The Undeniable Truth About Space and Place Essay Samples That No One Is Telling You

The Undeniable Truth About Space and Place Essay Samples That No One Is Telling You Such a reading is referred to as scanning. Naturally, you'll want to assess the night prior to a test. Just take a couple of minutes at the conclusion of class to check over your test to be certain you have answered all questions and your answers make sense. Just take a couple of minutes to look over the test, then answer all the questions that you understand first. For some individuals, it is a dream that isn't quite simple to reach. Harvey's idea of time-space compression on the opposite hand touches upon the simple fact that with a globalising world, people who dwell in rather distant places can go through the exact same things at precisely the same time. Thus, in a minumum of one method that the huge expansespace was put to good use. It's about sharing the attractiveness of a place that the majority of people aren't conscious of. The Number One Question You Must Ask for Space and Place Essay Samples Thus, you are going to complete everything with a terrific amount of precision. The art of concentration is to eliminate any potential distractions and totally concentrate on the job at hand. The significant disadvantage of space research is that a massive quantity of money is necessary for building a spacecraft. Thus, it's important to ask whether such waste of space at such a substantial scale is essential or not. The point is that if you're speaking about an area, folks know what it is since there is a particular means of defining that location. You might want to label it so there is absolutely no confusion as to its objective. A lot of people aren't very good at writing. As soon as an examiner checks your answer, there are only a few things he or she mainly marks you on. Getting the Best Space and Place Essay Samples You are able to use distinctive voices, verbs and other grammatical devices like conditional modals. However, we're in a position to see an d hear it. Listen to music for a couple minutes. Most important in selecting a study location is finding a place that's relatively free from distractions. In many instances, a few of the beaches operate both evening and day hence this is quite flexible to me especially during the holidays once we want to relax our minds. Besides just schooling at Greenfields, it's the place I was brought up. Facts, Fiction and Space and Place Essay Samples Mobility of human also changes the way an individual gets easily acquainted with his surroundings and space particularly. It's argued this expenditure ought to be spent on other essential things in place of on space exploration. There's no notion of hominess rather it's the feeling of relationship of belonging of a human to a specific space. With the emergence of the electronic digital space, we have made a dimension which we can't touch or smell. All available evidence points to how the Universe is open and it's ceaselessly expanding. Illustrations of what's being meant is commonly the best way to understand an idea. Space on the opposite hand is more straightforward for people to perceive. It's definitely my favourite place on Earth. The reader should receive the thought of the entire essay from the introduction. You may receive all the information that you desire. The author describes the different characteristics of the location for the reader to come up with a mental picture of the way the place resembles. Our site has become the most advantageous location for a totally free essay download. Travel essays might be written for different factors. This provides you with a superior breakdown of the info. Descriptive Narrative Essay Example may be used mainly to recreate an occasion. Space and Place Essay Samples - Dead or Alive? Finally, we'd reap the most benefits if we took initiatives to make sure that we embrace the absolute most ethically appealing parking habits. This is an enormous benefit. Advanced space technologies can definitely be put to fruitful uses like solving the fundamental problems of man and society. Urban planning is a technical procedure for designing of any urban environment, and it's the most important feature of any orderly development of both the settlements together with the growth of any kind of communities dwelling in an urban surrounding. The trick is to keep all you need in there, prepared to go. Applicants who select this option will want to ensure they are presenting their chosen location effectively. The whole procedure for visiti ng the office needs to be described. Urban public place is a significant facet of any urban planning procedure.

A critical analysis of the merits of the Capital Asset Pricing Model - Free Essay Example

Sample details Pages: 8 Words: 2549 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Critically Analyse the Relative Merits of Capital Asset Pricing Model (CAPM) and empirical approaches to asset pricing such as Fama and French model. People always search for new tools or better techniques that allow a job to be completed faster and better. It applies to every field including the finance field. Don’t waste time! Our writers will create an original "A critical analysis of the merits of the Capital Asset Pricing Model" essay for you Create order Capital Asset Pricing Model (CAPM) is used to calculate the cost of capital and measure portfolio performance since 1970s. In 1990s, Fama and French show the CAPM is wrong and they proposed a better three-factor model. One would expect practitioners switching to the new better asset pricing model immediately. However, in a survey conducted by Graham and Harvey (2001), 73.5% of 392 U.S. CFOs relies to some extent on the CAPM when estimating the cost of equity. Brounen, Abe de Jong and Koedijk (2004) conducted a similar survey for 313 European firms and around 45% of on average relied on the CAPM. Why practitioners do not use the three-factor model as Fama and French (2004) claimed? There may be some possible answers. The practitioners may not know the three-factor model; or it is not cost effective to collect the extra information required by the three-factor model; or the practitioners think the three-factor model does not help much, i.e. the Fama-French three-factor model is not alw ays better than the CAPM. Now let us see what CAPM model really is and what are its main properties , its relative merits and demerits and its practical implication with respect to another famous model the Fama and French Model. The CAPM is concerned with the pricing of assets in equilibrium. The CAPM tells us how investors determine expected returns, and asset prices, as a function of risk. The model bases on the idea that not all risks should affect asset prices. In particular, a risk that can be diversified away when held along with other investments in a portfolio is not a risk at all. Only those systematic risk is counted when determining the price. The CAPM model is the extension of one period mean- variance portfolio models of Markowitz (1959) and Tobin (1958) .CAPM is based on numerous assumption and these assumptions become to some sort of basis for criticism by many people as they claim them to unrealistic. The assumptions are as follows and must be kept in mind. Investors choose their investment portfolios on the basis of expected return and variance of return over single period; It is assumed that the diversified portfolio is held by Investors Investors have the same estimates of mean, variance and covariance of all assets; The capitals markets have no transaction costs; Perfect capital market. All assets are perfectly divisible; Single-period transaction horizon. No restriction on short sales; It is also assumed as Investors can borrow and lend at the risk-free rate of return . ( means that a holding period of almost one year is required) No Taxes No commission Basically the assumptions made by the CAPM focuses on the relationship between the risk ( systematic Risk) and return is not as what happens in the real world in which all these decisions are made by companies and individuals. Well if we have a look at capital markets of the world which are not perfect but still this is a point of argument that efficient stock markets which are in developed countries are efficient enough, still there lies some chance of stock market to be priced incorrectly and which further prevents returns not to be plotted on security Market line. We can therefore see that the assumption we took for the single period transaction therefore seems reasonable enough. Investors want to hold a portfolio that reflects the whole stock market. It is very easy for the investors to diversify risk ( specific and Unsystematic) and to make portfolios which track up the stock market. Is it possible to have at a risk free rate in todays world? but in this case it is assumed that such is the case and because the investors to borrow at risk free rate because the individual investor involves more risk as compared to the risk associated with government and resultantly if we are not able to borrow at a risk free rate then the security Market line will be shallower than what we studied in the theory. Regarding the assumption of investors only receiving compensation for systematic risk seems to be very fair to me and is practically acceptable. In my view the assumptions of the CAPM seem to be idealised slightly than the real view and i think there might be some chances of existence of relationship between required return and Risk. The equation for CAPM to find the expected rate of return is mentioned below. E(ri) = Rf + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²i(E(rm) Rf) Explaining the equation . 1) Rf = Estimate the risk free rate, generally treasury bill rate. 2) Bi = Estimate the stocks beta coefficient, b, which is an index of systematic ( or non-diversifiable market) risk. 3) rm = Estimate the rate of return on market portfolio, such as standaed poors 500 stock composite index. 4) Example : Treasury bill rate ( risk free) = 8% , Bi = 1.5 market portfolio = 12% = E(ri) = 8% = 1.5 ( 12% 8%) = 14% 14% = { 8% risk free rate { 6% risk premium, stock price is 1.5 times more volatile than the market portfolio ADVANTAGES OF THE CAPM The CAPM has several advantages over other methods: It considers only systematic risk, reflecting a reality in which most investors have diversified portfolios from which unsystematic risk has been essentially eliminated. It generates a theoretically-derived relationship between required return and systematic risk which has been subject to frequent empirical research and testing. Another advantage which makes it superior than others is that it calculates cost of equity by taking into account level of risk with respect to stock market. Discount rates are used in investment appraisal which makes it a better model then weighted average cost of capital. DISADVANTAGES OF THE CAPM Besides advantages it also has some disadvantages like in order to compute CAPM we need to assign values to risk free rate of return, the equity risk premium, beta and return on market. The risk free rate of return for which we use yield on short term Government debt changes on daily basis according to different conditions prevailing. Proxy beta for the investments must be different from the companies equity beta. If the proxy for the market portfolio isnt mean-variance efficient then we wont identify the correct CML and the expected returns estimated using CAPM are unlikely to match actual returns. Similarly using a broad stock market index as proxy for the market portfolio may be inappropriate. Another difficulty is that proxy company betas uses information that may not be readily available. More over other issues regarding estimating the expected returns for individual stocks based on Capital Asset Pricing model are Do dividend adjustments in the index matter? It is assumed in C APM that Market portfolio returns includes dividends. It is therefore relevant to ask that number of indexes constructed without dividends do matter in obtaining a best estimate to see whether or not dividends are included in the index used. So where it is possible that the indexes with or without the dividends are considered here. What data frequency and time period should be used? As we know regarding estimation that the more observations we take the better the results are. If we follow this then we should be using long time periods as possible. Similarly if we take long estimation period for the beta and it is possible that the value of the actual beta will change over time and the consequential estimate for beta will be prejudiced. Naturally when this happens we will have to shorten the period. Now as we have to collect more observations over shorter time we can do this by increasing the sampling frequency. What index should be used? As we know CAPM is very precise about the ind ex. Value weighted index which consist of all assets in world should be used. As we know that very limited and small portion of assets are traded on the stock exchanges so its not possible to make such a index so we make a proxy instead. Regarding proxy the most commonly used are equal weighted and value weighted index. There are many of its anomalies which were later on discovered in the 80s and 90s, they in fact became a challenge to the CAPM as the market beta does not suffice to explain expected stock returns. The anomalies were Earning price ratio. Size Leverage Book to Market equity ratio. Basu (1977) shows that when common stocks are sorted on earning price ratio , earning price future return on high EP stocks are higher than those predicted by CAPM. Banz (1981) documented about a size effect that stock of small i.e low market value stocks earned a higher return the predicted by CAPM.small stocks have higher betas and higher returns then large stocks but the difference was mo re than what was predicted by CAPM. Bhandari ( 1988) illustrated that leverage is positively related to stocks expected returns. As we know that leverage is measured by book value of debt over market value of equity. Therefore Fama and French (1992) state the earlier findings of other researchers like , higher book to market equity ratios , ratio of book value to market value , have higher returns that are not captured by market beta which is why Fama and French launched a challenge. The Fama-French three-factor model This Model as previously discussed was put forward by Fama and French in response to the CAPM in which they think had flaws or deficiencies which were therefore overcome in their model. Fama French ( 1992) discussed about the book to market equity ratio, leverage, size and earning to price ratio and according to them the book to market equity has a greater and stronger power then the size but on the other hand, book to market equity ratio cannot be replaced by size in explaining the average returns. A three factor model was therefore proposed by Fama and French for expected returns to show more factors which could be involved and influence the expected returns which the CAPM was not able to include according to them. Variables include the return on stock index, excess returns on portfolio of small stocks over a portfolio of large stocks and excess return on portfolio of high book to market stocks over a portfolio of low book to market stocks. Following is the equation for computat ion put forward by them. (Rit Rft) = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±i + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1i (Rmt Rft)+ ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2i SMBt + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3i HMLt + ÃÆ'Ã… ½Ãƒâ€šÃ‚ µit In the equation, as discussed before SMB (small minus big) is the difference of the returns on small and big stocks, HML(high minus low) is the difference of the returns on high and low book-to-market equity ratio (B/M) stocks, and the betas are the factor sensitivities of the state variables. Fama and French argue if asset pricing is rational, size and BE/ME must proxy for risk. SMB captures the risk factor in returns related to size, HML captures the risk factor in returns related to the book-to-market equity and the excess market return, Rm R captures the market factor in stock returns. However, Fama and French (1992) show that it is unlikely as they find market betas alone has no power to explain average returns. They also find the averages of the monthly cross-sectional correlations between market betas and the val ues of these two state variables for individual stocks are all within 0.15. According to Fama and French (1995) the weaker firms which show a continuous trend of less earning over time and having high book to Market value and have positive slopes on the High minus Low , similarly the firms with a consistent trend of higher earning tend to have lower book to market value and show negative slopes on the HML. According to them, the variation in the risk factor which is relevant to earning performance is captured by HML. Similarly stocks with the property of lower returns over long term which we may refer as the losers tend to have a positive SMB and HML slopes the reason being as they are smaller and financially distressed and resultantly higher future returns. On the other hand stocks with the property of higher long term returns which we may refer to as the winners tend to have negative slopes and low future returns. Fama and French also say that market beta is not able to capture th e co variation in the returns of small stocks and which is compensated in average returns. Fama and French also show the existence of co variation in the returns on small stocks that is not captured by the market betas and is compensated in average returns. Fama and French (1993, 1996) have interpreted their three- factor model as evidence for a distress premium. Small stocks with high book- to-market ratios are firms that have performed poorly and are vulnerable to financial distress, and hence investors command a risk premium. However, the model cannot explain the momentum effect. The Fama-French three-factor model predicts the reversal of future returns for short-term winners and losers. Hence, the continuation of short-term returns is left unexplained by the model. CONCLUSION As we have been through both CAPM and Fama and French models to help investors understand the risk/reward trade-off which they face when making investments. We first introduced the CAPM, with its inherent simplicity, linking market covariance risk to expected returns. Its simplicity helps to build intuition around the concept of modelling return as a function of risk. The CAPMs simplicity is also its greatest shortcoming, as the underlying assumptions limit its ability to explain and predict actual returns. The Fama-French Three-Factor Model expands the capabilities of the model by adding two company specific risk factors SMB and HML. The three factors in concert explain most of the returns due to risk exposure, but it has its own limitations too. CAPM has stood up well against all the attacks and criticisms against it , although these criticisms have increased in the recent years , but in my view CAPM remains a very useful tool in the financial management. In my view with these M odels investors are able to make more informed investment decisions with respect to personal preference regarding the risk/reward trade-off. REFERENCING Bartholdy.J and Peare.P, (2004) , Estimation of expected return: CAPM vs Fama and French, page 1-8. Banz, R.W, (1981), The Relationship between Return and Market Value of Common Stocks, Journal of Financial Economics 9. 3-18. (https://thefinanceworks.net/Workshop/1002/private/3_Asset%20pricing/Articles/Banz%20on%20small%20firm%20effect%201981%20JFE.pdf) French.R and Fama.F (2003), The CAPM: Theory and Evidence, Centre for Research in Security Prices (CRSP) University of Chicago. French.R and Fama.F ( 1996), The CAPM is Wanted, Dead or Alive, The Journal of Finance, Vol. 51, No. 5. Lam Kenneth ,( 2005), Is The Fama-French Three Factor Model Better Than The CAPM,. Page 1-6. Megginson W L,( 1996.) Corporate Finance Theory, Addison-Wesley, p10, Project-specific discount rates, student accountant, April 2008. Russo. Francesco ( 2005) , C APM : The challenges of globalization. International Financial Management. Available at ( https://people.hbs.edu/mdesai/IFM05/Russo.pdf) Shapiro Alex, The Capital Asset Pricing Model (CAPM), Foundations of Finance Note 9, (pp 1-5). Watson D and Head A, 2007, Corporate Finance: Principles and Practice, 4th edition,FT Prentice Hall, pp222-3. Available at ( https://accounting-financial-tax.com/2010/06/more-advance-with-cost-of-capital-analysis/)

Alexander Gibbs. Liberty Union High School - 1025 Words

Alternative Energy Persuasive Essay Alexander Gibbs Liberty Union High School May 10, 2016 In today’s world, the topic of energy is dominated by one thing: ancient organic matter. Carbon and oxygen that existed in this matter when it was alive is still present and is released in the form of carbon dioxide when the coal and oil it was compressed into is burned. The problem is that the carbon that was buried over millions of years was never naturally supposed to be released back into the atmosphere it used to exist in at such an alarming rate. The amount of carbon dioxide flooding into our atmosphere needs to be limited or there will be severe consequences in our future. Carbon emissions are changing the planet for the worse. Energy production (mostly coal) is producing a one third of the US s global warming emissions. Renewable sources produce little to zero percent. The balance of coal and renewable energy in the U.S. needs to be evened out with renewable techniques. Statistics from the Union of Concerned Scientist’s â€Å"Benefits of Renewable Energy Useâ⠂¬  show that most renewable resources emit less than one pound of CO2E/kWh. These have significantly less of a carbon footprint than coal, which emits 1.4 to 3.6 lbs. CO2E/kWh or natural gas, which emits .6 to 2 lbs. CO2E/kWh. This impressive difference of carbon emissions between renewable and fossil fuel is the key to caring for our environment. A 2009 USC study found that if 25 percent of the US sShow MoreRelatedDeveloping Management Skills404131 Words   |  1617 Pagescan I invigorate those who feel outdated and left behind?† â€Å"How do I help the ‘survivors’ of a downsizing pick up the pieces and move on?† â€Å"How do I help people with very different agendas and philosophies work together, especially during periods of high stress and uncertainty?† Anyone tempted to dismissively argue that the answers to these questions are â€Å"common sense† would do well to recall Will Rogers’ pithy observation: â€Å"Common sense ain t common.† In addition, the research reported in the IntroductionRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesManagement, Warrington College of Business Administration, University of Florida; Stanley  M. Howe Professor in Leadership, Henry B. Tippie College of Business, University of Iowa; Associate Professor (with tenure), Department of Human Resource Studies, School of Industrial and Labor Relations, Cornell University; Lecturer, Charles University, Czech Republic, and Comenius University, Slovakia; Instructor, Industrial/Organizational Psychology, Department of Psychology, University of Illinois at Urbana-Champaign

ILAC Method To Analyze The Foundation of Business Law

Question: READ THE FOLLOWING SCENARIO AND USE THE ILAC METHOD TO ANALYSE THE SCENARIO. On April 20 Ming wrote a letter to Lee in which she stated that she was wanting to sell her boat for $10,000 and since Lee had so often admired it, would she be interested in buying it? On receiving the letter the next day, Lee immediately telephoned Ming stating, Its exactly the boat Im after but I would like a few days to think about it. Would you hold the boat for me for a week? Ming answered Certainly. On the evening of April 26, Lee telephoned Ming saying, I accept your offer and I will bring payment for the boat to your house tomorrow. Ming replied to Lee Im sorry but you are too late. I sold the boat to Cherry earlier today. On hearing this Lee was furious and insisted Ming recover the boat and sell it to her. Using the ILAC method and relevant contract law and supporting cases, discuss with reasons whether or not a legally enforceable contract exists between Ming and Lee and explain the subsequent consequences of your answer. Does The Intricacy of The Topic Intimidate You? Tame Your Fear with Unmatched Assignment Help Services from Professional Writers. Answer: Issue The issue that needs to be decided in the present case is that an offer was made by Ming to Lee to sell her vote for $10,000. After receiving the offer, Lee made a phone call to Ming in which Lee asked Ming to hold the vote for a week. Ming became ready to hold the boat for a week however when Lee telephoned Ming, accepting the offer, Ming told Lee that she had already sold the boat with Cherry. Therefore, it needs to be decided if Ming was bound by the promise made by her to hold the board for a week. Law The law provides in this regard the law provides that are promised to keep the offer open is not valid unless it is not supported by separate consideration. It is required in such a case that there is a separate contract and this contract is for keeping the offer open. Such a contract is also known as an option. This type of contract is most useful in case a person is willing to enter into the major contract but wants to have some more time to make further investigations are evaluations. In case, the commitment of some resource like time or money is involved in such investigations, the person who is conducting these investigations may like to have a guarantee that in case the investigations are successful, such persons should be able to reap the benefit of initial expenses made on the investigation or evaluation. Therefore in such a case, the option is a way to encourage this type of initial involvement before making a major commitment. It is also known as keeping one's options open. Application The leading case in this regard is that of Dickinson v Dodds (1876). In this case, Dodds made an offer to sell his house to Dickinson and stated that the offer will remain open until 12 June, 9 AM. However, Dickinson was informed by a third party on 11th June that Dodds has sold the house to someone else. Thereafter, Dickinson purported to accept the offer however Dodds replied that the property has already been sold and it is too late to accept the offer. In this regard the court held that no particular form of revocation is required. The only thing required in such a case is that the offeror somehow conveys to the offeree that he has changed his mind regarding the offer. At the same time, the court also stated that the promise to keep the offer made by the offeree was not binding due to the reason that such a promise was not supported by any consideration. In the present case also, Ming had accepted to keep the offer for a week however the offer was not supported by any consideration. Conclusion on the basis of the above discussion, it can be said that the promise made by Ming to keep the offer open for a week was not supported by any consideration therefore, the promise is not binding on Ming. As a result, early enforceable contract is not present between me Ming and Lee and Ming can sell the boat to Cherry before the expiry of one week. TYPE YOUR REFERENCE LIST HERE Turner, Chris (2007). Unlocking contract law (2nd ed. ed.). London Case Law Dickinson v Dodds (1876) 2 Ch D 46