Gastro oesophageal reflux Essay Example

Gastro oesophageal reflux Essay Example Gastro oesophageal reflux Essay Gastro oesophageal reflux Essay Unit of measurement 3. AN Introduction TO ACTION AND USES OF MEDICINES. P2 ( a ) List the common upsets of the gastro-intestinal piece of land. GORD ( gastro oesophageal reflux ) : GORD occurs when tummy acid leaks backup into the gorge. Peptic ulcer: tummy ulcer and duodenal ulcer is known as peptic ulcers. Inflammatory intestine disease: A chronic upset of GI piece of land, ( Ulcerative inflammatory bowel disease, Crohn s disease, ) Cranky intestine syndrome: IBS is a common functional upset of the intestine means there is a job with the map of a portion of the organic structure but there is no abnormalcy in the construction. ( e.g. hurting uncomfortableness, bloating, diarrhea, irregularity ) Hemorrhoids P2 ( B ) name the common interventions used in the upsets you have named in P2a and include and OTC readyings available. 1. GORD: there are three chief types of medical specialties for GORD. Antacidse.g. Aluminium hydrated oxide ( Alu-Cap, Maalox, Mucogel ) , magnesium carbonate ( aromatic Mg carbonate unwritten suspension ) , magnesium trisilicate tablets and suspension, Hydrotalcite suspension, Altacite Plus, Maalox Plus, Alginates:Gaviscon Advance A ; baby, Rennie Duo, Topal, peptic, Acidex, H2-blockers:Cimetidine, cimetidine, Famotidine, Ranitidine, Nizatidine, Proton pump inhibitors:esomeprazole ( Nexium ) , Lansoprazole ( Zoton ) , Omeprazole ( Losec, omepazole ) , pantoprazole ( Protium : 2. Peptic Ulcer: Peptic ulcer is besides treated with alkalizers and H2-antagonists. Patient who takes NSAIDs should take with Prostaglandin parallel ( e.g. Misoprostol ( cytotec ) 3. Inflammatory bowel disease: a. Ulcerative inflammatory bowel disease: intervention of ulcerative inflammatory bowel disease depends on the badness of the disease. drugs are used in ulcerative inflammatory bowel disease are: Aminosalicylates ( balsalzide Na ( Colazide ) , Mesalazine ( AsacolMR, Ipocol, MesrenMR, Pentasa ) , Olsalazine Sodium ( Dipentium ) , Sulfasalazine ( Salazopyurin ) Corticosteroids: such as beclometasoneDipropionate ( ( Clipper ) , Budesonide ( Entocort ) , Hydrocorticone ( Colifoam ) , Pediapred ( predenema, predfoam, predsol ) Immunomodulators: such as Azathioprine, Purinethol, 4. Cranky Bowel Syndrome: There is no remedy for IBS, but drugs are available to handle the symptoms. E.g. Constipation drugs: Bisacodyl, Docustae Na ( docusol, Dioctyl ) , Glycerol, Senna, Na picosulfate ( Dulco-lax ) , Laxatives ( lactulose, macrogols ( Movicol ) , Phosphate clyster, Microlette Micro-enema. Bowel cleansing solution etc. Diarrhea: To halt diarrhea drugs are available such as: e.g. Loperamide, Imodium, Co-phenotrope ( Lomotil ) , Codeine Phosphate, Antispasmodic: helps to command colon musculus cramps and cut down abdominal hurting Antidepressants may alleviate some symptoms. 5. Hemorrhoids: intervention of hemorrhoids is ab initio alleviating symptoms. ( E.g tub baths, picks, suppository ) and forestalling the return of hemorrhoids require cut down the force per unit area and straining of irregularity. ( e.g Increasing fiber and fluids in diet, exercising, laxacitive, etc. Oeintment, picks, suppositories Local anaesthetics: e.g Xylocaine Vasoconstrictors: e.g Ephedrine sulfate, adrenaline, phenylephrine Protectants: Glycerin, hemimorphite, Zn oxide, aluminum hydrated oxide gel. Astrigents: hemimorphite, Zn oxide. Antiseptics: boracic acid Analgesics Corticosteroids: cortisol Surgery: Haemorrhoidectomy, Rubber set ligation, injection. P2 ( degree Celsius ) List the common side effects with each of the interventions named in P2 ( B ) Side effects of alkalizers drugs: Diarrhoea, silica-based nephritic rocks on long term intervention, aluminum incorporating alkalizers may be cloging. H2-blocker drugs side effects: Diarrhoea, concern, giddiness, roseola, fatigue, alopecia, seldom tachycardia, anorexia, cholestatic icterus, interstitial pneumonia, anxety, insomnia, dry oral cavity, gustatory sensation perturbation, sudating, alopecia, vasculitis. Proton Pump Inhibitors drugs side effects: Nausea, purging, abdominal hurting, flatulency, diarrhea, irregularity, concern, dry oral cavity, peripheral odema, giddiness, sleep perturbation, weariness, par-aesthesia, arthralgia, myodynia, roseola, pruritus, other side effects are really seldom stomatitis, hepatitis, icterus, hypertensitivity, febrility, depression, hallucinations, confusion, gynaecomastia, Brights disease, blood upsets, ocular perturbation, sudating, alopecia, etc. Aminosalicylates side effects: Diarrhoea, sickness, purging, abdominal hurting, headhache, roseolas, loss of appetency, blood upsets, ataxy, sterile meningitis, dizziness, depression, oligospermia. Corticosteroids side effects: high blood pressure, Na and H2O keeping, K and Ca loss, and glucocorticsteroid side effects are diabetes osteoporosis, high dosage of corticoid can do Cushing s syndrome with Moon face, acne, striae, and others and gastro-intestinal side effects are dyspepsia, abdominal distention, acute pancreatitis, oesophageal ulceration, candidasis, musculus failing, vertebral and long bone break, endocrinal effects catamenial abnormalities, amenorrhea, hirsuteness, weight addition, Neuropsychiatric effects: insomnia, schizophrenic disorder, ophthalmic effects ; glaucoma, increased intra optic force per unit area, besides skin wasting, urtication, myocardial rupture, hyperglycaemia, hiccoughs, unease, concern, vertigo etc. Stimulant laxatives: urine coloring material alteration, colic, local annoyance from suppositories. Anti-Motility drugs side effects: abdominal spasms, giddiness, sleepiness, and tegument roseolas, urtications, abdominal bloating, and paralytic intestinal obstruction. P2 ( vitamin D ) for each of the intervention, discourse the information you would give to patients assist them utilize the intervention efficaciously. Try and avoid big repast, particularly in the eventide. Try eating repasts and distribute these repasts through the twenty-four hours. Avoid fatty nutrients in the eventide. Avoid inordinate intoxicant, tea, java, spicy nutrient Stress direction or relaxation therapy Regular exercising Avoid sitting hunched Avoid tight belts Raising the caput of the bed may cut down the symptoms attempt to avoid smoke if self-treatment are non working see your physician for advice.

History and Facts About Alcatraz Prison

History and Facts About Alcatraz Prison Once considered the prison of American prisons, the island of Alcatraz in San Francisco Bay has been an asset to the U.S. Army, the federal prison system, jailhouse folklore, and the historical evolution of the West Coast. Despite its reputation as a cold and unforgiving penitentiary, Alcatraz is now one of the most prominent tourist magnets in San Francisco. In 1775, Spanish explorer Juan Manuel de Ayala chartered what is now San Francisco Bay. He called the 22-acre rocky island La Isla de los Alcatraces, meaning Island of the Pelicans. With no vegetation or habitation, Alcatraz was little more than a desolate islet occupied by the occasional swarm of birds. Under the English-speaking influence, the name Alcatraces became Alcatraz. Fort Alcatraz Alcatraz was reserved for military use under President Millard Fillmore in 1850. Meanwhile, the discovery of gold in the Sierra Nevada Mountains brought growth and prosperity to San Francisco. The lure of the Gold Rush demanded the protection of California as gold seekers flooded the San Francisco Bay. In response, the U.S. Army built a fortress on the rocky face of Alcatraz. They made plans to install more than 100 cannons, making Alcatraz the most heavily armed entity on the West Coast. The first functional lighthouse on the West Coast was built on Alcatraz Island as well. Once fully equipped with weaponry in 1859, the island was deemed Fort Alcatraz. Having never fired its own weapons in combat, Fort Alcatraz quickly evolved from an island of defense to an island of detention. In the early 1860s, civilians arrested for treason during the Civil War were housed on the island. With the influx of prisoners, additional living quarters were built to house 500 men. Alcatraz as a jail would continue for 100 years. Throughout history, the average population of the island hovered between 200 and 300 people, never at maximum capacity. The Rock After the devastating San Francisco earthquake of 1906, inmates from nearby prisons were transferred to the infallible Alcatraz. Over the next five years, prisoners built a new jail, designated Pacific Branch, U.S. Military Prison, Alcatraz Island. Popularly known as The Rock, Alcatraz served as an army disciplinary barracks until 1933. Prisoners were educated and received military and vocational training here. Alcatraz of the early 20th century was a minimum-security prison. Prisoners spent their days working and learning. Some were even employed as babysitters for the families of prison officers. They eventually built a baseball field and inmates fashioned their own baseball uniforms. Boxing matches among inmates known as â€Å"Alcatraz Fights† were hosted on Friday nights. Prison life played a role in the changing landscape of the island. The military transported soil to Alcatraz from nearby Angel Island, and many prisoners were trained as gardeners. They planted roses, bluegrass, poppies, and lilies. Under the order of the U.S. Army, Alcatraz was a fairly mild institution and its accommodations were favorable. The geographic location of Alcatraz was the undoing of U.S. Army occupation. Importing food and supplies to the island was much too expensive. The Great Depression of the 1930s forced the army off the island, and the prisoners were transferred to institutes in Kansas and New Jersey. Uncle Sam’s Devil’s Island Alcatraz was obtained by the Federal Bureau of Prisons in 1934. The former military detention center became America’s first maximum-security civilian penitentiary. This â€Å"prison system’s prison† was specifically designed to house the most horrendous prisoners, the troublemakers that other federal prisons could not successfully detain. Its isolated location made it ideal for the exile of hardened criminals, and a strict daily routine taught inmates to follow prison rule and regulation. The Great Depression witnessed some of the most heinous criminal activity in modern American history, and Alcatraz’s severity was well suited to its time. Alcatraz was home to notorious criminals including Al â€Å"Scarface† Capone, who was convicted of tax evasion and spent five years on the island. Alvin â€Å"Creepy† Karpis, the FBI’s first â€Å"Public Enemy,† was a 28-year resident of Alcatraz. The most famous prisoner was Alaskan murderer Robert â€Å"Birdman† Stroud, who spent 17 years on Alcatraz. Over its 29 years of operation, the federal prison housed more than 1,500 convicts. Daily life in the Alcatraz Federal Penitentiary was harsh. Prisoners were given four rights. They included medical attention, shelter, food, and clothing. Recreational activities and family visits had to be earned through hard work. Punishments for bad behavior included hard labor, wearing a 12-pound ball and chain, and lock-downs where prisoners were kept in solitary confinement, restricted to bread and water. There was a total of 14 escape attempts by over 30 prisoners. Most were caught, several were shot, and a few were swallowed by the chilling swells of the San Francisco Bay. Why Did Alcatraz Close? The prison on Alcatraz Island was expensive to operate, as all supplies had to be brought in by boat. The island had no source of fresh water, and almost one million gallons were shipped in each week. Building a high-security prison elsewhere was more affordable for the Federal Government, and as of 1963 â€Å"Uncle Sam’s Devil’s Island† was no more. Today, the equivalent of the infamous federal prison on Alcatraz Island is a maximum-security institution in Florence, Colorado. It is nicknamed â€Å"Alcatraz of the Rockies†. Tourism Alcatraz Island became a national park in 1972 and is considered part of the Golden Gate National Recreation Area. Open to the public in 1973, Alcatraz sees more than one million visitors from across the globe each year. Alcatraz is best known as a maximum-security prison. Media attention and fantastic stories have exaggerated this image. The San Francisco Bay islet has been much more than this. Alcatraz as a mass of rock named for its birds, an American fort during the Gold Rush, an army barracks, and tourist attraction may be less enticing but allude to a more dynamic existence. It is one to be embraced by San Francisco and California as a whole.

Elizabeth Gaskell short story The Old Nurse's Story, which is taken Essay

Elizabeth Gaskell short story The Old Nurse's Story, which is taken from the Virago Book of Ghost Stories (Virago 2006), The Weir by Connor McPherson, and dramatises Valerie's story - Essay Example ‘The Virago Book of Ghost Stories’ has series of ghost stories which are edited chronologically so that the reader can feel the change in the pattern of the ghost stories over the ages. In the short story ‘The Old Nurse’s Story’, the author Mrs. Gaskell pitches in various factors that make the plot of the story truly supernatural. She inculcates the series of untimely deaths, the secrets of the family, the sibling rivalries along with more common features like love and jealousy. The most important attribute that makes the story so popular in the genre of the supernatural stories is the addition of certain Gothic features like that of the old manor house, stormy evenings, extreme emotions, super natural ambience and above all the child ghost. The excerpts from the story, â€Å"I was all in a hot, trembling passion; and I said it was very well for her to talk, that knew what these sights and noises betokened, and that had, perhaps, had something to do with the spectre -child while it was alive. And I taunted her so, that she told me all she knew, at last; and then I wished I had never been told, for it only made me afraid more than ever† (Gaskell, â€Å"The Old Nurses Story†) provides for the superb case of spectre - child. The play ‘The Weir’ captures the scene of a regular rural Irish Bar where three ‘regulars’ are busy in having drink with the bar owner. The four of them are old time friends. While sipping in to their drinks, they are busy narrating and swapping stories with each other. All of a sudden, a lady, in her late thirties, arrives at the bar and asks for wine. She joins the four friends with her drink. The chemistry of the group changes as all of them tries to impress the lady with their stories which in due course of time turns to Irish folklores with supernatural events. After all the male counterparts are done with their respective stories, the lady commences her narration of the melancholy

Why is it important for the marketer to distinguish between customer Essay

Why is it important for the marketer to distinguish between customer acquisition, conversion, and retention when developing marketing strategies - Essay Example The dynamics of the three aspects are also very different, so telling them apart makes it easy for the marketer to develop an effective marketing strategy. Another important point is that all three concepts are methodical and systematic, meaning they have to be conducted in an orderly manner. Customer acquisition is always the first activity to be carried out, because customers cannot be acquired or retained if they do not exist. A marketer who can distinguish the three concepts is also more likely to understand that they must be conducted in an orderly fashion (Tracy 47). An ability to distinguish the three aspects gives the marketer the impetus to implement them effectively, and make the whole marketing strategy effective. Finally, distinguishing these concepts allows the marketer to identify possible mistakes made during the development of the marketing strategy. For example, if customer acquisition is not done effectively, the marketer can pinpoint the areas of weakness and develop appropriate measures to eliminate

Piece of irony Essay Example for Free

Piece of irony Essay His odyssey then comes to a halt, as he perceives his friend, Henry Clerval. Coming across this memorable person allows him to forget his horror and misfortune; it allows him to feel calm and serene joy. They exchange stories and Victor reveals the scenario of his created monster. Henry believes it is a disturbed imagination, but the pertinacity of the story allows it to become believable. Where will Frankenstein go from here? This chapter is of pure significance to how the story is concluded. It creates suspense, knowing there is a vile monster on the loose. Where will it go? What will it do? This chapter allows new themes to be created. Death! Love! What will this mean for Frankenstein? Will he live or will he die? How will this gothic novel conclude and what effect will this monster have on the communities welfare? The character of Frankenstein should be immensely appreciated. Is Frankenstein who we think he is? From previously read chapters, we see the emotional and diligent side of Frankenstein. He is seen to be energetic, beneficial, well-mannered; a man of determination who would in capacitate at the thought of failure. However, chapter 5 emphasizes the indolent and non-progressive side of Dr. Frankenstein. We see this by the way he reacts to the form and appearance of his unforgettable monster. For example, he uses a great phrase: With anxiety that almost amounted to agony. This suggests that the amount of fear and worry was immensely increasing. Victors feelings towards his creature are negative, consequently his use of irony emphasizes this. One piece of irony used is: I had selected his features as beautiful. Beautiful! Great God! Victor doesnt mean what he says so he uses sarcasm to overlap his disappointment. Victor also uses a rhetorical question to make himself and the reader think. He asks himself: how can I describe my emotions at this catastrophe? . This once again clarifies his negativity towards the monster. In this chapter, Victor has two main dreams, one being of relevance. His first dream is about the outcome of his creation; the beauty that had encountered to disgust and breathless horror. The second of the two dreams is the most abnormal. Victor dreamt that his wife Elizabeth had wandered the streets of Ingolstadt in the bloom of health; once embracing her, he kisses her dainty lips and somehow her body reforms to that of his dead mother, wrapped up in cloth, covered scarcely in graveworms. This is of pure relevance to the rest of the novel as they are seen as signs for what is to come in the future. As it happens, his dream in some phases becomes true. Elizabeth, Victors wife gets killed by his vicious creature. From this stage, Victor is forced to create a companion for the monster; not consenting to this would lead to more homicides within Victors family. In the novel, Mary Shelley illustrates a poem to correlate with Victors retreat from home. The first line of the poem reads: Like one, on a lonesome road. Using this sentence suggests that Victor is walking by himself; disassociated with anyone. At this moment in time, he is feeling poorly and anxious about what the consequences hold. The second line reads: Doth walk in fear and dread. This emphasizes the fact that he is scared as he triumphants through the streets. The next line reads: And having once turned round, walks on. This phrase states that he turns around to see his surroundings, and then continues his journey. Victors feels as if the monster has banished him from Ingolstadt. The following line reads; And turns no more his head. This tells us that Victor doesnt want to come in contact with the monster again. At this point, Victor still has the feeling of disappointment and embarrassment in himself. Next the poem reads; Because he knows a frightful flend. This means he knows a frightful demon, of whom to him is the monster he created. The final line of the poem reads: Doth close behind him tread. This means that the monster is perhaps close behind him. At this moment, Victor feels paranoid and weary. Within this gothic novel, Victor includes 3 themes: dark science, isolation and weather. Dark science is used to indicate the creation of the fiend, made from scarce rotted bodily parts. His thoughts are deep and out of this world. His knowledge takes him so deep into science that his tutor tries to prevent him passing a certain stage in his medical degree. His aim is to infuse life into an inanimate body. He succeeds, however is disappointed with his result. During this theme, it is intercepted by weather. During the lonely nights and experimental days, the dark science compacts with horrid weather. For example: it was on a dreary night of November that I beheld the accomplishments of my toils. This tells us that the night the monster was finalised, the night and atmosphere was very dull. Another example of the weather.

Are Calcium Supplements Really Necessary? Essay -- Health Nutrition Pa

Are Calcium Supplements Really Necessary? Are calcium supplements really necessary, and if so, are they necessary for all age groups? This is a debated issue at this point, and there are facts and studies that have results going both ways. The difficult part is deciphering which studies are accurate, which are applicable to specific groups of individuals, and which are simply ploys to make a profit. But no matter what the conclusions, all studies agree that calcium, in one form or another, is essential for forming and maintaining strong bones. BONE BUILDING AND BONE LOSS First of all, calcium is essential for the strengthening of teeth and bones, muscle and nerve function, and is also a necessary factor for blood clotting. Although most people are aware of this, calcium is severely deficient in most of our diets. As a result, we are experiencing an epidemic of osteoporosis in our society and high blood pressure, which causes kidney and heart damage and stroke. The human body is constantly building and destroying bone mass. As long as it is receiving sufficient calcium, exercise, and hormones, bone building stays ahead of bone loss; osteoporosis occurs in older people when bone loss outpaces their bone building. This was once considered to be an inevitable part of the aging process, but it is now recognized as the most common skeletal disease in the world, leading to debilitating injuries that can have serious complications and even result in death. Factors of this disease include genetics, ethnicity, family history, and body type. (http://www.ghc.org /nwhealth/julaug96/women.html) CALCIUM NECESSARY FOR ALL AGES An adequate calcium intake is essential for all ages. Young children need high doses because th... ...oducts improve bone density in adolescent girls?" School of Allied Health Professions, University of Connecticut, Storrs 06269-2101, USA. Levenson DI. Bockman RS. Nutrition Reviews 52(7):221-32, 1994 Jul. "A review of calcium preparations." New York Hospital, Cornell University Medical Center, NY. Saggese G. Igli Baroncelli G. Annali dell Instituto Superiore di Sanita. 31(4):461-79, 1995. "Nutritional aspects of calcium and Vitamin D from infancy to adolescence." Istituto di Clinica Pediatrica Universita degli Studi, Pisa, Italy. Whiting SJ. Wood R. Kim K. Journal of the American Academy of Nurse Practitioners. 9(4):187-92, 1997 Apr. "Calcium supplements." University of Saskatchewan, Saskatoon, Canada. Whiting SJ. Nutrition Reviews 52(3):95-7, 1994 Mar. "Safety of some calcium supplements questioned." University of Saskatchewan, Saskatoon, Canada.

Valuation: Apv vs Wacc

The three approaches value the entire firm but they differ around the way they treat tax shields. We will first review the rational and the underlying assumptions behind each approach. We will then use a numerical example to illustrate the mechanics behind the three approaches and show under which assumptions they yield the same results. Enterprise Valuation According to Modigliani and Miller, the value of a company’s economic assets must equal the value of the claims against those assets.Enterprise valuation models value the sum of the cash flows to all claim holders, including equity holders and debt holders and discount them to the appropriate cost of capital. The cash flow available to all claim holders is called the free cash flow (FCF) from operations and is defined below: FCF = EBIAT + Depreciation – Capital Expenditure – Increases in Working Capital EBIAT is the income the company earns after tax without regard to how the company is financed. Non-cash exp enses such as Depreciation are then added.Because we are valuing a going concern we also take into account the cash flow management will retain for new capital expenditures and possible increase in working capital. The remaining is in effect the cash available to owners and creditors. By definition free cash flow is independent from leverage (and is often referred as un-levered free cash flow). Therefore the value derived from the interest tax shield (interest on debt is tax deductible) has still to be incorporated in the enterprise valuation.This is where the three approaches WACC, APV and CCF differ: †¢ The WACC approach values the tax shield by adjusting the cost of capital †¢ The APV approach values the tax shield separately from the un-levered free cash flow †¢ The CCF approach values the tax shield by incorporating it in the cash flow The Weighted Average Cost of Capital Approach To determine the value of the enterprise, the free cash flows from operations have to be discounted to present value. According to Modigliani and Miller’s proposition number one without taxes or financial market mperfections the cost of capital does not depend on financing so the weighted average of the expected returns to debt and equity investors equals the opportunity cost of capital regardless of leverage: Rd x D/V + Re x E/V = Ra = Constant independent of D/V Ra = Opportunity cost of capital = Un-levered cost of equity = Return on assets = pre-tax WACC Rd = Cost of debt, Re = Cost of equity, D/V and E/V = Target levels of debt and equity using market values Fabrice Bienfait IFM Final Paper Page 2 of 8None of the components of the cost of capital are directly observable and therefore need to be approximated using various models and assumptions. The cost of equity is derived from the capital asset pricing model (CAPM) while the cost of debt can be estimated from the firm credit rating and default risk or from yields on publicly traded debt. However inter est on debt is tax deductible so if we were to discount free cash flows from operations using Ra we would not take into account the value of the tax shield.Therefore the after-tax weighted average cost of capital (WACC) is used instead. WACC includes an adjustment to the cost of debt by the marginal tax rate (Tm): WACC = Rd x (1-Tm) x D/V + Re x E/V (= Ra – Rd x Tm x D/V) WACC is less than the opportunity cost of capital Ra because the cost of debt is calculated after tax as Rd (1-Tm). Thus the tax advantages of debt financing are reflected in a lower discount rate. The WACC equals the opportunity cost of capital when there is no debt and declines with financial leverage because of increasing interest tax shields.The WACC increases again when the debt level becomes significant relative to the value of the firm reflecting the main costs associated with borrowing, the costs of bankruptcy. Figure 1: WACC as a Function of the Debt Ratio Rates of Return Re R WACC Rd Debt to Equity Discounting all future cash flows using a constant WACC assumes that the company manages its capital structure to a fixed debt to value ratio (D/V).Therefore the company’s WACC is the right discount rate only if the company’s debt ratio (D/V) is expected to remain reasonably close to constant. However if the company is expected to significantly change its capital structure (i. e. Fabrice Bienfait IFM Final Paper Page 3 of 8 constant level of debt, LBO, recapitalization), the WACC would have to be continuously adjusted which makes the approach more difficult to apply.The Adjusted Present Value Approach The APV approach values the cash flows associated with capital structure independently by separating the value of operations into two components: the value of the firm without debt and the benefits and the costs of borrowing: Value of the firm = Value of the un-levered firm + Present value of interest tax shields – Costs of financial distress The value of the un-l evered firm is obtained by discounting free cash flows at the return on assets (Ra).If the company manages its debt-to-value to a target level (D/V=constant) then the interest tax shield is as risky as the firm and should be discounted at Ra. In this case the APV approach yields the same results as the WACC approach but is computationally less efficient. However if the debt is assumed to be a fixed amount (D=constant) the interest tax shield is less risky than the firm but as risky as the debt itself and should be discounted at the cost of debt.In this case the APV approach is not only the only correct approach, it is also computationally very efficient if the tax saving are considered as perpetuity since: Present value of interest tax shields = (Tm x Rd x D) / Rd = Tm x D The main risk in using the APV approach is to ignore the costs of financial distress, especially at very high debt ratios, which leads to an overvaluation of the firm.The Capital Cash Flow Approach Capital cash fl ows are simply derived from free cash flows by adding interest tax shields: CCF = FCF + Interest tax shield = FCF + Tm x Rd x D With this approach capital cash flows are then discounted at the return on assets. This implicitly assumes that interest tax shields are as risky as the firm and are discounted at the return on assets. This is true when debt is a fixed proportion of value. Under this assumption the capital cash flow approach will generate the same results as the WACC approach.Furthermore if the debt is forecasted in levels instead of a debt-to-value ratio the CCF approach is easier to use because the tax shield are simple to calculate and to include in the CCF. If the forecasted debt levels imply a change in the debt-to-value ratio, the CCF retains his simplicity since the discount rate, the return on assets, is independent of the capital structure and can be used for every forecast period. Therefore the approach is easier to apply in transactions involving change in capita l structure such as a LBO or a restructuring.However in this case discounting the interest tax shields at Ra is a simplifying assumption since the risk of those cash flows is not anymore the same as the risk associate with the firm. Fabrice Bienfait IFM Final Paper Page 4 of 8 Numerical Example Table 1 shows the financial assumptions underlying our numerical example. The firm is valued over a period of 5 years during which EBIT is growing at 5% per annum and depreciation, capital expenditure and increase in working capital are constant. However the firm’s capital structure changes significantly through the repayment of a major portion of its debt.Table 1: Assumptions (in â‚ ¬) Risk Free Rate Market Risk Premium Tax Rate Asset Beta Debt Beta EBIT Depreciation Capex Increase in NWC Debt Year 1 5% 7% 40% 1. 2 0. 4 100,000 50,000 60,000 10,000 100,000 Year 2 5% 7% 40% 1. 2 0. 35 105,000 50,000 60,000 10,000 50,000 Year 3 5% 7% 40% 1. 2 0. 3 110,250 50,000 60,000 10,000 25,000 Year 4 5% 7% 40% 1. 2 0. 25 115,763 50,000 60,000 10,000 12,500 Year 5 5% 7% 40% 1. 2 0. 2 121,551 50,000 60,000 10,000 6,250 We will start valuing the firm using the WACC approach (see table 2).This is the less appropriated and most complex methodology given the forecasted changes in capital structure. Indeed the WACC needs to be recalculated every year and an iterative calculation has to be used since the value of the firm for each year is required to derive the percentage of debt and equity. The firm value in year N is the value of the remaining cash flows. For instance the value of the firm at the beginning of Year 3 is the value of the remaining cash flow in Year 3, 4 and 5 discounted using the WACC in year 3, 4 and 5.Table 2: WACC Valuation (in â‚ ¬) EBIT – Taxes on EBIT = EBIAT + Depreciation – Capex – Increase in NWC = FCF Percent Debt Cost of Debt After Tax Cost of Debt Percent Equity Return on Assets Cost of Equity WACC Discount Factor PV Firm Value Year 1 100,000 (40,000) 60,000 50,000 (60,000) (10,000) 40,000 61. 3% 7. 8% 4. 7% 38. 7% 13. 4% 22. 3% 11. 5% 0. 90 35,878 163,178 Year 2 105,000 (42,000) 63,000 50,000 (60,000) (10,000) 43,000 35. 2% 7. 5% 4. 5% 64. 8% 13. 4% 16. 6% 12. 4% 0. 80 34,329 141,923Year 3 110,250 (44,100) 66,150 50,000 (60,000) (10,000) 46,150 21. 5% 7. 1% 4. 3% 78. 5% 13. 4% 15. 1% 12. 8% 0. 71 32,666 116,451 Year 4 115,763 (46,305) 69,458 50,000 (60,000) (10,000) 49,458 14. 7% 6. 8% 4. 1% 85. 3% 13. 4% 14. 5% 13. 0% 0. 63 30,979 85,196 Year 5 121,551 (48,620) 72,930 50,000 (60,000) (10,000) 52,930 13. 3% 6. 4% 3. 8% 86. 7% 13. 4% 14. 5% 13. 1% 0. 55 29,325 46,817 Fabrice Bienfait IFM Final Paper Page 5 of 8 The cost of debt is calculated using CAPM: The cost of equity is calculated using the M&M proposition I:Rd = Rf + ? d x MRP Re = (Ra – D/V Rd) / (E/V) Using the WACC approach we find a value for the firm of â‚ ¬163,178. Next we use the APV approach to value the firm calculating separately the value of the un-levered firm and the value of the interest tax shield (Tm x Rd x D). The approach is straightforward in this case since we are given a forecast of the level of debt. We find that the APV approach yields the same firm value (â‚ ¬163,178) as the WACC approach when discounting interest tax shield at Ra.We also illustrate that using Rd would yield a higher valuation of the firm (this is not the correct discount rate in this case given that the debt is not constant). Table 3: APV Valuation (in â‚ ¬) FCF Return on Assets Discount Factor PV Value of Unlevered Firm Interest Tax Shield Return on Assets Ra Discount Factor PV Value of Interest Tax Shield @ Ra Interest Tax Shield Cost of Debt Rd Discount Factor PV Value of Interest Tax Shield @ Rd Value of Firm with ITS @ Ra Value of Firm with ITS @ Rd Year 1 40,000 13. 4% 0. 88 35,273 158,491 3,120 13. % 0. 88 2,751 4,686 3,120 7. 8% 0. 93 2,894 5,121 163,178 163,613 Year 2 43,000 13. 4% 0. 78 33,438 Year 3 46,150 13 . 4% 0. 69 31,647 Year 4 49,458 13. 4% 0. 60 29,907 Year 5 52,930 13. 4% 0. 53 28,225 1,490 13. 4% 0. 78 1,159 710 13. 4% 0. 69 487 338 13. 4% 0. 60 204 160 13. 4% 0. 53 85 1,490 7. 5% 0. 86 1,286 710 7. 1% 0. 81 572 338 6. 8% 0. 76 255 160 6. 4% 0. 71 114 Finally we use the CCF approach. The calculation clearly shows how the interest tax shields are incorporated in the cash flows and then discounted at Ra.The CCF approach is equivalent to the WACC approach. Furthermore the approach also produces the same value as the APV method with interest tax shields discounted at Ra. Fabrice Bienfait IFM Final Paper Page 6 of 8 Table 4: CCF Valuation (in â‚ ¬) EBIT – Taxes on EBIT = EBIAT + Depreciation – Capex – Increase in NWC + Interest tax Shield = CCF Return on Assets Discount Factor PV Firm Value Year 1 100,000 (40,000) 60,000 50,000 (60,000) (10,000) 3,120 43,120 13. 4% 0. 88 38,025 163,178 Year 2 105,000 (42,000) 63,000 50,000 (60,000) (10,000) 1,490 44,490 13. 4 % 0. 8 34,597 Year 3 110,250 (44,100) 66,150 50,000 (60,000) (10,000) 710 46,860 13. 4% 0. 69 32,134 Year 4 115,763 (46,305) 69,458 50,000 (60,000) (10,000) 338 49,795 13. 4% 0. 60 30,112 Year 5 121,551 (48,620) 72,930 50,000 (60,000) (10,000) 160 53,090 13. 4% 0. 53 28,311 Conclusions The three enterprise valuation techniques considered in this paper are different in the way they treat interest tax shields. However we have seen that the WACC approach and the CCF approach are identical and that under certain assumptions the APV approach also yields the same valuation.The WACC approach is easy to use and efficient when the assumption that capital structure will not change in the future can be made (D/V= constant). If debt level is forecasted to remain constant in absolute term (D=constant), the APV approach should be used discounting the interest tax shield at the cost of debt. Finally the CCF approach is the appropriate and most efficient approach when forecasted debt levels imply a change in capital structure. In this case it is also equivalent to the APV approach discounting the interest tax shield at the return on assets. Fabrice Bienfait IFM Final Paper

Audience as Market vs Audience as Public Essay

The relevance of ratings is very crucial, for it is what determines the most looked after programs that give a hint of satisfaction from the audiences as consumers. It is a measure of response that helps producers and managers determine what type of programs are appropriate for a certain time of the day. It also tells something about the audience, generally, their age and program preference. The audience-as-market view was manifested through the many advertisements that can be found on the commercials or air-time allotted in-between television programs. (Ang, 1991, pp. 28) Most of the television programs were an also profit-making program that generates money from the emotions and satisfaction of the public domain. In a more traditional sense, wherein broadcasting is used as a means of transmitting information, the audiences are viewed as a public. In a broad sense it portrays public service through broadcasting. Those who take broadcasting in the traditional sense believe that they have a responsibility to provide information to the public domain or to their audiences. (Ang, 1991, pp. 29) Impact of Globalization There had been several changes in the broadcasting industry due to the innovations in technology and the advent of globalization. The new ways of delivering audio-visual information via satellite have tremendously increase the audience choice and made access to different programs a lot more cheaper (McQuail, 1997, pp. 9). An instance that shows the advent of globalization can be reflected on the different interactive programs use to generate funds and advertisements. In public service broadcasting, the latest innovations have made it easier to get and present information and news. By being interactive, it had been able to solicit questions and opinions from the audience that further create a more informed viewers. Conclusion Broadcasting is a money-making industry that was promoted by a capitalist institution. Although there were views that it is ought to be used and contextualize to serve the public, nevertheless, this view would only be a part of a larger cultural-market scheme. It is important to analyze the institutional framework that fueled the broadcasting industry in able for one to determine how analyze the audience. Due to the fact that it is the institutional framework which determines who are the audiences and how they are supposed to response and be address. Bibliography Ang, I. 1991Desperately Seeking the Audience, Routledge, London/New York, , pp. 26-32 McQuail, D. 1997Audience Analysis, Sage, Thousand Oaks, California, , pp. 1-11. Moores, S. 2000. Media And Everyday Life In Modern Society. Edinburgh University Press. Edinburgh. pp. 5-23 Schirato, T. and Yell, S. 1996`Communication and Culture`, Communication and Cultural Literacy: An introduction, Allen and Unwin, St Leonards, Sydney, , pp. 1-21 Schlesinger, P. Do Institutions Matter For Public Servic Broadcasting? University of Stirling, Scotland. Retrieved on August 12, 2007. Retrieved from www. ofcom. org. uk/consult/condocs/psb2/psb2/psbwp/wp2schles. pdf Thompson, J. 1997, `Mass Communication and Mass Culture` in O`Sullivan, Tim and Jewkes, Yvonne (eds), The Media Studies Reader, Edward Arnold Ltd, London, pp. 28-41 Williams, R. 1997`Mass and Masses` in O`Sullivan, Tim and Jewkes, Yvonne (Eds), The Media Studies Reader, Edward Arnold ltd, , pp. 18-27

Pollock - An Overview of the Biopic essays

Pollock - An Overview of the Biopic essays For my film, I chose to cover the biopic, "Pollock", starring Ed Harris. The film covers the complex life of one of America's most abstract painters, Jackson Pollock. The film's lead, Ed Harris, was a fantastic choice for the role. A little-known fact, "Ed Harris's father bought his son a book about Jackson Pollock simply because he felt Ed bore a strong resemblance to the painter. Ever since then, Ed Harris became fascinated with Pollock's life." (IMDB, 2000) This allowed him to portray the role in a very personal, well-informed way. Because of this, the film truly allowed me to gaze into the artist's life and gain a deeper appreciation for the external elements that affected the art created by such a renowned artist. The film literally walks us through what Jackson Pollock experienced during his career and short life. It starts at the climax of his career with the artist signing Life magazines that he was featured on. It then quickly flashes back to the beginning, the struggles he faced, and the difficulty he had getting his art showcased. You can see the frustration portrayed, and you can sense that he's almost ready to give up. He's living with his brother Sande in a small apartment, when Lee Krasner decides to intervene. She brings Jackson home with her and becomes his manager. Throughout everything, alcohol is constantly getting in the way and causing heartache for everyone in his life. He gets a fairly big deal from Peggy Guggenheim, who he almost sleeps with and that leads to some moderate success. He marries Lee and focuses on his career, the alcohol still getting in the way of any sort of peace. Life magazine does a feature story on him and things get better. He backs off of alcohol te mporarily and that creates a better mood and relative peace. The peace didn't last for long and after a photographer attempting to make a movie on Jackson triggers his drinking, things spiral downwards. He lets it get out of hand and blo...

Battle of Coronel in World War I

Battle of Coronel in World War I Battle of Coronel - Conflict: The Battle of Coronel was fought off central Chile in the early months of World War I (1914-1918). Battle of Coronel - Date: Graf Maximilian von Spee won his victory on November 1, 1914. Fleets Commanders: Royal Navy Rear Admiral Sir Christopher CradockArmored Cruisers HMS Good Hope HMS Monmouth Light Cruiser HMS Glasgow Converted Liner HMS Otranto Kaiserliche Marine Admiral Graf Maximilian von SpeeArmored Cruisers SMS Scharnhorst SMS Gneisenau Light Cruisers SMS Nurnberg, SMS Leipzig, SMS Dresden Battle of Coronel - Background: Based at Tsingtao, China, the German East Asiatic Squadron was the only German naval squadron overseas at the outbreak of World War I. Composed of the armored cruisers SMS Scharnhorst and SMS Gneisenau, as well as two light cruisers, the fleet was commanded by Admiral Maximilian von Spee. An elite unit of modern ships, von Spee had personally selected the officers and crews. With the wars start in August 1914, von Spee began making plans to abandon his base at Tsingtao before he was trapped by British, Australian, and Japanese forces. Charting a course across the Pacific, the squadron commenced a campaign of commerce raiding and frequented British and French islands seeking targets. While at Pagan, Captain Karl von Muller asked if he could take his ship, the light cruiser Emden on a solo cruise through the Indian Ocean. This request was granted and von Spee continued on with three ships. After sailing to Easter Island, his squadron was reinforced in mid-October 1914, by the light cruisers Leipzig and Dresden. With this force, von Spee intended to prey upon British and French shipping on the west coast of South America. Battle of Coronel - British Response: Alerted to von Spees presence, the British Royal Navy began making plans to intercept and destroy his squadron. The closest force in the area was Rear Admiral Christopher Cradocks West Indies Squadron, consisting of the older armored cruisers HMS Good Hope (flagship) and HMS Monmouth, as well as the modern light cruiser HMS Glasgow and the converted liner HMS Otranto. Aware that Cradocks force was badly outgunned, the Admiralty dispatched the elderly battleship HMS Canopus and the armored cruiser HMS Defence. From his base in the Falklands, Cradock sent Glasgow ahead into the Pacific to scout for von Spee. By late October, Cradock decided that he could not wait any longer for Canopus and Defence to arrive and sailed for the Pacific unreinforced. Rendezvousing with Glasgow off Coronel, Chile, Cradock prepared to search for von Spee. On October 28, First Lord of the Admiralty Winston Churchill issued orders to Cradock to avoid a confrontation as reinforcements might be available from the Japanese. It is not clear whether Cradock received this message. Three days later, the British commander learned via a radio intercept that one of von Spees light cruisers, SMS Leipzig was in the area. Battle of Coronel - Cradock Crushed: Moving to cut off the German ship, Cradock steamed north and ordered his squadron into battle formation. At 4:30 PM, Leipzig was sighted, however it was accompanied by von Spees entire squadron. Rather than turn and run south towards Canopus, which was 300 miles away, Cradock opted to stay and fight, though he did direct Otranto to flee. Maneuvering his faster, larger ships out of range of the British, von Spee opened fire around 7:00 PM, when Cradocks force was clearly silhouetted by the setting sun. Hitting the British with accurate fire, Scharnhorst crippled Good Hope with its third salvo. Fifty-seven minutes later, Good Hope sank with all hands, including Cradock. Monmouth was hit badly as well, with its green crew of recruits and reservists fighting valiantly though ineffectively. With his ship burning and disabled, Monmouths captain ordered Glasgow to flee and warn Canopus, rather than attempt to tow his ship to safety. Monmouth was finished off by the light cruiser SMS Nurnberg and sank at 9:18 PM with no survivors. Though pursued by Leipzig and Dresden, both Glasgow and Otranto were able to make good their escape. Battle of Coronel - Aftermath: The defeat off Coronel was the first suffered by a British fleet at sea in a century and unleashed a wave of outrage across Britain. In order to deal with the threat posed by von Spee, the Admiralty assembled a large task force centered on the battlecruisers HMS Invincible and HMS Inflexible. Commanded by Admiral Sir Frederick Sturdee, this force sunk all but the light cruiser Dresden at the Battle of the Falkland Islands on December 8, 1914. Admiral von Spee was killed when his flagship, Scharnhorst sank. Casualties at Coronel were one-sided. Cradock lost 1,654 killed and both of his armored cruisers. The Germans escaped with only three wounded. Selected Sources Massie, Robert K., Castles of Steel: Britain, Germany and the Winning of the Great War at Sea. New York: Random House, 2003.Battle of CoronelBattles, 1914: Battle of Coronel

Journal Essay Example | Topics and Well Written Essays - 250 words - 72

Journal - Essay Example For instance, the story uncovers the ordeal faced by the immigrants back in their countries, which drives them to take a journey through the dangerous sea. Additionally, the author explores how Sicily, its residents, and the government of Italy has come in to provide rescue efforts to these immigrants and provide a safe landing in the form of holding places instead of turning them back. Nevertheless, the journalist ignores another critical part of the story, which is the fatal passage. He ought to emphasize how the bought, and ship journeys are a matter of life and death to discourage anybody willing to go through the journey. In this article, he makes the journey seem like a mere bad luck for one to die, instead of stressing on the fact that it is a gruesome risk with 1% percent chance of reaching the destination. Hence, the story is presented in such a way that it tends to encourage immigration despite the deadly trip it takes to reach Italy. Nonetheless, the article achieves the c riteria for newsworthiness because it contains several elements such as the significance, human interest, and timing among