Saturday, March 14, 2020

Dividend Irrelevance Theory Essay Example

Dividend Irrelevance Theory Essay Example Dividend Irrelevance Theory Paper Dividend Irrelevance Theory Paper Dividend, a periodic payment made to stockholders to compensate them for delaying consumption and for the use of and risk to their investment funds O1. A firms decisions about the dividends are often mixed up with other financing and investment decisions. Some firms pay low dividends because management is optimistic about the firms future and wishes to retain earnings for expansion. In this case the dividend is a by-product of the firms capital budgeting decision. Another firm might finance capital expenditures largely by borrowing. This releases cash for dividends. In this case the dividend is a by-product of the borrowing decision O2. Once a company makes a profit, it must decide on what to do with those profits: either continues to retain the profits within the company, or pays them out to the owners of the firm in the form of dividends. Once the company decides to pay dividends, a somewhat permanent dividend policy may need to be established, which may in turn impact on investors and perceptions of the company in the financial markets. What kind of decision is depended on the situation of the company now and in the future. It also depends on the preferences of current investors and potential investors. Fisher Black (1976) wrote: The harder we look at the dividend picture, the more it seems like a puzzle. Based on our study, this article wont cover all the aspects of Dividend Policy, but from the view of a finance director, it attempts to provide a summary report to Board of Directors, regarding some related issues on dividend policy decision making in UK market. Dividend Theories Theoretically, there are 3 typical extensions trying to explain the relationship of a firms dividend policy and common stock value: Dividend Irrelevance Theory (Miller Modigliani, 1961) O3: which is lately known as MM. This theory purports that, in a world without any market imperfections like taxes, transaction costs or asymmetric information, a firms dividend policy has no effect on either its value or its cost of capital (Figure 1. 1). Investors value dividends and capital gains equally. However, the crucial assumption here is the independence of a companys investment policy from its dividend policy. Investment policy is all that matters, since value of the firm equals present value of future cash flows. How these cash flows are split between dividends and retained earnings are then irrelevant. Given the companys investment policy, dividend policies affects only the level of outside financing required (in addition to retained earnings) to fund new investment and pay the dividend. This means that each dollar of dividends represents a dollar of capital gains lost. According to MM, the only important determinant of a companys market value is its investment policy because it is responsible for the companys future profitability. As a result, it does not matter whether the firm pays out its earnings or not. The basic contention (and recommendation) underlying the MM proposition is that manager should subordinate the dividend decision to investment decisions O4. Optimal Dividend Policy (Gorden Lintner, 1962) O5: Proponents believe that there is a dividend policy that strikes a balance between current dividends and future growth that maximizes the firms stock price. Addresses the investor preference for receiving dividends without selling stock, arguing that a capital gain in the bush is perceived as riskier than a dividend in the hand. Miller Modigliani refer to this theory as the bird in the hand fallacy, suggesting that most investors will reinvest their dividends in the same or similar firms anyway and that in the long run risk is determined by asset cash flows not dividend policy. This theory from Myron Gordon is rather an argument about investment policy than about dividends. What the Bird in the Hand-Theory is really saying is that companies paying low dividends tend to have riskier investments. For this reason and not for the low dividend perse investors discount the earnings of low dividend (and therefore risky) company more heavily. The market discounts future earnings according to the risk of the company, regardless of whether those earnings will be retained or distributed. However, what is important to recognize is that higher risk causes lower dividend, and not the reverse. Dividend Relevance Theory (Graham Dodd, 1988) O6: The value of a firm is affected by its dividend policy. The optimal dividend policy is the one that maximizes the firms value. Since dividends are taxed at higher rates than capital gains, investors require higher rates of return as dividend yields increase. This theory suggests that a low dividend payout ratio will maximize firm value. Results of empirical tests of these theories are mixed and have not led to definitive conclusions. In the less than theoretical real world, companies budget future dividend payments the same way that they budget any other cash outflow such as debt service requirements, capital expenditures, or any foreseeable demand for cash. As a result, when a board of directors sets a general dividend policy, it is often in terms of and always in consideration of projected cash flows not earnings. Thus, the internal policy might well be described as a certain percentage of cash flow, even for companies that express their policy publicly in terms of payout ratios or a percent of earnings In the real world, markets cannot be absolutely efficient or wholly inefficient. Markets are essentially a mixture of both, and daily decisions and events cannot always be reflected immediately into a market; moreover, if all participants were to believe that the market is efficient, no one would seek extraordinary profits, the force that keeps the wheels of the market turning. Semi-strong market efficiency, as indicated by Jack Treynor, holds that the market will not be always either quick or accurate in processing new information. On the other hand, it is not easy to transform the resulting opportunities to trade profitably against the market consensus into superior portfolio performance O7.

Thursday, February 27, 2020

Cover Letter Content on STAR Assignment Example | Topics and Well Written Essays - 1500 words

Cover Letter Content on STAR - Assignment Example I also cited my sources properly using the MLA system. A weakness that I picked out in my assignment was that I could not find a lot of statistics to support my claim and even if I did I could not find a suitable way to put them in. I also had difficulty keeping my composition less wordy The limitation of copying the claim word to word put me in the difficulty of having only a small choice of revisions of paragraphs. I also had to spend a lot of time to verify and find examples. A future strategy that can help me improve my work is to be more efficient with the sort of examples I come in and put in a more focused search method. The claim is â€Å"Unfortunately, because of all the advancements, the internet seems to favor the technologically elite.† The writer uses the topic sentence to open a window into the claim where he/she is trying to establish that despite the improvements computer technology and internet is bringing, it remains restricted to only a set group of people, which is of those who are mentally and financially equipped with using it. The claim appears to be very weak. Firstly, it is backed by a personal example that runs the risk of being subjective and therefore not strong enough. Secondly, a more relevant and typical example would have been to point out someone who dealt with technology on a daily basis but could not keep pace due to rapid advancements. Also, the story of an eighty-four-year-old is too anomalous an example. Thirdly, there is no way to establish that the evidence given is true or not and is not supported by any further explanation than the vague one given. Fourthly, the relevance is very low and redundancy occurs when discussing her favorite newspaper and recliner. Many broad generalizations are used at the one pointing to the retirees. Computer technology has made breakthroughs and continues to grow rapidly.  Ã‚  

Tuesday, February 11, 2020

Effects of Upholding the Traditions Research Paper

Effects of Upholding the Traditions - Research Paper Example The research paper "Effects of Upholding the Traditions" aims to examine the effects, both positive and negative, of traditions in the society. A tradition is a belief mostly manifested through behaviors. Such behaviors are portrayed by members of a group or even a society. These behaviors can be traced from a certain origin and hence given a meaning. This implies that the behaviors practiced are significant to that particular group or society and, therefore, can be explained. This study will analyze the concept of tradition as depicted in the article â€Å"The lottery†. It will specifically look at the effects of traditions in society. It will examine both the positive and negative aspects of traditions. Some of the positive effects are: fostering socialization, enhancing unity, nurturing responsibilities, fostering harmony, passing on of traditional values and enhancing virtues in the society. Some of the negative effects include; acting blindly without questioning, can lead to conflict between the old generation and the new generations, can lead to evils and barbaric actions. The society should identify the positive traditions that lead to positive effects and uphold them. On the other hand, harmful traditions that lead to negative effects should be done away with. Traditions can enhance unity in the society. From the lottery article, this unity is seen when there is concern shown for those who had not arrived for the event; others were late while others did not show up for one reason, or another.

Friday, January 31, 2020

Effects of Cell Phone on Media Essay Example for Free

Effects of Cell Phone on Media Essay The introduction and use of cell phone devices or technologies has transformed everyday practices of people. The role of cell phones the so called portable media devices has gone beyond communication where they are used in complicated multimedia hybrids, personal digital assistants that is PDAs, MP3 players, personal media centres and playing of games (Cary 17). This work therefore examines the effects of cell phone on media together with related or associated issues such as how they are changing the way people interact through watching televisions, advertisement and even reading of articles. Cell phone is being used by people in accessing email and web interface, as game device, MP3 player and digital video camera. The most common one is where people have used the mobile phones to access internet. There are also a number of cell phones that can receive television broadcast over the cellular network. Such cell phones are called phone-game hybrids and include: Nokia’s, N-Gage QD and Samsung’s new arrival that is the SCH-V450 and the Digital multimedia broadcasting handsets (Goggin 39, 2004). Mobile phones have also played a major role in communication, cultural studies and urban design where they are primarily considered as carrier of message or voice-carrier and text message transmission device. In this way cell phones have helped in carrying out advertisements. However, since the current media environment is evolving beyond the primary role of passing information, they are nowadays engaged in a number of functions in which many people view them as Sociotechnical devices, portable and interactive techno spaces which in turn form a variety of media-forms (Gatens 48 and Marvin, 26). Read more:Â  Harmful Effects of Mobile Phones on Students This makes cell-phone become devices which are not only viewed as telecommunication tools but also as transmedia tools. The message being conveyed here is that cell phones are considered both as communication tools and info-mediatic collections within which the technologies and practices of communication, information and media normally interact together. A part from carrying out communication or passing information, cell phones have also been in playing games, taking photographs and downloading materials such as polyphonic ring tones (Everett and Caldwell 53). This has been by the wireless application protocol (WAP) with I-mode technology that enables individuals using cell phone find it easy in downloading materials from the internet using their mobile phones. This was recently launched by the Japan Company called DoCoMo. The use of cell phones in watching news and movies has brought a lot of problems especially on the media industry. The cell phone industry has manipulated the scientific world where pornographic pictures are watched, news and other programs watched on television (Rheingold 175). Customers are lost by the media industry however this has not been proved. . The media industry has raised a lot of question on the problem posed to them by the cell phone industry. The industry looks at the cell industry to be making a lot of money since they loose their customers to them.. Entertainment nowadays can be done through cell phone. Most of the youths more so the adolescent who are the major customers of media industry are nowadays attracted by the cell phone industry (Cary 18, 1992). Games such as Gambling, electronic games, casinos, pod casting and music can be listened to using the cell phones. Cell phone has also promoted business activities. Market research, industry analysis broadcasting and even publishing are carried out using cell phone. Business men and entrepreneurs nowadays use cell phone to advertise their business. This shows that they have shifted their ways of promoting their business through T. V to mobile phones since most people own mobile phones with internet; it is easier for them to access or see the advertisement the moment they log into the internet. Media industry such as televisions that normally offer these programs increasingly face stiff competition from the mobile industry. The use of cell phone in reading novels has made it be referred to as a portable communication media and collection or convergence of technologies. As people use cell phones for reading novels it not only changes the reading habits of people but also changes other media. (Rheingold 161) For example the cell phone novel known as the deep love which was first published as text message was published as a book later(Kasesniemi18). The novel was later on produced and filmed as a movie then made into a television show. Even through the process of changing the cell-phone novel to a book, movie and into television show does not create a new medium. It has also affected other media at the same time. All the other technologies have been merged or conveyed together because of the cell phone (Levinson 132). .Conclusion The effect of cell phone on media is notable in every life. Rheingold (16, 2002) describes cell phone as a handheld communication tool that merges different technologies together. Some of the effects have been noted in reading and downloading of articles online. Online games can be played by the use of phones, movies and news that were initially watched on T. V screens can be watched using cell phones. This has brought a lot of problems on the media industry. As a matter of conclusion it can be said that cell phone has affected the media industry such as movie, film and television in a number of ways, which have been discussed above. Works Cited Crary, Jonathan. Techniques of the observer: on vision and Modernity in the nineteenth century. Cambridge; Mass: MIT Press, 1992. Crary, Jonathan. Suspensions of perception: attention, spectacle and modern culture. Cambridge, Mass: MIT Press, 1992. Everett, Anna and Caldwell J. T (Eds) Theories and Practices of Dijitextuality: New York: Routledge, 2003.

Thursday, January 23, 2020

The Future of Traditional Retailing :: GCSE Business Marketing Coursework

The Future of Traditional Retailing Retailing can be vaguely described as the business of selling goods or services to the final customer. This particular area of business is extremely important to the economy, totaling an estimated three trillion dollars in sales per year. Retailers are in constant battle among themselves to find new and innovative ways to meet the customers’ needs and wants in order to secure a share of the market. There are numerous channels through which retailing can be performed. The most prominent form is the brick-and-mortar operation. This category consists of the physical store locations where customers can go to browse through the selection of merchandise. These operations have been a staple in communities for years past and will most likely remain for years to come. However, their stronghold on the retail industry is being seriously threatened by the extraordinary growth of e-commerce. E-commerce is defined as the business of retailing conducted over the Internet. Although the retailing industry is a driving force behind the economy, its magnitude leaves little room for growth. The industry has reached its maturity, sales have not grown in great proportions, and expansion has slowed (Loeb, May 1998). In addition, the level of competition is at a high. Customers have more choices than ever on how to spend their dollar with the abundance of stores and catalogs (Maruca, Jul/Aug 1999). These conditions have lead retailers to search for a different channel by which to reach consumers. A relatively new development has been the introduction of Internet-based retailing. It is estimated that online sales have tripled between 1997 and 1998, reaching roughly nine billion dollars. With the growing number of households joining the Web each day, projections indicate no signs of slowing down anytime soon (Anonymous, Aug 1999). Interactive retailing can prove to be a real threat to existing businesses. A recent article by Bob Woods discussed a report from Jupiter Communications LLC which â€Å"claims that most of the growth will come at the expense of traditional retailing† (Aug 13, 1999, p. 11). The report goes on to state that a large part of Internet sales is not growth, but a shift in dollars from traditional retail channels. In order to regain lost sales, many brick-and-mortar outlets have ventured into the World Wide Web.

Tuesday, January 14, 2020

Rhetorical Analysis Bittman

The Rhetorical Analysis of the Seriousness of Food Thinking about the importance and significance of food respective to our health, ethnic culture and society can cause cavernous, profound, and even questionable thoughts such as: â€Å"Is food taken for granted? †, â€Å"Is specialty foods just a fad or a change in lifestyle? †, and even â€Å"Is food becoming the enemy. † Mark Bittman, an established food journalist, wrote an article called â€Å"Why take food seriously? † In this article, Bittman enlightens the reader with a brief history lesson of America’s appreciation of food over the past decades.This history lesson leads to where the social standing of food is today and how it is affecting not only the people of America, but also the rest of the world. Bittman attempts to display awareness in his audience by supporting his argument and encouraging his readers to see his perspective through three proofs of persuasion: ethos, logos, and pathos. Bittman’s ethos is immediately realized simply through who his stature. Bittman has been a food journalist for the past thirty two years. Within that time, he has managed to write bestselling books including: â€Å"How to Cook Everything†, â€Å"How to Cook Everything Vegetarian†, and â€Å"Food Matters. He also writes for the New York Times in his own weekly column called â€Å"The Minimalist. † Along with professional experience, there is personal experience. The article opens with Bittman stating, â€Å"Our relationship with food is changing more rapidly than ever, and like many others, I’ve watched in awe. † Bittman has been a food journalist since 1980. Therefore, he has witnessed the ever changing perspective of food in society with an â€Å"unusual† perspective. He has observed and followed the effects of which foods has brought forth to health, media, and the rest of the world.This gives the reader a sense of trust because h e has experienced it first hand. Even with his palpable experience and expertise with food, his ethos is continued throughout the article. Bittman exemplifies his ethos through his use of sarcasm. He says, â€Å"Each year, each month it sometimes seems, there are more signs that convenience, that mid-20th-century curse word, may give way to quality — even what you might call wholesomeness — just before we all turn into the shake-sucking fatties of â€Å"Wall-E. † The movie â€Å"Wall-E† is an extremely recent and popular Pixar film.It is about Earth no longer providing living conditions for life. This causes humans to live in a space craft where robots did essentially everything for them; the result, â€Å"shake-sucking fatties. † Bittman’s use of sarcasm throughout the entire article adds a comic relief giving the reader a sense that Bittman is just a normal funny guy. Along with using his humor, Bittman makes references to well known figu res in today’s society, like â€Å"Wall-E. † By doing this, Bittman shows that he is current and up to date with media and society.He references, â€Å"We were ripe for the Food Network’s Emeril, Rachael, Mario and Bobby, who created a buzz based on celebrity that grabbed not only the middle-aged and the young but also the very young. † Food network is incredibly popular along with the network’s stars that Bittman referenced. Bittman displays that he is well knowledgeable of who is who and what is what in today’s society. Bittman’s ethos is exemplified through his professional and personal experiences, along with his humor and up to date knowledge of media. Bittman goes on to establish logos through structure.He begins with a quick introduction of who he is and discloses the problem of society’s relationship with food and it â€Å"changing rapidly. † Bittman then presents a brief history lesson starting with before the 1 950’s leading to today. He says, â€Å"Until 50 years ago, of course, every household had at least one person who took food seriously every day. But from the 1950s on, the majority of the population began contentedly cooking less and less, eating out more and more and devouring food that was worse and worse, until the horrible global slop served by fast-food and â€Å"casual dining† chains came to dominate the scene.One result: an unprecedented rise in obesity levels and a not-unrelated climb in health-care costs. † Bittman continues to go through each decade presenting new facts about what was the â€Å"thing† or â€Å"latest fad† at that time. For example he says, â€Å"Of course, food continues to be fetishized;  organic food  has been commodified; the federal government subsidizes almost all of the wrong kinds of food production; supermarkets peddle way too much nonreal food (â€Å"junk food† or, to use my mother’s word, â₠¬Å"dreck†); and weight-loss diets still discourage common-sense eating. By individually going through each decade, it helps the reader see the evidence Bittman presents. It then furthers what society’s relationship towards food has evolved into. Also, it allows the reader to understand and relate. The reader, depending on their age, can mentally travel back to previous decades and think back to instances they remember experiencing themselves. Bittman establishes logos through structuring a time line for the reader to understand and relate to. Lastly Bittman exerts pathos through his mood and tone. The mood of the article transfers into awareness and humorous but possibly the actual reality.The reader can distinguish Bittman’s attempt to raise awareness for the topic from his presentation of what he believes to be the real issues, â€Å"The real issues — how do we grow and raise, distribute and sell, prepare and eat food? And how do our patterns of doing t hese things affect the rest of the world (and vice versa)? — are simply too big to ignore. † By Bittman directly pointing out what the â€Å"real issues† are, the reader is automatically more aware of the problems with food. The reader now ponders what they can change and do or learn to help relinquish the issues at hand.Bittman continues to raise awareness, more so in a comical way, when he states: â€Å"This has led  many Americans to think as much about food as they do about â€Å"Survivor† or the  N. F. L  Ã¢â‚¬â€ which is to say a lot — and its preparation is no longer limited to what was once called a housewife. † Bittman’s is saying this too purposely so the reader has an eye opener moment, while others may get a chuckle out of it. Either way, Bittman is trying to compel the reader to be conscious of what the importance and significance of food has become. Bittman uses his sarcasm to enforce awareness upon the reader.Bitt man’s tone throughout the article ranges from sarcastic to passionate to a want for change. He says, â€Å"I’ve never been more hopeful. (In fact, I was never hopeful at all until recently. )† Bittman is stating that he believes there is potential for change and people are realizing that food needs to be taken seriously. He continues to express his sense of humor intermixed with his passion and hope for change when he concludes the article with, â€Å"Perhaps just in time, we’re saying, â€Å"Hold the shake,† and looking for something more wholesome. † Bittman is ending the scene and leaving the reader with something to ponder.Bittman sets his tone and the mood of the article to leave a lasting impression on the reader. Mark Bittman used the three proofs of persuasion to better appeal to his audience. He exemplifies ethos by using his professional and personal experiences. Bittman then moves on to establish logos through the structure of a t ime line of facts for the reader to understand and relate to. Lastly, Bittman creates pathos with his spewing emotion of passion, awareness, and sarcasm. He portrays these emotions through his tone and mood. Bittman uses the three proofs of persuasion to open the readers eyes to the seriousness of food.

Monday, January 6, 2020

The Importance Of Water Pollution - 1575 Words

Water pollution is a serious environmental issue worldwide. 1 Water is one of the most valuable resources on our planet; having clean water is vitally important for our survival. Here in the United States, the Clean Water Act of 1972 was very successful in reducing point sources of water pollution; however, it has been ineffective in reducing nonpoint sources of water pollution (Manuel, 2014). Nitrogen and phosphorous that originate from agricultural sources, such as manure and inorganic fertilizer, are contributing to nonpoint source pollution of our waterways. Also referred to as nutrient pollution, this issue is created by the runoff of excess nutrients into waterways and the effects of this can reach hundreds or even thousands of miles†¦show more content†¦This leads to a great amount of oxygen in the water being consumed by the algae as it decomposes, potentially leading to hypoxia, or dead zones, which can kill nearly all aquatic organisms (Manuel, 2014). An example of this is in the Gulf of Mexico at the mouth of the Mississippi River, with a dead zone of nearly 5500 square miles (Manuel, 2014). HAB’s can also impair bodies of water that serve as a source of drinking water, such as in Toledo, Ohio, where residents were faced with not having a safe source of water (Manuel, 2014). According to the USDA (2015), this sort of problem is widespread. Nutrient pollution can also be seen due to accidental leakages of manure, with many reported instances locally. In a recent occurrence of this, manure leaked from a broken pipeline into a nearby stream, ending up in a nearby lake, potentially polluting groundwater and lake water, both local sources of drinking water. There are many threats to human health from HAB’s, including: 2 stomach cramps, vomiting, nausea, diarrhea, fever, headache, skin irritation, muscle and joint pain, blisters of the mouth, and liver damage (Manuel, 2014). If the toxins become airborne, respiratory illnesses have also been reported (EPA, 2015). At Grand Lake St. Marys, Ohio, which is a source of drinking water, it was reported that there were 23 cases of human illnesses and dog deaths due to HAB’s in 2011 (EPA, 2015). In Sarasota County, Florida, 218 emergency room visits have been reportedShow MoreRelatedThe Importance Of Water Pollution1166 Words   |  5 PagesIt is known that water is the most common and necessary thing in our daily life. There is a metaphor which says that people are made by water. However, currently, water has been gradually become a luxury thing. Obviously, sometimes you can divide people into different classes according to what kind of water they drink. That’s the core tru th about the water pollution. Persons become more and more care about the quality of the water. Why water matters? 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