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