The History of the African Women

70% of African ladies with inabilities get them from their spouses. In Africa, most ladies have next to zero rights. This impacts what they can accomplish for work, how their family life is, and what future they have. Ladies all through time, particularly in African culture, have consistently been docile to men. The status of ladies in Africa is inferior. In nations like the United States, ladies have indistinguishable rights from men and are practically equivalent. In any case, in Africa it†s very surprising. Ladies need to realize that they ought to be equivalent to men. It's imperative to comprehend that each race is separated at one point in time. This ought not occur on the off chance that we have an acknowledgment. This comprehension would understand that everybody put on this planet was made equivalent. Ladies, sadly, have been very oppressed, even in this century. Ladies are so barbarously thought of that now, ladies see nothing amiss with mental and physical mercilessness towards them. Since the status of ladies in Africa, is so low, it has made numerous men overwhelm women†¦ genuinely. An ever increasing number of ladies are being beaten and feeling that it is alright in light of the fact that the ladies think men are better than them. An alarming truth is that 16 2/3 percent of ladies are battered by their accomplices and 46% of these cases the kids are beaten as well. â€Å"If you go to the police and grumble that your better half is manhandling you or hitting you the specialists would think, ‘Oh well she presumably merited it! â€Å"† Said Lindy Mieza. A lady named Geli expounded on her life where she says, â€Å"My mother†¦ she continually endured awful physical and mental maltreatment from him†¦ 50% of ladies in Africa ladies will be assaulted in their life time. There were 23,806 assaults in the initial a half year of 1996. Furthermore, what more terrible is that police gauge that for each assault revealed another thirty-five happens. South Africa, â€Å"Already standing up to the universes most noticeably awful homicide rate the nation has a frightening new certainty to confront: there is an assault like clockwork.. † Geli composed, â€Å"Being assaulted doesn†t mean it†s by some you don†t know, I was assaulted by my better half and his friends†¦ taking everything into account, when men over force ladies, ladies feel less and less significant and the status of ladies turns out to be more terrible. Destitution is an issue in light of the fact that most kids who experience childhood in neediness, bite the dust there. They don†t fundamental get shot or murdered, they end up not having the option to move out neediness and find a fair line of work, particularly ladies. Ladies in Africa are compelled to be whores since they have to help their family. At the point when ladies do this they wind up having a greater family. Ladies live in neediness in an unbalanced number. â€Å"My mother lived and kicked the bucket in neediness thus did her mother, one day I will too in light of the fact that I have no food or cash. † â€Å"Why have ladies gotten so a lot more unfortunate? There is nobody reason. In nations like Kenya and India, cut backs coming about because of the International Monetary Fund†s and Structural alteration arrangements (SAP†s) have influenced ladies most in light of the fact that they are the primary beneficiaries of training and wellbeing. † There are a bigger number of ladies than men in neediness. Out of the 4. 3 million dislodged 80% of them are ladies. In an investigation completed more than 20 years the quantity of country ladies in neediness has expanded by half arriving at a marvelous 565 million. â€Å"Poverty has affected women†s lives more than any factor in the course of the most recent decade. † If ladies are in neediness they won't have the option to help battle to pick up their privileges. For some numerous years, ages of young ladies would and will surrender their instruction for their sibling since he getting training is a higher priority than her getting one. Lindy Mieza once stated, â€Å"If you take a gander at our nation, the ladies are the first to dropped at school to offer spots to their siblings. † Girls in Africa get a below average training. Numerous young ladies have dropped out of school since they were assaulted and need to deal with their infants that have no dads. â€Å"I once went to class, however then I was assaulted and had an infant. † A multi year old young lady told a columnist. Ladies ought to have the option to go to class simply like men at the same time, â€Å"Only the wealthiest young ladies can get training. † , There are 52 million young men who don't go to grade school. Be that as it may, their are 77 million young ladies who don†t go to class where one learns the two most significant things, perusing and composing. Since ladies are that last ones in schools and the initial ones out, clearly they are the ones who can†t read. On the off chance that one took out 900 uneducated individuals, ladies would out number men two to one. In Africa, 68. 3% of the ladies can not peruse. In the event that ladies aren†t taught, at that point they won†t land positions and will have no chance to get for a safe future. Ladies are instructed in their clans and societies that it is good for men to abuse them. This isn't helping ladies understand that they don†t must be dealt with the manner in which they are. Ancestral ladies are raised reasoning it†s OK for them to be men†s slaves. When an African lady said â€Å"I arrived at the resolution that piece of our issues with men†¦ is that we were raised to see out lives inadequate without them. We were educated to think about man as our bosses, the supreme rulers of our home as well as of our lives as well. † Geli said â€Å"Customs and custom revealed to us it was typical for men to lie and maltreatment to cheat and domineer†¦ Geli†s mother was mishandled by her better half just as her Grandmother was manhandled as was she. Geli grew up think it wasn†t wrong for men to hit ladies. She Grew up intuition it was OK for her better half to hit her. It wasn†t till American gatherings came and mentioned to her what her significant other did was illicit, from that point forward, she left him â€Å"Women were told we were compelled by a sense of honor, to stay relentless and loyal; to our better half regardless of what they did to us or how undeserving of our expressions of love they were† If ladies keep growing up imagining that it is directly for men to overwhelm then ladies will never be equivalent to men. Since men make up the entirety of the laws and rules most laws proteins just to men. Laws are quite reasonable to man. Dark ladies of Africa have endured the most due to segregating laws. Up in till this century ladies couldn†t own property, vote. Land positions, and once in a while even go out. â€Å"The ladies recognize that under politically-sanctioned racial segregation, women†s issues were pushed to the heating surface while dark people battled together for freedom. However, presently ladies are giving thoughtfulness regarding old and unavoidable snags. The entire framework has set ladies in a substandard position. Ladies were not associated with any ecological choices or conservative choices. Lady had distinctive prison sentences then men. In the event that a lady slaughtered any one she would be put to an agonizing passing. On the off chance that a man he would find some useful task to fulfill time sentence with an opportunity of parole. In Kangaroo courts, discipline for ladies can be assault by a legislature official(s). Nelson Mendela the Prime Minister of South Africa once stated, â€Å"I pay tribute to the moms and spouses of our country. You are the rockhard establishment of our battle. Politically-sanctioned racial segregation has delivered more agony on you than any other individual. Ladies can†t be equivalent to men if laws don†t permit them to. â€Å"If you don†t get an opportunity to partake in you laws you don†t participate in the standards the administer you life† said Mrs. Shays. In African ladies are inclined to getting sicknesses. Ladies not just need to manage having no rights however they additionally need to manage illness. â€Å"At the clinics we see ladies who are acquired wheel pushcarts who have had ten pregnancies and have burst uteruses. They pass on in those wheel pushcarts. In America you have 911. You approach a phone and an emergency vehicle comes. Here we can†t approach a telephone on the grounds that their are none and you can†t require an emergency vehicle in light of the fact that their are none. † Also hunger, starvation, AIDS, and even looseness of the bowels are fatal in Africa. â€Å"29. 3 percent of pregnant ladies have AIDS. † Nelson Mendela once said â€Å"We must offer wellbeing to the matured to the pregnant ladies and to the small kids. † Doctors are uncommon and costly in Africa. Numerous individuals who need them can†t manage the cost of them. Ladies are the fundamental individuals who deal with the family, and in such a case that they are caught up with fending off sickness they can†t battle for their privileges. Being debilitated discouraged a women†s perspectives. The mentalities of ladies' privileges are poor, ladies and men have awful perspectives about it. Forty ladies with the possibility of them reserving the privilege to cast a ballot went to court to perceive what they could do. At the point when the ladies raised the thought the adjudicator just sat and snickered. He instructed them to leave. â€Å"Men ponder us, we are captives to them, and that's it. At the point when we requested rights they don't needed anything to do with us. Unfortunately numerous ladies felt a similar way. † A ladies' privileges head said. Men don†t need to let us share their power† Lindy Meiza attempted to lift ladies mentalities in her discourse, â€Å"We must figure we can. Figure you can and you can. Presently lets win the rights we merit!! † If ladies figure they would they be able to can. They will ascend against men. Much the same as in the story The Little Engine Who Could he figured he could and afterward he did it. South Africa has made another constitution with a sanction for ladies. The new constitution will dispense with all laws that segregate whites and dark, and guys and females. The new constitution with the main contract for ladies will give ladies the rights the merited. A portion of the laws are: â€Å"Women will have equivalent legitimate status and limit in common law including among others, full authoritative rights, the option to gain and hold in property, the option to rise to in heritance and the option to make sure about credit† States the

Chapter Three Assignment Essay Example for Free

Part Three Assignment Essay Awards in-helps are government reserves gave to states and territories. Awards in-help significantly expanded in scope in the twentieth century and were alluring to state authorities for different reasons, notwithstanding, straight out awards are another type of awards in-help which are to be utilized for a particular reason characterized in a government law, meaningfully or procedurally, with next to zero opportunity on how it is to be spent, and frequently requires nearby coordinating assets. The primary worry with straight out awards is the enormous measure of contention between chose state and nearby authorities and the pros of their own organizations just as those in the national government’s authoritative offices (pg. 131), including a rising open reaction against government unfunded commands. There are seven normal reactions with clear cut awards: The multiplication of venture awards clashes with evening out administrative assets, confining absolute guide utilizes contorts state and neighborhood arrangement needs, state and nearby pioneers slowly yielding approach activity to help granters, the national government not supporting every single open assistance, the way that states and areas are required to set up coordinating assets to get help, the applications being hard to apply for and regularly waiting be resubmitted because of details, and the coordination of several awards spread across such a large number of organizations (pg. 132). Not many activities for change have been taken in change encompassing the award in-help framework, albeit general income sharing and square awards were acquainted as arrangements with the serious issues of the framework, just as the development for resident interest in authoritative dynamic and accomplishing better coordination among multiplying help programs (pg. 138).

10 More Spec Fic Stories For When You Only Have 10 Minutes

10 More Spec Fic Stories For When You Only Have 10 Minutes I love a good short story, especially when Im in a reading slump. I might not be able to make it through a whole book or even a seven-page essay, but short stories? Short stories are my jam. Ive already done a list of spec fic stories for when you only have ten minutes to read, but considering the number of incredible stories that have been released in the past month alone and considering my ongoing book slump I thought I would include ten more for you to read. If you like them, maybe consider buying subscriptions to the magazines that produce them for the holiday season! More stories for you, more money for those stories for them its a win for everybody. Songbird by Shveta Thakrar “But I am a bird,” protested Shailaja. “I must sing.”   “Nonsense,” said her uncle. “You are a girl with an overdeveloped fancy. Girls are not birds, nor are birds girls. It’s time to turn your attention to the things that matter.” In Songbird, Shailaja wants to sing, but her place in society requires her to suppress herself to stillness. The City Born Great by N.K. Jemisin This city will die,” he says. He doesn’t raise his voice, but he doesn’t have to. I’m paying attention, now. Food, living: These things have meaning to me. “If you do not learn the things I have to teach you. If you do not help. The time will come and you will fail, and this city will join Pompeii and Atlantis and a dozen others whose names no one remembers, even though hundreds of thousands of people died with them. Or perhaps there will be a stillbirthâ€"the shell of the city surviving to possibly grow again in the future but its vital spark snuffed for now, like New Orleansâ€"but that will still kill you, either way. You are the catalyst, whether of strength or destruction.” A monster hunts New York City, and its up to one of New Yorks citizens to save it by becoming the city itself. The Cure by Malinda Lo I was taken to a sanatorium by the sea, where they locked me in an echoing room and did not allow me to rise out of bed for two weeks. I heard the wind blowing against the shuttered, barred windows, and I swam in and out of restless sleep. A nurse came several times a day and forced me to drink endless glasses of milk until the curdled stench of it lingered on my mouth even when I wasn’t drinking it. A woman is diagnosed with hysterics when her marriage is arranged, but a mythical lady might be able to save her. Clover by Charlie Jane Anders Friend didn’t mean to Berkley the same thing it would to a dog, or a human. But this girl had been the shoulder he slept on, the hand that scritched his ear, the voice that sang to him. Even the cozy old attic felt colder and darker, and the wooden house smelled like nothing but mildew. What happened to Patricia’s cat in All the Birds in the Sky? Whether or not you read All the Birds in the Sky, this short story about a cat who brings luck and what happens when that luck runs out is perfect for all the cat lovers among us. Fiber by Seanan McGuire The trouble began when Laurie discovered that Jamie Lee Curtis yogurt. You know, the stuff that’s marketed at, like, middle-aged moms who want to reclaim their youth, or at least the ability to have regular bowel movements again. Anyway, Laurie loves Jamie Lee Curtis, for reasons that are a mystery to anyone whose taste in popular culture has matured past the early ’90s. Also, Laurie is frequently too lazy to chew. So when Jamie Lee Curtis said “come, my children, and eat of my poop yogurt,” Laurie was first in line. A group of cheerleaders among their number a zombie end up in a fight in the absolutely hilarious and delightful Fiber. The Key to St. Medusas by Kat Howard They named me Agatha, which was not at all a witch’s name, because they wanted me to be good.   When I was five, I asked my father what a witch’s name might sound like. He smacked my mouth, and told me such things weren’t spoken. A witch decides to save the souls of her sisters from a murderous man. Blue is a Darkness Weakened by Light by Sarah McCarry It’s not my first winter in this city but I still can’t manage to dress warmly enough. There are nights I think the cutting wind will pull me apart and cauterize what’s left into solid ice. I came here with my pockets full of dreams but the people-clotted streets are lonelier than anywhere I’ve known. The place I left behind never got cold enough to kill you.   â€"You can make it here; you can make it anywhere, the vampire says. I think he means this to be encouraging. A young woman moves to New York City and befriends a vampire far older and wiser than she. The Dragons Tears by Aliette de Bodard Huan Ho, his eye against the hole in the shutters, watched the empty street. Waiting.   They came without a noise, a blur of movement against the night. The hooves of their horses struck the ground, silently, raising sparks like thousands of fireflies. One wore golden clothes, and his bridle and saddlebags were golden as well; one dressed in silver, riding a silver horse, and the last one wore purest black, and a black hood covered his face. When a young boys mother grows ill, he challenges god-like creatures to try and save her. Our Talons Can Crush Galaxies by Brooke Bolander So, no. You don’t get a description of how he surprised me, where he did it, who may have fucked him up when he was a boy to lead to such horrors (noâ€"one), or the increasingly unhinged behavior the cops had previously filed away as the mostly harmless eccentricities of a nice young man from a good family. No fighting in the woods, no blood under the fingernails, no rivers or locked trunks or calling cards in the throat. It was dark and it was bad and I called for my sisters in a language dead when the lionâ€"brides of Babylon still padded outside the city gates. There. That’s all you get, and that’s me being generous. You’re fuckin’ welcome. A woman, mythological in nature, is attacked. This is not the attackers story. It is hers. Deal with it. Hearts Turned To Ash by Dhonielle Clayton “You need to go see the rootworker.” Mama left a card on the table beside my bowl of cereal. “And you need to do it quickly. Your skin’s yellowing. Your heart is dying fast.”   “Can it be stopped?”   “When soulmates break up, the shock in the universe has consequences.” She took long, slow sips of her coffee.   Two soulmates break up, forcing one girl to try to remedy her crumbling heart. Sign up to Swords Spaceships to  receive news and recommendations from the world of science fiction and fantasy. Thank you for signing up! Keep an eye on your inbox.

Conspiracies of the United States - 1268 Words

Have you ever wondered how things would turn out in the United States if certain situations did or didn’t happen? Imagine what the United States economy would be like if 9/11 didn’t happen the day it did, John F. Kennedy were never assassinated, and AIDS were actually created by the CIA. All of these conspiracy topics and more contain a mass amount of information. If they are indeed true, would we have more freedom as citizens or would our economy come crashing down? Some conspiracies of the United States have shaped citizen behavior and affected our economical and future with complete freedom forever. On October 22nd, 2007 The United States Center for Disease Control and Prevention posted a web article which admitted that polio vaccines contained a cancer-causing virus. The United States Center for Disease Control and Prevention also known as the CDC, deleted the post within the week it was posted. The National Center for Biotech Information Center confirms that Micro biologist Maurice Hilleman discovered Simian Virus 40 was contained in polio vaccines administrated from 1995. (Hilleman) The CDC stated that the virus was removed from the vaccine in 1961. Records show that contaminated vaccines were used until 1963 and were used in different parts of the world until the 1980’s. (Varmus) As a result of the 98 million people given a polio vaccine; 30 million received the contaminated dose. (Hilleman) On May 10th, 2002 a Pathologist by the name of Dr. Michelle Cabone tested theShow MoreRelatedThe Conspiracy Theories Of The United States1605 Words   |  7 Pagesterrorist attac k or a shooting was actually a conspiracy by the United States? What is a conspiracy? According to the Merriam-Webster dictionary, a conspiracy is â€Å"a secret plan made by two or more people that is harmful or illegal†. There are so many conspiracy theories out there in the world starting as early as the 1800s. These theories range from scientific, terrorist, criminal, political, economic and business, and even religious conspiracies. The two conspiracy theories that I am talking about is theRead MoreUnited States Involvement in Organized Conspiracy 1184 Words   |  5 PagesUnited States Involvement in Organized Conspiracy Was the war in Iraq a means to improve national security or a conspiracy to seek personal satisfaction? On March 19, 2003 a war was waged under public scrutiny, to destroy the Baathist regime headed by the Iraqi leader, Saddam Hussein. This pivotal point in United States history marked the beginning of public concern about political corruption within our government as a means to convey personal satisfaction. National security became the groundRead MoreThe Government Bioethics Conspiracy Of The United States1805 Words   |  8 Pagesunknowing participants and or prisoners of war for experimentation. While these experiments range vastly concerning procedures, outcomes, and justification, they all existed to outsmart international enemies efficiently. The government bioethics conspiracy I researched is Project MKUltra. This was a secretive CIA program that experimented with mind control, hallucinogenic drugs, and the behavioral engineering of humans from 1953 to 1973. Because the program existed for a couple decades, it encompassedRead MoreConspiracy: The United States is Making Concentration Camps Essay756 Words   |  4 PagesConspiracy: United States Are Making Concentration Camps The United States have withheld information to the public all the way back to the founding fathers. There are camps that the United States have created called FEMA camps otherwise known as Federal Emergency Management Agency that are similar to the ones used in World War II. The government has passed a law called Martial law where they can impose the law for a temporary period to maintain order, security, and power to the central governmentRead MoreU.s. Military Overseas Operations1157 Words   |  5 Pagesfailure of leadership The U.S. Military overseas operations may defend and solve certain problems but, the troops overseas could be in more danger there than in the United States. Overseas military for the United States, use resources that could be used with greater importance in the United States, they deal with different conspiracies, and although the military is a defense department it fights wars that will solve the situation not begin problems. Resources in battle are key elements used, althoughRead MoreConspiracy Theories Have Caused People To Question Everything960 Words   |  4 PagesConspiracy theories have caused people to question everything the government tells them for hundreds of years. A conspiracy theory is an explanation of an event or situation that invokes a conspiracy without warrant. Conspiracy theories generally involve an illegal or harmful act carried out by the government or other powerful actors.The Moon landing is still one of the biggest conspiracy theories in the world. After forty-eight years it is still being debated and discussed in many laboratories,Read MoreThe Assassination Of John F. Kennedy1620 Words   |  7 Pagesgunman was held accountable. The United States Government claimed that it was an easy, open and closed case. They found Lee Harvey Oswald, close to ground zero, with a freshly fired riffle, immediately after JFK was shot. Contrary to the governments report, skeptics argue a vast scope of conspiracies to shed light on what they believe happened that day; ideas ranging from magic bullets, multiple shooters, and alternate motives from the same shooter. Although JFK conspiracies usually contradict each otherRead MoreEssay about Criminal Conspiracy in Historical Common Law1065 Words   |  5 PagesCriminal Conspiracy in Historical Common Law The law of conspiracy is considerably more complex and uncertain than it need be because the statutory reform of the area largely contained in Part I of the criminal law Act 1977 was only partial. As a result, there are now two types of conspiracy – statutory conspiracies governed by the 1977 Act, and an important but limited range of common law conspiracies, which were expressly retained by the act, still governed by the old common law rules, (TomlinsRead MoreHow Social Factors Can Contribute Conspiracy Theories? Essay1348 Words   |  6 Pagespurpose of this study is to give a better understanding on how social factors can contribute to conspiracy beliefs and to bring systematic evidence upon two questions: â€Å"Who believes conspiracy theories, and what sources of information are associated with believing conspiracy theories?† (Stempel 2007:353) There are many conspiracies that could have been used to answer these two questions, but the conspiracies that were chose n are related to the attacks on 9/11 (Stempel 353). Nine hypothesis were generatedRead MoreThe Assassination Of The United States On September 11853 Words   |  4 Pages The famous events that took place in the United States on September 11, 2001 were a conspiracy. There is no denying this when, by general definition, a conspiracy is â€Å"a secret plan made by two or more people to do something that is harmful or illegal†, (Merriam-Webster Online Dictionary, n.d.). For the purposes of this paper, it is more beneficial to use Sustein and Vermeule’s definition which states that an idea can be considered a conspiracy theory if it is, â€Å"an effort to explain some event or

J.P. Morgan and Ragtime Essay - 1244 Words

John Pierpont Morgan: The turn of the century in American, when E.L. Doctorow’s novel Ragtime is set, was a time marked by rapid technological developments and industrialization. These years also brought a heavy flood of immigrants as well as an increasingly urban American landscape. Technological advancements enabled increased efficiency and mass production. However, Doctorow clearly brings into question the consequences of this new technology for the average American worker. J.P. Morgans discussion with Henry Ford about the assembly line’s innovations brings this debate to the front. Doctorow writes, quot;From these principles Ford established the final proposition of the theory of industrial manufacture - not only that the parts of†¦show more content†¦Junius Morgan wrote to the company asking for a position for his son and advertising the fact that his son had many admirable qualities for a worker. Although, J.P. Morgan was denied a promotion when his father requested one, he di d receive a promotion in the firm later in his career. In 1860, Morgan left Duncan, Sherman and founded J. P. Morgan and Company to act as an agent for his fathers business. When Junius Morgan died in 1890, J.P. became head of the London house. Pierpont now was able to control all the dealing between the New York based firm and their oversees partner. Pierpont was now at the head of houses in New York, Philadelphia, London, and Paris. He was the commanding figure in international finance. In 1869, a war over railroads began, including Jay Gould and Jim Fisk, both famous financiers. Gould already had dominant control over the Erie railroad and began to buy up stock in the Albany amp; Susquehanna Railroad. Morgan developed into the nations railroad reorganizer. In 1886, the Philadelphia and Reading Railroad was in great difficulty with a deficit of six million dollars a year. Morgan was brought in to slash the value of the watered stock, reduce interest rates on the bonds, and assess the shareholders for more money. 1888, J.P. Morgan was again called on to reorganize railroads in the east. He reorganized the Chesapeake amp; Ohio and the Baltimore amp; Ohio. He often encountered some resistanceShow MoreRelatedIntertextuality In Ragtime1466 Words   |  6 Pagesreferences, It use can be implemented to reflect a period of history. Thi s study aims to reveal and present the intertextual relations that Ragtime presents to America’s history during the early 20th century. The aim of this segment will be to show the use of intertextuality to reveal Doctorow’s intention in citing historical characters and events history within Ragtime, juxtaposing them with the fictitious world of the story. First and foremost, Ragtime’s intertextual material and connections are placedRead MoreBrian Stokes Mitchell987 Words   |  4 Pagesmilitary bases overseas. As a teenager he lived in San Diego, California where he began acting in school musicals. He has been married to actress Allyson Tucker since 1994 and has a son named Ellington. Mitchell has been in many shows some of them were Ragtime, Kiss Me, Kate, Carnival! He has also had a number of television appearances. He was in The Fresh Prince of Bel-Air, Frasier, The Prince of Egypt, and guest starred in Ugly Betty. He is also known for doing voice-overs in animation. On June 5, 2005Read MoreThe Question Of Identity2144 Words   |  9 PagesLina Kim Professor Crumpler Commerce and Culture October 1st, 2014 Ragtime: The Question of Identity in Society Ragtime by E.L. Doctorow emphasizes the difference between identity and status in and outside of society by using the characters’ pursuit of self within the novel. Coalhouse Walker is the main representation of how a character’s identity is indefinitely shaped by his choices and can lead to various consequences. As Coalhouse’s personality subtly changes into a new persona, the reader slowly

My Christmas 2008 Free Essays

When I woke up early morning Friday 19. December the first thought that crossed my mind was that finally, today we were getting free from school! This holiday was going to be amazing! Time went on and suddenly I got home from school and the days without homework, early mornings and tired hours were finally over! What a relief†¦ I started these days by just sleeping. I slept for a very long time the first nights. We will write a custom essay sample on My Christmas 2008 or any similar topic only for you Order Now I didn’t really do anything special the first weekend. I was rested and ready for a new week full of Christmas, friends, family and fun! Christmas Eve was really good. My aunt and my grandfather visited us and ate dinner with us. I just love the dinner on Christmas Eve! My neighbour, a good friend of mine also showed up late at night, and he stayed with us a little while we watched a movie and talked. At the first day of Christmas my whole family, including my uncles, aunts with their family. My cousins are so fun to be around, so I had a really good day. Christmas is the best holiday. At least that’s what I think. Next day I went shopping with two of my friends. Of course this trip went no longer than Sweden. We ended the day by watching movies and eating a lot candy. Not very healthy though, but we had a good time that day. The days went faster then ever, and suddenly it was new years eve! I spent this night only with my family. We ate good food, and the night turned out to be real nice. After this night the holiday was going to an end, and before we knew it, suddenly it was Monday and back to school. I really loved this holiday. I had a good time with my family and my friends that I care about a lot. They’re the best. Hoping it will be just as good next year. How to cite My Christmas 2008, Papers

Shareholder Wealth Maximization free essay sample

The ultimate goal of any financial manager (as well as the firm) is the maximization of shareholders’ wealth. A good financial manager therefore should carefully consider and weigh the risk of undertaking a certain project against the profits associated with undertaking such a project. Capital Budgeting techniques enable the manager to make such decisions. The first question that comes to mind is, when making a capital investment decision, should we focus on cash flows or accounting profits. The book is stating â€Å"In measuring wealth or value, we will use cash flows, not accounting profits, as our measurement tool. That is, we will be concerned with when the money hits our hand, when we can invest it and start earning interest on it, and when we can give it back to the shareholders in the form of dividends. Remember, it is the cash flows, not profits that are actually received by the firm and can be reinvested. We will write a custom essay sample on Shareholder Wealth Maximization or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Accounting profits, however, appear when they are earned rather than when the money is actually in hand. † The answer to the question now seems too obvious; it is cash that buys new equipment, used to pay suppliers and employees etc; it is also cash that is to be reinvested to further increase shareholders’ wealth and hence brings the firm closer to its goal. This brings us to another question, should all cash flows associated with the project be considered? Again, the book provides an answer â€Å"In measuring cash flows, however, the trick is to think incrementally. In doing so, we will see that only incremental after-tax cash flows matter. † By incremental we mean â€Å"marginal†, or â€Å"additional†. Incremental cash flows are those cash flows that would affect the capital budgeting decision, but another condition also applies, those incremental cash flows must be considered on after-tax basis, this is because what really increases the value of the firm is the net cash flow (free cash flow) that would be available to the financial manager in considering future investments. In analyzing a project, one has to also consider depreciation, and although depreciation in itself is a noncash expense, it still affects free cash flow because it has an effect on taxes. Depreciation reduces Earnings before Tax (EBT), and therefore reduces the Tax Expense. Another important type of cost that needs to be discussed is what is known as â€Å"Sunk Costs†. As discussed above, only incremental (differential cash flows) need to be considered in making a capital budgeting decision, yet if the firm has, for example an empty lot of land that it had purchased in the past and that lot of land is suitable for the investment decision on hand, does the financial manager need to consider the cost of this piece of land when making his capital budgeting decision? The answer is a firm â€Å"No†; and the reason behind this is real logical: if the investment is not accepted, the cost of the land cannot be recovered, hence whether or not the investment is undertaken; the cost of the land (a sunk cost) is irrelevant to the decision. As I have stated earlier, in making a capital budgeting decision, the financial manager needs to consider only incremental cash flows, and the first of those are the initial outlays. This is because to take up an investment, the financial manager needs to make sure he has the funds initially required to undertake a certain investment (project). Those include, for example, cost of equipment, installation costs, cost of training as well as any increase in Working Capital. Based on the above, and based on the calculations on the attached excel sheet, the initial outlay for the new project is $8,100,000. The second set of cash flows that need to be analyzed is the â€Å"Differential Cash Flows†; again as stated above, those are the cash flows that are relevant to the project under consideration. Those include (but are not limited to), added revenues (less added selling expenses), any labor and/or material saved or incurred, any increase or decrease in overhead costs. Needless to say here that all such cash flows should be analyzed on after-tax basis. Such cash flows, however should not include any finance charges whether those are interest charges paid on a bank loan, interest charges on the firm’s issued debt securities, as well as dividends on preferred and common stock. The reason behind such exclusion is that such finance charges are implicitly accounted for when calculating the cost of capital (also known as the Weighted Average Cost of Capital). Having said that, Caledonia’s differential cash flow (as per the attached xcel sheet) are: Year 12345 $3,956,000 $8,416,000 $10,900,000 $8,548,000 $5,980,000 The last type of cash flows to be examined is the Terminal cash flow which includes all incremental cash flows realized at the termination of the project such as the salvage value of the equipment plus (or minus) any taxable gains or losses associated with selling the equipment. Terminal cash flows also would include any non-expen se cash outlays related to the project such as the recovery of working capital needs. Caledonia’s terminal cash flow then is $5,980,000 as per the above table and the attached excel sheet. A cash flow diagram of the project would provide a full image of the cash out flows and cash inflows associated with the project as it would provide a summary of those cash flows that are to be analyzed using the various capital budgeting techniques: $3,956,000 $8,416,000 $10,900,000 $8,548,000 $5,980,000 0 1 2 3 4 5 $8,100,000) Going back to the main goal of the firm maximization of shareholders’ wealth, an important question arise: how can the financial manager of Caledonia make sure that the new project adds to the value of the firm. Capital Budgeting techniques would help, and the first of such techniques is the Net Present Value method. Net Present Value (NPV) is a capital-budgeting decision criterion defined as the present value of the free cash flows after tax less the project’s initial outlay. The most important advantage of the NPV as per the book is as follows: â€Å"The project’s NPV gives a measurement of the net value of an investment proposal in terms of today’s dollars. Because all cash flows are discounted back to the present, comparing the difference between the present value of the annual cash flows and the investment outlay does not violate the time value of money assumption. † . This method tells us to accept any project for which the NPV is equal to or greater than zero. Applying this to Caledonia, the NPV is equal to $16,731,096. (Please see the full analysis on the attached excel sheet). Another capital-budgeting decision criterion that is widely used by financial managers is the Internal Rate of Return (IRR), which is defined as â€Å"the discount rate that equates the present value of the project’s free cash flows with the project’s initial cash outlay. † The IRR method states that projects with an Internal Rate of Return that is equal to or higher than the required rate of return should be accepted. This makes sense because if the project’s rate of return (IRR) is equal to the required rate of return, then investors would be happy as they are earning the rate of return that they initially require. The Internal Rate of Return of the proposed project is 77% (Please see the attached excel sheet). Based on the above, Caledonia should accept the project since its Net Present Value is greater than zero, and the Internal rate of return is much higher than the required rate of return. Equally important as maximizing shareholders’ wealth, risk management is an important consideration when evaluating new projects. In capital budgeting, risk can be measured from three perspectives; first there is the Systematic Risk, and this type of risk is the risk of the project from the view point of a well-diversified Finally, there is systematic risk, which is the â€Å"risk of the project from the viewpoint of a well-diversified shareholder; this measure takes into account that some of a project’s risk will be diversified away as the project is combined with the firm’s other projects, and, in addition, some of the remaining risk will be diversified away by shareholders as they combine this stock with other stocks in their portfolios† The second type of risk is the Project’s Contribution to Firm Risk, which is the â€Å"the amount of risk that the project contributes to the firm as a whole; this measure considers the fact that some of the project’s risk will be diversified away as the project is combined with the firm’s other projects and assets, but ignores the effects of diversification of the firm’s shareholders† . Finally, there is the Total Risk (or stand alone risk of the project) which combines all risk associated with the project ignoring the fact that some of this risk will be eliminated through diversification. Actually, according to CAPM, the only relevant risk for capital budgeting purposes is Systematic Risk yet sometimes the firm might have undiversified shareholders, and for them the only relevant measure of risk is the project’s contribution to the firm’s risk. For these shareholders, a project’s contribution to firm risk brings the ghost of bankruptcy closer and therefore such measure of risk could be more relevant. Risk can also be incorporated into capital budgeting analysis through the use of simulations. Simulation â€Å"involves the process of imitating the performance of the project under evaluation. This is done by randomly selecting observations from each of the distributions that affect the outcome of the project, and continuing with this process until a representative record of the project’s probable outcome is assembled. † This enables the financial manager to base his decision on a range of possible outcomes. Usually Simulations are accompanied by a Sensitivity analysis (also known as the What-if Analysis). In this analysis, the financial manager changes the value of one input variable (Direct material, Direct Labor, Variable Overhead Rates, Interest Rates) while holding all other variables constant. The distribution of possible net present values and/or internal rates of return â€Å"is then compared with the distribution of possible returns generated before the change was made to determine the effect of the change. † In conclusion, a financial manger must realize that there is always a trade-off between risk and return, he should always utilize the tools available to him in considering any new projects such as capital budgeting techniques (Net Present Value, Internal Rate of Return, †¦etc) as well as simulations and sensitivity analysis to arrive at the most accurate decision. He also need to know how shareholders perceive risk and how they measure it so as to avoid agency problems and arrive at the ultimate goal of the firm- Maximizing shareholders’ wealth. In analyzing Caledonia’s proposed project, we only performed a capital budgeting analysis and based on that the project seems to be acceptable, but the financial manager should also strive to conduct other forms of analysis as stated above to ensure that he has taken all possible measures to achieve his goal. References: