Analysis Of Dantes Inferno English Literature Essay

Analysis Of Dantes Inferno English Literature Essay Dantes Inferno represents a microcosm of society; that is, laymen, clergy, lovers, wagers of war, politicians, and scholars are all collected into one place and punished for their worst and most human attributes. Hell, despite its otherworldly appearance and brutal, ugly nature, is somewhat humanized by the fact that those who are punished come from every country (Dante 3.123) and every walk of life, regardless of age, race, sex, or creed. While Dante Alighieri did not invent the idea of Hell as a place of punishment for the wayward and sinful souls in the afterlife, he did create the most powerful and enduring (Raffa 1) imagining of a concept which has received significant attention in biblical, classical, and medieval works. Dantes Divine Comedy was written sometime between 1308 and 1321 and is considered the supreme work of Italian literature (Norwich 27). It is an epic poem divided into three separate sections: Inferno, Purgatorio, and Paradiso Hell, Purgatory, and Heaven, res pectively. The personal element of the journey through Hell in Dantes Inferno literally explores the descent of one man into sin; through the use of poetic justice, both contemporary and historical figures, and mythological figures, Dante crafts an immediate and enthralling work dealing with the nature of sin and its place in society. The concept of poetic justice is famously explored in Inferno, where it is put to dramatic effect devising appropriate torments for each particular sin (Raffa 3). From Limbo to Treachery, Dante catalogues and documents the punishment of sinners both infamous and beloved, famous and unknown. In every case, the punishment fits the crime in a twisted and malignant fashion after all, the poem does discuss the realm of Satan, the Christian embodiment of evil. The nine circles of Hell described in Inferno are as follows: Limbo, Lust, Gluttony, Avarice and Prodigality, Wrath and Sullenness, Heresy, Violence, Fraud, and Treachery. These nine circles are based off of the idea of the Seven Deadly Sins, with some additions such as Limbo created by Dante. The poem begins with Dante lost in a dark wood, assailed by three beasts he cannot evade, and unable to move straight along (Dante 1.18) the road to salvation, represented by a mountain. A lion, a leopard, and a she-wolf symbolizing pride, envy, and avarice, respectively block Dantes path to the top of the mountain, forcing him to descend into the depths of Hell with Virgil. The entire journey documented in the Divine Comedy is an allegory for mans fall into sin before achieving redemption (represented by Purgatorio) and eventually salvation (represented by Paradiso). Before Dante even enters the gates of Hell, he is introduced to his guide for the first two realms of the afterlife, Inferno and Paradiso. For this role, Dante chose Virgil (70-19 BCE), who lived under the rule of Julius Caesar and later Augustus during Romes transition from a republic into an empire, and is most famous for the Aeneid. Two episodes in Virgils work were of particular interest to Dante. Book IV tells the tale of Aeneas and Dido, the queen of Carthage, who kills herself when Aeneas abandons her to continue his journey and [found] a new civilization in Italy (Raffa 8). Book VI recounts Aeneas journey into Hades to meet the shade of his father and learn of future events in his journey. Many elements in the Aeneid are present in heavily modified form in Dantes Inferno. Many of Dantes mythological elements are based on Book VI of Virgils Aeneid, which recounts Aeneas visit to the underworld. Virgil imbued his version of the underworld with a fluid, dreamlike atmosphere (5 ), while Dante instead strives for greater realism, providing sharply drawn and tangible figures. After passing through the gateway to hell, marked ominously with the words ABANDON EVERY HOPE, WHO ENTER HERE (Dante 3.9), Dante and Virgil witness a realm of miserable people who lived without disgrace and without praise (3.17-35) on the periphery of the Inferno. In this realm, the two poets encounter the souls of those who lived such undistinguished and cowardly lives that they have been cast out by Heaven and refused entry by Hell. These souls are forced to race after a banner which never comes to a stop, and are stung repeatedly by flies and wasps, their blood and tears nourishing the sickening worms (3.69) at their feet. The punishment for these cowardly souls is clear; just as in life they refused to be decisive and act, they now are barred from both eternal paradise and eternal damnation, and chase down a waving banner which they will never be able to reach. Next, Dante and Virgil meet Charon, Hells boatman. In the Aeneid, Charon is the pilot of the vessel that transports shades of the dead across the waters into the underworld. In both works, he is an irritable old man with hair white with years (3.83) who objects to taking a living man (Aeneas, Dante) into the realm of the dead. In each case, the protagonists guide (the Sybil, Virgil) provides Charon the proper credentials, and their journey continues. In Limbo, the guiltless damned, noble non-Christian souls, and those who lived before the time of Christianity are punished. The idea of a place for souls who did not sin; and yet lacked baptism (4.34-35) existed in Christian theology prior to Dante, but his vision is more generous than most. Dante includes unbaptized babies, as well as notable non-Christian adults in his version of Limbo, which bears a resemblance to the Asphodel Meadows, a section of the Greek underworld where indifferent and ordinary souls were sent to live after death. Dante suggests that those in Limbo are being punished for their ignorance of God by being forced to spend the afterlife in a deficient form of Heaven; while certainly not as hellish as the other circles, Limbo is by no means a paradise. Dante encounters the classical poets Homer (eighth or ninth century BCE), Horace (65-8 BCE), Ovid (43 BCE -17 CE), and Lucan (39-65 CE), who welcome back their comrade Virgil and honour Dante and one of their own (Dante 4.79-102). Philosophers Socrates and Aristotle also make appearances in Limbo as the shades of men renowned for their outstanding intellectual achievements. Socrates (born ca. 470 BCE in Athens) was a legendary teacher known for the rigorous method of questioning that characterizes the dialogues of Plato (ca. 428-ca. 347 BCE), who also appears. In addition, one notable non-Christian soul finds himself in Limbo, separated from the rest: Saladin, the distinguished military leader and Egyptian sultan who fought against the crusading armies of Europe yet was admired even by his enemies for his chivalry and magnanimity. Dantes implication is that all virtuous non-Christians find themselves in Limbo. The Lustful are punished in the second circle by being blown about by a hellish hurricane, which never rests wheeling and pounding (5.31-33). Lust, for many of the inhabitants of this circle, led to the sin of adultery and in the cases of Dido, Cleopatra, Helen of Troy, and others a violent death. The violent winds are symbolic of lust, and represent the power it holds in affairs of blind passion and physical love. Lust contains the shades of many famous lovers: Semiramis, Dido, Paris, Achilles, and Tristan, among others. Semiramis was a powerful Assyrian queen alleged to ave been so perverse that she even made incest a legal practice (Raffa 27); Dido, queen of Carthage and widow of Sychaeus, committed suicide after her lover Aeneas abandoned her (Virgil IV); Paris later died during the Trojan war; Achilles was the most formidable (Raffa 27) Greek hero in the war against the Trojans, who was killed by Paris (according to medieval accounts); finally, Tristan was the nephew of king Mark of Cornwall who fell in love in Iseult (Marks fiancee) and was killed by Marks poisoned arrow. Minos, the one who judges and assigns (Dante 5.6) the souls during their descent into Hell, is an amalgam of figures from classical sources, completed with several personal touches from Dante. He is a combination of two figures of the same name, one the grandfather of the other, both rulers of Crete. The elder Minos was admired for his wisdom and the laws of his kingdom. The second Minos imposed a harsh penalty on the Athenians (who had killed his son Androgeos), demanding an annual tribute of fourteen youths (seven boys and seven girls), who were sacrificed to the Minotaur, which appears later in Inferno. Minos long tail which he wraps around himself, that marks the sinners level (Dante 5.11-12) is Dantes invention. Gluttony is punished in the third circle. The souls of the damned lie in a vile, grimy slush brought about by cold, unending, heavy, and accursed rain (6.7-8). These former gluttons lie sightless and heedless of their neighbours, symbolizing their cold, selfish, and empty pursuit of hedonism and empty sensuality. The slush, representative of overindulgence and sensuality, serves to cut one off from both the outside world and from Gods deliverance. Gluttonous individuals of note include a Florentine contemporary of Dantes, identified as Ciacco (pig in Italian). Ciacco speaks to Dante regarding the political conflict in the city of Florence between two rival parties, the White and Black Guelphs, and predicts the defeat of the White Guelphs, Dantes party. This event did indeed occur, and would lead to Dantes own exile in 1302. As the poem is set in the year 1300, before Dantes exile, he uses the events of his own life to illustrate the unique ability of shades in Inferno to predict the future, a theme which is returned to later in the poem. Cerberus, guardian of Gluttony, is similar to the beast of Greek mythology. In the Aeneid, Virgil describes Cerberus the three-headed dog which guards the entrance to the classical underworld as loud, huge, and terrifying. Dantes Cerberus displays similar canine qualities: his three throats produce a deafening bark, and he eagerly devours the fistful of dirt Virgil throws into his mouths like a dog intent on its meal. Cerberus bloodred (6.16) eyes, greasy, black (6.16) beard, and large gut link him to the gluttonous spirits whom he tears, flays, and rends (6.18) with his clawed hands. The Avaricious and the Prodigal are punished together in the fourth circle. Avarice, or greed, is one of the inequities that most incurs Dantes scorn and wrath (Raffa 37). Prodigality is defined as the opposite of Avarice; that is, the trait of excessive spending. Both groups are forced to eternally joust with one another, using cumbersome stone weights as weapons. They call out to each other: Why do you hoard? Why do you squander? (Dante 7.30). Here Dante describes the punishment of both extremes, criticizing excessive desire for and against the possession of material goods using the classical principle of moderation. In the fifth circle, the Wrathful and the Sullen are punished. The wrathful fight each other eternally on the surface of the river Styx, which runs darker than deep purple (7.103), while the sullen lie gurgling beneath the water. Dante describes how the Wrathful combat one another: [They] struck each other not with hands alone, but with their heads and chests and with their feet, and tore each other piecemeal with their teeth (7.112-114). The wrathful are damned to eternally struggle and fight without direction or purpose, while the sullen have withdrawn into a black sulkiness from which they can find joy in neither God nor life. In the fifth circle, Filippo Argenti, a prominent Florentine and a Black Guelph, calls to Dante. A hotheaded character (Raffa 40), little is known regarding Filippo except what transpires in Inferno. He quarrels with Dante, lays his hands upon the boat the poets travel on, and is eventually torn apart by his wrathful cohorts. The two men were political opponents, but Dantes behaviour towards Filippo indicates a more personal grievance. Perhaps he had humiliated Dante in life, or had taken some part of Dantes property after his exile from the city. Phlegyas is the solitary boatman (Dante 8.17) who transports Dante and Virgil in his boat across the Styx, the circle of the wrathful and sullen. He was known in Greek mythology for his impetuous behaviour; in a fit of rage, Phlegyas set fire to the temple of Apollo because the god had raped his daughter Apollo promptly slew him in response. Phlegyas appears in Virgils underworld as an admonition against showing contempt for the gods (Virgil 6.618-620), a role which he reprises in Inferno. Between the fifth and sixth circles lie the walls of Dis, the fortressed city of Lower Hell (Raffa 39). The fallen angels who guard the gates of Dis refuse entry to the two poets, requiring the arrival of a messenger from Heaven to open the gate for them. Dante designates all of Lower Hell circles six through nine, where the most serious of sins are punished as the walled city of Dis, with its grave citizens, its great battalions (Dante 8.69). The first five circles, which exist outside of Dis, are collectively known as Upper Hell, as they are where the lesser sins are punished. With the appearance of the three infernal (9.38) Furies, who threaten to call on Medusa, Virgils credibility and Dantes survival appear to be at risk. Furies were often invoked in Virgils classical world to exact revenge on behalf of offended mortal and gods. Medusas hair was turned into snakes by an angry Minerva after Medusa made love with Neptune in the goddesss temple, and became too horrifying to look at without being turned to stone. Dante describes Medusa as the Queen of never-ending lamentation (9.44). The Furies names evil thought (Allecto), evil words (Tisiphone), and evil deeds (Magaera) (9.45-48) describe the three manifestations of sin, which can turn people to stone by making them obstinate cultivators of earthly things (Raffa 41). Heretics are punished inside the walls of Dis, in a spreading plain of lamentation and atrocious pain (Dante 9.110-111) resembling a cemetery. The sixth circle contains souls trapped and enclosed in fiery tombs for failing to believe in God and the afterlife. Since they did not believe in Hell, the Heretics are punished by being sealed away from it in the most unpleasant possible way inside a flaming sepulchre. Among the tombstones of the sixth circle, Dante encounters more Italian contemporaries. A pair of Epicurian Florentines are disocvered sharing a tomb: Farinata degli Uberti, a Ghibelline; and Cavalcante de Cavalcanti, a fellow Guelph and the father of Guido Cavalcanti, Dantes fellow poet and closest friend. Farinata is an imposing figure, rising out of his inflamed sepulchre from the waist up and seeming to have great contempt for Hell (10.31-36). As the leader of the Ghibellines, Farinata was an enemy to the Guelphs, the party of Dantes ancestors. Farinata declares that his colleagues would have annihilated Florence (10.92), had he not interceded forcefully, an act which has earned him Dantes respect. Cavalcante was an enemy to the Ghibellines, like Dante, and married his son Guido to Farinatas daughter in order to foster peace between the two parties. Dantes best friend, Guido Cavalcanti, was a poet who held the philosophical belief that love is a dark force which leads only to mis ery and death. Therefore, Cavalcantes appearance in Hell might be more a matter of guilt by association to his sons worldview than any kind of reflection on himself. The Minotaur is the guardian and mythological symbol for the seventh circle, Violence. At the sight of Dante and Virgil, the minotaur reacts like one whom fury devastates within (12.15), and his frenzied bucking allows the travellers to proceed unharmed. The Minotaur is a physical manifestation of violence in Inferno: almost every part of the Minotaurs story, from its creation to its demise, contains some form of violence (Raffa 55). The sinners in the seventh circle are divided into three groups: the violent against people and property, the violent against themselves, and the violent against God and nature (Dante 11.28-33). The first group comprised of assassins and murderers, among others are immersed in Phlegethon, a bloodred, boiling (12.101) river of blood and fire, up to a level commensurate with their sins (12.73-75). Because they committed such acts of bloodshed and destruction in their lives, they are punished by being immersed in a river of that which they have spilt. The second group the suicides are transformed into knotted, gnarled (13.5) thorny bushes and trees, which are fed upon by Harpies. These souls have given away their physical bodies through suicide, and are forced to maintain treelike forms. These suffering trees cannot speak until Dante accidentally injures one and causes it to bleed. Dante uses the soul-trees as a metaphor for the state of mind which leads to self-harm and suicide. Fi nally, the third group blasphemers and sodomites reside in a desert of sand, fire and brimstone falling from the sky. The blasphemers lie down upon the sand, the usurers recline, and the sodomites wander seemingly aimlessly in huddling groups, all while being burned by distended flakes of fire (14.28-29). This symbolizes how those who act violently against God and that which God has provided are perpetually unable to find peace and comfort in their lives. Among those immersed in Phlegethon is Alexander the Great, submerged up to his eyebrows in blood. He suffers for his reputation as a cruel, bloodthirsty man who inflicted great harm upon the world and its peoples. In the forest of suicides, Dante hears the tale of Pier delle Vigne, who killed himself after falling out of favour with Emperor Frederick II (Dante 13.64-69). Dante encounters his mentor, Brunetto Latini, among the sodomites. Surprised and touched by this encounter, Dante shows Brunetto great respect and admiration, thus refuting suggestions that the poet Dante placed only his enemies in Hell (15.43-45). The Centaurs are men from the waist up with the lower bodies of horses (Raffa 55) who guard the river Phlegethon. Thousands of centaurs patrol the bank of the river, using bows and arrows to keep damned souls submerged. In classical mythology, Centaurs are best known for their uncouth, violent behaviour. Chiron, leader of the Centaurs, enjoyed a favourable reputation as the sage tutor of both Hercules and Achilles. Pholus and Nessus the Centaurs assigned to escort Dante and Virgil have fully earned their negative reputations, however: Pholus who Virgil describes as full of rage (Dante 12.72) had been killed when a fight broke out during a wedding after he and his fellow centaurs attempted to carry off the bride and several other girls, and Nessus was killed by Hercules with a poison arrow for attempting to rape the heros wife, Deinira, after Hercules entrusted him with carrying her across a river (12.67-69). The penultimate circle as well as the most detailed is Fraud, which Dante describes as a place in Hell made all of stone the colour of crude iron (18.1-2). This circle is divided up into ten smaller pockets: panderers and seducers, flatterers, simonists, sorcerers, barrators, hypocrites, thieves, fraudulent advisers and evil councillors, sowers of discord, and falsifiers. Panderers (pimps) and seducers march eternally in opposite directions, lashed cruelly (18.36) by demons. Just as they used passion and seduction to bend others to their will, they are now themselves driven by hellish demons. Flatterers exploited other people using language, therefore, they are plunged in excrement (18.113), representing the false words they produced. Simonists payed for positions of power within the Catholic Church, and are placed upside-down into holes in the floor, with both soles [of their feet] on fire (9.25). The holes into which their heads are planted resemble baptismal fonts, used in sever al religious rituals a constant reminder of the corrupt nature of their former positions in the church. Sorcerers, astrologers, and false prophets have had their heads twisted toward their haunches (20.13) so that they can not see what is ahead of them. This symbolizes the twisted nature of magic in general specifically, it refers to the use of forbidden means to see into the future. Dante felt particularly unforgiving towards politicians after his exile from Florence, thus, corrupt politicians (barrators) are immersed in a stew of sticky pitch (21.8). Their punishment represents the sticky fingers, corrupt deals, and dark secrets inherent in positions of political power. The hypocrites listlessly walk with lagging steps, in circles, with features tired and defeated (23.59-60), wearing leaden cloaks, representing the falsity behind the appearance of their actions. This falsity literally weighs these souls down and renders any sort of progress impossible. The thieves are pursued an d attacked by lizards and snakes, their bites causing them to undergo various transformations (24-25). Just as they stole in life, their very human identity becomes subject to theft in Hell. Fraudulent advisers and evil councillors are encased within individual pyres. These individuals did not give false advice out of ignorance; rather, Dante refers to rhetoric [used] by talented people for insidious ends (Raffa 99). In life, they caused those whom they advised to do ill without dirtying their own hands now they are punished alone in their fires. The sowers of discord are hacked apart, their bodies dividing as in life they caused division among others. Their wounds are quickly healed, only to have themselves hacked apart again (Dante 28.139-142). Dante considers falsifiers (alchemists, counterfeiters, perjurers, and impersonators) a disease upon society, and their corrupting influence is reflected in their diseased bodies and minds (Raffa 99) in the tenth pouch. In the eighth circle, Dante meets a number of notably fraudulent individuals. Venedico Caccianemico, who sold his own sister to the Marchese dEste, is recognized among the pimps in the first pouch, despite his attempts to avoid detection (Dante 18.40-60). In the fifth ditch, the thief Vanni Fucci is burnt to ashes before being reincarnated; Agnel blends together with a reptilian Cianfa; and Buoso exchanges forms with Francesco. Vanni Fucci was a black Guelph from Pistoia, a town not far from rival Florence; Dante says he knew Vanni as a man of blood and anger (Dante 24.129). Agnel is thought to be Agnello Dei Brunelleschi, a man who joined the white Guelphs Dantes party but then switched to the black faction when they came to power. Both he and Cianfa are renowned for their thievery. Buoso stole while serving in public office, then arranged for Francesco de Cavalcanti to take over and steal on his behalf. In the eighth pit, Ulysses and Diomedes are condemned for the deception of th e Trojan Horse, luring Achilles into the war effort, and stealing a statue of Athena from Troy (26.58-63). Dante encounters the schismatic prophet Muhammad; the poet views Islam as an off-shoot from Christianity, and similarly condemns Ali, Muhammads son-in-law, for the schism between Sunni and Shiite Muslims (28.22-33). The Malebranche (Evil claws in Italian) are the devils of the fifth pocket of circle eight who bring to Hell the shades of corrupt political officials and employees. They are agile, smart, and fierce (Raffa 77), they are armed with long hooks, which they use to keep the shades under the surface of the black pitch (Dante 21.55-57). It is likely that the names Dante coined for individual demons (Bad Dog, Sneering Dragon, Curly Beard, etc.) are based on actual family names of civic leaders in Florence and the surrounding towns. The Giants physically connect circles eight and nine: standing on the floor of circle nine, they tower over the inner ledge of circle eight with the upper halve of their immense bodies. They are archetypal examples of defiant rebels: Nimrod, who attempted to build the Tower of Babel before it was knocked down by God and his people were scattered; Ephialtes, who fought against Jove and the other Olympian gods; and Antaeus, whose relationship with the titans who stormed Mt. Olympus damned him, despite the fact that he was born after his brothers had waged war against the gods. Nimrod has been punished by being forced to speak an incomprehensible language; that is, his language is as strange to others as theirs is to him. Ephialtes, like the rest of the titans who challenged the gods, is immobilized with heavy chains. Antaeus is not given any exceptional punishment, for he is only guilty by association. It is Antaeus who assists Virgil and Dante by lowering them down to the ninth circle , after being enticed by Virgil with the prospect of eternal fame upon Dantes return to the world (31.115-129). The final circle is Treachery, a frozen lake at the centre of Hell, which is divided into four Rounds: Ca?na, Antenora, Ptolomaea, and Judecca. In Ca?na, traitors to their kindred are immersed in ice up to their faces. In Antenora, traitors to political entities are located similarly in the ice. In Ptolomaea, traitors to their guests are punished, lying on their backs in the ice, with only their faces uncovered. In Judecca, the traitors to their lords and benefactors are completely encapsulated in ice, distorted in pain. In the first round of Treachery, Dante encounters Mordred, who attacked his uncle King Arthur and was pierced mortally by Arthurs lance (Dante 32.61-62). In the second round, Count Ugolino pauses from his ceaseless assault upon the head of his rival, Archbishop Ruggieri, to tell Dante how Ruggieri imprisoned and killed him with his children. This story, the longest single episode related by a damned soul in Inferno, serves as Dantes final dramatic representation of mankinds capacity for evil and cruelty. Fra Alberigo, who had his brother killed at a banquet, explains a key conceit of Dantes Inferno: sometimes, a soul falls into Hell before they have actually died. Their earthly bodies are possessed by demons, so what appears to be a walking, living man is actually beyond the point of repentance (33.134-147). Finally, Lucifer the emperor of the despondent kingdom (34.28) lies at the centre of the Inferno. As ugly as he once was beautiful (34.34-36), Lucifer is a wretched contrast with his limited autonomy and mobility. Lucifers three faces (black, yellow, and red) parody the doctrine of the Holy Trinity: three persons (Father, Son, Holy Spirit) in one divine nature the Divine Power, Highest Wisdom, and Primal Love which also created the gates of Hell, and, by extension, the entire realm of eternal damnation. His flapping wings generate the wind that keeps lake at the centre of Hell frozen, while his three mouths chew on the shade-bodies of the three archtraitors Judas, Brutus, and Cassius the gore mixing with tears gushing out of his three sets of eyes (34.53-57). Dantes Inferno heralded a revolution in Christian theology through its innovative use of poetic justice, historical and contemporary figures, and classical mythology. By combining these disparate elements into a single, cohesive poem, Dante effectively changed the way the Western world imagined the afterlife and Hell in particular. By focusing on the details of the scenes and the identities of those whom the fictional Dante converses with, Inferno illustrates a horrifyingly real and immediate vision of Hell, one which has persisted at least in some part to this day. By focusing on the personal journey of one man through the afterlife, the focus of the narrative is shifted onto the reader, who can easily identify with Dante as the first-person narrator. While the circumstances surrounding the creation of the Divine Comedy Dantes exile from Florence, his fall from political grace, and his eventual death soon after the completion of his magnum opus are rather tragic, they all contri bute to Dantes work in a way which colours the text and gives it a personality and passion which is still felt to this day. For seven hundred years, Inferno has elicited strong responses from its readers from fascination to revulsion and everything in between (Raffa 5). Regardless as to the readership, the response to Inferno has been, and will continue to be, anything but apathetic.

Contemporary Canadian Business Law Essay

A minor named Alice entered into a contract with Silver Flatware Ltd. for purchasing silverware on a long-term credit contract. The goods was delivered but the payment was not yet been fully made by Alice. Before she attain the age of majority, Alice repudiated the contract and refused to return the silverware. The company demanded a return of the silverware and refused to refund. The company sued Alice for the balance of purchase price. The legal issues in this case are whether Alice has the legal capacity to the contract and whether Alice has the right to repudiate the contract. If the second question is answered affirmative, what the effect of repudiation will occur in this case? Should Alice return the silverware and should she be liable to the lost of teaspoons? Finally, should the Silver Flatware Ltd. Refund the money had been paid by Alice? The plaintiff’s argument would be that the defendant must return the goods if she wants to repudiate the contract. The lost of teaspoons should be counted as damage to the goods and the plaintiff is entitled to recover the loss by charging compensation from the defendant. The defendant’s argument would be that she has the right to repudiate the contract since she was a minor while entering into the contract and she repudiated the contract before her attaining of the age of majority. The defendant has the option to repudiate the contract because the contract has not been fully performed and it was signed for purchasing non-necessary goods. The defendant was entitled to a return of the payment as she was a minor at the time she entered into the contract. The defendant was not liable to the lost of teaspoons since it was not a direct result of the minor’s deliberate act and it was not recoverable by the merchant. In my opinion, the probable decision of the court would be that the defendant must return the goods and the plaintiff must refund all the monies paid by the defendant. The defendant must return the goods before the plaintiff is obliged to return the monies paid. The defendant is not liable to the lost parts of the goods. The reasons for the probable decisions are as follows. Firstly, public policy dictates that minors should not be bound by their promises. The defendant did not have the legal capacity to a contract since she entered into the contract and repudiated the contract before her attaining of the age of majority. Secondly, the contract has not been fully performed as the defendant has not made full payment of the goods, so the contract is voidable at the defendant’s option. Thirdly, the goods purchased was a non-necessary goods since the silverwork is commonly considered as luxury but not necessary. Therefore, the plaintiff is not liable on such contract. According to the reasons stated above, the defendant who is a minor has the right to repudiate the contract at any time and at her option, for the reason of the contract has not been fully performed and it was for purchasing non-necessary goods. Additionally, once the contract has been repudiated, the minor is entitled to a return of any deposit paid to the adult contractor. Since the minor has purchased the goods on credit and taken delivery, the minor must return the goods before the merchant is obliged to return any monies paid. Finally, the loss of loosing teaspoons is not recoverable by the merchant because there is no evidence provided to proof that the loss is a direct result of the minor’s deliberate act.

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Top Philosophical Essay Topics Choices Therefore when you're producing an write-up and in the occasion you believe you may be experiencing difficulty in developing a superb debut afterward you're in a position to get in contact with the very most useful essay writing service that are situated in quite a few destinations. To be able to write, you have to be in a quiet environment that permits you to think and meditate on your writing. You can find with a topic which examines the use of ethics in our society because it's today. You might narrow this extensive topic to go over poverty in your community or a particular region. Ensure your ideas progress in a logical way. The character of beauty is just one of the most fascinating riddles of philosophy. It's possible to conquer a notion by replacing it with another or rather ideas that appear to earn more sense or practical or simple to accomplish. It is preferable to include fewer ideas than a lot of those. Philosophical Essay Topics: the Ultimate Convenience! It has to be totally precise and clear as it has to pave the manner where the essay is going to. Philosophical questions haven't any set answers. Grammatical mistakes can produce the essay unreadable and decrease the strength of the arguments being made. You are able to get answers to any philosophy questions you've got. A dictionary is practically essential here. Indicate your indebtedness, while it is for particular words, general ideas, or a specific line of argument. In the end, check the spelling of any word you are not certain of. It's highly probable that you won't have the ability to learn all new English words, so you need to compose your mind which sorts of new words you need to pay focus on. Hearsay, Deception and Philosophical Essay Topics You may be certain our writing company is among the best regions to purchase really substantial excellent essays. When you must purchase essays, it's prudent to pick a custom writing service with a reputation for reliability. Composing a child's narrative isn't an exact straightforward endeavor. If you're looking for assistance with your essay then we provide a comprehensive writing service offered by fully qualified academics in your area of study. If you're assigned philosophy paper writing for the very first time, you might face some difficulties. Philosophy essay samples can help you to overcome difficulties and to compose a paper of premium quality. It is critical to understand the aims of the assignment to realize how to compose a philosophy of life paper. To be able to compose a brilliant academic paper in philosophy, you should earn a deep research and plunge into this issue. Philosophical Essay Topics Explained This essay topics will talk about the philosophical aspects of several unique religions, in addition to topics that compare the similarities between the philosophies of unique religions. The essay needs to have a singular idea that's reflected throughout the essay. When you would like a well-written essay that resembles the example philosophy essay on the website, you will need to understand how to start it. The sample philosophy essay will steer you about what to do. It is crucial to demonstrate some discrimination here. Another process that ought to be observed during the finalization of the essay is to ensure that the appropriate language was used. You may use the Philosophy Forums to speak about a number of topics in a friendly, intelligent and beneficial atmosphere. Begin with an exposition. Go right to your topic. While it isn't feasible to find a person to write you a paper free of charge, it's possible to acquire the philosophy of religion essay topics written for you cheaply. In order to make a great philosophy paper, it's first vital to consider very carefully and clearly about your topic. To get a fantastic essay help you may just have to make just a few easy steps. To help students understand the philosophy of private identity, you may want to get them write essays.

Modern Racism And Sexism - Free Essay Example

Sample details Pages: 10 Words: 2925 Downloads: 4 Date added: 2019/06/20 Category Society Essay Level High school Tags: Racism Essay Sexism Essay Did you like this example? Modern Racism and Sexism If the United States truly had racial justice, all people would receive fair treatment; there would be equal opportunities for all people. There would not be inequity in the opportunities and outcomes of races. Racial justice would occur in daily life and on television. Don’t waste time! Our writers will create an original "Modern Racism And Sexism" essay for you Create order Unfortunately, racism still exists today. As Garner (2017) reported, racism has become ingrained in social practices as well as institutions, and it results in an imbalance of power. Often, misperceptions cause people to believe that racism must be accompanied by abuse, violence, and segregation; however, Garner (2017) asserts the absence of such drastic measures does not prevent actions and behaviors from being examples of racism. Racism can actually be seen throughout the entire social continuum. Some argue that racism only becomes an issue when academics and activists invoke the issue; for example, Adams (2006) argues that some people simply change the definition of racism at will. Specifically, people redefine the word to support the ideas and plans they are supporting at the time (Adams, 2016). While Garner (2017) concedes that there is a lack of consensus about the meaning of racism, he defines racism as a belief system or doctrine which postulates a hierarchy among various human races or ethnic groups (page 16). As a social phenomenon, people may engage in racism through their thoughts, attitudes, actions, and behaviors. Racism can be seen as people go about their daily lives. In fact, people do not even need to leave home to see racism in action. All one has to do is turn on the television, and racism can be seen front and center. For more than a decade, fans have tuned their televisions to The Bachelorette on Monday nights as they watch a single woman as she dates a couple dozen men in hopes of finding love and ultimately a husband. Last summer, fans watched Rachel Lindsay, an attorney from Dallas, Texas, as she starred in the shows leading role. In an interview prior to the start of her season of The Bachelorette, Lindsay admitted to feeling a variety of emotions. Knowing that all eyes would be on her, she explained that she was scared. Although her goal was to find love on the show, she knew that people would be judging her. Then, she decided to focus on the positives of the experience. She recognized and openly discussed being the first black bachelorette in the shows history. Despite this recognition, she described her search of love would be just like all of the previous leading ladies in the shows history. In describing her ideal partner, she wanted a soul mate that has a sense of humor, enjoys sports, is self-aware, has a large heart, and displays good morals (Barnes, 2017). During the last week of June, The Bachelorette was aired two nights that week. When Lindsay was cast as the shows first black female lead, nobody would have guessed that racism would have become a plotline as she tried to find love. One of the men chosen to compete for Lindsays love was Lee Garrett, a 30 year-old singer and songwriter from Nashville, Tennessee. Throughout the season, it could be argued that he got more joy from fighting with and playing mind games with Kenny King, a black wrestler from Las Vegas, also competing for Lindsays love. While Garrett continuously engaged in conversations about King during the shows first four weeks, everything came to a head during the shows fifth week. As the season unfolded, Garrett spent the majority of his time talking about King instead of promoting himself. Various instances of Garretts behaviors and racism can be seen at the following URL: https://abc.go.com/shows/the-bachelorette/episode-guide/season-13 As the show aired on Monday, June 26, 2017, viewers witnessed Garrett referring to King as being aggressive; the URL for this episode follows: https://abc.go.com/shows/the-bachelorette/episode-guide/season-13/5-week-5-part-1. Viewers watched as Garrett continued to refer to King as aggressive; meanwhile, King responded by calling Garrett a snake. Eventually, Will Gaskins, another one of Lindsays potential soul mates joined the conversation. Gaskins provided Garrett with a historical analysis of the word aggressive and what it meant to the black community. Gaskins conveyed the manner in which the word aggressive had long been used negatively against black men over the years in order for other people to justify their actions against black men. Garrett accused King of resorting to the race card. Gaskins, another white contestant, strongly disagreed with Garretts assessment; instead, he told Garrett that he truly believed that King was offended by his actions. Specifically, King took off ense with Garretts choice of words. Clearly, King interpreted that word very negatively; for him, the word has a racial connotation. As Garrett was further portrayed in the scene, he did not hesitate to say that his actions were intentional; in fact, he described that his actions were calculated. After his conversation with Gaskins, Garrett blamed the incident on King and Kings worldview. He further asserted that he did not comprehend the race card. Taking no accountability for his actions, Garrett tried to portray the problem with the scene resting with King; in fact, he maintained that King has issues (The Bachelorette Video Clips, 2018). In episodes earlier during the month, Garretts racist views were first revealed. In fact, he had compared The National Association for the Advancement of Colored People (NAACP), a civil rights organization in the United States, with the Ku Klux Klan (KKK), a well-known racist organization; he described both organizations as racists and explained that one of the groups has enough sense to know to cover their faces. Although the shows producers claimed that they had no knowledge of Garretts tweets when he was cast, he had a history of posting racist remarks. Additionally, during the episode of The Bachelorette that aired on June 5, Garrett was antagonizing Eric Bigger, another black gentleman vying for Lindsays affections. Upon hearing of the argument, Lindsay listened to both of the men show was dating; however, she eventually took Kings side. Garrett was sent up during the two-on-one date between Lindsay, him and King. In explaining her actions, Lindsay said it was an easy decision; she explained that she was not able to trust Garrett (The Bachelorette Video Clips, 2018). Clearly, the definition of racism promoted by Garner (2017) came into play in the June 16, 2017, episode of The Bachelorette. Viewers watched Garrett display the social phenomenon of racism in his thoughts, words, and actions. Garrett had always been careful to make sure that his badgering of King and the other black men did not happen where Lindsay could hear him. As the show demonstrated, Garrett clearly was intolerant and displayed racist behaviors. Sexism refers to a form of discrimination or prejudice that finds its basis in a persons gender or sex. While sexism can impact anyone, it predominantly impacts girls and women (Matsumoto, 2001). Sexism has been linked to gender roles as well as stereotypes (Nakdiment, 1984). Last December, an episode of Teachers aired a perfect example of sexism (Funk, 2017). The URL for the specific episode was the following: https://www.tvland.com/video-clips/032bia/teachers-teachers-clipwho-gave-me-sexism- In the episode of Teachers, two teachers are talking as two other teachers approach. Three of the four teachers are females. One of the female teachers looks at the other female teacher and says, Linda, you are back from maternity leave so soon. Isnt it hard to be away from your baby? In disgust, Linda looks at the other teacher and responds, Why dont you ask, Dan, that. He and his wife just had a baby†a week ago! The teacher who asked the question suddenly exclaims, Oh my God! Its a scientific law; Im sexist! Who made me this way because I did not do this to myself! Seriously, who gave me sexism? Her friend explains that somebody probably engrained it into her when she was little. Suddenly, the sexist teacher blames in on Mrs. Wyatt, her elementary teacher. She continues to explain that she loved science as a young student, but she tells her friend that Mrs. Wyatt only encouraged her in penmanship and said she would eventually write beautiful love letters. She continues and re ports that she could have been a rocket scientist for the National Aeronautics and Space Administration (Funk, 2017). There are two different types of sexism; it can be described as benevolent sexism or hostile sexism. The two different forms of sexism hold different stereotypes of women. Benevolent sexism looks at women through positive stereotypes; hostile sexism views women through negative stereotypes. With benevolent sexism, women are viewed as more empathetic and kinder. With hostile sexism, women are seen as less brave and less competent (Glick Fiske, 2001). In the episode of Teachers, the teacher displayed sexism toward Linda when she expressed shock that she was already back at school; instead, she thought she should be at home taking care of her baby. In this instance, she was viewing Linda through benevolent sexism because she is viewing women as more nurturing. On the other hand, the teacher also illustrates another example of sexism; she explains the sexism that Mrs. Wyatt displayed during her days as a student in elementary school. The current teacher reported being very good at scien ce and dreaming of being a rocket scientist; however, she explained that Mrs. Wyatt discouraged her love of science. Instead, Mrs. Wyatt promoted penmanship and love to her. Clearly, Mrs. Wyatt was also displaying sexism. In this particular instance of sexism, Mrs. Wyatt was displaying hostile sexism. She was suggesting that her young female student should not consider science as a career because girls are less intelligent than boys; she was suggesting that boys do science and girls write. In looking at all of this, it is important to consider prejudice. First, it is important to recognize that prejudice is an attitude. As with all attitudes, there are three components that comprise the attitude; the components include affective, behavioral, and cognitive. When someone displays that they are prejudice, they exhibit a negative or hostile attitude toward people toward people simply because they are part of a particular group. Once a behavior accompanies the attitude, it results in discrimination. It is possible for a person to hold certain stereotypes about a group without engaging in discrimination (Aronson, Wilson, Akert Sommers, 2016). In looking at these examples from the television shows, elements of prejudice are apparent. For example, going back to The Bachelorette, Garrett was prejudiced against black people. Garrett held an attitude in which he believed that all black people were the same. He was constantly demonstrating hostile behavior toward the black male contestants. He assigned negative characteristics to all of the black men on the show, and it was clear that he also applied these same beliefs to all black people when his racist tweets were revealed. For instance, he compared the NAACP with the KKK; in fact, he called both groups racist. He went so far to say that only one of these two racist groups knows enough to hide their faces. Meanwhile, in the episode of Teachers, we saw the one teacher display prejudiced behavior when she told Linda that she was so surprised to see her back at school already because it was so soon for her to be back at school. Meanwhile, Linda explained that Dan, her male colle ague, and his wife just had a baby a week so the other teacher should ask Dan that question; however, the teacher did not ask Dan that. Even though she was a woman, she was suggesting that mothers should be staying at home with their babies. Then, we learn about the teachers elementary teacher, Mrs. Wyatt. We also saw that Mrs. Wyatt had prejudiced ideas. Specifically, Mrs. Wyatt had a negative attitude toward girls; she did not think that they were as smart as boys. Because science is typically considered a more difficult subject, Mrs. Wyatt suggested that science was for boys. She believed that boys were more intelligent and could do science. She thought girls should write and think about love. At times, we hear racism and sexism referred to as being institutionalized. Institutional racism refers to racist attitudes that held against a minority by the majority in a society; the discrimination may be in a legal form or illegal form. Discrimination and stereotypes are part of the norm in institutional racism. Meanwhile, institutional sexism refers to majority held attitudes that are part of a society that accepts stereotypes and discrimination as the norm. I do not think Garretts discrimination represented institutionalized racism. His attitudes do not represent attitudes held by the majority in society. In fact, the other white men in the house with Garrett did not sit by quietly. Instead, they pointed out his problems and took him to task for his behavior. In fact, by the end of the season, when the men return to talk about the entire season, the entire cast held him accountable for his behavior. As for the instance of the teacher asking the other teacher about being back at work so soon, her behavior was not institutional sexism. That may have been a form of sexism back in the 1950s when women were expected to stay home, cook, clean, and take care of their children. However, today, our society is much more accepting of women having careers and a family. Most people hold the belief that it is up to each woman to decide whether she will have a career or stay home and have a career. When women have careers and choose to have a child, most employers will now offer women time away from work for their maternity leave. Under the Family Medical Leave Act, women can take 12 weeks off from work and have their jobs protected; some companies have gone beyond that and allow women to stay home longer when they have a baby. Thus, that instance of sexism was held by the teacher and does not meet the definition of institutional sexism. As for Mrs. Wyatt, her issue of sexism has also changed over the years. Many years ago, there was a belief that boys did better at math and science; girls did better with verbal abilities. Many teachers thought like Mrs. Wyatt did at one time. However, now, girls are encouraged to take whatever classes they want. In fact, Ive seen some of the physics and calculus classes at my school that now have more girls than guys in the class. Also, women often enter careers in the sciences now. In fact, I just read a study last week that actually showed there are more women majoring in the sciences than men. Thus, Mrs. Wyatts example of sexism does not meet the definition of institutional racism in todays society. In trying to understand racism and sexism, it is important to think about society and how people learn such behaviors. According to the social learning theory, social behavior is learned; in fact, the theory asserts that people learn everything from altruism to aggression by watching those around them. Most social behavior is developed after watching and emulating others. Observation alone does not fully explain the learning that takes place; thus, there is also a cognitive component to the theory. Through the cognitive component, people their thought processes to what they have observed. The theory maintains that there are consequences when young people are exposed to racism and sexism. Because young people often learn from observing and mimicking the behavior of those around them, there is definitely a concern that young children will come to think that such behaviors are acceptable. They will think that it is appropriate to talk to people inappropriately. They will think that it i s okay to think they are better than other groups. They will think it is okay to have prejudice attitudes. Then, they will think they can go a step further and actually engage in discrimination. When children see any aggressive behavior, social learning theory suggests that they will then engage in the behavior. One of the best ways to minimize the chance of young people becoming racist or sexist is to control their exposure to racism and sexism. If they do see racism and sexism, it is important to talk to them and explain why they are not acceptable. When children have seen aggressive role models, it is important to make sure that they later see nonaggressive behavior modeled. Likewise, if they see racism or sexism, it is important to make sure they are then exposed to appropriate behavior and non-racism and non-sexism (Aronson, Wilson, Akert Sommers, 2016). References: Adams, M. (2006, April 10). Mike Adams A new definition of racism. Retrieved September 18, 2018, from https://townhall.com/columnists/mikeadams/2006/04/10/a-new-definition-of-racism-n1161192 Aronson, E., Wilson, T. D., Akert, R. M., Sommers, S. R. (2016). Social psychology. Boston: Pearson. The Bachelorette Video Clips. (2018). Retrieved September 15, 2018, from https://abc.go.com/-shows/the-bachelorette/episode-guide/season-13 Barnes, K. (2017, May 22). QA with Rachel Lindsay, the first African-American Bachelorette. Retrieved September 20, 2018, from https://www.espn.com/espnw/culture/- article/19435659/qa-rachel-lindsay-first-african-american-bachelorette Funk, J. (2017, December 6). Teachers Clip: Who Gave Me Sexism? Teachers (Video Clip) | TV Land. Retrieved September 21, 2018, from https://www.tvland.com/video-clips/032bia/teachers-teachers-clipwho-gave-me-sexism- Garner, S. (2017). Racisms: An introduction. Los Angeles: SAGE. Matsumoto, D. R. (2001). The handbook of culture and psychology. New York: Oxford University Press. Glick, P. Fiske, S. (2001). An ambivalent alliance: Hostile and benevolent sexism as complementary justifications for gender inequality. American Psychologist, 56, 109-118. Nakdimen, K. A. (1984). The physiognomic basis of sexual stereotyping. American Journal ofPsychiatry, 141(4), 499-503.

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.