Movie Review Example | Topics and Well Written Essays - 500 words - 2

Movie Review Example Anderson bizarrely presents this against the framework of an abrupt and histrionically fluctuating realm in Zubrowka. The film presents intriguing tales that entreats history under the main story, which guarantee that the audience is obstinately entertained. The main character, Ralph Fiennes, presents an incandescent authenticity to a character who can abruptly change from charming to somewhat despicable at an instance. The mythological caretaker at the Budapest, Monsieur Gustave, is a master in obsequiousness and seduction. This is especially evident in his elderly female guests who find his charisma outright tantalizing. Gustave and Zero Mustafa’s (Tony Revolori) journey to pay tribute a guest’s commemoration introduce the mysteries in the movie, including the jailbreak and a dizzying ski-and-sled pursuit from a hilltop cloister. Such antique creations highlight the specialism of Anderson’s work in terms of inventiveness. The narration spans three divergent areas in a succession of recollections. Remarkably, the film has a colour-set for all these separate scenes that characterize Anderson’s now-inimitable mark of custom-made, impenitent dedication to underhandedly ordered attractiveness. Most of the characters have an appealing personality that makes the film nerve-wracking and watchable. The step sequence of these characters is that of a specialist. It magnificently creates a courteous, pleasing travesty of Nazi-era concerns. Perceptibly, the ‘The Grand Budapest Hotel’ was inspired by Stefan Zweig, an Austrian playwright who abandoned Germany during Hitler’s term. However, this film confirms that attention to detail can be both valuable and detrimental. While the elaborate production scheme in the film such as cut-away sets portray a well turned-out film, it may lose its characterization, feeling and plot owing to the crowded

East of Eden Essay Example for Free

East of Eden Essay In John Steinbeck’s novel, East of Eden, the deprivation of a sound conscience is a theme that is associated with Cathy Ames, and afflicts the people around her. The author uses foreshadowing to portray the future of Cathy and her multiple victims. By doing so, the author builds onto the characterization of Cathy, revealing how truly malevolent she is. From birth, Cathy is foreshadowed to develop into something monstrous. The author claims that he â€Å"believe(s) there are monsters born in the world to human parents† (72). Even though she has not been physically presented to the reader yet, Cathy is about to be portrayed as the main evil in this novel. This prelude to Cathy’s characterization foreshadows the evil that will come with her presence. Cathy’s reign of terror begins when she burns her own house down, and â€Å"the frightened talk ran through the town that the whole Ames family had burned† (87). This action corresponds to the foreshadowing presented by the author’s description of monsters being born to human parents. By committing such an inhumane act, the reader gains the knowledge that Cathy has no conscience. Cathy’s tirade did not end there, and after giving birth to Adam, and possibly Charles’, babies and trying to leave him, â€Å"she shot at him. The heavy slug struck him in the shoulder and flattened and tore out a piece of his shoulder blade† (202). Cathy’s ability to kill the father of her children without even considering the severity of her actions shows how much of a monster Cathy truly is. The actions performed by Cathy at such an early stage in the story only foreshadows to the reader that she has not yet ended her path of destruction. Cathy’s inner evil is revealed at birth, and, at a young age, she discovers that she holds powers that can be used to manipulate others. From birth Cathy is foreshadowed to be pure evil, and she â€Å"learned when she was very young that sexuality with all its attendant yearnings and pains, jealousies and taboos, is the most disturbing impulse humans have† (75). It is disturbing that Cathy realizes her sexual capabilities at such a young age. The way Cathy’s thought process is presented, it can be seen that Cathy plans to abuse her powers, foreshadowing conflicts to arise in the future. It did not take long for Cathy to utilize her powers, and â€Å"at ten Cathy knew something of the power of the sex impulse and began coldly to experiment with it† (75). Cathy’s ‘experimentation’ with sexual power at such a young age helps further depict her as a malevolent being with no conscience. The fact that she begins abbling in sexual activities, at an age where most don’t even know what sex is, foreshadows that there can only be trouble to come from involvement with Cathy. Years pass and, as foreshadowed, Cathy becomes a major contributor to her local brothel. When speaking of her regular customers with the brothel’s owner, Faye, Cathy tells her to â€Å"look at the heel marks on their groins†¦ I’ve got the sweetest set of razors all in a case† (236). Cathy has been secretly sodomizing and extorting extra money from her regulars, showing she is not content with the amount of control she already possesses. Her actions foreshadow that Cathy’s search for power is never ending, foreshadowing she will continue her malicious acts until someone is capable of stopping her. At birth Cathy is depicted to be monstrous, which is proven true by the actions she displays while growing as a child. The realization of the many powers she possesses are developed and abused by Cathy, showing she disregards all others well being in her search for total control. Such actions can only be performed by those who have no sound conscience, and have no fear of the consequences posed by society.

The Influence of Role Models on Young People Essay -- A Role Models I

Role models have an astounding effect on the lives of young people in our society. A role model has the ability to shape the views, ideals, and actions of a young person. Role models help youth to discover how they wish to become in the future. The influence that role models have over young people is tremendous. It is important for role models to be positive and responsible in instilling good morals and values because future generations are directly dependent on the role models of today. By examining the influence of role models, role models in the community, and role models in the media, we will be able to determine the true effect that role models have on the lives of youth. Community role models are people that youngsters interact with on a daily basis. They are our parents, coaches, or mentors. These are people that young people encounter frequently, who are, in part, responsible for the young person’s perceptions of the world. It is important for community role models to set good examples for youth. The judgments that young people make are often helped to be formed by the e...

Education Systems of Vietnam and England Essay

The secondary education system is very important for both Vietnam and England. It created for children’s future purpose. Compared to Vietnam, England’s current system of secondary education has a long tradition and higher quality, while the secondary education in Vietnam is borrowing from many different countries and poor quality. However, both countries have some similarities and differences in their education system. Their similarities include the free education, the national curriculum applied for all state schools, but they both have some differences in the education structure, the qualities, and the law for private schools. Firstly, there are both similarities and differences in their education system. The secondary education is free for all children, but it is not compulsory in Vietnam. Meanwhile, English children required by law to have a free education until they are 16 years old. Furthermore, the national curriculum created and applied for all state schools in both countries. (Encyclopaedia Britannica 2008 Ultimate – The ministry of education and training of Vietnam). Moreover, the national test applied for all children in both countries at the age of 11, 14, and 16. In England, the secondary education is a local responsibility, so that the education and teacher employed and provided by Local Education Authorities (LEAs). In Vietnam, the Local department of Education is also responsible for secondary education, but all state schools are employed the teacher individually. (Encyclopaedia Britannica 2008 Ultimate – The ministry of education and training of Vietnam). Beside some similarities, they also have some differences such as the education structure, the facilities, and the quality of education. In Vietnam, the secondary education are divided into two levels, which are the basic secondary education and the high school education, the student can leaving school or seeking higher education after completed year 12. In contrast, the secondary education system of England encompasses three key stages. Key stage 1 from year 7 to year 9 and key stage 2 from year 10 to year 11 are compulsory, after completed year 11 student can leaving school or complete two more levels to study in higher education. In addition, the facilities and the quality of education in England are much better than Vietnam. Finally, the other difference is the law system.

Identity In Wide Sargasso Sea English Literature Essay

Family individuality is besides greatly involved in this novel. For illustration, Mr. Rochester origins from a rich household, but he did non inherited the belongings from his male parent possibly because of the belongings was inherited by his senior siblings. He come to Granbois to seek his ain luck, his matrimony with Antoinette was arranged by his male parent and Richard Mason, so that he will acquire the 30 thousand lbs from Antoinette which she inherited from Mr. Mason. His male parent purpose was to do certain that the Rochester household will hold extremely position where most of the household are rich. As for Antoinette, she have two first name which is Mason and Cosway because her female parent married two times. Mr. Mason is a rich adult male where he has a boy, Richard, even though Antoinette is non Mr. Mason ain girl but he liked her and give her half of his belongings but Richard are non satisfied with his male parent determination because he thinks that the rumor from A ntoinette ‘s household will dishonor his household name, so he make up one's mind to take away Antoinette belongings. Beside of cultural individuality, Antoinette and Rochester besides have the cultural individuality. For illustration, they have the similar instruction back land which they are taught to in Christian, they were taught to read book and live in an white ‘s work forces manner where they learn to dance and imbibe vino, this shows that they patterns the really same civilization. Although Antoinette patterns some of the white ‘s work forces civilization but she besides patterns the civilization from Caribbean which is largely believe by the black people. For illustration, Antoinette believed in obi, Caribbean signifier of the faith Voodoo, some sort of superstitious because Christophine, Antoinette ‘s alternate female parent present her to the Caribbean civilization and to obeah. This can be proven when Antoinette ask Christophine to do love potion for her, so that Rochester will love her. Besides Antoinette besides likes to bath in the natural bathing pool merely like th e other people live in Granbois but Richard are non used to these because to him those things looks like in dream he is afraid of that, he do non desire to acquire used to this state of affairs, he feels that England is his topographic point, their matrimony have causes civilization mismatch which leads to a calamity.2. How does the writer of the prescribed text nowadays the thought that being at odds with society ‘s values involves hazard but following with those values can besides be harmful?There are two society involved in Wide Sargasso Sea which is Caribbean ‘s society and Western ‘s society. Different society will hold different values, for illustration the Western ‘s society wage more facets in civilize people, wealth, position and spiritual life but the Caribbean society ‘s wage more facets in hatred, retaliation and justness. The writer prescribe it by utilizing Annette as an illustration. Annette as a color individual and patterns the really same civilization of Caribbean people but she is married to a white adult male and he is a slave proprietor, when Annette married him, she is taking hazard which is really important because of the bondage job, most of the black people hates the white people and there comes some chitchat from the people at Coulibri, Mr. Cosway estate stating that the adult male she married is excessively old for her and so when Mr. Cosway died, Annette and her household were discriminated by the other people for 5 old ages until she is married once more. The Caribbean society ‘s dislike white people for they treaten them, so they will detest their people marry white people and this is the hazard Annette is taking, she knew that this will be the effects when she is married to a white adult male. However, Annette did non follow with the Caribbean society ‘s values because sh e knows that it will non make any good, when she is married to Mr. Cosway, she understand the white people better and therefore leads her to an more open-minded individual. I besides thinks that she does non wants her kid comply with those values at that specific clip, enviousness, hatred and vindictive. When Annette married to Mr. Mason, her 2nd matrimony, she makes the colored people live around Coulibri even hates her and as the effects, they burn Annette house and Pierre is dead, a greatly risk so. As for the Western ‘s values, we can see it in the Mason and Rochester households. To them wealthy symbollise their position, Mr. Rochester father wants him to happen his ain luck and this significantly shows that wealthy to them is their position. Rochester prove that this is their society values when he wants to get married Antoinette for her money and the money are given to him without any inquiry. We can besides see this value in Richard Mason, he do non wants his step-sister to hold the same position as him and so he decided to set up a matrimony for her so that her money will give to person else. The western ‘s society besides judge a individual from their apparels, the manner of speech production and manners. For illustration, Mr. Rochester dislike Christophine for a few ground. Christophine spoke in a linguistic communication that Mr. Rochester dislike, Christophine describe that the xanthous tea drinks by the English work forces as xanthous Equus caballus urine and the frock she is have oning which is soiled makes Rochester thinks that is non a clean wont. Christophine knows that the immature maestro, Mr. Rochester dislike her, she knows that she will ne'er follow with the Western ‘s values and so she left the house because she besides knew that Rochester will trail her house at last. Even though her action did non harm herself but she did non believe of the effects when she left Antoinette and Antoinette was the 1 who are harmed.

Essay on Dream

Essay on Dream Essay on dream is a subject of interest for many professors and teachers in colleges and universities. Normally students and young scholars try to explore essay on my dream in different ways. Sometimes they try to write an essay on I have a dream and some times on certain other variables of dreams like essay on American dream or essay on dreams. Despite any variations in dreams and their writings students find essay on dreams as an interesting topic to explore and write on. While customizing different ways and styles of essay papers on dreams; students and writers must consider different factors relating to dreams and their natures. Dreams are categorised in different groups in various divisions. Some dreams are early hour dreams and are considered to be untrue and often are vague in the mind of person after he wakes up.   Such dreams are associated with short term and present situations of life.   When it comes to deep sleep dreams, these are thoughtful and have more details for exploratory researchers. These dreams come from midnight to early morning hours. Such dreams have multi fold details relating to the dreamer’s life, experiences, problems, personality and psychology. While writing an essay on dreams, one must know a little more about dreams and their importance in human life. Secondly, writing an essay on dream requires a good level of thoughtfulness and understanding of human psychology. Step by step procedure of writing a dream essay may be like the list given here: Draw a simple sketch of dream or dreams to be included in your essay. This paper detail will help you in writing essay on dream very well. After writing the layout and main contents of your dream, now this is the time to list down the contents of your essay. Introduction will be the first point of your paper, here you will give a little description of dreams and will explain the purpose of writing this dream essay. Valid and authentic sources must be cited when you narrate any description with dreams. If you just explain the causes and predictions without citation, this will not be acceptable to your professors. Dream essay writing requires you to have good grammar skills and command on language. You should try to use simple language instead of adopting a complex language style for your English or American Dream Essay. While considering the value of dreams during writing a dream essay; always consider psychological importance of dreams for individuals. Dreams have different intensities and all individuals have different impact of dreams. A writer of dream essay should always keep in mind this difference. A conclusion is the last part of a good dream essay. Here writer concludes the main theme with its main findings and his/her own individual suggestions and inputs. Some times students have lesser time available for to write a dream essay, the best solution they find is to buy a dream essay from custom writing company. Custom dream essay can save your time and you can get better grade in lesser time if your selection of custom company is good. You can safely order essay on dream with our custom essay writing company , then enjoy your time with friends and have fun.

Reading is an interactive process Essay Example

Reading is an interactive process Essay Example Reading is an interactive process Essay Reading is an interactive process Essay Reading is an interactive process BY Jlopezl 0569 The quote When I am reading a book, whether wise or silly, it seems to me to be alive and talking to me, by Michel de Montaigne means that each book has a meaning and can relate to the reader in a way. Most authors can also relate to this quote. For example, Sherman Alexie, Maureen Corrigan, Anna Quindlen, and Gwendolyn Brooks saw reading as love, companionship, and a way of life. This shows that reading can be an interactive process. Author Sherman Alexie says his father loved to read. Since he loved his father with such devotion, he decided to love reading as well. He was young when he realized what a paragraph was. He understood a paragraph as a fence that held words together for a common purpose. For example, his family was a fence, his school was a fence, and even the world had different fences. Sherman says that he would read at night, at recess, and when his family would travel. When he read it was like he was trying to save his life. Now he is a writer that tries to help other people save their ives as well. Maureen Corrigan says that she was a really shy kid. She says that reading offered her companionship and an escape. As well as Sherman, she wanted to be like her father, who loved reading. She says that people can get a glimpse of different experiences and their world can be enlarged. While other kids were learning to sound out words in class, she was reading ahead of her classroom books. Anna Quindlen also has her own points of view. When she was small, she had always sensed that she should be somewhere else. She decided to go places through books. She went to England in the book Middlemarch and A Little Princess. She also went to houses with high ceilings and dramatic scenes. It was like a place she lived in, and it felt real to her. Anna learned who she was, what she liked, and what she dreamed about. Reading is her own world, where she can happily live. The passage To Young Readers, by Gwendolyn Brooks says that books are like bandages. These bandages help heal and create new types of feelings that bring the eaders into the light and away from the dark. She also says that readers are nourished guest. They read a book and get Juicy details and experiences. Then the reader moves on to the next book, and so on. Reading gives the reader a chill making them wonder what will happen next in the story. It also makes them feel like they are living in their characters lives as if it is also a part of their own. Everyone relates to books in different ways, but that doesnt stop people from enjoying them.

A Quick Guide to Encourage Your Child to Read

A Quick Guide to Encourage Your Child to Read How can you encourage your child, whether a beginning reader or a reluctant reader, to read childrens books on a regular basis? Here are some ideas that may help. Simple Tips to Encourage Reading Make a habit of reading to your child every day, whether she is a one-year-old or a 10-year-old.When your child is able, have him read to you. You can take turns reading chapters in a simple chapter book, for example.Get a library card for your child. Go to the library every week and take out several books.Be aware of your childs interests and direct your child to related books.Try to find a series that she really likes and will want to continue reading.Provide a comfortable reading area, with good lighting, in your home.Discuss books with your child.If your child is a reluctant reader and not reading on grade level, buy her hi/lo books (books with a high-interest level, low vocabulary).Talk to your childs teacher and ask for suggestions.If your child responds well to incentives and enjoys using the computer, enroll in an online book group (with your supervision).If your child really enjoys a particular author, check with your librarian about other authors or books he might enjoy.Chi ldren also often enjoy the opportunity to read childrens magazines. Main Takeaways Basically, you want to stay on the side of encouraging rather than nagging if you want your child to read and love doing it. Nothing puts a child off faster than feeling forced to do something, so be careful. The importance of reading to your child daily cannot be emphasized enough so make it a priority. Also, be consistent with reading aloud together, trips to the library and other encouraging activities. Finally, if your child is in a preteen or entering middle school, the article  Middle School, Reading and Tweens: Motivate Your Preteen to Read  is a useful and informative resource.

What is 'new' about the 'New Woman' Discuss the challenges posed by Essay

What is 'new' about the 'New Woman' Discuss the challenges posed by the emergenceof this figure in late Victorian literature - Essay Example of new genres of women’s fiction – women’s ‘sensation’ novel of the 1860s and the ‘new woman’ novel of the 1890s – as well as the emergence of a ‘new’ kind of woman in literature and society, challenging the Victorian social ideals and perceptions of femininity. [Pykett, 1992] While the sensation heroines, as Mary Elizabeth Braddon’s Isabel Sleaford in ‘The Doctor’s Wife’ and Aurora in ‘Aurora Floyd’ present shades of a new kind of woman – â€Å"a woman who cannot easily be accommodated either to the category of normal, proper femininity, nor to that of deviant, improper femininity,† [Pykett, 1992; p. 19] the ‘new woman’ heroines of the 1880s and 1890s, as Lyndall in Olive Schreiner’s autobiographical novel ‘The Story of an African Farm’, presents more powerful, fiercely independent and more â€Å"seriously feminist† representation of women. Though Lyndall is more often referred to as the â€Å"best example† of the â€Å"new woman’ in English novel, [Monsman, 1985; p. 262] Braddon’s Isabel and Aurora Floyd are more subtler representations of an evolving, new femininity, at odds with the Victorian perceptions of femininity. It may be fascinat ing to analyse the development of this new femininity and representations of ‘new woman’ in literature, as women writers of the late -Victorian era defined and redefined femininity. As one attempts to understand the ‘new’-ness of the ‘new woman’ and the challenges posed by these representations in literature, it may be worthwhile to examine how the ‘new woman’ is described, as well as analyse the construct of this figure in literature in relation to the perceptions of femininity in their days. Smith Rosenberg explains that the New Woman was primarily a representation-- ‘a condensed symbol of disorder and rebellion,’ [In Pykett, 1992; p.137-38] actively produced and reproduced in the print media and in novels. From a more realistic perception the New Woman is

WGST 400 Assignment 4 Research Paper Example | Topics and Well Written Essays - 5000 words

WGST 400 Assignment 4 - Research Paper Example of both self-emancipation and social emancipation.1 In England, the term was first employed in the1890s during women’s campaign for individual rights and the claim to citizenship, especially the right to vote. The campaign for suffrage challenged the denial of autonomy to women as citizens and feminists of the period stood for women’s right to ‘a democratic political voice and a social right to resources.’2 However, the meanings of feminism in England extended beyond the campaign for suffrage and encompass such aspects as the segregation and stigmatization of women’s gender roles, celebration of women’s uniqueness and differences, socio-economic and cultural issues of women, equal rights for women, education disparities of women, equality of opportunities and equal wages, antimilitarism and pacific movements, women emancipation movements, and so on. It is worthwhile to analyze the historical growth and development of feminist movements in Great Britain. Organized feminist movements in England can broadly be categorised into two phases-the first wave feminism and the second wave feminism. The first wave feminism consists of feminist movements in the nineteenth and early twentieth centuries, covering the campaign for suffrage as well as feminist experiences during and after the First and Second World Wars. The second-wave feminism covers feminist initiatives beginning from the mid-or late 1960s and extends itself to modern radical feminism. The nineteenth-century intellectual and economic developments, specifically liberalism and the industrial revolution, paved the way for the first wave feminism.3 While liberalism triggered the growth of liberal feminism the industrial revolution offered middle class women a unique opportunity to work out of home and earn money. Similarly, the theory of relative status deprivation has been part ly responsible for the rise of feminism as women strongly felt that they are negated of adequate opportunities whereas their

Assignment #5 Essay Example | Topics and Well Written Essays - 500 words

On Miracles by David Hume - Essay Example Hence Hume dismisses outright any kind of revelatory recounting of miracles. Take say, the example of the resurrection of Christ three days after his death. Though it is an important miracle in Christian theology, it fails the rigorous standards of empiricism that Hume mandates. We only have references to the event in the scriptures, the writing of which happened much later than the event – sometimes centuries later. On top of this, those who witnessed Christ’s resurrection were invariably the faithful, who wished that it were so. A major thrust of Hume’s thesis is that the burden of proof lies heavily upon those claiming miracles. Hume defines a miracle as that event which has defined laws of nature. As a consequence witnesses of miracles are required to bring high credibility to their evidence. But this is easier said than done, as there are inherent mitigating factors. Firstly, since an overwhelming majority of people are religiously inclined and have accepted miracles as acts of God, their psyche would lack the requisite skepticism and objectivity in evaluating a claimed miracle. Individuals do not merely perceive events through their senses but through the lens of their cognitive faculties. Our cognitive faculties are trained and cultivated through our education and exposure to various life experiences. Since there is a great deal of variability among humans in this regard, no two individuals would perceive an event in the same way. Hume also articulates the ‘argument from miracles’.

Strategic Management Case Study Example | Topics and Well Written Essays - 500 words - 2

Strategic Management - Case Study Example This novel concept prioritizes removing the distinction between the categorization of businesses for profit from those which are essentially for benevolent purposes. This posits that for a company to have a competitive edge, it does not mean that it should lose grasp of social issues that prevail within the community. Rather than having substantial social functions as a distinct aspect of a corporation, shared value envisions a business enterprise that is founded upon it. The company’s productivity has a direct connection with social issues which affects effectiveness. This mandates a need to invest in factors which have the strongest link to company productivity that include: environmental impact, supplier access and viability, employee skills, worker safety, employee health, water use, and energy (Kramer and Porter 8). This is differentiated from corporate social responsibility (CSR) since CSV is not merely a reactionary measure of a corporation which is optional on its part. The CSR functions of business is usually an adjunct of the business which exists separate from its corporate goals and implemented as a manner of goodwill to improve its reputation. On the other hand, CSV is founded on its own economic worth wherein social value is inherently a part of it. This is a direct deviation from capitalism where big business is equivalent to big profit. In this regard, it is not uncommon to ascribe the characteristic of a dog-eat-dog scenario in the name of profit to the prejudice of social and environmental concerns. The article dubs this as the new standard that veers away from capitalism which has acquired a notion of distrust. What Kramer and Porter propose is an innovative change that will ultimately redefine business. The paper provides examples such as WaterHealth International which provides clean and inexpensive water to people in some parts of the Philippines, India and Ghana, Revolution Foods which provide healthy meals to

Family and children's issues Essay Example | Topics and Well Written Essays - 250 words

Family and children's issues - Essay Example Some of the countries that had deemed spanking as illegal are Denmark, Sweden, Germany, and New Zealand to mention a few (Legal Reforms). Professional organizations also oppose to spanking as a way to discipline a child; one of these organizations is the American Psychological Association (Corporal Punishment). They argue that resorting to physical punishment would not discipline a child but would instead teach the child to instill authority by physical means. In some parts of these countries and organizations’ argument, it is agreeable that other people should not do the spanking because the parents are the only ones who should spank their children. However, this does not give parents freedom to hurt their child whenever the child makes a mistake. The psychological state and values of the parents are a big factor and should be greatly considered in this issue. The state and the organizations should have first considered teaching parents how to be responsible instead of instan tly prohibiting this way of disciplining a child. It can be stated then that guarding responsible parenthood should have been the first matter that these countries had looked into. Responsible parenthood should be also be approached first for further studies and development by these professional organizations since it is the behavior of the parents first that should be controlled. After all, the parents are the immediate adults the children interact with and not the people from the state or from the research

Strategic Management Case Study Example | Topics and Well Written Essays - 500 words - 2

Strategic Management - Case Study Example This novel concept prioritizes removing the distinction between the categorization of businesses for profit from those which are essentially for benevolent purposes. This posits that for a company to have a competitive edge, it does not mean that it should lose grasp of social issues that prevail within the community. Rather than having substantial social functions as a distinct aspect of a corporation, shared value envisions a business enterprise that is founded upon it. The company’s productivity has a direct connection with social issues which affects effectiveness. This mandates a need to invest in factors which have the strongest link to company productivity that include: environmental impact, supplier access and viability, employee skills, worker safety, employee health, water use, and energy (Kramer and Porter 8). This is differentiated from corporate social responsibility (CSR) since CSV is not merely a reactionary measure of a corporation which is optional on its part. The CSR functions of business is usually an adjunct of the business which exists separate from its corporate goals and implemented as a manner of goodwill to improve its reputation. On the other hand, CSV is founded on its own economic worth wherein social value is inherently a part of it. This is a direct deviation from capitalism where big business is equivalent to big profit. In this regard, it is not uncommon to ascribe the characteristic of a dog-eat-dog scenario in the name of profit to the prejudice of social and environmental concerns. The article dubs this as the new standard that veers away from capitalism which has acquired a notion of distrust. What Kramer and Porter propose is an innovative change that will ultimately redefine business. The paper provides examples such as WaterHealth International which provides clean and inexpensive water to people in some parts of the Philippines, India and Ghana, Revolution Foods which provide healthy meals to

Paper Case Study Example | Topics and Well Written Essays - 250 words - 1

Paper - Case Study Example It goes without saying that enough clinical trials are needed to ascertain its proper use for a variety of tumors at different parts of body. I would like to draw your attention to the fact that though said device is functioning properly, it has not been thoroughly tested on its application. It will not be ethical to use the device without proper clinical trials as improper use of the machine could damage healthy cells and create side effects such as difficulty swallowing, soreness or redness in the mouth, nausea, dry mouth, loss of taste, earaches, especially when the treatment is focused at head and neck. That is also true when the machine is used for treatment of tumors at other body parts such as breast, lymph nodes or other localized solid tumors. Human life is precious and cannot be put at risk while attempting to cure cancers from the device. It would be highly unethical to use this device for radiation treatment of cancer patients because it has not been thoroughly tested for its use and application so that no harm is done to the patients. Ethical practices need to be followed in all business dealings; accordingly, it is entirely unethical and improper to sell any accounting software without its appropriate testing. In fact, such action will tantamount to deceiving gullible

The Impact of Advertising on Customer Satisfaction Essay Example for Free

The Impact of Advertising on Customer Satisfaction Essay Introduction: Mobile technology introduced in 1957 after introduction of first fully automatic mobile phone. Prince Philip was the first consumer to use mobile phone in his car in 1957.He uses that phone to talk with Queen while he was away on the road. Those days mobile technology has considered high end luxury even Dukes not allowed to use mobile, but now trends has changed completely , mobile phone considered as necessity of life. It is now using to communicate and keep in touch. (UK Telephone History 2010) In Sri lanka Luxembourg based Millicom International cellular was first company to introduce and launch its services in Early 1990s called Celltel,  later in 2007 its rebranded as Tigo .Current Etisalat is exist after acquisition of Tigo by Etisalat UAE in 2010.Those days mobiles was used by higher market segment , only Business executives and well paid employees afford to talk using mobiles. Later in 1993 introduction of digital based mobile system by Dialog (Axiata Telecom) Malaysian based mobile phone company ,which provides more secured and clear services than previous analog mobile phones with Sms ( Short Message service) under GSM technology using 2G and 2.5G. In 2004 Mobitel (Subsidiary of Sri lanka telecom)was launched and later introduced first ever 3G services not only in Sri lanka in whole south Asia which ranks Sri lanka first country to launch 3G services, Study Back Ground: Mobile Phone technology in Sri Lanka has grown tremendously during last few years. currently in 2013 all five operators providing 3G coverage almost in every main district with claiming of 70 percent area covered with 3G.Mobile technology in Sri Lanka provides wireless voice and data service at very affordable price. It eases day to day business and personal contact around the Island, with 5 operators and thousands of communication towers, now communication can be done easily from any remote village of Sri lankasuch as Batticolla or Metropolitan city such as Colombo and Galle. Now everyday millions of people making billions of calls and using tons of data service by using telecom operators multimillion dollar infrastructure and giving out revenue to operators in return.( International telecommunication union ITU, 2013) Due to high competition from five operators and heavy tax imposed on imported mobile phones, GSM subscribers market in Sri lanka is highly saturated. Mobile market in Sri Lanka was running with less growth rate during last few years, In 2012 mobile penetration rate reached 91% with Dailog Axiata sharing the large slice of 7 million customers around 40 percent of total mobile subscribers followed by Etisalat Sri Lanka and Mobitel with 20 percent of market share each operator with more than 4 million subscribers and than Comes Hutch Sri Lanka and Airtel with less than 15 percent of market share with less customer satisfaction and poor coverage.( International telecommunication union ITU, 2013) Each mobile operator  looking for more subscribers and increase market share claims best coverage with huge advertisement on mass media. Customer satisfaction is the main target for these operators and by personalized paid advertising and PR they are on the way to create more customer satisfact ion. Table 1- Number of Sri Lankan Mobile Subscribers in Millions Figure 1, Fixed lines and mobile market Growth in Sri lanka Study Area: Hutch Telecom: Hutch Sri Lanka is a mobile operator in Sri Lanka under subsidiary of Hutchison Hong Kong Based Mobile operator. Hutchison telecom not only mobile service provider in Sri lanka they are also providing voice and data 3G services and operating currently around 10 countries worldwide including far east countries Indonesia and Australia , in Europe they are in Italy, Sewden, Denmark, Austria, Ireland and United Kingdom.It was launched in 2004 with the mission of Island wide coverage in a near future. Now Hutch cover more than 70 % Island wide coverage approximately, It claims first operator in Sri Lanka who offers most district covers all around Sri Lanka under 3G coverage. Hutch Sri Lanka provide voice and data service to 1 Million Subscribers around the Island (Hutch.lk). After its launch hutch Sri lanka spends up to 71 million Hong Kong dollars in network expansion and advertising including improving infrastructure and increase number of communication towers for best coverage, apart f rom that huge amount also spend on media promotion and advertising including TV commercials and billboards on streets.(Hutch lose its Customer 2008) Figure 1: Hutch Advertising Claim about 3G coverage Figure2 : Hutch Voice And 3G Coverage Hutch Sri Lanka advertisement: Hutch Sri Lanka like other players invest millions of Sri Lankan rupees in advertising , in which they play jingles to attract its customers and increase their satisfaction in brand. Among other ads Kiyanaa Kiyanna ( say  it) was the first TV commercial of Hutch Sri Lanka , which get much attention due to story of interest in 30 second paid commercial. Famous Sri Lankan cricketer Kumar Sangakkara also earlier attached with Hutch Sri Lanka as a brand ambassador to Hutch for three consecutive years from â€Å"2005 to 2008† in which he quotes about Hutch â€Å"Between July 2005 and August 2008 I had a contract with Hutch only. I enjoyed my three years working with Hutch and the relationship was mutually beneficial†. (Island Cricket 2005) Public Relation activities: Hutch Sri Lanka also besides paid advertising also involves in PR Public Relation activities to satisfy its consumers and create positive image among its consumers in which employee blood donation get much media attention. In this campaign hutch employees donate their blood to Sri Lanka National Blood Transfusion Service (NBTS) and mention about advantages of blood donation in society in which Hutch Sri Lanka encourage others to donate their blood often to saves life.( Hutch saves life 2010) Least Customer Satisfaction: Hutch telecom Sri Lanka still didn’t achieve its target of 1 million subscribers, currently it comprises last number in customer satisfaction ranking with little subscribers.In 2010 after launch of Etisalat Lanka and Airtel bharti limited .Hutch current ranking comes at number 5 in last among its competitors operators. Hutch Sri Lanka has better infrastructure and quality of service but lack of marketing personals and wrong choice of advertisement media its reputation is going down day by day. Sri Lankan consumers not willing to use its services due to less number of subscribers which force them to pay levy in order to call their family and friends through Hutch Sri Lana to other operators or non hutch numbers. SWOT ANALYSIS OF HUTCH SRI LANKA: Strength: It’s communication tower coverage almost throughout all Sri Lanka. Fast Internet speed through 3G technology with maximum coverage area covered with 3G compared with competitors, such as Jaffna first covered by 3G by Hutch Sri Lanka. Weakness: Less brand exposure among its consumers Low or weak signal coverage in remote areas. Opportunities: Hutch couple sim, which allow call between two numbers at very cheap rate, unique service by hutch Sri Lanka Lowest IDD call rates which attract new customers Threat: Declining in number of subscribers due to poor coverage Mobile market is saturated due to five competitors in Market. Research Objectives and Research Questions: The topic under consideration is â€Å"The impact of Advertising on customer Satisfaction with special reference to Hutch Sri Lanka†. Research Objectives: The objective of this research is to critically analyze least customer satisfaction issue facing by hutch Sri Lanka which pushes back Hutch Sri Lanka at last position in subscribers ranking. Hutch telecom has a potential to get more subscribers through correct advertising with correct selection of advertising media. The following are the main objectives of the research: 1-To study the concept of advertising 2-To Study the concept of Customer Satisfaction 3-To analyze the Relationship between Advertising and customer Satisfaction Research Question: 1-What is advertising? 2-What is the customer satisfaction? 3-What is the relation between Advertising and Customer Satisfaction? Literature Review: Advertising: Advertising is the non personal communication of information usually paid for and usually persuasive in nature about products, services or ideas by  identified sponsors through the various media† (Bovee/Arens, 1992, p7).(Deborah F. Spake M Joseph 2009)advertising is one most fast growing industry in USA and direct to consumer effective advertising has change the way of advertising industry in USA, where consumers demand is monitor before placing of advertisement, this type of advertising is mostly done by pharmaceutical companies. (P Nelson 1974) Advertising delivers the information of product attribute plus message to the target audience on selected media. Advertiser’s priority is to create sales through his message. Often more sales can be achieved by heavy bombardment of seller’s message through traditional and mass media. Any trustworthy and honest information deliver to consumer generate more sales and brand equity.(Julie A. Edell M Chapman 1987) Consumers feeling about any paid advertising create a lot of affect on sales. If advertiser convey the message which create positive feeling in consumer mindset than convincing potential consumer becomes easy else negative feeling creates negative effect. (Charles H Patti 1997) When same seed is cultivated in two different fields with different production of crops or fertility rate even under same climate , one field with more average fertility rate will always give more crops compare with other field. Same case apply in advertising if quality efforts are applied on two different product in which one is high advertisement opportunities and while other is low than revenue generated and sales will differs from each other. He further elaborated that advertising spend should be high only on those products in which product life cycle stage not reach its maturity state. Advertise product and service should be have some uniqueness among its competitors and there f should be large size of potential consumer in that geographical area where product to be advertised.(Robert J L Gary A 1961) In changing environment advertising purpose is to create sales , advertisers put their product or service on advertise to create sales in steps, in which in first is just share information about the product information and create awareness of the product after the launch than second step which comes after some period of time is an extreme buy now ad , design to create immediate sales. (Nikolaos K P1989) The current involvement in advertising consumer products is the Attributes of Advertising message has put great impact on consumer in  decision making process. If advertising message firmly designed and expose to mind of consumer than it went to long term memory of target consumer, such as â€Å"Jingle song of brand during advertising† which create positive affect to change target customer into prospect customers.Advertising is the main source of marketers to introduce their product and services in any geographical market. Electronic media has much considerable progress to help marketers to advertise their products at reasonable cost. Advertisement message reach millions of potential customers which help organization to grow its business and create more revenue. Customer Satisfaction: Any person who spend his income to get good or services through any organization is called as customer or a customer is a person who does the buying of the products and the consumer is the person who ultimately consumes the product (Solomon, 2009, p.34.) Any costumer can be pleased, unhappy or reject the product offered by advertiser, sales person or particular branded organization if its attributes does not match with its requirement and demands. Customer satisfaction definition is defined by (Tse Wilson , 1998, p 204 ) consumer after purchase decision to judge the quality of product totally depend on consumer choice (Fornell, 1992, p.11) After cash transaction and receiving of product , customer satisfaction can be called as post choice evaluation judgment of the consumer after consume the product at very first time(Oliver,1980) According to Schiffman Karun (2004) Any individual consumer feel and look about any particular products or service which he/she judge his expectation after buying the product. Customer satisfaction is also described as the result of human feeling, Marketers in order to measure level of customer satisfaction they have to measure feeling of their customers after buying their product.(Levy,p.6;NBRI,2009). Levy (2009, p.6) mention three type of criteria to measure customer satisfaction 1- Through survey among current consumer of particular product or service in which feedback can be collected to measure customer level of customer satisfaction. 2- Through focus group discussion in which expert moderator can decide the level of costumer satisfaction after discussion with consumers. 3- Reading blogs and direct contact with customers. Satisfied customer is customer who repeats purchase of the product and also refers helps organization to get more customers by words of mouth. Customer satisfaction increases the business of organization, where dissatisfied customer puts negative effect on company image and brand. Relationship between advertising and Customer Satisfaction: Marketers spends millions of dollar every year in advertising budget to create favorable image of their brand, satisfy them and drive them to purchase. satisfaction makes advertising more affected as satisfied customers pay more attention in advertising of product whom they satisfies after previous purchase(E W Anderson 1994) Advertising creates a certain type of feeling in consumer mind which leads to consumer satisfaction of that particular brand in consumer mind.(Ew Anderson 1993) .Customer satisfaction are more essential aspect in any trade as at the end , customer is always the king because they create revenue for the organization. Customer satisfaction or dissatisfaction have direct impact on profit of any organization.(Naresh K Malhotra 2007) 2nd edition Marketing research p 92-107.Advertisers should understand the consumer behavior before start work on any advertising campaign, as advertising only be effective and satisfy its consumer if its design to get attention of target market by touch the internal emotion of consumer.(Gustav puth.P Mostert 1999)) Journal of product and brand management, consumers perception of mentioned product and brand attribute in magazine advertising.) References: Anderson, E.W, Sulivan m.W (1993) â€Å" The Antecedents and consequences of Customer Satisfaction for firms†, Marketing science 2, 2 ( spring), pp 125-143 Anderson, E.W,Fornell, C, Lehmann, DR (1994) â€Å" Customer Satisfaction Market share and profitability: Findings from Sweden, Journal of Marketing, 58, 53-66 Bovee, C.l and Arens, W.F, (1992), Contemporary advertising, 4th ed,, Richard P,Irwin Inc,, Homewood,IL. Deborah F Spake, Mathew Joseph, R Zachary Finney. (2009). Journal of Medical Marketing â€Å"Consumer opinion and effectiveness of direct-to-consumer advertising† 21-28 Dr Charles H Patti 1997, University of Sheffield â€Å"Evaluating the role of advertising† 32-35 Fornell,. (1992). â€Å"A National Customer Satisfaction barometer: The Swedish Expereience.†Journal of Marketing, 56, 6-21 Julie A and Marian Chapman Burke (1987), â€Å"The power of feelings in understanding advertising effects,† Journal of Consumer Research, 14 (December), 412-433 Lavidge, Robert J. and Gary A. Steiner. 1961. A model for predictive measurements of advertising effectiveness. Journal of Marketing. 25(October), 59-62. Micheal.R Solomon (2009).Consumer behaviour, buying having and being, 8th edition, Pearson education, inc Naresh K Malhotra 2007 â€Å" A critical view of marketing research of diffusion of new products† 2nd edition Marketing research 92-107. Nikolaos K. Papavassiliou, (1989) The Involvement Model in Advertising Consumer Products Abroad, European Journal of Marketing, 23 ,1 Oliver,Richard L.1980 â€Å"A Cognitive model of the antecedents and consequences of Satisfaction Decisions.† Journal of Makreting research 17 (September):p 460-469 Phillip Nelson 1974, Journal of economy University of Chicago â€Å"Advertising as Information† 1 , 2-5 Puth, G, Mostert, P, Ewing, M (1999) Consumer perceptions of mentioned product attributes in magazine advertising. Journal of Product Brand Management, 8 , 61-72 Schiffman,L.G and LazarKanuk, L.(2004) Consumer Behaviour. 8th edition. New Jersy Pearson Education Inc, Upper Saddle RiverTitus Tse, David K, Petter, C. Wilton. (1998). Models of Consumer satisfaction: An Extension Journal of Marketing Research, 25 .204-212 UK telephone history (2010) British telephone history [online] available fromhttp://www.britishtelephones.com/histuk.htm [10th January 2013] Hutch staff blood Donation (2010) Hutch staff join save a life [online] available From http://www.ceylontoday.lk/22-19553-news-detail-hutch-staff-joins-save-a-life.htm [4th January 2013] International telecommunication union ITU, (2013) Facts and figure Sri Lanka mobile telecom [online] available From http://www.itu.int/ITU-D/ict/newslog/default.aspx [6th January 2013] NBRI (2009) Customer Survey White paper: [online] available From http://www.nbrii.com/customer-surveys/Measure_Satisfaction.html [November 27th, 2012) Hutch Lose its Customer (2008) Lanka Business Online report [online] available From http://www.lankabusinessonline.com/fullstory.php?nid=728615133 [5th December2012] Piet Levy, (2009,),Advertising and Customer Satisfaction [Online] available From http://web.ebscohost.com/ehost/pdf?vid=5hid=12sid=3e223a11-3ffe-4951-b092-735c449be46%40sessionmgr11 [November 5th, 2012) Island Cricket 2005, Sangakkara Quits Hutch [online] available From http://www.islandcricket.lk/blogs/hilal/sangakkara-hutch-or-airtel [November 22th 2012) Figure 1, Fixed lines and mobile market Growth in Sri lanka [online] available from http://www.lankabusinessonline.com/fullstory.php?nid=1160489410 [5th January 2013] Figure 2, Hutch Voice and Data coverage across Island , [Onlimne] Available from http://srilanka-promotions.com) http://srilanka-promotions.com/telecoms/hutch-sri-lanka-3g-coverage-map-23-may-2012-85/attachment/hutch-23-may-2012/ [2nd January 2013] Figure 3:, Hutch Advertising Claim about 3G Coverage [online] Available from http://www.hutch.lk/aboutus.htm[ 2nd January 2013] Tables * Table 1- * Number of Sri Lankan Mobile Subscribers in Millions

The Functions Of Netbios Computer Science Essay

The Functions Of Netbios Computer Science Essay NetBIOS was developed by IBM and sytek as an API for client software to access LAN resources anda also for accessing networking services. Netbios has extended its services to use netbios interface to operate on IBM token ring architecture. Netbios(network basic input/output system) is a program which allows communication between applications of different computer to communicate with in a LAN . netbios allow applications to talk on network and isolate program of hardware dependencies. In recent Microsoft windows operating systems NetBIOS is included as a part of NETBIOS extended user interface(NetBEUI) and it is also used in Ethernet and token ring. NetBIOS frees the application from understanding the details of network including error recovery and request is provided in the form of a Network control block (NCB) specifies a message location and the name of a destination. NetBIOS provides services for session and transport services in the OSI model with out any data format . the standard format is provided by NetBUI. Netbios provides two communication modes session and the datagram among which session mode provides conversation between computers which provides error detection and error recovery. NetBIOS provides an API(application program interface) for software developers which includes network related functions and commands which can be incorporated into software programs. For example, a programmer can use a prewritten NetBIOS function to enable a software program to access other devices on a network. This is much easier than writing the networking code from scratch. The communication in NetBIOS is carried out using a format called network control blocks . the allocation of these blocks is based on the users program and is reserved for input and output respectively. Netbios supports connection oriented (TCP) and connectionless(UDP) communication and also broadcaste and multicasting services like naming, session and datagram FUNCTIONS of NETBIOS Netbios allows applications to talk to each other using protocols like TCP/IP which supports netbios.netbios is a session/transport layer protocol which can be seen as netbeui and netbt . the main function sof NetBIOS are Starting and stopping sessions Name registration Session layer data transfer(reliable) Datagram data transfer (un reliable) Protocol driver and network adapter management functions General or NETBIOS status This service helps in gathering the information about aparticular network name and terminate a trace at local or a remote system. NETBIOS name services NetBIOS name table (NBT) service processes can be used with active directories components, domains and workgroups. The system details can be enumerated by querying the name service. Add, add group, delete and find, the naming services provide the capability to install a LAN adapter card can be done using netbios name services. NETBIOS Session Services Session services provides authentication across workgroups and provides access to resources like files and printers. Once the authentication is done session services provide reliable data transfer by establishing sessions between names over which data can be transmitted. Messages that are send are acknowledge by the receiving station, if an expected acknowledgement is not received the sender retransmit the message NETBIOS Datagram services The datagram services are used to define the way in which a host encapsulates information to netbios header , so that when a request occurs the information from the header is extracted and stores it in the cache. Datagram services allows sending messages one by one, broadcast without requiring a connection. The messages can be send to different networks by knoeing individual names or group names. http://www.fvsolutions.com/Support/index3.htm 2. How can NetBIOS be used to enumerate a Domain, a Host NetBIOS Enumeration Utility (NBTEnum) is a utility for Windows that can be used to enumerate NetBIOS information from one host or a range of hosts. The enumerated information includes the network transports, NetBIOS name, account lockout threshold, logged on users, local groups and users, global groups and users, and shares. If run under the context of a valid user account additional information is enumerated including operating system information, services, installed programs, Auto Admin Logon information and encrypted WinVNC/RealVNC passwords. This utility will also perform password checking with the use of a dictionary file. Runs on Windows NT 4.0/2000/XP/2003. PERL source included. Examples : * nbtenum -q 192.168.1.1 Enumerates NetBIOS information on host 192.168.1.1 as the null user. * nbtenum -q 192.168.1.1 johndoe Enumerates NetBIOS information on host 192.168.1.1 as user johndoe with a blank password. * nbtenum -a iprange.txt Enumerates NetBIOS information on all hosts specified in the iprange.txt input file as the null user and checks each user account for blank passwords and passwords the same as the username in lower case. * nbtenum -s iprange.txt dict.txt Enumerates NetBIOS information on all hosts specified in the iprange.txt input file as the null user and checks each user account for blank passwords and passwords the same as the username in lower case and all passwords specified in dict.txt if the account lockout threshold is 0. http://www.secguru.com/link/nbtenum_netbios_enumeration_utility 3. What vulnerabilities are associated with netbios and how they can be exploited? The following are the some of the vulneabilities of the netbios and their exploitations Windows NetBIOS Name Conflicts vulnerability The Microsoft Windows implementation of NetBIOS allows an unsolicited UDP datagram to remotely deny access to services offered by registered NetBIOS names. An attacker can remotely shut down all Domain Logins, the ability to access SMB shares, and NetBIOS name resolution services. Vulnerable systems: Microsoft Windows 95 Microsoft Windows 98 Microsoft Windows NT Microsoft Windows 2000 NetBIOS Name Conflicts, defined in RFC 1001 (15.1.3.5), occur when a unique NetBIOS name has been registered by more than one node. Under normal circumstances, name conflicts are detected during the NetBIOS name discovery process. In other words, a NetBIOS name should only be marked in conflict when an end node is actively resolving a NetBIOS name. The delivery of an unsolicited NetBIOS Conflict datagram to any Microsoft Windows operating system will place a registered NetBIOS name into a conflicted state. Conflicted NetBIOS names are effectively shut down since they cannot respond to name discovery requests or be used for session establishment, sending, or receiving NetBIOS datagrams. The security implications of conflicting a NetBIOS name depend upon the NetBIOS name affected. If the NetBIOS names associated with the Computer Browser service are conflicted, utilities such as Network Neighborhood may become unusable. If the Messenger Service is affected, the net send command equivalents are unusable. If NetLogon is conflicted, Domain logons can not be authenticated by the affected server, thus allowing an attacker to systematically shutdown the NetLogon service on all domain controllers in order to deny domain services. Finally, conflicting the Server and Workstation Services will stop access to shared resources and many fundamental NetBIOS services such as NetBIOS name resolution. Microsoft Windows 9x NETBIOS password verification vulnerability. A vulnerability exists in the password verification scheme utilized by Microsoft Windows 9x NETBIOS protocol implementation. This vulnerability will allow any user to access the Windows 9x file shared service with password protection. Potential attackers dont have to know the share password. Vulnerable systems: Microsoft Windows 95 Microsoft Windows 98 Microsoft Windows 98 Second Edition Immune systems: Windows NT 4.0 Windows 2000 Anyone can set a password to protect Microsoft Windows 9x systems shared resources. But a vulnerability in the password verification scheme can be used to bypass this protection. To verify the password, the length of the password depends on the length of the data sent from client to server. That is, if a client sets the length of password to a 1 byte and sends the packet to server, the server will only compare the first byte of the shared password, and if there is a match, the authentication will be complete (the user will be granted access). So, all an attacker need to do is to guess and try the first byte of password in the victim. Windows 9x remote management system is also affected since it adopts the same share password authentication method. Exploit: Here is one simple example to demonstrate this bug. Get samba source package and modify source/client/client.c like this: samba-2.0.6.orig/source/client/client.c Thu Nov 11 10:35:59 1999 +++ samba-2.0.6/source/client/client.c Mon Sep 18 21:20:29 2000 @@ -1961,12 +1961,22 @@ struct cli_state *do_connect(char *serve DEBUG(4,( session setup okn)); +/* if (!cli_send_tconX(c, share, , password, strlen(password)+1)) { DEBUG(0,(tree connect failed: %sn, cli_errstr(c))); cli_shutdown(c); return NULL; } +*/ + + password[0] = 0; + c->sec_mode = 0; + do{ + + password[0]+=1; + + }while(!cli_send_tconX(c, share, , password, 1)); Flaw in NetBIOS Could Lead to Information Disclosure Network basic input/output system (NetBIOS) is an application-programming interface (API) that can be used by programs on a local area network (LAN). NetBIOS provides programs with a uniform set of commands for requesting the lower-level services required to manage names, conduct sessions, and send datagrams between nodes on a network.   This vulnerability involves one of the NetBT (NetBIOS over TCP) services, namely, the NetBIOS Name Service (NBNS). NBNS is analogous to DNS in the TCP/IP world and it provides a way to find a systems IP address given its NetBIOS name, or vice versa.   Under certain conditions, the response to a NetBT Name Service query may, in addition to the typical reply, contain random data from the target systems memory. This data could, for example, be a segment of HTML if the user on the target system was using an Internet browser, or it could contain other types of data that exist in memory at the time that the target system responds to the NetBT Name Service query.   An attacker could seek to exploit this vulnerability by sending a NetBT Name Service query to the target system and then examine the response to see if it included any random data from that systems memory.   If best security practices have been followed and port 137 UDP has been blocked at the firewall, Internet based attacks would not be possible. To exploit this vulnerability, an attacker would have to be able to send a specially-crafted NetBT request to port 137 on the target system and then examine the response to see whether any random data from that systems memory is included. In intranet environments, these ports are usually accessible, but systems that are connected to the Internet usually have these ports blocked by a firewall.   How could an attacker exploit this vulnerability?   An attacker could seek to exploit this vulnerability by sending NetBT Name Service queries to a target system and then examining the responses for arbitrary data from the target systems memory.   NetBIOS Name Server Protocol Spoofing (Patch available) Microsoft has released a patch that eliminates a security vulnerability in the NetBIOS protocol implemented in Microsoft Windows systems. This can be exploited to cause a denial of service attack. Affected Software Versions:    Microsoft Windows NT 4.0 Workstation    Microsoft Windows NT 4.0 Server    Microsoft Windows NT 4.0 Server, Enterprise Edition    Microsoft Windows NT 4.0 Server, Terminal Server Edition    Microsoft Windows 2000 The NetBIOS Name Server (NBNS) protocol, part of the NetBIOS over TCP/IP (NBT) family of protocols, is implemented in Windows systems as the Windows Internet Name Service (WINS). By design, NBNS allows network peers to assist in managing name conflicts. Also by design, it is an unauthenticated protocol and therefore subject to spoofing. A malicious user could misuse the Name Conflict and Name Release mechanisms to cause another machine to conclude that its name was in conflict. Depending on the scenario, the machine would as a result either be unable to register a name on the network, or would relinquish a name it already had registered. The result in either case would be the same the machine would not respond requests sent to the conflicted name anymore. If normal security practices have been followed, and port 137 UDP has been blocked at the firewall, external attacks would not be possible. A patch is available that changes the behavior of Windows systems in order to give administrators additional flexibility in managing their networks. The patch allows administrators to configure a machine to only accept a name conflict datagram in direct response to a name registration attempt, and to configure machines to reject all name release datagrams. This will reduce but not eliminate the threat of spoofing. Customers needing additional protection may wish to consider using IPSec in Windows 2000 to authenticate all sessions on ports 137-139. Patch Availability:    Windows 2000:   Ã‚  Ã‚  http://www.microsoft.com/Downloads/Release.asp?ReleaseID=23370    Windows NT 4.0 Workstation, Server, and Server, Enterprise   Ã‚  Ã‚  Edition:Patch to be released shortly.    Windows NT 4.0 Server, Terminal Server Edition: Patch to be   Ã‚  Ã‚  released shortly. 4. How can the security problems associated with netbios be mitigated? Defending against external NetBIOS connections If NetBIOS has to be allowed, the first step is to ensure that only a very small number of devices are accessible.   As youll see, leaving your network open to external NetBIOS traffic significantly increases the complexity of system hardening.   Complexity is the enemy of system assurance. Next, ensure that the exposed systems are hardened by, Disabling the systems ability to support null sessions Defining very strong passwords for the local administrator accounts Defining very strong passwords for shares, assuming you absolutely have to have shares on exposed systems Keeping the Guest account disabled Under no circumstances allowing access to the root of a hard drive via a share Under no circumstances sharing the Windows or WinNT directories or any directory located beneath them Crossing your fingers Mitigating Factors Any information disclosure would be completely random in nature. By default, Internet Connection Firewall (ICF) blocks those ports. ICF is available with Windows XP and Windows Server 2003. To exploit this vulnerability, an attacker must be able to send a specially crafted NetBT request to port 137 on the destination computer and then examine the response to see whether any random data from that computers memory is included. For intranet environments, these ports are typically accessible, but for Internet-connected computers, these ports are typically blocked by a firewall Some of the ways in which the intruder can be prevented from attacking the target system are Limit the network hosts that can access the service. Limit the user who accesses the service. Configure service which allows only authenticated connections. Limit the degree of access that would permit a user to change configuration of networks. links http://www.securiteam.com/windowsntfocus/5WP011F2AA.html http://www.securiteam.com/windowsntfocus/5MP02202KW.html http://www.securiteam.com/windowsntfocus/5DP03202AA.html http://www.secguru.com/link/nbtenum_netbios_enumeration_utility http://www.securityzero.com/uploaded_files/vulnerabilities_report.pdf http://www.securiteam.com/exploits/5JP0R0K4AW.html http://www.windowsitpro.com/article/netbios/information-disclosure-vulnerability-in-microsoft-netbios.aspx http://www.informit.com/articles/article.aspx?p=130690seqNum=11 http://www.microsoft.com/technet/security/Bulletin/MS03-034.mspx http://marc.info/?l=bugtraqm=96480599904188w=2 http://descriptions.securescout.com/tc/14002 http://www.securityspace.com/smysecure/viewreport.html?repid=3style=k4 http://blogs.techrepublic.com.com/security/?p=196

How to Unload Your Unwanted Collectibles via the Internet :: Process Essays

How to Unload Your Unwanted Collectibles via the Internet Trying to rid yourself of that box of old comics? Sick of all the CDs cluttering up your shelf space? While secondhand stores will do for some people, finding one that'll give you a good deal is next to impossible. If you need to unload what your particular hobby produces, whether it be rare books, old records, or baseball cards, the Internet provides the best opportunity for you to reach your market. Granted, selling a large volume of material yourself isn't easy: I discovered this the hard way when I first put my large collection of old CDs up for sale. But with the right preparations, running an e-sale is profitable, fun, and can provide you with contacts that prove useful for future sales. Step 1: The Sale Setup Your first concern should be cataloguing your collection. Make a note of each item you want to sell, as well as the price. It'd be a good idea to visit a shop that specializes in selling the collectible secondhand, such as a used bookstore or music store. Since buyers on the Internet usually expect to find a deal better than they could get otherwise, setting the item price slightly (around %10 or so) lower than a thrift shop will prevent them from clicking past you. Find a notebook, one that pages won't rip out of; this is your sale ledger. Keeping a tangible record of each item, price, buyer, buyer's mailing address, and shipping number in your ledger will prevent mistakes before they start. Believe me, dealing with an irate customer who claims you've mailed her the wrong CDs is much easier when you can prove the opposite. Finding an appropriate forum for your advertisement is probably the most important part of your setup. Usenet, a distributed bulletin board system that most Internet service providers and academic institutions make available to their users, is your best bet for reaching potential buyers. Usenet is divided into several hierarchies, or groups of bulletin boards (known individually as Blogs) that feature similar topics of discussion. For example, the alt.marketplace hierarchy contains the alt.marketplace, alt.marketplace.books, alt.marketplace.cassettes, and alt.marketplace.videotapes Blogs. However, when staging your sale you must choose the appropriate Blog. Posting daily sale updates to an off-topic Blog can get you flamed, mailbombed, or worse. Research your options thoroughly and well; read the news.answers Blog or set your web browser's URL to ftp://rtfm. How to Unload Your Unwanted Collectibles via the Internet :: Process Essays How to Unload Your Unwanted Collectibles via the Internet Trying to rid yourself of that box of old comics? Sick of all the CDs cluttering up your shelf space? While secondhand stores will do for some people, finding one that'll give you a good deal is next to impossible. If you need to unload what your particular hobby produces, whether it be rare books, old records, or baseball cards, the Internet provides the best opportunity for you to reach your market. Granted, selling a large volume of material yourself isn't easy: I discovered this the hard way when I first put my large collection of old CDs up for sale. But with the right preparations, running an e-sale is profitable, fun, and can provide you with contacts that prove useful for future sales. Step 1: The Sale Setup Your first concern should be cataloguing your collection. Make a note of each item you want to sell, as well as the price. It'd be a good idea to visit a shop that specializes in selling the collectible secondhand, such as a used bookstore or music store. Since buyers on the Internet usually expect to find a deal better than they could get otherwise, setting the item price slightly (around %10 or so) lower than a thrift shop will prevent them from clicking past you. Find a notebook, one that pages won't rip out of; this is your sale ledger. Keeping a tangible record of each item, price, buyer, buyer's mailing address, and shipping number in your ledger will prevent mistakes before they start. Believe me, dealing with an irate customer who claims you've mailed her the wrong CDs is much easier when you can prove the opposite. Finding an appropriate forum for your advertisement is probably the most important part of your setup. Usenet, a distributed bulletin board system that most Internet service providers and academic institutions make available to their users, is your best bet for reaching potential buyers. Usenet is divided into several hierarchies, or groups of bulletin boards (known individually as Blogs) that feature similar topics of discussion. For example, the alt.marketplace hierarchy contains the alt.marketplace, alt.marketplace.books, alt.marketplace.cassettes, and alt.marketplace.videotapes Blogs. However, when staging your sale you must choose the appropriate Blog. Posting daily sale updates to an off-topic Blog can get you flamed, mailbombed, or worse. Research your options thoroughly and well; read the news.answers Blog or set your web browser's URL to ftp://rtfm.

The new look of your magazine

Change in an organized is normally geared towards improving its service delivery. Change in business development requires thorough planning and responsive implementation. Employees of the company need to be consulted, about the changes and they input taken in. Change has to be realistic, attainable and measurable, these factors are important especially when considering business development change.[1] A product can always be enhanced in one way or another. The new look of your magazine This article is in response to your organizational changes that the company has initiated geared towards business development. It is very encouraging that your magazine one of the best in the country has final agreed to have a new look   This will go along way in achieving the company business aims and objective, and of course create new markets as more will be attracted to the new look of the magazine. For long time readers have bean longing for a change in your fortune magazine. In this modern world people are always looking for new ideas, and new products.[2] For the next five it is certain that your company will focus on improving the face of your magazine to reflect the changing moments. As noted society is dynamic and always changing, thus, it is well thought of you to have a five year plan of changing the magazine look as it will reflect the changing society. How you are different Your organization has continued to be outstanding because of its creativity and originality. The magazine produces features and articles with are informative, educative and entertaining. As opposed to other players on the market your articles are always well researched and very relevant to the society. The other unique feature about your organization it is quality; the magazine is produced with high quality that gives the reader a pleasure in reading, clear pictures and quality printing make your magazine to have high clarity and even a person will be able to review a magazine he/she bought two years ago. With the fast changing world of technology I appreciate the effort your company is making to ensure that it is at the cutting edge of technology. This of course proves your company objective of being market leaders in market. Customers’ views Customer satisfaction is very important issue. In the same line many customers fell that your company have done well in this area. The company customer care services are efficient and effective as it responds promptly to customers complaints. Another issue that your company has scored a plus is in being able to feature varying and thrilling articles that customers enjoy to read. The company has continued to be dynamic and has high standards in terms of production sales and marketing, this is according to the customers. The role of the media is reflect what goes around the society, to this end the customers are happy because your articles are able to reflect what happens in the society. Concerning the on going changes, the customers are impressed with the new look of the magazine. They say it more refreshing and well organized. Since the changes are projected to run for a long time, they are prepared for more refreshing looks of the magazine. Their only complaint is that the company should enlarge the magazine at it is too good to be that small. Employees’ views It is good to note that your company has a five year plan of making changes. As Timothy notes change is a continuous process and should be welcomed[3]. Change is a core issue in your organization. Through, change the organization is able to respond to its customer’s requirements. The change that the company has initiated will go along way in general improvement of your company and profitability. As the company’s employees ascertain, the changes that the company has initiated are good and well overdue. The employees are happy to undertake the changes in the organization because their views were incorporated in making the changes. The employees further express satisfaction because the company value’s their contributions. Before any organization implements a successful change it must prepare its employees well, in your company the employees say that, they were well trained before the proposed changes, in order to implement them.[4] According to your employees, the company has a well communication structure that enables free flow of information. This has created efficiency in the company organization. It is important to note that poor communication leads to anxiety and confusion, which affects production negatively. In summary you have a satisfied staff. Organization performance Fortune magazine has continued to perform well in the market. The company sales have improved in the recent years and continue to increase this can be attributed to sound management of the organization coupled by better marketing methods. Though, today the media market is saturated, the company has maintained its market by providing well researched articles and high quality production. In this fast moving business environment it has become increasingly necessary for the organization to embrace change especially in its design of the magazine and marketing strategies, in order to maintain competitive edge. The results are being enjoyed by your company. I remain optimistic that your company will continue making improvement in its magazine. Conclusion Success of a business depends on how it faces new challenges that come due to change technology or new markets demands that arise every day. Business development changes are geared towards capturing or maintaining the market share and should always be accompanied by good planning and a well market research. References Maund, L. (2001): An Introduction to Human Resource Management: Theory and Practice: Macmillan, Palgrave Palmer, I and Akin, G. (2006): Managing organizational change; a multiple perspectives approach, Mcgraw- Hill Irwin Timothy, G. J. (1996): The Human Side of Change. San Francisco, California: Jossey-Bass Inc., Publishers. [1] Palmer, I and Akin, G. (2006): Managing organizational change; a multiple perspectives approach, Mcgraw- Hill Irwin [2]Maund, L. (2001): An Introduction to Human Resource Management: Theory and Practice: Macmillan, Palgrave [3] Palmer, I and Akin, G. (2006): Managing organizational change; a multiple perspectives approach, Mcgraw- Hill Irwin [4] Palmer, I and Akin, G. (2006): Managing organizational change; a multiple perspectives approach, Mcgraw- Hill Irwin      

Non Probability Sampling Method Which Is Judgement Sampling Accounting Essay

The research design for our survey is utilizing the quantitative method. Bcox the bulk of information needed for our research is derived from figures, Numberss acquired from one-year studies and expressions.Population and sampling processsNon-probability trying method which is judgment trying. Judgment sampling is a signifier of purposive trying whr the research worker ‘s judgement is used in choosing the sample ‘s elements. We will analyse the one-year studies of the companies from yearaˆÂ ¦ ground of the period is bcox the latest amendment on FRS Population that we hav chosen in the research undertaking consist of all companies listed in chief boardaˆÂ ¦ Main board companies were chosen as our population bcox handiness and credibleness of informations and their higher influence in Malaysia economic system. The followerss samples choice standards are set to guarantee the completeness of informations and truth of consequence: must be a listed companry prior to twelvemonth 2005. no alterations in fiscal twelvemonth terminal during 2005aˆÂ ¦ must non be PN4 and PN 17 companies Companies will be classified as PN 4 and PN 17 cmopanies when the external hearers hav expressed inauspicious or disclaimer sentiment on their latest audited Air Combat Command, confronting inability to supply a solvency declaration through Practice Note 1/2001 or due to the suspension or ceased of all or a major portion of its operations. must non be investing keeping companies, existent estate investemnet keeping companies and fiscal establishments bcox their nature of game or operation is significantly diff from the other industries. Must hav complete one-year studies during the sample periods.Data aggregation methodWill utilize secondary informations which is one-year studies collected from Osiris database. From one-year studies, we will roll up informations on net gross revenues, EBIT, EBITDA, mkt value, entire assest, entire debt, figure of sections the house diversifies. Share monetary value based on the companies ‘ fiscal twelvemonth terminal will retrieved from Yahoo! Finance web site ; the figure of outstanding portions will be retrieved from one-year studies to calculate market value of house. In one-year study, look into segmented coverage subdivision to place the figure of sections the company has and besides to obtain the info on the section gross revenues, EBIT and plus. SIC codifications are for digit.. All companies have their ain registered SIC codification, so will sort into several industries based on 10 industries provided in www.siccode.com ( list of industries is attached in appendix ) . Fan and Lang ( 2000 ) said that to capture the relatedness, if two industries do non portion the same two- , three- or four-digit SIC codification, they classify it as unrelated and frailty versa. If all sections in a house portion the same 2-digit SIC codifications, this house will be classified as single-segmented house ; If a house ‘s sections do non portion the same 2-digit SIC codifications, this house will be classified as multi-segmented house.Operationalisation and measuringDetermine whether CD will increase or diminish steadfast value, we apply method used by BERGER and OFEK ( 1995 ) to happen the extra value for each house in our sample. The definition of extra value is existent market value of the house ( measuered as mkt value of equity plus book value of debt ) minus entire imputed value of that house ‘s industrial sections measured as stand-alone entities. Next, compute the extra value for single-segmented houses to compare with multi=segmented houses in our analysis subsequently. For a individual – metameric house, he imputed value for that one section is tantamount to the imputed value of the whole house. Based on this method, signle-segmented houses within a peculiar industry are used as benchmark to calculate an imputed value step of the same industrial section of a multi-segmented house. We calculate the imputed value of each section of a multi-segmentd house by multiplying the average multiple of entire capital to accounting point ( assets, gross revenues, or EBIT ) of all signle-segmented houses in the same industry for that peculiar twelvemonth with that section ‘s degree of acc point ( aˆÂ ¦ ) . We use acc point such as section ‘s salesaˆÂ ¦aˆÂ ¦ calculate the gross revenues multiplier, EBIT multiplier, and plus multiplier in order to cipher imputed values and later house ‘s extra value. The amount of imputed values of a company ‘s sections estimates the value of house if all of its sections are operated as stand-alone game. Formula! ! ! ! ! ! ! ! ! ! ! Formula! ! ! ! ! ! ! ! ! ! Natural logarithm is used to avoid prejudice that could originate with absolute value measuring graduated table. Example, to calculate extra value utilizing the gross revenues multiplier, we multiply the industry average multiple of capital-to-sales for the stand-alone houses in the sections ‘ industry by the sections ‘ gross revenues to obtain imputed capital of the section. We repeat this procedure for each of the house ‘s sections, and so sum to obtain the house ‘s imputed value. Finally, we find the fim ‘s extra value by taking the natural logarithm of the raito of house ‘s entire capital to entire imputed value. One extra issue that arises with EBIT step is how to handle sections with negative EBITs whr multiplier attacks don non tyhpically assign negative imputed value to a house ‘s section with negative net incomes. We address this issue by replacing the EBIT multiplier imputed value with the section ‘s gross revenues multiplier imputed value. As for the computation of the average multiplier, negative EBIT sections are excluded in the computation. Finally, if there is a positivie extra value, it indcates that Cadmium addition house value as a whoel beyond that of their stand-alone opposite numbers. On the oteh manus, a negative dxcess value indicates that Cadmium reduces steadfast value as a whooe. Reason we use the theree multiplier attacks alternatively of merely gross revenues multiplier bcox there were some empirical grounds that showed that segmental reported gross revenues were undependable ( BODNAR, TANG, & A ; WEINTROP, 2003 ) . Givoly, Hayn, and D'Souza ( 1993 ) assess the quality of section coverage and concluded that ascribing value straight from current profitableness of section would be more straight linked to house ‘s value compared to segmental reported gross revenues and assets. Theoretical theoretical accounts of managerial revelation determinations suggest that directors may hav inducements to misstate section informations to both suppliers of capital and merchandise market rivals ( BERGER & A ; OFEK, 1995 ) . Their ability to misstate depends on the discretion directors have to apportion dollars between sections. Since section assets must be specifically identifiable with the section for which they are reported, there is small discretion to misstate the m. Directors do hav some ability to apportion gross revenues, and greater discretion to apportion disbursals, so EBIT multiplier ansd gross revenues multiplier were more vulnerable to use than ascribing section ‘s value from plus multiplier. Therefore, we report consequences for all three multipliers to better truth.Data Analysis MethodDescriptive StatisticssDS which describe the basic characteristics of the informations and supply simple sum-ups about the sample and steps to analyse our informations bcox it shows and represents our research informations distribution in a more reasonable manner. In our research, we prepare a drumhead statistics for distribution of house ‘s extra value steps derived from theree diff multiplier attacks for single-segmented houses and multipsegmented houses. We report the mean, average, manner, standard mistake, standard divergence, sample discrepancy, kurtosis, lopsidedness, and scope and assurance degree for all the companies for 3 old ag es. Besides, we analyze the figure of single-segmented houses and multi-segmented houses for all the samples for 2 old ages ; it is illustrated in the saloon chart. Furthermroe, we anlaysze the per centum of sectors in overall samples ; we illustrate it by utilizing a pie chart. This is to place which sector is more popular in Malaysia. All descriptive statistics willb e prepared harmonizing to observations over the period signifier aˆÂ ¦.. in order to hav more penetrations and to execute tendency analysis. Based on the DS, we hav found out that our consequence is non usually distributed. Hence, non-parametric trials will be used to prove on our research objectives to avoid consequences organize being biased due to outliers. dream because you can here, you are perfect anything is possible its the least you can make so travel on woolgathering a?se†¡?a ·Ã‚ ±cs„ ¦a? § a†º aa? aa »? ae?â„ ¢e†¡?ia? c §z?cs„ia ®?c?Zcs„ ?†°Ã‹â€ Ã¢â‚¬ °aeeaecs„ e?â„ ¢a? a?†ea?scs„ ?†°Ã‹â€ a »?ia °Ã¢â‚¬ ¦cs„ ¦a? § a? «?†?aia†¹Ã¢â‚¬ ¡?†¢?a? °c »Ã‚ §c »Ã‚ ­a’?a?sa? § a? §i a†º aa? aa »?i

Nike Essay

1.What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? Answer: The cost of capital refers to the maximum rate of return a firm must earn on its investment so that the market value of company’s equity shares will not drop. This is a consonance with the overall firm’s objective of wealth maximization. WACC is a calculation of a firm’s cost of capital in which each category of capital is proportionately weighted. All capital sources – common stock, preferred stock, bonds and any other long-term debt – are included in a WACC calculation. All else equal, the WACC of a firm increases as the beta and rate of return on equity increases, as an increase in WACC notes a decrease in valuation and a higher risk. The WACC of a firm is a very important both to the stock market for stock valuation purposes and to the company’s management for capital budgeting purposes. In an analysis of a potential investment by the company, investment projects that have an expected return that is greater than the company’s WACC will generate additional free cash flow and will create positive net present value for stock owners. Thus, since the WACC is the minimum rate of return required by capital providers, the managers in the company should invest in the projects which generate returns in excess of WACC. We do not agree with Joanna Cohen’s calculation regarding the WACC from 3 aspects: 1) When Joanna Cohen computed the weights or proportions of debt and equity, she used the book value rather than the market value. The book values are historical data, not current ones; on the contrary, the market recalculates the values of each type of capital on a continuous basis, therefore, market values are more appropriate. 2) The cost of debt should not be calculated by â€Å"taking total interest expense for the year 2001 and dividing it by the company’s average debt balance. These historical data would not reflect Nike’s current or future cost of debt. 3) She mistakenly used the average Beta from year 1996 to 2001. The average Beta could not represent the future systemic risk, and we should find the most recent Beta as Beta estimate in this situation. 2.If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and be prepared to justify your assumptions. Answer: 1)Weights of equity and debt: Market value of equity = Current share price x Current shares outstanding = $42.09 x 271.5m = $11,427.44m Due to the lack information of market value of debt, we could use the book value for calculation: Market value of debt = Current portion of long-term debt + Notes payable + Long-term debt = $5.4m + $855.3m + $435.9m = $1,296.6m We = $11,427.44m/($11,427.44m +$1,296.6m) = 89.81% Wd = $1,296.6m/($11,427.44m +$1,296.6m) = 10.19% 2)Cost of Debt: We can calculate the current yield to maturity of the Nike’s bond to represent Nike’s current cost of debt. Po=$95.6 N=20Ãâ€"2=40 PAR=$100 PMT=$100Ãâ€"6.75%/2=3.375 By using financial calculator: r=3.58%(semiannual) So Rd=3.58% x 2 = 7.16% 3)Cost of Equity: Use 20-year T-bond rate to represent risk-free rate, as the rate of return of a T-bond with 20 years maturity is the longest rate which is available right now. So Rf=5.74% Use a geometric mean of market risk premium 5.9% as Market Risk Premium As we mentioned in Q1, the most recent beta will most relevant in this respect, so we will use B=0.69 Re=Rf+B(Market Risk Premium) =0.0574 + 0.69Ãâ€"0.059 = 9.81% 4)WACC: Use tax rate = US statutory tax rate + state tax = 35% + 3% = 38% WACC=Wd x Rd x (1-T) + We x Re = 10.19% x 7.16% x (1- 38%) + 89.81% x 9.81% = 9.26% 3.Calculate the costs of equity using CAPM, and the dividend discount model. What are the advantages and disadvantages of each model? Answer: 1)Cost of Equity using CAPM: Market Risk Free Rate (Rf)= 5.74% (20-year yield on US Treasuries) Beta (B) = .69 (most recent beta used as most relevant beta to calculate Nike’s valuation) Market Risk Premium = 5.9% (Geometric Mean used as Historic Equity Risk Premium) Cost of Equity using CAPM = Re = Rf + B(Market Risk Premium) Re = 9.81% = 5.74% + .69(5.9%) Advantages: -CAPM includes systematic risk by incorporating Beta in the Cost of Equity formula. Using the stock’s Beta to calculate equity will provide a return rate based on how risky the stock is perceived by investors. The higher the risk, the higher the Beta will be and will result in a higher required rate of return on the investment. Systematic risk can’t be diversified away, while unsystematic risk can be diversified away by maintaining a diversified portfolio. -CAPM proves to be a better model than others such as the Dividend Discount Model, because the valuation behind CAPM is based on risk and rates of return while the Dividend Discount Model relies heavily on dividends and a growth rate. Disadvantages: -When using CAPM, it can be difficult determining the estimate of Beta. Different investments may involve different risks and the Beta used in calculating CAPM should reflect the appropriate amount of risk relating to the specific investment. -The risk free rates used in calculating CAPM are continually changing as with the values of the investments in the market which make up the market risk premium. The constant changes in the market can have negative impacts on the valuation of CAPM. -Another disadvantage in using the CAPM in investment appraisal is that investment appraisal is premised on a long-term time horizon, whereas CAPM assumes a single-period time horizon, i.e. a holding period of one year. While CAPM variables can be assumed constant in successive future periods, market reality often shows that this is not the case. 2)Cost of Equity using the Dividend Discount Model: Growth (g) = 5.5% Dividend (D0) = $.48 Share Price (P0) = $42.09 Cost of Equity using Dividend Discount Model = Re = (D0 x (1+g)/P0) +g Re = 6.7% = (.48 x (1+5.5%)/42.09+5.5% Advantages: -Using the Dividend Discount Model is very easy to calculate because the formula is not complicated. There are no real technical or difficult calculations involved with using this method. -The inputs that are used in the calculations of this model are market information and can be easily obtained. -The Dividend discount model attempts to put a valuation on shares, based on forecasts of the sums to be paid out to investors. This should, in theory, provide a very solid basis to determine the share’s true value in present terms. Disadvantages: -The Dividend Discount Model relies heavily on the growth rate to calculate the rate of return. If growth slows or becomes temporarily negative, it can result in calculations which may not truly represent future expected returns. -This model is calculated using dividends and can’t be used in instances where a company is not paying dividends. This is also a disadvantage for any investment without a reasonably constant growing dividend stream. -The Dividend Discount Model is very sensitive to minor changes in input figures. If the growth rate changes by 1 % the cost of equity will also change by that rate. -The Dividend Discount Model does not explicitly consider the risks which the company faces. 4.What should Kimi Ford recommend regarding an investment in Nike? Answer: In order for Kimi Ford to make a decision regarding an investment in Nike, she must compare an accurately calculated WACC to the sensitivity of equity  value to discount rate chart shown in Exhibit #2. The sensitivity chart in Exhibit #2 states that at a discount rate of 11.17%, Nike’s current share price is fairly valued at $42.09. If a discount rate were to be calculated below 11.17% then the Nike shares would be under-valued in the current market, but if their discount rate were higher than the 11.17% Nike share price would be considered over-valued when compared to the current share price. When we calculated Nike’s discount rate, we determined that their appropriate WACC should be 9.26%. Since this WACC of 9.26% is below 11.17%, we believe that Nike’s shares are currently under-valued in the market. We believe that Nike’s equity value based on the WACC of 9.26% should fall somewhere between $55.68 and $61.25. Kiki Ford should recommend adding Nike sh ares to the NorthPoint Large-Cap Fund based on our analysis. 03/03/2011 CASE OVERVIEW Kimi Ford is a portfolio manager at a large mutual-fund management firm called, NorthPoint Group. Ford is considering the addition of Nike Inc. to the Large-Cap Fund at NorthPoint Group. Nike’s share price has notably declined since the beginning of the year. Her decision whether or not to add Nike to the portfolio should be made by looking at the 2001 fiscal year end 10-K report. In 1997 Nike’s revenues plateaued around $9 billion while net income had fallen from around $800 million to $580 million. Also, from 1997-2000 Nike’s market share in U.S. athletic shoes fell from 48% to 42%. Supply-chain issues and the adverse effect of a strong dollar had negatively affected revenue in recent years. At the June 28, 2001 analyst meeting Nike planned to add both top-line growth and operating performance. One goal was to develop more mispriced ($70-$90) athletic shoes and the other to push its apparel line. At this meeting a target long-term revenue growth rate between 8%-10% was given and an earnings-growth target above 15%. After reviewing all the analysts’ reports about the June 28th meeting Ford  still did not have a clear picture of how to value Nike. Ford then performed her own sensitivity analysis which revealed Nike was undervalued at discount rates below 11.17%. WHAT IS THE WACC? A firm derives its assets by either raising debt or equity or both. There are costs associated with raising capital and WACC is an average figure used to indicate the cost of financing a company’s asset base. More formally, the weighted average cost of capital (WACC) is the rate that a company is expected to pay to debt holders and shareholders to finance its assets. Companies raise money from a number of sources so the WACC is the minimum return that a company must earn on existing asset base to satisfy its creditors, owners, and other providers of capital. WACC is calculated taking into account the relative weights of each component of the capital structure which means it is the proportional average of each category of capital inside a firm. This rate, also called the discount rate, is used in evaluating whether a project is feasible or not in the net present value (NPV) analysis, or in assessing the value of an asset. WACC = [Wdebt * Kdebt * (1-t)] + [Wequity * Kequity] + [Wpreferred * Kpreferred] K = component cost of capital W = weight of each component as percent of total capital t = marginal corporate tax rate WHY IS IT IMPORTANT TO ESTIMATE A FIRM’S COST OF CAPITAL? The cost of capital is an important issue from the perspective of management while taking a financial decision. We can list some basic issues related to the importance of WACC and its interpretation by firms: * The importance of the WACC is in its relation to the evaluation of projects. For a project to be feasible, not just profitable, it must generate a return higher than the cost of raising debt (Kd) and the cost of raising equity (Ke). WACC is affected not only by Re and Rd, but it also varies with capital structure. Since Rd is usually lower than Re, then the higher the debt level, the lower the WACC. This partly explains why firms usually prefer issuing debt first before they raise more equity. As part of their risk management processes, some companies add a risk factor to the WACC in order to include a risk cushion in their project evaluation. * The cost of capital is also important for the management while taking a decision about capital budgeting. Naturally, the project which gives a higher (satisfactory) return on investment compared to the cost of capital incurred for its financing would be chosen by the management. Cost of capital is the key factor in deciding which project to undertake out of different opportunities. * The cost of capital is significant in designing the firm’s capital structure. It will direct the management about adopting the most appropriate and economical capital structure for the firm which means the management may try to substitute the various methods of finance to minimize the cost of capital so as to increase the market price and the earning per share. * The cost of capital is also an important factor for taking a decision about the soundest method of financing for the company whenever the company requires additional finance. The management may try to catch the source of finance which bears the minimum cost of capital. * The cost of capital can be used to evaluate the financial performance of the top management by comparing actual profitability’s of the projects and the projected overall cost of capital and an appraisal of the actual cost incurred in raising the required funds. DO WE AGREE WITH JOANNA COHEN’S WACC CALCULATION? WHY OR WHY NOT? We do not completely agree with Joanna Cohen’s calculation of WACC. There are  several problems in her calculation; * In Cohen’s calculation, she used the book value for the weights of each capital structure component (debt and equity). Book value of equity should not be used when calculating cost of capital. Instead she should have calculated the market value of equity. Also, she should have discounted the value of long-term debt that appears on the balance sheet to find the market value of debt (even if the book value of debt is accepted as an estimate of market value). * Also, she should have considered the preferred stock while calculating the weights of the components of capital structure (the redeemable preferred stock is relatively small in Nike’s capital structure so it doesn’t affect the weights). * Another problem with her calculation is about the cost of debt. Cohen used a cost of debt which is even lower than treasury yield. In common sense, a company, even it might be a large AAA firm, should be risky than US government. Cost of debt should be calculated by finding the yield to maturity on 20-year Nike Inc. debt with current coupon rate paid semi-annually instead of by taking total interest expense for 2001 and dividing it by the company’s average debt balance. USING SINGLE OR MULTIPLE COSTS OF CAPITAL IS APPROPRIATE FOR NIKE INC.? Even Nike Inc. has multiple business segments such as footwear, apparel, sports equipment and some non-Nike-branded products (which accounts for relatively small fraction of revenues), we assumed Nike Inc. to have a single cost of capital since its multiple business segments are not very different and would experience similar risks and betas. WHICH EQUITY RISK PREMIUM SHOULD BE USED TO DETERMINE THE COST OF CAPITAL? For the cost of capital, the geometric mean is a better alternative to the arithmetic mean. Furthermore, the geometric mean is a more conservative  measure to use compared to the arithmetic mean. The average market risk premium has fluctuated by large amounts in short time periods from 1926-1999. 1926-1929 saw high market risk premiums; however, the 1930s and 1970s saw very low market risk premiums. Therefore, we use the geometric mean since it is a better measurement compared to arithmetic mean when the measured period is longer and contains more fluctuations. VALUE OF EQUITY, VALUE OF DEBT AND WEIGHTINGS OF EACH COMPONENT | Value(in millions $)| Weight| Current Portion of Long term Debt| 5.40| 0.04%| Notes Payable| 855.30| 6.73%| Long-Term Debt| 416.72| 3.28%| Total Debt| 1,277.42| 10.05%| Equity| 11,427.44| 89.95%| Table 1. The weight of debt and equity in total capital of Nike CALCULATION OF THE COST OF EQUITY UNDER DIFFERENT METHODS AND ADVANTAGES AND DISADVANTAGES OF EACH METHOD 1. Capital Asset Pricing Model (CAPM) Under CAPM we can find the cost of equity as; Ke = Rf + Betai * Equity Risk Premium The first issue is to find an appropriate risk-free rate. We think the 20-year yields on treasures would be the one because NIKE is assumed to be operated for such long time, according to the revitalizing strategy proposed by the management and the long-term debt issued. Next is to determine the beta. The historic betas has been generally decreasing, and we assume it is the market condition and management`s purpose that make NIKE to be a defensive company. Furthermore, we find that the competitors such as K-Swiss and Lacrosse also have beta less than one.  So rather than the average, we use the YTD beta into calculation. On the other hand, since the beta has been found to be on average closer to the mean value of 1, which is the beta of an average-systematic-risk security, we calculate the adjusted beta, giving two-third weight to the YTD beta and one-third weight to 1. Regarding the risk premium, we use the geometric mean since it is a better measurement compared to arithmetic mean when the measured period is longer and contains more fluctuations. Combining the above information, we calculate the cost of equity as follows: Using YTD Beta => 5.74% + 0.69*5.9% = 9.81% Using Adjusted Beta => 5.74% + [(2/3)*0.69 + (1/3)*1)]*5.9% = 10.42% Advantages: * It provides an economically grounded and relatively objective procedure * It concentrates on the systematic risk that investors can`t avoid, rather than unsystematic risk that can be avoided through diversification * It is suitable for company that doesn`t pay dividend * It is widely used. Disadvantages: * The assumptions may not be realistic. For example, investors may not be all risk averse and rational that holds efficient portfolio * Investors may concern more than just market risk. 2. Dividend Discount Model (DDM) Under DDM we can find the cost of equity as; Ke = (D1/P0) + g Ke = (0.48*1.055/42.09) + 5.5% = 6.70% Here we assume NIKE will pay dividend at constant growth rate of 5.5% which forecasted by Value Line, so we use the Gordon growth model to derive required rate of return. Advantages: * It is simple and widely used * Can be used to infer implied required rate of return * It is helpful to perform a sensitivity analysis on the inputs Disadvantages: * It is not suitable for company that doesn`t pay consistent dividends or the dividends are not tied to profitability * It is suitable for only matured company 3. Earnings Capitalization Ratio (ECM) Under ECM we can find the cost of equity as; Ke = E1/P0 Ke = 2.32/42.09 = 5.51% Advantage: * Simple Disadvantages: * It assumes the earnings would be the same in the future, which may not be true * It doesn`t take the growth of company into consideration. Cost of Equity| | | CAPM| | | | Risk-free Rate| 5.74%| | Equity Risk Premium| 5.90%| | Year-to-Date Beta| 0.69| | Adjusted Beta| 0.79| | Cost of Equity with YTD Beta| 9.81%| | Cost of Equity with Adjusted Beta| 10.42%| | | | DDM| | | | Current Dividend| 0.48| | Growth Rate| 5.50%| | Current Stock Price| 42.09| | Forecasted Dividend| 0.5064| | Cost of Equity| 6.70%| | | | ECM| | | | Consensus Earnings Estimate| 2.32| | Current Stock Price| 42.09| | Cost of Equity| 5.51%| | | | Build-up Method| | | | Risk-free Rate| 5.74%| | Equity Risk Premium| 5.90%| | Cost of Equity| 11.64%| Table 2. Cost of Equity under different methods WHICH RATE AS RISK FREE RATE IS BEST FOR NOTES PAYABLE AND LONG-TERM DEBT? For long term debt, the 20-year yield on U.S. Treasuries is best as the risk free rate. Considering the long time horizon of Nike, a 20-year bond is property. And also, it is comparable to the current 25-year bond which Nike issued 5 years ago. Although Nike’s current bond is 25 years, we could consider it as a 20-year bond issued this year, and use the current price to calculate the 20-year bond YTM. And for short term debt, because the note payable was a major portion in the debt structure, the 1-year treasuries would be preferred as risk free rate. COST OF DEBT CALCULATION FOR NIKE We could not agree with Cohen’s analysis. Because Cohen used a cost of debt which is even lower than treasury yield. In common sense, a company, even it might be a large AAA firm, should be risky than US government. First, Cohen’s emphasis that last year, the effective cost of debt of Nike was less than treasury yield due to its Japanese Yen notes. However, the rates of debt based on currency change are unstable and non-repeatable. We could reasonable consider that Nike’s last year’s low cost of debt is a kind of arbitrage by chance. Second, to calculate the cost of debt, market value of debt should be used rather than the book value used by Cohen. The market value of debt is compounded by the current portion of long-term debt, notes payable, and long- term debt discounted at Nike’s current coupon. Therefore, we would like to recalculate the cost of debt. Cost of debt was calculated by using the current liquidated 20-year bond of Nike, Inc. with a 6.75% coupon semi-annually. Then we obtain a cost of long term debt before tax as 7.17%, and cost of short term debt before tax as 5.02%. As shown above in Table 1, short term debt took a significant portion in Nike’s debt structure; therefore, we use a weighted cost of debt to combine both long term and short term debt effects as in following equation: Here is the weight of short-term debt, while is the weight of long-term debt. And both cost of short-term and long-term debt are after tax. Cost of Debt| | | Long Term Debt| | | | Coupon Rate| 6.75%| | Time to Maturity| 40| | Current Stock Price| $95.60| | Cost of Debt| 7.17%| | After Tax Cost of Debt| 4.44%| Short Term Debt| | | | 20-year Yield| 5.74%| | 1-year Yield| 3.59%| | Risk Premium| 1.43%| | Tax Rate| 38.00%| | Cost of Debt| 5.02%| | After Tax Cost of Debt| 3.11%| Final Weighted Cost of Debt After Tax| 0.36%| Table 2. Cost of debt WHAT IS OUR WACC CALCULATION FOR NIKE? Under different methods, we would obtain different cost of equity, then, definitely different WACCs which range from 5.31% to 10.83%. However, no matter which method we use, the stock price of Nike is undervalued currently. WACC| | | | Under CAPM with Adjusted Beta| 9.73%| | Under CAPM with YTD Beta| 9.18%| | Under DDM| 6.39%| | Under ECM| 5.31%| | Under Build-up Method| 10.83%| Table 4. Weighted Average Cost of Capital As shown in Table 5, the actual implied discount rate by current price is 11.17%, which is significantly beyond the range of WACCs we calculated and presented in Table 4. Therefore, in our analysis, Nike’s price would be considered as undervalued. Discount Rate| Equity Value| 8.00 %| $ 75.80| 8.50 %| 67.85| 9.00 %| 61.25| 9.50 %| 55.68| 10.00 %| 54.92| 10.50 %| 46.81| 11.00 %| 43.22| 11.17 %| 42.09| 11.50 %| 40.07| 12.00 %| 37.27| Table 5. Sensitivity test on WACCs RECOMMENDATION This graph shows the estimated value provided under different WACCs, and NIKE is currently trading at 42.09 with corresponding 11.17% WACC. So if the calculated WACC is below 11.17%, the estimated value would be higher than the current price and NIKE is undervalued; if the calculated WACC is beyond 11.17%, the estimated value would be lower than the current price and NIKE is overvalued. After adjusting the possible mistakes that Joanna made, the table shows the calculated WACC under each method: Method| WACC| CAPM (Adjusted Beta)| 9.73%| CAPM (YTD Beta)| 9.18%| DDM| 6.39%| ECM| 5.31%| Build-up| 10.83%| We can see none of them is above 11.17%, indicating NIKE is currently undervalued and Ford should add NIKE to the NorthPoint Large-Cap Fund. However, it is important to keep monitoring the revitalizing strategy that the management offered, since the future market condition may have huge impact on this strategy and hence, predicted future economic income. NorthPoint Group is a mutual fund management firm who has the preference on investing in Fortune 500 companies, such as EXXONMobil, GM, McDonald’s 3M and other large-cap. If we look back to a decade ago, the fund had performed extremely well compared to the market in general (we refer S&P500 to represent the market). Kimi Ford was the portfolio manager in NorthPoint Group, who was concerned about whether or not to add Nike, Inc. shares into her fund. Since net income and market share had been fallen from 1997, a new strategy was proclaimed by the Nike management team during the meeting held in June, 2001: First, highly priced products are no longer their only target, now they would develop the midpriced segment so that more customers will be able to afford it. Second, another way to boost the revenue is to focus on its apparel line, which they found out to be profitable. Finally, Nike needs to reduce its costs by exerting more effort on expense control. Company executives were optimistic about the long-term revenue, expecting an 8%~ 10% growths and earnings growth above 15%. Analysts had different opinion about the company prospects; Lehman Brothers suggested a strong buy while UBS and CSFB recommended a hold. Meanwhile, Ford wanted to make her own forecast so she developed a discount cash flow to determine that, at a discount rate of 12%, Nike was overvalued at its current price $42.09 and undervalued if the discount rate was below 11.17%. She asked her assistant, Joanna Cohen, to calculate the company’s cost of capital precisely. On the report, Joanna Cohen used WACC to calculate the cost of capital, where she adopted book values to obtain a proportion of 27% of debt and 73% of equity. For cost of debt, she took total interest expense divided by average debt balance which resulted lower than treasury yields. For cost of equity, she used 20-year Treasury bond as risk-free rate and 5.9% as market premium. Moreover, she divided each division by revenue, deciding to use one overall WACC. At the end, she came to a conclusion that the cost of capital for Nike, Inc was 8.4%.