The Bombing Of Pearl Harbor Was Avoidable Or Not - 1382 Words

Many can argue whether the bombing of Pearl Harbor was avoidable or not. There was different importance for the U.S. and Japan when it came to foreign and domestic policies. They both assumed so much negative assets about each other, they made themselves believe their intentions were no good and therefore it was not possible to avoid the attack made upon the United States. Even though they started as allies they both wanted different things and never had an agreement. The one thing that they both wanted was control and dominance in the Pacific. Japan was thirsty for power after the First World War. If they had power in the Pacific they would have ownership of raw materials, which means they would not have to pay anything to have access to them. The Japanese were determined to make this an accomplished goal. The beginning of Japans and Chinas problems can be traced back to the invasion of Manchuria. In 1931the Japanese invaded Manchuria which part of China and rename d it Manchukuo. This was the start of it all and the reason for the Sino-Japanese War. The Sino-Japanese was lasted until the end of the Second World War (Iriye 4). When China made the decision to take on Japan, other countries got involved, the United States being one of them, who took the Chinese side under Chiang Kai-shek. The Japanese had a slogan: â€Å"the Great East Asian Co-Prosperity Sphere† which frightened the United States (Iriye 7). Just because the U.S. was known to be theShow MoreRelatedDropping The Bombs On Hiroshima And Nagasaki1073 Words   |  5 PagesHiroshima and Nagasaki was not necessary. In a brief summary, World War II (WWII) was viewed as one of the bloodiest wars to date. The Japanese belief of fighting to the last man and not surrendering played a large role in the decisions made in warfare (Dietrich). After Japan kamikaze-bombed Pearl Harbor, WWII was officially in place and the U.S. was prepared to retaliate to the fullest extent. The first bomb to be dropped on Japan, also the first atomic bomb ever to be used, was the â€Å"Little Boy† whichRead MoreThe Atomic Bombs in Japan1373 Words   |  6 Pages000. (Weber, â€Å"Was Hiroshima Necessary?†) Three days later, a second atomic bomb stroked the city of Nagasaki which killed approximately 37,000 people and injured 43,000 (Weber, â€Å"Was Hiroshima Necessary?†). These actions of the United States still remain controversial today and the United States’ abuse of power and morality can be questioned. ‘Were the dropping of atomic bombs in the cities of Hiroshima and Nagasaki a j ustified way to end World War Two?’. The answer is no, the bombings were not justifiedRead MoreWar I And World War II1392 Words   |  6 PagesWar 2. I will explain how they started, what happened or changed during both, and how they ended. War begins with a conflict, sometimes it can be avoidable but for both of the World Wars, I think they were unstoppable. â€Å"Though it was not the bloodiest nor most prolonged war in history, nor strictly, as it was later termed, the ‘first’ World War, it was the most intensely fought struggle and the greatest in geographical extent to have occurred down to that time† (Roberts Westad, pg. 886). The FirstRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesSaddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those designations appear in this book, and the publisher was aware of a trademark claim, the designations have been printed in initial caps or all caps. Library of Congress Cataloging-in-Publication Data Robbins, Stephen P. Organizational behavior / Stephen P. Robbins, Timothy A. Judge. — 15th ed. p. cm. Includes

Pifzer Inc.’s Cost of Capital and Capital Structure Free Essays

Pfizer Inc. ’S Cost of Capital and Capital structure – Xiaoyue Shi The costs of capital and capital structures for Pfizer Inc. and its two competitors Merck Co. We will write a custom essay sample on Pifzer Inc.’s Cost of Capital and Capital Structure or any similar topic only for you Order Now Inc. and Johnson Johnson in the pharmaceutical industry are analyzed in this memo. When calculating the cost of common stock for the three companies, three different approaches including Capital Asset Pricing Model (CAPM), Discounted Cash Flow (DCF) and the bond yield plus risk premium are applied (Appendix A). For CAPM approach (Figure 1 3), the risk-free rate (rRF) used is the rate on the U. S. 10-year Treasury bonds, which is 1. 66. The market risk premium (RPM) is the required return on the stock market minus rRF. The required market return used here is the average 20 years rates of return on SP 500. With highest beta (0. 71), Merck has the higher estimated cost of equity (6. 167). Pfizer has lower estimated cost of equity (5. 910) with lower beta (0. 67). Because of the lowest beta (0. 48), Johnson Johnson has the lowest estimated cost of equity (4. 697). For DCF approach (Figure 2 4), the stock price used is the current stock price. The expected growth rate (g) is the annualized growth rate based on the dividend growth over the past 10 years. Among the three companies, Johnson Johnson has the highest estimated cost of equity due to its highest expected growth rate in dividends. Pfizer’s estimated cost of equity is much lower than Johnson Johnson. Having the lowest expected growth rate in dividends, Merck has the lowest cost of equity. For bond yield plus risk premium approach (Figure 5), the bond yield (Figure 7) for Pfizer, Merck and Johnson Johnson are 2. 0724, 2. 5553, and 1. 9629 respectively. Since their betas are Pfizer 0. 67, Merck 0. 71 and Johnson Johnson 0. 48, and all below 1, the three companies’ judgmental risk premium estimated as 3. , 3. 4, and 3, respectively. According to the bond yield plus risk premium method, the estimated costs of equity are Pfizer 5. 3724, Merck 5. 9553, Johnson Johnson 4. 9629. The final estimated costs of equity for the three companies in this memo are the averages of the three approaches (Figure 6), and they are Pfizer 5. 83, Merck 4. 44, Johnson Johnson 7. 36. The three companies do not offer preferred stocks in public (Appendix B). Their costs of preferred stock would be zero. Although Pfizer offer Preferred stock for their employees, its costs of preferred stock still estimated as zero. According to the debt-rating organizations such as Moody’s, SP, the three companies’ bond ratings are very high (Figure 7). The tax rates used for calculating the costs of debt are the average tax rates for the last four years (Appendix C, Figure 10). And their after-tax cost of debts are similarly low, for example, Pfizer 1. 657, Merck 1. 991, Johnson Johnson 1. 528 (Figure 9). When calculating the percentage of debt and common equity (Appendix D, Figure 12), the common equity used is the market value of equity, and the book value of company’s debt is used as a proxy of the market value of debt. According to the formula in Appendix D, the weighted average costs of capital (WACC) for the three companies are Pfizer 1. 86, Merck 2. 17, Johnson Johnson 2. 15. The WACCs are quit low for the three companies as pharmaceutical giants. The debt ratios for last four years for the three companies were all around 50% (Appendix E, Figure 13). For example, in 2008, Pfizer’s debt ratio was 48. 1%, Merck was 55. 2%, Johnson Johnson was 49. 9%; in 2009, Pfizer was 57. 5%, Merck was 45. 5%, Johnson Johnson was 46. 6%; in 2010, Pfizer was 54. 7%, Merck was 46. 3%, Johnson Johnson was 45%; in 2011, Pfizer was 56. %, Merck was 45. 8%, Johnson Johnson was 49. 8%. Pfizer’s debt ratios were a little higher than its two competitors. But they all have quite similar capital structures with similar borrowing capacities. The three companies’ assets are financed with around 50% equity, and their risks of bankruptcy are low. Because involved in the pharmaceutical industry, the th ree companies are focusing on RD, innovation and raise productivity, which are very costly for them. The three companies all have a lot borrowings. Drug development needs a lot of resources and quite inefficient. High failure rates cause a lot pharmaceutical companies unable to make profit and went bankruptcy. Based on the circumstances, the three companies all have very good capital structures in the pharmaceutical industry. They may have to figure out a way to cut their costs, and have even better capital structures. Pfizer used accelerated depreciation methods for tax purpose. Its depreciation amortization increased a lot since 2009 (Appendix F, Figure 14). For example, it was $5,090 million in 2008, and $4,757 million in 2009, but it was $8487 million in 2010, and $9026 million in 2011. The huge increase in depreciation was mainly because of the merger with Wyeth in 2009. Merck mainly used accelerated depreciation methods for tax purpose except that its depreciation on intangibles was applied with primarily straight-line methods. Its depreciation amortization also increased since 2009. For instance, it was $1,631. 2 million in 2008, and $2,576 million in 2009, but it was $7,381 million in 2010, and $7,427 million in 2011. The increase in depreciation was also because of the merger. Merck was also involved in a merger with another pharmaceutical company Schering-Plough in 2009. Johnson Johnson had quite stable depreciations. And the straight-line methods were applied in this company. The three companies all paid stable dividends in last four years (Appendix G). Pfizer paid lowest dividends among them. Johnson Johnson paid highest dividends. Only Johnson Johnson performed stock repurchases (Figure 15 16). They (in shares) were 100,970 thousands in 2008, 37,114 thousands in 2009, 45,090 thousands in 2010, 39,741 thousands in 2011. And the money (in millions) used for stock repurchases was $6,651 in 2008, $2,130 in 2009, $2,797 in 2010, $2,525 in 2011. In my point of view, Pfizer and its two competitors – Merck and Johnson Johnson all have low cost of capital. Although they all involved in a lot borrowings , they all have very good capital structures as pharmaceutical companies. The reason is that the costs in RD and innovation are extremely high in the pharmaceutical industry. Reference: 1. Brigham, Eugene F. and Michael C. Ehrhardt. Financial Management Theory and Practice, 13th Edition, Thompson South-Western, ISBN-13# 978-14390-7809-9, ISBN-10#1-4390-7809-2 2. http://www. mergentonline. com/login. php 3. http://www. how. com/how_5833592_determine-target-debt-equity. html 4. http://cxa. gtm. idmanagedsolutions. com/finra/BondCenter/Watchlist. aspx 5. ww. finra. org 6. http://www3. valueline. com/vlquotes/quote. aspx Appendices: Appendix A: Cost of common stock Appendix B: Cost of preferred stock Appendix C: Cost of debt Appendix D: Weighted Average Cost of Capital (WACC) Appendix E: Capital Structure Appendix F: Deprecia tion Appendix G: Yearly dividend and share repurchase Appendix H: Value Line reports Appendix A: Cost of common stock Equations used for calculating cost of common stock: CAPM approach: rS=rRF+(RPM)bi DCF approach: The bond yield plus risk premium approach: rS=Company’s own bond yield + Judgmental risk premium Figure 1 CAPM Equation Variables| Â  | Â  | Â  | | Pfizer| Merck| JJ| Risk Free Rate| 1. 66| 1. 66| 1. 66| Required Rate of Return| 8. 00| 8. 00| 8. 00| Beta| 0. 67| 0. 71| 0. 48| Required Return on Stock| 5. 91| 6. 17| 4. 70| | | | | | | | | | Required Return on Stock| Â  | | Pfizer| Merck| JJ| | 5. 91| 6. 17| 4. 70| Figure 2 Annualized dividend growth rate (g) | Pfizer| Year| Sum dividend| Total growth over 10 years| Annualized growth rate (g)| Next expected dividend| 2011| 0. 8| | | Â  | 2010| 0. 72| | | Â  | 2009| 0. 8| | | Â  | 2008| 1. 28| | | Â  | 2007| 1. 16| | | Â  | 2006| 0. 96| | | Â  | 2005| 0. 76| | | Â  | 2004| 0. 68| | | Â  | 2003| 0. 6| | | Â  | 2002| 0. 52| | | Â  | 2001| 0. 44| 0. 818181818| 6. 16%| $0. 85 | | Merck| Year| Sum dividend| Total growth over 10 years| Annualized growth rate (g)| Next expected dividend| 2011| 1. 56| | | Â  | 2010| 1. 52| | | Â  | 2009| 1. 52| | | Â  | 2008| 1. 52| | | Â  | 2007| 1. 52| | | Â  | 2006| 1. 52| | | Â  | 2005| 1. 52| | | Â  | 2004| 1. 5| | | Â  | 2003| 3. 976| | | Â  | 2002| 1. 3| | | Â  | 2001| 1. 39| 0. 122302158| 1. 16%| $1. 58 | | JJ| Year| Sum dividend| Total growth over 10 years| Annualized growth rate (g)| Next expected dividend| 2011| 2. 25| | | Â  | 2010| 2. 11| | | Â  | 2009| 1. 93| | | Â  | 2008| 1. 795| | | Â  | 2007| 1. 62| | | Â  | 2006| 1. 455| | | Â  | 2005| 1. 275| | | Â  | 2004| 1. 095| | | Â  | 2003| 0. 925| | | Â  | 2002| 0. 795| | | Â  | 2001| 0. 7| 2. 214285714| 12. 39%| $2. 53 | Figure 3 CAPM | CAPM| Â  | Â  | Â  | Â  | Â  | | Risk Free Rate (1)| Required Market Return (2)| Market Risk Premium (3)=(2)-(1)| Beta (4)| Estimated cost of Equity (1)+(3)? (4)| Pfizer| 1. 66| 8. 00| 6. 34| 0. 67| 5. 10| Merck| 1. 66| 8. 00| 6. 34| 0. 71| 6. 167| JJ| 1. 66| 8. 00| 6. 34| 0. 48| 4. 697| | | | | | | Figure 4 DCF | DCF| Â  | Â  | Â  | Â  | | | Stock Price (1)| Next Expected Dividend (2)| Expected Growth Rate (3)| Estimated cost of Equity (2)/(1)+(3)| | Pfizer| 25. 12| $0. 85 | 6. 16| 6. 194| | Merck| 45. 62| $1. 58 | 1. 16| 1. 195| | JJ| 67. 97| $2. 53 | 12. 39| 12. 427| | | | | | | | Figure 5| | | | | | Bond Yield plus Risk Premium| Â  | Â  | | | | Company’s Bond Yield (1)| Judgmental Risk Premium (2)| Estimated cost of Equity (1)+(2)| | | Pfizer| 2. 0724| 3. 3| 5. 3724| | | Merck| 2. 5553| 3. 4| 5. 9553| | | J J| 1. 629| 3| 4. 9629| | | | | | | | | | | | | | | Figure 6 Estimated Cost of Equity| Estimated Cost of Equity| | | | | Pfizer| 5. 83| | | | | Merck| 4. 44| | | | | JJ| 7. 36| | | | | Figure 7 Bond Data| Bond Data| Â  | Â  | Â  | Â  | Â  | Â  | Â  | Â  | Â  | Bond Symbol| Issuer Name| Coupon| Maturity| Callable| Moody’s| S;P| Fitch| Price| Yield| PFE. GF| PFIZER INC| 4. 65| 3/1/18| No| A1| AA| A+| 116. 189| 1. 501| PFE. GI| PFIZER INC| 4. 5| 2/15/14| No| A1| AA| A+| 105. 468| 0. 367| PFE. GM| PFIZER INC| 7. 2| 3/15/39| Yes| A1| AA| A+| 159. 019| 3. 685| PFE. GO| PFIZER INC| 6. 2| 3/15/19| Yes| A1| AA| A+| 127. 5| 1. 66| PFE. GQ| PFIZER INC| 5. 5| 3/15/15| Yes| A1| AA| A+| 111. 554| 0. 521| PFE3666215| AMERICAN HOME PRODS CORP| 7. 25| 3/1/23| No| A1| AA| A+| 139. 65| 2. 819| PFE3667744| WYETH| 5. 5| 2/15/16| Yes| A1| AA| A+| 115. 705| 0. 715| PFE3667745| WYETH| 6| 2/15/36| Yes| A1| AA| A+| 134| 3. 791| PFE3667909| PHARMACIA CORP| 6. 5| 12/1/18| Yes| A1| AA| A+| 128. 1 4| 1. 677| PFE3667915| PHARMACIA CORP| 6. 75| 12/15/27| No| A1| AA| A+| 137. 221| 3. 552| PFE3667927| PHARMACIA CORP| 6. 6| 12/1/28| Yes| A1| AA| A+| 138. 179| 3. 484| PFE3670301| WYETH| 5. 45| 4/1/17| Yes| A1| AA| A+| 119. 153| 1. 044| PFE3670315| WYETH| 5. 95| 4/1/37| Yes| A1| AA| A+| 135| 3. 5| PFE3702946| WYETH| 5. 5| 3/15/13| Yes| A1| AA| A+| 101. 977| 0. 706| PFE3703979| PHARMACIA CORP| 8. 7| 10/15/21| No| A1| AA| A+| 142. 03| -| PFE3704635| WYETH| 5. 5| 2/1/14| Yes| A1| AA| A+| 106. 52| 0. 421| PFE3704636| WYETH| 6. 45| 2/1/24| Yes| A1| AA| A+| 138. 004| 2. 553| PFE3704637| WYETH| 6. 5| 2/1/34| Yes| A1| AA| A+| 139. 025| 3. 807| PFE3706578| PHARMACIA CORP| 8. 2| 4/15/25| Yes| A1| AA| A+| 101. 5| -| PFE3739069| KING PHARMACEUTICALS INC| 1. 25| 4/1/26| Yes| NR| NR| NR| 99. 99| 1. 25| | | | | | | | | Average| 2. 072388889| MRK. GA| MERCK ; CO INC| 6. 3| 1/1/26| No| Aa3| AA| A+| 138. 945| 2. 76| MRK. GB| MERCK ; CO INC| 6. 4| 3/1/28| Yes| Aa3| AA| A+| 137. 464| 3. 278| MRK. GC| MERCK ; CO INC| 5. 95| 12/1/28| Yes| Aa3| AA| A+| 133. 211| 3. 28| MRK. GF| MERCK ; CO INC MTN BE| 5. 76| 5/3/37| No| Aa3| AA| A+| 131| 3. 808| MRK. GG| MERCK ; CO INC MTN BE| -| 11/27/40| No| Aa3| AA| A+| 98. 25| -| MRK. GH| MERCK ; CO INC MTN BE| -| 12/21/40| Yes| Aa3| AA| A+| 98| -| MRK. GI| MERCK ; CO INC MTN BE| -| 12/27/40| No| Aa3| AA| A+| 98. 5| -| MRK. GJ| MERCK ; CO INC MTN BE| -| 2/6/41| No| Aa3| AA| A+| 98| -| MRK. GK| MERCK ; CO INC MTN BE| -| 6/21/41| Yes| Aa3| AA| A+| 100| -| MRK. GL| MERCK amp; CO INC MTN BE| -| 7/18/41| No| Aa3| AA| A+| 97. 75| -| MRK. GM| MERCK ; CO INC MTN BE| -| 12/21/41| Yes| Aa3| AA| A+| 100| -| MRK. GN| MERCK ; CO INC MTN BE| -| 11/28/41| No| Aa3| AA| A+| 98. 25| -| MRK. GQ| MERCK ; CO INC MTN BE| -| 8/22/42| Yes| Aa3| AA| A+| 98. 275| -| MRK. GR| MERCK ; CO INC MTN BE| -| 2/18/43| Yes| Aa3| AA| A+| 99. 875| -| MRK. GT| MERCK ; CO INC MTN BE| -| 2/12/44| Yes| Aa3| AA | A+| 100| -| MRK. GU| MERCK ; CO INC| 4. 75| 3/1/15| Yes| Aa3| AA| A+| 109. 512| 0. 699| MRK. GV| MERCK ; CO INC| 5. 75| 11/15/36| Yes| Aa3| AA| A+| 135. 683| 3. 536| MRK. GW| MERCK ; CO INC| 4. 8| 2/15/13| No| Aa3| AA| A+| 101. 369| 0. 194| MRK. GX| MERCK ; CO INC NEW| 3. 88| 1/15/21| Yes| A1| AA| A+| 114. 717| 1. 883| MRK3671638| SCHERING PLOUGH CORP| 6. 55| 9/15/37| Yes| Aa3| AA| A+| 149. 11| 3. 56| | | | | | | | | Average| 2. 555333333| JNJ. GA| ALZA CORP DEL| -| 7/14/14| Yes| Aa1| AAA| AAA| 152. 8| -| JNJ. GC| ALZA CORP| -| 7/28/20| Yes| Aa1| AAA| AAA| 98. 75| -| JNJ. GH| JOHNSON ; JOHNSON| 6. 73| 11/15/23| No| Aaa| AAA| AAA| 145. 758| 2. 083| JNJ. GI| -| | 11/1/24| No| NR| NR| NR| 104. 36| -| JNJ. GJ| JOHNSON ; JOHNSON| 6. 95| 9/1/29| No| Aaa| AAA| AAA| 144. 925| 3. 422| JNJ. GL| JOHNSON ; JOHNSON| 3. | 5/15/13| No| Aaa| AAA| AAA| 102. 04| 0. 263| JNJ. GM| JOHNSON ; JOHNSON| 4. 95| 5/15/33| No| Aaa| AAA| AAA| 121. 154| 3. 499| JNJ. GO| JOHNSON ; JOHNSON| 5. 55| 8/15/17| Yes| Aaa| AAA| AAA| 121. 81| 0. 932| JNJ. GP| JOHNSON ; JOHNSON| 5. 95| 8/15/37| Yes| Aaa| AAA| AAA| 143. 163| 3. 369| JNJ. GQ| JOHNSON ; JOHNSON| 5. 15| 7/15/18| Yes| Aaa| AAA| AAA| 123. 223| 0. 982| JNJ. GR| JOHNSON ; JOHNSON| 5. 85| 7/15/38| Yes| Aaa| AAA| AAA| 143. 093| 3. 341| JNJ. GS| JOHNSON ; JOHNSON| 2. 95| 9/1/20| Yes| Aaa| AAA| AAA| 107. 12| 1. 969| JNJ. GT| JOHNSON ; JOHNSON| 4. 5| 9/1/40| Yes| Aaa| AAA| AAA| 123. 32| 3. 229| JNJ. GU| JOHNSON ; JOHNSON| -| 5/15/13| No| Aaa| AAA| AAA| 100. 154| -| JNJ. GV| JOHNSON ; JOHNSON| -| 5/15/14| No| Aaa| AAA| AAA| 100. 322| -| JNJ. GW| JOHNSON ; JOHNSON| 2. 15| 5/15/16| Yes| Aaa| AAA| AAA| 105. 523| 0. 588| JNJ. GX| JOHNSON ; JOHNSON| 4. 85| 5/15/41| Yes| Aaa| AAA| AAA| 125. 764| 3. 428| JNJ. GY| JOHNSON ; JOHNSON| 1. 2| 5/15/14| Yes| Aaa| AAA| AAA| 101. 399| 0. 311| JNJ. GZ| JOHNSON ; JOHNSON| 3. 55| 5/15/21| Yes| Aaa| AAA| AAA| 113. 786| 1. 807| JNJ. HA| JOHNSON ; JOHNSON| 0. 7| 5/15/13| No| Aaa| AAA| AAA| 100. 278| 0. 22| | | | | | | | | Average| 1. 62866667| Appendix B: Cost of preferred stock Figure 8 Cost of Preferred Stock| Cost of Preferred Stock| Â  | Â  | Â  | | Preferred Dividend (1)| Preferred Stock Price (2)| Floatation Cost (3)| Component cost of Preferred Stock(1)/[(2)*(1-(3))]| Pfizer| N/A| N/A| N/A| #VALUE! | Merk| N/A| N/A| N/A| #VALUE! | J;J| N/A| N/A| N/A| #VALUE! | Appendix C: Cost of debt After-tax cost of debt=rd(1-T) Figure 9 After-tax cost of debt| After Tax Component Cost of Debt| Â  | | Interest Rate| Tax Rate| Cost of Debt| Pfizer| 2. 072388889| 0. 2003| 1. 657289394| Merck| 2. 555333333| 0. 221| 1. 990604667| J;J| 1. 962866667| 0. 2218| 1. 2750284| Figure 10 Marginal tax rate Company| Pfizer| Merck| J;J| Year| 2011| 2010| 2009| 2008| 2011| 2010| 2009| 2008| 2011| 2010| 2009| 2008| Income before tax| 12,764| 9,282| 10,674| 9,694| 7,334| 1,653| 15,290| 9,931| 12,361| 16,947| 15,755| 16,929| Provision for tax| 4,023| 1,071| 2,145| 1,645| 942| 671| 2,268| 1,999| 2,689| 3,613| 3,489| 3 ,980| Tax rate| 0. 3152| 0. 1154| 0. 2010| 0. 1697| 0. 1284| 0. 4059| 0. 1483| 0. 2013| 0. 2175| 0. 2132| 0. 2215| 0. 2351| Average tax rate| 0. 2003| 0. 2210| 0. 2218| Appendix D: Weighted Average Cost of Capital (WACC) Figure 11 WACC| | | | | | | | WACC| Â  | Â  | Â  | Â  | Â  | Â  | Â  | % of Debt| Cost of Debt| % of Preferred Stock| Cost of Preferred Stock| % of Common Equity| Cost of Common Equity| WACC| Pfizer| 95. 15%| 1. 66 | – | – | 4. 85%| 5. 83 | 1. 86 | Merck| 92. 50%| 1. 99 | – | – | 7. 50%| 4. 44 | 2. 17 | J;J| 89. 26%| 1. 53 | – | – | 10. 74%| 7. 36 | 2. 15 | % of Debt, and % of Common Equity are the target proportions. Figure 12 Calculating the percentage of debt and common equity | | | | Pfizer| Merck| J;J| Shares outstanding (million)| 7,470| 3,050| 2,750| Market value per share | | 26. 03| 47. 96| 72. 52| Market value of equity ($ million), E| 194,444. | 146,278. 0 | 199,430. 0 | | | | | | | Book value of equity per share| 10. 64| 18. 16| 20. 95| Total book value of equity| | 79,480. 8 | 55,388. 0 | 57,612. 5 | Debt/Equity ratio| | 48. 26| 32. 91| 29. 07| Book value of debt| | 3,835,743. 41 | 1,822,819. 08 | 1,674,795. 38 | Cash on hand| | 24,340| 17,450| 16,920| Net debt ($ million), D| | 3,811,403| 1,805,369| 1,657,875| | | | | | | Percentage of debt, D/(E+D)| | 95. 15%| 92. 50%| 89. 26%| Percentage of equity, E/(E+D)| 4. 85%| 7. 50%| 10. 74%| Appendix E: Capital Structure Figure 13 Capital Structure| | | | | Capital Structure| Â  | Â  | Â  | Â  | | Pfizer| 2011| 2010| 2009| 2008| Long Term Debt*| 34,931,000. 00 | 38,410,000| 43,193,000| 7,963,000| Common Stock*| 445,000| 444,000| 443,000| 443,000| Retained Earnings*| 46,210,000| 42,716,000| 40,426,000| 49,142,000| Redeemable Preferred Stock*| 45,000| 52,000| 61,000| 73,000| Total| 81,631,000. 00 | 81,622,000. 00 | 84,123,000. 00 | 57,621,000. 00 | | | | | | % of Debt| 42. 79%| 47. 06%| 51. 35%| 13. 82%| % of Preferred Stock| 0. 06%| 0. 06%| 0. 07%| 0. 13%| % of Common Equity| 57. 15%| 52. 88%| 48. 58%| 86. 05%| Total %| 100. 00%| 100. 00%| 100. 00%| 100. 00%| | | | | | Average/Target % of Debt| | 38. 75%| 95. 15%| | Average/Target % of Preferred Stock| | 0. 08%| 0. 00%| | Average/Target % of Common Equity| | 61. 17%| 4. 85%| | | | | | | Total Debt*| 105,381,000| 106,749,000| 122,503,000| 53,408,000| Total Assets*| 188,002,000| 195,014,000| 212,949,000| 111,148,000| Total Debt/Total Assets| 56. 1%| 54. 7%| 57. 5%| 48. 1%| | | | | | | | | | | | Merck| | 2011| 2010| 2009| 2008| Long Term Debt*| 15,525,000| 15,482,000| 16,074,900| 3,943,300| Common Stock*| 1,788,000| 1,788,000| 1,781,300| 29,800| Retained Earnings*| 38,990,000| 37,536,000| 41,404,900| 43,698,800| Redeemable Preferred Stock*| – | – | – | – | Total| 56,303,000. 0 | 54,806,000. 00 | 59,261,100. 00 | 47,671,900. 00 | | | | | | % of Debt| 27. 57%| 28. 25%| 27. 13%| 8. 27%| % of Preferred Stock| 0. 00%| 0. 00%| 0. 00%| 0. 00%| % of Common Equity| 72. 43%| 71. 75%| 72. 87%| 91. 73%| Total %| 100. 00%| 100. 00%| 100. 00%| 100. 00%| | | | | | Average/Target % of Debt| | 22. 81%| 92. 50%| | Average/Target % of Pref erred Stock| | 0. 00%| 0%| | Average/Target % of Common Equity| | 77. 19%| 7. 50%| | | | | | | Total Debt*| 48,185,000| 48,976,000| 50,597,100| 26,028,600| Total Assets*| 105,128,000| 105,781,000| 112,089,700| 47,195,700| Total Debt/Total Assets| 45. %| 46. 3%| 45. 1%| 55. 2%| | | | | | | | | | | | J;J| | 2011| 2010| 2009| 2008| Long Term Debt*| 12,969,000| 9,156,000| 8,223,000| 8,120,000| Common Stock*| 3,120,000| 3,120,000| 3,120,000| 3,120,000| Retained Earnings*| 81,251,000| 77,773,000| 70,306,000| 63,379,000| Redeemable Preferred Stock*| – | – | – | – | Total| 97,340,000. 00 | 90,049,000. 00 | 81,649,000. 00 | 74,619,000. 00 | | | | | | % of Debt| 13. 32%| 10. 17%| 10. 07%| 10. 88%| % of Preferred Stock| 0. 00%| 0. 00%| 0. 00%| 0. 00%| % of Common Equity| 86. 68%| 89. 83%| 89. 93%| 89. 12%| Total %| 100. 00%| 100. 0%| 100. 00%| 100. 00%| | | | | | Average/Target % of Debt| | 11. 11%| 89. 26%| | Average/Target % of Preferred Stock| | 0. 00%| 0%| | Ave rage/Target % of Common Equity| | 88. 89%| 10. 74%| | | | | | | Total Debt*| 56,564,000| 46,329,000| 44,094,000| 42,401,000| Total Assets*| 113,644,000| 102,908,000| 94,682,000| 84,912,000| Total Debt/Total Assets| 49. 8%| 45. 0%| 46. 6%| 49. 9%| * $ in thousands Appendix F: Depreciation Figure 14 Depreciation | | | | | | Depreciation| Â  | Â  | Â  | Â  | Â  | | USEFUL LIVES| Pfizer| | (YEARS)| Â  | | | 2011| 2010| 2009| 2008| Type| | Accelerated depreciation methods| Classes of Assets and Depreciation Ranges | | | | | | Land | – | | | | | Buildings| 33 1/3-50| | | | | Machinery and equipment| 8-20| | | | | Furniture, fixtures and other| 3-12 1/2| | | | | Construction in progress| – | | | | | | | | | | | Depreciation ; Amortization**| | 9,026 | 8,487 | 4,757 | 5,090 | | | | | | | | | Merck| | USEFUL LIVES| Â  | | (YEARS)| 2011| 2010| 2009| 2008| Type| | Accelerated depreciation methods| Classes of Assets and Depreciation Ranges | | | | | | Buildings| 10-50| | | | | Machinery ; Equipment| 3-15| | | | | Capitalized software| 3-5| | | | | Construction in progress| – | | | | | Products and product rights, trade names and patents| 3-40| Primarily straight- line methods| | | | | | | Depreciation ; Amortization**| | 7,427| 7,381| 2,576| 1,631. 2| | | | | | | | | | | | | | | J;J| | USEFUL LIVES| Â  | | (YEARS)| 2011| 2010| 2009| 2008| Type| | Straight- line methods| Classes of Assets and Depreciation Ranges | | | | | | Building and building equipment| 20–40| | | | | Land and leasehold improvements| 10–20| | | | | Machinery and equipment| 2–13| | | | | Capitalized software| 3-8| | | | | | | | | | | Depreciation ; Amortization**| | 3,158| 2,939| 2,774| 2,832| | | | | | | | | | | | ** $ in millions| | | | | | Appendix G: Yearly dividend and share repurchase Figure 15 Stock repurchase (in shares) and dividends| Stock Repurchaces and Dividends| Â  | Â  | Â  | | Pfizer| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 0. 8| 0. 72| 0. 8| 1. 28| | | | | | | Merck| | 2011| 2010| 2009| 2008| Stock Repurchaces* | N/A | N/A | N/A | N/A | Dividends ($)| 1. 56| 1. 52| 1. 52| 1. 52| | | | | | | J;J| | 2011| 2010| 2009| 2008| Stock Repurchaces*| 39,741 | 45,090 | 37,114 | 100,970| Dividends ($)| 2. 25| 2. 11| 1. 93| 1. 795| | | | | | Number of Shares (Thousands)| | | | | | | | | | Figure 16 Stock repurchase (in U. S. dollars) and dividends| Stock Repurchaces and Dividends| Â  | Â  | Â  | | Pfizer| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 0. 8| 0. 72| 0. 8| 1. 28| | | | | | | Merck| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 1. 56| 1. 52| 1. 52| 1. 52| | | | | | | J;J| | 2011| 2010| 2009| 2008| Stock Repurchaces*| (2,525)| (2,797)| (2,130)| (6,651)| Dividends ($)| 2. 25| 2. 11| 1. 93| 1. 795| | | | | | * $ in millions| | | | | Appendix H: Value Line reports How to cite Pifzer Inc.’s Cost of Capital and Capital Structure, Essay examples

My Personal Philosophy free essay sample

My Personal Philosopy My Personal Philosophy A teachers personal philosophy of education is a critical element in his or her approach to guiding children along the path of enlightenment. † Barbara Wilt Opportunity abounds for elementary education in the twenty-first century, given the multitude of academic theorists who pioneered a number of indispensable approaches. The extent to which elementary education must be tailored to a combination of ones cultural and social environment is both grand and far-reaching; hat no single teaching method can purport to reach each and every child speaks to the need for incorporating the benefits of more than one approach in any given classroom environment. My lifelong desire is to teach all levels at some point in my career. To me, teaching has no age limits, as we all need to learn and grow. In the beginning I would always focus on early childhood education because I felt that this stage in life was the most important due to the developing growth of the brain. We will write a custom essay sample on My Personal Philosophy or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page But this course has definitely given me a better outlook on education in its entirety. To better understand ones philosophy of education, one must first understand the meaning of philosophy itself. Philosophy is the love of wisdom and the search for it (Webb, Metha, Jordan, 2010, pg. 50). I adapted to my personal philosophy by recognizing educational principles that rests upon the learner, the school, and myself as the teacher. In this essay I will explain the purpose of education, examine the educational philosophy that matches my belief, show the roles of the student as well as the teacher, and discuss my ideal curriculum. Education is a means of reaching out to individuals and instilling them with the love of learning. It is striving to delight excitement in the minds of students, by making their learning experience both fun and engaging. This enthusiasm about learning will drive students to develop an intellectual curiosity and to become lifelong learners. I truly believe that the overall purpose of education is to create productive and balanced members of society. Education consists of acquiring knowledge, learning skills and imparting culture through socialization.

Tension In The Twenties Essays - American Culture, Canadian Culture

Tension In The Twenties All major societies throughout our worlds history have experienced periods of major change. Tension inevitably arises as a result of the new environments in which the people live. Our country is no exception, especially through the era known as the Roaring Twenties. Just being another decade on the timeline was not good enough for the 1920s. When its brief turn came, it had to be the biggest, the loudest, and the brightest. A calamity gave it birth, and a calamity ended it. As a result of World War I, major economic, social, and political alterations were born; yet more importantly, the tension that arouse due to these results would change America forever. One of the most important factors that led to the Roaring Twenties was the fact that America had just been subjected to a grueling war. During the war, much melancholy and anguish was built up by both the soldiers in Europe, and their families back home. With all this misery being built up, an explosion of patriotism and the need to let loose, relax and have as much fun as possible erupted. During the time period, many aspects of American culture were changing, which in turn helped to mount the increasing tension. As a result of the industrialization and mass-production techniques, the lifestyles of many citizens changed. More and more people left their rural dwellings for an increased chance of happiness in the big cities that were arising everywhere. This new rapid lifestyle began to deteriorate many traditional values that the more old-fashioned populace held valuable. More and more impressive inventions that made incredible impacts on the society also occurred during this time. The automobile gave teens greater freedom and enabled them to be without the constant supervision of their parents. The radio gave America a common ground, thereby allowing everyone from every class to enjoy the same entertainment or information. Many of the new creations had become so common, that it became rare not to have them. This idea is expressed in Sinclair Lewiss Babbitt, in which he writes, These standard advertised wares toothpastes, socks, tires, cameras, instantaneous hot-water heaterswere his symbols and proofs of excellence [DOC A]. It is shown here that people also became ranked on not only how much money they had, but their attitude towards these advancements. Tension between the old and new not only occurred on an economic level, but as well as a religious level. As people began to turn more and more towards science to answer their questions, unbelievable amounts of strain arouse. One of these great conflicts was the Scopes Monkey Trial, also known as The Worlds Most Famous Trial. There were basically two conflicts present within this trial: that of the fundamentalists and the Darwinists, and that between the accepted beliefs of the time, and the new ones that challenged them. The standard belief was to accept what society and the Bible dictated. The difference in mentalities between the prosecutor, William Jennings Bryan and the defense attorney, Clarence Darrow, is seen when Bryan states that he himself believe[s] everything in the Bible should be accepted as it is given there, and that some of the Bible is given illustratively [DOC C]. Another important source of tension came in the Negro community. This is seen in Langston Hughes The Negro Artist and the Racial Mountain, where he writes of the revolt against weariness in a white world [DOC E]. He stresses the tension that is building up between the new artists and those who stay with the old values. In contrast to the Negro movement was the Ku Klux Klan, who were the perfect example of those who did not want to accept the new ways of life. In Hiram Wesley Evans The Klans Fight for Americanism, this idea is expressed clearly when he states that the Klan demand[s], and expect[s] to win, a return of power into the hands of the everyday, not highly cultured, not overly intellectualized, but entirely unspoiled and not de-Americanized, average citizen of the old stock[DOC D]. The KKK would have done anything to go back to the old times of oppressed minorities. They look out for themselves, who they describe as being unspoiled.

Steps to Avoiding Plagiarism Essays

Steps to Avoiding Plagiarism Essays Steps to Avoiding Plagiarism Paper Steps to Avoiding Plagiarism Paper Nowadays, copying and pasting from somebody else’s works, thoughts, ideas is strictly prohibited without citing. It is called plagiarism. According to copyright law established in 1989, any works created after this year will automatically be protected. Neither individuals nor organizations can steal ideas from published works. In fact, there is a high percentage that college and high school students actually violates copyright rules by copying sentences from internet source without footnoting. Of course, there is a strong action prevents plagiarism in every institutions. George Mason University is not an exception. Mason students have to be completely honest and responsible when it comes to plagiarism; otherwise, that individual will receive a penalty upon their action. Before going deeper to the consequences, let’s compare George Mason University honor code with other online sources such as: 123helpme.com, plagiarism.org, etc. by defining plagiarism, how to prevent pla giarism in academic and last but not least, punishment of plagiarism. According to dictionary, plagiarism is copying another’s works, thoughts, and ideas. The definition sounds simple; however, there are several ways to approach this definition. George Mason’s honor code basically lists all the possible ways that you can do to be a plagiarist. For example: submit other’s work as your own, poor paraphrasing, lack of proper citations, copy from internet source without citing (Mason Honor Code). Plagiarism.org website describes more detail with the Honor Code about the definition of plagiarism the improper use, or failure to attribute, another persons writing or ideas (intellectual property). It can be as subtle as the inadvertent neglect to include quotes or references when citing another source or as blatantly unethical as knowingly copying an entire paper verbatim and claiming it as your own work.1 The last source 123helpme.com approaches plagiarism in the s

What You Need to Know About Becoming a Paramedic

What You Need to Know About Becoming a Paramedic As a general rule, a paramedic is not someone you want to see- if they show up, that means something has likely gone very wrong. But as emergency first responders, they’re definitely the people you want on call for when things do go wrong. Paramedics are often the first on the scene of an accident, illness, or crisis. They perform immediate life-saving measures, if necessary, and stabilize patients en route to a hospital or doctor’s office for further diagnosis and treatment. The Day-to-DayLicensed paramedics, who are among the most skilled emergency responders, do not work in a 9-to-5 setting. Rather, they work in shifts around the clock, and are often on call at all hours, including weekends and holidays. The â€Å"office† may be a dispatch center or on the road in an ambulance, traveling to and from emergency calls. Paramedics provide emergency medical care and rescue services based on incoming calls or requests and can be employed by private ambulance compani es, fire departments, hospitals, or other rescue agencies.Also, know that paramedics are not interchangeable with Emergency Medical Technicians (EMTs). They go above and beyond first aid and basic patient transport, having the extra training and licensing that allows them to perform advanced medical intervention if necessary- intubating patients so they can breathe, inserting IV lines, and administering medications.Becoming a paramedic is definitely not for the faint of heart. Even though the stereotypical â€Å"blood and guts† aspect is only a small part of what paramedics do (which also includes helping chronically ill patients in addition to accident victims or those with sudden or acute sickness), paramedics are often called to dangerous and active rescue scenes. Stress and on-the-job injuries can result from the hectic life of a paramedic, so potential candidates should be aware of the risks.For more on the daily life of a paramedic, read about it in this Lifehacker inte rview with Paramedic Andy Orin or watch this video interview with Paramedic Kelly Grayson.The RequirementsParamedics need to complete a postsecondary degree program, pass an exam, and apply for a license. The paramedic course of study usually takes 1,200 to 1,800 hours to complete. And although every state requires paramedics to be licensed, each state may have different requirements, so be sure to check out your own state’s regulations.The SkillsParamedics receive training in a number of areas, including:CPR and first aidPatient airway treatment and managementPharmacology (medications)Traumatic injury managementInserting IV linesBasic patient medical careManaging acute conditions (such as diabetic shock, strokes, or heart attacks)General clinical trainingThe PayPer the U.S. Bureau of Labor Statistics (BLS), paramedics earn a median salary of $31,700.The OutlookThere’s no shortage of emergencies, unfortunately, so the demand for these highly skilled, essential first re sponders will continue to grow. The BLS expects that the demand will expand at least 24% by 2024, significantly faster than most other jobs and industries.The life of a paramedic is one of both hectic activity (when things are busy) and anticipation (down time when no calls are coming in). It’s an extremely demanding, stressful, and challenging field, to be sure- but if you have a fondness for adrenaline and the ability to stay icy cool under the hottest pressure, then it just might be the right Allied Health career for you to consider.Interested? APPLY HERE

History of Multicultural Arts Essay Example | Topics and Well Written Essays - 750 words

History of Multicultural Arts - Essay Example The young Moorhead depicted Wheatley in the act of writing one of her books. The open manuscript or book on her desk is proof enough that she is an educated woman from the African descent. She looks like she is deep in thought with her hands raised towards her cheeks and seems to pen, perhaps, one of her poems in the book. This portrait gives a distinguished view of an African woman during the colonial America (Cadge-Moore 67). Wheatley is noticeably in expensive clothes that a domestic servant during the colonial era would wear. The portrait gives viewers an approach into the lives of black people in New England. The portrait of Charles Calvert by John Hesselius, a white American artist during the colonial era, can be said to adhere to the traditions of colonial portraiture (Cadge-Moore 64). The portrait shows two young boys, one of them is black and the other one is white. They are both in detailed outfits; one is Charles Calvert, the son of Benedict Calvert, while the other is a y oung slave who belonged to the Calvert family. The African American slave seems to tilt his head quite stiffly to one side. These are the precedents found in the depictions in the 18th-19th century of African American slaves and their masters. ... The shade of color for the boy is extremely white, whereas the slave is shaded in as much of a dark color like the background. These two portraits differ substantially; in Scipio Moorhead's portrait, the focus is on the dignified view of the African woman during the colonial period. As aforementioned, Moorhead’s portrait gives insights of what educated black slaves did during the colonial era in New Zealand. John Hesselius’s portrait focuses on the duties and color of the characters. There is no mentioning of what the characters do as their social activities and the drawing only promotes the differences that exist between the two races. Question 1: La Malinche also identified as Malinali or Dona Marina, was from the Gulf Coast of Mexico. She was a Nahua woman who played a hand in the Spanish conquest of Mexico and acted as a lover, interpreter and the intermediary for Hernan Cortes. Marina was among the slaves given to Cortes from the Tabasco natives in the year 1519. P eople identified La Malinche as Cortes’ mistress. They had their first son regarded by all as the Mestizos, their layman’s term for a person of indigenous American ancestry and mixed European. Her historical figure is still mixed with the legends in Aztec, where there is a woman who weeps for lost children. Originally, artists portray La Malinche as an evil temptress in novels, drama, and paintings. Additionally, people viewed as a disloyal Mexican and today in Mexico there are numerous, conflicting aspects in which different people share their views. In the modern day world, she can represent a symbolic mother, a victim or temptress. Question 2: Syncretism can be defined as a

Water Weapons Officer Assignment Example | Topics and Well Written Essays - 2750 words

Water Weapons Officer - Assignment Example From this discussion it is clear that the Fundamentals of Canadian Defence Ethics presented the types of ethical dilemma in three general categories: the uncertainty dilemma which is of general nature but where no clear indication of right and wrong could be simply inferred; competing obligations dilemma, as the term indicates, the number of courses of action and decision complicate the selection since most are consistent with differing ethical values and obligations; and harm dilemma is a difficult ethical situation where a course of action or decision would result to injury or harm.This essay declares that  using the original scenario that needs to determine one’s decision in the capacity of an AWWO, the individual factors that could influence one’s decision lies into the following: â€Å"ego strength, field dependence and locus of control, are suggested to influence the likelihood of a person to act on the cognitions regarding what is ethical or unethical†.à ‚  Individuals who are high on ego strength are said to resist impulses and follow their intuitions regarding what is right or wrong they are more likely to act on what they think is right or wrong – than those who are low on this measure. Individuals deemed to be field dependent are those who more typically refer to the guidance of others in determining what is right or wrong.  The opposite of this, field independent, includes individuals who function with more autonomy than their counterparts.... To response to the question on moral grounds, one can use the readings from Lesson 11 stipulating that although â€Å"loyalty is a functional military necessity, which also implies the need for obedience... (where) most orders do not require blind obedience or instantaneous obedience... (and where) loyalty should be broadly based on personal integrity and trust† (PSE 402: Lesson 11, 2010, p. 4). Further, as emphasized in the same discourse, â€Å"although immediate obligation is to the chain of command, the highest obligation is to humanity at large† (PSE 402: Lesson 11, 2010, p. 6). In addition, another relevant point presented under Lesson 11 is Huntington’s discussion of justifying obedience versus disobedience, to wit: â€Å"Huntington is only referring to lawful orders. He does not imply that a subordinate is obligated to obey a clearly unlawful order† (PSE 402: Lesson 11, 201, p. 8). With the foregoing supporting statements, as AWWO, one should clear ly disobey the Captain’s order (presuming scenario 2 that the Captain deliberately intends to report inaccurate results) due to unlawful order, which is contrary to moral grounds and disregards professionalism in terms of integrity and the obligation to uphold the highest standards of the military profession for the sake of humanity. When one decides to obey the order, which in the first place was unlawful, it would be a precursor for future orders that could be given and expected to be followed despite of being based on lies and immoral grounds. One should remain steadfast in adhereing to the values of truth, integrity, and honor above loyalty to unworthy and compromising cause. 2. Using the Statement of Defence Ethics in the Fundamentals of Canadian Defence Ethics (2002), identify ethical

Why I Deserve This Scholarhsip Essay Example for Free

Why I Deserve This Scholarhsip Essay I have constantly thought of returning back to College, I am submitting this essay to obtain the Scholarship. You ask why do I deserve the scholarship, and how will it help the organization. After carefully reviewing why I deserve the MG Scholarship, here is how I would summarize my Answer to your question, why I deserve the Scholarship. My Name is Juanita Monroe, I migrated from Baton Rouge, Louisiana in 1972 with my mother and five siblings. We stayed with distant cousins in the new place leaving my immediate family behind. My mother want a better life and opportunity for us. I met challenges and adjust to this new environment and city. In elementary school at the 6th grade I had a reading level above average. During the 9th grade I was the Class Vice President in middle school. Graduated from High School and made the Honor Roll several times. I was the 2nd oldest child, after graduating from high school. My father returned to Baton Rouge I resided with my mother and siblings now with two siblings. After graduating I married and had 3 children and shortly returned to work, and divorced my husband. While helping my mother, and she helping me in return Shortly after 4 years I returned to college in the evening the family responsibilities grew. with the family of eight. I dropped out of college and had to start all over again. I was the first to graduated from college and get my Associate of Arts Degree in my family. I have met many challenges and have overcome them. I have raised four children, one child has graduated from Columbia University, two children are attending East Los Angeles City College one child is attending Southern California University. This is my reasons why I deserve the Scholarships.

A Soldiers Home :: essays papers

A Soldiers Home The willingness to risk failure-as difficult as that can be-often leads us to remarkable discoveries about ourselves and our world. But on the other hand, not taking risks can save us from amounts of devastation and heartache. I think that was a major principle for Krebs in the short story, "Soldiers Home." After going to hell and back, it's almost inevitable that anyone under the circumstances would be completely overwhelmed by all that Krebs had experienced and risked. He risked his life, and was then thrown back into a society that he had been absent from for years, and finds that its all the exact way that he had left it, except he says, "Nothing was changed in the town except that the young girls had grown up." In Krebs case, after returning from war, he had become a completely different person. Distant, quiet and depressed. He didn't want to risk any complications. He didn't want to risk any part of himself ever again. He didn't want to work for what he wanted, he had worked hard enough and had been through a lifetime of disaster. All he wanted was to sit back and just live. Not enjoy life, not experience new and better things, he just wanted to live without any complications and without taking any risks. He mentions that he would like to have a girl, or more so wouldn't mind. But he doesn't want to work to get her, or do anything drastic to get her attention. It would just all be to complicated. He wants no commitment, no strings attached. "He did not want any consequences. He did not want any consequences ever again. He wanted to live without consequences. Besides, he did not really need a girl. The army had taught him that." For Krebs, asking out a girl would be a risk and lead to complications whether good or bad. And taking that risk just wasn't worth anything. Krebs was dead inside. Not intentionally, but subconsciously. He knew not of what he was doing.

Killer Joe and Gender Representations

Critical observations of unbalanced representations of gender In William Friedkin’s â€Å"Totally twisted deep-fried Texas redneck trailer park murder story† Killer Joe Freeman 1 British film theorist Laura Mulvey has spent her career using psychoanalysis to uncover pre-set molds and social expectations about gender and sexuality, to interpret classic Hollywood films. Mulvey has argued that there are three ways in which gender is represented within Hollywood cinema. First, she argues that women lack control and meaning, thus fueling their desire for the penis and power of a man.She also states that women exist as a silent opposition to the dominant man (a child-bearing subject merely in relation to). Last, this essay will argue that women are meant to carry no significance of their own but acting as merely a threatening obstacle for the male to â€Å"overcome† or re-work (Visual Pleasure and Narrative Cinema, 1975). Laura Mulvey and her views on female representa tions and gender roles within Hollywood films still prevail with fundamental relevance in modern Hollywood cinema.This essay will underline the truths of Mulvey’s observations by using William Friedkin’s violently obscene farce Killer Joe (2011) to argue that Mulvey’s article, no matter how outdated, can still be used to address prominent and modern examples of unbalanced sexual representations within Hollywood cinema. On the surface it may seem very obvious that the men have the power in this film due to how the women are represented and treated.But, as Killer Joe unfolds the question is whether it is the women with the power, or just an obvious desire for power fueled by their lack of meaning, control, and a phallus, as Mulvey has mentioned in previous years. The first man we see in the film is young and weak, wet, vulnerable, locked out of the trailer and getting violent. He is verbally demeaning towards his younger sister Dottie as if it were her fault that he is locked out, and her purpose to wake up and let him in.Dottie Smith is the first female we see, and becomes a central subject for the ruthless male – she Freeman 2 lacks authority, lacks independence, and her fetal position is an obvious symbol for needing nurturing from a stronger being. Dottie is made to appear lonesome, without companionship or passion. As she lies there, Friedkin intends to focus on Dottie’s innocent aspects, such as her belongings: dollhouses, stuffed animals, pink curtains, teen-pop heartthrobs taped to the walls, although the young woman in the bed appears to be too old for such childish decor.The second woman we see is placed directly in front of the camera by her unruly crotch. Her face appears after we become acquainted with her lower half, with makeup smeared down her cheekbones and her nipples exposed from under a thin sweat-stained shirt. The first two women in this film are polar opposites (one a fragile blonde virgin who sleeps with stuffed animals, and Sharla, an older brunette women a little too comfortable with her sexuality).This difference expresses to us that this story will focus hugely upon the different aspects of woman as a representation, and highlight that Laura Mulvey’s views on women are still incredibly relevant throughout Friedkin’s film. Mulvey also mentions that the act of looking is a source of pleasure for the male scotophil. The explicit placement of the camera exhibits these women and their features to the audience as sexual spectacles while it solicits our attention, shapes our opinions about women to make â€Å"erotic lookers† out of us, and creates an unevenly distributed â€Å"power to look† (Mulvey, 1975).The young male, Chris Smith, is hardly phased by his step mothers exposed vagina in his face because it is insinuated that he has either seen it before, seen many others like it before, or that she is so disgusting to him that her crotch means nothing to him sexually or even in regards as a human being. Chris is allowed to expose himself while urinating while Sharla yells for him to close the door. Chris’ penis is allowed to be exposed to women as a sign of power Freeman 3 and manipulation, while a woman’s exposed vagina is a sign of weakness, objectiveness, and sleaziness.After all of this, she grabs a beer from the fridge before putting any clothes on. She is an over sexualized woman, a sexual spectical, while also appearing to be very masculine in her actions, which is to assume that certain actions and characteristics of both male and female are set in stone to shape our expectations of gender in Hollywood cinema. The beer before pants, the over exposure of her body, and the way Sharla speaks to her step-son are all actions that a man might follow through with, and she does this in a way that expresses her desire for authority, for a penis like the men she obviously idolizes.Sharla and Chris physically fight as if they were both men – she desperately wants to fit into their world, but she is cast away like an unusable piece of meat once her duty to grab them beers has been filled. At thirteen minutes we see Dottie practicing Kung-Fu to a Jet Li movie on the television, which is an example of her wishing she were stronger, wishing she had the ability and the â€Å"balls† to fight against evil when in reality she is more like a play-thing for her Father, Ansel Smith, Chris and for Joe Cooper.Women lack control, yet they desire it, desire the power of the dominant male gender, and Killer Joe establishes the female characters in the same way that Laura Mulvey had expressed this view in 1975 as being an underlying representation of women throughout Hollywood cinema. Mulvey also argues that women exist as a mere childbearing relation to the male, as a silent opposition that is not a gender of it’s own, but a male-like figure lacking in its significant source of superiority: the phallus.Essentially, social constructions would argue that women are born more naturally gentle and nurturing because of their ability to breed, while men are naturally born with more acceptable aggression, enabling them to Freeman 4 â€Å"protect† their gentle mate (Media and Society 5th ed. , 350-351). Thirty-four seconds into the film we have heard a zippo lighter, purposeful footsteps, and a shotgun cocked and blast before we are shown anything, visually. From those sounds alone, the film carries a grunge-country, plaid-wearing, sweaty-man undertone that never ceases to leave the screen.An angry storm, angry pit-bull and a sloppy trailer park establish the setting of the film, forewarning us that this is a â€Å"mans† film, and is anything but clean. Ansel and Chris, father and son, are talking about Dottie’s virginity as if she has not lived out her purpose to society yet until she finally gives it up. The inheritance of Dottie’s mother Adele went t o her scumbag boyfriend Rex before her daughter, (whom we find out she tired to kill as a baby). This expresses that women will always fall to the feet of the male superior, as Mulvey has mentioned.Ansel and Sharla talk about Dottie sleeping with cowboy-in-black Joe Cooper for the first time as if satisfying him sexually will benefit the family. They force her to get a dress, look pretty, because â€Å"If she don’t know what’s expected of her, she might disappoint him! † (Sharla, Killer Joe). Mulvey’s idea that women are merely objects for childbearing is hugely represented when Dottie finally stands up for herself at the end of Killer Joe, kills her family in an act that could only come from the confidence of carrying a child and a loaded phallus.Sharla loses all invisible phallic confidence that she once had, when Joe kicks the shit out of her. Sharla never wanted kids – she was never a woman with the maternal instinct, therefore she carried no s ignificance or necessary female attributes that satisfied the man. Sharla tries to overcome the obligations of her gender by cheating on her husband with a younger man, but the photo proof of their sex life backfires on her when Joe uses her bold promiscuity against her as if it were her duty as a woman to be gentle, easily Freeman 5 anipulated, and loyal – only the men are allowed variety. Like this essay has stated, Friedkin’s Killer Joe is an obvious expression of Laura Mulvey views on the male-authoritative being objective towards women and their abilities as human beings outside of their ability to reproduce. Which brings this essay to the third statement, which emphasizes that women are meant to carry no significance of their own as a lone-standing gender, but as Laura Mulvey indicates, act as a threatening obstacle for the male to â€Å"overcome† or re-work into something acceptable, and useable.Regine-Mihal Friedman, author of educational article Invisib le Metamorphosis (2012), proves in her modern film analysis that the on-screen representation of sexual violence against women has always been a customary theme of cinematic narration, not only in Hollywood as Mulvey mentions, but within international cinema as well. Ansel Smith of Killer Joe is constantly in the â€Å"dog-house† because of Sharla. She wears the pants, carries the symbolic penis in the relationship and she likes it that way. It is her relationship with Corvette Rex that makes her feel dominated, and she appreciates both aspects of her relationships.When Sharla is with Ansel she can have the power and the penis, and while she is with Rex she is able to figuratively and literally lay back and be taken and overcome by the penis. Chris comes to live with Ansel and Sharla because of his relationship with his mother, Adele, and her empowerment over him, causing the reoccurring question throughout the film â€Å"did you hit her, again? † (Ansel, Sharla, Kille r Joe). For some reason, Chris and Ansel feel entitled to a cut of what Dottie is inherited, again, taking the power away from the phallus-longing female.Chris feels like he is getting back at his mother for everything she did to him and his sister Dottie. Instead of taking the blame for his own mistakes, every one of Freeman 6 his problems falls on Adele, and she must die because of it: active male, female problem solved. Dottie appears nude in a dream that Chris has about her where she slips her robe off to reveal her naked body, but instead of giving him sexual favors, she holds her fists up and stands in a fighter position as if to say â€Å"I am woman, hear me roar! He wakes up terrified, either because of his incestuous dream, or because a supposedly passive female is attempting to overpower his role as the active male – could be both. Again, this proves that a male audience needs to look voyeuristically to maintain power, anonymity, creating an erotic mystery to havin g seen without being seen (Mulvey, 1975). When Dottie officially becomes Joe’s retainer for the lack of payment by the Smith family, she is officially in Joe’s hands, whatever he says goes, whatever he needs and craves (including her virginity) he claims, and takes.Her body is his to construct, his to mold into something acceptable, something that fits into his life, and fits over his dominance, his penis, forever like a piece of clay. Dottie is easily pressured into sleeping with him and becomes â€Å"comfortable† in the black dress when Joe offers her flowers and a â€Å"heartfelt† story about his youth. She is no longer the feisty Jet Li wannabe that Joe once saw her as; Dottie has allowed Joe to â€Å"fix† her, to impregnate her, and to make her existence purposeful.Sharla, the overly confident manipulative whore who believes that she can do, say, get away with anything is put in her place when she makes Joe Cooper ejaculate in his pants while sucking on a KFC chicken wing held to his crotch. To overpower the women you must make her bow down to you, suck you off (suggestively), while waving a piece of chicken (your dominance) in her face. The film concludes with Clarence Carter’s Strokin’, a song that could tell you a lot about Laura Mulvey’s views on themesFreeman 7 of sexually dominated women throughout Hollywood cinema as a whole, and precisely, Freidkin’s Killer Joe. Killer Joe has taught us many things: If the women want the penis so bad, we should give it to them, that a pregnant women is a powerful women but only if she is literally holding a big deadly penis in her hands (cocked and ready to blow bullets at you), and that if you take that penis away, she is nothing but an annoying piece of KFC being waved in your face, begging for significance.Film theorist Laura Mulvey’s three views regarding a woman’s need for the male phallus, their obligation to reproduce, and that wom en are never exceptional creatures until the man makes them so, has been proven to appear in both classic and modern Hollywood cinema. William Friedkin’s obscene murder-story Killer Joe is an undeniable example of how Laura Mulvey’s ideas are still very apparent when observing unbalanced representations of gender throughout Hollywood Cinema. Freeman 8 Works CitedKiller Joe. Dir. William Friedkin. Perf. Matthew McConaughey. Voltage Pictures, 2011. Film. Mulvey, Laura. Visual Pleasure and Narrative Cinema. Screen (Society for Education in Film and Television), 16:3 (Autumn 1975): 6-18. O’Shaughnessy, M. , & Stadler. (2012). Media and Society Fifth Edition. Melbourne: Oxford University Press. (Original work published 1999) Friedman, R. -M. (2012). Invisible Metamorphoses, Studies in Documentary Film, 6:3, pp. 273–290, doi: 10. 1386/sdf. 6. 3. 273_1

The Return: Nightfall Chapter 22

Bonnie was disturbed and confused. It was dark. â€Å"All right,† a voice that was brusque and calming at once was saying. â€Å"That's two possible concussions, one puncture wound in need of a tetanus shot – and – well, I'm afraid I've got to sedate your girl, Jim. And I'm going to need help, but you're not allowed to move at all. You just lie back and keep your eyes shut.† Bonnie opened her own eyes. She had a vague memory of falling forward onto her bed. But she wasn't at home; she was still at the Saitou house, lying on a couch. As always, when in confusion or fear, she looked for Meredith. Meredith was just returning from the kitchen with a makeshift ice pack. She put it on Bonnie's already wet forehead. â€Å"I just fainted,† Bonnie explained, as she herself figured it out. â€Å"That's all.† â€Å"I know you fainted. You cracked your head pretty hard on the floor,† Meredith replied, and for once her face was perfectly readable: worry and sympathy and relief were all visible. She actually had tears pooling in her eyes. â€Å"Oh, Bonnie, I couldn't get to you in time. Isobel was in the way, and those tatami mats don't cushion the floor much – and you've been out for almost half an hour! Youscared me.† â€Å"I'm sorry.† Bonnie fumbled a hand out a blanket she seemed to be wrapped in and gave Meredith's hand a squeeze. It meantvelociraptor sisterhood is still in action . It also meantthank you for caring . Jim was sprawled on another couch holding an ice pack to the back of his head. His face was greenish-white. He tried to stand up but Dr. Alpert – it was her voice that was both crusty and kind – pushed him back onto the couch. â€Å"You don't need any more exertion,† she said. â€Å"But I do need an assistant. Meredith, can you help me with Isobel? It sounds as if she's going to be quite a handful.† â€Å"She hit me in the back of the head with a lamp,† Jim warned them. â€Å"Don't ever turn your back on her.† â€Å"We'll be careful,† Dr. Alpert said. â€Å"You two stayhere ,† Meredith added firmly. Bonnie was watching Meredith's eyes. She wanted to get up to help them with Isobel. But Meredith had that special look of determination that meant it was better not to argue. As soon as they left, Bonnie tried to stand up. But immediately she began to see the pulsating gray nothingness that meant she was going to pass out again. She lay back down, teeth gritted. For a long time there were crashes and shouts from Isobel's room. Bonnie would hear Dr. Alpert's voice raised, and then Isobel's, and then a third voice – not Meredith, who never shouted if she could help it, but what sounded like Isobel's voice, only slowed down and distorted. Then, finally, there was silence, and Meredith and Dr. Alpert came back carrying a limp Isobel between them. Meredith had a bloody nose and Dr. Alpert's short pepper-and-salt hair was standing on end, but they had somehow gotten a T-shirt onto Isobel's abused body and Dr. Alpert had managed to hang on to her black bag as well. â€Å"Walking wounded, stay where you are. We'll be back to lend you a hand,† the doctor said in her terse way. Next Dr. Albert and Meredith made another trip to take Isobel's grandmother with them. â€Å"I don't like her color,† Dr. Albert said briefly. â€Å"Or the tick of her tocker. We might as well all go get checked up.† A minute later they returned to help Jim and Bonnie to Dr. Albert's SUV. The sky had clouded over, and the sun was a red ball not far from the horizon. â€Å"Do you want me to give you something for the pain?† the doctor asked, seeing Bonnie eyeing the black bag. Isobel was in the very back of the SUV, where the seats had been folded down. Meredith and Jim were in the two seats in front of her, with Grandma Saitou between them, and Bonnie – at Meredith's insistence – was in the front with the doctor. â€Å"Um, no, it's okay,† Bonnie said. Actually, she had been wondering whether the hospital actually could cure Isobel of infection any better than Mrs. Flowers' herbal compresses could. But although her head throbbed and ached and she was developing a lump the size of a hard-boiled egg on her forehead, she didn't want to cloud her thinking. There was something nagging at her, some dream or something she'd had while Meredith said she'd been unconscious. Whatwas it? â€Å"All right then. Seat belts on? Here we go.† The SUV pulled away from the Saitou house. â€Å"Jim, you said Isobel has a three-year-old sister asleep upstairs, so I called my granddaughter Jayneela to come over here. At least it will be somebody in the house.† Bonnie twisted around to look at Meredith. They both spoke at once. â€Å"Oh, no! She can't go in!Especially not into Isobel's room! Look, please, you have to – † Bonnie babbled. â€Å"I'm really not sure if that's a good idea, Dr. Alpert,† Meredith said, no less urgently but much more coherently. â€Å"Unless she does stay away from that room and maybe has someone with her – a boy would be good.† â€Å"A boy?† Dr. Alpert seemed bewildered, but the combination of Bonnie's distress and Meredith's sincerity seemed to convince her. â€Å"Well, Tyrone, my grandson, was watching TV when I left. I'll try to get him.† â€Å"Wow!† Bonnie said involuntarily. â€Å"That's the Tyrone who's offensive tackle on the football team next year, huh? I heard that they call him the Tyre-minator.† â€Å"Well, let's say I think he'll be able to protect Jayneela,† Dr. Alpert said after making the call. â€Å"But we're the ones with the, ah,overexcited girl in the vehicle with us. From the way she fought the sedative, I'd say she's quite a ;;terminator' herself.† Meredith's mobile phone beeped out the tune it used for numbers not in its memory, and then announced, â€Å"Mrs. T. Flowers is calling you. Will you take the – † In a moment Meredith had hit thetalk button. â€Å"Mrs. Flowers?† she said. The hum of the SUV kept anything Mrs. Flowers might be saying from Bonnie and the others, so Bonnie went back to concentrating on two things: what she knew about the â€Å"victims† of the Salem â€Å"witches,† and what that elusive thought while she was unconscious had been. All of which promptly flew away when Meredith put down her mobile phone. â€Å"What was it? What?What? † Bonnie couldn't get a clear view of Meredith's face in the dusk, but it looked pale, and when she spoke shesounded pale, too. â€Å"Mrs. Flowers was doing some gardening and she was about to go inside when she noticed that there was something in her begonia bushes. She said it looked as if someone had tried to stuff something down between the bush and a wall, but a bit of fabric stuck up.† Bonnie felt as if the wind had been knocked out of her.†What was it?† â€Å"It was a duffel bag, full of shoes and clothes. Boots. Shirts. Pants. All Stefan's.† Bonnie gave a shriek that caused Dr. Alpert to swerve and then recover, the SUV fishtailing. â€Å"Oh, my God; oh, my God – he didn't go!† â€Å"Oh, I think he went all right. Just not of his own free will,† Meredith said grimly. â€Å"Damon,† Bonnie gasped, and slumped back into her own seat, tears welling up in her eyes and overflowing. â€Å"I couldn't help wanting to believe†¦Ã¢â‚¬  â€Å"Head getting worse?† Dr. Alpert asked, tactfully ignoring the conversation that had not included her. â€Å"No – well, yes, it is,† Bonnie admitted. â€Å"Here, open the bag and give me a look inside. I've got samples of this and that†¦all right, here you go. Anybody see a water bottle back there?† Jim listlessly handed one over. â€Å"Thanks,† Bonnie said, taking the small pill and a deep gulp. She had to get her head right. If Damon had kidnapped Stefan, then she should be Calling for him, shouldn't she? God only knew where he would end up this time. Why hadn't any of them even thought of it as a possibility? Well, first, because the new Stefan was supposed to be so strong, and second, because of the note in Elena's diary. â€Å"That's it!† she said, startling even herself. It had all come flooding back, everything that she and Matt had shared†¦. â€Å"Meredith!† she said, oblivious to the side look which Dr. Alpert gave her, â€Å"while I was unconscious I talked withMatt . He was unconscious, too – â€Å" â€Å"Was he hurt?† â€Å"God, yes. Damon must have been doing something awful. But he said to ignore it, that something had been bothering him about the note Stefan left for Elena ever since he saw it. Something about Stefan talking to the English teacher about how to spelljudgment last year. And he just kept saying,Look for the backup file. Look for the backup†¦before Damon does .† She stared at Meredith's dim face, aware as they cruised slowly to stop at an intersection that Dr. Alpert and Jim were both staring at her. Tact had its limits. Meredith's voice broke the silence. â€Å"Doctor,† she said, â€Å"I'm going to have to ask you something. If you take a left here and another one at Laurel Street and then just drive for about five minutes to Old Wood, it won't be too far out of your way. But it'll let me get to the boardinghouse where the computer Bonnie's talking about is. You may think I'm crazy, but Ineed to get to that computer.† â€Å"I know you're not crazy; I'd have noticed it by now.† The doctor laughed mirthlessly. â€Å"And I have heard some things about young Bonnie here†¦nothing bad, I promise, but a little difficult to believe. After seeing what I saw today, I think I'm beginning to change my opinion about them.† The doctor abruptly took a left turn, muttering, â€Å"Somebody's taken the stop sign from this road, too.† Then she continued, to Meredith, â€Å"I can do what you ask. I'd drive you all the way to the old boardinghouse – â€Å" â€Å"No! That would be much too dangerous!† † – but I've got to get Isobel to a hospital as soon as possible. Not to mention Jim. I think he really does have a concussion. And Bonnie – † â€Å"Bonnie,† Bonnie said, enunciating distinctly, â€Å"is going to the boardinghouse, too.† â€Å"No, Bonnie! I'm going torun , Bonnie, do you understand that? I'm going torun as fast as I can – and I can't let you hold me up.† Meredith's voice was grim. â€Å"I won't hold you up, I swear it. You go ahead and run. I'll run, too. My head feels fine, now. If you have to leave me behind, youkeep on running. I'll be coming after you.† Meredith opened her mouth and then closed it again. There must have been something in Bonnie's face that told her any kind of argument would be useless, Bonnie thought. Because that was the truth of the matter. â€Å"Here we are,† Dr. Alpert said a few minutes later. â€Å"Corner of Laurel and Old Wood.† She pulled a small flashlight out of her black bag and shone it in each of Bonnie's eyes, one after another. â€Å"Well, it still doesn't look as if you have concussion. But you know, Bonnie, that my medical opinion is that you shouldn't be running anywhere. I just can't force you to accept to take treatment if you don't want it. But I can make you take this.† She handed Bonnie the small flashlight. â€Å"Good luck.† â€Å"Thank you for everything,† Bonnie said, for an instant laying her pale hand on Dr. Alpert's long-fingered, dark brown one. â€Å"You be careful, too – of fallen trees and of Isobel, and of something red in the road.† â€Å"Bonnie, I'm leaving.† Meredith was already outside the SUV. â€Å"And lock your doors! And don't get out until you're away from the woods!† Bonnie said, as she tumbled down from the vehicle beside Meredith. And then they ran. Of course, all that Bonnie had said about Meredith running in front of her, leaving her behind, was nonsense, and they both knew it. Meredith seized Bonnie's hand as soon as Bonnie's feet had touched the road and began running like a greyhound, dragging Bonnie along with her, at times seeming to whirl her over dips in the road. Bonnie didn't need to be told how important speed was. She wished desperately that they had a car. She wished a lot of things, primarily that Mrs. Flowers lived in the middle of town and not way out here on the wild side. At last, as Meredith had foreseen, she was winded, and her hand so slick with sweat that it slipped out of Meredith's hand. She bent almost double, hands on her knees, trying to get her breath. â€Å"Bonnie! Wipe your hand! We have to run!† â€Å"Just – give me – a minute – â€Å" â€Å"We don't have a minute! Can't youhear it?Come on! â€Å" â€Å"I justneed – to get – my breath.† â€Å"Bonnie, look behind you. And don't scream!† Bonnie looked behind her, screamed, and then discovered that she wasn't winded after all. She took off, grabbing Meredith's hand. She could hear it, now, even above her own wheezing breath and the pounding in her ears. It was an insect sound, not a buzzing but still a sound that her brain filed underbug . It sounded like the whipwhipwhip of a helicopter, only much higher in pitch, as if a helicopter could have insect-like tentacles instead of blades. With that one glance, she had made out an entire gray mass of those tentacles, with heads in front – and all the heads were open to show mouths full of white sharp teeth. She struggled to turn on the flashlight. Night was falling, and she had no idea how long it would be until moonrise. All she knew was that the trees seemed to make everything darker, and thatthey were after her and Meredith. The malach. The whipping sound of tentacles beating the air was much louder now. Much closer. Bonnie didn't want to turn around and see the source of it. The sound was pushing her body beyond all sane limits. She couldn't help hearing over and over Matt's words:like putting my hand in a garbage disposal and turning it on. Like putting my hand in a garbage disposal†¦ Her hand and Meredith's were covered with sweat again. And the gray mass was definitely overtaking them. It was only half as far away as it had been at first, and the whipping noise was getting higher-pitched. At the same time her legs felt like rubber. Literally. She couldn't feel her knees. And now they felt like rubber dissolving into gelatin. Vipvipvipvipveeee†¦ It was the sound of one of them, closer than the rest. Closer, closer, and then it was in front of them, its mouth open in an oval shape with teeth all around the perimeter. Just like Matt had said. Bonnie had no breath to scream with. But she needed to scream. The headless thing with no eyes or features – just that horrible mouth – had turned ahead of them and was coming right for her. And her automatic response – to beat at it with her hands – could cost her an arm. Oh God, it was coming for her face†¦. â€Å"There's the boardinghouse,† gasped Meredith, giving her a jerk that lifted her off her feet.†Run!† Bonnie ducked, just as the malach tried to collide with her. Instantly, she felt tentacleswhipwhipwhip into her curly hair. She was abruptly yanked backward to a painful stumble and Meredith's hand was torn out of hers. Her legs wanted to collapse. Her guts wanted her to scream. â€Å"Oh, God, Meredith, it's got me! Run!Don't let one get you!† In front of her, the boardinghouse was lit up like a hotel. Usually it was dark except for maybe Stefan's window and one other. But now it shone like a jewel, just beyond her reach. â€Å"Bonnie, shut your eyes!† Meredith hadn't left her. She was still here. Bonnie could feel vine-like tentacles gently brushing her ear, lightly tasting her sweaty forehead, working toward her face, her throat†¦She sobbed. And then there was a sharp, loud crack mixed with a sound like a ripe melon bursting, and something damp scattered all over her back. She opened her eyes. Meredith was dropping a thick branch she had been holding like a baseball bat. The tentacles were already sliding out of Bonnie's hair. Bonnie didn't want to look at the mess behind her. â€Å"Meredith, you – â€Å" â€Å"Come on – run!† And she was running again. All the way up the gravel boardinghouse driveway, all the way up the path to the door. And there, in the doorway, Mrs. Flowers was standing with an old-fashioned kerosene lamp. â€Å"Get in, get in,† she said, and as Meredith and Bonnie skittered to a stop, sobbing for air, she slammed the door shut behind them. They all heard the sound that came next. It was like the sound the branch had made – a sharp crack plus a bursting, only much louder, and repeated many times over, like popcorn popping. Bonnie was shaking as she took her hands away from her ears and slid down to sit on the entry-hall rug. â€Å"What in heaven's name have you girls been doing to yourselves?† Mrs. Flowers said, eyeing Bonnie's forehead, Meredith's swollen nose, and their general state of sweaty exhaustion. â€Å"It takes too – long to explain,† Meredith got out. â€Å"Bonnie! You can sit down – upstairs.† Somehow or other Bonnie made it upstairs. Meredith went at once to the computer and turned it on, collapsing on the desk chair in front of it. Bonnie used the last of her energy to pull off her top. The back was stained with nameless insect juices. She crumpled it into a ball and threw it into a corner. Then she fell down on Stefan's bed. â€Å"What exactly did Matt say?† Meredith was getting her breath back. â€Å"He saidLook in the backup – orLook for the backup file or something. Meredith, my head†¦it isn't good.† â€Å"Okay. Just relax. You did great out there.† â€Å"I made it because you saved me. Thanks†¦again†¦.† â€Å"Don't worry about it. But I don't understand,† Meredith added in her talking-to-herself murmur. â€Å"There's a backup file of this note in the same directory, but it's no different. I don't see what Matt meant.† â€Å"Maybe he was confused,† Bonnie said reluctantly. â€Å"Maybe he was just in a lot of pain and sort of off his head.† â€Å"Backup file, backup file†¦wait a minute! Doesn't Word automatically save a backup in some weird place, like under the administrator directory or somewhere?† Meredith was clicking rapidly through directories. Then she said, in a disappointed voice, â€Å"No, nothing there.† She sat back, letting her breath out sharply. Bonnie knew what she must be thinking. Their long and desperate run through danger couldn't all be for nothing. Itcouldn't . Then, slowly, Meredith said, â€Å"There are a lot of temp files in here for one little note.† â€Å"What's a temp file?† â€Å"It's just a temporary storage of your file while you're working on it. Usually it just looks like gibberish, though.† The clicking started again. â€Å"But I must as well be thorough – oh!† She interrupted herself. The clicking stopped. And then there was dead silence. â€Å"What is it?† Bonnie said anxiously. More silence. â€Å"Meredith! Talk to me!Did you find a backup file? â€Å" Meredith said nothing. She seemed not even to hear. She was reading with what looked like horrified fascination.

buy custom Auditing and Assurance essay

buy custom Auditing and Assurance essay Auditor independence means freedom of internal or external auditor from individuals who many have financial interests in the company being audited (Auditor Independence 2010). The concept of independence requires an auditor to undertake his/her audit work, without any interference by any other party, and with an aim of verifying if, the financial statements of a business reflect the true and fair view of the business (Auditor Independence 2010). Moreover, auditors independence requires an objective and honest approach to the audit process. To external auditors, the concept of auditor independence is very important. This is because; many stakeholders such as investors, creditors, the government, and employees, use audit reports, to make important economic decisions. Independence of external auditor means autonomy from individuals, who may have substantial interests in the published financial reports of a business/company (Auditor Independence 2010). In many cases, independence of external auditors from such individuals is ensured by the audit committee of the given client company. Moreover, external auditors source their support for autonomy from the contractual and contract references of the public accounting standards, which provide that external auditors should be independent from the management (including the directors) of their client companies/businesses (Auditor Independence 2010). The International Auditing Standards (IASs) also requires external auditors to observe independence in various areas. For instance, external auditors are required to report only to the audit committee of the client company/business (Auditor Independence 2010). These include, reporting matters related to revision of audit fee and approval of certain types of non-audit services. In fact, the International Auditing Standards prohibit external auditors from providing non-audit services such as internal audit outsourcing services, bookkeeping, asset valuation, and designing of clients financial system. Moreover, external auditors are prohibited from having direct equity ownerships in their clients companies/businesses. In addition, external audits should not engage in activities, which are closely related to management functions. Other requirements related to the independence of external auditor include being solely involved in determining the scope and extent of their work, conducting fr equent rotations of certain audit personnel during the engagement, and not acting as an advocate for an audit client or any of its directors/managers (Auditor Independence 2010). External auditors are required to confirm their independency in writing, once they agree to undertake the audit engagement, to the audit committee of the client company/business. In cases where an external auditor fails to adherence to the independence requirements, the respective professional body, the government, through the court of law, or the client company/business can take a corrective action. This may include cancellation of practicing certificate, suspension from engagement, imprisonment, or cash fines (Auditor Independence 2010). Theoretically, external auditors play important roles in safeguarding the interests of the shareholders of client companies. In addition, external auditors role in auditing financial reports plays a significant role in corporate governance whereby, they ensure that managers are accountable to the shareholders in all business aspects related to the company (Ojo 2006). Despite the importance of the external audit function to the shareholders, and the requirement that an external auditor should not have direct personal interests in the clients company/business, they have been seen to develop commercial and personal interests while undertaking audit engagements in their clients companies/businesses (Ojo 2006). Over the past few decades, many questions concerning external auditors independence have evolved. According to Hunton and Rose, one of the major sources of interference of external auditors independence is the directors (2008). Hunton and Rose observe that directors of many companies/businesses usually act as directors in more than two companies/businesses. Therefore, they only have less time to concentrate on monitoring the performance of their companies. Mostly, they concentrate on the reputation they achieve from the public (investors, business owners, shareholders, and creditors), concerning their success in managing numerous entities. Therefore, in order to maintain their reputation, they usually try to make sure that the financial reports of the entities where they are directors always represent positive performance, even when such performance is not achieved. Directors achieve this is by influencing the work of external auditors. Directors interested in maintaining their reputations interfere with external auditors independence in differen ways. One of these ways is to limit the scope of external auditors during audit engagement (Huston and Rose 2008). For instance, the directors may be involved in determining the scope of auditors work during the engagement, by identifying the specific areas where the auditors should conduct their investigations, and the areas, where they should not conduct investigation. Such areas include directors fees, use of business assets, such as motor vehicles, by the directors for personal reasons, and directors allowances among others. Many directors usually prohibit auditors from conducting investigation is such areas because; they do not usually present a true and fair view of the entities financial position (Huston Rose 2008). It is common to see directors receive huge allowances for meetings, which never attend. In other cases, directors use entities motor vehicles to conduct their personal businesses. All these activities amount to violation of directors code of conduct, as well as illegal use of entities resources for personal gain. If auditors were allowed to conduct audit engagement without interference of their independence by the directors, they would definitely discover these activities, and consequently report them during their audit reports to the shareholders. Publication of such reports can potentially ruin directors reputations, hence resulting into fewer opportunities to hold directorial positions in other entities, or dismissal from the boards of entities where he/she holds directorial positions. This would mean that such a director would lose his/her sources of income. Moreover, the negative reputation would prevent him/her from seeking directorial positions in other entities in future. In order to prevent this from happening, directors ensure that the scope of external auditor is limited. In return, they may get into mutual agreements with the auditors. In many occasional, external auditors tend to take the offers presented to them by the directors as a way of protecting their commercial interests (earning more income). According to Huston and Rose, common offers made to external auditors include increased audit fee and continued audit engagement in the entity (2008). Even though the audit committee, in many cases, mainly determines audit fee, the directors and the audit committee members work in liaison to protect their reputation among the stakeholders. Therefore, the directors can easily influence the auditors pay. Similarly, directors can ensure continuous engagement of the current audits by ensuring that their reputation among the shareholder s is positive. In the their study, Hunton and Rose also observed that in other occasions, directors allow the auditors to provide non-audit services, inclusive of those that are prohibited by the International Auditing Standards, to enable them earn extra income from the entities (2008). This usually happens when the directors require the auditors not to disclose all the relevant information to the shareholders, or when the directors require the auditors to present an unqualified audit report even when the audit evidence indicates that the report should be qualified. Another area where Huston and Rose observed significant interference of auditors independence by the directors is in restatement of earnings (2008). Sometimes, the auditors may require restatement of previous financial statements, after they discover significant omission of the Generally Accepted Accounting Principles (GAAPs) or a significant loophole in the internal control systems. Since restatement of financial statements has adverse effects on the value of shares, directors tend to object restatement of previous financial statements (Huston Rose 2008). Moreover, since restatement of financial statements indicate weakness in corporate governance (lack of competence among the audit committee members), audit committees also interfere with the independence of external auditors during such situations. The audit committee may face dismissal, or even legal actions in case of restatement of financial statements. Likewise, the directors may lose their current and future board seats. For these reasons, both the directors and the audit committee interfere with the independence of external auditors in bid to secure their positions in various entities. Studies indicate that, the recent cases of fallen firms were due to interference of external auditors independency by the board of directors, and the audit committees (Lindberg Beck 2002). In many cases, the directors and the audit committee members tend to protect the interests of the shareholders insufficiently, through interfering with the auditors independency. A very good illustration of such a firm is Enron. Enron was declared bankrupt in December 2001 (Lindberg Beck 2002). According to Lindberg and Beck, Enron collapse was because of direct actions of the directors, audit committee, andd the external auditors (2002). During the previous years, Enron had been recording negative earnings (Lindberg Beck 2002). The firms financial statements also indicated that the firm had been substantially violating the accounting principle of materiality. Large volume of transactions would be omitted from the financial records, and hence in the final financial statements. Studies also indic ate that, Enron had violated other accounting standards concerned with accounting for business combinations and revenue recognition (Lindberg Beck 2002). During the external audit, the directors in liaison with the audit committee would lure the firms auditors with high audit fee and non-audit services. In fact, Lindberg and Beck point that the accounting firm that was providing external audit services to Enron was earning more fees from provision of non-audit services, than it was earning from audit services (2002). In return, the auditors could provide unqualified audit reports. This trend continued for quite a long time until when the irregularities were finally discovered. Unfortunately, by the time of the discovery, all the firms financial resources had been drained It was then declared bankrupt. Enron is an example of other numerous cases of big multinational and local companies, which have collapsed due to interference of auditors independence by the directors and the audit committees. Some individuals argue that directors interfere with the independence of external auditors in order to protect the interests of the shareholders. For instance, in Enrons case, the directors feared that if they allowed the auditors to present qualified audit reports during the annual general meetings, the shareholders would lose faith in the company, and would opt to withdraw their investments from the firm. This could have been a great disappointment especially to the firms biggest shareholders. However, Zawada argues that interference of auditors independence in the name of protecting shareholders interests is not a justified (n.d.). Instead, directors and audit committee members should allow the external auditors to undertake their work independently, so that they would be able to unveil areas within a firm/business entity, where corrective actions need to be taken as soon as possible before the problems become dire. If auditors are allowed to work independently, most of the major causes of business collapse can be controlled during their development stages. Accordingly, Zawada states that lack of interference with auditors independence is the best way of protecting shareholders interests (n.d.). However, since many directors and audit committee members would rather safeguard their reputations among the stakeholders, than to allow the auditors present a true and fair view of the financial position to the shareholders, then it is clear the interference of auditors independency will not cease in the near future. In the same way, due to their commercial interests, the accounting firms will continue to allow interference of their independence during audit engagement by the directors and audit committee members. It is therefore clear that the shareholders will continue to lose, as the directors and the external auditors continue to fulfill their personal and commercial interest. According to Ojo, external audit processes are costing the shareholders a lot of money, yet they are of no importance to them (2006). In fact, Ojo points out that, external audit processes leave the shareholders worse off, than they would be if, external audits were not conducted. This is because; auditors tend to manipulate the financial statements and reports in favor of the directors and the audit committee members. In the end, shareholders use the published and audited financial statements and/or reports, to make important economic decisions. For instance, an unqualified audit report, which ought to be qualified, may indicate good financial performance of a given business entity. As a result, a shareholder makes a decision to invest substantial amounts of money in the entitys stocks, hoping to reap huge in terms of dividends and capital gains. In the long run, the shareholders does not earn any dividends, neither does he/she earns capital gains from sale of the stock, since in mo st cases, negative performance affects the price of an entitys stocks in the market. Therefore, from a personal perspective, the external audit function serves no important purpose to the shareholders. Since they usually serve their own interests and those of the directors, at the expense of the shareholders, their roles in public owned and limited liability entities should be removed. Instead, shareholders can invest the money used to pay external shareholders, in the internal audit departments, since so far, the internal departments have proofed to make significant contributions to the shareholders interests. Buy custom Auditing and Assurance essay

Purple Prose - Definition and Examples

Purple Prose s A generally pejorative term for writing or speech characterized by ornate, flowery, or hyperbolic language  is known as purple prose. Contrast it with plain style. The double meaning of the term purple is useful, says  Stephen H. Webb. [I]t is both imperial and regal, demanding attention, and overly ornate, ostentatious, even marked by profanity (Blessed Excess, 1993).Bryan Garner notes that purple prose derives from the Latin phrase purpureus pannus, which appears in the Ars Poetica of Horace (65-68 B.C.) (Garners Modern American Usage, 2009). Examples and Observations: Once in the hands of Duncan Nicol it was translated, as by consecration in the name of a divinity more benevolent than all others, into pisco punch, the wonder and glory of San Francisco’s heady youth, the balm and solace of fevered generations, a drink so endearing and inspired that although its prototype has vanished, its legend lingers on, one with the Grail, the unicorn, and the music of the spheres.†(Columnist Lucius Beebe, Gourmet magazine, 1957; quoted by M. Carrie Allan in Spirits: Pisco Punch, a San Francisco Classic Cocktail With Official Aspirations. The Washington Post, October 3, 2014)Outside pockets of euphoria in Burnley, Hull and Sunderland, fans have been wallowing in liquor-soaked self-pity as the chill hand of failure gripped them by the neck and flung them mercilessly onto the scrap heap of broken dreams. (Please forgive my purple prose here: as a red of the Stretford variety I am perhaps inappropriately using this weeks digest as catharsis, but Ill m ove on, I promise.)(Mark Smith, The Northerner: United in Grief. The Guardian, May 28, 2009) Uncle Toms Cabin suffers from padding (what the French call remplissage), from improbable plot contrivances, mawkish sentimentality, unevenness in prose quality, and purple prosesentences like, Even so, beloved Eva! fair star of thy dwelling! Thou art passing away; but they that love thee dearest know it not.(Charles Johnson, Ethics and Literature. Ethics, Literature, and Theory: An Introductory Reader, 2nd ed., edited by Stephen K. George. Rowman Littlefield, 2005)Characteristics of Purple ProseThe culprits of purple prose are usually modifiers that make your writing wordy, overwrought, distracting, and even silly. . . .In purple prose, skin is always creamy, eyelashes always glistening, heroes always brooding, and sunrises always magical. Purple prose also features an abundance of metaphors and figurative language, long sentences, and abstractions.(Jessica Page Morrell, Between the Lines. Writers Digest Books, 2006)In Defense of Purple ProseCertain producers of plain prose have co nned the reading public into believing that only in prose plain, humdrum or flat can you articulate the mind of inarticulate ordinary Joe. Even to begin to do that you need to be more articulate than Joe, or you might as well tape-record him and leave it at that. This minimalist vogue depends on the premise that only an almost invisible style can be sincere, honest, moving, sensitive and so forth, whereas prose that draws attention to itself by being revved up, ample, intense, incandescent or flamboyant turns its back on something almost holythe human bond with ordinariness. . . .It takes a certain amount of sass to speak up for prose thats rich, succulent and full of novelty. Purple is immoral, undemocratic and insincere; at best artsy, at worst the exterminating angel of depravity. So long as originality and lexical precision prevail, the sentient writer has a right to immerse himself or herself in phenomena and come up with as personal a version as can be. A writer who cant do pu rple is missing a trick. A writer who does purple all the time ought to have more tricks.(Paul West, In Defense of Purple Prose. The New York Times, Dec. 15, 1985) The Pejoration of Purple ProseThe idiom was originally a purple passage or purple patch, and the earliest citation in the Oxford English Dictionary is from 1598. The rhetorical sense in English comes from the Ars Poetica of Horace, specifically from the phrase purpureus pannus, a purple garment or raiment, the color purple symbolizing royalty, grandeur, power.Purple prose doesnt seem to have become wholly pejorative until the twentieth century when steep declines in the vocabulary and reading comprehension of college-educated Americans caused a panic in the education establishment and the newspaper industry, which together launched a campaign against prose that displayed royalty, grandeur, and power. This led to the disappearance of the semicolon, the invention of the sentence fragment, and a marked increase in the use of words like methodological.(Charles Harrington Elster, What in the Word? Harcourt, 2005) See also: AdjectivitisBaroqueBomphiologiaCacozeliaEloquenceEuphuismGongorismGrand StyleOverwritingPadding (Composition)ProseSamuel Johnson on the Bugbear StyleSkotisonTall TalkVerbiageVerbosity