the founding father of the religion, their beliefs that good deeds will get them to heaven, how their souls will undergo this abyss where it will stay forever, how there is evil in the world because the people of Israel rejected the laws, and the reason for life on the earth is to fulfill the pur pose that God has for their life. The religion of Judaism definitely has some flaws about it, as the other religions do also, but is a phenomenal religion to be a part of where person can really learn to expand their knowledge on information that they were once ignorant on and about actions that are practiced in the faith that can be applied within their daily life.

Slavery And The End Of Freedom - 912 Words

Prior to 1650, the majority of Africans lived a relatively peaceful life in which they were able to enjoy their freedom. However, their lives rapidly changed when Europeans arrived in their homeland. The early sixteen hundreds was the beginning of slavery and the end of freedom for many Africans. Getting shipped into a new country against your will would certainly be a traumatic and painful adjustment. The Africans had to overcome unfathomable obstacles just to survive the journey to America. Slavery was just gaining popularity in this time period, seeing as newly founded colonials in America were looking for labor to assist in farming and building. This time period was all about discovering new beginnings. For example, the time it took to figure out religion for the country. Religion itself is a major aspect in everyone’s life. All in all, the status of the Africans coming to America at this time was a big deal because it was the start of slavery and a drastic lifestyle chang e for many African without knowing what is in store for them. The Terrible Transformation was the boom of slavery in North America. The transformation was so drastic because what was starting to happen to them would lead onto their children and keep it going to the next generation. The sad thing about this transformation, it was all about what color you are and your status, nothing else mattered. During this time the racial hierarchy was unbelievable. I could not imagine living a life in which youShow MoreRelated Abolition Essay870 Words   |  4 Pageseradicate slavery using a wide range of tactics and organizations. The antislavery movement mobilized many African Americans and some whites who sought to end the institution of slavery. Although both black and white abolitionists often worked together, the relationship between them was intricate. The struggle for black abolitionists was much more personal because they wanted to end slavery and also wanted to gain equal rights for b lacks. However, many white abolitionists only sought to end slavery andRead MoreSlavery During The American Revolution Essay1523 Words   |  7 PagesSlavery was held out until 1865, but during this time period abolitionist are trying to do anything to stop slavery. The reason being is because slavery wasn’t slavery anymore. Slavery was beginning to become more advance due to technological innovation. The Abolitionist are people that were against slavery and would boycott anything to get rid of slavery. The argument that the Abolitionist had during this time period was its conditions as violating Christian’s principals and rights to equalityRead MoreRhetorical Analysis Of Douglass s The Great Gatsby 1208 Words   |  5 Pagespublic, to know that he earned his freedom. Freedom is something that each of us must look for in order to be truly â€Å"free.† Through the personal experiences of his own life as a slave and his perseverance to become educated, Douglas s shows us that it requires persistence and bravery to look for freedom. He also illustrates to the audience that there is no real end in this search for freedom until slavery is fully abolished. Purpose: Douglass wrote this book when slavery was still a normal and acceptableRead MoreAbolition Slavery And The United State Of America859 Words   |  4 Pages In the 1840s slavery become a big issue in the United State of America. Since passing the Louisiana Purchase, the United State start expanding their land. They took over the Indian Territory by forcing them to leave the country or to relocate in the different city. The expansion of the United State leads to decide some state should be a free slave. In the 1820s, they passed a low that request 36’30 parallel are decided to be a free state. Abolition slavery becomes a question In the American societyRead MoreAmerica s New Tax Laws Essay1579 Words   |  7 Pagesnew tax laws. The revolution had begun to raise questions on slavery and equality. The main reason for the revolution seemed unjust and unfair to slaves since it mainly applied to white males and not to them. Then the market revolution in 1800-1840 and the anti-slavery movement in 1830s raised even more doubts for women as well as slaves regarding equality between genders and race. As time went by these ideas became more clear since slavery was vanishing from many other places except from the unitedRead MoreSlavery By Another Name By Douglas Blackmon1181 Words   |  5 Pages Slavery by Another Name Essay Slavery by Another Name gives readers an interesting and eye opening look into the past of the re-enslavement of Black Americans. The author, Douglas Blackmon, presents a compelling and effective presentation and argument; which adds on to my previous knowledge of this familiar and personal topic, that slavery did not necessarily end with the Emancipation Proclamation. He argues that from the Civil War to World War II Black Americans were re-enslaved through hardRead MoreSlavery Essay839 Words   |  4 PagesSlavery Essay Slavery was ongoing in the southern states. In the 1800’s many white slave owners believed that the African Americans were inferior to them despite the fact that â€Å"†all men are created equal†. They were forced into labor and treated like property. The slave owners justified their behavior and believed they acted caring and conscientious to their slaves. Truthfully, however, the slaves were mostly treated very badly, as Fredrick Douglas, a black slave, testifies. There were selectRead MoreAn Honorable Woman By Deborah Sampson966 Words   |  4 Pages The Revolution released the potential for America to become very democratic; allowing space for political and social struggles to spread ideas of freedom and challenge the old way of doing things. Ideas of liberty invigorated attacks on both British and domestic American foundations and so did the beliefs of equality in the Declaration of Independence, which caused many in society who were seen as the substandard bunch such as women, slaves and free blacks to question the sanction of their superiorsRead MoreIn This Essay I Will Argue That People Can Be Forced To1640 Words   |  7 Pagescontrasting Rousseau’s idea of freedom with Locke’s idea of freedom. Along with how I disagree with Rousseau’s vision of freedom. In the reading the Social Contract Rousseau states that â€Å"Man is born free, and everywhere he is in chains. He who believes himself the master of others does not escape being more of a slave than they† (Rousseau 427). What Rousseau is saying here is that there is this idea of man being free and being free is looked at as being a slave and or slavery. Slavery then is defined as anRead MoreFreedom Vs. Free From Oppression1094 Words   |  5 Pagesworld history, there is a point when one encounters the question of freedom. What is freedom? Different meanings are attached to freedom, especially when one questions what exactly they are free from. Free from slavery? Free from dept? Free from oppression? There are so many different types of freedom, that it s hard to just give out a sentence and claim that s freedom . However when looking at America a clear vision of freedom appears and it does so mostly because of its history. The United States

Corporate Finance of Altium Limited

Question: Discus about the Corporate Finance of Altium Limited. Answer: Introduction:- The capital structure describes the different sources of finances, used by the business firms to continue its operating activities and non-operating activities, as well. It explains how any firm finances its business activities to generate revenues and ensure the organizational growth in future. The two most important components of any firms capital structure are equity financing and debt financing (Saunders Cornett, 2014). It is very necessary for any firm to construct a proper capital structure for funding the capital. There are many factors, which are significantly considered for constructing a proper and useful capital structure. The cost of capital is one of the influential factors, which helps the firms to determine the effective capital structure (Zeitun Tian, 2014). The firm always intends to raise its capital from such sources, which would cost lesser than the return from the operational activities. If the cost of capital would become higher than the returns, then the firm uses to face several financial issues. Due to high cost of debt capital, the interest expenses would increase and the net profit would fall down accordingly. On the other hand, if any firm cannot provide higher return on capital than the cost of equity capital, then the equity investors would not invest in such firms further and the firm would face problem to raise capital through equity financing (Bodie et al., 2014). Hence, it is important to consider the cost of capital for maintaining an optimum capital structure. There are many theories, which explain the impact of cost of capital on the capital structure of any firm. However, amongst all the theories, Modigliani-Miller theorem (MM theorem) is the most popular and revered theory in this respect. It defines how the firm should evaluate the cost of capital for constructing an optimum capital structure. In this report, the cost of capital of Altium Limited is evaluated under proper method to describe its relationship with the capital structure of company in accordance to the MM theorem. Concept of Modigliani-Miller Theorem:- According to the theory of Modigliani and Miller, in the efficient capital market, if there are no tax charges, bankruptcy costs or agency fees and any asymmetric information is not available, then the sources of financing any firm do not affect the value of the firm. The theory has focused on the following assumptions to derive the mentioned outcome: There is no transaction cost The interest rate on debts are same for the individuals and the business firms On the basis of the stated assumptions, MM theorem suggests that the value of any levered firm would be equal to the value of unlevered firm (Charness Neugebauer, 2015). The equation is shown below: VU = VL It indicates that the purchase price of any firm with only equity capital will be same as the purchase price of a firm, which includes both debt and equity capital. However, the theory was developed by assuming that the business world is tax free, which is not feasible in real world. Hence, amongst all the other costs, the tax charges are taken into consideration for incorporating more practical approach in the theory and making it useful for the actual business world. The modification is included in MM theory as Proposition II, while the earlier concept is referred as Proposition I. In the Proposition II of MM theorem, the value of the levered firm is computed by using the following equation: RE = RO + D/E [ (RO RD) x (1 TC)] Where, RE = Cost of levered equity RO = Cost of unlevered equity RD = Cost of Debt TC = Tax Rate This modified version of MM theory explains that the value of any levered firm will be the total of unlevered cost of equity and financing premium. The financing premium is the proportionate cost of unlevered equity over the cost of debt after deducting the tax on cost of debt (Aboura Lepinette, 2015). It can be stated from the above equation that the business firms can lower down its weighted average cost of capital by funding the finance with higher amount of cheaper debt capital instead of equity capital. It denotes that the companies with higher gearing ratios can enjoy relatively lower cost of capital. Based on this concept, the theory states that any firm can achieve the optimal capital structure, where the cost of capital will be lowest, if it raises its capital through 100% debt capital (Gersbach et al., 2015). Calculation of Weightage Average Cost of Capital:- The capital structure of Altium Limited is evaluated through the concept of MM theorem. For the evaluation, it is necessary to compute the weighted average cost of capital of the company. As the company pays tax as per the general norms, the equation, stated as Proposition II should be applied for deriving the cost. Cost of Equity Capital:- Amongst the three components, cost of debt, gearing ratio and income tax rates can be assessed from the annual reports of the company. However, for the cost of unlevered equity capital, various researchers suggest different techniques and concepts. Some of the scholars consider return on equity or current dividend yield rate as cost of capital. However, the most appropriate and widely accepted method for computing the cost of equity capital is the Capital Asset Pricing Model (CAPM). In this method, the cost of equity is computed as per the market value of the company stocks and its volatility level in respect to the overall market indices (Cenesizoglu et al., 2016). The formula of cost of equity capital under this method is as follows: RE = Rf + (Rm - Rf) Where, RE = Cost of Equity Capital Rf = Risk Free Return (mainly Coupon Rate of 10 yrs. Government Bonds) Rm= Market Return Rate ( Return Rate of Certified Stock Index) = Beta or the Volatility Level of the Stock in accordance to the related Stock Index (Vollmer, 2014). The cost of equity capital of Altium Limited is computed under the CAPM Model in the following table: Altium Ltd. ASX 200 Date Adj Closing Price Daily Return Adj Closing Price Daily Return 7/1/2015 4.06449 5515.700195 7/2/2015 4.24492 4.44% 5599.799805 1.52% 7/3/2015 4.15945 -2.01% 5538.299805 -1.10% 7/6/2015 4.05499 -2.51% 5475 -1.14% 7/7/2015 4.25441 4.92% 5581.399902 1.94% 7/8/2015 4.3019 1.12% 5469.5 -2.00% 7/9/2015 3.88405 -9.71% 5471 0.03% 7/10/2015 4.08348 5.13% 5492 0.38% 7/13/2015 4.13096 1.16% 5473.200195 -0.34% 7/14/2015 4.13096 0.00% 5577.399902 1.90% 7/15/2015 4.00751 -2.99% 5636.200195 1.05% 7/16/2015 4.017 0.24% 5669.600098 0.59% 7/17/2015 3.99801 -0.47% 5670.100098 0.01% 7/20/2015 4.07398 1.90% 5686.899902 0.30% 7/21/2015 4.05499 -0.47% 5706.700195 0.35% 7/22/2015 4.10247 1.17% 5614.600098 -1.61% 7/23/2015 4.00751 -2.31% 5590.299805 -0.43% 7/24/2015 3.95053 -1.42% 5566.100098 -0.43% 7/27/2015 3.99801 1.20% 5589.899902 0.43% 7/28/2015 3.97902 -0.47% 5584.700195 -0.09% 7/29/2015 4.0265 1.19% 5624.200195 0.71% 7/30/2015 4.17844 3.77% 5669.5 0.81% 7/31/2015 4.27341 2.27% 5699.200195 0.52% 8/3/2015 4.13096 -3.33% 5679.299805 -0.35% 8/4/2015 4.14995 0.46% 5697.899902 0.33% 8/5/2015 4.13096 -0.46% 5674 -0.42% 8/6/2015 4.06449 -1.61% 5610.100098 -1.13% 8/7/2015 4.06449 0.00% 5474.799805 -2.41% 8/10/2015 4.06449 0.00% 5509.200195 0.63% 8/11/2015 3.96952 -2.34% 5473.200195 -0.65% 8/12/2015 3.86506 -2.63% 5382.100098 -1.66% 8/13/2015 3.89355 0.74% 5387.899902 0.11% 8/14/2015 3.99801 2.68% 5356.5 -0.58% 8/17/2015 4.036 0.95% 5367.700195 0.21% 8/18/2015 4.09297 1.41% 5303.100098 -1.20% 8/19/2015 3.93154 -3.94% 5380.200195 1.45% 8/20/2015 3.87456 -1.45% 5288.600098 -1.70% 8/21/2015 3.7606 -2.94% 5214.600098 -1.40% 8/24/2015 3.52319 -6.31% 5001.299805 -4.09% 8/25/2015 3.70362 5.12% 5137.299805 2.72% 8/26/2015 3.79858 2.56% 5172.799805 0.69% 8/27/2015 3.84607 1.25% 5233.299805 1.17% 8/28/2015 3.89355 1.23% 5263.600098 0.58% 8/31/2015 3.85556 -0.98% 5207 -1.08% 9/1/2015 3.77959 -1.97% 5096.399902 -2.12% 9/2/2015 3.87456 2.51% 5101.5 0.10% 9/3/2015 3.87456 0.00% 5027.799805 -1.44% 9/4/2015 4.06449 4.90% 5040.600098 0.25% 9/7/2015 4.10247 0.93% 5030.399902 -0.20% 9/8/2015 4.08348 -0.46% 5115.200195 1.69% 9/9/2015 4.14995 1.63% 5221.100098 2.07% 9/10/2015 4.15945 0.23% 5095 -2.42% 9/11/2015 4.18794 0.68% 5071.100098 -0.47% 9/14/2015 4.2924 2.49% 5096.5 0.50% 9/15/2015 4.27341 -0.44% 5018.399902 -1.53% 9/16/2015 4.35888 2.00% 5098.899902 1.60% 9/17/2015 4.33039 -0.65% 5146.799805 0.94% 9/18/2015 4.14046 -4.39% 5170.5 0.46% 9/21/2015 4.22593 2.06% 5066.200195 -2.02% 9/22/2015 4.17844 -1.12% 5103.600098 0.74% 9/23/2015 4.18812 0.23% 4998.100098 -2.07% 9/24/2015 4.29451 2.54% 5071.700195 1.47% 9/25/2015 4.39123 2.25% 5042.100098 -0.58% 9/28/2015 4.41058 0.44% 5113.5 1.42% 9/29/2015 4.38156 -0.66% 4918.399902 -3.82% 9/30/2015 4.45894 1.77% 5021.600098 2.10% 10/1/2015 4.60403 3.25% 5112.100098 1.80% 10/2/2015 4.60403 0.00% 5052 -1.18% 10/5/2015 4.66206 1.26% 5150.5 1.95% 10/6/2015 4.54599 -2.49% 5167.399902 0.33% 10/7/2015 4.5073 -0.85% 5197.899902 0.59% 10/8/2015 4.45894 -1.07% 5210.399902 0.24% 10/9/2015 4.51697 1.30% 5279.700195 1.33% 10/12/2015 4.44927 -1.50% 5232.899902 -0.89% 10/13/2015 4.4396 -0.22% 5202.899902 -0.57% 10/14/2015 4.42992 -0.22% 5197.299805 -0.11% 10/15/2015 4.24615 -4.15% 5230 0.63% 10/16/2015 4.29451 1.14% 5268.200195 0.73% 10/19/2015 4.25582 -0.90% 5269.700195 0.03% 10/20/2015 4.24615 -0.23% 5235.600098 -0.65% 10/21/2015 4.25582 0.23% 5248.299805 0.24% 10/22/2015 4.13975 -2.73% 5263.799805 0.30% 10/23/2015 4.23648 2.34% 5351.600098 1.67% 10/26/2015 4.2268 -0.23% 5348 -0.07% 10/27/2015 4.17844 -1.14% 5346.200195 -0.03% 10/28/2015 4.42992 6.02% 5335.200195 -0.21% 10/29/2015 4.36222 -1.53% 5266.899902 -1.28% 10/30/2015 4.35255 -0.22% 5239.399902 -0.52% 11/2/2015 4.53632 4.22% 5165.799805 -1.40% 11/3/2015 4.6137 1.71% 5239.200195 1.42% 11/4/2015 4.58468 -0.63% 5242.299805 0.06% 11/5/2015 4.57501 -0.21% 5193 -0.94% 11/6/2015 4.51697 -1.27% 5215 0.42% 11/9/2015 4.46861 -1.07% 5119.5 -1.83% 11/10/2015 4.41058 -1.30% 5099.200195 -0.40% 11/11/2015 4.52665 2.63% 5122.600098 0.46% 11/12/2015 4.5073 -0.43% 5125.700195 0.06% 11/13/2015 4.46861 -0.86% 5051.299805 -1.45% 11/16/2015 4.6137 3.25% 5003.799805 -0.94% 11/17/2015 4.6137 0.00% 5118.200195 2.29% 11/18/2015 4.46861 -3.14% 5133.100098 0.29% 11/19/2015 4.6137 3.25% 5242.600098 2.13% 11/20/2015 4.72977 2.52% 5256.100098 0.26% 11/23/2015 4.67173 -1.23% 5276.399902 0.39% 11/24/2015 4.66206 -0.21% 5226.399902 -0.95% 11/25/2015 4.67173 0.21% 5193.700195 -0.63% 11/26/2015 4.74911 1.66% 5210.700195 0.33% 11/27/2015 4.71042 -0.81% 5202.600098 -0.16% 11/30/2015 4.74911 0.82% 5166.5 -0.69% 12/1/2015 4.84583 2.04% 5266.100098 1.93% 12/2/2015 4.79747 -1.00% 5258.299805 -0.15% 12/3/2015 4.79747 0.00% 5227.700195 -0.58% 12/4/2015 4.69108 -2.22% 5151.600098 -1.46% 12/7/2015 4.65239 -0.82% 5155.700195 0.08% 12/8/2015 4.70075 1.04% 5108.600098 -0.91% 12/9/2015 4.7878 1.85% 5080.5 -0.55% 12/10/2015 4.57501 -4.44% 5037.700195 -0.84% 12/11/2015 4.65239 1.69% 5029.5 -0.16% 12/14/2015 4.62337 -0.62% 4928.600098 -2.01% 12/15/2015 4.57501 -1.05% 4909.600098 -0.39% 12/16/2015 4.60403 0.63% 5028.399902 2.42% 12/17/2015 4.69108 1.89% 5102 1.46% 12/18/2015 4.73944 1.03% 5106.700195 0.09% 12/21/2015 4.72009 -0.41% 5109 0.05% 12/22/2015 4.69108 -0.61% 5116.700195 0.15% 12/23/2015 4.55566 -2.89% 5141.799805 0.49% 12/24/2015 4.47829 -1.70% 5207.600098 1.28% 12/29/2015 4.52665 1.08% 5267.299805 1.15% 12/30/2015 4.56534 0.85% 5319.899902 1.00% 12/31/2015 4.51697 -1.06% 5295.899902 -0.45% 1/4/2016 4.48796 -0.64% 5270.5 -0.48% 1/5/2016 4.46861 -0.43% 5184.399902 -1.63% 1/6/2016 4.41058 -1.30% 5123.100098 -1.18% 1/7/2016 4.30418 -2.41% 5010.299805 -2.20% 1/8/2016 4.27517 -0.67% 4990.799805 -0.39% 1/11/2016 4.31386 0.90% 4932.200195 -1.17% 1/12/2016 4.44927 3.14% 4925.100098 -0.14% 1/13/2016 4.47829 0.65% 4987.399902 1.26% 1/14/2016 4.39123 -1.94% 4909.399902 -1.56% 1/15/2016 4.32353 -1.54% 4892.799805 -0.34% 1/18/2016 4.34287 0.45% 4858.700195 -0.70% 1/19/2016 4.27517 -1.56% 4903.100098 0.91% 1/20/2016 4.42025 3.39% 4841.5 -1.26% 1/21/2016 4.44927 0.66% 4864 0.46% 1/22/2016 4.57501 2.83% 4916 1.07% 1/25/2016 4.67173 2.11% 5006.600098 1.84% 1/27/2016 4.76845 2.07% 4946.399902 -1.20% 1/28/2016 4.75878 -0.20% 4976.200195 0.60% 1/29/2016 4.75878 0.00% 5005.5 0.59% 2/1/2016 4.76845 0.20% 5043.600098 0.76% 2/2/2016 5.34879 12.17% 4993.299805 -1.00% 2/3/2016 5.18436 -3.07% 4876.799805 -2.33% 2/4/2016 5.08764 -1.87% 4980.399902 2.12% 2/5/2016 5.31978 4.56% 4976.200195 -0.08% 2/8/2016 5.26174 -1.09% 4975.399902 -0.02% 2/9/2016 5.01994 -4.60% 4832.100098 -2.88% 2/10/2016 5.07797 1.16% 4775.700195 -1.17% 2/11/2016 5.22305 2.86% 4821.100098 0.95% 2/12/2016 5.10699 -2.22% 4765.299805 -1.16% 2/15/2016 5.40683 5.87% 4843.5 1.64% 2/16/2016 5.56159 2.86% 4910 1.37% 2/17/2016 5.25207 -5.57% 4882.100098 -0.57% 2/18/2016 5.4165 3.13% 4992 2.25% 2/19/2016 5.49388 1.43% 4952.799805 -0.79% 2/22/2016 5.60995 2.11% 5001.200195 0.98% 2/23/2016 5.51322 -1.72% 4979.600098 -0.43% 2/24/2016 5.51322 0.00% 4875 -2.10% 2/25/2016 5.49388 -0.35% 4881.200195 0.13% 2/26/2016 5.31978 -3.17% 4880 -0.02% 2/29/2016 5.42617 2.00% 4880.899902 0.02% 3/1/2016 5.45519 0.53% 4922.299805 0.85% 3/2/2016 5.38748 -1.24% 5021.200195 2.01% 3/3/2016 5.51322 2.33% 5081.100098 1.19% 3/4/2016 5.54224 0.53% 5090 0.18% 3/7/2016 5.45519 -1.57% 5142.799805 1.04% 3/8/2016 5.2424 -3.90% 5108 -0.68% 3/9/2016 5.18436 -1.11% 5157.200195 0.96% 3/10/2016 5.39716 4.10% 5150.100098 -0.14% 3/11/2016 5.42617 0.54% 5166.399902 0.32% 3/14/2016 5.42617 0.00% 5185.5 0.37% 3/15/2016 5.29815 -2.36% 5111.399902 -1.43% 3/16/2016 5.49511 3.72% 5119 0.15% 3/17/2016 5.47541 -0.36% 5168.200195 0.96% 3/18/2016 5.52465 0.90% 5183.100098 0.29% 3/21/2016 5.49511 -0.53% 5166.600098 -0.32% 3/22/2016 5.50496 0.18% 5166.600098 0.00% 3/23/2016 5.73146 4.11% 5142.299805 -0.47% 3/24/2016 5.72161 -0.17% 5084.200195 -1.13% 3/29/2016 5.72161 0.00% 5004.5 -1.57% 3/30/2016 5.69207 -0.52% 5010.299805 0.12% 3/31/2016 5.81024 2.08% 5082.799805 1.45% 4/1/2016 5.761 -0.85% 4999.399902 -1.64% 4/4/2016 5.86933 1.88% 4995.299805 -0.08% 4/5/2016 5.87917 0.17% 4924.399902 -1.42% 4/6/2016 6.15491 4.69% 4945.899902 0.44% 4/7/2016 6.13522 -0.32% 4964.100098 0.37% 4/8/2016 5.96781 -2.73% 4937.600098 -0.53% 4/11/2016 5.9875 0.33% 4931.5 -0.12% 4/12/2016 6.08598 1.64% 4975.600098 0.89% 4/13/2016 6.15491 1.13% 5054.700195 1.59% 4/14/2016 6.16476 0.16% 5118.600098 1.26% 4/15/2016 6.15491 -0.16% 5157.5 0.76% 4/18/2016 6.10568 -0.80% 5137.100098 -0.40% 4/19/2016 6.20415 1.61% 5188.799805 1.01% 4/20/2016 6.214 0.16% 5216 0.52% 4/21/2016 6.22385 0.16% 5272.700195 1.09% 4/22/2016 6.14507 -1.27% 5236.399902 -0.69% 4/26/2016 6.12537 -0.32% 5220.600098 -0.30% 4/27/2016 6.15491 0.48% 5187.700195 -0.63% 4/28/2016 6.10568 -0.80% 5225.399902 0.73% 4/29/2016 6.05644 -0.81% 5252.200195 0.51% 5/2/2016 6.06628 0.16% 5243 -0.18% 5/3/2016 6.18446 1.95% 5353.799805 2.11% 5/4/2016 6.37157 3.03% 5271.100098 -1.54% 5/5/2016 6.36172 -0.15% 5279.100098 0.15% 5/6/2016 6.47005 1.70% 5292 0.24% 5/9/2016 6.47005 0.00% 5320.700195 0.54% 5/10/2016 6.24355 -3.50% 5342.799805 0.42% 5/11/2016 6.41096 2.68% 5372.299805 0.55% 5/12/2016 6.34202 -1.08% 5359.299805 -0.24% 5/13/2016 6.37157 0.47% 5329 -0.57% 5/16/2016 6.22385 -2.32% 5358.899902 0.56% 5/17/2016 6.25339 0.47% 5395.899902 0.69% 5/18/2016 5.97765 -4.41% 5356.200195 -0.74% 5/19/2016 5.94811 -0.49% 5323.299805 -0.61% 5/20/2016 5.96781 0.33% 5351.299805 0.53% 5/23/2016 6.03674 1.16% 5318.899902 -0.61% 5/24/2016 6.05644 0.33% 5295.600098 -0.44% 5/25/2016 6.13522 1.30% 5372.5 1.45% 5/26/2016 6.30263 2.73% 5388.100098 0.29% 5/27/2016 6.34202 0.62% 5405.899902 0.33% 5/30/2016 6.32233 -0.31% 5408 0.04% 5/31/2016 6.31248 -0.16% 5378.600098 -0.54% 6/1/2016 6.32233 0.16% 5323.200195 -1.03% 6/2/2016 6.33218 0.16% 5278.899902 -0.83% 6/3/2016 6.36172 0.47% 5318.899902 0.76% 6/6/2016 6.27309 -1.39% 5360.399902 0.78% 6/7/2016 6.32233 0.78% 5371 0.20% 6/8/2016 6.32233 0.00% 5370 -0.02% 6/9/2016 6.2337 -1.40% 5361.899902 -0.15% 6/10/2016 6.16476 -1.11% 5312.600098 -0.92% 6/14/2016 6.02689 -2.24% 5203.299805 -2.06% 6/15/2016 5.92841 -1.63% 5147.100098 -1.08% 6/16/2016 5.93826 0.17% 5146 -0.02% 6/17/2016 5.91857 -0.33% 5162.700195 0.32% 6/20/2016 5.99735 1.33% 5256.799805 1.82% 6/21/2016 5.99735 0.00% 5274.399902 0.33% 6/22/2016 5.93826 -0.99% 5270.899902 -0.07% 6/23/2016 6.10568 2.82% 5280.700195 0.19% 6/24/2016 5.85948 -4.03% 5113.200195 -3.17% 6/27/2016 6.02689 2.86% 5137.200195 0.47% 6/28/2016 5.99735 -0.49% 5103.299805 -0.66% 6/29/2016 6.24355 4.11% 5142.399902 0.77% 6/30/2016 6.36172 1.89% 5233.399902 1.77% Risk-Free Return Rate 4.75% Market Return Rate 23.07% Beta 0.64 Unlevered Cost of Capital 16.42% Cost of Debt:- Any business firm has to bear several forms of liabilities and debts. However, it does not have to pay interest on every form of debts, such as, accounts payable, outstanding wages, employee benefit etc. As the weighted average cost of capital requires the cost of debt for a certain period, the method only incorporates such debts, for which the firm has to pay interests. Such debts are referred as interest-bearing debts. The business firms use to exhibit the amount of interest bearing debts in the annual reports along with the interest expenses, incurred for such debts. The annual report of Altium Limited shows that the company has incurred interest expenses only for the lease liabilities and hence, it is the only interest-bearing debt for the company in the current year ("Annual Report 2016", 2017). Gearing Ratio:- Gearing ratio defines the relationship between the total debt and total equity of the business firm. The formula of gearing ratio is as follows: Gearing Ratio: Total Debt / Total Equity The ratio is used to explain the capital structure of any firm. It describes, on which form of capital, the business firm is more depending to continue its operations. If the gearing ratio of any company is higher than 1, then it indicates that the firm has more debt capital than the equity capital and vice versa for a gearing ratio with lower than 1. Problems for Computing Gearing Ratio:- It is a very easy technique to ascertain the capital structure of any business. However, it has been observed that, in many cases, it cannot be derived so easily. The main issue, which makes it complicated, is the availability of the proper financial data. Moreover, the selection of debts for computing gearing ratio also becomes very tough due to the nature of the debts. In the weighted average cost of capital, the debts, which should be considered for computing the cost of capital, are the interest bearing debts. However, often the analysts use to include all the debts for computing gearing ratio instead of focusing only on the interest bearing debts. Therefore, it is necessary to understand the objective of the implication of gearing ratio and select the selct the debt item in accordance to the objective. Gearing Ratio of Altium Limited:- The gearing ratio of Altium Limited is required to compute the weighted average cost of capital. Hence, the gearing ratio should incorporate such debts, for which the company has to incur interest expenses or other debt related costs. The proper gearing ratio of Altium Limited is computed below: Computation of Gearing Ratio: Particulars Amount Equityholder's Fund 125177 Total Equity A 125177 Long-Term Debt 20 Current portion of long term Debt 51 Total Interest Bearing Debt B 71 Gearing Ratio C=B/A 0.06% Computation of Cost of Capital:- The cost of levered capital of Altium Limited is calculated in the following table as per the MM theorem:- Cost of Capital:- Particulars Amount Weightage Cost Weighted Average Cost Equityholder's Fund 125177 100% 16.42% 16.42% Total Equity 125177 100.00% 16.42% 16.42% Long-Term Debt 20 28.17% 35 49.30% Current portion of long term Debt 51 71.83% Total Debt 71 100.00% 49.30% 49.30% Gearing Ratio 0.06% Tax Rate 30% Cost of Capital 16.41% Capital Structure of Altium Limited:- The gearing ratio of Altium Limited, calculated in the table above, is minimal. The total liabilities, including interest-bearing and non-interest bearing debt capital, are also almost half of the total equity, including contributed share capital, reserves and retained earnings. Thus, it depicts that the company mainly depends on the equity capital instead of interest-bearing debt capital ("Annual Report 2016", 2017). Such capital structure may seem to be beneficial for the company, as it does not have to incur high interest expenses for the debt capitals. Due to absence of higher interest expenses, it can convert most of net operating income into the net earnings attributable to share holders. Thus, it can provide higher amount of dividends to the shareholders and increase the market value of the shares accordingly (Novak 2015). However, according to the MM theory, the present capital structure of Altium Limited is not an effective structure for the company. The cost of capital of the company is mostly comprised of the cost of equity capital, on which it cannot enjoy any tax deduction. It means that if the company pays higher dividend to its shareholders, then it will cause higher amount of cash outflow without any cash savings for tax benefits (Brusov et al., 2015). Conclusion Recommendations:- It is clear from the above discussions that Altium Limited maintains a very low gearing ratio. Therefore, the company does not have to bear any higher amount of fixed interest expenses on the debts. From this perspective, the present capital structure can be effective for the company. Modigliani-Miller theory does not support this fact. The theory explains that the cost of capital of the company is much higher due to lower gearing ratio. The company cannot enjoy the tax benefits from interest expenses and reduce the cash outflows. Altium Limited should finance its capital through interest bearing debts to increase the gearing ratio. As the result, it will help the company to reduce the weighted average cost of capital accordingly. However, the management of Altium Limited should take such debts, which will incur low interest expenses. If the interest rates will be higher than the cost of capital, then the company cannot enjoy the benefits of higher gearing ratio. Referencess ^AXJO: Summary for SP/ASX 200- Yahoo!7 Finance. (2017).Au.finance.yahoo.com. Retrieved 21 January 2017, from https://au.finance.yahoo.com/q?s=%5EAXJO Saunders, A., Cornett, M. M. (2014).Financial institutions management. McGraw-Hill Education, Zeitun, R., Tian, G.G., (2014). Capital structure and corporate performance: evidence from Jordan Bodie, Z., Kane, A., Marcus, A. J. (2014).Investments, 10e. McGraw-Hill Education Charness, G., Neugebauer, T. (2015). A test of the Modigliani-Miller invariance theorem and arbitrage in experimental asset markets Stulz, R. M. (2016). Risk management, governance, culture, and risk taking in banks. Brusov, P., Filatova, T., Orekhova, N., Eskindarov, M. (2015). Capital Structure: ModiglianiMiller Theory. InModern Corporate Finance, Investments and Taxation(pp. 9-25). Springer International Publishing. Gersbach, H., Haller, H., Mller, J. (2015). The macroeconomics of ModiglianiMiller.Journal of Economic Theory,157, 1081-1113. Aboura, S., Lepinette, E. (2015). New Developments on the Modigliani-Miller Theorem.Browser Download This Pape Cenesizoglu, T., Papageorgiou, N. A., Reeves, J. J., Wu, H. (2016). An Analysis on the Predictability of CAPM Beta for Momentum Returns Vollmer, M. (2014).A Beta-return Efficient Portfolio Optimisation Following the CAPM: An Analysis of International Markets and Sectors. Springer Novak, J. (2015). Systematic risk changes, negative realized excess returns and time-varying CAPM beta.Finance a Uver,65(2), 167 Chen, L. H., Jiang, G. J., Guanzhong, P., Zhu, X. (2016). Biases in CAPM Beta Estimation Annual Report 2016. (2017).www.altium.com. Retrieved 21 January 2017, from https://www.altium.com/resources/investor-announcement/altium_annualreport_2016_web.pdf Altium Ltd. (2017).Yahoo!7 Finance. Retrieved 21 January 2017, from https://au.finance.yahoo.com/q?s=ALU.AX Answer: Concept of Modigliani-Miller Theorem:- The capital structure of Altium Limited is evaluated through the concept Referencess

Cultural Differences Essay Samples

Cultural Differences Essay SamplesWhether you're studying abroad or are looking for some fun assignments to tackle while you're away, it's a good idea to consider taking some cultural differences essay samples. This is a great way to create a little bit of research into your assignment while also bringing a lot of fun and intellectual stimulation to your writing skills. And as a bonus, it can help you understand the cultures of people who might be an important part of your own life.Taking these essays as a part of your course load is a good way to learn about the diversity that is found within the various cultures you study abroad in. You'll likely find that you come to understand more about the cultural norms that run through countries you visit, as well as to discover some of the people from that country that you've never seen before. For those of you considering taking this approach to your education, here are some cultural differences essay samples to consider.How many different cultures do you know? Have you ever noticed how much knowledge there is about the different cultures of different countries? For example, you might have heard about all the different cultural customs and etiquette there is to master to make yourself comfortable in any particular culture. Of course, most of these would be things that you wouldn't find out for sure unless you took a trip and got to see the actual culture firsthand. But take some of these cultural differences essay samples as a starting point and see if you can at least begin to understand the differences.Is it different customs to be honest? Many cultures give a lot of respect to their elders and older people; in some cases this might be an honor for an elderly person. Of course, if you're a young person, it could be considered pretty weird, but it's worth understanding the difference.Some cultures are extremely good at what they do, such as the ancient Mayans who are known for being the creators of corn and cattle. O ther cultures, such as those from East Asia, are far more inventive. Chinese for example were once considered to be one of the most creative of all time. And with all the various factors of Chinese culture, it's no wonder why it was considered to be so advanced and thus the basis for so many scientific discoveries in physics.Some cultures have different viewpoints on religion. It's not only the one particular religion that's favored by any one culture, it's also where the cultural values and outlook are that are prevalent within the various cultures. For example, in the case of the United States, many Americans seem to be very religious and for the most part, they prefer to use Christianity as their religion, while some others might prefer to use a specific religion.There are many more cultural differences, as well as many more to examine in the area of religion. But take these different points as a starting point, to help you understand the differences in your own time away from ho me.If you don't want to take a cultural differences essay sample, you can always look at some books that explore the history of certain countries and the specific cultures that make up them. If you decide to learn more about the differences, you should find some great books on the subject that will help you understand.

The Number One Question You Must Ask for Collegeboard Sat Essay Samples

The Number One Question You Must Ask for Collegeboard Sat Essay Samples Jane also realized the significance of remaining in the appropriate mindset when writing her very first draft. Knowing you have written a good essay will offer you the positive momentum needed to attack the remainder of the test. The very first portion of your outline ought to be a sentence that states your position on the subject. Employing several perspectives demonstrate a potent thought practice. It is possible to also earn a prediction about the future. It is very important to comprehend why you miss or struggle with a question so you do not make exactly the same mistakes later on. As it is not possible to know the precise question you are going to be presented with, it is a lousy idea to enter the test without a well-thought-out strategy. Who Else Wants to Learn About Collegeboard Sat Essay Samples? People have many misconceptions about the SAT essay and thus do not get the very best SAT score possible. There's no composite SAT Essay score (the 3 scores aren't added together) and there are not any percentiles. You will be able to see scores online about 10-20 days following the test. Both tests include optional essays whose scores aren't included in the last composite scores. Many situations the application essay could possibly be written with the assistance of a college coach. If you find a w eird question that don't have any idea what things to do with, the remedy is just to ask a friend. 1 common bit of advice is you need to guess if it's possible to eliminate one or more answer choices. Make certain that your topic sentence expresses the most important idea of the human body paragraph as a declarative statement and isn't a subset of any significant detail within the paragraph. Close Strong The closing may be the most essential part of your essay. It would be worth it to understand that SAT test graders evaluate your efforts taking the whole of essay, and not only a portion of it. The SAT doesn't have to be this difficult or stressful so long as you take the opportunity to learn the best method to get ready for it. At test centers outside the united states, the SAT is currently only administered four times annually vs. five times for the ACT. Some colleges may need you to finish the SAT Essay. For that, learn if your preferred colleges need such essays. If do not have any idea what the SAT essay is all about, you're able to first take a look at our video that compares the SAT essay to the ACT essay and you may download a copy of a real SAT practice essay. So you wish to understand how to beat the SAT Essay. You will understand what to concentrate on and write about once you need to take the SAT essay so that you get the maximum score possible. Most SAT essays include a passage from a particular author related to a specific topic. Looking for almost all of the college writing form will be supplied on free! If you own a passion, it's simple for your application to come up with a theme, and then, whenever your admissions counselor refers to your application, they will have the ability to recount what it is you're about. The essay begins with a writing prompt of some sort. Whether it's going to be a terrific essay is dependent on your personal skills and capacity to write. The Hidden Treasure of Collegeboard Sat Essay Samples A ll tutors are adequately trained to supply the very best online tutoring services. Colleges don't want you to be well-rounded. They love to see that you are interested about something, and not just at a club level. The fact that they will want to know your score is true, but what they think about it is not as clear. The Number One Question You Must Ask for Collegeboard Sat Essay Samples After the brief information is provided, a question is going to be asked. It's not possible to read each one of them and score them based on the whole content. Each website listed has very valuable information that's all free. You're given examples about how to impress the individual or persons grading your SAT. What You Can Do About Collegeboard Sat Essay Samples Starting in the Next 2 Minutes Each point needs to be explained in another paragraph and flow logically between ideas. As soon as you are finished, you're given different examples with the score near it. Once you are finished, s pend the subsequent 20 minutes speed writing. Don't forget, all it takes I just a couple of minutes to make an outline.

The Topics About Animals in Philosophy Essay Topics About Animals That You Need to Know

The Topics About Animals in Philosophy Essay Topics About Animals That You Need to KnowThe first thing you need to know when writing a Philosophy essay is that it will include at least one topic about animals. It is no accident that this is the first thing that you will be told as you begin writing your essay. Most people who have been advised to write an essay about animals tend to take the first advice they are given without even thinking about what they are actually supposed to write about.While the topics about animals in Philosophy essays are not necessarily the most important things to write about, you need to know how important animal ethics are to some people. They need to know that you care about their feelings and their well being, and will be willing to spend a great deal of time and energy on helping them. Animals have a different feeling towards us than we do towards them. If we fail to acknowledge this, it will ultimately impact the way that animals live in the world an d will mean that they are much less likely to be treated humanely in the future.For example, most people will understand the importance of animal ethics when they see the fact that we keep dogs, cats, horses, and other animals in small cages for their entire lives. These animals cannot express themselves and in the case of horses, they cannot even be let out of the small confines in which they are kept for the most part. This means that most people understand that keeping these animals in cages is wrong, even if they are unable to put their feelings into words at the moment.Another great topic about animals in Philosophy essay topics about animals will be taking care of the planet. If you are fortunate enough to live in a place where you have abundant rain, then you will have more free time than most people and will be able to spend more time taking care of the Earth. The more you can do to protect the Earth's natural resources, the more time you will have to work on the issues of a nimals.The final thing you should focus on is that you take advantage of the free time that you have. In this day and age, there are plenty of resources available to you for your research. This includes libraries, books, and even websites that can help you get the information that you need.Additionally, you can use the Internet to your advantage and do your research from the comfort of your own home. You don't have to worry about the long lines that you might encounter at the library. You can do all of your research right at home, so you will not have to waste precious hours going back and forth to get the information that you need.Remember that the topics about animals in Philosophy essay topics about animals will always be about animals in captivity, the way that they are treated in the wild, and the kind of life that they have outside of the circus that they are in. There will be a lot of new information for you to learn, but this is a time to utilize it.Spend some time reading a ll of the specific animal essay topics about animals that you find. Find out exactly what you are supposed to be writing about, and try to incorporate the information that you find into your essay.

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