The Efficiency of Hybrid Cars Essay -- Hybrid Cars Car Gasoline Effici

The Efficiency of Hybrid Cars   Ã‚  Ã‚  Ã‚  Ã‚  Transportation is a large concern in today’s modern world. Most individuals have opted to buy vehicles for their personal use. Most of these vehicles consume gasoline and a smaller proportion is hybrid based. These two types of vehicles have many similarities. The two such vehicles require an energy source and both types of vehicles provide an important function to society. That function is to provide people with a reliable form of transportation. Although these two types of vehicles have many similarities, their differences are what distinguish them. Hybrid vehicles are more cost effective, environmentally sound, and safe than the standard gasoline vehicles in the long run. Cost is a key factor to consumers in determining what vehicle to purchase. On average hybrid vehicles cost fifteen hundred dollars more than the standard gasoline vehicle. However, this extra expense is well invested. A hybrid vehicle can reach sixty-one miles per gallon, whereas a typical gasoline vehicle can only reach twenty-eight miles per gallon. Currently gas costs two dollars and ten cents per gallon. The average individual can be expected to drive fifteen miles per year. This amounts to a total gas expense of eleven hundred dollars. If one were to own a hybrid vehicle this expense would eventually pay for the extra fifteen hundred dollars that was required to buy a hybrid car. In two years one would expect to have saved over seven hundred dollars and in t...

The Universe Next Door

Purpose of book 1. outline basic worldviews underlying way we in west think about selves. 2. trace historically how worldviews have developed from breakdown in theistic worldview, moving in turn into deism, naturalism, nihilism, existentialism, eastern mysticism, new consciousness of New age and Islam recent infusion from Middle East. 3. show how postmodernism puts a twist on worldviews 4. encourage us all to think in terms of worldviews with consciousness of not only our own way of thought but also that of other people, so we can first understand and genuinely communicate with others in pluralistic society. Chapter 1Worldview or vision of life is framework or set of fundamental beliefs thru which we view world and our calling and future in it. Vision need not be fully articulated, may be so internalized that it goes largely unquestioned. May not be explicitly developed into a systematic conception of life. May not be theoretically deepened into a philosophy. may not even be codified into creedal form. May be greatly refined thru cultural historical development. Vision is a channel for ultimate beliefs which give direction and meaning to life. Integrative and interpretative framework by which order and disorder are judged.Standard by which reality is managed and pursued. Set of hinges on which all our everyday thinking and doing turns. Worldview is commitment of heart expressed as story in set of assumptions true, partially true, or false that we hold consciously and subconsciously and consistently or inconsistently about basic constitution of reality and provides foundation on which we live, move, and have our being. Commitment – Worldview involves mind and soul and heart. Bible sees as wisdom, emotion, desire, and will, and intellect. Presuppositions expression – expressed as a story of your life. Assumptions T, PT, F, etc. eality is everyone’s own perception of world. Foundation on which we lived expressed by words and actions. We all ta ke some position whether we realize it or not, Chapter 2 Clockwork Universe: Natualism How did theism get replaced with deism? Deism came about to replace chaos with unity of theological and philosophical explanations. Shift from scriptures to reason or human intuition (inner light). Started studying world form based on matter and how things were put together. Orderly, mechanized, clockwork timing with perfect mechanical precision. Science was born. Middle ages directed toward God and studying Him to become good and holy.Theology was born. Some deists Christians some not. To deist God is distant, foreign, alien, and unavailable. 1. Wv? 1 – a transcendent God as a first cause created universe then left it to run on its own. God is not immanent not triune, not fully personal, not sovereign over human affairs not providential. 2. Wf? 2 – cosmos God created is determined, because it is created as a uniformity of cause and effect in a closed system so no miracle is possible . Any tampering or interference by God would be considered as saying His creation is flawed. Locked up in cause and effect clockwork world. Humans cannot change. 3. Wv ? human beings though personal are part of clockwork of universe. Deism says we are just puppets and no free will. No one has special relationship with God. 4. Wv? 4human being may or may not have a life beyond their physical existence. Destroyed triune and led to naturalism and nihilism. Warm still believed in afterlife cold did not. 5. Wv? 5 – thru innate and autonomous human reason and the methods of science, we can not only known universe but can infer at least something of what God is like. Cosmos, this world, is understood to be in its normal state; it is not fallen or abnormal. Deism human reason is autonomous and not from God.Learn about God from universe. Theists believe God revealed Himself in nature but also with His word. Deists God no communicate with man/architect and designer only. 6. Wv? 6ethics is intuitive or limited to general revelation because universe is normal it reveals what is right. Weather disaster is natural events. Deists do not consider human reason or universe itself to be fallen. Normal state. 7. Wv? 7 history is linear for course of the cosmos was determined at creation. Still meaning of the events of history remains to be understood by the application of human reason other data unearthed and made available to historians. . Cold deists use their own autonomous reason to determine their goal in life, warm deists may reflect on their commitment to a somewhat person God and determine their goal in accordance with what they believe their God would be pleased with. MODERN DEISM Sophisticated scientific deism – cold deism God is embodiment of laws of physics. Sophisticated philosophic deism – there is something out there but is it God? Popular deism – belief in a being, force, or intelligence. Cold deism God is simply abstract force bringing world into existence. Warm deism God is clearly personal and even friendly. Monotheistic therapeutic deism – . God exists who created and orders the world and watches over human life on earth. 2. God want people to be good nice, and fair to each other, as taught in bible and by most religions, 3. Central goal of life is to be happy and to feel good about oneself. 4. God does not ;need to be particularly involved in one's life except when God is needed to resolve problem 5. Good people go to heaven when they die. UNSTABLE COMPOUND 1. Autonomous human reason replaced Bible and tradition as authority for way reality was understood. 2. Autonomous human reason replaced bib and tradition as authority for morality. . Deists rejected biblical notion of Fall and think universe is a s it should be. 4. Universe cannot be reordered, human action is determined. 5. Today find more aspects of deism to question. Chapter 4 Naturalism Deism (God is reduced) connects theism (God exalted) and n aturalism (no God at all). BASIC NATURALISM 1. WV ? 1 Prime reality is matter. Matter exists eternally and is all there is. Cosmos rules. God does not exist. Nothing comes from nothing. Something always was and was matter of cosmos itself. 2. Wv ? 2 cosmos exists as a uniformity of cause and effect in a closed system. 3. Wv ? human beings are complex machines personality is an interrelation of chemical and physical properties we do not yet fully understand. 4. Wv ? 4 death is extinction of personality and individuality. 5. Wv ? 5 thru our innate and autonomous human reason, including the methods of science, we can know the universe. The cosmos, including this world is understood to be in its normal state. 6. WV ? 6 ethics is related only to human beings. Theist God foundation of values. Naturalist human beings foundation of values. For ethics to matter has to be personality along with consciousness and self-determination.Naturalists say ethics is autonomous and situational and came from human experience, need, and interest. Also say all humans have a sense of moral values that come from culture and growing up in environment. 7. Wv ? 7 history is linear stream of events linked by cause and effect but without an overarching purpose. Natural history begins with origin of universe. 8. Wv ? 8 naturalism itself implies no particular core commitment on the part of any given naturalist. Rather core commitments are adopted unwittingly or chosen by individuals. NATURALISM IN PRACTICE: SECULAR HUMANISM Humanism says overall attitude human beings are of special value.Emphasis on value of individual person. Term used since Renaissance. NATURALISM IN PRACTICE: MARXISM Scientific socialism. Marx believed human history began with people living in family like tribes. No private property. Individuals identified with community as a whole. Technology developed and division of labor develops and controllers of tools and resources society depends on enables them to exploit others. Class struggle since primitive tribes with classes dominated by those controlling means of production. Classless society will result with less competitive individuals working for good of all.

Overview On The Rest Of The Chapters Finance Essay - Free Essay Example

Sample details Pages: 16 Words: 4716 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Did you like this example? This chapter provides overview about the thesis topic that will be addressed. It also demonstrates the relevancy of the study and its need and purpose and defines its objectives. This chapter includes a preliminary literature review which helped in directing the research path. Overview: Every equity investment decision must be based on solid grounds. This requires a substantive knowledge regarding investment methodologies, assessment tools, and a good sense of know-how. The academic side provides finance people with the technicalities and methods, such as the discounted dividends, discounted cash flow analysis, discounted abnormal earnings, discounted abnormal earnings growth, and price multiples (Palepu, Healy and Peek, 2010). Damodaran (2005) categorize equity valuation approaches to include discounted cash flow valuation, liquidation and accounting valuation, relative valuation and contingent claim valuation. Each approach generally will yield differing equity value based on the projections of its future returns and assumed risks, or based on its current and past performance (Penman, 2001). The choice of equity valuation method used will affect the assumed value of equity versus the asked price, thus affecting the decision of whether to invest or not. The on going debate in academic world about the superiority of one method over other presents mixed results. Jorgensen,Lee, and Yoos (2011) examination suggest that residual income valuation is more accurate than abnormal earnings growth model. On the other hand, Supattarakul and Khanthavit (2011) found that both dividend discount model and residual income model underestimate equity value. But in general, most academic literature describes dividend discounted model as the method of choice by finance professionals (Palepu et al, 2010). Don’t waste time! Our writers will create an original "Overview On The Rest Of The Chapters Finance Essay" essay for you Create order Preliminary Literature Many researchers have inspected different facets of sell-side and buy-side analysts.Palepu et al (2010, p. 407) define sell-side analysts as analysts at brokerage houses, while they define buy-side analysts as analysts that work at the direction of fund managers for various institutions. Ashton and Cianci (2007) investigated the motivational and cognitive determinants of the earnings forecasts difference between the two types. Groysberg, Healy, and Chapman (2008) found that buy-side analysts provide less accurate and more optimistic forecasts. Analysts and investors are provided by the literature with many valuation methods to choose from. Foerster and Sapp(2011) advocate the use of Gordon Growth Model, while Supattarakul and Khanthavit(2011) suggest that dividend discount modelprovides more accurate valuation than the residual income model. Steiger(2008) advocates the use of Discounted Cash Flow methods (DCF), although warning of associated massive assumptions which can create bias and modify the value of equity. These articles, among others will provide the base for academic world preference of equity valuation methods. Most of the literature advocates the use of DCF methods. However, practitioners have different views (Bing, 1971, Dukes et al, 2006). Researchers have attempted to fill the gap between literature and finance practitioners of thechoice of equity valuation methods. Pereiro (n.d.) found that 73% of financial advisors and 50% of banks and insurance firms in Argentina use DCF methods, which are lower than the 100% preference in USA. Dukes et al (2006) also found that DCF methods are used less frequently by practitioners compared to other methods. This research fits between existing works as it will examine finance practitioners preference of equity valuation methods in the emerging market of KSA, thus establishing an addition or contradiction to the works of Pereiro (n.d.) and Dukes et el (2006). The articles will aid the author in di scovering the views of academic world to equity valuation method preference, while answering the research questions of practitioners preferences. They will act as theoretical and conceptual basis for this research. Need for the study: As a CFO dealing with many investments ranging from projects appraisals to venture capitals and private equity, equity valuation is crucial in the authors line of work. Equity valuation can be conducted using various methods, such Discounted Cash Flow Model (DCF), Discounted Abnormal Earnings, and Price Multiples (PM). In finance world, the choice of method will affect the value of equity, and consequently will affect the decision to invest or not. Based on this relation, it is important to understand why finance professionals and investors choose one method over others, or whether they utilize a combination of methods and base their decision on a weighted average. Objectives of the study: The author intends to describe the relationship and examine the cause-effect reason of practitioners equity valuation method preference. This research is based on collection of facts and then deduction of reasons behind the preference. It also aims to investigate if such preference changes with the introduction of additional criteria. Methodology: The author intends to generate a quantitative research that utilizes surveys and questionnaires. The sample includes finance practitioners from various sectors in Saudi Arabia. Finance practitioners include those working in investment banks, CFOs, fund managers, financial analysts, and private equity advisors. Overview on the Rest of the Chapters: Chapter 2: Review of the Literature Examining the literature relevant to the thesis problem, reviewing different researches and studies that were conducted about the thesis topic, the research questions are formulated accordingly. Chapter 3: Methodology Describing the methodology, the approach that is used to conduct the study, the tools that are used in collecting data and the limitations faced during the survey implementation. Chapter 4: Descriptive Statistics Explaining the collected data and illustrating them in tables and graphs, then summary of the descriptive statistics findings are presented. Chapter 5: Inferential Statistics Performing statistical analysis for many factors to study their effects on the outcomes of descriptive statistics Chapter 6: Analysis of Data Analysis of data is performed, based on the statistical analysis that yielded descriptive and inferential statistics. The findings of the statistical analysis are linked to the findings in the literature revirew. Chapter 7: Conclusions and Recommendations Stating the conclusions drawn from the research, the implications of the results and then giving the recommendations based on the conclusions that were made. CHAPTER 2: LITERATURE REVIEW Chapter two explores the literature that is relevant to understanding the development of, and interpreting the results of this study. It includes the definition of the financial terms used, the purpose of this literature review is to provide the reader with a general overview of the valuation methods and all the techniques involved in the equity valuation. 2.1. STOCK DEFINITION AND CHARACTERISTICS: 2.1.1. Stock Definition: A stock is a security that represents ownership in a corporation and has claims on part of the corporations assets and earnings per share. There are two main types of stock: common and preferred. A stockholder (a shareholder) has a claim to part of the corporations assets and earnings. In other words, a shareholder is an owner of the company. Ownership is determined by the number of shares a person owns relative to the number of outstanding shares. For example, if a company has 1,000 shares of stock outstanding and an investor owns 100 shares, that investor owns and has a claim to 10% of the companys assets. Stocks are a major component of investor portfolios because historically they outperform most other investments over the long run (Bauman, Scott, Conover and Miller, 1998). 2.1.2. Methods to Value a Common Stock: 2.1.2.1. Value Definition: In general, the value of an asset is the price that buyer is willing and able to pay to a willing and able seller. If both, the buyer and seller, are not willing and able then an offer does not set up the value of the asset (Capaul, Carlo, Rowley and Sharpe, 1993). 2.1.2.2. Types of Value: There are several types of value, such as: Book Value: It is the carrying value on the balance sheet of the firms equity. Tangible Book Value: It is the book value minus intangible assets such as goodwill, patents, etc. Market Value: It is the price of an asset as determined in a competitive marketplace. Intrinsic Value: It is the present value of the expected future cash flows discounted at the decision makers required rate of return. 2.1.2.3. Investment Styles: A. Value Investing The fundamental goal of value investing is, quite simply, to buy a stock when it is low and sell when it is high. Seems easy, right? Though it may seem like common sense, the vast majority of investors do not do this. Very few use this strategy effectively. Some of the greatest investors of all time, such as Warren Buffett and Benjamin Graham, used a value approach in their investing careers. Value investors want to see that the company is making money and that the stock is cheap relative to the value of the company. There are many ways of determining this, but perhaps the most widely used method is to look at the price-to-earnings ratio (P/E) of the company. This ratio allows the investor to quickly determine the value of the stock relative to the amount of earnings generated by the company. The lower the ratio, the better the bargain the investor is getting. B. Growth Investing: Growth investors attempt to purchase stocks that have high expected future growth rates. Some growth investors are more disciplined with regard to the price they are willing to pay for future growth. They seek growth at a reasonable price (GARP). While their emphasis may be different, GARP investors are essentially equivalent to value investors who seek future earnings growth. The fundamental goal of growth investing is to buy a stock no matter what its price is and sell it for more. Those who choose the growth approach consistently underperform the market. In the last 20 years, the SP 500 has obtained compound annual returns of 13% per year. Also in the last 20 years, small-capitalization companies (smaller than 2 billion dollars) that were considered growth obtained compound annual returns of 8.8%, worse than all other types and over 40% less that of value investment returns of 15%. C. Blend Investing: It is a mutual fund style that employs a combination of value investing and growth investing. This blending can happen in two ways. First, they can select growth stocks on a value basis. If their assessment of the growth stocks they buy on a value basis is correct, they get returns from both growth and the eventual adjustment of the stocks prices to their intrinsic value. Second, blend funds also may make pure value and pure growth investments, thus making their portfolios a blend of growth and value investments. The value/growth blend approach to investing requires the use of the valuation metrics described previously as well as a utilizing certain growth criteria. While most of the valuation metrics utilize hard facts, the growth aspect is much more difficult to understand. No one knows what will happen in the future. If someone says they do, run for the hills. If an investor views the world economy as a whole, though, he or she can get a pretty good sense of macro-economic tr ends likely to be significant in the next few years. This is not an exact science, and requires much research and a vast amount of economic knowledge. When performing this test, it becomes apparent that there are several industries that will most likely see prolonged growth in the next decade. 2.2. Others Findings: Palepu et al (2010) identify three general categories of analysts based on the purpose of their investigation. The individual investors, the sell-side analysts and the buy-side analysts value equity for differing objectives. Equity itself has various classifications, such as Initial public offerings, common stock, and privately held stocks. These factors, combined with the industry of valuation target, affect the choice of equity valuation method. Demirakos, Strong, and Walker (2001) investigated how UK investment banks value equity, and found that industry of valuation target affects the valuation method preference. Roosenboom (2007) indicated that although the choice of method used depends on industry type and firm age in case of IPOs equity valuation, valuators tend to use a weighted average of a combination of methods, giving each a rank depending on the associated factors. Roosenbooms (2007) examination of IPOs valuation by underwriters suggests that industry also play a major part in method choice, as multiples valuation is used for valuing technology, rabidly growing, and profitable companies. Mature industries and older firms IPOs are associated with dividend discount model; while economic value-added method is associated with high aggregates stock market returns IPOs. The gap between academics and practitioners regarding valuation methods preference has been identified by Dukes, Peng and English II (2006). Their results indicate that, contrary to common belief by academics, finance professionals tend to use other methods while using dividend discount model only as a check of otherapproaches (p. 99). This study comes in line with the results of Bing (1971) some forty years ago, indicating that the gap between reality and theory is still wide. METHODS THAT THE MAJORITY OF FINANCE PROFESSIONALS PREFER AND THEIR CRITERIA OF THEIR SELECTION: When trying to figure out which valuation method to use to value a stock for the first time, most investors will quickly discover the vast number of valuation techniques available to them. There are the simple ones to use, such as the comparables method, and there are the more implicated methods, such as the discounted cash flow model. Unfortunately, there is no one method that is best suited for every situation. Each stock is different, and each industry sector has unique properties that may require varying valuation approaches (Nguyen, 2011). Analysts and investors are provided by the literature with many valuation methods to choose from. Foerster and Sapp(2011) advocate the use of Gordon Growth Model, while Supattarakul and Khanthavit(2011) suggest that dividend discount modelprovides more accurate valuation than the residual income model. Steiger(2008) advocates the use of Discounted Cash Flow methods (DCF), although warning of associated massive assumptions which can create bias and modify the value of equity. These articles, among others will provide the base for academic world preference of equity valuation methods. Most of the literature advocates the use of DCF methods. However, practitioners have different views (Bing, 1971, Dukes et al, 2006). Researchers have attempted to fill the gap between literature and finance practitioners of the choice of equity valuation methods. Pereiro (n.d.) found that 73% of financial advisors and 50% of banks and insurance firms in Argentina use DCF methods, which are lower than the 100% preference in USA. Dukes et al (2006) also found that DCF methods are used less frequently by practitioners compared to other methods. This research fits between existing works as it will examine finance practitioners preference of equity valuation methods in the emerging market of KSA, thus establishing an addition or contradiction to the works of Pereiro (n.d.) and Dukes et el (2006). Studies show that the methods that a re becoming increasingly popular are those based on cash flow discounting. These methods view the company as a cash flow generator and, therefore, assessable as a financial asset. Some of the more popular valuation methods available to investors and the appropriate use for each model are as follows: Dividend Discount Model (DDM): The dividend discount model (DDM) is one of the most basic of the absolute valuation models. The justification for using dividends to value a company is that dividends represent the actual cash flows going to the shareholder, thus valuing the present value of these cash flows should give you a value for how much the shares should be worth. So, the first thing you should check if you want to use this method is if the company actually pays a dividend. Secondly, it is not enough for the company to just a pay dividend; the dividend should also be stable and predictable. The companies that pay stable and predictable dividends are typically mature companies in mature and well-developed industries. These type of companies are often best suited for this type of valuation method (Nguyen, 2011). Discounted Cash Flow Model (DCF): if the company doesnt pay a dividend or its dividend pattern is irregular, the company use the discounted cash flow model. Instead of looking at dividends, the DCF model uses a firms discounted future cash flows to value the business. The big advantage of this approach is that it can be used with a wide variety of firms that dont pay dividends. The first requirement for using this model is for the company to have predictable free cash flows, and for the free cash flows to be positive. Based on this requirement, small high-growth firms and non-mature firms will be excluded due to the large capital expenditures these companies generally face (Nguyen, 2011). Comparables Method: this method if there is no ability to value the company using any of the other models. It doesnt attempt to find an intrinsic value for the stock like the previous two valuation methods do; it simply compares the stocks price multiples to a benchmark to determine if the stock is relatively undervalued or overvalued. The rationale for this is based off of the law of one price, which states that two similar assets should sell for similar prices. The intuitive nature of this method is one of the reasons it is so popular. The reason why it can be used in almost all circumstances is due to the vast number of multiples that can be used, such as the price-to-earnings (P/E), price-to-book (P/B), price-to-sales (P/S), price-to-cash flow (P/CF), and many others. Of these ratios though, the P/E ratio is the most commonly used one because it focuses on the earnings of the company, which is one of the primary drivers of an investments value (Nguyen, 2011). P/E multiple can be used for a comparison if the company is publicly traded because the price of the stock is needed and there is a need to know the earnings of the company. Secondly, the company should be generating positive earnings because a comparison using a negative P/E multiple would be meaningless. And lastly, the earnings quality should be strong. That is, earnings should not be too volatile and the accounting practices used by management should not distort the reported earnings radically (Nguyen, 2011). These are just some of the main criteria investors should look at when choosing which ratio or multiples to use. If the P/E multiple cannot be used, they can simply look at using a different ratio such as the price-to-sales multiple (Nguyen, 2011). Despite the large number of valuation methodologies that exist, there are five that are used in over 95% of SME valuations. These are: capitalization of future maintainable earnings; discounted cash flow; net realizable assets; industry method; and, cost to create. So how these SME choose their valuation methods (Rady and Nunez, 2012) Capitalization of future maintainable earnings v alues a business at some multiple of its maintainable earnings, with the multiple being determined by the risk rating of the business. Most SMEs have a multiple somewhere between one and five times. This approach is commonly used for mature businesses where there is a history of reasonably stable earnings. The discounted cash flow method is commonly used for businesses where there is a defined time life to the business and where cash flow is reasonably predictable. Net realizable assets approach ignores the existence of any goodwill and assumes that value exists principally in the realization of the assets held by the business. This approach is commonly used for farming businesses or businesses where there is significant investment in plant equipment or other assets. Some heavy engineering or road transport businesses may use this approach. The industry method is the least scientific of all the approaches and is sometimes criticized for its lack of rigor. It assesses value by a simple formula that will be calculated against some factor of the business such as revenue, gross profits or recurring income. It is only used for small businesses and it seeks to reflect market activity. For an industry method to exist you need to have a reasonably large number of businesses in the sector, have ongoing turnover of these businesses and where some level of market information is available. The businesses all typically have a very similar business model. Examples of business sectors where an industry method does exist include newsagents, pharmacies, cafes, real estate agents and financial planning practices. The cost to create method is a more recently accepted method that has emerged due to the large number of micro businesses. It values a business on its tangible assets plus a limited premium for goodwill based on the fact that a buyer would prefer to pay such a premium for having the business established rather than incurring the cost, risk and time of tryi ng to establish a small business. This goodwill premium is normally limited to up to one year net income. WHAT ARE THE REASONS FOR CHOOSING ONE OR A COMBINATION OF METHODS? No one valuation method is perfect for every situation, but by knowing the characteristics of the company, there is ability to select a valuation method that best suits the situation. In addition, investors are not limited to just using one method. Often, investors will perform several valuations to create a range of possible values or average all of the valuations into one. The majority of financial professionals prefer using many different methods and then comparing the results, which is likely to be the wisest way to approach stock valuation. This is similar to the approach that a person uses if he/she is valuing, for example, a house, hence, he/she might check out what similar houses in a neighborhood have sold (a relative approach) while also assessing the quality of materials via a survey (similar to intrinsic valuation). Severe market dislocations demand to adjust valuations, thus, to reassess the metrics by which those valuations are derived. Economic and absolut e measures allow the analyst to filter out much of the noise in the market place and provide a theoretically sound means of determining the basic value. (Pablo Fernandez 2004). As a matter of fact, valuations are mainly relative, though, in practice most valuations are relative valuations.  This is most likely because multiple-based methods are simple and easy to relate to. According to Damodaran, a finance professor at NYU, almost 85% of equity research reports are based upon a multiple and comparables, and more than 50% of all acquisition valuations are based upon multiples (Damodaran, 2006). He also notes that, even discounted cash flow valuations used in consulting are often relative valuations masquerading as discounted cash flow valuations (the objective being to back into a number that has been obtained by using a multiple) (Damodaran, 2006). Its important to recognize that relative valuation is weighed down with issues. Firstly, it relies on accurate comparisons but no two firms are ever exactly similar in terms of their risk and growth profile. Secondly, when the companies, which a person is using as a benchmark, are themselves mispriced, relative valuation can lead him/her badly adrift. If the market, for example, is trading at a P/E ratio that is very high by historical standards, then a stock can appear cheap in relative terms but still be priced unsustainably. For the reason, as proved by experts, the best approach is likely to combine relative valuation with a healthy dose of intrinsic valuation (Reuters, 2012). DOES VALUATION PREFERENCE CHANGE WITH EXPOSURE TO ADDITIONAL EXPERIENCE? So as indicated earlier, not all businesses are valued in the same way. And as shown, there are over twenty different valuation methodologies, and applying different methods will not produce the same result. To know what a business is really worth, there is a need to identify the most appropriate valuation methodology to apply to the business (Knight, 2012). The Valuator either will have the necessary industry background or will gain the industry knowledge through research. The Valuators understanding of the business is necessary for the purpose of understanding key value drivers and risks, as well as the expected future operating results of the entity. Appropriate research will uncover variables that might impact value and affect the Valuators conclusions. At this stage, the Valuator often will assess the need for additional specialists to assist with various aspects of the valuation. The Valuator will actually assess and select from a number of different valuation approaches. The selection of the appropriate approach is based on the nature of the business, its asset base, historical performance; future expected operating performance, and other factors (Knight, 2012). It is important to note that the valuation of any entity, whether public or private, is determined at a point in time. Thus, it is the factors that exist at the valuation date and the markets future expectations at that point in time that affect the value of a business. The economic laws of supply and demand come into play in the pricing of publicly traded shares. The stock price of a publicly traded share is impacted by many issues. The issues tend to be forward looking (Knight, 2012). Unlike publicly held shares, private companies are valued in a notional setting without the direct impact of market influences. However, market and general economic conditions are considered by Business Valuators in assessing the risks and the ability of the entity to achieve expected results. A busines s valuation in a notional setting is conducted by an experienced Business Valuator with the insight and experience of an organizations senior management team (Pontoni, 2011). Valuations of privately held businesses typically are performed for purposes of strategic planning, divesting of business interests, acquisitions, corporate restructuring, succession planning, and resolving matters between shareholders and spouses(Pontoni, 2011). The Valuator will assess the future sustainable earnings of the business, often requiring some level of judgment on the part of the Valuator. The Valuator often will turn to the businesss historical performance and financial forecasts, adjusting for cost structures and revenue streams that are not normal to the operations (Knight, 2012). Redundancies must be considered in any valuation. Fair market value and normalized earnings/cash flow are adjusted for these redundancies, which may be apparent or hidden. Assessing the value of redundancies r equires experience and significant judgment (Pontoni, 2011). Inherent in the value of a going concern entity is commercial goodwill, which is attributable to the product or service, the location of the operations, the systems and processes of the operations, the customer base, and other key value attributes. The difference between the going concern value of an entity and its tangible asset base is considered goodwill. In order for goodwill to retain any value, it must be transferable with commercial value. Personal goodwill typically rests with the individual and is not transferable, and therefore has no value. The Valuator uses his/her judgment along with managements insight to assess the transferability of goodwill (Knight, 2012). A business valuation is a complex process for uncovering the true value of an enterprise through a series of questions, research and techniques. A trained and experienced Business Valuator is critical to the process (Pontoni, 2011). 2.6. CONCLUSION: Understanding the true value of the business requires first of all determining what valuation method is most appropriate. This can only be done by understanding the business and its underlying characteristics. For most businesses, by a process of elimination, the one or two most appropriate methods are determined. Failing to select the right valuation methodology can result in an assessment of value that is highly inaccurate. Valuation methodology is not simply determined by the industry or sector the person is in. It is also influenced by the size, age, profitability and other characteristics of the business. Even though several financial ratios and factors are involved with the equity-valuation process, the final figures can provide a relatively accurate assessment of a companys financial status and revenue prospects. In choosing a business valuator, consideration should be given to the practitioners credentials and experience. The purpose of the valuation often will dic tate the type and/or level of experience required by the business valuator.  However, many valuators have experience across a broad number of industries. Typically, business valuators deal with a broad range of industries since the purpose of the valuation is usually not industry specific.   Certain industries such as mining and oil and gas require certain industry expertise so there can be some industry specialization. 2.6.1. RESEARCH QUESTIONS: Based on the findings in the literature review, the research questions are formulated and are investigated accordingly in the Saudi Arabia context, these questions are: Which method do the majority of finance professionals prefer in Saudi Arabia (bankers, CFOs, fund managers, private equity investors, financial analysts, and others)? What are the reasons for choosing one or a combination of methods? Does such preference change with exposure to additional experience (education, work, research, magnitude of the investment, volatility of the market, perceived risk)?

Summary Of Child Labor In Upton Sinclairs The Jungle

In 1906, American novelist and journalist Upton Sinclair wrote a novel, The Jungle that exposed the bad working condition to immigrants in Chicago and the nasty meat packing factory. One of the big issue in this book is child labor. In the book, a child called Stanislovas Lukoszaite, he was working in a meat packing factory. Although in 1906 there are laws against child labor, but the law is not really enforced. He was just a 13 years old child and during Chicagos snow storm he loses the use of his three fingers, after that he started selling newspaper in Chicago. When he was 15, he gets a job in another factory. One day he drank too much beer and fall asleep in the factory, at the morning people found his dead body and the reason of his†¦show more content†¦Coffee, farmers refuse to pay their laborers and workers suffer from beatings intimidations. Tobacco, workers suffers from nicotine poisoning and absorb up to 54 milligrams of nicotine daily through their skin, equal to the amount of 50 cigarettes. People probably think, what is the reason that causes child labor. As the result, the reason of child labor is poverty, illiteracy, early married parents, war and disaster. Children from poor family might be forced to support and work for their parents. Illiteracy, In the developing countries, due to lack of employment opportunities or education, children may be work in factory to provide food and clothing for family, instead of attending school. Also, war and disasters will fuel child labor. In conflict and disasters, parents may lose their jobs and school might be destroyed, children may be forced to start work. In Afghanistan, years of armed conflicts have fueled poverty and child labor, at least a quarter of Afghanistans 5 to 14-year-olds work to raise their families but they usually working long hours with little or no pay. A 15-year-old Afghan boys brother and sister were working since they are five. They had been working in brick making, to clean the ground, take a shovel and pick a pickaxe, everyone is at work. What is the consequences and impact of child labor? First, children who work will lost their childhood, children should play with friendShow MoreRelated The Jungle: A Close Examination Essay2731 Words   |  11 Pagesthem of itself, their only care is to dispose of it. They live in such palaces, they riot in luxury and extravagance-such as no words can describe, as makes the imagination reel and stagger, makes the soul grow sick and faint. (363)The Jungle, considered Upton Sinclair’s greatest achievement, shows the deplorable conditions in meat packing plants, as well as moving the reader on the path to socialism, something in which he truly believed in. In order for Sinclair to give accurate details in the bookRead MoreEssay Upton Sinclairs The Jungle as Socialist Propaganda3114 Words   |  13 Pages The Jungle as Socialist Propaganda nbsp; In the world of economic competition that we live in today, many thrive and many are left to dig through trashcans. It has been a constant struggle throughout the modern history of society. One widely prescribed example of this struggle is Upton Sinclairs groundbreaking novel, The Jungle. The Jungle takes the reader along on a journey with a group of recent Lithuanian immigrants to America. As well as a physical journey, this is a journey intoRead MoreJungle Paper, Social Justice4076 Words   |  17 PagesRunning Head: IMPRESSIONS OF THE JUNGLE FROM A SOCIAL JUSTICE PERSPECTIVE Impressions of the Jungle From a Social Justice Perspective The Jungle by Upton Sinclair Sherree Boyce Lehman College Author Note This paper was prepared for Social Welfare Institutions and Program, SWK, 639, Section 81, taught by Professor Yvonne Johnson The novel, The Jungle by Upton Sinclair depicts the lives of poor immigrants in the United States during the early 1900’s. Sinclair is extremelyRead MoreThe Effects Of Immigration On The United States3647 Words   |  15 Pagescapitalistic businesses of the time period. One muckraker, Upton Sinclair, proposed the solution of a socialist society for America in his book, The Jungle, in order to destroy the power given to large, private businesses. This essay will first provide background information about the corruption in America’s capitalist system, the concept of the American Dream, and Upton Sinclair. The essay will then provide a brief summary of Upton Sinclair’s book, The Jungle, which was written to criticize the concept of theRead More Development of the Montessori Method Essay3888 Words   |  16 PagesMaria Montessori and the ISD Model: Development of the Montessori Method Summary The paper I prepared begins with a description of the Montessori Method and a historical narration of the professional career of Dr. Maria Montessori. I also included some biographical information as to her origins and the identity of her parents. I then drew a comparison of her methods for developing the Montessori Method and her career to the ISD model. I compared significant events in her career to the analysisRead MoreHonorable Style in Dishonorable Times: American Gangsters of the 1920s and 1930s6221 Words   |  25 Pagesof American Culture (33:3) [Sep 2010] , p.197-206. Honorable Style in Dishonorable Times: American Gangsters of the 1920s and 1930s Laura Beshears. The Journal of American Culture. Malden: Sep 2010. Vol. 33, Iss. 3; pg. 197, 10 pgs Abstract (Summary) Prohibition, which came into effect in July of 1920 with the passing of the Eighteenth Amendment, also illustrated the progressives idealism, as many believed that the elimination of alcohol, because it allegedly created poverty, marital distress

Hate Speech And Freedom Of Speech - 1393 Words

In the name of free speech, hate speech should not be tolerated. Hate speech has devastating effects on the people and communities it is targeted at. Left unchecked hate speech can lead to harmful and violent effects. Over the past few years, the effects of hate speech used on women, homosexuals, ethnic groups and religious minorities have become more and more apparent. Hate speech can be very divisive in many of the situations it is used, depending on who interprets the expression can vary how people react, due to hate speech, not being easy defend when it does not hurt that certain person or community. If left uncheck hate speech can develop into harmful narratives that remain. While hate speech is not against the law, some have begun†¦show more content†¦As of today, the supreme court has interpreted the first amendment to say â€Å"The First Amendment provides no protection for obscenity, child pornography, or speech that constitutes what has become widely known as â₠¬Å"fighting words.† The First Amendment provides less than full protection to commercial speech, defamation (libel and slander), speech that may be harmful to children, speech broadcast on radio and television (as opposed to speech transmitted via cable or the Internet), and public employees’ speech.† with this loose definition in mind many people have begun to think whether freedom of speech should be further limited to several cases seen in recent years such as what happened in Charlottesville, Virginia. Freedom of speech is a privilege in many countries, there are still plenty of countries around the world that do not have nearly as many rights as the United States. The rights given to the American people to freely assemble and speak as they please is not seen in often in countries and is a major advantage given to the American people. It can be a magnificent sight to have a group of people come together and gather to express their thoughts and opinions with th e protection of their rights. Based on the opinions of the witnesses or the message being demonstrated by the assembly can change the interpretation and out come drastically. With the ability to freely assemble and express themselves many American use their given the right,Show MoreRelatedThe Freedom Of Hate Speech Is Not Freedom Speech1143 Words   |  5 PagesHate Speech is not Freedom Speech Between August 11th and August 12th of 2017, the world watched the disturbance news of what was going on in Charlottesville, Virginia. The horrific videos and images left the world in shock. Groups of white supremacy, nationalists, hitler youths marched in unison screaming, â€Å"White lives matter! Blood and Soils! You will not replace us! Jews will not replace us!† More groups enraged their voices across Virginia to scream hate speech to other races. They threatenedRead MoreThe Freedom Of Speech : Hate Speech1187 Words   |  5 PagesAn Introduction to the Marketplace of Ideas Freedom of speech, along with the freedom of the press, have both become the two most important rights for each American citizen to defend. The First Amendment defends five of the following freedoms: the freedom of religion, the freedom of assembly, the freedom of the press, the freedom of petition, and the freedom of speech (First Amendment Center). All of these freedoms are equally important. However, even when people in a democratic society better acknowledgeRead MoreFreedom of Speech, Hate Speech, Talk Radio2461 Words   |  10 PagesFreedom of Speech, Hate Speech, Talk Radio Brice Hinchman Freedom of Speech, Hate Speech, Talk Radio What is Freedom of speech? Well, the definition for freedom of speech is the ability to speak freely without being subject to censorship or without fear of retaliation from a governing body. There are at least two documents, the US Constitution and the Universal Declaration of Human Rights, that acknowledge that free speech is an unalienable right and protect it for all. There isRead MoreThe Fine Line between Freedom of Speech or Hate Speech?608 Words   |  2 Pageschallenges -- freedom of speech or hate speech? It didnt take much digging to find that the shirt, which is offensive to me (and I am Catholic), was inspired by Dove International -- whos head is none other than Quran burning Terry Jones. In my own opinion, Terry Jones is as much a domestic terrorist as Fred Phelps of the Westboro Baptist Church. Comparing both leaders and their churches -- both are small (less than 100 members), and both are in the south, and in my opinion both profess hate speechRead MoreMillian Principles, Freedom of Expression, and Hate Speech1350 Words   |  5 PagesSpeech that attacks a person or group of people on the basis of race, gender, or sexual orientation is regarded as hateful. It has the potential to incite violence or prejudicial action against or by a protected group of people. In Millian Principles, Freedom of Expression, and Hate Speech, Mill makes the claim that essentially all speech, including hate speech, should be allowed. This claim holds its validity as long as no harm is done to an individual. Here, I will show that low value speech failsRead MoreEssay on Hate Speech is the Price We Must Pay for Freedom of Speech2302 Words   |  10 Pages  Ã‚  Ã‚  Ã‚  Ã‚  Living in the United States we enjoy many wonderful freedoms and liberties. Even though most of these freedoms seem inna te to our lives, most have been earned though sacrifice and hard work. Out of all of our rights, freedom of speech is perhaps our most cherished, and one of the most controversial. Hate speech is one of the prices we all endure to ensure our speech stays free. But with hate speeches becoming increasingly common, many wonder if it is too great of a price to pay, or one thatRead MoreAnalysis of Caroline West’s Article, Words That Silence? Freedom of Express and Racist Hate Speech791 Words   |  3 PagesThat Silence? Freedom of Express and Racist Hate Speech.† Here West probes what is meant by free speech and in so doing, identifies three dimensions of speech from which the value of free speech derives. These are production and distribution, comprehension, and consideration. Her major premise is that absent requirements of comprehension or consideration, free speech lacks the value it is generally accorded. West argues that allowing the production and distribution of r acist hate speech has a silencingRead MoreSpeech On Freedom Of Speech1484 Words   |  6 Pages Abby Koopmann Ethics Freedom of Speech Professor Hunt Culver Stockton College Freedom of Speech Americans have many freedoms that people in other countries can only wish they had. Just imagine a life where you could possibly be killed for speaking your mind and stating your opinion, other countries are living lives like that. According to Katy Davis, The United States ratified the first amendment on December 15th 1791 (Davis, n.d). We as a country don’t know where the governmentRead MoreFreedom Of Speech And Free Speech1737 Words   |  7 Pages Freedom of Speech can only go so far before it starts to impede the right of the others, and free speech does not come before other people’s given rights.. According to Steven J. Heyman in the article â€Å"Free Speech Has Limits,† freedom of speech comes tied together with respecting the freedom of other and the rights of other people (par. 4). The author goes on to say that cutting off other peoples rights in the name of free speech can be seen as wrongful and can be faced with consequences (parRead MorePersuasive Essay On Hate Speech1612 Words   |  7 Pages In the name of free speech, hate speech should not be tolerated. Hate speech has devastating effects on the people and communities it is targeted at. Left unchecked hate speech can lead to harmful and violent effects. Over the past few years, the effects of hate speech used on women, homosexuals, ethnic groups and religious minorities have become more and more apparent. Hate speech can be very divisive in m any of the situations it is used, depending on who interprets the expression can vary how

Economic Growth in Korea Free Essays

string(97) " also to provide these financial incentives to promote the development of particular industries\." The rapid growth and development in the newly industrialising economies (NIE†s) in recent decades has been nothing short of spectacular. Now among the world†s most dynamic industrialised economies, the NIE†s of Singapore, Taiwan Hong Kong, and South Korea which will be the focus, stand as perhaps the best examples of successful economic development. The economic development of South Korea, which has been among the most rapid in the world is typical of the ‘miracle† that is the NIEs. We will write a custom essay sample on Economic Growth in Korea or any similar topic only for you Order Now Korea has come far since the days it was ‘a nation of hungry rice farmers†, by pursuing an industrialisation-led development commitment since 1961, which has since produced annual GDP growth of 8.4% per annum, second only to China. The success of South Korea, has been identified by a number of factors including the shift away from import substitution strategies towards export orientated industrialisation, and the effective managing of the economy and authoritarian rule adopted by the government in order to accelerate the pace of capital accumulation, technical progress and structural change to produce economic growth beyond what could possibly occur in a free market economy. NIEs, South Korea, are now recognised as ‘export machines† boasting some of the highest trade/GDP ratios in the world. International economic relations began in 1964 with the recognition of these limitation of the domestic market and the ineffectiveness of pursuing substitution industrialisation strategies. As part of its new strategy for export expansion the South Korean government introduced new measures which included the devaluation of the won, which improved the competitiveness of its exports and introduced incentives designed to channel resources into export-orientated industries. Exporters were also supported by direct cash payments, permission to retain foreign exchange earnings for the purchase of imports, and the exemption from virtually all import controls and tariffs. The government in consultation with firms, set up export targets for industries as well as individual firms. These targets appeared to have influenced firm behaviour and supporting this claim was from between 1961 and 1973 the volume of exports increased at an annual rate of 35% and today continues to consistently rank in the top twenty trading nations. Over the last 30 years the share of manufactures in total exports has increased from 12% to 95%. Furthermore the manufactures exported have themselves changed with more advanced products, led by electronics dominating the list of major exports and hence the importance of the Samsung and Lucky Goldstar to the Korean economy. The direction of trade has also changed somewhat, where South Korean exports went largely to the USA and imports came from Japan, Asian countries excluding Japan are now South Korea†s major trading partners. The importance of China is also becoming of increasing significance. South Korea†s economic success as noted can also be contributed to the high levels of savings and investment. South Korean†s save about 35% of GNP and thus sustainable economic growth has been driven by capital stock accumulation and expanded productive capacity. Indeed some figures show up to 60% of economic expansion in South Korea is a result of capital accumulation and increase infrastructure. Undoubtedly one of the most important rationalisations for economic success is effective government intervention. Selective government intervention has promoted the development of new industries, many of which have become internationally competitive and also supported and advanced the growth of the private sector. The main aim of the government in South Korea has been to ensure that the behaviour of individual business accorded with the long term interest of the business class as a whole, and while applying authoritarian rule recognising when it was time to allow the market to operate on its own. Apart from the macroeconomic management, government in the NIEs have also sought to accelerate the pace of capital accumulation, technical progress and structural change beyond what would have resulted from â€Å"laissez-faire.† All NIEs pursued trade policies, supporting industrial deepening and the development of national firms with selective incentives to promote exports. In South Korea for example, the government gave Chaebols preferential access to bank loans, relying on them to develop heavy and chemical industries capable of competing internationally. Indeed four decades of industrial development in South Korea have been marked by what have been marked as ‘incestuous ties† between big business and government. In recent times government has been hostile to the conglomerates but the appointment of Mr Kim Suk Won to the ruling party has reopened an old wound over the role of big business and politics in South Korea. The role of the Chaebols in the Korean economy was a substantial reason for Korea†s success over the last 40 years. The Chaebols are the large multi-company family owned business entities which are both horizontally and vertically integrated. Examples include Samsung, Hyundai, Lucky Goldstar and Daewoo, which together account for over half the total output. The Chaebols have played a major role in the economic development of Korea. They were given preferential access to bank loans and were relied upon to develop the HCIs (as they had the resources and ability to compete in foreign markets). Indeed, the period of the HCIs drive marked the most rapid expansion of the Chaebols. The Chaebols engaged in fierce and even ruthless competition with one another on the many fronts of industry, with at least 4 or 5 competitors in each industry, which all contributed to the economic expansion of the economy. The government in South Korea, as well as other NIEs has supported a technology policy. By providing a favourable tax environment, government has indirectly encouraged business research and development expenditure. The Korean government for example grants a tax credit equal to 10% of capital expenditures. Current policies are aimed at achieving a 5% share of research and development expenditure in total GNP by 2001. The government has also aided fundamental technological development in advanced materials, advanced vehicle technology, bio materials and nuclear reactors. The role of the government in South Korea was also to provide these financial incentives to promote the development of particular industries. You read "Economic Growth in Korea" in category "Essay examples" Interest Rates for example were kept generally low and stable in order to reduce the cost of investment. Designated industries received priority in allocation of bank credit, state investment funds and foreign exchange, The government in South Korea deliberately distorted prices and incentives as to improve the market outcome and accelerate economic growth. The government in South Korea also actively pursued competition policies. This intervention works both ways. In other words competition policy restricted the competition or promoted competition policy in the areas depending on the circumstances. In South Korea the government granted exemptions to conglomerates from laws governing monopolistic practices. Competition policy has been married with industry policy. In this the role of government has been limited with government policy interacting with the competitive strategies of private firms. Governments in the NIEs have been remarkably stable. This has had obvious benefits on the economy. There is no standard formula for government in the NIEs and there are differences between them across nations. Singapore for example has a paternalistic government whilst Hong Kong is essentially â€Å"laissez-faire† Stability is the only real link between governments of the NIEs. As the South Korean economy reached a more mature stage of economic growth problems regarding the structural change in the economy began to surface. The agricultural sector in South Korea for example is now only a third of its original size. Most notably there has been a marked shift to the tertiary sector. There has been obvious problems and challenges resulting from this. Most notably rapid growth has brought about labour shortages in key sectors such as electronics, heavy machinery and shipbuilding. Such shortage of labour in which employers have noone to fill vacancies made by expanded productive capacity will threaten South Korea†s booming exports, which is seen as the vehicle for growth in South Korea. The problem is further compounded by an increasing reluctance among school leavers to ‘dirty their hands† in industry and the inability and unwillingness to attract foreign labour. After growth and development in South Korea for so long was driven by government intervention one of the most important challenges facing the matured economy was for the government to relinquish much of its influence over the economy and to allow market forces to operate effectively. If South Korea is to continue to growing as a truly advanced industrialised nation then obviously the market mechanism will have to be let to operate freely. This will take time and cause and also cause relative social unrest. As the South Korean economy has reached a mature stage, it has recognised the old regulatory environment that led to high levels of inputs especially in manufacturing sectors but low levels of productivity must change. In manufacturing, Korea has massively invested in the best available technology but because of protectionism and poor corporate governance in banks and companies, it was not forced to adopt the best managerial practices. As a result labour and capital productivity are in most manufacturing sectors less that 50% of US levels and thus must be one of the challenges for future success of the Korean economy. Other challenges that Korea has had to face, continues to face, and must overcome are the consistent current account deficits (CADs) and foreign debt which may put a constraint on South Korea†s future economic performance. South Korea†s economy relies heavily on high exports and thus is susceptible to global fluctuations. Secondly there is a pressing need in South Korea to use imports more efficiently. Furthermore, the greatest of the challenges Korea has had to face to date was the Asian Financial Crisis of 1997. Up to this point in time many economists looked favorably upon the economic fundamentals of Korea. However, due to excess short term debt over the long term debts, excess debt over equity and the generating of wealth through asset price bubbles, which was clearly unsustainable, these vulnerabilities only required a small shock which was initiated by the devaluation of the Thai baht in July 1997. As an advanced economy, South Korea now needs far more than simply hard work and determination to succeed in this new century, Companies in South Korea need to keep ahead of the profound social, economic and political transition. It is the inherent need for human capital that drives much of South Korea†s business and government spending. Many would agree that a well educated workforce is paramount to future success. In the future, South Korea will need to reform its financial sector, remove the burden of excessive business regulation, provide a more favourable environment for foreign investment and restructure its economy away from declining manufacturing and agricultural industries towards services and sophisticated manufacturing. The prospects for continued economic growth hinge on the success of the aforementioned drivers for economic growth. Deregulating services in addition to lowering barriers to imports, allowing FDI (which can reduce the risks of future financial crisis in the medium and long term) and improving corporate governance would be the key to restoring strong growth in Korea. This reduction would come mainly because fair competition with best practice together with more careful bankers and demanding shareholders would force Korean manufacturers to improve their return their return on investments. In an increasingly globalised economy higher productivity in manufacturing and low import barriers would allow domestic competition to increase due to lower prices. Opening the domestic market would not lead to an increase in the trade deficit or external debt as higher capital productivity would reduce the need to import capital. In overall terms, prospects for South Korea†s economy are favourable, but the high rate of success from the growth performance in the 1980†³s will be difficult to replicate. The next phase of the Asian miracle that will involve China emerging as the world†s largest economy within 10 years and the re-emerging Japanese economy will provide substantial benefits for the Korean economy. Some important strengths of the economy include: a well educated and motivated workforce, a growing level of RD, continued rates of high savings, greater regional trade links and potential for domestic growth through increased infrastructure investment, housing and personal consumption. In summation, South Korea is an economy which initially through selective government intervention and now through domestic and international reforms, sped to economic might. Although there are many challenges in the longer term making South Korea†s future uncertain, (including the reunification with the ailing, unstable North) the fact South Korea has come so far argues well for the future. If South Korea can make the necessary changes to its economy to become a sustained industrialised nation then it will certainly take its place as an economic leader in the near future. How to cite Economic Growth in Korea, Essay examples

The Movie The Patriot and the Real Life Revolutionary War free essay sample

The movie The Patriot and the real life Revolutionary War are alike and also different in many ways. The Patriot and real-life history compare because the patriot is a movie based on The Revolutionary War; The Revolutionary War spanned from April 19, 1775 to September 3, 1783. The movie begins in South Carolina and shows the life of Benjamin Martin, based off of Francis Marion, and his family throughout the war. There are many ways in which the Revolutionary War and The Patriot are not alike. First, cannons in that time period did not have rounds that exploded on impact, if they missed they just hit the ground without any explosion. In addition to this, muskets, the primary weapon of The Revolutionary War, were only single shot weapons. At times, the movie shows people firing more than one round out of the weapon.In the movie, British officers were depicted as being brutal killers. The movie shows a British officer killing one of Martins sons. We will write a custom essay sample on The Movie The Patriot and the Real Life Revolutionary War or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page burning down a church with people locked inside. More than half the Anglican priests in America left the church and gave up their ministries in order to go against their promise to serve the king The British used to burn some of the colonists houses to teach them lessons but there is no record of the British burning whole plantations. Although there were some vile British officers, the British army conducted themselves with the most respect.In the movie, the French were only shown helping the Continental Army at Yorktown when in reality the French had helped well before that. The movie also shows the patriots fighting very violently which is very accurate because the patriots wanted independence from the brits. In the end, the patriots violence ended up being very successful.There are also many ways in which The American Revolution and The Patriot is similar. Martin helped his soldiers beat the brits in major battles; Marion helped his militia using many tactics and never getting caught by the brits. The Battle of Cowpens and Francis Marions militia crossing a river are similar events displayed in detail in The Patriot. The Battle of Bunker Hill was not spoken about or shown in the movie. However, the movie did show The Battle of Yorktown at which General Cornwallis surrendered to the patriots.