Residential Development Growth Issues

Residential Development Growth Issues Samantha Valencia 1. In the face of an increase in demand for new residential development, what are the key growth management issues a City should consider? In the face of an increasing demand for new residential development, cities can look to a few infrastructure issues to be considerate of, as well as key revenue sources to help raise enough infrastructure funds to manage future growth. Smart growth, which pertains to high-density development located in urban areas and near transit routes, is an approach cities can consider when attempting to mitigate impacts to infrastructure as the population increases, as well as providing new housing units that cities statewide are currently lacking. Smart growth will become more and more important for a city in order to manage the influx of cars, pedestrians and transit riders. However, they will need to be implemented in areas that make sense, such as high-density locations near transit routes and close to commercial areas and office parks. In the city of San Diego for example, there have been grand smart growth plans, particularly in Mission Valley and 4S Ranch. Although proponents have not yet been able to consider them successful smart growth plans. Several reasons for this include sprawling yet empty parking lots, large shopping centers with few shoppers and far distances to public transit. Similar to smart growth, cities can also begin thinking more about zoning regulations and potential changes that need to be made to implement more mixed-use development, which combines residential and commercial spaces. This sort of development can either be â€Å"horizontal† (development on a large site with multiple buildings) or â€Å"vertical† (development in a single structure), and would benefit many cities with increasing populations, with demand for housing near bustling business centers. When implementing mixed-use development, not only are zoning and coding issues a concern, but coding may also need to be revised to include parking regulations, and noise and light restrictions to accommodate both residential and commercial tenants (Fulton, W., 2004). In addition to smart growth and mixed-use development, California cities should look to resuming redevelopment as another key approach to managing growth. Since Governor Brown closed all redevelopment agencies statewide in 2011, the state has fallen short in its affordable housing offerings. During healthier economic times, redevelopment agencies were producing up to 200,000 new affordable housing units a year, while in 2014, the number of new units is not even half that number (Musiker, C., 2014) According to Susan Tinsky, former executive director of the San Diego Housing Federation, â€Å"redevelopment agencies have been the best local vehicles to fund affordable housing† (2011). With the constant budget and housing crises, redevelopment would serve as a solution for both. Redevelopment would not only provide much-needed affordable housing but would also stimulate the economy with job growth. Tinsky also notes that â€Å"for every 100 units of affordable housing built, 122 local jobs are generated during construction and 32 permanent jobs after completion† (2011). To help fund these infrastructure costs for redevelopment and smart growth, cities would need to develop new revenue sources. The city of San Diego, for example, does not currently collect fees for refuse pick up at approximately 285,000 homes located on public streets. The city’s fiscal year 2015 budget allocates $47.3 million to costs associated with collection services for refuse, recycables and green waste (Modica, Jr. et al, 2014). A large portion of that amount is funded through the General Fund and is allocated towards refuse collection (approximately $31.3 million) (Modica, Jr. et al, 2014). If the city began to charge households a fee to help recover costs for collection services, it would result in a minimal fee of approximately $13.83 a month (Modica, Jr. et al, 2014). Once these monthly fees are in place, the $31.3 million currently used to subsidize costs for trash pick-up could be used for other services that are underfunded, including infrastructure projects or public services. Two other areas of potential taxation include rental or purchase of goods and services, including parking lot fees, utility user taxes and parking occupancy fees, to name a few. Currently, California taxes just 21 services, compared to New Mexico, Hawaii, South Dakota and Washington, all of which tax more than 140 services (California Commission on the 21st Century Economy, n.d.). These new revenue streams could help fund housing infrastructure needs for cities as the population continues to grow. Lastly, the California Environmental Quality Act (CEQA) is another item policymakers should be mindful of when attempting to build affordable housing and other residential developments at the local level. Many neighborhood councils, environmentalists and other organized groups protest residential building plans on the basis of CEQA, acting as an obstruction to the developers, for various reasons. Oftentimes, groups opposing a project, including affordable housing projects, file frivolous lawsuits in attempts to delay progress, only to add costs to the developers by engaging in lawsuits and delaying construction. This in turn has lead developers to focus less on affordable housing projects and more on luxury apartment buildings and other upscale projects, as the return on investment is higher and financial losses are perceived to be less if CEQA protests are encountered. There are many issues cities should consider in order to successfully manage a growing population. Several of these approaches that were discussed have been in progress over the past years and there should be considerable effort to make serious progress in these areas in the near future. 2. What are the three most significant political reforms you would recommend to Governor Brown? Three significant political reforms I would recommend to Governor Brown include modifications to Proposition 13, reforms to the California Environmental Quality Act and reforming the tax code. Reforms to these three areas may help solve the state’s imminent infrastructure crisis. The current California Constitution requires a two-thirds supermajority in order for the state legislature to raise taxes. Part of the reason why efforts to repeal this supermajority, as mandated in Prop 13, have failed in the past is due to taxpayers’ perceptions. Proponents of the repeal argue that rather than looking at tax hikes as a punishment, it should be looked at as much-needed revenue increases for public services and programs, such as education, that have been slashed due to lack of funds. Implemented through Proposition 13, the high approval rate makes it hard for infrastructure and public service funding to pass. Since Prop 13 has passed, local municipalities have been strained ever since with limited funding as a result of limited revenues collected from property taxes. With decreased funding, cities and counties in turn reduce public services. Even though the state spent almost three-quarters of state revenue on local governments, in an effort to help alleviate the loss of funding from property taxes, â€Å"local administrators no longer have much incentive to spend it efficiently† (Kluth, A., 2011). Local cities now look for other ways to raise revenue, even if those means are not perceivably beneficial to the residents, including the fiscalization of land use. Now that cities are left to rely increasingly on sales taxes to supplement lower revenue sources, they are more likely to zone land for commercial areas in order to collect more sales tax. California sales tax rates are some of the highest nationwide, and coupled with land use decisions, sales tax can be an effective way to raise lost revenue. Two most ways to do this are through â€Å"big-box† retail stores, such as Wal-Mart and Target, and through car dealerships. Cities â€Å"choose to encourage these types of development over residential development, which generates sales tax only to the extent that the new residents shop in the same city in which they live† (Chapman, 1998). Furthermore, cities have encouraged development of shopping malls, upscale homes and new hotels. Luxury homes would lead to higher property tax rates, leaving a current deficiency in the market for affordable housing. Reforms to Prop 13 and property tax restrictions could help cities and local g overnments raise enough funds to continue providing crucial public services and updating aging infrastructure. Another area for reform, which hinders infrastructure and residential development, is the California Environmental Quality Act (CEQA). Protecting the environment and natural resources, while still promoting economic growth is a constant goal for the state. However some argue that CEQA is a huge deterrent to this goal, which leads to the need to update the law with simpler language and clear requirements, eliminating duplicative processes and restricting last-minute challenges (Editorial Board, 2014). CEQA is often used as a way to disrupt projects â€Å"for reasons that have nothing to do with protecting the environment† (Villaraigosa, A. Reed, C., 2013). There is a need to overhaul the CEQA process to simplify and streamline the requirements. Many lawsuits are brought forth, on the basis of CEQA, in an effort to stop growth projects. Lawsuits against infill development projects, including â€Å"expansion and improvement of public transit and bicycle facilities, affordable housing, schools, hospitals, and all manner of public works†, submitted to appellate or California Supreme Court between 1997 and 2012, included nearly 60% of suits filed against these types of projects, and nearly 40% were filed against public works projects, including schools, universities and roads (Villaraigosa, A. Reed, C., 2013). CEQA may be a culprit in delaying economic growth for the state as well. The recent discussions to build a Tesla Motors factory in the Bay Area were unsuccessful, leading the company to build the factory in Nevada instead. The factory will cost $5 billion to build and will produce 6,500 jobs; something the state could have benefitted from (Editorial Board, 2014). Although there were discussions to limit pre-build environmental requirements and allowing Tesla to build the factory first then discuss environmental mitigations after, the company decided to build elsewhere (Editorial Board, 2014). Lastly, tax code reform is needed to ensure the future economic health of the state. According to the Think Long Committee for California, nearly $1 trillion that is, roughly half of the states economic output is not taxed (Think Long Committee for California, 2011). This output includes primarily services and information activities (Think Long Committee for California, 2011), and leaves a major gap in the state’s budget. Professional services, such as â€Å"legal, consulting, accounting or architectural services† are all opportunities for future revenue streams. The Think Long Committee suggests bringing in new revenue flows through a tax rate of 5 to 5.5% on services, while also reducing personal income taxes, in order to reduce the state’s budgetary debt. Revenues collected from these new taxes would bring in much-needed funding for the future growth of the state. References Editorial Board. (2014, September 5). Loss of Tesla factory should put a charge in CEQA  reform: Editorial. Los Angeles Daily News. Retrieved from http://www.dailynews.com/opinion/20140905/loss-of-tesla-factory-should-put-a-charge-in-ceqa-reform-editorial Fulton, W. (2004, February 1). Mixed-Use Projects Require Planners To Rethink Zoning  Standards. California Planning and Development Report. Retrieved from  http://www.cp-dr.com/node/651. Kluth, A. (2011, April 20). The People’s Will. The Economist. Retrieved  from http://www.economist.com/node/18563638. Modica, Jr., C. E., Kawar, J., Tevlin A. (2014). Revenue Options to Address Critical  Infrastructure and Affordable Housing Needs. San Diego, CA: Office of the Independent Budget Analyst. Musiker, C. (2014, February 26). Did the end of California’s redevelopment agencies hurt  affordable housing? KQED. Retrieved from http://ww2.kqed.org/news/2014/02/24/redevelopment-hurt-affordable-housing/ Public Policy Institute of California. (1998). Proposition 13: Some Unintended  Consequences. San Francisco, CA: Jeffrey I. Chapman. Think Long Committee for California. (2011). A Blueprint to Renew California. Santa Monica,  CA: Nicolas Berggruen. Tinsky, S. (2011, February 27). Redevelopment critical to affordable housing. UT San Diego.  Retrieved from http://www.utsandiego.com/news/2011/feb/27/redevelopment-critical-to-affordable-housing/. Villaraigosa, A. Reed, C. (2013, April 24). Antonio Villaraigosa and Chuck Reed: Fix the  California Environmental Quality Act now. Los Angeles Daily News. Retrieved from http://www.dailynews.com/general-news/20130425/antonio-villaraigosa-and-chuck-reed-fix-the-california-environmental-quality-act-now.

Pigman

Now Lorraine can blame all the other things on me, but she was the one who picked out the Pigman's phone number. If you ask me, I think he would have died anyway. Maybe we speeded things up a little, but you really can't say we murdered him. Not murdered him. (ch 1, pg 13) In fact, if Lorraine felt like saying one of us murdered Mr. Pignati, she should have blamed Norton. He's the one who finally caused all the trouble. (ch 1, pg 14) Everything that happened from then on [after they visit Mr. Pignati in the hospital] Lorraine blames me for, and maybe she's right. ch 14, pg 121) Finally I managed to lift my head and saw Mr. Pignati at the door. He was just standing there looking down at me, and there was no smile on his face. No smile at all. That's when I passed out. (ch 13 pg 114) â€Å"In fact, the thing Lorraine and I liked best about the Pigman was that he didn’t go around saying we were cards or jazzy or cool or hip. He said we were delightful . . . † (ch 2, pg 24) â€Å"Baboons. Baboons. They build their own cages, we could almost hear Mr. Pignati whisper, as he took his children with him. (ch 15, pg 149) â€Å"But I gave up all that kid stuff now that I’m a sophomore. The only thing I do now that is faintly criminal is write on desks. † (ch 1, pg. 3) â€Å"Would you like a glass of wine? † Mr. Pignati offered, straightening up a few things in the living room. It was great how happy he was to see us. I can't remember Bore, or my mother either for that matter, ever looking happy to see me, let alone when I came into the house with a friend. (ch 7, pg 56) John is trying to understand his and Lorraine's role in Mr. Pignati's death.He seems undecided about their degree of responsibility If Norton's actions were the final, most immediate cause of Mr. Pignati's final illness and death, does this mean that only Norton is responsible? John still stops short of accepting full responsibility for the disaster of the party and its effect on Mr. Pignati This is a moment of horror for John, when Mr. Pignati returns from the hospital unexpectedly and sees the damage to his house and, most of all, his pig collection. This is one of the very few times that Mr. Pignati doesn't greet John with a big smile.That john doesn’t like old people to go around saying cool sayings. That the baboon was somehow connected to the Pigman. That he somewhat thinks of himself as a grown up There is an enormous contrast between the lack welcome Lorraine and John feel in their own homes and the incredibly welcome Mr. Pignati gives them. We still pretended we were John and Lorraine Pignati because only members of the immediate family were allowed to visit. (ch 11,pg 105) I think cemeteries are one of the loveliest places to be—if you're not dead, of course.The hills and green grass and flowers are much nicer than what you get what you're alive. Sometimes we go there at midnight and hide behind stones to scare the @#$% out of each other. (ch 7, 55) By the time we left, I was so glad to see the outside world I thought I had been in prison for seventy-three years. The smell of hospitals always makes me think of death. In fact I think hospitals are exactly what graveyards are supposed to be like. They ought to bury people in hospitals and let sick people get well in the cemeteries (ch 11, pg 104)The position of Mr. Pignati's head on the floor made his face look a little like my father's and I didn't like the feeling it gave me. Up until then I had never been particularly disturbed about seeing a corpse—even when I'd have to sit for an hour or so at a funeral parlor when some relative had died. (ch 15,pg 148) â€Å"No, no, no,† she said in her best grating voice, all the while shining the coffee table in our sparkling living room, which sparkles because nobody's allowed to live in it. She's got plastic covers on everything.I mean, I like my Mom and all that, but she runs around like a chicke n with its head cut off. (ch 5, pg 28) The house [Mr. Pignati's] had a nice warm smell to it. We had to walk through a hall that had a lot of old junk stored in it, and then we went into this living room that had all that old kind of stuffed furniture with lace things that cover the arms so you don't wear them out. (ch 5, pg 31) I didn't want anyone really to take advantage of the old man. Some people might think that's what I was doing, but not the way Norton would have. ch 5, pg 35) That John and Lorraine are so use to the Pigman that they act like his own children John and Lorraine have figuratively assumed the identities of Mr. Pignati's â€Å"children,† and now they assume these identities literally Ironically, John feels more at home in cemeteries than in his own home. John demonstrates the originality of his thought. His reflection that hospitals are deathly and cemeteries are peaceful and full of greenery actually makes sense That the Pigman looked like his Dad and he even worried about his dad dieingJohn describes a living room, which, ironically, no one is allowed to live in Mr. Pignati's house is a complete opposite to John's. It has a nice warm smell, not a disinfectant smell; it is cluttered with old junk, not obsessively neat; and it has a comfortable living room with comfortable furniture, not covered with plastic. This sure seems like another instance where John is trying, successfully, to convince himself that taking money from an old man under a false pretext is not taking advantage of him.

Defeats but not Defeated in The Parrot in the Oven by...

Maya Angelou once said â€Å"You may encounter many defeats, but you must not be defeated. In fact, it may be necessary to encounter the defeats, so you can know who you are, what you can rise from, how you can still come out of it.†(http://www.great-inspirational-quotes.com/maya-angelou-quotes.html) Most of these defeats that we encounter come from our choices, and whether they are good or bad, we learn something from them. Accordingly, Manny Hernandez, the hard-working, perceptive title role in the Parrot in the Oven by Victor Martinez, has his fair share of difficulties thrown his way: difficulties that show him who he is, and how to become the best person he can- a vato firme. To start, guns and violence have a strong impact on Manny’s†¦show more content†¦To Manny, the gun seems to represent power and strength, and until this incident, owning and using a rifle seems like the way to become a man of respect. As a result of this experience, Manny realizes tha t the violence in his life puts the lives of those he loves in danger and is not a way to gain proper respect, but rather a way to be feared. Also, Manny will do almost anything to become better than the society that he lives in, even if it means getting a girl. When he tells his friend Frankie about this, Frankie says he knows how to get both. That night, Frankie introduces Manny to a gang, made up of four guys and two girls. The leader, Mondo, says that if Manny can endure a challenge, then he will be inducted into the gang and be able to make out with a girl. With that as the only warning, one by one, all the members of the gang, except Frankie, started beating Manny up, even the two girls. Later, bruised and hurting from head to toe, the gang inducts Manny and lets him make out with one of the gang’s girls. All in all, Manny truly believes that the only way to become respected in his society was to get involved in a gang , since gangs and bullies rule their society, threa tening and resulting to crime every chance they get. Girls, to Manny, also signaled a man of respect because only the strong men have a lady, and most of them belonged in a gang. Therefore, Manny thinks this is the ticket to becoming a respected

Legal Measures Within The Criminal Justice System

In Australia, the criminal justice system is largely effective in achieving justice for individuals however due to the difficulty in simultaneously balancing the rights of the victim and accused, law reform may be necessary to further the achievement of justice. The criminal justice system is a set of laws and rules that are established by the government to assist in protecting the members of the community and their property. The criminal justice system is also set in today’s society to prevent crime and to impose penalties on those who violate the law. Legal measures within the criminal justice system include; court mechanisms, legislative reform and police. The efficacy of legal measure in achieving justice for individuals is evident in relation to; bail and remand, juries, double jeopardy, police powers in arrest and mandatory sentences. Bail and remand is controversial in terms of achieving justice for individuals as the accused’s rights are often in conflict with the rights of the victim and vulnerable members of society. Bail refers to the temporary release of an accused person awaiting trial, until the courts determine their case. On the contrary, remand is a special type of detention that allows for the accused person to be held in custody for the period between being charged and facing trial. Conditional bail refers to bail granted with additional requirements such as a reporting to the police on a regular basis, forfeiture of a passport, restrictions andShow MoreRelatedLegal - Effectiveness of the Criminal Justice System1111 Words   |  5 PagesWithin the criminal justice system discuss the effectiveness of legal and non-legal measures in achieving justice. 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The Test Of Personality Assessments - 1732 Words

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Capital Structure Free Essays

CAPITAL STRUCTURE Q1. Which of the following statements is/are correct? (MRQ)The cost of equity is higher than the cost of debtWACC is inversely proportional to the market valueAn increase in the cost of equity leads to an increase in share price Debt is less risky as interest is always received but paid at last in an event of liquidation (2 marks) Q2. Which of the following statements is not a part of the traditional theory of capital structure? (MCQ)There must be no taxes as it’s a perfect capital market As the gearing level increases it’s an indication of an increase in the cost of debt When the cost of equity increases the effect is translated on to the gearing level of the company resulting in its decreaseThe WACC will be at optimum when the market value of the company is at its lowest (2 marks) Q3. We will write a custom essay sample on Capital Structure or any similar topic only for you Order Now The Manager of Alpha believes that there is an optimal balance of debt and equity. The Manager of Zeta believes that the gearing decisions have no effect on the business value. Which theories are the managers relating to? (PD)Manager Alpha Manager Zeta MM THEORY(with Tax) MM THEORY(without Tax) TRADITIONAL THEORY(2 marks) Q4. Select the appropriate option in relation to the capital market. (HA)Taxes are inapplicable PERFECT MARKET IMPERFECT MARKETHigh chances of bankruptcy PERFECT MARKET IMPERFECT MARKETBorrowing is up to a limited level PERFECT MARKET IMPERFECT MARKET(2 marks) Q5. Which of the following relates to the high level of gearing? (MRQ)Agency CostTax ExhaustionDifferences in risk tolerance levels between shareholders and directorsNo borrowing limits are specified(2 marks) Q6. Bache Co. leaves its operating risk unchanged after including the increased debt finance in its capital structure. Which of the following correctly describes the effect on the company’s cost of capital and market value assuming perfect capital market with corporation tax? (HA)WACC INCREASE DECREASE UNAFFECTEDCost of Equity INCREASE DECREASE UNAFFECTEDTotal market value INCREASE DECREASE UNAFFECTED(2 marks) Q7. Rearrange the hierarchy of sources of finance for Pecking Order Theory? (P;D) Preference Shares 1Equity Finance 2Straight Debt 3Retained Earning 4Convertible Debt 5(2 marks) Q8. Quarto Co is considering acquiring Datum Co. Quarto Co wants to use its own cost of capital but is confused as in which circumstances their weighted average cost capital will remain unchanged. Which of the following is/are appropriate circumstances? (MRQ)Historic proportions of debt and equity are not to be changedOperating Risk of the company remains unchangedThe acquired company is small that any changes are insignificantProjects are financed from a pool of funds(2 marks) Q9. Eduardo Co is an all-equity financed company which wishes to invest in the new project in a new business area. Its existing equity beta is 1.4. The debt to equity ratio is 35% and 65% respectively ; the average equity beta for the new business area is 1.9. The government security in the market gives a return of 4% and market risk premium is 3%. If the tax is ignored, what is the risk-adjusted cost of equity for the new project using the capital asset pricing model? (MCQ) 6.73%7.71%8.2%9.7%(2 marks) Q10. Identify the weaknesses of risk-adjusted the weighted average cost of capital? (MCQ)It is difficult to identify similar operating characteristics of other firms Estimates of beta are wholly accurate Betas may differ due to debt capital being risk-free It ignores earning a potential of the company (2 marks)Q11. Arco Co has an equity beta of 0.89 and it is being considered to be acquiring by Draco Co. Arco Co is financed by 79% equity and Draco Co is financed by 80% equity. Calculate the Risk-adjusted beta if the tax rate in the market is 30% up to two decimal places? (FIB)4521202667000Be (2 marks) Q12. What is the correct procedure for calculating risks adjusted the weighted average cost of capital? (P;D)Converting proxy asset beta into risk-adjusted beta using investing company capital structure 1Calculate the risk-adjusted weighted average cost of capital 2Converting proxy equity beta into asset beta 3Calculate the risk-adjusted cost of equity 4(2 marks) Q13. Tito ; Toto are identical in every respect apart from their capital structure. Tito has a debt: equity ratio of 1:4 and an equity beta of 1.6. Toto has a debt: equity ratio of 2:6. Corporation tax is 30%. What is an appropriate equity beta for Toto? (MCQ)2.563.934.224.51(2 marks) CAPITAL STRUCTURE (ANSWERS) Q1. The cost of equity is higher than the cost of debt ; WACC is inversely proportional to the market value are correct statements.An increase in the cost of equity leads to a decrease in share price rather than increasing the share price as WACC increases market value decreases, hence incorrect Debt is less risky as interest is always received but paid at last in an event of liquidation. In the event of liquidation banks are paid first as they are creditors with fixed charges, hence statement is incorrect. Q2. DThere must be no taxes as it’s a perfect capital market (Correct)As the gearing level increases it’s an indication of an increase in the cost of debt (Correct) When the cost of equity increases the effect is translated on to the gearing level of the company resulting in its decrease (Correct) The WACC will be at optimum when the market value of the company is at its lowest. The market value should be at its highest to make WACC at the optimum level which it is at the lowest, hence the statement is incorrect Q3. Manager Alpha TRADITIONAL THEORYManager Zeta MM THEORY(without Tax)Traditional theory states that WACC will be optimum when it’s at the lowest pointMM (with Tax) states there is no need for a balance of equity and debt assuming 100% gearing is optimal MM (without Tax) states WACC is unaffected as the benefit received from debt cancels with the cost of equity Q4.Taxes are inapplicable PERFECT MARKET High chances of bankruptcy IMPERFECT MARKETBorrowing is up to a limited level IMPERFECT MARKET Q5.Agency Cost: Providers of debt finance are likely to impose restrictive covenants hence is a problem due to high gearing (Correct) Tax Exhaustion: As companies increase their gearing they may reach a certain point where there are not enough profits from which to obtain all available tax benefits hence is a problem due to high gearing (Correct)Differences in risk tolerance levels between shareholders and directors: The directors have high risk in the company rather than shareholders as they have well-diversified portfolios hence is a problem due to high gearing (Correct)No borrowing limits are specified: Restrictions are specified in the articles of association for company’s ability to borrow hence the statement is not related to high gearing (Incorrect) Q6. WACC DECREASE Cost of Equity INCREASE Total market value INCREASE In a perfect capital market, the theories of Modigliani ; Miller on gearing apply Q7.Retained Earning 1Straight Debt 2Convertible Debt 3Preference Shares 4Equity Financing 5 Q8. All options are correct as under all circumstances the company can use its own weighted average cost of capital. Q9. B(A) De-gearing the equity beta of Eduardo Co Ba= 1.4 Ãâ€" 0.65 = 0.91Ke= 4 + (3 Ãâ€" 0.91) = 6.73%(B) De-gearing the equity beta of the new business gives Ba= [0.65 à · (0.65+0.35)] Ãâ€"1.9 = 1.235Ke= 4 + (3 Ãâ€" 1.235) = 7.71% (C) Using equity beta of Eduardo Co. Ke= 4 + (3 Ãâ€" 1.4) = 8.2%(D) Using the de-geared average equity beta Ke= 4 + (3 Ãâ€" 1.9) = 9.7% This means the new average equity beta for the new business area was not de-geared Q10. AIt is difficult to identify similar operating characteristics of other firms (Weakness) Estimates of beta are wholly inaccurate Betas may differ due to debt capital not being risk free It ignores earning potential of the company (Disadvantage of DVM) Q11. Be = 0.88Ba = [79 à · (79 + (21 Ãâ€" {1-30%})] Ãâ€" 0.89 = 0.750.75 = [80 à · (80 + (20 Ãâ€" {1-30%})] Ãâ€" Be Be = 0.88 Q12. Converting proxy equity beta into asset beta 1Converting proxy asset beta into risk-adjusted beta using investing company capital structure 2Calculate the risk-adjusted cost of equity 3Calculate risk-adjusted weighted average cost of capital 4 Q13. CBa = [4 à · (4 + (1 Ãâ€" {1-30%})] Ãâ€" 1.6 = 1.361.36 = [2 à · (2 + (6 Ãâ€" {1-30%})] Ãâ€" Be Be = 4.22 How to cite Capital Structure, Papers Capital structure Free Essays A review of capital structure theories 1. 0 Introduction One of the most contentious flnancial issues that have provoked intense academic research during the last decades is the theory of capital structure. Capital structure can be defined as a ‘Mix of different securities issued by a firm’ (Brealey and Myers, 2003). We will write a custom essay sample on Capital structure or any similar topic only for you Order Now Simply speaking, capital structure mainly contains two elements, debt and equity. In 1958, through combining tax and debt factors in a simple model to price the value of a company, Modigliani and Miller firstly begin to explore a modern capital structure theory, and their work inspired this area study. However, the MM theory has no practical use because It lacks of direct guidance for companies to determine capital structure In real Ilfe (Baxter, 1967; Sarlg and Warga, 1989; Vernimmen et al, 2005). During the past years, researchers strived to establish a more reasonable capital structure theory that can be put into practices efficiently, and they attempted to expand debt ratio and tax advantage factors Into a new area. Myers (1984) states that only practical capital structure theories, which Introducing adjustment cost that includes agency cost and information asymmetry problems, ould provide a useful guidance for firms to determine their capital structure. However, from recent studies, Myers (2001) believes that how information differences and agency costs Influence the capital structure Is still an open question. From this perspective, it is very important to review the development of these two factors which make theoretical research having a strong relationship with reality. Thus, this project will summarize the capital structure theories orientated by agency cost and asymmetric Information from extant literature. Also some gaps and conflicts among heories of capital structure will be found and discussed In order to further Improve this area study. The rest of this project is arranged as follows. Section 2 will present the theories based on agency costs that causes the conflicts between equity holders and debt holders or managers. Section 3 will Illustrate from two areas, Interplay of capital structure and Investment, followed by signal effect of debt ratio, to show the theories based on asymmetric information. In conclusion, Section 4 will summarize the entire essay and suggest further research direction of capital structure theory. 0 Capital structure theories based on agency costs Although Berry and Means (1931, cited in Myers, 2001) state an adverse relationship between the separated ownership and corporate control status, it commonly admits that Jensen and Meckling (1976) firstly conducted the research in how agency costs determine capital structure (Harris and Ravlv, 1991 Over the past decades, researchers have tried to add agency costs to capital structure models (Harris and Raviv, 1991). The perfect alignment between fi rm investors and firm agencies, such as managers, does not exist (Myers, 2001 ). According to Jensen and Meckling (1976), company agents, the managers, always emphasize on their own interests, such as high salary and reputation. Also these company agents use ‘entrenching investments’, which make the asset and capital structure orientated by the 1 OF3 company holders (Chen and Kensinger, 1992). However, Myers (2001) believes that the firm holders can reduce such transferred value through using different kinds of methods of control and supervising, but he further points out the weakness that these methods are expensive and reduce returns. As a result, the perfect monitoring system is out of work, and agency costs are produced from these conflicts. According to Jensen and Meckling (1976), the conflicts between investors and agencies are generally divided into two types. The first conflict occurs between debt holders and equity holders, and the second conflict is from between equity holders and managers. Consequently, all the capital structure theories based on agency costs can be also classified based on these two conflicts. In the rest of this section, each individual conflict will be separately discussed. 1 Conflicts between Debt holders and Equity holders Jensen and Meckling (1976) point out that agency costs problems happen in determining the structure of a firms’ capital when the conflict between debt holders and equity holders is caused by debt contracts. Similar to Jensen and Meckling’s conclusion, Myers (1977) observes that since equity holders bear the whole cost of the investment and debt holder s get the main part of the profits from the investment, equity holders may have no interest in investing in value-increasing businesses when ompanies are likely to face bankruptcy in the short term future. Thus, if debt occupies a large part of firms’ capital, it will lead to the rejection of investing in more value-increased business projects. However, in 1991, Harris and Raviv cast a contrasting opinion to adjust the capital structure theory based on this conflict. They point out that most debt contracts give equity holders a push power to invest sub- optimally investment project. If the investment fails, due to limited liability, debt holders bear the consequences of a decline of the debt value, but equity holders get ost of yields if the investment could generate returns above the debt par value. In order to prevent debt holders from receiving unfair treatment, equity holders normally get less for the debt than original expectation from debt holders. Thus, the agency costs are created by equity holders who issue the debt rather than debt holders’ reason (Harris and Raviv, 1991). Tradeoff capital structure theory has a basic and strong relationship with this type of agency costs. However, different researchers hold various explanations of the relationship. Myers (1977) points out the debt cost eason, Green (1984) announces that convertible bonds can reduce the asset substitution problem which comes from the tradeoff theory, Stulz and Johnson (1985) consider about collateral effect. In the end, only Diamond model (1989) is widely accepted. If Equity holders do not consider reputational reason, they are willing to trade relatively safe projects, but this activity will lead to less debt financing (Diamond, 1989; Mike et al, 1997). Diamond model (1989) assumes two tradeoffs, risky and risk-free, to show that the debt repayment should consider both possible nvestment plans. Furthermore, Mike et al (1997) use empirical evidence to indicate how to use debt to trade off these two optional investment plans. Moreover, in 1991, Harris and Raviv expanded Diamond’s model to three investment choices. They point out that one choice of investment can only contain the risk-free project, one option In fact, since the reputation factor is vital for a manager, managers are willing to choose risk-free investment projects that have more possibility of success. Consequently, the amount of debt is often reduced by managers. How to cite Capital structure, Papers

Olaudah Equiano Essay Example For Students

Olaudah Equiano Essay An ironsmith, ship steward, crewman, cook, clerk, navigator, amateur scientist, and even a hairdresser. These are all jobs that Olaudah Equiano held during his lifetime. He has been called the most influential African writer in both Africa, America and Britain before the Civil War, and was born in Essaka, Nigeria sometime during 1745 (ONeale, 153). His family was part of the Ibo tribe, which was located in the North Ika Ibo region of Essaka. In his earliest years, Olaudah Equiano was trained in the art of war. His daily exercises included shooting and throwing javelins. As he states in his autobiography, two men and a woman, who came over the walls while the rest of the family was away, abducted Olaudah and his sister in 1756 (Equiano, 356). He was only eleven years old. The two of them would only be reunited when Equiano was sold a second time. They did not remain together that long because he would be sold again. Olaudah Equiano would eventually be sold to a man by the name of Mich ael Henry Pascal, an officer of the British Royal Navy, who set sail for the American continent. Michael Pascal renamed him Gustavus Vassa. In the years that followed, Olaudah became a great seaman and sailed around the world. His stops included the slave-trading islands ofthe West Indies, England, Ireland, Wales, France, Portugal, Italy, Central America, Georgia, Virginia, Philadelphia and New England. It seemed that he traveled everywhere except to where he really wanted to go, which was Africa. It was during these years that he learned the English language and values from a seaman by the name of Richard Baker. By 1759 Equiano had become fully articulate in the English language. He fought for the British during the seven-year war against France. Even though he had earned his freedom by fighting in the war, Pascal would not grant Equiano his freedom. Instead he confiscated all of Equianos books and sold him to the captain of a slave ship in 1763. His new owner, Robert King, would e ventually sell Equiano his freedom in 1766 for 70 pounds. Robert King asked Equiano to remain as his employee and Equiano did. This led him to Georgia where he was almost captured and resold into slavery. It was also during this time that Equiano got rid of the name Gustavus Vassa. In 1768, Equiano returned to London, England and began an apprenticeship to a hairdresser. It was also during this time that he became employed by Dr. Charles Irving. It was with Dr. Irving that Equiano would go to the North Pole in 1773 and barely escaped death when their ship struck an iceberg. In 1786 Equiano was appointed commissary for Stores for the Black Poor. This was a social outreach group of the British antislavery movement that saw returning blacks to Africa as the best way to end British slave trade (ONeale, 157). He was fired after five months because of a conflict he had with Joseph Irwin. This conflict drew criticism onto Equiano but he would regain his status in the abolition movement by publishing responses to the criticism in the British newspapers. In 1789, Equianos autobiography was published in London and by 1790 Equiano was fully involved in the antislavery movement in Britain. He petitioned the Queen and the Parliament to end the slavery. The following year the autobiography was published in America. It has been said no black voice before Frederick Douglass in his Narrative of 1845 spoke so movingly to American readers about inhumanity (Murphy,354). Equiano would finally settle and marry Susan Cullen on April 7, 1792. They had two girls who were named Ann Marie and Johana. Some sources say Equiano died in 1801 while others say 1797. We are not sure which one is correct. One of his daughters did die a few months after he did. His wife and other daughter then left the limelight and no record of them has been found. Equianos book has lasted over two hundred years and has gone through eight editions. And is still being called the most successful prose work writte n by an African in the Western World until the start of the American Civil War (ONeale, 157). .udd2ef95d09997ac2029699f348b6ae7f , .udd2ef95d09997ac2029699f348b6ae7f .postImageUrl , .udd2ef95d09997ac2029699f348b6ae7f .centered-text-area { min-height: 80px; position: relative; } .udd2ef95d09997ac2029699f348b6ae7f , .udd2ef95d09997ac2029699f348b6ae7f:hover , .udd2ef95d09997ac2029699f348b6ae7f:visited , .udd2ef95d09997ac2029699f348b6ae7f:active { border:0!important; } .udd2ef95d09997ac2029699f348b6ae7f .clearfix:after { content: ""; display: table; clear: both; } .udd2ef95d09997ac2029699f348b6ae7f { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .udd2ef95d09997ac2029699f348b6ae7f:active , .udd2ef95d09997ac2029699f348b6ae7f:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .udd2ef95d09997ac2029699f348b6ae7f .centered-text-area { width: 100%; position: relative ; } .udd2ef95d09997ac2029699f348b6ae7f .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .udd2ef95d09997ac2029699f348b6ae7f .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .udd2ef95d09997ac2029699f348b6ae7f .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .udd2ef95d09997ac2029699f348b6ae7f:hover .ctaButton { background-color: #34495E!important; } .udd2ef95d09997ac2029699f348b6ae7f .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .udd2ef95d09997ac2029699f348b6ae7f .udd2ef95d09997ac2029699f348b6ae7f-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .udd2ef95d09997ac2029699f348b6ae7f:after { content: ""; display: block; clear: both; } READ: Madness and Insanity in Shakespeare's Hamlet - Ham Essay Olaudah Equiano I must say had a most interesting life as a slave. He has gone through almost every single event a slave could have gone through. The most interesting part of his journeys is his treatment as a slave. He at some points is treated well and doesnt know what to make of it as a slave. One example is his first owners used to let him sit at the table during dinnertime. In other points he experiences many of his own kind and the inhumane treatment they experience. But all in all Olaudah Equiano unlike many other slaves kept his composure and his humbleness towards all he met in his journeys. He never felt any anger towards his masters. After witnessing all the cruelties his masters committed on other slaves. The horrendous stories of cutting a mans leg of for running away or the half hanging of one slave and then burnt for attempting to poison his cruel master. (Equiano, 484) Olaudah Equiano had many views about slavery. I saw slavery in a very different viewpoint than many other slaves. Through his searching, Equiano found a personal relationship with God according to the Bible to be true. Influenced by God, but still discovering his own way, Equiano did not reject his culture or believe slavery was a good thing as much as he adapted to his new environment and made the most of it. As a sailor, Equiano had escaped many dangers, and it was these brushes with death that caused him to reflect deeply on his eternal state. (Equiano 1044) Equiano thought about death a lot during his hard life as a slave. During this time period people did not live like they did in todays world. Death came at any moment at any corner. He writes, the fear of eternity daily harassed my mind and fears of deathweighed me down. (Equiano 1045) As Equiano studied the Bible he learned that God is not just holding all above a fire waiting to drop them in. He came to an understanding that God is not just the God of Judgment, but also more importantly the God of grace and mercy. He believed in the invisible hand of God, which guided and protected him. This attitude helped Equiano View the unconverted people of the world in a very awful state, being without God and without hope. Strangely Equiano believed that God dies for us all on the cross. This helped Equiano believe that temporary earthly sl avery and spiritual salvation were better than a life of earthly freedom but spiritual death. (Equiano, 1049) Equiano never turned his back on his culture he simply adapted to survive in it. WORKS CITEDEquiano, Olaudah. The Interesting Narrative of the Life of Olaudah Equiano, or Gustavus Vassa, the African, Written by Himself. The Norton Anthology: American Literature. New York: Norton Co., 1995. 356-358. Murphy, Francis. The Norton Anthology: American Literature. New York: Norton Co., 1995. 354-355. ONeale, Sondra. Dictionary of Literary Biography: Olaudah Equiano (Gustavus Vassa). Detroit: Gale Research Company, 1985. Volume 37, 153-157.