Module 11 Critical Thinking Assignment
Stock Valuation and Weighted Average Cost of Capital (WACC)
Problem 11-1: Market price
Chapter 8
A firm has SAR 5,000 preferred stock that pays a dividend of 5%. What is the market price
for the stock if the required rate of return is 7%?
Problem 11-2: Market value
Chapter 8
PQR Corporation preferred stock is selling for SAR 2,000 per share and pays an annual
dividend of SAR 160 per share. If the investor requires a return of 7%, what is
the appropriate market value for the shares?
Problem 11-3: Stock value
Chapter 8
Dinosaur Corporation's common stock paid a dividend of SAR 360 last year and is expected
to grow indefinitely at a rate of 7%. If you can achieve a 10% return on equity, what is the
value of the stock?
Problem 11-4: Growth rate
Chapter 8
If a firm's return on equity is 17% and management plans to retain 40% of earnings for
investment purposes, what will be the firm's growth rate?
Problem 11-5: Rate of return
Chapter 8
STU Corporation paid a dividend of SAR 400 last year and the shares are selling for
SAR 10,000 per share. The dividend is expected to grow at 5% indefinitely. What
is the stock's expected rate of return?
Problem 11-6: Return on preferred stock
Chapter 9
Rodeo Corporation is planning to sell new preferred stock paying an 8% dividend on an
SAR 5,000 face value. Flotation costs will be 5% of the current market price of SAR 6,000
per share. What is the rate of return on the new preferred stock?
Problem 11-7: CAPM
Chapter 9
BB Corporation's stock has a beta of 1.2. The risk-free rate is 5% and the
expected return on the market is 13%. What is the required rate of return
on BB Corporation's stock using the Capital Asset Pricing Model (CAPM)?
Problem 11-8: WACC
Chapter 9
Alexander Corporation's balance sheet shows $400 million in debt, $80 million in preferred stock,
and $520 million in total common equity.
The firm's tax rate is:
40%
Rate on Debt (Rd)
5%
Rate on Preferred Stock (Rps)
6%
Rate on Common Stock (Rcs)
10%
If Alexander has a target capital structure of 40% debt, 10% preferred stock, and 50% common stock, what is its Weighed Average Cost of Capital (WACC)?
The Logic and Practice of Financial Management
Ninth Edition
Foundations of Finance
The Pearson Series in Finance
Berk/DeMarzo
Corporate Finance*
Corporate Finance: The Core*
Berk/DeMarzo/Harford
Fundamentals of Corporate Finance*
Brooks
Financial Management: Core Concepts*
Copeland/Weston/Shastri
Financial Theory and Corporate Policy
Dorfman/Cather
Introduction to Risk Management and
Insurance
Eakins/McNally
Corporate Finance Online*
Eiteman/Stonehill/Moffett
Multinational Business Finance*
Fabozzi
Bond Markets: Analysis and Strategies
Foerster
Financial Management: Concepts and
Applications*
Frasca
Personal Finance
Gitman/Zutter
Principles of M.
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Intern at the accounting company, my manager was absence during her work time, but the partner didn’t know and manager didn’t report that she was going out. I didn’t speak up anything
The Logic and Practice of Financial Management
Ninth Edition
Foundations of Finance
The Pearson Series in Finance
Berk/DeMarzo
Corporate Finance*
Corporate Finance: The Core*
Berk/DeMarzo/Harford
Fundamentals of Corporate Finance*
Brooks
Financial Management: Core Concepts*
Copeland/Weston/Shastri
Financial Theory and Corporate Policy
Dorfman/Cather
Introduction to Risk Management and
Insurance
Eakins/McNally
Corporate Finance Online*
Eiteman/Stonehill/Moffett
Multinational Business Finance*
Fabozzi
Bond Markets: Analysis and Strategies
Foerster
Financial Management: Concepts and
Applications*
Frasca
Personal Finance
Gitman/Zutter
Principles of Managerial Finance*
Principles of Managerial Finance—Brief
Edition*
Haugen
The Inefficient Stock Market: What Pays Off
and Why
Modern Investment Theory
Holden
Excel Modeling in Corporate Finance
Excel Modeling in Investments
Hughes/MacDonald
International Banking: Text and Cases
Hull
Fundamentals of Futures and Options Markets
Options, Futures, and Other Derivatives
Keown
Personal Finance: Turning Money into
Wealth*
Keown/Martin/Petty
Foundations of Finance: The Logic and
Practice of Financial Management*
Madura
Personal Finance*
Marthinsen
Risk Takers: Uses and Abuses of Financial
Derivatives
McDonald
Derivatives Markets
Fundamentals of Derivatives Markets
Mishkin/Eakins
Financial Markets and Institutions
Moffett/Stonehill/Eiteman
Fundamentals of Multinational Finance
Nofsinger
Psychology of Investing
Pennacchi
Theory of Asset Pricing
Rejda/McNamara
Principles of Risk Management and Insurance
Smart/Gitman/Joehnk
Fundamentals of Investing*
Solnik/McLeavey
Global Investments
Titman/Keown/Martin
Financial Management: Principles and
Applications*
Titman/Martin
Valuation: The Art and Science of Corporate
Investment Decisions
Weston/Mitchel/Mulherin
Takeovers, Restructuring, and Corporate
Governance
*Denotes MyFinanceLab titles. Log onto www.myfinancelab.com to learn more.
http://www.myfinancelab.com
The Logic and Practice of Financial Management
Ninth Edition
Boston Columbus Indianapolis New York San Francisco
Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto
Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo
Foundations of Finance
Arthur J. Keown
Virginia Polytechnic Institute and State University
R. B. Pamplin Professor of Finance
John D. Martin
Baylor University
Professor of Finance
Carr P. Collins Chair in Finance
J. William Petty
Baylor University
Professor of Finance
W. W. Caruth Chair in Entrepreneurship
Vice President, Business Publishing: Donna Battista
Editor-in-Chief: Adrienne D’Ambrosio
Acquisitions Editor: Kate Fernandes
Editorial Assis ...
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Intern at the accounting company, my manager was absence during her work time, but the partner didn’t know and manager didn’t report that she was going out. I didn’t speak up anything
The Logic and Practice of Financial Management
Ninth Edition
Foundations of Finance
The Pearson Series in Finance
Berk/DeMarzo
Corporate Finance*
Corporate Finance: The Core*
Berk/DeMarzo/Harford
Fundamentals of Corporate Finance*
Brooks
Financial Management: Core Concepts*
Copeland/Weston/Shastri
Financial Theory and Corporate Policy
Dorfman/Cather
Introduction to Risk Management and
Insurance
Eakins/McNally
Corporate Finance Online*
Eiteman/Stonehill/Moffett
Multinational Business Finance*
Fabozzi
Bond Markets: Analysis and Strategies
Foerster
Financial Management: Concepts and
Applications*
Frasca
Personal Finance
Gitman/Zutter
Principles of Managerial Finance*
Principles of Managerial Finance—Brief
Edition*
Haugen
The Inefficient Stock Market: What Pays Off
and Why
Modern Investment Theory
Holden
Excel Modeling in Corporate Finance
Excel Modeling in Investments
Hughes/MacDonald
International Banking: Text and Cases
Hull
Fundamentals of Futures and Options Markets
Options, Futures, and Other Derivatives
Keown
Personal Finance: Turning Money into
Wealth*
Keown/Martin/Petty
Foundations of Finance: The Logic and
Practice of Financial Management*
Madura
Personal Finance*
Marthinsen
Risk Takers: Uses and Abuses of Financial
Derivatives
McDonald
Derivatives Markets
Fundamentals of Derivatives Markets
Mishkin/Eakins
Financial Markets and Institutions
Moffett/Stonehill/Eiteman
Fundamentals of Multinational Finance
Nofsinger
Psychology of Investing
Pennacchi
Theory of Asset Pricing
Rejda/McNamara
Principles of Risk Management and Insurance
Smart/Gitman/Joehnk
Fundamentals of Investing*
Solnik/McLeavey
Global Investments
Titman/Keown/Martin
Financial Management: Principles and
Applications*
Titman/Martin
Valuation: The Art and Science of Corporate
Investment Decisions
Weston/Mitchel/Mulherin
Takeovers, Restructuring, and Corporate
Governance
*Denotes MyFinanceLab titles. Log onto www.myfinancelab.com to learn more.
http://www.myfinancelab.com
The Logic and Practice of Financial Management
Ninth Edition
Boston Columbus Indianapolis New York San Francisco
Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto
Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo
Foundations of Finance
Arthur J. Keown
Virginia Polytechnic Institute and State University
R. B. Pamplin Professor of Finance
John D. Martin
Baylor University
Professor of Finance
Carr P. Collins Chair in Finance
J. William Petty
Baylor University
Professor of Finance
W. W. Caruth Chair in Entrepreneurship
Vice President, Business Publishing: Donna Battista
Editor-in-Chief: Adrienne D’Ambrosio
Acquisitions Editor: Kate Fernandes
Editorial Assis.
Part 1 Think an example speak up anythingPart 2 exampleInte.docxsmile790243
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Intern at the accounting company, my manager was absence during her work time, but the partner didn’t know and manager didn’t report that she was going out. I didn’t speak up anything
The Logic and Practice of Financial Management
Ninth Edition
Foundations of Finance
The Pearson Series in Finance
Berk/DeMarzo
Corporate Finance*
Corporate Finance: The Core*
Berk/DeMarzo/Harford
Fundamentals of Corporate Finance*
Brooks
Financial Management: Core Concepts*
Copeland/Weston/Shastri
Financial Theory and Corporate Policy
Dorfman/Cather
Introduction to Risk Management and
Insurance
Eakins/McNally
Corporate Finance Online*
Eiteman/Stonehill/Moffett
Multinational Business Finance*
Fabozzi
Bond Markets: Analysis and Strategies
Foerster
Financial Management: Concepts and
Applications*
Frasca
Personal Finance
Gitman/Zutter
Principles of Managerial Finance*
Principles of Managerial Finance—Brief
Edition*
Haugen
The Inefficient Stock Market: What Pays Off
and Why
Modern Investment Theory
Holden
Excel Modeling in Corporate Finance
Excel Modeling in Investments
Hughes/MacDonald
International Banking: Text and Cases
Hull
Fundamentals of Futures and Options Markets
Options, Futures, and Other Derivatives
Keown
Personal Finance: Turning Money into
Wealth*
Keown/Martin/Petty
Foundations of Finance: The Logic and
Practice of Financial Management*
Madura
Personal Finance*
Marthinsen
Risk Takers: Uses and Abuses of Financial
Derivatives
McDonald
Derivatives Markets
Fundamentals of Derivatives Markets
Mishkin/Eakins
Financial Markets and Institutions
Moffett/Stonehill/Eiteman
Fundamentals of Multinational Finance
Nofsinger
Psychology of Investing
Pennacchi
Theory of Asset Pricing
Rejda/McNamara
Principles of Risk Management and Insurance
Smart/Gitman/Joehnk
Fundamentals of Investing*
Solnik/McLeavey
Global Investments
Titman/Keown/Martin
Financial Management: Principles and
Applications*
Titman/Martin
Valuation: The Art and Science of Corporate
Investment Decisions
Weston/Mitchel/Mulherin
Takeovers, Restructuring, and Corporate
Governance
*Denotes MyFinanceLab titles. Log onto www.myfinancelab.com to learn more.
http://www.myfinancelab.com
The Logic and Practice of Financial Management
Ninth Edition
Boston Columbus Indianapolis New York San Francisco
Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto
Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo
Foundations of Finance
Arthur J. Keown
Virginia Polytechnic Institute and State University
R. B. Pamplin Professor of Finance
John D. Martin
Baylor University
Professor of Finance
Carr P. Collins Chair in Finance
J. William Petty
Baylor University
Professor of Finance
W. W. Caruth Chair in Entrepreneurship
Vice President, Business Publishing: Donna Battista
Editor-in-Chief: Adrienne D’Ambrosio
Acquisitions Editor: Kate Fernandes
Editorial Assis.
Part 1 Think an example speak up anythingPart 2 exampleInte.docxkarlhennesey
Part 1 Think an example speak up anything
Part 2 example
Intern at the accounting company, my manager was absence during her work time, but the partner didn’t know and manager didn’t report that she was going out. I didn’t speak up anything
The Logic and Practice of Financial Management
Ninth Edition
Foundations of Finance
The Pearson Series in Finance
Berk/DeMarzo
Corporate Finance*
Corporate Finance: The Core*
Berk/DeMarzo/Harford
Fundamentals of Corporate Finance*
Brooks
Financial Management: Core Concepts*
Copeland/Weston/Shastri
Financial Theory and Corporate Policy
Dorfman/Cather
Introduction to Risk Management and
Insurance
Eakins/McNally
Corporate Finance Online*
Eiteman/Stonehill/Moffett
Multinational Business Finance*
Fabozzi
Bond Markets: Analysis and Strategies
Foerster
Financial Management: Concepts and
Applications*
Frasca
Personal Finance
Gitman/Zutter
Principles of Managerial Finance*
Principles of Managerial Finance—Brief
Edition*
Haugen
The Inefficient Stock Market: What Pays Off
and Why
Modern Investment Theory
Holden
Excel Modeling in Corporate Finance
Excel Modeling in Investments
Hughes/MacDonald
International Banking: Text and Cases
Hull
Fundamentals of Futures and Options Markets
Options, Futures, and Other Derivatives
Keown
Personal Finance: Turning Money into
Wealth*
Keown/Martin/Petty
Foundations of Finance: The Logic and
Practice of Financial Management*
Madura
Personal Finance*
Marthinsen
Risk Takers: Uses and Abuses of Financial
Derivatives
McDonald
Derivatives Markets
Fundamentals of Derivatives Markets
Mishkin/Eakins
Financial Markets and Institutions
Moffett/Stonehill/Eiteman
Fundamentals of Multinational Finance
Nofsinger
Psychology of Investing
Pennacchi
Theory of Asset Pricing
Rejda/McNamara
Principles of Risk Management and Insurance
Smart/Gitman/Joehnk
Fundamentals of Investing*
Solnik/McLeavey
Global Investments
Titman/Keown/Martin
Financial Management: Principles and
Applications*
Titman/Martin
Valuation: The Art and Science of Corporate
Investment Decisions
Weston/Mitchel/Mulherin
Takeovers, Restructuring, and Corporate
Governance
*Denotes MyFinanceLab titles. Log onto www.myfinancelab.com to learn more.
http://www.myfinancelab.com
The Logic and Practice of Financial Management
Ninth Edition
Boston Columbus Indianapolis New York San Francisco
Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto
Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo
Foundations of Finance
Arthur J. Keown
Virginia Polytechnic Institute and State University
R. B. Pamplin Professor of Finance
John D. Martin
Baylor University
Professor of Finance
Carr P. Collins Chair in Finance
J. William Petty
Baylor University
Professor of Finance
W. W. Caruth Chair in Entrepreneurship
Vice President, Business Publishing: Donna Battista
Editor-in-Chief: Adrienne D’Ambrosio
Acquisitions Editor: Kate Fernandes
Editorial Assis ...
Part 1 Think an example speak up anythingPart 2 exampleInte.docxsherni1
Part 1 Think an example speak up anything
Part 2 example
Intern at the accounting company, my manager was absence during her work time, but the partner didn’t know and manager didn’t report that she was going out. I didn’t speak up anything
The Logic and Practice of Financial Management
Ninth Edition
Foundations of Finance
The Pearson Series in Finance
Berk/DeMarzo
Corporate Finance*
Corporate Finance: The Core*
Berk/DeMarzo/Harford
Fundamentals of Corporate Finance*
Brooks
Financial Management: Core Concepts*
Copeland/Weston/Shastri
Financial Theory and Corporate Policy
Dorfman/Cather
Introduction to Risk Management and
Insurance
Eakins/McNally
Corporate Finance Online*
Eiteman/Stonehill/Moffett
Multinational Business Finance*
Fabozzi
Bond Markets: Analysis and Strategies
Foerster
Financial Management: Concepts and
Applications*
Frasca
Personal Finance
Gitman/Zutter
Principles of Managerial Finance*
Principles of Managerial Finance—Brief
Edition*
Haugen
The Inefficient Stock Market: What Pays Off
and Why
Modern Investment Theory
Holden
Excel Modeling in Corporate Finance
Excel Modeling in Investments
Hughes/MacDonald
International Banking: Text and Cases
Hull
Fundamentals of Futures and Options Markets
Options, Futures, and Other Derivatives
Keown
Personal Finance: Turning Money into
Wealth*
Keown/Martin/Petty
Foundations of Finance: The Logic and
Practice of Financial Management*
Madura
Personal Finance*
Marthinsen
Risk Takers: Uses and Abuses of Financial
Derivatives
McDonald
Derivatives Markets
Fundamentals of Derivatives Markets
Mishkin/Eakins
Financial Markets and Institutions
Moffett/Stonehill/Eiteman
Fundamentals of Multinational Finance
Nofsinger
Psychology of Investing
Pennacchi
Theory of Asset Pricing
Rejda/McNamara
Principles of Risk Management and Insurance
Smart/Gitman/Joehnk
Fundamentals of Investing*
Solnik/McLeavey
Global Investments
Titman/Keown/Martin
Financial Management: Principles and
Applications*
Titman/Martin
Valuation: The Art and Science of Corporate
Investment Decisions
Weston/Mitchel/Mulherin
Takeovers, Restructuring, and Corporate
Governance
*Denotes MyFinanceLab titles. Log onto www.myfinancelab.com to learn more.
http://www.myfinancelab.com
The Logic and Practice of Financial Management
Ninth Edition
Boston Columbus Indianapolis New York San Francisco
Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto
Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo
Foundations of Finance
Arthur J. Keown
Virginia Polytechnic Institute and State University
R. B. Pamplin Professor of Finance
John D. Martin
Baylor University
Professor of Finance
Carr P. Collins Chair in Finance
J. William Petty
Baylor University
Professor of Finance
W. W. Caruth Chair in Entrepreneurship
Vice President, Business Publishing: Donna Battista
Editor-in-Chief: Adrienne D’Ambrosio
Acquisitions Editor: Kate Fernandes
Editorial Assis.
Part 1 Think an example speak up anythingPart 2 exampleInte.docxsmile790243
Part 1 Think an example speak up anything
Part 2 example
Intern at the accounting company, my manager was absence during her work time, but the partner didn’t know and manager didn’t report that she was going out. I didn’t speak up anything
The Logic and Practice of Financial Management
Ninth Edition
Foundations of Finance
The Pearson Series in Finance
Berk/DeMarzo
Corporate Finance*
Corporate Finance: The Core*
Berk/DeMarzo/Harford
Fundamentals of Corporate Finance*
Brooks
Financial Management: Core Concepts*
Copeland/Weston/Shastri
Financial Theory and Corporate Policy
Dorfman/Cather
Introduction to Risk Management and
Insurance
Eakins/McNally
Corporate Finance Online*
Eiteman/Stonehill/Moffett
Multinational Business Finance*
Fabozzi
Bond Markets: Analysis and Strategies
Foerster
Financial Management: Concepts and
Applications*
Frasca
Personal Finance
Gitman/Zutter
Principles of Managerial Finance*
Principles of Managerial Finance—Brief
Edition*
Haugen
The Inefficient Stock Market: What Pays Off
and Why
Modern Investment Theory
Holden
Excel Modeling in Corporate Finance
Excel Modeling in Investments
Hughes/MacDonald
International Banking: Text and Cases
Hull
Fundamentals of Futures and Options Markets
Options, Futures, and Other Derivatives
Keown
Personal Finance: Turning Money into
Wealth*
Keown/Martin/Petty
Foundations of Finance: The Logic and
Practice of Financial Management*
Madura
Personal Finance*
Marthinsen
Risk Takers: Uses and Abuses of Financial
Derivatives
McDonald
Derivatives Markets
Fundamentals of Derivatives Markets
Mishkin/Eakins
Financial Markets and Institutions
Moffett/Stonehill/Eiteman
Fundamentals of Multinational Finance
Nofsinger
Psychology of Investing
Pennacchi
Theory of Asset Pricing
Rejda/McNamara
Principles of Risk Management and Insurance
Smart/Gitman/Joehnk
Fundamentals of Investing*
Solnik/McLeavey
Global Investments
Titman/Keown/Martin
Financial Management: Principles and
Applications*
Titman/Martin
Valuation: The Art and Science of Corporate
Investment Decisions
Weston/Mitchel/Mulherin
Takeovers, Restructuring, and Corporate
Governance
*Denotes MyFinanceLab titles. Log onto www.myfinancelab.com to learn more.
http://www.myfinancelab.com
The Logic and Practice of Financial Management
Ninth Edition
Boston Columbus Indianapolis New York San Francisco
Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto
Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo
Foundations of Finance
Arthur J. Keown
Virginia Polytechnic Institute and State University
R. B. Pamplin Professor of Finance
John D. Martin
Baylor University
Professor of Finance
Carr P. Collins Chair in Finance
J. William Petty
Baylor University
Professor of Finance
W. W. Caruth Chair in Entrepreneurship
Vice President, Business Publishing: Donna Battista
Editor-in-Chief: Adrienne D’Ambrosio
Acquisitions Editor: Kate Fernandes
Editorial Assis.
The cognitive bank ibm launch deck 2016Charlie Chan
It's official, the traditions of the financial services business model are in stagnation…
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Sustainable profitability is a serious challenge for most of the global banking industry
Even more troubling is that operational efficiency is also in decline and attempts at tactical cost reduction are failing to achieve sustainable efficiencies
IBM's latest IBV study – the cognitive bank – categorises winners and losers by revenue growth and operating efficiency over the past three years. Data and managing it effectively is the primary source of sustainable competitive advantage
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Thirdly, becoming the cognitive bank, using the latest techniques in design thinking and agile
Outperforming banks are already on their journey towards becoming the cognitive bank. We are already partnering with them to plan the journey and charter the course
Most women experience their closest friendships with those of th.docxroushhsiu
Most women experience their closest friendships with those of the same sex. Men have suffered more of a stigma in terms of sharing deep bonds with other men. Open affection and connection is not actively encouraged among men. Recent changes in society might impact this, especially with the advent of the meterosexual male. “The meterosexual male is less interested in blood lines, traditions, family, class, gender, than in choosing who they want to be and who they want to be with” (Vernon, 2010, p. 204).
In this week’s reading material, the following philosophers discuss their views on this topic: Simone de Beauvoir, Thomas Aquinas, MacIntyre, Friedman, Hunt, and Foucault. Make sure to incorporate their views as you answer each discussion question. Think about how their views may be similar or different from your own. In at least 250 words total, please answer each of the following, drawing upon your reading materials and your personal insight:
To what extent do you think women still have a better opportunity to forge deeper friendships than men? What needs to change to level the friendship playing field for men, if anything?
How is the role of the meterosexual man helping to forge a new pathway for male friendships?
.
Morgan and Dunn JD have hired you to assist with a case involvin.docxroushhsiu
Morgan and Dunn JD have hired you to assist with a case involving domestic abuse. The evidence is contained on a password-protected laptop that the plaintiff (the wife) indicates will show a pattern of abuse. You have to decide what equipment and software to purchase to assist with the case and safely extract the data from the laptop.
.
Mortality rates vary between the Hispanic community and the gene.docxroushhsiu
Mortality rates vary between the Hispanic community and the general population. Discuss the leading causes of death and illness among Hispanic Americans and the options the Advanced Practice Nurse has to overcome the disparity of healthcare for this population.
The post should be a minimum of 200 words, scholarly written, APA7 formatted, and referenced. Free of plagiarism and gramatical errors. A minimum of 2 references is required (other than your text).
.
Moreno Industries has adopted the following production budget for th.docxroushhsiu
Moreno Industries has adopted the following production budget for the first 4 months of 2013.
Month Units Month Units
January 10,000 March 5,000
February 8,000 April 4,000
Each unit requires 3 pounds of raw materials costing $2 per pound. On December 31, 2012, the ending raw materials inventory was 9,000 pounds. Management wants to have a raw materials inventory at the end of the month equal to 30% of next month's production requirements.
Complete the direct materials purchases budget by month for the first quarter.
.
Most people have a blend of leadership styles that they use. Some le.docxroushhsiu
Most people have a blend of leadership styles that they use. Some leaders are more flexible in applying a wide range of leadership styles, whereas others are more consistent and generally use just one or two preferred behaviors. Consider if two strong individuals begin a new company and discuss the following:
If two diverse individuals, each having a different leadership style, were tasked with effectively co-leading an organization, what potential conflicts might occur between these different leadership styles?
How will their personal leadership styles influence the organizational culture?
How would you recommend that these two leaders work together most effectively?
.
Moral rights as opposed to legal rights are not dependent on a polit.docxroushhsiu
Moral rights as opposed to legal rights are not dependent on a political system for their legitimacy. This is the category of rights that all human air--breathers, as opposed to non-human air-breathers--- should be afforded to them by virtue of their having intrinsic value and not only instrumental value. These rights, or entitlements, are supported by various ethical theories when for instance the Universalism thesis under Utilitarianism requires that all persons' (women's and men's) interests be considered in the calculations of Hedonistic options available. Kantianism insists that all Unverbalizable maxims be respectful of the rights of all persons to be treated with dignity and respect--which includes freedom of choice. Virtue ethics, more modernly, does not distinguish basic "good " character traits of excellence such as integrity, good judgment, role identity--not as a woman or a man in any given role but, the ability to fulfill the duties of that role within a community by a member of either sex---, holism--the ability to habitually practice the other virtues in an integrative manner while recognizing the importance of other persons to the community and vise versa. The various Justice theories do not relegate justice based on sex, just on relevant differences based on ability, endeavor, contribution, etc.
Do current generatons ( including current businesses) owe a duty to future generations to produce products and conduct business in an environmentally sustainable manner so that future generations are assured of inheriting a livable planet( one on which reasonable persons would want to live); even if it means that current generations must sacrifice many preferences in current lifestyles? Why or why not?
First define environmental sustainability (hint: the U.N. has a good definition). Also, the term "future generations" includes all of the yet to be borne, not those that are younger than you but are breathing.
Use the following for your analysis:
1. Kohlberg’s Moral Development Model;
2. The Kew Garden Principles; or Dr. Laura’s Three Prerequisites for Assigning Moral Credit or Culpability;
3. At least two appropriate Ethical Theories
4. Moral Imagination;
5. Moral Courage;
6. Maslow’s Hierarchy of Needs Model;
7. A CSR Model; Needs to be a current CSR model not just the definition
8. The relevant Law or Legal Theory;
9. Any other applicable course concepts from previous or current assigned reading or research
10. Sample paper is just that a sample it doesn't pertain to this topic for analysis
11 additional help
RIGHTS THEORIES
MORAL RIGHTS
Moral rights as opposed to legal rights are not dependant on a political system for their legitimacy. This is the category of rights that all human air--breathers, as opposed to non-human air-breathers--- should be afforded to them by virtue of their having intrinsic value and not only instrumental value. These rights, or.
Montasari, R., & Hill, R. (2019). Next-Generation Digital Forens.docxroushhsiu
Montasari, R., & Hill, R. (2019). Next-Generation Digital Forensics: Challenges and Future Paradigms.
2019 IEEE 12th International Conference on Global Security, Safety and Sustainability (ICGS3), Global Security, Safety and Sustainability (ICGS3)
, 205.
https://doi.org/10.1109/ICGS3.2019.8688020
Sahinoglu, M., Stockton, S., Barclay, R. M., & Morton, S. (2016). Metrics Based Risk Assessment and Management of Digital Forensics.
Defense Acquisition Research Journal: A Publication of the Defense Acquisition University, 23
(2), 152–177.
https://doi.org/10.22594/dau.16-748.23.02
Nnoli, H. Lindskog, D, Zavarsky, P., Aghili, S., & Ruhl, R. (2012). The Governance of Corporate Forensics Using COBIT, NIST and Increased Automated Forensic Approaches,
2012 International Conference on Privacy, Security, Risk and Trust and 2012 International Conference on Social Computing, Amsterdam
, 734-741.
After reading articles expand on investigation and of digital forensic analysis and investigations. Organizations, especially those in the public, health and educational areas are bound by legal and statutory requirements to protect data and private information, therefore digital forensics analysis will be very beneficial when security breaches do occur. Using this weeks readings and your own research, discuss digital forensics and how it could be used in a risk management program.
Please make your initial post and two response posts substantive. A substantive post will do at least two of the following:
Ask an interesting, thoughtful question pertaining to the topic
Answer a question (in detail) posted by another student or the instructor
Provide extensive additional information on the topic
Explain, define, or analyze the topic in detail
Share an applicable personal experience
Provide an outside source that applies to the topic, along with additional information about the topic or the source (please cite properly in APA 7)
Make an argument concerning the topic.
.
Module Outcome You will be able to describe the historical force.docxroushhsiu
Module Outcome: You will be able to describe the historical forces that have influenced the intersection of race and family in the United States.
Course Outcome: You will be able to describe the historical forces that have influenced the intersection of race and family in the United States.
General Education Competency:
You will have used critical thinking to analyze problems and make logical decisions.
You will be able to demonstrate socialization skills that support cultural awareness and a global perspective.
You will be able to communicate effectively using the conventions of American Standard English in professional and academic environments
What practices did the US government engage in to force Native Americans to assimilate to American culture? What were their motivations? Does this trend continue? Explain. How might this affect the Native American culture in the eyes of Native Americans and non-indigenous Americans alike? Explain.
For a top score, you must respond constructively to at least two other students. More extensive participation will be noted. All of your postings should be spread over three different days.
Introduction: This assignment will assist in your gaining a better understanding of the theoretical perspectives in Sociology
This assignment fulfills/supports
Module Outcome: You will be able to how structural functionalism, conflict perspectives, and symbolic interactionism work together to help us get a more complete view of reality.
Course Outcome: You will be able to recognize and apply the basic sociological terms vital to the understanding of sociology and the major theoretical paradigms to an analysis of social institutions, social structures, and societal issues.
General Education Competency
You will be able to communicate effectively using the conventions of American Standard English in professional and academic environments.
You will be able to demonstrate socialization skills that support cultural awareness and a global perspective.
Demonstrate computer literacy
The Assignment: DF #2 - Theoretical Perspectives
Find a newspaper article, online or physical paper, and identify the structural functionalist, social conflict, and symbolic interctionist view of the social issue that is discussed in the article. Think about how each of these perspectives view society. You can get this from your reading of the text. For example, structural functionalists view society as social harmony with a high degree of social order with the institutions meeting their manifest and latent functions, all for the good of society, compared to conflict theorists, which view society as an arena of social inequality; dominant and subordinate groups, competing for scarce resources. In comparison, a symbolic interactinist may view society based upon symbolic meaning, labeling and social construction and the interaction with others in society.
Prompt:
Write at least one paragraph summarizing your .
Molière believed that the duty of comedy is to correct human vices b.docxroushhsiu
Molière believed that the duty of comedy is to correct human vices by exposing them and mocking them to absurd extreme. He also believed that human behavior should be governed by reason and moderation. In
Tartuffe
, he presents characters who engage in extremely negative behavior driven by passion or emotion rather than reason or common sense. Identify two or three characters who fall into this category and discuss their specific extremely negative behaviors, the consequences of their actions and what that means to you.
.
Module One Making Budgetary DecisionsDirectionsBased on the i.docxroushhsiu
Module One Making Budgetary Decisions
Directions:
Based on the information in the text and the goals and objectives that you have established for the City Bradley Recycling Department, please respond to the following questions in a Word document.
1. Which one of the budgets (line-item, program, performance) best describes what the recycle department does? Explain your answer.
2. Which one of the budgets gives the director of the department/agency, the mayor, and the legislative body, the most discretion/latitude in making decisions about the agency and why? Think about the roles of these persons prior to answering the questions. The response for each entity should be explained separately i.e. Line-Item, Program, Performance).
Rubric Grading you must meet criteria within the 100-90%
PAD 3204 MODULE 1 SUNDAY ASSIGNMENT
PAD 3204 MODULE 1
Criteria
Ratings
Pts
This criterion is linked to a Learning OutcomeUse of data and assumptions
100.0 pts
You successfully incorporate all assumptions and data from the assignment and include information about average salaries gleaned from the district report card; no apparent errors.
85.0 pts
You incorporate most, if not all, assumptions and data from the assignment and include information about average salaries gleaned from the district report card; one or two minor errors.
75.0 pts
You incorporate some assumptions and data from the assignment and include information about average salaries gleaned from the district report card; a few major errors and omissions.
65.0 pts
You incorporate few, if any, assumptions and data from the assignment; many errors and omissions.
100.0 pts
This criterion is linked to a Learning OutcomeOverall presentation
100.0 pts
Your discussion of the budget process and individual budget lines is set forth in a clear, thoughtful manner. It is well-written and insightful (writing demonstrates a sophisticated clarity, conciseness, and correctness); includes thorough details and relevant data and information; and is extremely well-organized.
85.0 pts
Your discussion of the budget process and individual budget lines is set forth in a thoughtful manner. It is well-written (writing is accomplished in terms of clarity and conciseness and contains only a few errors); includes sufficient details and relevant data and information; and is well-organized.
65.0 pts
Your discussion of the budget process and individual budget lines is carelessly written (writing lacks clarity or conciseness and contains numerous errors); gives insufficient detail and relevant data and information; and lacks organization.
25.0 pts
Your discussion of the budget process and individual budget lines is poorly written (writing is unfocused, rambling, or contains serious errors); lacks detail and relevant data and information; and is poorly organized.
100.0 pts
This criterion is linked to a Learning OutcomeTURNITIN ORIGINALITY SCORE
100.0 pts
<11%
80.0 pts
11% - 15%
70.0 pts
16% - 20%
60.0 pts
21% - 25%
50.0 pts
26% - 30%
.
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Most women experience their closest friendships with those of th.docxroushhsiu
Most women experience their closest friendships with those of the same sex. Men have suffered more of a stigma in terms of sharing deep bonds with other men. Open affection and connection is not actively encouraged among men. Recent changes in society might impact this, especially with the advent of the meterosexual male. “The meterosexual male is less interested in blood lines, traditions, family, class, gender, than in choosing who they want to be and who they want to be with” (Vernon, 2010, p. 204).
In this week’s reading material, the following philosophers discuss their views on this topic: Simone de Beauvoir, Thomas Aquinas, MacIntyre, Friedman, Hunt, and Foucault. Make sure to incorporate their views as you answer each discussion question. Think about how their views may be similar or different from your own. In at least 250 words total, please answer each of the following, drawing upon your reading materials and your personal insight:
To what extent do you think women still have a better opportunity to forge deeper friendships than men? What needs to change to level the friendship playing field for men, if anything?
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Moreno Industries has adopted the following production budget for th.docxroushhsiu
Moreno Industries has adopted the following production budget for the first 4 months of 2013.
Month Units Month Units
January 10,000 March 5,000
February 8,000 April 4,000
Each unit requires 3 pounds of raw materials costing $2 per pound. On December 31, 2012, the ending raw materials inventory was 9,000 pounds. Management wants to have a raw materials inventory at the end of the month equal to 30% of next month's production requirements.
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If two diverse individuals, each having a different leadership style, were tasked with effectively co-leading an organization, what potential conflicts might occur between these different leadership styles?
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How would you recommend that these two leaders work together most effectively?
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Moral rights as opposed to legal rights are not dependent on a political system for their legitimacy. This is the category of rights that all human air--breathers, as opposed to non-human air-breathers--- should be afforded to them by virtue of their having intrinsic value and not only instrumental value. These rights, or entitlements, are supported by various ethical theories when for instance the Universalism thesis under Utilitarianism requires that all persons' (women's and men's) interests be considered in the calculations of Hedonistic options available. Kantianism insists that all Unverbalizable maxims be respectful of the rights of all persons to be treated with dignity and respect--which includes freedom of choice. Virtue ethics, more modernly, does not distinguish basic "good " character traits of excellence such as integrity, good judgment, role identity--not as a woman or a man in any given role but, the ability to fulfill the duties of that role within a community by a member of either sex---, holism--the ability to habitually practice the other virtues in an integrative manner while recognizing the importance of other persons to the community and vise versa. The various Justice theories do not relegate justice based on sex, just on relevant differences based on ability, endeavor, contribution, etc.
Do current generatons ( including current businesses) owe a duty to future generations to produce products and conduct business in an environmentally sustainable manner so that future generations are assured of inheriting a livable planet( one on which reasonable persons would want to live); even if it means that current generations must sacrifice many preferences in current lifestyles? Why or why not?
First define environmental sustainability (hint: the U.N. has a good definition). Also, the term "future generations" includes all of the yet to be borne, not those that are younger than you but are breathing.
Use the following for your analysis:
1. Kohlberg’s Moral Development Model;
2. The Kew Garden Principles; or Dr. Laura’s Three Prerequisites for Assigning Moral Credit or Culpability;
3. At least two appropriate Ethical Theories
4. Moral Imagination;
5. Moral Courage;
6. Maslow’s Hierarchy of Needs Model;
7. A CSR Model; Needs to be a current CSR model not just the definition
8. The relevant Law or Legal Theory;
9. Any other applicable course concepts from previous or current assigned reading or research
10. Sample paper is just that a sample it doesn't pertain to this topic for analysis
11 additional help
RIGHTS THEORIES
MORAL RIGHTS
Moral rights as opposed to legal rights are not dependant on a political system for their legitimacy. This is the category of rights that all human air--breathers, as opposed to non-human air-breathers--- should be afforded to them by virtue of their having intrinsic value and not only instrumental value. These rights, or.
Montasari, R., & Hill, R. (2019). Next-Generation Digital Forens.docxroushhsiu
Montasari, R., & Hill, R. (2019). Next-Generation Digital Forensics: Challenges and Future Paradigms.
2019 IEEE 12th International Conference on Global Security, Safety and Sustainability (ICGS3), Global Security, Safety and Sustainability (ICGS3)
, 205.
https://doi.org/10.1109/ICGS3.2019.8688020
Sahinoglu, M., Stockton, S., Barclay, R. M., & Morton, S. (2016). Metrics Based Risk Assessment and Management of Digital Forensics.
Defense Acquisition Research Journal: A Publication of the Defense Acquisition University, 23
(2), 152–177.
https://doi.org/10.22594/dau.16-748.23.02
Nnoli, H. Lindskog, D, Zavarsky, P., Aghili, S., & Ruhl, R. (2012). The Governance of Corporate Forensics Using COBIT, NIST and Increased Automated Forensic Approaches,
2012 International Conference on Privacy, Security, Risk and Trust and 2012 International Conference on Social Computing, Amsterdam
, 734-741.
After reading articles expand on investigation and of digital forensic analysis and investigations. Organizations, especially those in the public, health and educational areas are bound by legal and statutory requirements to protect data and private information, therefore digital forensics analysis will be very beneficial when security breaches do occur. Using this weeks readings and your own research, discuss digital forensics and how it could be used in a risk management program.
Please make your initial post and two response posts substantive. A substantive post will do at least two of the following:
Ask an interesting, thoughtful question pertaining to the topic
Answer a question (in detail) posted by another student or the instructor
Provide extensive additional information on the topic
Explain, define, or analyze the topic in detail
Share an applicable personal experience
Provide an outside source that applies to the topic, along with additional information about the topic or the source (please cite properly in APA 7)
Make an argument concerning the topic.
.
Module Outcome You will be able to describe the historical force.docxroushhsiu
Module Outcome: You will be able to describe the historical forces that have influenced the intersection of race and family in the United States.
Course Outcome: You will be able to describe the historical forces that have influenced the intersection of race and family in the United States.
General Education Competency:
You will have used critical thinking to analyze problems and make logical decisions.
You will be able to demonstrate socialization skills that support cultural awareness and a global perspective.
You will be able to communicate effectively using the conventions of American Standard English in professional and academic environments
What practices did the US government engage in to force Native Americans to assimilate to American culture? What were their motivations? Does this trend continue? Explain. How might this affect the Native American culture in the eyes of Native Americans and non-indigenous Americans alike? Explain.
For a top score, you must respond constructively to at least two other students. More extensive participation will be noted. All of your postings should be spread over three different days.
Introduction: This assignment will assist in your gaining a better understanding of the theoretical perspectives in Sociology
This assignment fulfills/supports
Module Outcome: You will be able to how structural functionalism, conflict perspectives, and symbolic interactionism work together to help us get a more complete view of reality.
Course Outcome: You will be able to recognize and apply the basic sociological terms vital to the understanding of sociology and the major theoretical paradigms to an analysis of social institutions, social structures, and societal issues.
General Education Competency
You will be able to communicate effectively using the conventions of American Standard English in professional and academic environments.
You will be able to demonstrate socialization skills that support cultural awareness and a global perspective.
Demonstrate computer literacy
The Assignment: DF #2 - Theoretical Perspectives
Find a newspaper article, online or physical paper, and identify the structural functionalist, social conflict, and symbolic interctionist view of the social issue that is discussed in the article. Think about how each of these perspectives view society. You can get this from your reading of the text. For example, structural functionalists view society as social harmony with a high degree of social order with the institutions meeting their manifest and latent functions, all for the good of society, compared to conflict theorists, which view society as an arena of social inequality; dominant and subordinate groups, competing for scarce resources. In comparison, a symbolic interactinist may view society based upon symbolic meaning, labeling and social construction and the interaction with others in society.
Prompt:
Write at least one paragraph summarizing your .
Molière believed that the duty of comedy is to correct human vices b.docxroushhsiu
Molière believed that the duty of comedy is to correct human vices by exposing them and mocking them to absurd extreme. He also believed that human behavior should be governed by reason and moderation. In
Tartuffe
, he presents characters who engage in extremely negative behavior driven by passion or emotion rather than reason or common sense. Identify two or three characters who fall into this category and discuss their specific extremely negative behaviors, the consequences of their actions and what that means to you.
.
Module One Making Budgetary DecisionsDirectionsBased on the i.docxroushhsiu
Module One Making Budgetary Decisions
Directions:
Based on the information in the text and the goals and objectives that you have established for the City Bradley Recycling Department, please respond to the following questions in a Word document.
1. Which one of the budgets (line-item, program, performance) best describes what the recycle department does? Explain your answer.
2. Which one of the budgets gives the director of the department/agency, the mayor, and the legislative body, the most discretion/latitude in making decisions about the agency and why? Think about the roles of these persons prior to answering the questions. The response for each entity should be explained separately i.e. Line-Item, Program, Performance).
Rubric Grading you must meet criteria within the 100-90%
PAD 3204 MODULE 1 SUNDAY ASSIGNMENT
PAD 3204 MODULE 1
Criteria
Ratings
Pts
This criterion is linked to a Learning OutcomeUse of data and assumptions
100.0 pts
You successfully incorporate all assumptions and data from the assignment and include information about average salaries gleaned from the district report card; no apparent errors.
85.0 pts
You incorporate most, if not all, assumptions and data from the assignment and include information about average salaries gleaned from the district report card; one or two minor errors.
75.0 pts
You incorporate some assumptions and data from the assignment and include information about average salaries gleaned from the district report card; a few major errors and omissions.
65.0 pts
You incorporate few, if any, assumptions and data from the assignment; many errors and omissions.
100.0 pts
This criterion is linked to a Learning OutcomeOverall presentation
100.0 pts
Your discussion of the budget process and individual budget lines is set forth in a clear, thoughtful manner. It is well-written and insightful (writing demonstrates a sophisticated clarity, conciseness, and correctness); includes thorough details and relevant data and information; and is extremely well-organized.
85.0 pts
Your discussion of the budget process and individual budget lines is set forth in a thoughtful manner. It is well-written (writing is accomplished in terms of clarity and conciseness and contains only a few errors); includes sufficient details and relevant data and information; and is well-organized.
65.0 pts
Your discussion of the budget process and individual budget lines is carelessly written (writing lacks clarity or conciseness and contains numerous errors); gives insufficient detail and relevant data and information; and lacks organization.
25.0 pts
Your discussion of the budget process and individual budget lines is poorly written (writing is unfocused, rambling, or contains serious errors); lacks detail and relevant data and information; and is poorly organized.
100.0 pts
This criterion is linked to a Learning OutcomeTURNITIN ORIGINALITY SCORE
100.0 pts
<11%
80.0 pts
11% - 15%
70.0 pts
16% - 20%
60.0 pts
21% - 25%
50.0 pts
26% - 30%
.
Monitoring Data and Quality ImprovementAnswer one of two que.docxroushhsiu
Monitoring Data and Quality Improvement
Answer one of two questions below:
Describe and support the use of monitoring in evaluating an organization or the status of a condition as an evaluation tool.
What is the value of collecting, documenting, and monitoring data over time?
Discuss how the lack of monitoring impacts the evaluation of a market based decision? Cite and reference your resources.
Explain how health care organizations use quality improvement techniques to guide decision making? Discuss the challenges organizations encounter in applying quality improvement techniques to guide decision making. Cite and reference your resources.
.
Monitoring Global Supply Chains† Jodi L. Short Prof.docxroushhsiu
Monitoring Global Supply Chains†
Jodi L. Short*
Professor of Law
University of California
Hastings College of the Law
San Francisco, California,
U.S.A
[email protected]
Michael W. Toffel
Professor of Business
Administration
Harvard Business School
Boston, Massachusetts, U.S.A
[email protected]
Andrea R. Hugill
Doctoral Candidate
Harvard Business School
Boston, Massachusetts, U.S.A
[email protected]
Version: July 6, 2015
Forthcoming in Strategic Management Journal
Research Summary
Firms seeking to avoid reputational spillovers that can arise from dangerous, illegal, and
unethical behavior at supply chain factories are increasingly relying on private social auditors to
provide strategic information about suppliers’ conduct. But little is known about what influences
auditors’ ability to identify and report problems. Our analysis of nearly 17,000 supplier audits
reveals that auditors report fewer violations when individual auditors have audited the factory
before, when audit teams are less experienced or less trained, when audit teams are all-male, and
when audits are paid for by the audited supplier. This first comprehensive and systematic
analysis of supply chain monitoring identifies previously overlooked transaction costs and
suggests strategies to develop governance structures to mitigate reputational risks by reducing
information asymmetries in supply chains.
Managerial Summary
Firms reliant on supply chains to manufacture their goods risk reputational harm if the working
conditions in those factories are revealed to be dangerous, illegal, or otherwise problematic.
While firms are increasingly relying on private-sector ‘social auditors’ to assess factory
conditions, little has been known about the accuracy of those assessments. We analyzed nearly
17,000 code-of-conduct audits conducted at nearly 6,000 suppliers around the world. We found
that audits yield fewer violations when the audit team has been at that particular supplier before,
when audit teams are less experienced or less trained, when audit teams are all-male, and when
the audits were paid for by the supplier instead of by the buyer. We describe implications for
firms relying on social auditors and for auditing firms.
Keywords
monitoring, transaction cost economics, auditing, supply chains, corporate social responsibility
† We gratefully acknowledge the research assistance of Melissa Ouellet as well as that of Chris Allen, John Galvin,
Erika McCaffrey, and Christine Rivera. Xiang Ao, Max Bazerman, Shane Greenstein, Jeffrey Macher, Andrew
Marder, Justin McCrary, Morris Ratner, Bill Simpson, and Veronica Villena provided helpful comments. Harvard
Business School’s Division of Research and Faculty Development provided financial support.
* Correspondence to Jodi L. Short, UC Hastings College of the Law, 200 McAllister Street, San Francisco, CA,
94102, .
Morality Relativism & the Concerns it RaisesI want to g.docxroushhsiu
Morality Relativism & the Concerns it Raises
“I want to give moral relativism the good spanking it deserves.”
Peter Kreef philosophy professor, Boston College
Does “relativism” need a spanking?2005 new Pope Benedict warned of the “onslaught of moral relativism”He “has characterized it as the major evil. Some observers believe he is taking a stance in the tense cultural wars in the United States.” (NPR radio, 2005)Mormons agree: “moral relativism/militant atheism”Culture wars?
*
Source: http://www.npr.org/templates/story/story.php?storyId=4618049
Defining the Terms: RelativismMoral relativism: morality is purely culturalMoral differences & disagreements are irreconcilableFor example, Inuit Eskimos practice infanticide: one woman had borne 20 children but killed 10 at birth.Eskimos also practice euthanasia: when the elderly become too feeble to travel, they’re left to freeze.Hence, there’s no one universal moral truth for all times, places, peoples and culturesThe only possible good is toleration & mutual respect of pluralistic values
*
James Rachels, “The Challenge of Cultural Relativism” (Fifty Readings, 2nd Ed.), 397.
Defining the Terms: AbsolutismMoral absolutism: there are clear moral truths to govern all ethical issues regardless of situation.Immoral to accept the justifiability of two conflicting positions on any given ethical issueFor example: with this position, it would be unacceptable for Bush (pro-life) to say Eskimo infanticide practices are understandable and permissible among EskimosOr if polygamy or underage marriage is wrong, it is wrong everywhere and at all times.But what is “underage marriage”?
Moral Absolutism and Human KnowledgeName some fields of human knowledge where we deal with facts and have made great progress.Scientific theory must deal with hard dataNo science that claims absolute knowledge;Fallibility is the hallmark of scienceBut fallibility does not mean all theories are equal.Why should ethics be any different?If moral truths are not absolute, why should that prove that all moral values are equal?We can measure progress in science but what about ethics?
Illogic of Extreme Moral RelativismIn extreme relativism, no one can rightly pass judgment on others’ values/social practicesConsider Afghan Taliban Culture & Values:Ban on women's work outside the homeBan on women's presence in radio or televisionBan on women at schools or universitiesEthic of absolute relativism is self-contradictory:If I pass judgment on others for passing any judgment, am I not passing judgment on others?
Relativism with Norms Normative relativism: while cultural values clearly differ, nevertheless there are some general purposes shared by all moral codes.A socially accepted way of regulating conflicts of interests in society to preserve that people and culture with rules shaped by situations to that end. A socially accepted way of regulating conflicts of interests within an individual that can’t be equally satisfied a.
Module 9 content You will perform a history of a cardiac pro.docxroushhsiu
Module 9 content
You will perform a history of a cardiac problem that your instructor has provided you or one that you have experienced, and you will perform a cardiac assessment. You will document your subjective and objective findings, identify actual or potential risks, and submit this in a Word document to the dropbox provided.
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Module Assessment 4: TANM ApplicationsBUS2 190
Last name, First name (Section X)
Last name, First name (Section X)
Last name, First name (Section X)
Last name, First name (Section X)
[Please replace “X” with Section 7, 8, or 9. Delete this before submitting]
PROBLEM A: Casper Geriatric Center (16 pts)
1. Is this a minimization or maximization problem? Explain.
2. Is this a balanced or unbalanced problem? Explain.
3. What is the total capacity of Stations 10J and 6G?
4. What is the total demand for Sections A,C,E and F?
5. What is the value of your optimal solution?
6. In your optimal solution, to which sections and how many trays to each of these sections should location 2L deliver?
7. Where will Section D get its meals? How many from each Station?
8. Aside from the obvious deliveries from the factory to warehouses or warehouses to stores, identify and discuss 2 more scenarios on how the transportation model can be used.
Problem B: Good Stuffing Sausage Company (16 pts)
1. Is this a minimal spanning or shortest route problem? Explain.
2. Explain the differences between minimal spanning and shortest route problems. Give an example where each type of modeling can be used.
3. How many branches are there in this network?
4. How many hours will it take to drive through Nodes 2-4-8? Explain.
5. Which arc takes the longest time to travel?
6. Korina thinks the best route is 1-5-6-10. Do you agree with her? Why or why not?
7. What is the value of your optimal solution?
8. What are the nodes included in your optimal solution?
Problem C: 9-31: NASA Missions ( 13 points)
(Hint – your answers in questions 1, 2 and 3 should be a schedule on which mission specialist should be scheduled to which flight. Provide your explanations for your answers) 13 points
1. Who should be assigned to which flight to maximize ratings?
Name of Mission Specialist
Mission Date
Total Rating:
2. NASA has just been notified that Anderson is getting married in February and has been granted a highly sought publicity tour in Europe that month. (He intends to take his wife and let the trip double as a honeymoon.) How does this change the final schedule? Explain.
Name of Mission Specialist
Mission Date
Total Rating:
Explanation:
3. Certo has complained that he was rated incorrectly on his January missions. Both ratings should be 10s, he claims to the chief, who agrees and re-computes the schedule. Do any changes occur over the schedule set in Question 2? Why or why not?
Name of Mission Specialist
Mission Date
Total Rating:
Explanation:
4. What are the strengths and weaknesses of this approach to scheduling?
Science Laboratory Format
Writers in the field of biology must consider not only the form but the style of writing in biology papers.
As in all fields, there are conventions to follow or typical style formats of the discipline.
Writing in the sciences is concise, yet pr.
Module Assignment Clinical Decision Support SystemsLearning Outcome.docxroushhsiu
Module Assignment: Clinical Decision Support SystemsLearning Outcomes:
Identify trends in nursing that impact the use of Informatics.
Explore the use of informatics in nursing research and how clinical decision support systems impact nursing care.
Analyze leadership and collaborative practice strategies that foster mutual respect and shared decision making.
Questions:
Part 1) Think if a nursing diagnosis that interests you. Then, conduct an internet search using your chosen nursing diagnosis as the search topic. Locate at least three internet resources that pertain to your topic, then review the sites and write a three or four sentence summary of each that includes the following:
Appropriateness of content
Reliability of content (sources cited within site, anecdotal vs. evidence-based practice)
Links included within the website.
Part 2) Locate three internet-based Cancer screening tools that could be included in an HER, such as EPIC or Connect Care
In your own words, how will clinical decision support systems improve outcomes for a patient diagnosed with cancer?
What would be the benefits of including reminders for cancer screening for healthcare providers and to patients (such as the sepsis screening tool that pops up in EPIC or Connect Care)
Rubric
See attached below for instructions detail and Assignment Grading Rubric
.
MONTCLAIR UNIVERSITY
LAWS 362: LEGAL WRITING
MIDTERM EXAM (April 1, 2020)
(8 Pages: You may add extra sheets to wrote on as necessary)
NAME:………………………………………………………………………………………..
SIGNATURE:……………………………………………/ DATE …………………………………..
EXAM PART 1: (20 points)
I) You are working as a law clerk for a New Jersey law firm. Your senior partner is preparing a trial brief on a case which is currently pending before a New Jersey state trial court in Essex County and asks you to research an issue of law for the brief. Your research reveals relevant information from the 10 sources below. After each item, indicate whether the authority is either (1) PRIMARY; (2) PERSUAUSIVE or (3) SECONDARY authority.
A) A published decision from the New Jersey Supreme Court : .
B) A published decision from a Hudson New Jersey trial court : .
C) A 2018 law review article in the Rutgers Law Journal: .
D)A decision from a federal district court in New Jersey .
E) A published decision from the New York Supreme Court: .
F) A Dissenting opinion from the New Jersey Supreme Court: .
G) A published decision from the Minnesota appellate court: .
H) A Concurring opinion from the New Jersey Supreme Court: .
I) A published decision from the New Jersey Appellate Division: .
J) A 2018 article authored by a retired New Jersey Supreme Court Justice and published in the
New Jersey Law Journal: .
EXAM PART 2: (20 Points)
( BRIEFING A CASE )
II) Please read the case (previously provide) of Van Brunt v. Van Brunt and prepare a concise case brief addressing the following 6 points :
1) Identify the Holding:
2) Identify the Issues:
3) Identify the Rule(s) that is/are the subject of the decision :
4) Identify the Key Relevant Facts:
5) Identify the Disposition of the Case:
6) Identify in Logical Detail the Reasons and Policies Behind the Decision:
EXAM PART 3: 20 Points
( BRIEFING A STATUTE )
Please read the following excerpt from the accompanying following New Jersey landlord tenant statute regarding secu.
MODULE 8You will perform a history of a respiratory problem th.docxroushhsiu
MODULE 8
You will perform a history of a respiratory problem that either your instructor has provided you or one that you have experienced and perform a respiratory assessment. You will document your subjective and objective findings, identify actual or potential risks, and submit this in a Word document to the dropbox provided.
.
Most organizations, including hospitals, adopt both Mission and Visi.docxroushhsiu
Most organizations, including hospitals, adopt both Mission and Vision Statements. Both can usually be found posted prominently on the wall, and on the organization's website.
What is the difference between a Mission Statement and a Vision Statement? Why would both statements be important as it relates to strategic planning? Are they important in achieving a competitive advanatgae?
Be specific. Thoroughly explain your response.
.
More like this Abstract TranslateFull Text Translate.docxroushhsiu
More like this
Abstract Translate
Full Text Translate
International law is in a period of transition. After World War
II, but especially since the 1980s, human rights expanded to
almost every corner of international law. In doing so, they
changed core features of international law itself, including
the definition of sovereignty and the sources of international
legal rules. But what has been called the "age of human
rights" is over, at leastfor now. Whether measured in terms of
the increasing number of authoritarian governments, the
decline in international human rights enforcement
architecture such as the Responsibility to Protect and the
Alien Tort Statute, the growing power of China and Russia
over the content of international law, or the rising of
nationalism and populism, international human rights law is
in retreat. The decline offers an opportunity to consider how
human rights changed, or purported to change, international
law and how international law as a whole can be made more
effective in a post-human rights era. This Article is the first to
argue that international human rights law as a whole-
whatever its much disputed benefits for human rights
themselves-appears to have expanded and changed
international law in ways that have made it weaker, less likely
to generate compliance, and more likely to produce
interstate friction and conflict. The debate around
international law and human rights should be reframed to
consider these costs and to evaluate whether international
law, including the work of the United Nations, should focus
on a stronger, more limited core of international legal norms
that protects international peace and security, not human
rights. Human rights could be advanced through domestic
and regional legal systems, through the the development of
non-binding international norms, and through iterative
processes of international reporting and monitoring-a model
not unlike the Paris Climate Agreement.
MoreK
0:00 /0:00
HeadnoteHeadnote
Abstract
International law is in a period of transition. After World War
II, but especially since the 1980s, human rights expanded to
almost every corner of international law. In doing so, they
changed core features of international law itself, including
the definition of sovereignty and the sources of international
legal rules. But what has been called the "age of human
rights" is over, at leastfor now. Whether measured in terms of
the increasing number of authoritarian governments, the
decline in international human rights enforcement
architecture such as the Responsibility to Protect and the
Alien Tort Statute, the growing power of China and Russia
over the content of international law, or the rising of
nationalism and populism, international human rights law is
in retreat.
The decline offers an opportunity to consider how human
rights changed, or purported to change, international law and
how international law as a whole can be mad.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Digital Tools and AI for Teaching Learning and Research
Module 11 Critical Thinking AssignmentStock Valuation and Weig.docx
1. Module 11 Critical Thinking Assignment
Stock Valuation and Weighted Average Cost of Capital
(WACC)
Problem 11-1: Market price
Chapter 8
A firm has SAR 5,000 preferred stock that pays a dividend of
5%. What is the market price
for the stock if the required rate of return is 7%?
Problem 11-2: Market value
Chapter 8
PQR Corporation preferred stock is selling for SAR 2,000 per
share and pays an annual
dividend of SAR 160 per share. If the investor requires a return
of 7%, what is
the appropriate market value for the shares?
2. Problem 11-3: Stock value
Chapter 8
Dinosaur Corporation's common stock paid a dividend of SAR
360 last year and is expected
to grow indefinitely at a rate of 7%. If you can achieve a 10%
return on equity, what is the
value of the stock?
3. Problem 11-4: Growth rate
Chapter 8
If a firm's return on equity is 17% and management plans to
retain 40% of earnings for
investment purposes, what will be the firm's growth rate?
Problem 11-5: Rate of return
Chapter 8
4. STU Corporation paid a dividend of SAR 400 last year and the
shares are selling for
SAR 10,000 per share. The dividend is expected to grow at 5%
indefinitely. What
is the stock's expected rate of return?
Problem 11-6: Return on preferred stock
Chapter 9
Rodeo Corporation is planning to sell new preferred stock
paying an 8% dividend on an
SAR 5,000 face value. Flotation costs will be 5% of the current
market price of SAR 6,000
5. per share. What is the rate of return on the new preferred stock?
Problem 11-7: CAPM
Chapter 9
BB Corporation's stock has a beta of 1.2. The risk-free rate is
5% and the
expected return on the market is 13%. What is the required rate
of return
on BB Corporation's stock using the Capital Asset Pricing
Model (CAPM)?
Problem 11-8: WACC
Chapter 9
6. Alexander Corporation's balance sheet shows $400 million in
debt, $80 million in preferred stock,
and $520 million in total common equity.
The firm's tax rate is:
40%
Rate on Debt (Rd)
5%
Rate on Preferred Stock (Rps)
6%
Rate on Common Stock (Rcs)
10%
If Alexander has a target capital structure of 40% debt, 10%
preferred stock, and 50% common stock, what is its Weighed
Average Cost of Capital (WACC)?
7. The Logic and Practice of Financial Management
Ninth Edition
Foundations of Finance
The Pearson Series in Finance
Berk/DeMarzo
Corporate Finance*
Corporate Finance: The Core*
Berk/DeMarzo/Harford
Fundamentals of Corporate Finance*
Brooks
Financial Management: Core Concepts*
Copeland/Weston/Shastri
Financial Theory and Corporate Policy
Dorfman/Cather
Introduction to Risk Management and
Insurance
Eakins/McNally
Corporate Finance Online*
8. Eiteman/Stonehill/Moffett
Multinational Business Finance*
Fabozzi
Bond Markets: Analysis and Strategies
Foerster
Financial Management: Concepts and
Applications*
Frasca
Personal Finance
Gitman/Zutter
Principles of Managerial Finance*
Principles of Managerial Finance—Brief
Edition*
Haugen
The Inefficient Stock Market: What Pays Off
and Why
Modern Investment Theory
Holden
Excel Modeling in Corporate Finance
Excel Modeling in Investments
Hughes/MacDonald
International Banking: Text and Cases
Hull
Fundamentals of Futures and Options Markets
Options, Futures, and Other Derivatives
Keown
9. Personal Finance: Turning Money into
Wealth*
Keown/Martin/Petty
Foundations of Finance: The Logic and
Practice of Financial Management*
Madura
Personal Finance*
Marthinsen
Risk Takers: Uses and Abuses of Financial
Derivatives
McDonald
Derivatives Markets
Fundamentals of Derivatives Markets
Mishkin/Eakins
Financial Markets and Institutions
Moffett/Stonehill/Eiteman
Fundamentals of Multinational Finance
Nofsinger
Psychology of Investing
Pennacchi
Theory of Asset Pricing
Rejda/McNamara
Principles of Risk Management and Insurance
Smart/Gitman/Joehnk
Fundamentals of Investing*
10. Solnik/McLeavey
Global Investments
Titman/Keown/Martin
Financial Management: Principles and
Applications*
Titman/Martin
Valuation: The Art and Science of Corporate
Investment Decisions
Weston/Mitchel/Mulherin
Takeovers, Restructuring, and Corporate
Governance
*Denotes MyFinanceLab titles. Log onto
www.myfinancelab.com to learn more.
http://www.myfinancelab.com
The Logic and Practice of Financial Management
Ninth Edition
Boston Columbus Indianapolis New York San Francisco
Amsterdam Cape Town Dubai London Madrid Milan Munich
Paris Montreal Toronto
Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul
Singapore Taipei Tokyo
Foundations of Finance
Arthur J. Keown
Virginia Polytechnic Institute and State University
11. R. B. Pamplin Professor of Finance
John D. Martin
Baylor University
Professor of Finance
Carr P. Collins Chair in Finance
J. William Petty
Baylor University
Professor of Finance
W. W. Caruth Chair in Entrepreneurship
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13. Press, Inc./Alamy; p. 153: Jorge Salcedo/Shutterstock; p. 197:
ZUMA Press, Inc./Alamy; p. 237: Erich Hafele/Alamy; p. 269:
dpa picture
alliance/Alamy; 295: PSL Images/Alamy; p. 327: Elvin
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PEARSON, ALWAYS LEARNING, and MYFINANCELAB™
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Unless otherwise indicated herein, any third-party trademarks,
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sponsorship, endorsement, authorization, or promotion of
Pearson’s products by the
owners of such marks, or any relationship between the owner
and Pearson Education, Inc., or its affiliates, authors, licensees,
or distributors.
Library of Congress Cataloging-in-Publication Data
Names: Keown, Arthur J. | Martin, John D. | Petty, J. William
Title: Foundations of finance: the logic and practice of financial
management/Arthur J. Keown, John D. Martin, J. William Petty.
Description: Ninth Edition. | Boston : Pearson, 2016. | Series:
14. The pearson series in finance | Revised edition of Foundations
of finance, 2014.
| Includes bibliographical references and index.
Identifiers: LCCN 2015039822| ISBN 9780134083285 (alk.
paper) | ISBN 0134083288 (alk. paper)
Subjects: LCSH: Corporations–Finance.
Classification: LCC HG4026.F67 2016 | DDC 658.15–dc23
LC record available at http://lccn.loc.gov/2015039822
ISBN 10: 0-13-408328-8
ISBN 13: 978-0-13-408328-5
Microsoft and/or its respective suppliers make no
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Microsoft® and Windows® are registered trademarks of the
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http://www.pearsoned.com/permissions/
http://lccn.loc.gov/2015039822
To my parents, from whom I learned the most.
Arthur J. Keown
To the Martin women—wife Sally and daughter-in-law Mel, the
Martin men—sons Dave and Jess, and the Martin boys—
grandsons
Luke and Burke.
John D. Martin
To Jack Griggs, who has been a most loyal and dedicated friend
for
over 55 years, always placing my interests above his own, and
made
life’s journey a lot of fun along the way.
J. William Petty
16. vi
Arthur J. Keown is the Department Head and R. B. Pamplin
Professor of
Finance at Virginia Polytechnic Institute and State University.
He received his
bachelor’s degree from Ohio Wesleyan University, his M.B.A.
from the University of
Michigan, and his doctorate from Indiana University. An award-
winning teacher, he
is a member of the Academy of Teaching Excellence; has
received five Certificates of
Teaching Excellence at Virginia Tech, the W. E. Wine Award
for Teaching Excellence,
and the Alumni Teaching Excellence Award; and in 1999
received the Outstanding
Faculty Award from the State of Virginia. Professor Keown is
widely published
in academic journals. His work has appeared in the Journal of
Finance, Journal of
Financial Economics, Journal of Financial and Quantitative
Analysis, Journal of Financial
Research, Journal of Banking and Finance, Financial
Management, Journal of Portfolio
Management, and many others. In addition to Foundations of
Finance, two others of his
books are widely used in college finance classes all over the
country—Basic Financial
Management and Personal Finance: Turning Money into Wealth.
Professor Keown is a
Fellow of the Decision Sciences Institute, was a member of the
Board of Directors of
the Financial Management Association, and is the head of the
finance department
at Virginia Tech. In addition, he served as the co-editor of the
17. Journal of Financial
Research for 6½ years and as the co-editor of the Financial
Management Association’s
Survey and Synthesis series for 6 years. He lives with his wife
in Blacksburg, Virginia,
where he collects original art from Mad Magazine.
John D. Martin holds the Carr P. Collins Chair in Finance in the
Hankamer
School of Business at Baylor University, where he was selected
as the outstanding
professor in the EMBA program multiple times. Professor
Martin joined the Baylor
faculty in 1998 after spending 17 years on the faculty of the
University of Texas at
Austin. Over his career he has published over 50 articles in the
leading finance jour-
nals, including papers in the Journal of Finance, Journal of
Financial Economics, Journal
of Financial and Quantitative Analysis, Journal of Monetary
Economics, and Management
Science. His recent research has spanned issues related to the
economics of uncon-
ventional energy sources, the hidden cost of venture capital, and
the valuation of
firms filing Chapter 11. He is also co-author of several books,
including Financial
Management: Principles and Practice (13th ed., Prentice Hall),
Foundations of Finance
(9th ed., Prentice Hall), Theory of Finance (Dryden Press),
Financial Analysis (3rd ed.,
McGraw-Hill), Valuation: The Art and Science of Corporate
Investment Decisions (3rd ed.,
Prentice Hall), and Value Based Management with Social
Responsibility (2nd ed., Oxford
University Press).
18. About the Authors
vii
J. William Petty, PhD, Baylor University, is Professor of
Finance and
W. W. Caruth Chair of Entrepreneurship. Dr. Petty teaches
entrepreneurial finance
at both the undergraduate and graduate levels. He is a
University Master Teacher.
In 2008, the Acton Foundation for Entrepreneurship Excellence
selected him as the
National Entrepreneurship Teacher of the Year. His research
interests include the
financing of entrepreneurial firms and shareholder value-based
management. He
has served as the co-editor for the Journal of Financial Research
and the editor of the
Journal of Entrepreneurial Finance. He has published articles in
various academic and
professional journals, including Journal of Financial and
Quantitative Analysis, Financial
Management, Journal of Portfolio Management, Journal of
Applied Corporate Finance, and
Accounting Review. Dr. Petty is co-author of a leading textbook
in small business and
entrepreneurship, Small Business Management: Launching and
Growing Entrepreneurial
Ventures. He also co-authored Value-Based Management:
Corporate America’s Response
to the Shareholder Revolution (2010). He serves on the Board of
Directors of a publicly
traded oil and gas firm. Finally, he serves on the Board of the
19. Baylor Angel Network,
a network of private investors who provide capital to start-ups
and early-stage
companies.
viii
Preface xvii
PART 1 The Scope and Environment
of Financial Management 2
1 An Introduction to the Foundations of Financial Management
2
2 The Financial Markets and Interest Rates 22
3 Understanding Financial Statements and Cash Flows 54
4 Evaluating a Firm’s Financial Performance 106
PART 2 The Valuation of Financial Assets 152
5 The Time Value of Money 152
6 The Meaning and Measurement of Risk and Return 196
7 The Valuation and Characteristics of Bonds 236
8 The Valuation and Characteristics of Stock 268
9 The Cost of Capital 294
PART 3 Investment in Long-Term Assets 326
10 Capital-Budgeting Techniques and Practice 326
11 Cash Flows and Other Topics in Capital Budgeting 368
PART 4 Capital Structure and Dividend Policy 406
12 Determining the Financing Mix 406
13 Dividend Policy and Internal Financing 444
PART 5 Working-Capital Management and International
20. Business Finance 466
14 Short-Term Financial Planning 466
15 Working-Capital Management 486
16 International Business Finance 514
Web 17 Cash, Receivables, and Inventory Management
Available online at www.myfinancelab.com
Web Appendix A Using a Calculator
Available online at www.myfinancelab.com
Glossary 536
Indexes 545
Brief Contents
http://www.myfinancelab.com
http://www.myfinancelab.com
ix
Contents
Preface xvii
PART 1 The Scope and Environment
of Financial Management 2
1 An Introduction to the Foundations of Financial
Management 2
The Goal of the Firm 3
Five Principles That Form the Foundations of Finance 4
Principle 1: Cash Flow Is What Matters 4
Principle 2: Money Has a Time Value 5
Principle 3: Risk Requires a Reward 5
21. Principle 4: Market Prices Are Generally Right 6
Principle 5: Conflicts of Interest Cause Agency Problems 8
The Global Financial Crisis 9
Avoiding Financial Crisis—Back to the Principles 10
The Essential Elements of Ethics and Trust 11
The Role of Finance in Business 12
Why Study Finance? 12
The Role of the Financial Manager 13
The Legal Forms of Business Organization 14
Sole Proprietorships 14
Partnerships 14
Corporations 15
Organizational Form and Taxes: The Double Taxation on
Dividends 15
S-Corporations and Limited Liability Companies (LLCs) 16
Which Organizational Form Should Be Chosen? 16
Finance and the Multinational Firm: The New Role 17
Chapter Summaries 18 • Review Questions 20 • Mini Case 21
2 The Financial Markets and Interest Rates 22
Financing of Business: The Movement of Funds Through
the Economy 24
Public Offerings Versus Private Placements 25
Primary Markets Versus Secondary Markets 26
The Money Market Versus the Capital Market 27
Spot Markets Versus Futures Markets 27
Stock Exchanges: Organized Security Exchanges Versus Over-
the-Counter
Markets, a Blurring Difference 27
22. Selling Securities to the Public 29
Functions 29
Distribution Methods 30
Private Debt Placements 31
Flotation Costs 33
Regulation Aimed at Making the Goal of the Firm Work: The
Sarbanes-Oxley
Act 33
Rates of Return in the Financial Markets 34
Rates of Return over Long Periods 34
Interest Rate Levels in Recent Periods 35
Interest Rate Determinants in a Nutshell 38
Estimating Specific Interest Rates Using Risk Premiums 38
Real Risk-Free Interest Rate and the Risk-Free Interest Rate 39
Real and Nominal Rates of Interest 39
Inflation and Real Rates of Return: The Financial Analyst’s
Approach 41
The Term Structure of Interest Rates 43
Shifts in the Term Structures of Interest Rates 43
What Explains the Shape of the Term Structure? 45
Chapter Summaries 47 • Review Questions 50 • Study Problems
50 • Mini Case 53
3 Understanding Financial Statements and Cash
Flows 54
The Income Statement 56
Coca-Cola’s Income Statement 58
Restating Coca-Cola’s Income Statement 59
23. The Balance Sheet 61
Types of Assets 61
Types of Financing 63
Coca-Cola’s Balance Sheet 65
Working Capital 66
Measuring Cash Flows 69
Profits Versus Cash Flows 69
The Beginning Point: Knowing When a Change in the Balance
Sheet Is a Source
or Use of Cash 71
Statement of Cash Flows 71
Concluding Suggestions for Computing Cash Flows 78
What Have We Learned about Coca-Cola? 79
GAAP and IFRS 79
Income Taxes and Finance 80
Computing Taxable Income 80
Computing the Taxes Owed 81
The Limitations of Financial Statements and Accounting
Malpractice 83
Chapter Summaries 85 • Review Questions 88 • Study Problems
89 • Mini Case 97
Appendix 3A: Free Cash Flows 100
Computing Free Cash Flows 100
Computing Financing Cash Flows 105
Study Problems 104
4 Evaluating a Firm’s Financial Performance 106
24. The Purpose of Financial Analysis 106
Measuring Key Financial Relationships 110
Question 1: How Liquid Is the Firm—Can It Pay Its Bills? 111
Question 2: Are the Firm’s Managers Generating Adequate
Operating Profits
on the Company’s Assets? 116
Managing Operations 118
Managing Assets 119
Question 3: How Is the Firm Financing Its Assets? 123
Question 4: Are the Firm’s Managers Providing a Good Return
on the Capital
Provided by the Company’s Shareholders? 126
Question 5: Are the Firm’s Managers Creating Shareholder
Value? 131
x Contents
Contents xi
The Limitations of Financial Ratio Analysis 138
Chapter Summaries 139 • Review Questions 142 • Study
Problems 142
• Mini Case 150
PART 2 The Valuation of Financial Assets 152
5 The Time Value of Money 152
Compound Interest, Future Value, and Present Value 154
Using Timelines to Visualize Cash Flows 154
25. Techniques for Moving Money Through Time 157
Two Additional Types of Time Value of Money Problems 162
Applying Compounding to Things Other Than Money 163
Present Value 164
Annuities 168
Compound Annuities 168
The Present Value of an Annuity 170
Annuities Due 172
Amortized Loans 173
Making Interest Rates Comparable 175
Calculating the Interest Rate and Converting It to an EAR 177
Finding Present and Future Values With Nonannual Periods
178
Amortized Loans With Monthly Compounding 181
The Present Value of an Uneven Stream and Perpetuities 182
Perpetuities 183
Chapter Summaries 184 • Review Questions 187 • Study
Problems 187
• Mini Case 195
6 The Meaning and Measurement of Risk
and Return 196
Expected Return Defined and Measured 198
Risk Defined and Measured 201
Rates of Return: The Investor’s Experience 208
Risk and Diversification 209
Diversifying Away the Risk 210
Measuring Market Risk 211
Measuring a Portfolio’s Beta 218
26. Risk and Diversification Demonstrated 219
The Investor’s Required Rate of Return 222
The Required Rate of Return Concept 222
Measuring the Required Rate of Return 222
Chapter Summaries 225 • Review Questions 229 • Study
Problems 229
• Mini Case 234
7 The Valuation and Characteristics
of Bonds 236
Types of Bonds 237
Debentures 237
Subordinated Debentures 238
Mortgage Bonds 238
Eurobonds 238
Convertible Bonds 238
xii Contents
Terminology and Characteristics of Bonds 239
Claims on Assets and Income 239
Par Value 239
Coupon Interest Rate 240
Maturity 240
Call Provision 240
Indenture 240
Bond Ratings 241
Defining Value 242
What Determines Value? 244
27. Valuation: The Basic Process 245
Valuing Bonds 246
Bond Yields 252
Yield to Maturity 252
Current Yield 254
Bond Valuation: Three Important Relationships 255
Chapter Summaries 260 • Review Questions 263 • Study
Problems 264
• Mini Case 267
8 The Valuation and Characteristics
of Stock 268
Preferred Stock 269
The Characteristics of Preferred Stock 270
Valuing Preferred Stock 271
Common Stock 275
The Characteristics of Common Stock 275
Valuing Common Stock 277
The Expected Rate of Return of Stockholders 282
The Expected Rate of Return of Preferred Stockholders 283
The Expected Rate of Return of Common Stockholders 284
Chapter Summaries 287 • Review Questions 290 • Study
Problems 290
• Mini Case 293
28. 9 The Cost of Capital 294
The Cost of Capital: Key Definitions and Concepts 295
Opportunity Costs, Required Rates of Return, and the Cost of
Capital 295
The Firm’s Financial Policy and the Cost of Capital 296
Determining the Costs of the Individual Sources
of Capital 297
The Cost of Debt 297
The Cost of Preferred Stock 299
The Cost of Common Equity 301
The Dividend Growth Model 302
Issues in Implementing the Dividend Growth Model 303
The Capital Asset Pricing Model 304
Issues in Implementing the CAPM 305
The Weighted Average Cost of Capital 307
Capital Structure Weights 308
Calculating the Weighted Average Cost of Capital 308
Contents xiii
Calculating Divisional Costs of Capital 311
Estimating Divisional Costs of Capital 311
Using Pure Play Firms to Estimate Divisional WACCs 311
Using a Firm’s Cost of Capital to Evaluate New Capital
Investments 313
Chapter Summaries 317 • Review Questions 319 • Study
Problems 320
• Mini Cases 324
29. PART 3 Investment in Long-Term Assets 326
10 Capital-Budgeting Techniques and Practice 326
Finding Profitable Projects 327
Capital-Budgeting Decision Criteria 328
The Payback Period 328
The Net Present Value 332
Using Spreadsheets to Calculate the Net Present Value 335
The Profitability Index (Benefit–Cost Ratio) 335
The Internal Rate of Return 338
Computing the IRR for Uneven Cash Flows with a Financial
Calculator 340
Viewing the NPV–IRR Relationship: The Net Present Value
Profile 341
Complications with the IRR: Multiple Rates of Return 343
The Modified Internal Rate of Return (MIRR) 344
Using Spreadsheets to Calculate the MIRR 347
A Last Word on the MIRR 347
Capital Rationing 348
The Rationale for Capital Rationing 349
Capital Rationing and Project Selection 349
Ranking Mutually Exclusive Projects 350
The Size-Disparity Problem 350
The Time-Disparity Problem 351
The Unequal-Lives Problem 352
Chapter Summaries 356 • Review Questions 359 • Study
Problems 359
• Mini Case 366
11 Cash Flows and Other Topics in Capital
Budgeting 368
Guidelines for Capital Budgeting 369
30. Use Free Cash Flows Rather Than Accounting Profits 369
Think Incrementally 369
Beware of Cash Flows Diverted from Existing Products 370
Look for Incidental or Synergistic Effects 370
Work in Working-Capital Requirements 370
Consider Incremental Expenses 371
Remember That Sunk Costs Are Not Incremental Cash Flows
371
Account for Opportunity Costs 371
Decide If Overhead Costs Are Truly Incremental Cash Flows
371
Ignore Interest Payments and Financing Flows 372
Calculating a Project’s Free Cash Flows 372
What Goes into the Initial Outlay 372
What Goes into the Annual Free Cash Flows over the Project’s
Life 373
What Goes into the Terminal Cash Flow 375
Calculating the Free Cash Flows 375
A Comprehensive Example: Calculating Free Cash Flows 379
Options in Capital Budgeting 382
The Option to Delay a Project 383
The Option to Expand a Project 383
The Option to Abandon a Project 384
Options in Capital Budgeting: The Bottom Line 384
xiv Contents
Risk and the Investment Decision 385
What Measure of Risk Is Relevant in Capital Budgeting? 386
Measuring Risk for Capital-Budgeting Purposes with a Dose of
Reality—Is
31. Systematic Risk All There Is? 387
Incorporating Risk into Capital Budgeting 387
Risk-Adjusted Discount Rates 387
Measuring a Project’s Systematic Risk 390
Using Accounting Data to Estimate a Project’s Beta 391
The Pure Play Method for Estimating Beta 391
Examining a Project’s Risk Through Simulation 391
Conducting a Sensitivity Analysis Through Simulation 393
Chapter Summaries 394 • Review Questions 396 • Study
Problems 396
• Mini Case 402
Appendix 11A: The Modified Accelerated Cost
Recovery System 404
What Does All This Mean? 405
Study Problems 405
PART 4 Capital Structure and Dividend Policy 406
12 Determining the Financing Mix 406
Understanding the Difference Between Business and Financial
Risk 408
Business Risk 409
Operating Risk 409
Break-Even Analysis 409
Essential Elements of the Break-Even Model 410
Finding the Break-Even Point 412
The Break-Even Point in Sales Dollars 413
Sources of Operating Leverage 414
Financial Leverage 416
32. Combining Operating and Financial Leverage 418
Capital Structure Theory 420
A Quick Look at Capital Structure Theory 422
The Importance of Capital Structure 422
Independence Position 422
The Moderate Position 424
Firm Value and Agency Costs 426
Agency Costs, Free Cash Flow, and Capital Structure 428
Managerial Implications 428
The Basic Tools of Capital Structure Management 429
EBIT-EPS Analysis 429
Comparative Leverage Ratios 432
Industry Norms 433
Net Debt and Balance-Sheet Leverage Ratios 433
A Glance at Actual Capital Structure Management 433
Chapter Summaries 436 • Review Questions 439 • Study
Problems 439
• Mini Cases 442
13 Dividend Policy and Internal Financing 444
Key Terms 445
Does Dividend Policy Matter to Stockholders? 446
Three Basic Views 446
Making Sense of Dividend Policy Theory 449
What Are We to Conclude? 451
Contents xv
The Dividend Decision in Practice 452
Legal Restrictions 452
33. Liquidity Constraints 452
Earnings Predictability 453
Maintaining Ownership Control 453
Alternative Dividend Policies 453
Dividend Payment Procedures 453
Stock Dividends and Stock Splits 454
Stock Repurchases 455
A Share Repurchase as a Dividend Decision 456
The Investor’s Choice 457
A Financing or an Investment Decision? 458
Practical Considerations—The Stock Repurchase Procedure 458
Chapter Summaries 459 • Review Questions 461 • Study
Problems 462
• Mini Case 465
PART 5 Working-Capital Management and International
Business Finance 466
14 Short-Term Financial Planning 466
Financial Forecasting 467
The Sales Forecast 467
Forecasting Financial Variables 467
The Percent of Sales Method of Financial Forecasting 468
Analyzing the Effects of Profitability and Dividend Policy
on DFN 469
Analyzing the Effects of Sales Growth on a Firm’s DFN 470
Limitations of the Percent of Sales Forecasting Method 473
Constructing and Using a Cash Budget 474
Budget Functions 474
34. The Cash Budget 475
Chapter Summaries 477 • Review Questions 478 • Study
Problems 479
• Mini Case 484
15 Working-Capital Management 486
Managing Current Assets and Liabilities 487
The Risk–Return Trade-Off 488
The Advantages of Current versus Long-term Liabilities: Return
488
The Disadvantages of Current versus Long-term Liabilities:
Risk 488
Determining the Appropriate Level of Working
Capital 489
The Hedging Principle 489
Permanent and Temporary Assets 490
Temporary, Permanent, and Spontaneous Sources of Financing
490
The Hedging Principle: A Graphic Illustration 491
The Cash Conversion Cycle 492
Estimating the Cost of Short-Term Credit Using the
Approximate
Cost-of-Credit Formula 494
Sources of Short-Term Credit 496
Unsecured Sources: Accrued Wages and Taxes 497
Unsecured Sources: Trade Credit 498
Unsecured Sources: Bank Credit 499
Unsecured Sources: Commercial Paper 501
35. xvi Contents
Secured Sources: Accounts-Receivable Loans 503
Secured Sources: Inventory Loans 505
Chapter Summaries 506 • Review Questions 509 • Study
Problems 510
16 International Business Finance 514
The Globalization of Product and Financial Markets 515
Foreign Exchange Markets and Currency Exchange Rates 516
Foreign Exchange Rates 517
What a Change in the Exchange Rate Means for Business 517
Exchange Rates and Arbitrage 520
Asked and Bid Rates 520
Cross Rates 520
Types of Foreign Exchange Transactions 522
Exchange Rate Risk 524
Interest Rate Parity 526
Purchasing-Power Parity and the Law of One Price 527
The International Fisher Effect 528
Capital Budgeting for Direct Foreign Investment 528
Foreign Investment Risks 529
Chapter Summaries 530 • Review Questions 532 • Study
Problems 533
• Mini Case 534
Web 17 Cash, Receivables, and Inventory Management
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